1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on March 30, 2026, and the overall trends in March 2026. Index futures are expected to be weak and volatile, while aluminum, lithium carbonate, crude oil, fuel oil, asphalt, polypropylene, styrene, p - xylene, methanol, and ethylene glycol futures are expected to be strong and volatile. Silver, platinum, and palladium futures are expected to be weak and volatile [1][2]. - The report also provides macro - news and trading tips, including government policies, international relations, and economic data, which may affect the futures market [7]. - Analyzes the market performance of various futures on March 27, 2026, and provides support and resistance levels for each futures contract [21]. 3. Summary by Relevant Catalogs 3.1 Futures Market Forecast - **March 30, 2026 Forecast** - Index futures (IF2606, IH2606, IC2606, IM2606) are expected to be weak and volatile, with specific support and resistance levels provided [2][27]. - Ten - year and thirty - year treasury bond futures are expected to be strong and volatile, with corresponding support and resistance levels [2][45][48]. - Gold, silver, platinum, and palladium futures are expected to be weak and volatile, with support and resistance levels [2][55][67][72][77]. - Copper, zinc, nickel, and tin futures have different trends, with support and resistance levels [2][81][96][100][104]. - Aluminum, alumina, and lithium carbonate futures are expected to be strong and volatile, with support and resistance levels [2][87][91][108]. - Steel - related futures (rebar, hot - rolled coil, iron ore, coking coal) have different trends, with support and resistance levels [2][113][115][118][124]. - Glass and soda ash futures are expected to be weak and volatile, with support and resistance levels [2][127][134]. - Crude oil, fuel oil, and asphalt futures are expected to be strong and volatile, with support and resistance levels [2][140][145][149]. - Polyethylene, polypropylene, styrene, PTA, p - xylene, PVC, methanol, ethylene glycol, butadiene, and soybean meal futures are expected to be strong and volatile, with support and resistance levels [2][152][159][164][169][172][175][180][185][188][189]. - **March 2026 Forecast** - Index futures (IF2606, IH2606, IC2606, IM2606) are expected to be weak and volatile, with specific support and resistance levels [5]. - Gold, silver, platinum, and palladium futures are expected to be weak and volatile, with support and resistance levels [5][55][67][72][77]. - Copper, zinc, nickel, and tin futures are expected to be weak and volatile, with support and resistance levels [5][81][96][100][104]. - Aluminum and lithium carbonate futures are expected to have wide - range oscillations, with support and resistance levels [5][87][108]. - Alumina, iron ore, coking coal, and soda ash futures are expected to be strong and volatile, with support and resistance levels [5][91][118][124][134]. - Glass futures are expected to be weak and have wide - range oscillations, with support and resistance levels [5][127]. - Crude oil, fuel oil, and asphalt futures are expected to be strong and volatile, with support and resistance levels, and crude oil and fuel oil may hit new highs [5][140][145][149]. - Polyethylene, polypropylene, styrene, PTA, PVC, and methanol futures are expected to be strong and volatile, with support and resistance levels [5][152][159][164][169][175][180]. 3.2 Macro - news and Trading Tips - Government policies include promoting service industry development, establishing trade and investment working groups between China and the EU, and launching trade barrier investigations against the US [7]. - International relations involve the Iran - US - Israel conflict, including military actions, peace - negotiation efforts, and the impact on the Middle East situation [9][10][11]. - Economic data shows that from January to February, the total profit of industrial enterprises above designated size in China increased by 15.2% year - on - year, and the profit of high - tech manufacturing increased by 58.7% [7]. 3.3 Futures Market Analysis on March 27, 2026 - Index futures (IF2606, IH2606, IC2606, IM2606) had different opening prices, showed upward trends after opening, and had specific closing prices and price ranges [21][22]. - Treasury bond futures (T2606, TL2606) had different opening prices, showed different trends, and had specific closing prices and price ranges [44][47]. - Gold, silver, platinum, and palladium futures had different opening prices, showed upward trends after opening, and had specific closing prices and price ranges [50][67][72][77]. - Copper, aluminum, alumina, zinc, nickel, and tin futures had different opening prices, showed different trends, and had specific closing prices and price ranges [81][86][91][96][100][104]. - Steel - related futures (rebar, hot - rolled coil, iron ore, coking coal) had different opening prices, showed different trends, and had specific closing prices and price ranges [113][115][118][123]. - Glass and soda ash futures had different opening prices, showed different trends, and had specific closing prices and price ranges [127][134]. - Crude oil, fuel oil, and asphalt futures had different opening prices, showed different trends, and had specific closing prices and price ranges [138][145][148]. - Polyethylene, polypropylene, styrene, PTA, p - xylene, PVC, methanol, ethylene glycol, butadiene, and soybean meal futures had different opening prices, showed different trends, and had specific closing prices and price ranges [152][158][164][169][172][175][179][185][188][189].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The geopolitical conflict in the Middle East, especially the situation between the US and Iran, has a significant impact on the global financial and commodity markets. It affects risk preferences, inflation expectations, and the prices of various assets [2][4]. - The global economic situation is complex, with concerns about inflation, recession, and the impact of central bank policies. The Fed's hawkish stance and high oil prices have led to changes in market expectations and trading strategies [4][38]. - Different industries and commodities have their own supply - demand characteristics and price trends. Some are supported by fundamentals, while others are under pressure due to various factors such as geopolitical risks, supply disruptions, and changes in demand [13][15][33]. Summary by Directory Macro - Financial Stock Index - **行情资讯**: News includes Iran's stance on the war, potential impacts of the Iran - US conflict on the global economy, corporate projects, and business suspensions [2]. - **基差年化比率**: Different contracts of IF, IC, IM, and IH have specific basis annualized ratios [3]. - **策略观点**: The US - Iran conflict affects global risk preferences, and the hawkish statements of Powell and European Central Bank officials have led to a retreat in the Fed's interest - rate cut expectations. It is recommended to pay attention to the change in the war situation and control risks [4]. Treasury Bonds - **行情资讯**: The prices of different treasury bond contracts have certain changes. There are also news about power statistics and shipping business resumption. The central bank conducted reverse repurchase operations with a net injection of funds [5]. - **策略观点**: The economic data in January - February improved, but the sustainability of economic recovery needs to be observed. The Iran geopolitical conflict and inflation concerns may put pressure on the bond market. The bond market is expected to be volatile and weak in the short term [8]. Precious Metals - **行情资讯**: The prices of gold and silver in domestic and international markets have different trends. There are also relevant policies in Russia and Iran's conditions for ending the war [9]. - **策略观点**: Geopolitical conflicts are the core focus of the market. If the conflict eases, gold may regain its upward momentum. However, in the short term, precious metals still face valuation pressure. It is recommended to be cautiously bearish [10]. Non - Ferrous Metals Copper - **行情资讯**: The copper price rose due to the improvement of market risk sentiment. The LME inventory increased, and the domestic warehouse receipts decreased. The spot discount in the East China region expanded, while the spot premium in the Guangdong region increased [12]. - **策略观点**: The situation in the Middle East is slightly alleviated but may be repeated. The supply of copper raw materials is tight, and the consumption sentiment has improved. The copper price is expected to be supported in the short term, but the upward resistance has increased [13]. Aluminum - **行情资讯**: The aluminum price fluctuated. The trading volume and inventory of relevant contracts changed. The spot discount in the East China region narrowed [14]. - **策略观点**: The situation in the Middle East has eased, but the market sentiment is still volatile. The overseas supply of aluminum is expected to be tight, and the domestic demand improvement may drive inventory reduction. The aluminum price is expected to be volatile in the short term [15]. Zinc - **行情资讯**: The zinc price declined. The inventory and basis of zinc in domestic and international markets have specific data [16][17]. - **策略观点**: The zinc industry is in a weak situation. The high oil price has put pressure on the non - ferrous metal sector, and the zinc price is in a downward trend. Attention should be paid to downstream restocking, Fed policies, and geopolitical conflicts [17]. Lead - **行情资讯**: The lead price rose. The inventory and basis of lead in domestic and international markets have specific data [18]. - **策略观点**: The lead price is at the lower edge of the long - term oscillation range. The downstream buying and the low operating rate of recycling smelting enterprises support the spot price. However, the high oil price and the inflow of overseas lead ingots may put pressure on the lead price, and the price volatility is increasing [18]. Nickel - **行情资讯**: The nickel price declined. The spot price and cost of nickel have specific data [19]. - **策略观点**: In the short term, the nickel price is expected to be weak due to the impact of the geopolitical conflict and the Fed's hawkish stance. In the medium term, the supply - demand situation of nickel is improving, and the price has strong support at the bottom. It is recommended to operate within a range [20]. Tin - **行情资讯**: The tin price rose. The production and inventory of tin have specific data [21]. - **策略观点**: The supply of tin is still constrained by raw materials, and the demand is in a weak recovery. Considering the geopolitical disturbance and the decline in the Fed's interest - rate cut expectations, the tin price is expected to be weak [22]. Lithium Carbonate - **行情资讯**: The price of lithium carbonate increased. The spot and futures prices have specific data [23]. - **策略观点**: The supply and demand of lithium carbonate are both strong. The downstream restocking provides support. The supply stability is a concern. Attention should be paid to the changes in positions, industry events, and spot premiums [24]. Alumina - **行情资讯**: The alumina price declined. The spot price, basis, and inventory have specific data [25]. - **策略观点**: The bauxite export policy in Guinea may lead to an increase in ore prices. The short - term supply of alumina is tight, but the long - term oversupply situation is difficult to change. It is recommended to wait and see [26]. Stainless Steel - **行情资讯**: The stainless steel price rose. The spot price, basis, and inventory have specific data [27]. - **策略观点**: The stainless steel price is supported by the increase in raw material costs and policy disturbances. The market supply is still loose, and the demand release is weak. The price is expected to be volatile at a high level in the short term [28]. Cast Aluminum Alloy - **行情资讯**: The price of cast aluminum alloy rose. The trading volume, inventory, and price difference have specific data [29]. - **策略观点**: The cost of cast aluminum alloy has increased, and the demand is expected to improve. The short - term price is supported [30]. Black Building Materials Steel - **行情资讯**: The prices of rebar and hot - rolled coil declined. The registered warehouse receipts, positions, and spot prices have specific data [32]. - **策略观点**: The steel market is in a weak balance state. The demand is marginally improved, and the inventory is gradually reduced. Attention should be paid to the release of peak - season demand and the impact of raw material price fluctuations [33]. Iron Ore - **行情资讯**: The iron ore price declined. The futures price, positions, and spot price have specific data [34]. - **策略观点**: The iron ore price was affected by the negotiation news. The supply is increasing, and the demand is recovering. The price is expected to be volatile at a high level in the short term [35]. Coking Coal and Coke - **行情资讯**: The prices of coking coal and coke declined. The spot prices, basis, and technical analysis have specific data [36][37]. - **策略观点**: The market is in a stagflation and recession trading environment. The black sector may be supported to some extent. The short - term supply of coking coal and coke is relatively loose. It is recommended to operate short - term or wait and see in the short term, and be optimistic about coking coal in the long term [38]. Glass and Soda Ash - **行情资讯**: The prices of glass and soda ash declined. The spot prices, inventory, and positions have specific data [39][41]. - **策略观点**: The glass market is affected by high inventory and weak demand, and is expected to be volatile. The soda ash market has a loose supply - demand pattern and is expected to be in a low - level wide - range oscillation [40][41]. Manganese Silicon and Ferrosilicon - **行情资讯**: The price of manganese silicon rose slightly, and the price of ferrosilicon declined slightly. The spot prices, basis, and technical analysis have specific data [42]. - **策略观点**: The market is in a stagflation and recession trading environment. The black sector may be supported. The supply - demand situation of manganese silicon is not ideal, while that of ferrosilicon is better. Attention should be paid to the cost and supply - side factors [43][45]. Industrial Silicon and Polysilicon - **行情资讯**: The price of industrial silicon rose, and the price of polysilicon rose. The trading volume, inventory, and spot prices have specific data [47][49]. - **策略观点**: The price of industrial silicon is expected to be volatile due to the support of cost and weak demand improvement. The polysilicon market has a weak fundamental situation, and the price is expected to find the bottom through oscillation [48][50]. Energy and Chemicals Rubber - **行情资讯**: The rubber price rebounded. The market has different views on the rise and fall of rubber prices. The operating rates of tire enterprises and the inventory of natural rubber have specific data [53][54]. - **策略观点**: The market fluctuates greatly. It is recommended to trade flexibly according to the disk, set stop - losses, and take quick profits. Options can be configured, and hedging positions can be held [56]. Crude Oil - **行情资讯**: The prices of crude oil and related refined products declined [57]. - **策略观点**: It is recommended to configure short - term bearish strategies for crude oil, do long - short spreads for different oil varieties, short the cracking spread of high - sulfur fuel oil, and short the INE - Brent cross - regional spread [58]. Methanol - **行情资讯**: The methanol price changed. The MTO profit also changed [59]. - **策略观点**: It is recommended to take profits at high prices and do long - short spreads for MTO profits [60]. Urea - **行情资讯**: The urea price changed. The regional spot prices and basis have specific data [61]. - **策略观点**: It is recommended to short urea due to the high - level start - up in the first quarter and the limited export quota. Pay attention to the short - term demand support when the substitution valuation reaches the extreme [62]. Pure Benzene and Styrene - **行情资讯**: The prices of pure benzene and styrene declined. The cost, supply, demand, and inventory have specific data [63]. - **策略观点**: The profit of non - integrated styrene is neutral to high, and the valuation repair space is limited. It is recommended to wait and see [65]. PVC - **行情资讯**: The PVC price declined. The cost, production, demand, and inventory have specific data [66]. - **策略观点**: The short - term fundamentals are affected by the Iran issue. The price is expected to rise, but attention should be paid to risks [67]. Ethylene Glycol - **行情资讯**: The ethylene glycol price declined. The supply, demand, inventory, and cost have specific data [68]. - **策略观点**: The industry is in the maintenance season, and the inventory is expected to decrease. The price may rise, but attention should be paid to risks [70]. PTA - **行情资讯**: The PTA price declined. The production, demand, inventory, and processing fee have specific data [71]. - **策略观点**: The PTA is difficult to enter the de - stocking cycle, and the processing fee is difficult to rise. The price may rise, but attention should be paid to risks [72]. p - Xylene - **行情资讯**: The p - xylene price declined. The production, demand, inventory, and valuation have specific data [73]. - **策略观点**: The p - xylene load is expected to decline, and the inventory is expected to decrease. The valuation is expected to rise, but attention should be paid to risks [74]. Polyethylene (PE) - **行情资讯**: The PE price declined. The spot price, basis, production, inventory, and demand have specific data [75]. - **策略观点**: The PE valuation has downward space. It is recommended to short the LL2605 - LL2609 contract spread when the shipping volume in the Strait of Hormuz increases [77]. Polypropylene (PP) - **行情资讯**: The PP price declined. The spot price, basis, production, inventory, and demand have specific data [78]. - **策略观点**: The cost pressure is relieved, and the demand is rebounding seasonally. The long - term contradiction has shifted from the cost side to the production mismatch [79]. Agricultural Products Live Pigs - **行情资讯**: The pig price declined. The prices in different regions and the market situation have specific data [81]. - **策略观点**: The supply is concentrated, and the demand is weak. The short - term spot price is expected to be weak, and it is recommended to wait and see [82]. Eggs - **行情资讯**: The egg price was mostly stable. The prices in different regions and the market situation have specific data [83]. - **策略观点**: The egg production capacity is expected to decline, but the supply is still high. The short - term spot price is expected to be strong, and it is recommended to short on rebounds for the far - month contracts [84]. Soybean and Rapeseed Meal - **行情资讯**: There are forecasts for the planting areas of corn and soybeans in the US, export data, and inventory data [85]. - **策略观点**: The cooling of the US - Iran situation and the relaxation of soybean import inspection standards are negative for the meal prices. It is recommended to wait and see in the short term [86]. Oils and Fats - **行情资讯**: There are policies and production, export, and inventory data of palm oil in Indonesia and Malaysia [87][89]. - **策略观点**: The cooling of the US - Iran situation is negative for the oil prices. It is recommended to wait and see in the short term [90]. Sugar - **行情资讯**: There are import data, production data, and consumption data of sugar [93][94]. - **策略观点**: The cooling of the US - Iran situation is negative for the sugar prices. It is recommended to wait and see [95]. Cotton - **行情资讯**: There are import data, production data, and consumption data of cotton [91]. - **策略观点**: The new import quota is negative for the Zhengzhou cotton price in the short term and positive for the US cotton price. It is recommended to buy on dips in the medium term [92].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on March 17, 2026, and the overall trends in March 2026 [2][4]. 3. Summary by Related Catalogs 3.1 Futures Market Outlook - **March 17, 2026 Outlook**: - Stock index futures will oscillate and consolidate. For example, IF2603 has resistance levels at 4687 and 4706 points, and support levels at 4627 and 4605 points [2]. - Gold, crude oil, fuel oil, asphalt, polypropylene, styrene, PX, and PVC futures will oscillate weakly. For instance, the AU2604 gold futures contract will oscillate weakly, with resistance at 1124.1 and 1129.2 yuan/gram and support at 1105.6 and 1102.1 yuan/gram [2]. - Silver, copper, and PTA futures will oscillate strongly. For example, the AG2606 silver futures contract will oscillate strongly, with resistance at 20923 and 21454 yuan/kg and support at 19907 and 19570 yuan/kg [2]. - **March 2026 Outlook**: - Stock index futures (IF, IH, IC, IM) will have a weakly - wide - range oscillation. For example, the IF main - continuous contract has support at 4490 and 4408 points and resistance at 4800 and 4833 points [4]. - Gold futures will oscillate weakly, with support at 1102.0 and 1076.2 yuan/gram and resistance at 1210.3 and 1258.7 yuan/gram [31]. - Crude oil futures will oscillate strongly and may hit a new high since listing, with support at 490 and 480 yuan/barrel and resistance at 824 and 900 yuan/barrel [4][95]. 3.2 Macro - Information and Trading Tips - **Domestic News**: - The State Council deployed key work for 2026, including promoting the construction of a unified national market, developing new - generation intelligent manufacturing, etc. [5]. - China and the US held economic and trade consultations in Paris, reaching some new consensuses and agreeing to study the establishment of a cooperation mechanism for bilateral trade and investment [6]. - China's economic data for January - February 2026 was released. Fixed - asset investment increased by 1.8% year - on - year, industrial added value of large - scale industries increased by 6.3%, and the service production index increased by 5.2% [7]. - China will establish a dynamic maintenance mechanism for territorial space planning, and new construction land will mainly use existing resources [8]. - **International News**: - US President Trump called on other countries to assist in ensuring the safety of navigation in the Strait of Hormuz, but Germany refused to participate in escort operations [9]. - Iran's Supreme National Security Council Secretary called on Islamic countries to consider their stance in the war [9]. - India will postpone signing a trade agreement with the US due to new frictions [9]. 3.3 Commodity Futures - Related Information - **Price Movements on March 16, 2026**: - US crude oil futures (WTI) fell 4.55%, and Brent crude oil futures fell 2.06% [10]. - International precious metal futures generally fell. COMEX gold futures fell 1.00%, and COMEX silver futures fell 0.42% [10]. - London Metal Exchange (LME) metals had mixed performances. LME tin rose 1.60%, and LME zinc fell 0.52% [10]. - **Industry News**: - The International Energy Agency (IEA) implemented an emergency crude oil reserve release plan, but it is only a short - term solution [11]. - The UAE's oil production decreased by more than 50% due to well - shutting measures [11]. - Guinea is discussing controlling the quantity of bauxite on the market to stop price declines [12]. - Indonesia is considering imposing a "windfall tax" on commodities [12]. 3.4 Futures Market Analysis and Outlook - **Stock Index Futures**: - On March 16, 2026, the performance of various stock index futures contracts was mixed. For example, the IF2603 contract had a slight increase, while the IH2603 contract had a slight decrease [12][13]. - The overall trend in March 2026 is expected to be a weakly - wide - range oscillation [15]. - **Gold Futures**: - On March 16, 2026, the AU2604 contract fell. It is expected to oscillate weakly in March 2026 and on March 17, 2026 [31]. - **Silver Futures**: - On March 16, 2026, the AG2606 contract fell. It is expected to oscillate weakly in March 2026 and strongly on March 17, 2026 [34]. - **Other Futures**: - Other futures such as copper, aluminum, and crude oil also have their own price movements on March 16, 2026, and corresponding trend predictions for March 2026 and March 17, 2026 [39][45][93].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analyses, the report predicts the trends of various futures contracts on March 16th, 2026, and the overall trends in March 2026. For example, stock index futures will fluctuate and consolidate, while crude oil, fuel oil, bitumen, polypropylene, styrene, PX, PVC, methanol, and ethylene glycol futures will fluctuate with an upward bias. Gold, rebar, and iron ore futures will fluctuate with a downward bias, and silver, platinum, and palladium futures will fluctuate weakly [1][2]. - The ongoing Middle - East conflict, especially the situation in Iran, has significantly affected the global capital and commodity markets. It has led to increased volatility in the global capital market, re - allocation of funds, and potential supply shortages in the energy market, pushing up oil prices [12]. 3. Summary by Relevant Catalogs 3.1 Macro News and Trading Tips - The "15th Five - Year Plan" was officially released on March 13th, 2026, with 18 chapters, 16 major strategic tasks, and 109 major projects. It may increase the special additional deduction standard for individual income tax [7]. - From March 14th - 17th, Vice - Premier He Lifeng will lead a delegation to France for the sixth round of China - US economic and trade consultations. China will take necessary measures to safeguard its legitimate rights and interests [7]. - The State Council executive meeting discussed and passed the "Division of Key Work in 2026" and plans to establish a negative list management mechanism for local fiscal subsidies [8]. - The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Promoting the Construction of the Professional Social Work Personnel Team" [8]. - In the first two months of this year, RMB loans increased by 5.61 trillion yuan, and the increment of social financing scale was 9.6 trillion yuan, with a year - on - year increase of 316.2 billion yuan. In February, the average interest rates of new corporate and personal housing loans were about 3.1% [8]. - The central bank will conduct a 500 - billion - yuan 6 - month repurchase operation on March 16th, a reduction of 100 billion yuan compared to the maturity amount [9]. - In January - February, consumption and investment data rebounded. Commodity consumption and service consumption increased by 5.7% and 1.1% year - on - year respectively. Investment in advanced manufacturing and artificial intelligence increased significantly [9]. - On March 15th, the Supreme People's Court released 6 typical cases of consumer rights protection, focusing on punishing food safety violations, regulating online platform operations, etc. [9]. - The "3·15" Gala exposed seven major irregularities, and relevant enterprises responded or took corrective actions. The State Administration for Market Regulation launched an emergency response mechanism [10]. - US President Trump claimed that the US would launch a "violent air strike" on Iran next week. Iran stated that it would continue to defend itself. The situation in the Middle East has pushed up oil prices and affected the global energy market [10][12]. - The US 1 - month core PCE increased by 3.1% year - on - year, and the Fed is expected to keep interest rates unchanged next week. If inflation persists, the time for resuming interest rate cuts may be postponed [11]. - The revised data shows that the US real GDP annualized quarterly rate in the fourth quarter of last year increased by 0.7%, a significant downward revision from the initial value of 1.4%. The January durable goods orders were flat month - on - month, far lower than the expected 1.1% increase [12]. - The preliminary value of the US March Michigan Consumer Confidence Index dropped to 55.5, a three - month low. Consumers expect prices to rise by 3.4% in the next year, lower than the expected 3.7% [12]. - The Japanese 2026 budget bill passed the House of Representatives and will be sent to the Senate for review. The total budget scale exceeds 122 trillion yen, and the defense budget exceeds 9 trillion yen for the first time [14]. - In January, the eurozone industrial output decreased by 1.5% month - on - month, the lowest level since December 2024 [14]. 3.2 Commodity Futures - related Information - On March 13th, the main contracts of US crude oil and Brent crude oil rose. Market expectations of reduced oil supply due to the Iran conflict and increased net long positions of speculators supported the rise in oil prices [14]. - The US Treasury temporarily relaxed sanctions on Russian oil to deal with the impact of the blocked shipping in the Strait of Hormuz. About 124 million barrels of Russian oil are currently at sea [15]. - Saudi Arabia reduced its crude oil production by about 2 million barrels per day to about 8 million barrels per day, and the total production cut of Gulf oil - producing countries has reached at least 10 million barrels per day [15]. - The Japanese government will release about 80 million barrels of national and private strategic oil reserves, in line with the IEA's 400 - million - barrel emergency reserve release plan [15]. - On March 13th, international precious metal futures generally fell. The delay of the Fed's interest rate cut expectations, strong US labor market, and slowdown of inflation decline led to the rise of the US dollar and US bond yields, dragging down precious metal prices [15]. - On March 13th, London base metals fell across the board [16]. - The escalating Middle - East conflict has caused "widespread force majeure" in the global chemical industry, with force majeure declarations spreading across regions and product categories [16]. - From March 1st to the present, only 77 ships have passed through the Strait of Hormuz, compared with 1229 ships in the same period last year [17]. - On March 13th, the on - shore RMB against the US dollar fell, and the US dollar index rose, with most non - US currencies falling [17]. 3.3 Futures Market Analysis and Forecast 3.3.1 Stock Index Futures - On March 13th, the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures all opened slightly lower, rebounded but faced resistance and then declined. They showed a weak and volatile trend [18][19]. - It is expected that in March 2026, the main continuous contracts of stock index futures will fluctuate weakly and widely. On March 16th, they will fluctuate and consolidate [23][24]. 3.3.2 Treasury Bond Futures - On March 13th, the main contracts of 10 - year and 30 - year treasury bond futures opened slightly lower, rebounded but faced resistance and then declined, showing a weak and volatile trend. It is expected that on March 16th, they will continue to fluctuate weakly [41][43][44][45]. 3.3.3 Precious Metal Futures - On March 13th, the main contracts of gold, silver, platinum, and palladium futures all showed a downward trend. It is expected that in March 2026, the main continuous contracts of these precious metal futures will generally fluctuate weakly. On March 16th, they will continue to show a weak - fluctuating trend [47][52][56][61]. 3.3.4 Base Metal Futures - On March 13th, the main contracts of copper, zinc, nickel, and tin futures showed a downward trend, while the main contracts of aluminum and alumina futures showed different trends. It is expected that in March 2026, the main continuous contracts of these base metal futures will have different trends, and on March 16th, they will show corresponding trends [65][70][75][80][84][89]. 3.3.5 Other Commodity Futures - On March 13th, the main contracts of rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, caustic soda, crude oil, fuel oil, bitumen, linear low - density polyethylene, polypropylene, styrene, PTA, p - xylene, PVC, methanol, ethylene glycol, soybean meal, and palm oil futures showed different trends. It is expected that in March 2026 and on March 16th, they will show corresponding trends, with some expected to reach new highs [100][103][106][110][113][118][123][130][137][138][152][156][159][163][168][171][173].

1. Report Industry Investment Rating No relevant content provided in the given text. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend, resistance, and support levels of various futures contracts on March 13, 2026, and the trend of continuous contracts in March 2026 [2][4]. - It also provides information on macro - news, trading tips, and commodity futures - related information that may affect the futures market [5][9]. 3. Summary by Related Catalogs 3.1 Futures Market Forecast 3.1.1 March 13, 2026 Forecast - **Stock Index Futures**: Expected to be weakly volatile. For example, IF2603 has resistance at 4659 and 4687 points, and support at 4627 and 4605 points [16]. - **Precious Metals Futures**: Gold and silver futures are expected to be weakly volatile. AU2604 has resistance at 1152.0 and 1162.0 yuan/gram, support at 1132.0 and 1129.2 yuan/gram; AG2606 has resistance at 22400 and 22625 yuan/kilogram, support at 21547 and 21100 yuan/kilogram [2][33]. - **Base Metals Futures**: Copper is expected to fluctuate and consolidate; aluminum, nickel, and others are expected to be strongly volatile [2][41]. - **Energy Futures**: Crude oil, fuel oil, etc. are expected to be strongly volatile [2][85]. - **Agricultural Futures**: Some agricultural products like soybean meal and palm oil are expected to be strongly volatile [2][108]. 3.1.2 March 2026 Forecast for Continuous Contracts - **Stock Index Futures**: IF, IH, IC, and IM continuous contracts are expected to be weakly and widely volatile [4]. - **Precious Metals Futures**: Gold and silver continuous contracts are expected to have wide - range fluctuations [4]. - **Base Metals Futures**: Copper continuous contracts are expected to be weakly volatile; aluminum continuous contracts are expected to be strongly volatile [4][41]. - **Energy Futures**: Crude oil and fuel oil continuous contracts are expected to be strongly volatile [4][86]. 3.2 Macro - news and Trading Tips - The Fourth Session of the 14th National People's Congress closed in Beijing on March 12, 2026, approving a series of reports and passing relevant laws [5]. - The central bank will continue to implement a moderately loose monetary policy [5]. - The Ministry of Justice will focus on optimizing the business environment and accelerating legislation in certain fields [5]. - The U.S. will launch trade investigations on 16 major trading partners, which may lead to new tariffs [6]. - Iran's statements on revenge and the situation in the Strait of Hormuz have affected the international oil price [7]. 3.3 Commodity Futures - related Information - On March 12, 2026, U.S. and Brent crude oil futures rose significantly, while international precious metals futures generally fell [9]. - London base metals showed mixed trends on March 12, 2026 [10]. - Fitch raised the target prices of 14 metals and minerals in 2026 [10]. - The IEA significantly lowered the global crude oil supply and demand growth forecasts for this year [10]. - Ping An Bank will gradually close its agency business of personal precious metals trading on the Shanghai Gold Exchange [10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On March 12, equity index futures dropped, and most commodities rose, with energy & chemicals leading the raise. In equity index futures, IC dropped 0.8%, and IH dropped 0.6%. In commodity futures, LSFO, Paraxylene, and Crude Oil were the top three gainers, while Apple, Silver, and Palladium were the top three decliners [10][11][12]. Summary by Directory 1. China Futures 1.1 Overview - On March 12, equity index futures dropped, and most commodities rose, with energy & chemicals leading the raise. IC dropped 0.8%, and IH dropped 0.6%. In commodity futures, the top three gainers were LSFO, Paraxylene, and Crude Oil, and the top three decliners were Apple, Silver, and Palladium [10][11][12]. 1.2 Daily Raise 1.2.1 Crude Oil - On March 12, the Crude Oil main contract rose 11.3% to 722.3 yuan/barrel (INE). Strategic petroleum reserve releases will not reverse supply tightness expectations, leaving oil prices strong. Geopolitical uncertainty and passive production cuts will keep the market volatile and biased upward [18][20][21]. 1.2.2 LSFO - On March 12, the main contract of LSFO rose 14.8% to 5653 yuan/ton (INE). LSFO is pressured by green fuel substitution and limited HSFO replacement demand, but is currently undervalued and moves with crude oil. It has strong primary product attributes, and its crack spread strengthens when crude oil prices rise. Fundamentally, it enjoys a more favorable export tax rebate rate than refined oil products [25][26][27]. 1.2.3 Paraxylene - On March 12, the main contract of Paraxylene rose 13.0% to 10218 yuan/ton (ZCE). Cost increases have evolved into actual supply shocks, with force majeure declared at multiple refineries in the Asia - Pacific. Short - term prices will stay strong, and the medium - term logic of buying on dips holds. PX 05 - 09 month spread is recommended for positive calendar spread, and PXN is expected to trade range - bound between USD 250–330/ton [32][33][34]. 2. China News 2.1 Macro News - IEA Member States Agree to Release 400 Million Barrels of Oil Reserves. The 32 member states of the International Energy Agency will release 400 million barrels of oil from their emergency reserves. - U.S. to Release 172 Million Barrels from Strategic Petroleum Reserve. The U.S. will start releasing 172 million barrels of oil from the Strategic Petroleum Reserve next week, which is expected to take about 120 days. - U.S. February CPI Rises 2.4% YoY, Core CPI Up 2.5% YoY. U.S. CPI rose 2.4% year - on - year in February, and core CPI increased 2.5% year - on - year. The market still expects the Federal Reserve to cut interest rates again as early as July. - U.S. to Launch Section 301 Investigations Against 16 Trading Partners. The U.S. will launch Section 301 investigations against 16 trading partners, including China, the European Union, Mexico, Vietnam, India, and Japan [37].

Group 1 - The A-share market experienced an overall adjustment in the morning, with the coal sector rising significantly, becoming the biggest highlight with an increase of over 3% [1][4] - The coal sector saw notable gains, with stocks like Zhengzhou Coal Electricity and Yanzhou Coal Mining hitting the daily limit, while companies such as China Coal Energy, Shanxi Black Cat, and Lu'an Environmental Energy rose by more than 5% [4] - The geopolitical tensions have led to a sharp increase in oil prices, which has heightened market attention on coal and other alternative energy sources [6] Group 2 - The Hong Kong stock market also saw a surge in coal-related stocks, with some stocks experiencing intraday increases of over 20% [2][11] - China Xuyang Group, a major player in the coal industry, saw its stock price soar by over 20% during intraday trading, with a significant increase in trading volume [13] - The company operates multiple production parks across various regions and is involved in the management of several coal-related projects [13] Group 3 - The oil and petrochemical sectors also performed well, with stocks like Guanghui Energy and Donghua Energy rising by over 5% [7] - Domestic futures markets saw a significant rise in low-sulfur oil futures, which surged over 19%, reaching a new high for the year [15][16] - Crude oil futures also experienced a substantial increase, with the main contract rising by over 18% [17]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Amid the US - Iran conflict, global risk preferences are disrupted, with rising oil prices, weakened Fed rate - cut expectations, and a rapid rise in US Treasury yields. The domestic two - sessions continue with moderately loose monetary and more proactive fiscal policies. Attention should be paid to the war situation and risk control [4]. - The economic recovery's sustainability needs further observation, and there is still room for loose monetary policy. The Iran geopolitical conflict and rising inflation may put pressure on the bond market, and the bond market is expected to continue to fluctuate [7]. - Gold prices are in a narrow - range shock. The US inflation was in a moderate decline before the Middle - East conflict, but the current rise in energy prices may increase price pressure, suppressing precious metal prices in the short term [10]. - The short - term uncertainty of the Middle - East war remains, but the probability of further escalation is low. Copper prices are expected to be volatile in the short term, while aluminum prices are expected to remain strong. Zinc prices may break downward, and lead prices are expected to stop falling and gradually recover. Nickel prices are expected to fluctuate, and tin prices are expected to have wide - range fluctuations. Lithium carbonate prices are expected to fluctuate within a range, and alumina prices are expected to have wide - range fluctuations. Stainless steel prices are expected to rise in a fluctuating manner, and casting aluminum alloy prices are expected to remain strong [13][15][17][18][20][22][23][26][27][29]. - The black - building materials sector's fundamentals are weaker than expected before the festival. Steel prices are expected to fluctuate weakly in the short term. Iron ore prices are expected to fluctuate. Coking coal and coke prices may fluctuate or have a small - scale rebound in the short term, and are optimistic in the long term. Glass prices are expected to fluctuate within a range, and soda ash prices are expected to fluctuate with the coal - chemical sector. Manganese - silicon and silicon - iron prices may have short - term rebound opportunities. Industrial silicon and polysilicon prices are expected to fluctuate [32][34][38][39][42][43][46][49][51]. - For the energy - chemical sector, rubber trading should be flexible. Crude oil recommends a short - term bearish strategic allocation. Methanol suggests taking profits at high prices. Urea suggests short - selling at high prices. Pure benzene and styrene suggest empty - position waiting. PVC and ethylene glycol may rebound in the short term but need to pay attention to risks. PTA, p - xylene, polyethylene, and polypropylene prices have their own characteristics and corresponding trading strategies [56][58][60][62][64][66][68][70][72][74][76]. - For the agricultural products sector, pig prices are expected to be weakly stable in the short term, egg prices may have a short - term rebound and then be sold short, bean - and - rapeseed meal prices suggest short - term waiting and seeing, oil prices are bullish in the medium term, sugar prices may rebound, and cotton prices may rise if downstream starts up well [79][81][83][85][89][91]. 3. Summary by Directory 3.1 Macro - Financial 3.1.1 Stock Index - **Market News**: The IEA's 32 member countries agreed to release 400 million barrels of oil from their emergency reserves. Trump said the military action against Iran was "almost over". The National Supercomputing Internet will distribute 10 million Tokens to each OpenClaw user for free for 2 weeks. The US February unadjusted CPI rose 2.4% year - on - year, and the core CPI rose 2.5% year - on - year [2]. - **Basis Annualized Ratio**: The basis annualized ratios of IF, IC, IM, and IH for different contract periods are provided [3]. - **Strategy View**: Pay attention to the war situation and control risks [4]. 3.1.2 Treasury Bonds - **Market News**: On March 11, the winning yields of the Ministry of Finance's 2 - issue treasury bonds were higher than the ChinaBond valuations. The IEA proposed to release the largest - ever oil reserves. The central bank conducted 265 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 140 billion yuan [5][6]. - **Strategy View**: The economic recovery's sustainability needs observation, and there is still room for loose monetary policy. The Iran conflict and rising inflation may put pressure on the bond market, and the bond market is expected to fluctuate [7]. 3.1.3 Precious Metals - **Market News**: Shanghai gold and silver, and COMEX gold and silver prices all declined. The US February CPI and core CPI were stable for two consecutive months. Iran threatened to block the Strait of Hormuz, and the IEA will release 400 million barrels of oil reserves. The Trump administration will launch trade investigations [8][9]. - **Strategy View**: Gold prices are in a narrow - range shock. The US inflation was in a moderate decline before the conflict, but the current energy price rise may increase price pressure, suppressing precious metal prices in the short term. Be cautiously bearish on precious metals [10]. 3.2 Non - Ferrous Metals 3.2.1 Copper - **Market News**: The Middle - East war led to copper price fluctuations. LME and domestic warehouse inventories changed, and the spot premium changed [12]. - **Strategy View**: The short - term uncertainty of the Middle - East war remains, but the probability of further escalation is low. Copper prices are expected to be volatile in the short term [13]. 3.2.2 Aluminum - **Market News**: The Middle - East war led to concerns about aluminum supply, and aluminum prices were strong. Warehouse inventories and futures positions changed [14]. - **Strategy View**: The supply risk in the Middle - East remains, and domestic downstream resumption of work will reduce the inventory accumulation pressure. Aluminum prices are expected to remain strong [15]. 3.2.3 Zinc - **Market News**: Zinc prices declined. Warehouse inventories, basis, and import and export data are provided [16][17]. - **Strategy View**: The domestic zinc industry is weak. The Iran conflict has little impact on zinc ore supply. Zinc prices may break downward and are expected to fluctuate widely [17]. 3.2.4 Lead - **Market News**: Lead prices rose. Warehouse inventories, basis, and other data are provided [18]. - **Strategy View**: The lead industry has problems such as high inventory and low downstream start - up. Lead prices are expected to stop falling and gradually recover [18]. 3.2.5 Nickel - **Market News**: Nickel prices rose slightly. Spot prices and cost data are provided [19]. - **Strategy View**: In the medium term, the RKAB quota reduction policy in Indonesia will support nickel prices. In the short term, nickel prices are expected to fluctuate [20]. 3.2.6 Tin - **Market News**: Tin prices declined slightly. Supply is tight, and demand has not fully recovered [21]. - **Strategy View**: The market is bullish on tin prices, but attention should be paid to the current situation of loose supply and demand and rising inventory. Tin prices are expected to fluctuate widely [22]. 3.2.7 Lithium Carbonate - **Market News**: Lithium carbonate prices declined. Spot and futures prices and other data are provided [23]. - **Strategy View**: The industrial driving force is limited, and lithium carbonate prices are expected to fluctuate within a range [23]. 3.2.8 Alumina - **Market News**: Alumina prices rose. Warehouse inventories, basis, and other data are provided [24]. - **Strategy View**: Maintenance increases and production delays reduce the inventory accumulation rate. The futures price is expected to fluctuate widely. Pay attention to potential driving factors [25][26]. 3.2.9 Stainless Steel - **Market News**: Stainless steel prices declined slightly. Spot prices, warehouse inventories, and other data are provided [27]. - **Strategy View**: The market procurement atmosphere has improved, and stainless steel prices are expected to rise in a fluctuating manner [27]. 3.2.10 Casting Aluminum Alloy - **Market News**: Casting aluminum alloy prices rose. Warehouse inventories, trading volume, and other data are provided [28]. - **Strategy View**: The cost is strong, and demand is expected to improve. Casting aluminum alloy prices are expected to remain strong [29]. 3.3 Black Building Materials 3.3.1 Steel - **Market News**: Rebar and hot - rolled coil prices rose. Warehouse inventories, trading volume, and other data are provided [31]. - **Strategy View**: The black - building materials sector's fundamentals are weaker than expected before the festival. Steel prices are expected to fluctuate weakly in the short term [32]. 3.3.2 Iron Ore - **Market News**: Iron ore prices rose. Warehouse inventories, basis, and other data are provided [33]. - **Strategy View**: Overseas iron ore supply fluctuates at a high level, and high inventory suppresses prices. Iron ore prices are expected to fluctuate in the short term [34]. 3.3.3 Coking Coal and Coke - **Market News**: Coking coal and coke prices rose. Spot prices, basis, and other data are provided [36]. - **Strategy View**: The short - term US - Iran conflict drives up the market sentiment. Coking coal and coke prices may fluctuate or have a small - scale rebound in the short term, and are optimistic in the long term [38][39]. 3.3.4 Glass and Soda Ash - **Market News**: Glass prices rose, and soda ash prices rose. Warehouse inventories, trading volume, and other data are provided [41][43]. - **Strategy View**: Glass demand has improved slightly, and prices are expected to fluctuate within a range. Soda ash prices are expected to fluctuate with the coal - chemical sector [42][43]. 3.3.5 Manganese - Silicon and Silicon - Iron - **Market News**: Manganese - silicon and silicon - iron prices rose. Spot prices, basis, and other data are provided [44]. - **Strategy View**: The US - Iran conflict drives up the market sentiment. Manganese - silicon and silicon - iron prices may have short - term rebound opportunities [46]. 3.3.6 Industrial Silicon and Polysilicon - **Market News**: Industrial silicon prices declined slightly, and polysilicon prices rose slightly. Warehouse inventories, trading volume, and other data are provided [48][50]. - **Strategy View**: Industrial silicon supply and demand are expected to increase in March, and prices are expected to fluctuate. Polysilicon supply and demand are expected to increase, and prices are expected to fluctuate [49][51]. 3.4 Energy - Chemical 3.4.1 Rubber - **Market News**: Rubber prices rebounded. Tire enterprise start - up rates, inventory, and spot prices are provided [53][54][55]. - **Strategy View**: Trade flexibly and set stop - losses. Consider opening or holding a long - NR and short - RU2609 position [56]. 3.4.2 Crude Oil - **Market News**: Crude oil and related refined oil prices declined [57]. - **Strategy View**: Adopt a short - term bearish strategic allocation for crude oil, and have corresponding trading strategies for spreads [58]. 3.4.3 Methanol - **Market News**: Methanol spot and futures prices changed [59]. - **Strategy View**: Take profits at high prices [60]. 3.4.4 Urea - **Market News**: Urea spot and futures prices changed [61]. - **Strategy View**: Short - sell at high prices [62]. 3.4.5 Pure Benzene and Styrene - **Market News**: Pure benzene and styrene prices declined. Cost, supply, demand, and inventory data are provided [63]. - **Strategy View**: Empty - position waiting [64]. 3.4.6 PVC - **Market News**: PVC prices rose. Cost, supply, demand, and inventory data are provided [65]. - **Strategy View**: PVC prices may rebound in the short term but need to pay attention to risks [66]. 3.4.7 Ethylene Glycol - **Market News**: Ethylene glycol prices rose. Supply, demand, and inventory data are provided [67]. - **Strategy View**: Ethylene glycol prices may rebound in the short term but need to pay attention to risks [68]. 3.4.8 PTA - **Market News**: PTA prices rose. Supply, demand, and inventory data are provided [69]. - **Strategy View**: PTA prices may have a short - term correction, and PXN may rise in the future, but pay attention to risks [70]. 3.4.9 p - Xylene - **Market News**: p - Xylene prices rose. Supply, demand, and inventory data are provided [71]. - **Strategy View**: p - Xylene prices are expected to decline in March, and may enter a de - stocking cycle. Pay attention to risks [72]. 3.4.10 Polyethylene (PE) - **Market News**: PE prices rose. Supply, demand, and inventory data are provided [73]. - **Strategy View**: Short - sell the LL2605 - LL2609 contract spread at high prices [74]. 3.4.11 Polypropylene (PP) - **Market News**: PP prices rose. Supply, demand, and inventory data are provided [75]. - **Strategy View**: PP prices are affected by short - term geopolitical conflicts and long - term production - matching issues [76]. 3.5 Agricultural Products 3.5.1 Pigs - **Market News**: Pig prices were half - stable and half - falling. Supply and demand data are provided [78]. - **Strategy View**: Pig prices are expected to be weakly stable in the short term. Short - sell on rebounds for the near - end contracts and wait and see for the far - end contracts [79]. 3.5.2 Eggs - **Market News**: Egg prices were mostly stable with some narrow fluctuations. Supply and demand data are provided [80]. - **Strategy View**: Short - sell on rebounds for the near - end contracts and pay attention to cost support for the far - end contracts [81]. 3.5.3 Bean and Rapeseed Meal - **Market News**: Soybean import, production, and export data are provided [82]. - **Strategy View**: Wait and see in the short term [83]. 3.5.4 Oils - **Market News**: Palm oil production, export, and inventory data from Indonesia and Malaysia are provided [84]. - **Strategy View**: Bullish on oils in the medium term [85]. 3.5.5 Sugar - **Market News**: Sugar production, export, and inventory data from India, Brazil, and Thailand are provided [86][88]. - **Strategy View**: Sugar prices may rebound. Participate in long positions at low prices [89]. 3.5.6 Cotton - **Market News**: Cotton production, export, and inventory data are provided [90]. - **Strategy View**: Buy at low prices if downstream starts up well [91].

Macro Dynamics - China's stance against the deployment of the THAAD missile defense system in South Korea remains unchanged [2] Automotive Industry - In February, the sales of new energy vehicles reached 765,000 units, a year-on-year decrease of 14.2% [3] Financial Institutions - The Guotou Silver LOF will be suspended from trading on March 12, 2026, from the market opening until 10:30 AM due to significant premium over net asset value [4][5] Market Data - On March 11, A-shares saw a collective increase, with the Shanghai Composite Index rising by 0.25% and the ChiNext Index increasing by 1.31%. The total trading volume was approximately 250.84 billion yuan, an increase of about 110.49 billion yuan from the previous trading day [7] - The Hong Kong stock market closed with the Hang Seng Index down 0.24% and the Hang Seng Tech Index down 0.11%. Notable gains were seen in automotive stocks, with NIO rising over 14% [8] - Chemical futures surged significantly on March 11, with paraxylene futures hitting the limit up with a 13% increase [9] Company Dynamics - Laopu Gold expects a net profit growth of 226% to 233% in 2025, with projected sales revenue of approximately 31 to 32 billion yuan, representing a growth of about 216% to 227% compared to 2024 [10][11] - Dingshen Communications announced that the market ban period imposed by the State Grid and Southern Power Grid has expired, but the recovery of bidding processes will take time [13] - Mediterranean Shipping Company announced new transportation services connecting the King Abdullah Port and Jeddah Port to the Gulf region, with a capacity exceeding 24,000 TEUs [14]

1. Report Industry Investment Rating The document does not provide an overall industry investment rating. 2. Core Views of the Report The report provides trend outlooks and fundamental analysis for various commodities, including precious metals, base metals, energy, agricultural products, and chemical products. Geopolitical conflicts, especially the situation in the Middle East, have a significant impact on the prices and trends of many commodities. For example, the conflict in the Middle East has led to concerns about inflation, affecting the prices of gold, oil, and other commodities. Additionally, factors such as supply and demand, production capacity, and inventory levels also play important roles in determining the price trends of different commodities [5][8][12]. 3. Summary by Commodity Precious Metals - **Gold**: Geopolitical conflicts have broken out, and the price is affected by factors such as inflation concerns and changes in the US dollar index. The trend strength is 1 [5]. - **Silver**: In a volatile pattern, with a trend strength of 1 [2]. - **Platinum**: Continues to be weak, with a trend strength of 0 [25]. - **Palladium**: High - frequency data is sluggish, and it is in a low - level volatile state, with a trend strength of - 1 [25]. Base Metals - **Copper**: The narrowing of the spot discount restricts the price decline. The trend strength is 0 [8]. - **Zinc**: In a range - bound pattern, with a trend strength of 0 [11]. - **Lead**: The reduction of overseas inventory restricts the price decline, with a trend strength of 0 [15]. - **Tin**: In a volatile adjustment, with a trend strength of 0 [18]. - **Aluminum**: A slight correction, with a trend strength of 0 [22]. - **Alumina**: In a sideways volatile pattern, with a trend strength of 0 [22]. - **Cast Aluminum Alloy**: Follows the trend of electrolytic aluminum, with a trend strength of 0 [22]. - **Nickel**: The reality of the Indonesian ore end is catching up, and beware of speculative attributes in March, with a trend strength of 0 [30]. - **Stainless Steel**: The contradiction at the ore end increases marginally, and the cost support center moves up, with a trend strength of 0 [30]. Energy - **Crude Oil**: Although not specifically mentioned in detail, geopolitical conflicts in the Middle East have led to concerns about supply, pushing up oil prices [5][8]. - **Fuel Oil**: Maintains a retracement trend and short - term high - volatility, with a trend strength of - 1 [133]. - **Low - Sulfur Fuel Oil**: In a weak adjustment, and the spot price difference between high - and low - sulfur fuels continues to decline, with a trend strength of - 1 [133]. - **Natural Gas**: Not specifically analyzed in detail, but geopolitical factors may affect its supply and price [91]. - **Coal**: - **Coking Coal**: In a wide - range volatile pattern, with a trend strength of 0 [58]. - **Coke**: A first - round price cut has begun, and it is in a wide - range volatile pattern, with a trend strength of 0 [57]. - **Steam Coal**: Market sentiment is weakening, and the short - term price fluctuates within a narrow range, with a trend strength of - 1 [62]. Agricultural Products - **Palm Oil**: The spill - over of sentiment finally arrives, showing a short - term strong performance, with a trend strength of 1 [158]. - **Soybean Oil**: Supported by the cost of US soybeans, it may break through upwards, with a trend strength of 1 [158]. - **Soybean Meal**: Rebounds and fluctuates, and pay attention to the situation in the Middle East, with a trend strength of 0 [165]. - **Soybean**: The spot price is stable and slightly strong, and the futures price fluctuates in adjustment, with a trend strength of 0 [165]. - **Corn**: Fluctuates strongly, with a trend strength of 0 [168]. - **Sugar**: In a range - bound arrangement, with a trend strength of 0 [172]. - **Cotton**: Waiting for new drivers, with a trend strength of 1 [176]. - **Eggs**: Maintains a volatile pattern, with a trend strength of 0 [180]. - **Hogs**: The inventory pressure is difficult to solve, and the weakness continues, with a trend strength of - 1 [183]. - **Peanuts**: Fluctuates, with a trend strength of 0 [188]. Chemical Products - **P - Xylene (PX)**: In a high - level volatile market, it is recommended to go long on PX and short on PTA. The trend strength is 1 [68]. - **Purified Terephthalic Acid (PTA)**: In a high - level volatile market, with a trend strength of 1 [68]. - **Ethylene Glycol (MEG)**: In a high - level volatile market, with a trend strength of 1 [68]. - **Rubber**: Fluctuates weakly, with a trend strength of - 1 [78]. - **Synthetic Rubber**: The price center moves up, with a trend strength of 1 [81]. - **Linear Low - Density Polyethylene (LLDPE)**: The expectation of cracking supply contraction continues, and pay short - term high attention to geopolitical factors, with a trend strength of 2 [85]. - **Polypropylene (PP)**: The C3 raw material remains strong, and the reduction of PDH devices continues, with a trend strength of 2 [85]. - **Caustic Soda**: Supported by strong export expectations, with a trend strength of 1 [90]. - **Paper Pulp**: Fluctuates, with a trend strength of 0 [95]. - **Glass**: The price of the original sheet is stable, with a trend strength of 0 [102]. - **Methanol**: In a high - level volatile pattern, with a trend strength of 0 [105]. - **Urea**: Fluctuates, with a trend strength of 0 [111]. - **Styrene**: Fluctuates strongly, with a trend strength of 1 [115]. - **Soda Ash**: The spot market changes little, with a trend strength of 0 [117]. - **Liquefied Petroleum Gas (LPG)**: Short - term geopolitical disturbances are strong, with a trend strength of 0 [122]. - **Propylene**: The cost end is affected by geopolitical factors, and the fundamentals remain tight, with a trend strength of 1 [122]. - **Polyvinyl Chloride (PVC)**: In a range - bound pattern, with a trend strength of 0 [130]. Shipping Index - **Container Freight Index (European Line)**: Pay attention to geopolitical sentiment disturbances, with a trend strength of 0 [135]. Fibers - **Short - Fiber**: Geopolitical risks are not eliminated, and it is short - term strong, with a trend strength of 1 [148]. - **Bottle - Grade Chip**: Geopolitical risks are not eliminated, and it is short - term strong, with a trend strength of 1 [148]. Paper - **Offset Printing Paper**: It is recommended to wait and see, with a trend strength of 0 [150]. Aromatics - **Pure Benzene**: Fluctuates strongly, with a trend strength of 1 [155].