Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View The report presents the futures prices, spot prices, basis, basis rates, and historical quantiles of various commodities across multiple sectors on March 31, 2026, including black, non - ferrous, precious metals, agricultural products, energy and chemical, and financial sectors, offering insights into the market conditions of these commodities. 3. Summary by Sector Black Series - **Silicon Iron (SF603)**: Futures price is 6008, spot price is 6066, basis is - 28, basis rate is - 1.00%, and historical quantile is 50.00% [1] - **Silicon Manganese (SM603)**: Futures price is 6570, spot price is 6588, basis is - 18, basis rate is - 0.80%, and historical quantile is 21.70% [1] - **Rebar (RB2605)**: Futures price is 3139, spot price is 3230, basis is 91, basis rate is 2.90%, and historical quantile is 44.70% [1] - **Hot - Rolled Coil (HC2605)**: Futures price is 3308, spot price is 3290, basis is - 18, basis rate is - 0.50%, and historical quantile is 11.80% [1] - **Iron Ore (I2605)**: Futures price is 813, spot price is 840, basis is 27, basis rate is 3.30%, and historical quantile is 23.00% [1] - **Coke (J2605)**: Futures price is 1754, spot price is 1756, basis is 2, basis rate is 0.10%, and historical quantile is 68.30% [1] - **Main Coking Coal (J5)**: Futures price is 1214, spot price is 1297, basis is 83, basis rate is 6.80%, and historical quantile is 48.00% [1] Non - Ferrous Series - **Copper (CU2605)**: Futures price is 95760, spot price is 95195, basis is - 565, basis rate is - 0.59%, and historical quantile is 14.20% [1] - **Aluminum (AL2605)**: Futures price is 24725, spot price is 24530, basis is - 195, basis rate is - 0.79%, and historical quantile is 13.50% [1] - **Alumina (AO2605)**: Futures price is 2941, spot price is 2789, basis is - 152, basis rate is - 5.17%, and historical quantile is 17.50% [1] - **Zinc (ZN2605)**: Futures price is 23540, spot price is 23350, basis is - 190, basis rate is - 0.81%, and historical quantile is - 55 [1] - **Tin (SN2605)**: Futures price is 370720, spot price is 361800, basis is - 8920, basis rate is - 2.41%, and historical quantile is 1.90% [1] - **Nickel (NI2605)**: Futures price is 137120, spot price is 135150, basis is - 1970, basis rate is - 1.44%, and historical quantile is 4.80% [1] - **Stainless Steel (SS2605)**: Futures price is 14450, spot price is 14370, basis is 250, basis rate is 1.74%, and historical quantile is 5.50% [1] - **Lithium Carbonate (LC2605)**: Futures price is 171620, spot price is 164500, basis is - 7120, basis rate is - 4.15%, and historical quantile is 48.70% [1] - **Industrial Silicon (SISE05)**: Futures price is 9200, spot price is 8480, basis is 720, basis rate is 8.49%, and historical quantile is 48.70% [1] Precious Metals Series - **Gold (AU2606)**: Futures price is 998.66, spot price is 992.5, basis is - 6.2, basis rate is - 0.62%, and historical quantile is 0.90% [1] - **Silver (AG2606)**: Futures price is 17489.0, spot price is 17467.0, basis is - 22.0, basis rate is - 0.13%, and historical quantile is 51.00% [1] Agricultural Products Series - **Soybean Meal (M2605)**: Futures price is 3120, spot price is 2937, basis is 213, basis rate is 62.70%, and historical quantile is 7.25% [1] - **Soybean Oil (Y2605)**: Futures price is 8890, spot price is 8714, basis is 176, basis rate is 2.02%, and historical quantile is 36.80% [1] - **Palm Oil (P2605)**: Futures price is 9930, spot price is 9720, basis is - 210, basis rate is - 2.11%, and historical quantile is 0.10% [1] - **Rapeseed Meal (RM605)**: Futures price is 2330, spot price is 2320, basis is 10, basis rate is 0.43%, and historical quantile is 49.50% [1] - **Rapeseed Oil (OI605)**: Futures price is 10320, spot price is 9891, basis is 429, basis rate is 4.34%, and historical quantile is 89.90% [1] - **Corn (C2605)**: Futures price is 2390, spot price is 2346, basis is 44, basis rate is 1.88%, and historical quantile is 58.50% [1] - **Corn Starch (CS2605)**: Futures price is 2900, spot price is 2737, basis is 163, basis rate is 5.96%, and historical quantile is 79.20% [1] - **Live Pigs (H2605)**: Futures price is 10005, spot price is 9350, basis is - 655, basis rate is - 6.55%, and historical quantile is 22.30% [1] - **Eggs (JD2605)**: Futures price is 3453, spot price is 3400, basis is - 53, basis rate is - 1.53%, and historical quantile is 35.50% [1] - **Cotton (CF605)**: Futures price is 16650, spot price is 15385, basis is 1265, basis rate is 8.22%, and historical quantile is 86.50% [1] - **Sugar (SR605)**: Futures price is 5480, spot price is 5441, basis is 39, basis rate is 0.72%, and historical quantile is 7.60% [1] - **Apples (AP605)**: Futures price is 9863, spot price is 9800, basis is - 63, basis rate is - 0.64%, and historical quantile is 22.30% [1] - **Jujubes (CJ605)**: Futures price is 8775, spot price is 7900, basis is - 875, basis rate is - 9.97%, and historical quantile is 46.90% [1] Energy and Chemical Series - **Para - Xylene (PX605)**: Futures price is 10167.0, spot price is 9840.0, basis is - 327.0, basis rate is - 3.30%, and historical quantile is 96.40% [1] - **PTA (TA605)**: Futures price is 6768.0, spot price is 6720.0, basis is - 48.0, basis rate is - 0.71%, and historical quantile is 41.20% [1] - **Ethylene Glycol (EG2605)**: Futures price is 5365.0, spot price is 5359.0, basis is 6.0, basis rate is 0.11%, and historical quantile is 61.40% [1] - **Polyester Staple Fiber (PF606)**: Futures price is 8470.0, spot price is 8342.0, basis is 128.0, basis rate is 1.53%, and historical quantile is 74.20% [1] - **Styrene (EB2605)**: Futures price is 10935.0, spot price is 10789.0, basis is 146.0, basis rate is 1.35%, and historical quantile is 57.30% [1] - **Methanol (MA605)**: Futures price is 3520.0, spot price is 3319.0, basis is 201.0, basis rate is 6.06%, and historical quantile is 96.20% [1] - **Urea (UR605)**: Futures price is 1900.0, spot price is 1882.0, basis is 18.0, basis rate is 0.96%, and historical quantile is 23.40% [1] - **LLDPE (L2605)**: Futures price is 8925.0, spot price is 8804.0, basis is 121.0, basis rate is 1.37%, and historical quantile is 61.90% [1] - **PP (PP2605)**: Futures price is 9400.0, spot price is 9269.0, basis is 131.0, basis rate is 1.41%, and historical quantile is 64.80% [1] - **PVC (V2605)**: Futures price is 5551.0, spot price is 5450.0, basis is - 101.0, basis rate is - 1.82%, and historical quantile is 57.10% [1] - **Caustic Soda (SH605)**: Futures price is 2353.0, spot price is 2306.0, basis is - 47.0, basis rate is - 1.99%, and historical quantile is 38.90% [1] - **LPG (PG2605)**: Futures price is 7348.0, spot price is 6606.0, basis is 742.0, basis rate is 11.23%, and historical quantile is 86.90% [1] - **Asphalt (BU2606)**: Futures price is 4513.0, spot price is 4420.0, basis is - 93.0, basis rate is - 2.06%, and historical quantile is 32.60% [1] - **Butadiene Rubber (BR2605)**: Futures price is 18500.0, spot price is 17725.0, basis is 775.0, basis rate is 4.37%, and historical quantile is 96.50% [1] - **Glass (FG605)**: Futures price is 1040.0, spot price is 952.0, basis is - 88.0, basis rate is - 9.24%, and historical quantile is 46.60% [1] - **Soda Ash (SA605)**: Futures price is 1207.0, spot price is 1187.0, basis is - 20.0, basis rate is - 1.68%, and historical quantile is 46.80% [1] - **Pure Benzene (BZ2605)**: Futures price is 9062.0, spot price is 8930.0, basis is - 132.0, basis rate is - 1.46%, and historical quantile is 28.20% [1] - **Propylene (PL2605)**: Futures price is 8944.0, spot price is 8770.0, basis is - 174.0, basis rate is - 1.95%, and historical quantile is 17.30% [3] - **Bottle Chips (PR2605)**: Futures price is 8633.0, spot price is 8326.0, basis is 307.0, basis rate is 3.69%, and historical quantile is 98.50% [3] - **Natural Rubber (RU2605)**: Futures price is 16540.0, spot price is 16350.0, basis is - 190.0, and historical quantile is not provided [3] Financial Series - **Stock Index Futures (IF2606.CFE)**: Futures price is 4414.0, spot price is 4491.9500, basis is - 77.9500, basis rate is - 1.77%, and historical quantile is 2.30% [3] - **Stock Index Futures (IH2606.CFE)**: Futures price is 2814.4, spot price is 2837.3064, basis is - 22.9064, basis rate is - 0.81%, and historical quantile is 5.70% [3] - **Stock Index Futures (IC2606.CFE)**: Futures price is 7560.6, spot price is 7753.7234, basis is - 193.1234, basis rate is - 2.55%, and historical quantile is 0.30% [3] - **Stock Index Futures (IM2606.CFE)**: Futures price is 7509.4, spot price is 7767.9301, basis is - 258.5301, basis rate is - 3.44%, and historical quantile is 0.60% [3] - **2 - Year Treasury Bonds (TS2606)**: Futures price is 102.54, spot price is 100.16, basis is 0.06, basis rate is 0.06%, and historical quantile is 50.40% [3] - **5 - Year Treasury Bonds (TF2606)**: Futures price is 106.07, spot price is 100.33, basis is 0.09, basis rate is 0.09%, and historical quantile is 43.40% [3] - **10 - Year Treasury Bonds (T2606)**: Futures price is 108.36, spot price is 99.99, basis is 0.10, basis rate is 0.09%, and historical quantile is 30.20% [3] - **30 - Year Treasury Bonds (TL2606)**: Futures price is 111.52, spot price is 122.46, basis is 0.52, basis rate is 0.46%, and historical quantile is 74.00% [3]

Report Date - The report is dated March 26, 2026 [3] Data Sources - The data sources include Wind, Mysteel, and GF Futures Research Institute [3] Commodity Market Information Ferrous Metals - **Silicon Iron (SF603)**: The futures price is 6088, down 110 from the previous value, with a historical quantile of 46.50%. The spot price of 72 silicon iron qualified blocks (Inner Mongolia - Tianjin warehouse receipt) is 5978, down 1.11% or 72 [1] - **Silicon Manganese (SM603)**: The futures price is 6492, and the spot price of 6517 silicon manganese (Inner Mongolia - Hubei warehouse receipt) is 6420, with a historical quantile of 14.60% [1] - **Rebar (RB2605)**: The futures price is 3230, with a historical quantile of 46.70%. The spot price of HRB400 20mm in Shanghai is 3290, down 0.09% or 23 [1] - **Hot - Rolled Coil (HC2605)**: The futures price is 3313 [1] - **Iron Ore (12605)**: The futures price is 1776, down 9 or 0.93%. The spot price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 855, up 6.01% from 807, with a historical quantile of 40.60% [1] - **Coke (J2605)**: The futures price is 1767, with a historical quantile of 61.67%. The spot price of quasi - first - grade metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is 1767 [1] - **Coking Coal (JM2605)**: The futures price is related to the spot price of S1.3 G75 main coking coal (Meng 5) at Shaheyi, which is 1333, up 7.41% from 1241, with a historical quantile of 50.30% [1] Non - Ferrous Metals - **Copper (CUSEOS)**: The spot price is 95590, and the futures price is also 95590, with a historical quantile of 48.54% [1] - **Aluminum (AL2605)**: The futures price is 23860, and the SMM A00 aluminum average price is 23760, down 100, with a historical quantile of 32.29% [1] - **Alumina (AO2605)**: The futures price is 2963, and the SMM heavy - duty aluminum index average price is 2769, down 194, with a historical quantile of 8.14% [1] - **Zinc (ZN2605)**: The futures price is 22935, and the SMM 1 zinc ingot average price is 22850, down 82, with a historical quantile of 42.29% [1] - **Tin (SN2604)**: The futures price is 352430, and the SMM 1 tin average price is 357600, with a historical quantile of 94.37% [1] - **Nickel (MISEOR)**: The futures price is 136130, and the SMM 1 imported nickel average price is 134700, down 1430, with a historical quantile of 9.79% [1] - **Stainless Steel (SS2605)**: The futures price is 14500, and the price of 304/2B:2*1240*C: Wuxi Hongwang (including trimming fee) is 14490, up 180 [1] - **Lithium Carbonate (LC2605)**: The futures price is 159120, and the SMM battery - grade lithium carbonate average price is 152500, down 6620, with a historical quantile of 5.72% [1] - **Industrial Silicon (SIS605)**: The SMM Huannian Tongyang 215530 average price is 8770, up 430 or 4.90%, with a historical quantile of 25.31% [1] Precious Metals - **Gold (AU2606)**: The futures price is 1014.4, and the Shanghai Gold Exchange gold spot AU (T + D) price is 1013.96, with a historical quantile of 96.10% [1] - **Silver (AG2606)**: The futures price is 18111.0, and the Shanghai Gold Exchange silver spot AG (T + D) price is 18121.0, with a historical quantile of 90.30% [1] Agricultural Products - **Soybean Meal (M2605)**: The futures price is 3190, and the factory price of ordinary protein soybean meal in Zhangjiagang, Jiangsu is 2932, with a historical quantile of 67.90% [1] - **Soybean Oil (ASEO2)**: The futures price is related to the factory price of fourth - grade soybean oil in Zhangjiagang, Jiangsu, which is 8550, with a historical quantile of 54.50% [1] - **Palm Oil (P2605)**: The futures price is 9500, and the delivery price of 24 - degree palm oil at Huangpu Port is 9510, down 10, with a historical quantile of 24.70% [1] - **Rapeseed Meal (RM605)**: The futures price is 2340, and the factory price of rapeseed meal in Zhanjiang, Guangdong is 2339, with a historical quantile of 47.20% [1] - **Rapeseed Oil (01605)**: The futures price is 10220, and the factory price of fourth - grade rapeseed oil in Nantong, Jiangsu is 9707, with a historical quantile of 91.60% [1]. - **Corn (C2605)**: The futures price is 2400, and the flat - hatch price of corn at Jinzhou Port is 2376, up 24, with a historical quantile of 46.00% [1] - **Corn Starch (CS2605)**: The futures price is 2900, and the factory price of corn starch in Changchun, Jilin is 2763, down 137, with a historical quantile of 71.20% [1] - **Live Pigs (H2605)**: The futures price is 9650, and the ex - factory price of live pigs (external ternary) in Henan is 9980, down 330, with a historical quantile of 30.60% [1] - **Eggs (JD2605)**: The futures price is 3180, and the ex - factory price of eggs in Shijiazhuang, Hebei is 3410, down 230, with a historical quantile of 19.70% [1] - **Cotton (CF605)**: The futures price is 15340, and the market price of cotton in Xinjiang is 16600, up 1260, with a historical quantile of 86.40% [1] - **Sugar (SR605)**: The futures price is 5480, and the spot price of white sugar at Liuzhou Station (origin: Guangxi) is 5429, down 51, with a historical quantile of 7.90% [1] - **Apples (AP605)**: The futures price is 9978, and the delivery theoretical price of apples is 9800, with a historical quantile of 16.40% [1] - **Red Dates (CJ605)**: The futures price is related to the wholesale price of first - grade grey dates in Hebei, which is 7900, and the futures price is 8890, down 990, with a historical quantile of 41.40% [1] Energy and Chemicals - **Para - Xylene (PX605)**: The futures price is 9502, and the spot price of para - xylene at the Chinese main port (CFR, converted to RMB) is 9590, with a historical quantile of 55.80% [1] - **PTA (TA605)**: The futures price is 6592, and the market price (intermediate price) of PTA in East China is 6490, down 102, with a historical quantile of 16.70% [1] - **Ethylene Glycol (EG2605)**: The futures price is 5060, and the market price (intermediate price) of ethylene glycol in East China is 5036, up 24, with a historical quantile of 65.50% [1] - **Polyester Staple Fiber (PF606)**: The futures price is related to the market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market, which is 8060, with a historical quantile of 28.30% [1] - **Styrene (EB2605)**: The futures price is 10175, and the market price (spot benchmark price) of styrene in East China is 10105, with a historical quantile of 43.10% [1] - **Methanol (MA605)**: The futures price is 3045, and the market price (spot benchmark price) of methanol in Taicang, Jiangsu is 3089, down 44, with a historical quantile of 13.30% [1] - **Urea (UR605)**: The futures price is 1863, and the market price (mainstream price) of urea (small particles) in Shandong is 1890, up 27, with a historical quantile of 25.60% [1] - **LLDPE (L2605)**: The futures price is 8715, and the duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 8500, down 215, with a historical quantile of 0.50% [1] - **PP (PP2605)**: The futures price is 8950, and the duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 8975, down 25, with a historical quantile of 20.60% [1] - **PVC (V2605)**: The futures price is 5500, and the market price (mainstream price) of PVC (SG - 5) in the Changzhou market is 5703, down 203, with a historical quantile of 28.60% [1] - **Caustic Soda (SH605)**: The futures price is 2274, and the market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong (converted to 100%) is 2502, down 228, with a historical quantile of 21.70% [1] - **LPG (PG2605)**: The futures price is 7198, and the market price of LPG in Guangzhou is 6550, up 648, with a historical quantile of 80.80% [1] - **Asphalt (BU2606)**: The futures price is 4410, and the market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong is 4280, down 130, with a historical quantile of 25.00% [1] - **Butadiene Rubber (BR2605)**: The futures price is 18500, and the distribution price of cis - butadiene rubber (Daqing, BR9000) in East China is 17720, up 780, with a historical quantile of 96.80% [1] - **Float Glass (FG605)**: The futures price is 960, and the market price of 5mm float glass in Shahe (Shahe Great Wall Glass) is 1057, down 97, with a historical quantile of 40.75% [1] - **Soda Ash (SA605)**: The futures price is 1244, and the market price of soda ash in Chongqing (Shahe) is 1224, down 20, with a historical quantile of 46.84% [1] - **Pure Benzene (BZ2605)**: The futures price is 8313, and the market price (intermediate price) of pure benzene in East China is 8245, down 68, with a historical quantile of 70.60% [1] - **Propylene (PL2605)**: The futures price is 8985, and the market price of propylene in East China is 8752, up 233, with a historical quantile of 82.90% [1] - **Bottle Chips (PR2605)**: The futures price is 8236, and the spot leading price of bottle chips is 8108, up 128, with a historical quantile of 96.20% [1] - **Natural Rubber (RU2605)**: The futures price is 16300, and the market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 16430, down 130, with a historical quantile of 84.06% [1] Financial Futures - **Stock Index Futures** - **IF2606.CFE**: The futures price is 4450, and the basis is - 87.4656, with a historical quantile of 2.00% [1] - **IH2606.CFE**: The futures price is 2830, and the basis is - 29.5345, with a historical quantile of 2.50% [1] - **IC2606.CFE**: The futures price is 7767.6654, and the basis is - 237.6654, with a historical quantile of 16% [1] - **IM2606.CFE**: The futures price is 7751.1809, and the basis is - 273.7809, with a historical quantile of 0.20% [1] - **Treasury Bond Futures** - **2 - year Treasury Bond (TS2606)**: The futures price is 102.49, and the basis is calculated with a conversion factor of 0.9762, with a historical quantile of 43.30% [1] - **5 - year Treasury Bond (TF2606)**: The futures price is 105.90, and the basis is calculated with a conversion factor of 0.9450, with a historical quantile of 44.00% [1] - **10 - year Treasury Bond (T2606)**: The futures price is 108.16, and the basis is calculated with a conversion factor of 0.9219, with a historical quantile of 31.90% [1] - **30 - year Treasury Bond (TL2606)**: The futures price is 111.19, and the basis is calculated with a conversion factor of 1.0935, with a historical quantile of 84.70% [1]