Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View On March 31, 2026, the A - share market and various futures markets showed different trends. The A - share market had a collective callback, and futures markets such as coke, coal, and others had their own price movements influenced by factors like supply - demand relationships, international policies, and market sentiment [1]. 3. Summary by Category A. Stock Index Futures - On March 31, A - share market indices fell. The Shanghai Composite Index dropped 0.80% to 3891.86 points, the Shenzhen Component Index fell 1.81% to 13478.06 points, and the ChiNext Index declined 2.70% to 3184.95 points. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2006.1 billion yuan, an increase of 78.3 billion yuan from the previous day [1]. - The CSI 300 Index was weak on March 31, closing at 4450.05, a decrease of 41.90 from the previous day [2]. B. Coke and Coking Coal - On March 31, the coke weighted index trended weakly, closing at 1737.4, a decrease of 54.0 from the previous day. The coking coal weighted index also trended weakly, closing at 1203.2 yuan, a decrease of 72.7 from the previous day [2][3]. - Coking profit is average, daily production slightly increases, coke inventory slightly rises, and traders' purchasing willingness improves slightly. The supply of carbon elements is sufficient, downstream molten iron slightly increases, and steel profit slightly improves. The coking coal futures price has a large premium over Mongolian coal, and Mongolian coal customs clearance data remains high. Mongolian coal customs clearance volume is 1230 vehicles. Coal mine production has returned to a high - level, weekly production slightly decreases, spot auction transactions are good this week, transaction prices mainly rise, terminal inventory significantly increases, and there is some restocking action. The total coking coal inventory slightly increases, and production - end inventory slightly decreases [4]. C. Zhengzhou Sugar - Due to the failure of the futures price to break through and stabilize at the 16 - cent technical level, it was pressured by technical selling, and the US sugar oscillated and declined on Monday. Affected by the decline of US sugar and the reduction of spot quotes, the short - sellers pressured the Zhengzhou sugar 2605 contract to oscillate and decline on Tuesday. Due to the large short - term decline, affected by the technical aspect, the Zhengzhou sugar 2605 contract oscillated and adjusted slightly higher at night. In the 2026/27 season starting in April, Brazil's sugar export volume may decrease by 14.2% as sugar mills tend to use more sugarcane to produce ethanol due to high energy prices. Brazil's sugar production in the 2026/27 season will drop from 43.5 million tons in the previous season to 40.3 million tons [4]. D. Rubber - Affected by the decline of synthetic rubber, Shanghai rubber oscillated and declined on Tuesday. At night, supported by bargain - hunting buying, Shanghai rubber oscillated and rose. In the first two months of 2026, Thailand's exports of natural rubber (excluding compound rubber) totaled 450,000 tons, a year - on - year decrease of 15%. From January to February, Thailand's exports of mixed rubber were 297,000 tons, a year - on - year increase of 6%. In total, Thailand's exports of natural rubber and mixed rubber in the first two months were 747,000 tons, a year - on - year decrease of 7.4% [4]. E. Soybean Meal - Internationally, on March 31, the CBOT soybean main contract closed at 1172.25 cents per bushel, a gain of 1.17%. The US Department of Agriculture's planting intention report shows that the US soybean planting area in 2026 is expected to be 84.7 million acres, higher than last year's 81.215 million acres but lower than analysts' forecast of 85.549 million acres. Brazil's soybean exports in March are estimated to be 15.86 million tons, slightly lower than the previous forecast, and the short - term export rhythm is stable. Domestically, on March 31, the soybean meal main M2605 contract closed at 2915 yuan per ton, a decline of 0.75%. China has relaxed the weed quarantine standards for Brazilian soybeans, and the customs clearance speed has accelerated. Brazilian soybeans will arrive in large quantities from April to May, and the domestic soybean supply will become more abundant, and the soybean meal inventory is expected to stop falling and rise. It is recommended to focus on the weather in South American main production areas, the geopolitical situation in the Middle East, the rhythm of soybean arrivals, and customs clearance efficiency [6]. F. Live Pigs - On March 31, the live pig main contract LH2605 closed at 9770 yuan per ton, a decline of 2.35%. The inventory of breeding sows remains at a high level, higher than the reasonable regulation target. Coupled with the improvement of production efficiency, the supply of suitable - weight standard pigs continues to increase, and the slaughter volume remains high. The capacity reduction is insufficient, and the supply side remains loose. The demand side has insufficient carrying capacity and cannot effectively support the live pig price. Although some slaughtering enterprises carry out frozen product segmentation and warehousing operations, and there is a small amount of secondary fattening, such demand is limited, and it is difficult to reverse the current market pattern of strong supply and weak demand. It is recommended to focus on the progress of breeding sow reduction, the slaughter rhythm of large - scale pig enterprises, and the recovery of terminal consumption [6]. G. Palm Oil - On March 31, affected by Indonesia's B50 biodiesel plan, the palm oil futures on the Dalian Commodity Exchange once broke through the 10,000 - yuan mark. However, the subsequent upward momentum was insufficient, and the market oscillated and declined with a reduction in positions. By the afternoon close, the palm oil main contract P2605 K - line closed as a negative line with long upper and lower shadows. The highest price on the day was 10082, the lowest price was 9808, and the closing price was 9866, a decrease of 0.64% from the previous trading day. According to the independent inspection agency AmSpec in Malaysia, Malaysia's palm oil exports from March 1 - 31 were 1,607,065 tons, a 56.7% increase from the 1,025,449 tons exported in the same period last month [6]. H. Shanghai Copper - The Shanghai copper main 2605 contract oscillated in a narrow range, closing at 95340 yuan per ton. The opening price was 96100 yuan per ton, the highest was 96240 yuan per ton, the lowest was 95150 yuan per ton, the trading volume was 96,900 lots, and the positions slightly declined. In the spot market, the average price of Yangtze River Non - ferrous 1 copper was 95350 yuan per ton, a decrease of 30 yuan from the previous day, with a premium of 120 - 160 yuan per ton. The price differences in East China, South China, and Central China were all within 50 yuan, and the market transactions were stable. Fundamentally, on the supply side, smelting has production cuts, and the scrap copper policy is liberalized; on the demand side, the "Golden March" peak season is gradually realized, and the power grid, new energy, and other fields support the demand. The inventory of the Shanghai Futures Exchange is decreasing at a low level, and the global inventory is still tight. It is necessary to pay attention to the evolution of the geopolitical situation and the progress of domestic inventory reduction [6]. I. Cotton - On Tuesday night, the Zhengzhou cotton main contract closed at 15510 yuan per ton. The cotton inventory decreased by 15 lots compared with the previous trading day, and downstream textile enterprises purchased as needed and were cautious about price adjustments. The US Department of Agriculture will release the 2026 US cotton planting intention forecast on Tuesday. The current industry average forecast is 9.229 million acres, with a forecast range of 9 - 9.635 million acres. Last year's actual planting area was 9.283 million acres, the US Agricultural Outlook Forum predicted 9.4 million acres, and the US NCC predicted 8.99 million acres [6][7]. J. Iron Ore - On March 31, the iron ore 2605 main contract oscillated and closed down, with a decline of 0.8% and a closing price of 808 yuan. The iron ore shipments in this period declined, the arrival volume continued to increase month - on - month, the port inventory decreased, steel mills maintained the resumption trend, and the molten iron output continued to rise. The short - term iron ore price is in an oscillating trend [8]. K. Asphalt - On March 31, the asphalt 2606 main contract oscillated and declined, with a decline of 1.53% and a closing price of 4512 yuan. The refinery operating rate is at a low level, the supply is tight, the terminal demand starts slowly, the refinery shipments continue to decline month - on - month, and it is in a situation of weak supply and demand. The short - term asphalt price may follow the oil price [8]. L. Logs - The log 2605 main contract opened at 826 on Tuesday, with a minimum of 820, a maximum of 829, and a closing price of 820.5, with a daily reduction of 360 lots. On March 31, the spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 790 yuan per cubic meter, an increase of 10 yuan per cubic meter from the previous day. The spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan per cubic meter, the same as the previous day. As of March 27, the domestic coniferous log inventory was 2.89 million cubic meters, a year - on - year decrease of 19.69%, hitting a one - month low. It is necessary to pay attention to the spot price, import data, shipping costs, inventory changes, and the support of the macro - expected market sentiment on the price [8][9]. M. Steel - On March 31, rb2605 closed at 3121 yuan per ton, and hc2605 closed at 3294 yuan per ton. In March, as enterprises accelerated the resumption of work and production after the Spring Festival, the supply and demand of the manufacturing industry both rebounded and entered the expansion range. Although the business activity index of the construction industry rose to 49.3% in March, it was still in the contraction range. The number of newly started projects this year decreased year - on - year, and the industry demand recovered slowly. From the perspective of the steel market fundamentals, the supply and demand have gradually recovered since March, but it still faces high inventory pressure. Merchants mainly continue to reduce inventory, and the short - term steel price may oscillate [9]. N. Alumina - On March 31, ao2605 closed at 2827 yuan per ton. Affected by the uncertainty of Guinea's ore policy and the increase in shipping costs due to the Middle East situation, the price of imported ore still has room to rise. Coupled with the increase in caustic soda prices due to geopolitical conflicts, the cost support of alumina continues to move up. In addition, some domestic production cuts and new production capacities have not yet been fully released, and the short - term supply pressure is not large. However, since there are many new production capacities to be put into operation at home and abroad in the medium and long term, the upward pressure on alumina is still large [9]. O. Shanghai Aluminum - On March 31, al2605 closed at 24875 yuan per ton. The downstream demand is picking up, and the inflection point of social inventory is approaching. In addition, the potential risk of the blockade of the Strait of Hormuz will gradually be transmitted to the electrolytic aluminum production in the Middle East. Coupled with the concerns about aluminum plant production cuts caused by the soaring natural gas prices in Europe, the global supply stability is facing challenges. It is worth noting that the extent of the production capacity damage of Bahrain Aluminum and UAE Aluminum due to the weekend incident remains to be evaluated, while Qatar Aluminum has clearly terminated the production capacity reduction plan, injecting a certain degree of stability into the market. Overall, there is still support at the bottom of electrolytic aluminum [9].

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend, resistance, and support levels of various futures contracts in April 2026 [2]. - The report also analyzes the market performance of various futures on March 31, 2026, and provides short - term and long - term trend predictions for April 1, 2026, and the whole month of April 2026 [13][18]. Summary by Related Catalogs 1. Macro Information and Trading Tips - The US, Iran, and other countries have expressed their stances on the end of the war. The US is seeking an agreement to end the war, and Iran is willing to end the war under certain conditions [5]. - China's Minister of Foreign Affairs Wang Yi and Pakistan's Deputy Prime Minister and Minister of Foreign Affairs Dar held talks and put forward five initiatives on the situation in the Gulf and the Middle East [6]. - The central bank's monetary policy committee proposed to use various policy tools to strengthen monetary policy regulation and maintain the stable operation of the financial market [7]. - China's economic sentiment has rebounded, with the manufacturing, non - manufacturing, and comprehensive PMI output indices all returning to the expansion range [7]. - The total operating income of state - owned enterprises from January to February increased slightly year - on - year, while the total profit decreased. The asset - liability ratio increased [7]. - A number of national new regulations will be implemented from April [8]. - The Iran war may cause significant losses to the GDP of Arab countries, increase unemployment, and push more people into poverty. High - end estimates show that the GDP of some countries may shrink [8]. - The US may make a decision on NATO's future after the end of the military operation against Iran [8]. - Some Gulf countries hope that the US will continue the war against Iran, and Iran has warned against a possible US ground war [9]. - The US and Israel launched an attack on an Iranian steel plant [9]. - The Kansas Fed President warned about the impact of the Iran conflict on inflation [9]. - A US federal judge ruled that the Trump administration's termination of the legal status of hundreds of thousands of immigrants was illegal and required the restoration of their status [9]. - NASA announced the countdown to the launch of the "Artemis 2" mission [10]. - The US consumer confidence index rose in March, and inflation expectations increased [10]. - The eurozone's CPI increased in March, and the European Central Bank may raise interest rates in April [10] 2. Commodity Futures - related Information - On March 31, international precious metal futures generally rose, with COMEX gold futures up 3.12% and COMEX silver futures up 6.77% [10]. - On March 31, US oil and Brent oil futures fell. The increase in US API crude oil inventories led to concerns about oversupply [11]. - The average price of regular gasoline in the US reached a nearly 4 - year high [12]. - On March 31, most London base metals rose [12]. - On March 31, the on - shore RMB against the US dollar rose, and the RMB central parity rate against the US dollar was raised [12]. - On March 31, the US dollar index fell, and most non - US currencies rose [13] 3. Futures Market Analysis and Forecast 3.1 Stock Index Futures - On March 31, the main contracts of stock index futures such as IF2606, IH2606, IC2606, and IM2606 generally showed a downward trend. They faced resistance when rebounding and had increased downward pressure in the short term [13][14][15]. - In April 2026, these contracts are expected to be in a weak - oscillating trend, with specific support and resistance levels provided [18]. - On April 1, 2026, stock index futures are expected to be in a strong - oscillating trend, with corresponding support and resistance levels [18] 3.2 Precious Metal Futures - **Gold Futures**: On March 31, the main contract AU2606 showed a slightly strong - oscillating trend. In April 2026, the main continuous contract is expected to be in a wide - oscillating trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [30]. - **Silver Futures**: On March 31, the main contract AG2606 showed a strong - oscillating upward trend. In April 2026, the main continuous contract is expected to be in a wide - oscillating trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [38] 3.3 Base Metal Futures - **Copper Futures**: On March 31, the main contract CU2605 showed a slightly weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a weak - oscillating trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [42]. - **Aluminum Futures**: On March 31, the main contract AL2605 showed an oscillating upward trend. In April 2026, the main continuous contract is expected to be in a strong - wide - oscillating trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [48]. - **Alumina Futures**: On March 31, the main contract AO2605 showed a weak - oscillating downward trend. In April 2026, both AO2605 and AO2609 are expected to be in a strong - oscillating trend [55]. - **Carbonate Lithium Futures**: On March 31, the main contract LC2605 showed a significant downward trend. In April 2026, the main continuous contract is expected to be in a weak - wide - oscillating trend. On April 1, 2026, it is expected to be in a wide - oscillating trend [56] 3.4 Building Material Futures - **Rebar Futures**: On March 31, the main contract RB2605 showed a slightly downward trend. In April 2026, both RB2605 and RB2610 are expected to be in a strong - wide - oscillating trend [63]. - **Iron Ore Futures**: On March 31, the main contract I2605 showed a downward trend. In April 2026, both I2605 and I2609 are expected to be in a strong - oscillating trend. On April 1, 2026, I2605 is expected to be in a strong - oscillating trend [65][66]. - **Coking Coal Futures**: On March 31, the main contract JM2605 showed a significant downward trend. In April 2026, both JM2605 and JM2609 are expected to be in a strong - oscillating trend [72]. - **Glass Futures**: On March 31, the main contract FG605 showed a weak - oscillating downward trend. In April 2026, both FG605 and FG609 are expected to be in a weak - wide - oscillating trend [76]. - **Soda Ash Futures**: On March 31, the main contract SA605 showed a weak - oscillating downward trend. In April 2026, both SA605 and SA609 are expected to be in a weak - wide - oscillating trend [80] 3.5 Energy Futures - **Crude Oil Futures**: On March 31, the main contract SC2605 showed a weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend and may reach a new high. On April 1, 2026, it is expected to be in a weak - oscillating trend [85]. - **Fuel Oil Futures**: On March 31, the main contract FU2605 showed a weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend and may reach a new high [89]. - **Asphalt Futures**: On March 31, the main contract BU2606 showed a slightly weak - oscillating trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend [91] 3.6 Chemical Futures - **Linear Low - Density Polyethylene Futures**: On March 31, the main contract L2605 showed a weak - oscillating downward trend. In April 2026, it is expected to be in a strong - oscillating trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [93]. - **Polypropylene Futures**: On March 31, the main contract PP2605 showed a downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [98][99]. - **Styrene Futures**: On March 31, the main contract EB2605 showed a downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend and may reach a new high. On April 1, 2026, it is expected to be in a weak - oscillating trend [104]. - **PTA Futures**: On March 31, the main contract TA605 showed a downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [109]. - **PVC Futures**: On March 31, the main contract V2605 showed a weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a wide - oscillating trend. On April 1, 2026, it is expected to be in a wide - oscillating trend [114]. - **Methanol Futures**: On March 31, the main contract MA605 showed a weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [119][120]. - **Ethylene Glycol Futures**: On March 31, the main contract EG2605 showed a weak - oscillating downward trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [125]. - **Butadiene Futures**: On March 31, the main contract BR2605 showed a weak - oscillating downward trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [128]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts in March 2026 and on March 31, 2026. Index futures are expected to be weakly volatile, while lithium carbonate, crude oil, fuel oil, asphalt, polypropylene, styrene, and ethylene glycol futures are expected to be strongly volatile [1][2]. - The report also analyzes the impact of macro - news and market conditions on the futures market, such as the geopolitical situation in the Middle East, Fed's interest - rate policies, and domestic and international economic policies [5][6][7]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - On March 30, 2026, the A - share market bottomed out and rebounded, with the non - ferrous metal sector surging and power stocks slumping. The Shanghai Composite Index rose 0.24%, while the Shenzhen Component Index fell 0.25%, and the ChiNext Index fell 0.68%. The Hong Kong Hang Seng Index fell 0.81%, and the Hang Seng Tech Index hit a new low since early April last year [14]. - The U.S. three major stock indexes closed mixed on March 30, 2026. The Dow Jones Industrial Average rose 0.11%, the S&P 500 Index fell 0.39%, and the Nasdaq Composite Index fell 0.73%. European three major stock indexes closed up across the board [15]. 3.2 Macro - news - The G7 energy ministers, finance ministers, and central bank governors held a meeting to assess the impact of the Middle East situation on the energy market, global economy, and financial stability, and were prepared to take coordinated actions if necessary [9]. - The U.S. and Iran's negotiation progress was volatile, and the Fed's interest - rate cut expectations and policy uncertainties increased, which affected the market sentiment [15]. 3.3 Futures Contracts Analysis 3.3.1 Index Futures - On March 30, 2026, the four major index futures contracts (IF2606, IH2606, IC2606, IM2606) generally showed a weakly volatile trend. In March 2026, they are expected to be weakly volatile, and on March 31, 2026, they are likely to continue this trend [11][12][13][15][16]. 3.3.2 Precious Metal Futures - Gold futures: On March 30, 2026, the gold futures main contract AU2606 oscillated upward. In March 2026, it is expected to be weakly volatile, and on March 31, 2026, it is likely to oscillate and consolidate [30]. - Silver futures: On March 30, 2026, the silver futures main contract AG2606 oscillated upward. In March 2026, it is expected to be weakly volatile, and on March 31, 2026, it is likely to oscillate and consolidate [38]. 3.3.3 Base Metal Futures - Copper futures: On March 30, 2026, the copper futures main contract CU2605 was weakly volatile. In March 2026, it is expected to be weakly volatile, and on March 31, 2026, it is likely to be weakly volatile [42]. - Aluminum futures: On March 30, 2026, the aluminum futures main contract AL2605 oscillated upward strongly. In March 2026, it is expected to have a wide - range oscillation, and on March 31, 2026, it is likely to oscillate and consolidate [46]. - Tin futures: On March 30, 2026, the tin futures main contract SN2605 oscillated upward strongly. In March 2026, it is expected to be weakly volatile, and on March 31, 2026, it is likely to oscillate and consolidate [51]. 3.3.4 Energy and Chemical Futures - Crude oil futures: On March 30, 2026, the crude oil futures main contract SC2605 oscillated upward strongly. In March 2026, it is expected to be strongly volatile and may hit a new high since listing, and on March 31, 2026, it is likely to be strongly volatile [85]. - Fuel oil futures: On March 30, 2026, the fuel oil futures main contract FU2605 oscillated upward strongly. In March 2026, it is expected to be strongly volatile and may hit a new high since listing, and on March 31, 2026, it is likely to be strongly volatile [90]. - Asphalt futures: On March 30, 2026, the asphalt futures main contract BU2606 was weakly volatile. In March 2026, it is expected to be strongly volatile, and on March 31, 2026, it is likely to be strongly volatile [94]. - Polypropylene, linear low - density polyethylene, PTA, PVC, methanol, ethylene glycol, etc.: These futures contracts have different trends on March 30, 2026, and are generally expected to be strongly volatile in March 2026 and have corresponding trends on March 31, 2026 [99][103][112][117][121][126]. 3.3.5 Agricultural Futures - Palm oil futures: On March 30, 2026, the palm oil futures main contract P2605 oscillated upward. On March 31, 2026, it is likely to be strongly volatile [130].

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core Viewpoints of the Report - The supply side shows that in April 2026, the total domestic asphalt production was 1527,000 tons, a month - on - month decrease of 440,000 tons (22.4%) and a year - on - year decrease of 764,000 tons (33.3%). The sample capacity utilization rate was 20.4338%, a month - on - month decrease of 2.34 percentage points. The refineries reduced production this week, but supply pressure may increase next week [7]. - The demand side indicates that the current demand is below the historical average. The heavy - traffic asphalt开工率 was 19.3%, a month - on - month decrease of 0.11 percentage points; the construction asphalt开工率 was 5.8%, a month - on - month increase of 0.29 percentage points; the modified asphalt开工率 was 3.1047%, a month - on - month increase of 1.98 percentage points; the road - modified asphalt开工率 was 14%, a month - on - month increase of 4.00 percentage points; the waterproofing membrane开工率 was 45%, a month - on - month increase of 9.00 percentage points [7]. - On the cost side, the daily asphalt processing profit was - 497.43 yuan/ton, a month - on - month increase of 69.70%. The weekly Shandong local refinery delayed coking profit was 844.9771 yuan/ton, a month - on - month increase of 9.86%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking increased. The strengthening of crude oil is expected to support the price in the short term [7]. - The basis on March 30 showed that the Shandong spot price was 4420 yuan/ton, and the basis of the 06 contract was - 93 yuan/ton, with the spot at a discount to the futures, which is bearish [7]. - In terms of inventory, the social inventory was 1214,000 tons, a month - on - month increase of 1.59%; the in - plant inventory was 757,000 tons, a month - on - month decrease of 3.93%; the port diluted asphalt inventory was 590,000 tons, a month - on - month decrease of 1.66%. The social inventory continued to accumulate, while the in - plant and port inventories continued to decline, which is bullish [7]. - The disk shows that MA20 is upward, and the price of the 06 contract closed above MA20, which is bullish [7]. - The main positions are net long, with a decrease in long positions, which is bullish [7]. - It is expected that the refineries' recent production scheduling has reduced supply pressure. Affected by the off - season, demand is sluggish and fails to meet expectations. Inventory continues to decline. The strengthening of crude oil provides short - term cost support. The disk is expected to fluctuate narrowly in the short term, with asphalt 2606 fluctuating in the range of 4387 - 4639 [7]. - The bullish factor is that the relatively high cost of crude oil provides some support [10]. - The bearish factors are the insufficient demand for high - priced goods and the overall downward demand, along with the increasing expectation of an economic recession in Europe and the United States [11]. - The main logic is that the supply pressure remains high on the supply side, and the recovery is weak on the demand side [12]. 3. Summary According to the Directory 3.1 Daily Viewpoints - Supply: In April 2026, domestic asphalt production decreased significantly both month - on - month and year - on - year. This week, refineries reduced production, but supply pressure may increase next week [7]. - Demand: The current demand is below the historical average, with different trends in the开工率 of various types of asphalt [7]. - Cost: The asphalt processing loss increased, and the profit difference between asphalt and delayed coking increased. Crude oil strengthening is expected to support the price in the short term [7]. - Basis: The spot is at a discount to the futures, which is bearish [7]. - Inventory: Social inventory accumulates, while in - plant and port inventories decline, which is bullish [7]. - Disk: MA20 is upward, and the 06 contract price is above MA20, which is bullish [7]. - Main Positions: Net long with a decrease in long positions, which is bullish [7]. - Expectation: The disk is expected to fluctuate narrowly in the short term, with asphalt 2606 in the range of 4387 - 4639 [7]. 3.2 Asphalt Futures Market - **Price Changes**: The report provides the price changes of different contracts of asphalt futures, including the current value, previous value, change, and change rate. For example, the 01 contract price increased from 3830 to 3893, with a change rate of 1.64% [14]. - **Basis and Spread Analysis**: It shows the basis of different contracts and some inter - month spreads, such as the 3 - 6, 3 - 9, 6 - 9, etc. spreads, and their changes [14]. - **Charts**: There are charts showing the basis trends in Shandong and East China, the spreads between the 1 - 6 and 6 - 12 contracts, the price trends of asphalt, Brent oil, and West Texas oil, the crude oil cracking spreads, and the price - to - ratio trends of asphalt, crude oil, and fuel oil [18][23][25][28][32]. 3.3 Asphalt Spot Market - There is a chart showing the price trends of heavy - traffic asphalt in East China and Shandong [35]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis**: Charts show the asphalt profit and the profit spread between coking and asphalt [37][40]. - **Supply - side Analysis**: - **Shipment Volume**: There is a chart of the weekly shipment volume [44]. - **Diluted Asphalt Port Inventory**: A chart shows the domestic diluted asphalt port inventory [47]. - **Production**: Charts display the weekly and monthly production [50]. - **Marey Crude Oil Price and Venezuelan Crude Oil Production**: A chart shows the Marey crude oil price and Venezuelan crude oil monthly production trends [53]. - **Local Refinery Asphalt Production**: A chart shows the local refinery asphalt production [56]. - **Capacity Utilization Rate**: A chart shows the weekly capacity utilization rate [59]. - **Maintenance Loss Estimation**: A chart shows the maintenance loss estimation trend [62]. - **Inventory Analysis**: - **Exchange Warehouse Receipts**: A chart shows the exchange warehouse receipts (total, social inventory, and in - plant inventory) [65]. - **Social and In - plant Inventories**: Charts show the social inventory (70 samples) and in - plant inventory (54 samples) [69]. - **In - plant Inventory Inventory Ratio**: A chart shows the in - plant inventory inventory ratio [72]. - **Import and Export Analysis**: Charts show the asphalt export and import trends and the South Korean asphalt import price spread trend [75][78]. - **Demand - side Analysis**: - **Petroleum Coke Production**: A chart shows the petroleum coke production [81]. - **Apparent Consumption**: A chart shows the apparent consumption [84]. - **Downstream Demand**: Charts show the downstream demand trends, including highway construction traffic fixed - asset investment, new local special bonds, infrastructure investment completion year - on - year, and downstream machinery demand (asphalt concrete paver sales, domestic excavator sales, roller sales, excavator monthly working hours) [87][91]. - **Asphalt开工率**: Charts show the heavy - traffic asphalt开工率, asphalt开工率 by use, and downstream开工率 (shoe - material SBS modified asphalt开工率, road - modified asphalt开工率, waterproofing membrane modified asphalt开工率) [96][99][100]. - **Supply - Demand Balance Sheet**: A chart shows the monthly supply - demand balance sheet of asphalt, including monthly production, import, export, downstream demand, social inventory, in - plant inventory, and diluted asphalt port inventory [104].

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 - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In the short - term, the asphalt market is expected to show a narrow - range oscillation. The asphalt 2606 contract is predicted to oscillate within the range of 4409 - 4655. The market is affected by multiple factors, including supply, demand, cost, and inventory. The supply pressure has been reduced recently due to refinery production cuts, but it may increase next week. The overall demand is lower than the historical average, affected by the off - season. The cost is supported by the strengthening of crude oil, and the inventory shows a trend of continuous destocking [7]. - There are both positive and negative factors in the market. The positive factor is that the relatively high cost of crude oil provides some support, while the negative factors are the insufficient demand for high - priced goods and the overall downward demand with the increasing expectation of an economic recession in Europe and the United States [10][11]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Supply**: In April 2026, the total domestic asphalt production plan was 1.527 million tons, a month - on - month decrease of 440,000 tons (22.4%) and a year - on - year decrease of 764,000 tons (33.3%). The weekly capacity utilization rate of domestic petroleum asphalt samples was 20.4338%, a month - on - month decrease of 2.34 percentage points. The shipment of sample enterprises was 126,000 tons, a month - on - month increase of 14.66%. The output of sample enterprises was 341,000 tons, a month - on - month decrease of 10.26%. The estimated maintenance volume of sample enterprise equipment was 1.2 million tons, a month - on - month increase of 3.18%. Refineries have reduced production recently to relieve supply pressure, but supply pressure may increase next week [7]. - **Demand**: The construction rate of heavy - traffic asphalt was 19.3%, a month - on - month decrease of 0.11 percentage points, lower than the historical average; the construction rate of building asphalt was 5.8%, a month - on - month increase of 0.29 percentage points, lower than the historical average; the construction rate of modified asphalt was 3.1047%, a month - on - month increase of 1.98 percentage points, lower than the historical average; the construction rate of road - modified asphalt was 14%, a month - on - month increase of 4.00 percentage points, lower than the historical average; the construction rate of waterproofing membranes was 45%, a month - on - month increase of 9.00 percentage points, higher than the historical average. Overall, the current demand is lower than the historical average [7]. - **Cost**: The daily asphalt processing profit was - 497.43 yuan/ton, a month - on - month increase of 69.70%. The weekly delayed coking profit of Shandong local refineries was 844.9771 yuan/ton, a month - on - month increase of 9.86%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking increased. The strengthening of crude oil is expected to provide short - term support [7]. - **Basis**: On March 27, the spot price in Shandong was 4330 yuan/ton, and the basis of the 06 contract was - 202 yuan/ton, with the spot at a discount to the futures, which is bearish [7]. - **Inventory**: The social inventory was 1.214 million tons, a month - on - month increase of 1.59%; the in - factory inventory was 757,000 tons, a month - on - month decrease of 3.93%; the port diluted asphalt inventory was 590,000 tons, a month - on - month decrease of 1.66%. The social inventory continued to accumulate, while the in - factory and port inventories continued to destock, which is bullish [7]. - **Market**: The MA20 was upward, and the futures price of the 06 contract closed above the MA20, which is bullish [7]. - **Main Position**: The main position was net long, with a decrease in long positions, which is bullish [7]. 3.2 Asphalt Market Overview - The report provides the price, change, and basis information of multiple asphalt futures contracts, as well as the price information of some spot and related indicators such as registered warehouse receipts and monthly spreads [14][16]. 3.3 Asphalt Futures Market - Basis Trend - The report presents the historical basis trends of asphalt in Shandong and East China from 2020 to 2026 through graphs, which helps to analyze the price relationship between the spot and futures markets [18][20][21]. 3.4 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The report shows the historical spread trends of the 1 - 6 and 6 - 12 contracts of asphalt from 2020 to 2026 through graphs, which is useful for spread trading analysis [23][24]. - **Asphalt - Crude Oil Price Trend**: The report presents the historical price trends of asphalt, Brent crude oil, and West Texas Intermediate (WTI) crude oil from 2020 to 2026 through graphs, which helps to analyze the price relationship between asphalt and crude oil [26][27]. - **Crude Oil Crack Spread**: The report shows the historical crack spreads of asphalt and different types of crude oil (SC, WTI, Brent) from 2020 to 2026 through graphs, which is important for analyzing the profitability of refining [29][30][31]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The report presents the historical price ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2026 through graphs, which helps to analyze the relative price relationship among these products [33][34]. 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - The report shows the historical price trends of heavy - traffic asphalt in East China and Shandong from 2020 to 2026 through graphs, which helps to understand the price changes in different regions [36][37]. 3.6 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The report shows the historical profit trends of asphalt from 2019 to 2026 through graphs, which helps to analyze the profitability of asphalt production [38][39]. - **Coking - Asphalt Profit Spread Trend**: The report shows the historical profit spread trends between coking and asphalt from 2018 to 2026 through graphs, which is important for analyzing the profit difference between different production processes [41][42][43]. - **Supply - Side Analysis** - **Shipment Volume**: The report shows the historical weekly shipment volume of asphalt small - sample enterprises from 2020 to 2026 through graphs, which helps to understand the supply situation [45][46]. - **Diluted Asphalt Port Inventory**: The report shows the historical domestic diluted asphalt port inventory from 2021 to 2026 through graphs, which is useful for analyzing the supply of raw materials [48][49]. - **Output**: The report shows the historical weekly and monthly output of asphalt from 2019 to 2026 through graphs, which helps to understand the overall supply capacity [51][53]. - **Marine Heavy Oil (Maro) Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The report shows the historical price of Maro crude oil and the monthly output of Venezuelan crude oil from 2018 to 2026 through graphs, which is important for analyzing the impact of raw material supply on asphalt production [54][56]. - **Local Refinery Asphalt Output**: The report shows the historical output of local refinery asphalt from 2019 to 2026 through graphs, which helps to understand the supply contribution of local refineries [57][58]. - **Capacity Utilization Rate**: The report shows the historical weekly capacity utilization rate of asphalt from 2023 to 2026 through graphs, which helps to analyze the production efficiency [60][61]. - **Estimated Maintenance Loss**: The report shows the historical estimated maintenance loss trends of asphalt from 2018 to 2026 through graphs, which is useful for analyzing the impact of equipment maintenance on supply [63][64]. - **Inventory Analysis** - **Exchange Warehouse Receipts**: The report shows the historical exchange warehouse receipts (total, social inventory, and factory inventory) of asphalt from 2019 to 2026 through graphs, which helps to understand the inventory situation in the futures market [66][67][68]. - **Social Inventory and In - Factory Inventory**: The report shows the historical social inventory (70 samples) and in - factory inventory (54 samples) of asphalt from 2022 to 2026 through graphs, which helps to analyze the overall inventory situation [70][71]. - **In - Factory Inventory Inventory Ratio**: The report shows the historical in - factory inventory inventory ratio of asphalt from 2018 to 2026 through graphs, which is important for analyzing the inventory management of refineries [73][74]. - **Import and Export Situation** - **Export and Import Trends**: The report shows the historical export and import trends of asphalt from 2019 to 2026 through graphs, which helps to understand the international trade situation of asphalt [76][77]. - **South Korean Asphalt Import Spread Trend**: The report shows the historical import spread trend of South Korean asphalt from 2020 to 2026 through graphs, which is useful for analyzing the price difference in imports [80][81]. - **Demand - Side Analysis** - **Petroleum Coke Output**: The report shows the historical output of petroleum coke from 2019 to 2026 through graphs, which helps to understand the demand for asphalt in related industries [82][83]. - **Apparent Consumption**: The report shows the historical apparent consumption of asphalt from 2019 to 2026 through graphs, which helps to analyze the overall market demand [85][86]. - **Downstream Demand** - **Highway Construction and Transportation Fixed - Asset Investment**: The report shows the historical highway construction and transportation fixed - asset investment from 2020 to 2025 through graphs, which helps to understand the demand for asphalt in infrastructure construction [88][89]. - **New Local Special Bonds**: The report shows the historical trend of new local special bonds from 2019 to 2026 through graphs, which is important for analyzing the investment in infrastructure construction and the demand for asphalt [90]. - **Infrastructure Investment Completion Year - on - Year**: The report shows the historical year - on - year change of infrastructure investment completion from 2020 to 2024 through graphs, which helps to understand the growth of infrastructure investment and its impact on asphalt demand [90]. - **Downstream Machinery Demand**: The report shows the historical sales volume trends of asphalt concrete pavers, domestic excavators, and road rollers from 2019 to 2026 through graphs, as well as the historical monthly working hours of excavators from 2020 to 2026, which helps to understand the demand for asphalt in construction machinery [92][93][94][96]. - **Asphalt Construction Rate** - **Heavy - Traffic Asphalt Construction Rate**: The report shows the historical construction rate of heavy - traffic asphalt from 2019 to 2026 through graphs, which helps to understand the demand for heavy - traffic asphalt [97][98]. - **Asphalt Construction Rate by Use**: The report shows the historical construction rates of building asphalt, modified asphalt, and other types of asphalt from 2019 to 2026 through graphs, which helps to understand the demand for different types of asphalt [100]. - **Downstream Construction Situation**: The report shows the historical construction rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2021 to 2026 through graphs, which helps to understand the demand for asphalt in downstream industries [101][102][103]. - **Supply - Demand Balance Sheet**: The report presents the monthly supply - demand balance sheet of asphalt from 2024 to 2026, including monthly output, import volume, export volume, downstream demand, social inventory, in - factory inventory, and diluted asphalt port inventory, which helps to comprehensively analyze the supply - demand relationship in the asphalt market [105][106].

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].

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 No information provided regarding the industry investment rating. 2. Core Views - On March 27, 2026, A-share major indices opened low and closed high, with the Shanghai Composite Index rising 0.63% to 3913.72, the Shenzhen Component Index rising 1.13% to 13760.37, and the ChiNext Index rising 0.71% to 3295.88. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1864 billion yuan, a decrease of 93.1 billion yuan from the previous day [1]. - The prices of various futures products showed different trends, affected by factors such as supply - demand relationships, policies, and geopolitical situations [4][5]. 3. Summary by Product Categories Stock Index Futures - On March 27, the A-share market had a good performance, with major indices rising. The trading volume continued to shrink [1]. Coking Coal and Coke Futures - On March 27, the coking coal weighted index fluctuated within a range, closing at 1274.6 yuan, a decrease of 19.7 yuan. The coke weighted index adjusted and closed at 1785.8, a decrease of 17.2 [2][3]. - Factors affecting prices include steel exports, coking plant profit, inventory changes, policies, and geopolitical situations [4]. Zhengzhou Sugar Futures - On March 27, US sugar fluctuated slightly and closed slightly lower. Affected by rising crude oil prices, the Zhengzhou sugar 2609 contract rose during the night session. Speculators reduced their net short positions in ICE raw sugar futures and options by 90,286 lots to 126,149 lots as of March 24 [4]. Rubber Futures - On March 27 night session, Shanghai rubber fluctuated slightly and closed slightly lower. As of March 27, the natural rubber inventory in the Shanghai Futures Exchange was 137,630 tons, and the futures warehouse receipts decreased by 30 tons. The 20 - number rubber inventory decreased by 2923 tons, and the futures warehouse receipts decreased by 4436 tons [4][5]. Palm Oil Futures - On the night of March 27, the Dalian Commodity Exchange palm oil futures opened higher but lacked upward momentum. The main contract P2605 closed with a negative K - line. Logistics and insurance cost increases due to tensions may affect Indonesia's palm oil exports [5]. Soybean Meal Futures - Internationally, on March 27, the CBOT soybean main contract closed at 1159.5 cents per bushel, a decrease of 0.98%. Brazil's high - yield situation suppresses prices. Domestically, on March 27, the soybean meal main contract M2605 closed at 2937 yuan per ton, a decrease of 0.51%. With the arrival of Brazilian soybeans, supply is expected to be loose [5]. Live Pig Futures - On March 27, the live pig main contract LH2605 closed at 9965 yuan per ton, an increase of 1.32%. The supply is currently loose, while the demand is insufficient to support prices effectively [5]. Shanghai Copper Futures - On March 27, the Shanghai copper main contract fluctuated slightly and closed higher. The macro - environment is favorable, and the fundamentals show a tight balance between supply and demand [5]. Cotton Futures - On March 27 night session, the Zhengzhou cotton main contract closed at 15435 yuan per ton. Cotton inventory decreased, and downstream textile enterprises purchased as needed [7]. Iron Ore Futures - On March 27, the iron ore 2605 main contract fluctuated and closed down, a decrease of 0.49%. Shipments and arrivals increased, and the price was in a volatile trend in the short term [7]. Asphalt Futures - On March 27, the asphalt 2606 main contract fluctuated and rose, an increase of 1.05%. The market is in a situation of weak supply and demand, and the price may follow the oil price in the short term [7]. Log Futures - On March 27, the log 2605 main contract opened at 817.5, with the lowest at 811, the highest at 819.5, and closed at 817.5, with a reduction of 384 lots in positions. The spot prices in Shandong and Jiangsu remained unchanged [7][8]. Steel Futures - The escalation of the Middle East geopolitical conflict has increased steel production costs, but the cost increase has not been effectively transmitted to the finished product end. The steel market is in a game of weak reality, strong cost, and inventory reduction [8]. Alumina Futures - The raw material cost of alumina is supported, the supply is relatively abundant, and the demand is stable and may increase. The market is in a game between short - term demand - positive sentiment and long - term supply - loose reality [8]. Shanghai Aluminum Futures - Some aluminum production capacity in the Middle East has been affected. The supply is expected to increase slightly, the demand is expected to pick up, and the inventory accumulation rate has slowed down [8][9].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Based on weekly technical indicator signals, different sectors of commodity and financial futures show various trends. In the commodity futures, precious metals, non - ferrous metals, black and shipping, energy, chemical, and agricultural product sectors have different signals of rising, falling, or oscillation. In the financial futures, stock index futures mostly show bearish signals, while treasury bond futures show an oscillatory trend [1][2] 3. Summary by Directory 3.1有色及贵金属板块 - Precious metals: Gold shows a bearish signal, and silver shows an oscillatory signal. Non - ferrous metals: Zinc, industrial silicon, and lithium carbonate show bullish signals, aluminum shows a bearish signal, and the rest show oscillatory signals. For example, Shanghai Aluminum is expected to oscillate in the short - term, with a weekly "umbrella line" but no reversal, a shrinking MACD red column, and a narrowing Bollinger Band [9][10][13] 3.2黑色及航运板块 - Hot - rolled coil, coking coal, and manganese silicon show bullish signals, and the rest, including European container shipping, show oscillatory signals. For example, rebar is expected to oscillate in the short - term, with a flat weekly line, a MACD death - cross above the zero - axis on the daily line, and the price touching the MA60 [18][19][24] 3.3能源及化工板块 - In the energy sector, crude oil, asphalt, and LPG show bullish signals, while fuel oil and low - sulfur fuel oil show oscillatory signals. In the chemical sector, soda ash, 20 - rubber, methanol, PTA, etc. show bullish signals, and the rest show oscillatory signals. For example, pulp is expected to oscillate in the short - term, with a bearish monthly line, weakening upward momentum on the weekly line, and a MACD running below the zero - axis on the daily line [31][32][35] 3.4农产品板块 - Soybean oil, sugar, soybean No. 2, palm oil, rapeseed oil, eggs, and red dates show bullish signals, soybean No. 1, rapeseed meal, and apples show bearish signals, and the rest show oscillatory signals. For example, corn is expected to oscillate in the short - term, with a bullish weekly line but a shrinking red column and a MACD green column expanding on the daily line [40][41][45] 3.5股指期货板块 - Shanghai 50, CSI 500, CSI 1000, and SSE 300 stock index futures all show bearish signals. For example, IC CSI 500 futures and IF SSE 300 futures are expected to oscillate in the short - term [50][51][53] 3.6国债期货板块 - 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all show oscillatory signals. For example, the 10 - year treasury bond futures are expected to oscillate and repair in the short - term, and the 2 - year treasury bond futures are expected to oscillate in the short - term [62][63][66]