Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View No clear core view presented in the content. The report mainly provides daily arbitrage data for various futures varieties on March 31, 2026. 3. Summary by Directory I. Thermal Coal - The report shows the basis and spread data of thermal coal from March 24 to March 30, 2026. The basis values were -50.4, -45.4, -41.4, -40.4, -40.4 respectively, and the spreads (5 - 1, 9 - 1, 9 - 5) were all 0.0 during this period [2]. II. Energy and Chemicals - **Energy Commodities**: It includes basis data of fuel oil, crude oil, and asphalt from March 24 to March 30, 2026. For example, the basis of INE crude oil on March 30 was 540.36, and the ratio of crude oil to asphalt was 0.1641 [8]. - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 24 to March 30, 2026 are presented. For instance, the basis of rubber on March 30 was -190 [10]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber was -800 [11]. - **Inter - variety Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from March 24 to March 30, 2026 are provided. For example, the LLDPE - PVC spread on March 30 was 3360 [11]. III. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 24 to March 30, 2026 are shown. For example, the basis of rebar on March 30 was 111.0 [20][21]. - **Inter - period Spreads**: The spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar was -44.0 [20]. - **Inter - variety Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from March 24 to March 30, 2026 are provided. For example, the rebar to iron ore ratio on March 30 was 3.85 [20]. IV. Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 24 to March 30, 2026 are given. For example, the basis of copper on March 30 was -380 [30]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 30, 2026 are presented. For example, the LME spread of copper was (82.55) [33]. V. Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 24 to March 30, 2026 are shown. For example, the basis of soybeans on March 30 was 6 [40]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products are provided. For example, the 5 - 1 spread of soybeans was -54 [40]. - **Inter - variety Spreads**: The ratios and spreads of various agricultural products from March 24 to March 30, 2026 are presented. For example, the ratio of soybeans to corn on March 30 was 1.94 [40]. VI. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 24 to March 30, 2026 are given. For example, the basis of CSI 300 on March 30 was 77.95 [51]. - **Inter - period Spreads**: The spreads of next - month to current - month and next - quarter to current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month to current - month spread of CSI 300 was -19.8 [51].

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - Since the first quarter of 2026, the domestic rubber futures sector has shown a structural market of rising first and then falling, with high - level oscillations. The core driver has shifted from macro - sentiment and cost support to fundamental inventory pressure and supply - demand games. Natural rubber and synthetic rubber have shown different trends. The market has been weighing between inflation trading and recession expectations, as well as supply seasonality and demand recovery rhythm [4]. - In the second quarter, the global macro - economy will move forward steadily with policy shifts, demand repair, and risk mitigation. The gap between Europe and the United States will narrow, and emerging markets will maintain relatively high growth. The repeated geopolitical conflicts in the Middle East have caused oil price fluctuations and rising inflation expectations. For the market, the rhythm of monetary policy, inflation path, and geopolitical evolution are still core variables. The global economy is seeking re - balance in a weak recovery, with resilience greater than downward risks [5][24][135]. - In the second quarter, the supply - demand of domestic rubber futures will present a weak - balance pattern of loose supply, warming demand, and slow inventory reduction. Rubber futures prices may maintain a wide - range oscillating trend. It is recommended to adopt an interval - band trading strategy, focusing on four tracking indicators: tapping progress, inventory data, tire start - up rate, and export growth rate. At low prices, seize the opportunities of peak - season demand repair and inventory reduction; at high prices, be vigilant about supply expansion and inventory pressure. At the same time, do a good job in risk management to cope with the amplified fluctuations caused by macro and geopolitical conflicts [5][138]. 3. Summary According to the Directory 3.1 2026 Q1 Domestic Rubber Futures Trend Review - In Q1 2026, the domestic rubber futures sector showed a structural market of rising first, then falling, and high - level oscillations. The core driver shifted from macro - sentiment and cost support to fundamental inventory pressure and supply - demand games. Natural rubber and synthetic rubber had different trends. The Shanghai rubber main contract showed a three - stage operation in Q1. In January, the expectation of stable growth increased, the energy - chemical sector strengthened together, and the Southeast Asian rubber - producing areas were in the off - season, so the market traded based on the logic of "off - season support + post - festival recovery". In February, after the Spring Festival, geopolitical conflicts pushed up the prices of crude oil and synthetic rubber, and the Thai rubber in the external market also strengthened, with an optimistic market sentiment. In March, the Shanghai rubber market quickly turned to adjustment, with continuous daily declines. The high inventory in Qingdao Bonded Area and general trade, the approaching tapping season in Yunnan, and the increase in imported goods led to the release of negative factors. Coupled with Goldman Sachs' warning of recession expectations, the risk preference for industrial products was suppressed, and the rubber price center moved down [10]. 3.2 Europe and the United States Economy Continues to Differentiate, and the Fed's Interest - Rate Cut Expectation Declines - Since 2026, the macro - economies of Europe and the United States have continued the pattern of the US being strong and Europe being weak. Inflation has steadily declined, and the rhythm of monetary policy shifts has been significantly different. The US economy has shown strong resilience, with stable support from consumption and investment. The eurozone has continued its weak recovery, with insufficient domestic demand and structural bottlenecks restricting the repair strength. Overall, developed economies are gradually turning to moderate expansion at the end of the high - interest - rate period, providing phased stability for the global economy, but geopolitical, trade, and financial fluctuations still pose major disturbances [18]. - The US economy is currently running smoothly, with the characteristics of "stable growth, controllable inflation, and employment resilience". In Q1 2026, the real GDP growth rate remained in the range of 1.8% - 2.0%. The IMF and the United Nations predict that the annual growth rate will be about 2.0%, significantly higher than the average level of developed economies. In February 2026, the US non - farm payroll data was unexpectedly cold, with a significant contraction, the unemployment rate rebounded to about 4.4%, and the wage growth rate slowed moderately. Investment has become an important highlight, with continuous release of AI - related capital expenditure, and the return of the manufacturing industry and the implementation of infrastructure investment policies driving the recovery of enterprise equipment investment. The fiscal expenditure has maintained expansion. In terms of inflation, the CPI in February decreased to 2.4% year - on - year, but the core PCE rebounded to 3.1% in early March, indicating that the oil price increase caused by the Middle East war has begun to affect the domestic inflation in the US [18][21]. - The eurozone economy has not changed its weak - recovery situation, with greater growth pressure than the US. The expected GDP growth rate in 2026 is about 1.2%, slightly higher than that in 2025 but still at a low level. The manufacturing industries of core economies such as Germany and France have continued to be sluggish, with weak industrial output and export orders. Energy costs and geopolitical uncertainties have suppressed enterprise investment confidence. In terms of domestic demand, household consumption is restricted by high interest rates and low real income growth, credit expansion is slow, and the real estate market continues to be under pressure. In terms of inflation, the HICP in February rebounded to 1.9% year - on - year, and core inflation is still sticky. The ECB's interest - rate cut rhythm lags behind that of the Fed, and the policy remains prudent, mainly in a wait - and - see mode in the short term [22]. - In the second quarter, the global macro - economy will enter a stage of narrowing differentiation and moderate recovery, with a slightly higher growth rate than in the first quarter. The IMF predicts that the global growth rate will be about 3.1% - 3.3%, showing a pattern of stable developed economies and resilient emerging markets. The US economy is likely to continue to be stable, with a higher probability of interest - rate cuts in the second quarter, marginal improvement in the liquidity environment, and stable growth of about 1.9%. The eurozone may see a slight recovery in the second quarter, with enhanced support from the service industry, marginal repair of industrial production, and overall controllable inflation [23]. 3.3 China's Economy Developed Steadily and Well from January to February 2026 - At the beginning of 2026, China's macro - economy showed a strong start and a good beginning under the support of multiple factors such as the continuous implementation of stable - growth policies, the concentrated release of Spring Festival consumption, and the unexpected warming of external demand. The production supply has steadily recovered, market demand has continued to improve, new driving forces have grown rapidly, employment and prices have been generally stable, and positive factors have continued to accumulate [39]. - On the production side, the recovery has accelerated, and the leading role of new - quality productivity has been prominent. Industrial production has significantly accelerated, with the added value of large - scale industrial enterprises increasing by 6.3% year - on - year from January to February, 1.1 percentage points faster than in December of the previous year. The service industry has recovered steadily, with the service production index increasing by 5.2% year - on - year [39]. - On the demand side, the "troika" has worked together, with domestic demand warming and external demand being strong. The consumer market has steadily recovered, with the total retail sales of consumer goods reaching 8607.9 billion yuan from January to February, a year - on - year increase of 2.8%. Fixed - asset investment has changed from a decline to an increase, with a year - on - year increase of 1.8%. Foreign trade has achieved high - speed growth, with the total volume of goods imports and exports reaching 7732.1 billion yuan, a year - on - year increase of 18.3% [39]. - Prices have moderately rebounded, and the employment situation has been generally stable. The CPI has gradually warmed up, with an average year - on - year increase of 0.8% from January to February. The PPI has narrowed its decline, with a year - on - year decrease of 0.9%. The employment market has remained stable, with the average urban survey unemployment rate from January to February being 5.3%, the same as in the previous year [40]. - Looking forward to the second quarter of 2026, China's economy will continue to operate in a stable and progressive manner, with the growth rate expected to rise steadily, and the foundation for the annual growth target of 4.5% - 5.0% being more solid [41]. 3.4 Output and Consumption of Rubber - Producing Countries in Southeast Asia Both Increased Slightly Year - on - Year - Since 2010, the significant increase in the global natural rubber futures price has stimulated the enthusiasm of rubber farmers in Southeast Asian rubber - producing countries to plant rubber trees. However, since 2012, with the peak - to - trough decline of the global natural rubber futures price, the enthusiasm of rubber farmers has declined. After a 10 - year period of low natural rubber futures prices from 2013 to 2023, the planting willingness of rubber farmers in Southeast Asian countries has been at a low level. Although the tapping area has generally increased, the yield per unit area has continued to decline [60]. - According to the latest report released by the ANRPC in February, in January 2026, the total rubber production of ANRPC member countries reached 1.1159 million tons, a slight month - on - month decrease of 51,100 tons and a year - on - year increase of 57,500 tons, an increase of 5.43%. The total natural rubber consumption of ANRPC member countries reached 931,500 tons, a slight month - on - month decrease of 24,600 tons and a year - on - year increase of 17,100 tons, an increase of 1.87% [61]. - In the second quarter of 2026, the global natural rubber supply will enter a seasonal recovery stage, showing a pattern of increasing monthly but with limited increments, which will put phased pressure on rubber prices but will not change the tight - balance background. ANRPC predicts that the global natural rubber production in 2026 will increase by 2.4% year - on - year to 15.2 million tons, and the year will continue to be in short supply [64]. 3.5 The Premium Spreads between Shanghai Rubber, Standard Rubber, and Synthetic Rubber May Narrow - In March 2026, the international oil price soared due to geopolitical conflicts in the Middle East and supply contraction, which was directly transmitted to the cost side of synthetic rubber, leading to a significant reconstruction of the spreads of rubber - related futures. The premium spread between Shanghai rubber and synthetic rubber narrowed significantly, and the spread between standard rubber and synthetic rubber changed from a premium to a discount [89]. - Synthetic rubber is strongly linked to the oil price. When the oil price rises, the production cost of synthetic rubber increases, and its price elasticity is greater. Natural rubber is indirectly supported by cost, but due to its agricultural nature in Southeast Asian producing areas, the cost transmission is lagging and the elasticity is weak. In March, the oil price increase did not effectively drive the rise of natural rubber, so the spread naturally narrowed [90]. - In the second quarter, the two types of spreads will be in a game between "increased supply and loosened cost" and "demand repair and substitution support", showing an oscillating trend as a whole. The core contradiction of the rubber - related spreads in the second quarter is the game between "seasonal increase in natural rubber supply" and "rigid cost support of synthetic rubber". The oil price trend is the key variable, and weather disturbances and inventory reduction progress are amplifiers [92]. 3.6 Overseas Auto Market Sales Showed a Differentiated Trend in February 2026 - In the first quarter of 2026, the overseas auto market showed a pattern of a slight decline in the US, differentiation in the eurozone, and a continuous weak decline in Japan, mainly affected by high interest rates, weak consumer confidence, the withdrawal of electric - vehicle policies, and geopolitical disturbances. In the second quarter, the global auto market may see marginal repair, but structural differentiation and intensified competition will still dominate [94]. - In the US, it is expected that the sales volume of light - duty vehicles in Q1 2026 will reach about 3.58 million, a year - on - year slight decrease of 0.8%. The main drag factors include the expiration of electric - vehicle subsidies, the decline in consumer affordability, and the pressure on US car companies [94]. - In the eurozone, it is expected that the new - car sales volume in Q1 2026 will reach about 2.15 million, a year - on - year decrease of 1.2%. Core countries show significant differentiation. The sales volume of fuel - powered vehicles is accelerating to clear, while the sales volume of electric vehicles is growing at a high rate but cannot offset the overall decline [95]. - In Japan, the new - car sales volume in Q1 2026 may reach 763,000, a year - on - year decrease of 2.9%. The domestic market has been continuously weak. The main reasons include low economic prosperity, cautious consumer spending, and the differentiation of domestic brands [96]. 3.7 Domestic Auto Sales Declined Both Month - on - Month and Year - on - Year in February 2026 - In February 2026, affected by factors such as the Spring Festival holiday, policy adjustments, and pre - released demand, China's auto production and sales decreased both month - on - month and year - on - year. In February, the production and sales of automobiles were 1.672 million and 1.805 million respectively, a month - on - month decrease of 31.7% and 23.1% respectively, and a year - on - year decrease of 20.5% and 15.2% respectively [99]. - In terms of passenger cars, in February, the production and sales were 1.4 million and 1.536 million respectively, a month - on - month decrease of 32.1% and 22.7% respectively, and a year - on - year decrease of 21.6% and 15.4% respectively. In terms of commercial vehicles, in February, the production and sales were 273,000 and 269,000 respectively, a month - on - month decrease of 29.7% and 24.9% respectively, and a year - on - year decrease of 14.1% and 14% respectively [99]. - In terms of new - energy vehicles, in February, the production and sales were 694,000 and 765,000 respectively, a year - on - year decrease of 21.8% and 14.2% respectively. In terms of exports, in February, the auto export volume was 672,000, a month - on - month decrease of 1.4% and a year - on - year increase of 52.4% [99][101]. - The China Automobile Dealers Association's inventory warning index in February was 56.2%, above the boom - bust line. Dealers are cautious about the March auto market, and the terminal passenger flow and sales volume are expected to rebound month - on - month. The China Association of Automobile Manufacturers predicts that the total auto sales volume in 2026 will reach 34.75 million, a year - on - year increase of 1% [102][103]. 3.8 Domestic Heavy - Truck Sales Declined Slightly Year - on - Year in February 2026 - Affected by factors such as the Spring Festival holiday, the logistics activity slowed down in February 2026. The China Logistics Prosperity Index in February was 47.5%, a decrease of 3.7 percentage points from the previous month. The heavy - truck sales volume in February decreased both month - on - month and year - on - year. In February, the heavy - truck market sold about 75,000 vehicles, a month - on - month decrease of nearly 30% and a year - on - year decrease of about 8%. From January to February, the cumulative heavy - truck sales volume exceeded 180,000, a year - on - year increase of about 17% [107]. - The Spring Festival in 2026 was later than that in 2025, so the heavy - truck sales peak season will be postponed. In addition, the suspension of production during the Spring Festival by vehicle manufacturers and parts enterprises also affected the heavy - truck sales volume in February. In February, the heavy - truck export continued to grow steadily, with a year - on - year increase of more than 20% [108]. - It is expected that the wholesale sales volume of the heavy - truck industry in March will increase slightly year - on - year. In the second quarter, the late Spring Festival and the implementation of the policy of replacing old national - IV and national - III operating trucks with new ones will bring opportunities to the heavy - truck market [111]. 3.9 The Tire Industry Had Strong Exports and a Slight Increase in Port Inventory - From January to February 2026, the domestic tire industry showed a clear differentiation pattern of weak domestic demand and high - growth external demand. The cumulative output of rubber tire casings in the first two months was 177.526 million, a year - on - year slight decrease of 0.7%. The export of rubber tires was booming. From January to February, the cumulative export of rubber tires was 1.55 million tons, a year - on - year increase of 12.5% [117]. - In terms of rubber imports, from January to

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 30, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][6][23][29][40][51] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period spreads of power coal from March 23 to March 27, 2026. The basis values are - 58.4, - 50.4, - 45.4, - 41.4, and - 40.4 respectively, and the inter - period spreads (5 - 1, 9 - 1, 9 - 5) are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - From March 23 to March 27, 2026, the basis of INE crude oil is 339.44, 345.10, 259.80, 50.55, and 105.35 respectively; the basis of fuel oil is 374.15, 208.78, 103.65, 222.50, and 151.50 respectively; the crude oil / asphalt ratio is 0.1762, 0.1686, 0.1668, 0.1624, and 0.1641 respectively [7] 3.2.2 Chemical Commodities - Inter - period spreads: For rubber, 5 - 1 is - 820, 9 - 1 is - 765, 9 - 5 is 55; for methanol, 5 - 1 is 369, 9 - 1 is 107, 9 - 5 is - 262; etc. - Inter - variety spreads: For example, on March 27, 2026, LLDPE - PVC is 3187, LLDPE - PP is - 428, etc. - Basis: The basis data of rubber, methanol, PTA, etc. from March 23 to March 27, 2026 are provided [11][12] 3.3 Black Metals - Inter - period spreads: For example, for rebar, 5 - 1 is - 51.0, 9(10) - 1 is - 24.0, 9(10) - 5 is 27.0; for iron ore, 5 - 1 is 45.5, 9(10) - 1 is 19.5, 9(10) - 5 is - 26.0 - Inter - variety spreads: On March 27, 2026, the rebar / iron ore ratio is 3.84, the rebar / coke ratio is 1.7834, etc. - Basis: The basis data of rebar, iron ore, coke, and coking coal from March 23 to March 27, 2026 are provided [22][23] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 23 to March 27, 2026 are presented, such as - 380 for copper on March 27, 2026 [32] 3.4.2 London Market - On March 27, 2026, the LME spreads of copper, aluminum, zinc, etc. are provided, along with the Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [35] 3.5 Agricultural Products - Basis: The basis data of soybeans, soybean meal, soybean oil, etc. from March 23 to March 27, 2026 are given, such as 27 for soybeans on March 27, 2026 - Inter - period spreads: For example, for soybeans, 5 - 1 is - 50, 9 - 1 is - 6, 9 - 5 is 44 - Inter - variety spreads: On March 27, 2026, the soybean / corn ratio is 1.93, the soybean oil / soybean meal ratio is 2.95, etc. [41] 3.6 Stock Index Futures - Basis: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 23 to March 27, 2026 are provided, such as 75.17 for CSI 300 on March 27, 2026 - Inter - period spreads: For CSI 300, the next - month - current - month spread is - 19.0, the next - quarter - current - quarter spread is - 81.8; for SSE 50, the next - month - current - month spread is - 4.2, the next - quarter - current - quarter spread is - 40.4; etc. [52]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View - There is no clear core view presented in the given content. The document mainly provides a table of futures and spot prices, along with related data such as basis rates and price differences for various commodities. 3. Summary by Related Catalog Metals - **Copper**: The主力基差率 is 0.42%, with a 1.00% increase compared to yesterday. The spot price is 6556, and the主力 contract price is 95380 [3]. - **Aluminum**: The主力基差率 is -0.38%, with a 0.63% increase compared to yesterday. The spot price is 23760, and the主力 contract price is 23795 [3]. - **Zinc**: The主力基差率 is -0.17%, with a 0.43% increase compared to yesterday. The spot price is 22920, and the主力 contract price is 22950 [3]. - **Lead**: The主力基差率 is -1.09%, with a -0.06% change compared to yesterday. The spot price is 16325, and the主力 contract price is 16485 [3]. - **Tin**: The主力基差率 is 1.52%, with a 2.13% increase compared to yesterday. The spot price is 357600, and the主力 contract price is 352250 [3]. - **Nickel**: The主力基差率 is 1.85%, with a 0.76% increase compared to yesterday. The spot price is 137800, and the主力 contract price is 135270 [3]. - **Industrial Silicon**: The主力基差率 is 5.93%, with a -0.80% change compared to yesterday. The spot price is 9200, and the主力 contract price is 8530 [3]. - **Lithium Carbonate**: The主力基差率 is -0.64%, with a 0.60% increase compared to yesterday. The spot price is 157200, and the主力 contract price is 157920 [3]. - **Gold**: The主力基差率 is 0.05%, with a -0.03% change compared to yesterday. The spot price is 1014.44, and the主力 contract price is 1011.04 [3]. - **Silver**: The主力基差率 is 0.06%, with a -0.42% change compared to yesterday. The spot price is 18121, and the主力 contract price is 18174 [3]. Black Industry - **Rebar**: The主力基差率 is 2.81%, with a 0.42% increase compared to yesterday. The spot price is 3220, and the主力 contract price is 3132 [3]. - **Hot Rolled Coil**: The主力基差率 is -1.00%, with a -0.88% change compared to yesterday. The spot price is 3280, and the主力 contract price is 3313 [3]. - **Iron Ore**: The主力基差率 is 4.97%, with a 2.63% increase compared to yesterday. The spot price is 846.6, and the主力 contract price is 806.5 [3]. - **Coke**: The主力基差率 is -8%, with a 0.56% increase compared to yesterday. The spot price is 1625, and the主力 contract price is 1776 [3]. - **Coking Coal**: The主力基差率 is 0.52%, with a 0.68% increase compared to yesterday. The spot price is 1247.5, and the主力 contract price is 1241 [3]. - **Steam Coal**: The主力基差率 is -5.7%, with a 0.75% increase compared to yesterday. The spot price is 755, and the主力 contract price is 801.4 [3]. - **Silicon Iron**: The主力基差率 is -7.03%, with a -0.80% change compared to yesterday. The spot price is 5660, and the主力 contract price is 6166 [3]. - **Ferromanganese**: The主力基差率 is -5.2%, with a -0.18% change compared to yesterday. The spot price is 6150, and the主力 contract price is 6492 [3]. - **Stainless Steel**: The主力基差率 is -0.97%, with a -1.39% change compared to yesterday. The spot price is 14350, and the主力 contract price is 14490 [3]. Agricultural Products - **Soybean Meal**: The主力基差率 is 8.80%, with a -1.30% change compared to yesterday. The spot price is 3190, and the主力 contract price is 2932 [3]. - **Rapeseed Meal**: The主力基差率 is 9.88%, with a -0.06% change compared to yesterday. The spot price is 2570, and the主力 contract price is 2371 [3]. - **Soybean Oil**: The主力基差率 is 3.16%, with a -1.22% change compared to yesterday. The spot price is 8820, and the主力 contract price is 8480 [3]. - **Rapeseed Oil**: The主力基差率 is 5.39%, with a -0.90% change compared to yesterday. The spot price is 10230, and the主力 contract price is 9707 [3]. - **Peanut**: The主力基差率 is 10.00%, with a 0.43% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8136 [3]. - **Palm Oil**: The主力基差率 is 0.42%, with a -1.20% change compared to yesterday. The spot price is 9510, and the主力 contract price is 9510 [3]. - **Corn**: The主力基差率 is 1.01%, with a 0.09% increase compared to yesterday. The spot price is 2400, and the主力 contract price is 2376 [3]. - **Corn Starch**: The主力基差率 is 4.96%, with a 0.34% increase compared to yesterday. The spot price is 2900, and the主力 contract price is 2763 [3]. - **Apple**: The主力基差率 is not provided, with a 0.80% increase compared to yesterday. The spot price is 8500, and the主力 contract price is 9978 [3]. - **Egg**: The主力基差率 is -6.136%, with a -0.25% change compared to yesterday. The spot price is 3200, and the主力 contract price is 3410 [3]. - **Live Pig**: The主力基差率 is -3.3%, with a -0.37% change compared to yesterday. The spot price is 9650, and the主力 contract price is 12595 [3]. - **Cotton**: The主力基差率 is 8.94%, with a -1.03% change compared to yesterday. The spot price is 16711, and the主力 contract price is 15340 [3]. Soft Commodities - **Sugar**: The主力基差率 is 0.94%, with a 0.00% change compared to yesterday. The spot price is 5480, and the主力 contract price is 5429 [3]. - **Methanol**: The主力基差率 is 0.92%, with a -2.14% change compared to yesterday. The spot price is 3118, and the主力 contract price is 2883 [3]. - **Ethanol**: The主力基差率 is -1.21%, with a -0.06% change compared to yesterday. The spot price is 4975, and the主力 contract price is 5036 [3]. - **PTA**: The主力基差率 is -1.40%, with a -0.44% change compared to yesterday. The spot price is 6500, and the主力 contract price is 6592 [3]. - **Polypropylene**: The主力基差率 is 3.62%, with a 3.23% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8975 [3]. - **Styrene**: The主力基差率 is -1.04%, with a -3.2% change compared to yesterday. The spot price is 10000, and the主力 contract price is 10105 [3]. - **Short Fiber**: The主力基差率 is -0.12%, with a -3.10% change compared to yesterday. The spot price is 8100, and the主力 contract price is 8008 [3]. - **Plastic**: The主力基差率 is -0.40%, with a -3.00% change compared to yesterday. The spot price is 8680, and the主力 contract price is 8715 [3]. - **PVC**: The主力基差率 is -1.46%, with a -2.77% change compared to yesterday. The spot price is 5620, and the主力 contract price is 5703 [3]. - **Rubber**: The主力基差率 is -0.79%, with a -0.02% change compared to yesterday. The spot price is 16300, and the主力 contract price is 16430 [3]. - **20 -号胶**: The主力基差率 is 1.93%, with a -1.07% change compared to yesterday. The spot price is 13827, and the主力 contract price is 13565 [3]. - **Soda Ash**: The主力基差率 is -1.61%, with a 0.01% change compared to yesterday. The spot price is 1224, and the主力 contract price is 1244 [3]. - **Urea**: The主力基差率 is -0.16%, with a 0.05% change compared to yesterday. The spot price is 1860, and the主力 contract price is 1863 [3]. - **Bottle Chip**: The主力基差率 is 2.37%, with a -2.69% change compared to yesterday. The spot price is 8300, and the主力 contract price is 8108 [3]. - **Paper Pulp**: The主力基差率 is 0.26%, with a 0.26% increase compared to yesterday. The spot price is 5238, and the主力 contract price is 5224 [3]. Energy and Chemicals - **Crude Oil**: The主力基差率 is -6.11%, with a -1.41% change compared to yesterday. The spot price is 675.4, and the主力 contract price is 723.9 [3]. - **Fuel Oil**: The主力基差率 is 9.44%, with a -2.38% change compared to yesterday. The spot price is 4758, and the主力 contract price is 4348 [3]. - **Asphalt**: The主力基差率 is -2.94%, with a -2.24% change compared to yesterday. The spot price is 4280, and the主力 contract price is 4410 [3]. - **Low - Sulfur Fuel Oil**: The主力基差率 is 15.83%, with a -10.34% change compared to yesterday. The spot price is 5976, and the主力 contract price is 5159 [3]. - **LPG**: The主力基差率 is 9.89%, with a 6.06% increase compared to yesterday. The spot price is 7198, and the主力 contract price is 6550 [3]. Stock Index - **CSI 300**: The主力基差率 is 1.97%, with a 0.00% change compared to yesterday. The spot price is 4537.5, and the主力 contract price is 4505.6 [3]. - **SSE 50**: The主力基差率 is 1.04%, with a 0.32% increase compared to yesterday. The spot price is 2859.5, and the主力 contract price is 2848 [3]. - **CSI 500**: The主力基差率 is 3.16%, with a 0.62% change compared to yesterday. The spot price is 7767.7, and the主力 contract price is 7685.6 [3].

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 27, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data reference for investors [1][6][21][27][38][49]. 3. Summary by Directory 3.1 Power Coal - The report shows the basis and spread data of power coal from March 20 to March 26, 2026. The basis values are - 66.4, - 58.4, - 50.4, - 45.4, and - 41.4 respectively, while the spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are all 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - It provides the basis data of energy commodities such as fuel oil, INE crude oil, and the ratio of crude oil to asphalt from March 20 to March 26, 2026 [8]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from March 20 to March 26, 2026 are presented [10]. - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given [11]. - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from March 20 to March 26, 2026 are provided [11]. 3.3 Black Metals - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month for rebar, iron ore, coke, and coking coal are presented. The main contracts of rebar are in January, May, and October [20]. - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 20 to March 26, 2026 are given [20]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 20 to March 26, 2026 are provided [21]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 20 to March 26, 2026 are presented [28]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 26, 2026 are provided [33]. 3.5 Agricultural Products - **Basis**: The basis data of soybean No.1, soybean No.2, soybean meal, soybean oil, and corn from March 20 to March 26, 2026 are presented [39]. - **Inter - period Spread**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for soybean No.1, soybean No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [39]. - **Inter - variety Spread**: The inter - variety spreads of soybean No.1/corn, soybean No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from March 20 to March 26, 2026 are provided [39]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 20 to March 26, 2026 are presented [50]. - **Inter - period Spread**: The inter - period spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [50].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on March 26, 2026, including power coal, energy chemicals, black commodities, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - The basis for power coal on March 25, 2026, was - 45.4 yuan/ton, showing an increase compared to previous days. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data for fuel oil, INE crude oil, and other energy commodities are provided from March 19 to March 25, 2026. For example, the basis of INE crude oil on March 25 was 345.10 yuan/ton [9] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from March 19 to March 25, 2026, are presented. For instance, the basis of rubber on March 25 was - 130 yuan/ton [11] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for rubber, methanol, PTA, etc., are given. For example, the 5 - month vs 1 - month spread of rubber was - 775 yuan/ton [12] - **Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from March 19 to March 25, 2026, are provided. For example, the LLDPE - PVC spread on March 25 was 2944 yuan/ton [12] 3.3 Black Commodities - **Basis**: The basis data for螺纹钢, iron ore, coke, and coking coal from March 19 to March 25, 2026, are shown. For example, the basis of螺纹钢 on March 25 was 88.0 yuan/ton [22] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month (10) vs 1 - month, and 9 - month (10) vs 5 - month for螺纹钢, iron ore, etc., are presented. For example, the 5 - month vs 1 - month spread of螺纹钢 was - 50.0 yuan/ton [21] - **Inter - variety Spreads**: The inter - variety spreads such as螺/矿, 螺/焦炭, etc., from March 19 to March 25, 2026, are given. For example, the 螺/矿 ratio on March 25 was 3.85 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from March 19 to March 25, 2026, are provided. For example, the basis of copper on March 25 was - 90 yuan/ton [29] 3.4.2 London Market - Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, etc., on March 25, 2026, are presented. For example, the LME spread of copper was (71.23) [35] 3.5 Agricultural Products - **Basis**: The basis data for soybeans (bean one and bean two), soybean meal, soybean oil, corn, etc., from March 19 to March 25, 2026, are shown. For example, the basis of bean one on March 25 was - 29 yuan/ton [40] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for various agricultural products are given. For example, the 5 - month vs 1 - month spread of bean one was - 36 yuan/ton [40] - **Inter - variety Spreads**: The inter - variety spreads such as 豆一/玉米, 豆油/豆粕, etc., from March 19 to March 25, 2026, are provided. For example, the 豆一/玉米 ratio on March 25 was 1.94 [40] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from March 19 to March 25, 2026, are presented. For example, the basis of CSI 300 on March 25 was 87.47 [51] - **Inter - period Spreads**: The inter - period spreads of next - month vs current - month and next - quarter vs current - quarter for CSI 300, SSE 50, etc., are given. For example, the next - month vs current - month spread of CSI 300 was - 21.2 [51]

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 information provided in the report. 2. Core View of the Report - The report presents daily arbitrage data for various futures varieties on March 25, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for market participants' investment decisions [1] 3. Summary by Directory 3.1 Power Coal - Displays the basis and spread data of power coal from March 18 to March 24, 2026. The basis gradually increased from - 78.4 yuan/ton on March 18 to - 50.4 yuan/ton on March 24, while the spreads of 5 - 1, 9 - 1, and 9 - 5 remained at 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Shows the basis and price ratio data of fuel oil, crude oil, and asphalt from March 18 to March 24, 2026. For example, on March 24, the basis of INE crude oil was 374.15 yuan/ton, and the price ratio of crude oil to asphalt was 0.1762 [8] 3.2.2 Chemical Commodities - **Basis**: Presents the basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 18 to March 24, 2026. For instance, the basis of rubber was - 125 yuan/ton on March 24 [10] - **Inter - period Spread**: Displays the inter - period spread data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol. For example, the 5 - 1 spread of rubber was - 780 yuan/ton [12] - **Inter - variety Spread**: Provides the inter - variety spread data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 18 to March 24, 2026. On March 24, the LLDPE - PVC spread was 3121 yuan/ton [12] 3.3 Black Metals - **Inter - period Spread**: Shows the inter - period spread data of rebar, iron ore, coke, and coking coal. For example, the 5 - 1 spread of rebar was - 55.0 yuan/ton [21] - **Inter - variety Spread**: Presents the inter - variety spread data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 18 to March 24, 2026. On March 24, the rebar/iron ore ratio was 3.83 [21] - **Basis**: Displays the basis data of rebar, iron ore, coke, and coking coal from March 18 to March 24, 2026. On March 24, the basis of rebar was 75.0 yuan/ton [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Shows the domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 18 to March 24, 2026. On March 24, the basis of copper was - 120 yuan/ton [31] 3.4.2 London Market - Presents the LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of LME non - ferrous metals on March 24, 2026. For example, the LME spread of copper was (91.73), and the Shanghai - London ratio was 7.83 [34] 3.5 Agricultural Products - **Basis**: Displays the basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 18 to March 24, 2026. On March 24, the basis of soybeans was - 75 yuan/ton [40] - **Inter - period Spread**: Shows the inter - period spread data of soybeans, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 spread of soybeans was - 20 yuan/ton [40] - **Inter - variety Spread**: Presents the inter - variety spread data of soybeans/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from March 18 to March 24, 2026. On March 24, the soybeans/corn ratio was 1.97 [40] 3.6 Stock Index Futures - **Basis**: Shows the basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 18 to March 24, 2026. On March 24, the basis of CSI 300 was 86.32 [51] - **Inter - period Spread**: Displays the inter - period spread data of CSI 300, SSE 50, CSI 500, and CSI 1000. For example, the next - month - current - month spread of CSI 300 was - 20.4 [51]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 24, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. It shows the basis, inter - period spreads, and inter - variety spreads of these commodities [1][7][22][28][38][51] 3. Summary by Directory Power Coal - The basis data of power coal from March 17 to March 23, 2026, is presented. The basis on March 23 is - 58.4 yuan/ton, and the spreads between 5 - month and 1 - month, 9 - month and 1 - month, 9 - month and 5 - month are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from March 17 to March 23, 2026, are provided. For example, on March 23, the basis of INE crude oil is 477.41 yuan/ton, and the ratio of crude oil to asphalt is 0.1737 [9] - **Chemical Commodities**: - Basis: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 17 to March 23, 2026, are given. For instance, on March 23, the basis of rubber is - 145 yuan/ton [11] - Inter - period spreads: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber is - 760 yuan/ton [12] - Inter - variety spreads: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from March 17 to March 23, 2026, are shown. On March 23, the LLDPE - PVC spread is 3125 yuan/ton [12] Black Metals - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9(10) - month - 1 - month, 9(10) - month - 5 - month) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month - 1 - month spread of rebar is - 56.0 yuan/ton [21] - **Inter - variety spreads**: The inter - variety spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from March 17 to March 23, 2026, are presented. On March 23, the rebar/iron ore ratio is 3.84 [21] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 17 to March 23, 2026, are given. On March 23, the basis of rebar is 116.0 yuan/ton [22] Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 17 to March 23, 2026, are provided. On March 23, the basis of copper is 810 yuan/ton [30] - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 23, 2026, are presented. For example, the LME spread of copper is (85.26) [33] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 17 to March 23, 2026, are given. On March 23, the basis of soybeans No.1 is - 190 yuan/ton [39] - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - month - 1 - month spread of soybeans No.1 is - 5 yuan/ton [39] - **Inter - variety spreads**: The inter - variety spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from March 17 to March 23, 2026, are shown. On March 23, the soybeans No.1/corn ratio is 1.99 [39] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 17 to March 23, 2026, are provided. On March 23, the basis of CSI 300 is 10.43 [51] - **Inter - period spreads**: The inter - period spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 is - 17.8 [49]

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The report presents the daily arbitrage data of various futures varieties on March 23, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, to help investors understand the market situation and potential arbitrage opportunities [1][6][23][29][40][53] Summary by Directory 1. Power Coal - The report shows the basis, 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month data of power coal from March 16 to March 20, 2026. The basis values are -78.4, -78.4, -78.4, -72.4, -66.4 respectively, and the other differences are all 0 [1][2] 2. Energy Chemicals (1) Energy Commodities - The basis of INE crude oil, fuel oil, and the ratio of crude oil to asphalt from March 16 to March 20, 2026 are presented. For example, on March 20, the basis of INE crude oil is 321.19, the basis of fuel oil is 718.27, and the ratio of crude oil to asphalt is 0.1737 [7] (2) Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 16 to March 20, 2026 are provided. For instance, on March 20, the basis of rubber is 0, methanol is -22, etc. [11] - **Inter - period**: The inter - period differences (5 - month minus 1 - month, 9 - month minus 1 - month, 9 - month minus 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month minus 1 - month difference of rubber is -700 [13] - **Inter - variety**: The inter - variety differences (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from March 16 to March 20, 2026 are shown. For example, on March 20, LLDPE - PVC is 2885 [13] 3. Black Metals - **Inter - period**: The inter - period differences (5 - month minus 1 - month, 9(10) - month minus 1 - month, 9(10) - month minus 5 - month) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month minus 1 - month difference of rebar is -60.0 [22] - **Inter - variety**: The inter - variety ratios (rebar/iron ore, rebar/coke, coke/coking coal) and the difference between rebar and hot - rolled coil from March 16 to March 20, 2026 are provided. For example, on March 20, rebar/iron ore is 3.85 [22] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 16 to March 20, 2026 are given. For example, on March 20, the basis of rebar is 87.0 [23] 4. Non - ferrous Metals (1) Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 16 to March 20, 2026 are presented. For example, on March 20, the basis of copper is 870 [30] (2) London Market - The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on March 19, 2026 are provided. For example, the LME premium/discount of copper is (100.12) [35] 5. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 16 to March 20, 2026 are given. For example, on March 20, the basis of soybeans No.1 is -230 [41] - **Inter - period**: The inter - period differences (5 - month minus 1 - month, 9 - month minus 1 - month, 9 - month minus 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - month minus 1 - month difference of soybeans No.1 is 18 [41] - **Inter - variety**: The inter - variety ratios (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal) and differences (soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from March 16 to March 20, 2026 are shown. For example, on March 20, soybeans No.1/corn is 2.01 [41] 6. Stock Index Futures - **Inter - period**: The inter - period differences (next - month minus current - month, next - quarter minus current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month minus current - month difference of CSI 300 is -39.1 [51] - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 16 to March 20, 2026 are given. For example, on March 20, the basis of CSI 300 is 16.03 [53]