Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - As of the close on March 27, domestic futures contracts showed mixed performance. Some commodities like pure benzene and lithium carbonate had significant increases, while others such as container shipping on the European route and caustic soda declined. Futures contracts of stock indexes and treasury bonds also had different trends. The market was affected by factors such as supply - demand, geopolitical situation in the Middle East, and seasonal factors [6][7]. - The prices of most commodities were expected to be volatile due to the tense situation in the Middle East, especially the situation in the Strait of Hormuz, which had a great impact on the supply of energy - related commodities. Some commodities were expected to have a strong - side oscillation, but risks needed to be controlled [12][14][15]. 3. Summary by Related Catalogs 3.1 Commodity Performance and Market Overview - As of March 27, pure benzene and lithium carbonate rose by over 6%, styrene (EB) and ethylene glycol (EG) rose by over 5%, and methanol rose by over 4%. Container shipping on the European route fell by over 3%, and caustic soda and silver futures fell by over 2%. Stock index futures and treasury bond futures also had different trends. In terms of capital flow, some contracts had capital inflows while others had outflows [6][7]. 3.2 Market Analysis of Specific Commodities - **Copper (Shanghai Copper)**: In February 2026, China's copper concentrate imports increased year - on - year but decreased month - on - month. The copper concentrate inventory was relatively low. The production of electrolytic copper increased. The demand from the copper product sector started to pick up, but the terminal data was not optimistic. The inventory decreased, and the price was expected to fluctuate due to the situation in the Middle East [9]. - **Lithium Carbonate**: The price of lithium carbonate rose by over 6% on March 27. The production in March decreased month - on - month. The import volume in February increased year - on - year. The downstream lithium battery production was in high - growth, but the retail of new - energy vehicles decreased year - on - year. The market was affected by the situation in Zimbabwe and the overall upward trend of non - ferrous metals, but there were potential supply risks [11]. - **Crude Oil**: The U.S. crude oil inventory increased more than expected. The Strait of Hormuz was almost closed, which led to production cuts in Middle - Eastern oil - producing countries. Although some measures were taken to relieve the supply pressure, the situation was still tense. The possibility of a U.S. - Iran negotiation was low, and the oil price was at a high - risk of fluctuation [12][14]. - **Asphalt**: The asphalt production rate decreased, and the planned production in April was significantly lower. The downstream demand started to recover after the Spring Festival. The inventory rate decreased slightly. The supply was affected by the situation in the Middle East, and the price was expected to oscillate strongly [15]. - **PP (Polypropylene)**: The downstream PP开工率 increased slightly, but the demand recovery was slow. The enterprise开工率 was at a low level. The cost was affected by the Middle - East situation. The supply was expected to decrease, and the price was expected to oscillate strongly [16][17]. - **Plastic**: The plastic开工率 decreased, and the downstream开工率 increased but did not return to the pre - holiday level. The cost was affected by the Middle - East situation. The supply was expected to decrease, and the price was expected to oscillate strongly [18][20]. - **PVC**: The PVC开工率 increased, and the downstream开工率 also increased but was still lower than the same period last year. The export price increased, but the inventory was still high. The industry had an anti - involution expectation, and the supply was expected to decrease if the Strait of Hormuz did not resume navigation [21]. - **Coking Coal**: The coking coal price decreased on March 27. The mine production resumed smoothly, and the inventory was transferred from mines to downstream. The price decline was a correction after the previous over - rise, and the downward space was expected to be limited [22][23]. - **Urea**: The urea price rose on March 27. The domestic supply was guaranteed by high production and state - reserve goods. The downstream demand was mainly from compound fertilizer factories and other industries. The inventory decreased, and the price was expected to oscillate at a narrow high level [24].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic futures market had mixed performance on March 25, 2026, with some commodities rising and others falling. The market was significantly affected by the Middle - East situation, and the prices of energy - related commodities were highly volatile [6][7]. - For most commodities, the uncertainty of the Middle - East situation led to large price fluctuations, and it was recommended to be cautious when participating in the market, with some suggesting temporary exit and waiting for more stable market conditions [13][16][18]. 3. Summary by Related Catalogs 3.1. Commodity Performance - **Falling Commodities**: Liquefied petroleum gas (LPG) dropped by over 8%, fuel oil and container shipping on the European line dropped by over 6%, and ethylene glycol, PVC, low - sulfur fuel oil (LU), propylene, and plastic dropped by over 4% [6]. - **Rising Commodities**: Shanghai silver rose by over 7%, platinum and palladium rose by over 5%, and lithium carbonate and butadiene rubber rose by over 4%. Stock index futures and some treasury bond futures also had varying degrees of increase [6][7]. - **Fund Flows**: As of 15:25 on March 25, 2026, funds flowed into Shanghai gold 2606 (5.782 billion yuan), Shanghai silver 2606 (1.804 billion yuan), and butadiene rubber 2605 (1.097 billion yuan). Funds flowed out of CSI 1000 2606 (4.134 billion yuan), crude oil 2605 (783 million yuan), and iron ore 2605 (732 million yuan) [7]. 3.2. Market Analysis - **Copper**: In February 2026, China's copper concentrate imports increased year - on - year but decreased month - on - month. The shortage of copper resources supported the price. The substitution of recycled copper decreased, and the production of electrolytic copper increased. The demand in the copper product sector started to pick up, but the terminal data was not optimistic. The copper price rebounded due to the news of the possible cease - fire in the Middle - East, and caution was needed when chasing the rise [9]. - **Lithium Carbonate**: The price of lithium carbonate rose. In February 2026, China's lithium carbonate imports increased year - on - year but decreased month - on - month. The export of lithium ore in Zimbabwe was affected, and the subsequent resumption of production in domestic lithium mines was a potential negative factor. The inventory decreased slightly, and the overall demand growth showed a marginal weakening trend [11]. - **Crude Oil**: The EIA data showed that the US crude oil inventory increased more than expected, but the refined oil inventory decreased significantly. The Middle - East situation was the focus, and the suspension of navigation in the Strait of Hormuz led to production cuts in Middle - East oil - producing countries. Although some measures were taken to ease the supply pressure, the situation was still uncertain, and the oil price was highly volatile [12][13]. - **Asphalt**: The asphalt production rate decreased, and the downstream demand gradually recovered. The market was worried about the shortage of raw materials in domestic refineries due to the Middle - East situation. The supply - demand situation improved, but it was recommended to stay on the sidelines and pay attention to the development of the Middle - East situation [14]. - **PP**: The downstream demand for PP recovered slowly, and the enterprise production rate decreased. The cost was affected by the Middle - East situation. The domestic supply - demand pattern improved, but the downstream was resistant to high prices. It was recommended to pay attention to the downstream resumption of production and the Middle - East situation [16]. - **Plastic**: The plastic production rate decreased, and the downstream demand gradually recovered. The cost was affected by the Middle - East situation. The domestic supply - demand pattern improved, but the downstream was cautious in purchasing. It was recommended to pay attention to the downstream resumption of production and the Middle - East situation [17][18]. - **PVC**: The PVC production rate decreased, and the downstream demand gradually recovered. The export price increased, and the social inventory decreased for the first time after the Spring Festival. The PVC industry had the expectation of anti - involution, and the supply was expected to decrease if the Strait of Hormuz did not resume navigation. It was recommended to stay on the sidelines [19][21]. - **Coking Coal**: The domestic coal production resumed, and the downstream started to build up inventory. The price of coking coal was affected by the Middle - East situation, and the market volatility was high. The fundamental driving force was not strong, and caution was needed in operation [22]. - **Urea**: The market trading was average, and the factory price was stable. The high production and national reserve ensured the supply, and the downstream demand was weakening but still had some procurement. The inventory continued to decrease, and the price was in high - level shock [23].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The domestic futures market showed mixed performance on March 24, 2026. Factors such as the Middle - East situation, supply - demand relationships, and cost changes significantly influenced the prices of various commodities. The Middle - East situation, especially the conflict in the region and the status of the Hormuz Strait, had a major impact on the energy and chemical markets, leading to price fluctuations and uncertainties [4][5][7]. 3. Summary by Related Catalogs 3.1. Futures Market Overview - As of the close on March 24, domestic futures main contracts had different performances. Carbonate lithium rose over 6%, palladium over 4%, platinum over 3%, and some other commodities like Shanghai tin, Shanghai silver, and 20 - number rubber rose over 2%. On the other hand, low - sulfur fuel oil (LU), SC crude oil fell over 8%, fuel oil over 7%, and ethylene glycol over 6%. In the stock index futures, all major contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 rose, while in the bond futures, 2 - year bond futures fell 0.02%, 5 - year bond futures were flat, 10 - year bond futures rose 0.02%, and 30 - year bond futures rose 0.52%. In terms of capital flow, funds flowed into Shanghai silver 2606, platinum 2606, and live hogs 2605, while funds flowed out of crude oil 2605, CSI 300 2606, and Shanghai gold 2604 [4][5]. 3.2. Market Analysis 3.2.1. Crude Oil - EIA data showed that the increase in US crude oil inventory exceeded expectations, but the decrease in refined oil inventory was significant, with a slight increase in overall oil product inventory. The market focused on the Middle - East situation. Iran's daily crude oil production was about 3.3 million barrels, accounting for 3% of global production, and its daily exports were about 1.6 million barrels. The Hormuz Strait, through which about 13 million barrels of crude oil passed daily in 2025, accounting for about 31% of global seaborne crude oil flow, had been nearly shut down for many days, leading to production cuts in Middle - East oil - producing countries. Although some measures such as the release of strategic oil reserves and the relaxation of sanctions on some countries' oil industries alleviated short - term supply pressure, it was still less than the previous seaborne volume in the Hormuz Strait. The situation had not been truly eased, and the risk of crude oil prices rising further still existed [7][8]. 3.2.2. Asphalt - Last week, the asphalt production rate decreased by 1.2 percentage points to 21.8% compared with the previous week, and was 4.7 percentage points lower than the same period last year. After the Spring Festival, downstream industries gradually resumed work, but the overall demand was still at a low level. The inventory rate of asphalt plants decreased slightly, and the price in Shandong continued to rise. Due to concerns about raw material shortages in domestic refineries, and with the situation in the Middle - East remaining tense and the Hormuz Strait still not navigable, it was expected that the asphalt price would follow the crude oil price and be strong and volatile in the near future [9]. 3.2.3. PP - As of the week of March 20, the downstream PP production rate rose by 0.65 percentage points to 46.36%, but the demand recovery was slow. On March 24, the PP enterprise production rate dropped to about 76.5%, and the production ratio of standard - grade drawn wire decreased to about 25.5%. Although the domestic supply - demand pattern of PP had improved, the downstream was resistant to high prices, and the spot trading was weak. If the Hormuz Strait could not resume navigation, the refinery production cuts would increase, and the PP price was expected to be in a strong - side shock in the near future [11]. 3.2.4. Plastic - On March 24, the plastic production rate dropped to about 82.5%. As of the week of March 20, the PE downstream production rate rose by 3.76 percentage points to 37.59%, but had not returned to the pre - holiday level. After the Spring Festival, the petrochemical inventory had decreased. Although new production capacity had been put into operation in January 2026, there were no new production capacity plans in the first quarter. The domestic supply - demand pattern of plastic had improved, but the downstream was resistant to high prices, and the spot trading was weak. If the Hormuz Strait could not resume navigation, the refinery production cuts would increase, and the plastic price was expected to be in a strong - side shock in the near future [12][14]. 3.2.5. PVC - The information about PVC is the same as that of plastic, including production rate, downstream production rate, inventory, cost, supply, and price trends. It was also expected to be in a strong - side shock in the near future if the Hormuz Strait could not resume navigation [15]. 3.2.6. Urea - Urea opened and closed lower today. After the futures market rose yesterday, the market transaction price rebounded slightly, but the futures fluctuated. The daily production of urea was maintained at around 21 - 220,000 tons, with sufficient supply. The downstream agricultural demand was weakening, but there was still some purchasing. The compound fertilizer factories maintained a high - production - rate inventory - reduction trend. The price was supported by cost increases and terminal demand, and the inventory continued to decline. Although affected by external market sentiment, the increase in urea price was limited, and it was expected to be in a high - level shock during the conflict [17].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The performance of domestic futures contracts on March 23, 2026, showed a mixed trend, with some commodities rising and others falling. The market was highly influenced by the Middle - East situation, especially the conflict between the US, Israel, and Iran, which had a significant impact on energy - related commodities [6][7]. - The prices of various commodities are expected to be volatile. For example, copper prices are expected to be weakly volatile in the short term; lithium carbonate prices are expected to maintain a wide - range oscillation; crude oil has a risk of further price increases; and prices of other commodities such as asphalt, PP, plastic, PVC, and urea also face different degrees of uncertainty and are affected by factors such as supply - demand relationships, cost, and geopolitical situations [11][12][14]. 3. Summary by Related Catalogs 3.1 Commodity Performance - As of the close on March 23, 2026, domestic futures main contracts showed mixed performance. Propylene, butadiene rubber, LPG, coking coal, plastic, and polypropylene hit the daily limit up. Pure benzene and styrene rose more than 10%, methanol, ethylene glycol, and PX rose more than 8%, and PTA, coke, and SC crude oil rose more than 7%. On the downside, palladium fell more than 12%, Shanghai silver and platinum fell more than 11%, and Shanghai gold and polysilicon fell more than 8%. Stock index futures and bond futures also had different degrees of rise and fall [6][7]. - In terms of capital flow, as of 15:28 on March 23, coking coal 2605, CSI 1000 2606, and crude oil 2605 had capital inflows of 1.768 billion, 1.341 billion, and 1.155 billion respectively; Shanghai gold 2604, Shanghai silver 2606, and platinum 2606 had capital outflows of 4.826 billion, 2.839 billion, and 0.859 billion respectively [7]. 3.2 Market Analysis 3.2.1 Copper - On March 23, Shanghai copper opened high and closed low, with an intraday decline of more than 2%. The overseas copper concentrate supply remained tight, and domestic port copper concentrate inventory decreased. The waste - copper market was also restricted, leading to a reduction in waste - copper production. Although the raw - material supply for copper smelting was affected, electrolytic copper production was not directly affected. Downstream demand recovery was sluggish, and copper prices were under pressure. In March, production increased due to previous smelter production cuts and new production capacity, but there were maintenance plans in the second quarter, which would lead to a decline in production. As of February 2026, copper apparent consumption was 1.1739 million tons, a month - on - month decrease of 9.07%. In March, the air - conditioning peak season increased demand, and downstream procurement enthusiasm increased. The copper - foil market had active transactions, and the copper - rod market released production capacity. However, from January 1 to 15, March, the retail sales of the new - energy passenger - vehicle market decreased by 28% year - on - year. Overall, the copper price was expected to be weakly volatile in the short term, and attention should be paid to the Middle - East situation and the US dollar trend [9][11]. 3.2.2 Lithium Carbonate - On March 23, lithium carbonate opened low and closed high, with the price turning positive at the end of the session. The average price of battery - grade lithium carbonate was 146,500 yuan/ton, a decrease of 2,500 yuan/ton compared with the previous working day; the average price of industrial - grade lithium carbonate was 143,500 yuan/ton, also a decrease of 2,500 yuan/ton. In February 2026, China's lithium - carbonate import volume was 26,426.79 tons, a month - on - month decrease of 1.61% and a year - on - year increase of 114.36%. Chile was the largest import source. The export of lithium ore from Zimbabwe was expected to gradually resume after the new export license was approved. Although the inventory of lithium carbonate decreased slightly, the overall demand growth showed signs of weakening. From January 1 to 15, March, the retail sales of the new - energy passenger - vehicle market decreased by 28% year - on - year. Lithium - carbonate prices were expected to maintain a wide - range oscillation, and attention should be paid to supply - side disturbances [12]. 3.2.3 Crude Oil - EIA data showed that the US crude - oil inventory increased more than expected, but the refined - oil inventory decreased significantly, and the overall oil inventory increased slightly. The market focused on the Middle - East situation. Iran's daily crude - oil production was about 3.3 million barrels, accounting for 3% of the global production, and its daily export was about 1.6 million barrels. The Strait of Hormuz was an important shipping route for crude oil. The Strait of Hormuz had been almost shut down for several days, leading to production cuts in Middle - East oil - producing countries. The US and Iran had no intention to stop the war. The situation in the Middle - East was tense, and there was a risk of further price increases for crude oil. Although some measures had been taken to relieve the short - term supply pressure, they were still insufficient compared with the previous shipping volume through the Strait of Hormuz. Attention should be paid to the actual crude - oil shipping volume through the Strait of Hormuz [14]. 3.2.4 Asphalt - The asphalt production rate decreased by 1.2 percentage points to 21.8% last week, which was 4.7 percentage points lower than the same period last year and at the lowest level in recent years. After the Spring Festival, the downstream industries' production rates mostly increased, but the road - asphalt production rate was still lower than that at the end of January. The shipment volume in East China decreased, and the national shipment volume decreased by 37.6% to 109,900 tons. The asphalt factory - warehouse inventory rate decreased slightly, still at the lowest level in recent years. The price of asphalt in Shandong increased, and the basis was repaired but still at a low level. China's import of Venezuelan crude oil was expected to decrease significantly, and the Middle - East raw - material supply would be affected. Although the import of Iranian asphalt was small, the import of asphalt from other Middle - East countries accounted for about 6% of China's asphalt production. This week, Qilu Petrochemical resumed production, but the main refineries in East and South China reduced their loads. After the Lantern Festival, the terminal demand gradually recovered. The asphalt price was expected to be strong and volatile, following the crude - oil price, and attention should be paid to the development of the Middle - East situation [15]. 3.2.5 PP - As of the week of March 20, the downstream production rate of PP increased by 0.65 percentage points to 46.36%. After the Spring Festival, the downstream's acceptance of high - price raw materials was low, and the demand recovery was slow. On March 23, some parking devices of Dongguan Juzhengyuan restarted, and the PP enterprise production rate increased to about 77.5%. The production ratio of standard - grade drawn wire increased to about 26%. After the Spring Festival, the petrochemical inventory decreased and was at a neutral level in recent years. Due to the Middle - East situation, the crude - oil price rebounded. Although the device production rate recovered slightly, it was still lower than that at the end of February. After the Lantern Festival, the downstream rigid demand was released, and the price of BOPP film increased. The domestic supply - demand pattern of PP improved, but the upstream relied on Middle - East liquefied petroleum gas and crude oil. If the Strait of Hormuz could not resume navigation, the refinery load reduction would increase, and the PP price was expected to be strongly volatile. Attention should be paid to the downstream resumption of production after the festival and the development of the Middle - East situation [16][17]. 3.2.6 Plastic - On March 23, the plastic production rate remained at about 85%, at a neutral level. As of the week of March 20, the downstream production rate of PE increased by 3.76 percentage points to 37.59%. After the Spring Festival, the downstream gradually resumed production but had not returned to the pre - festival level. After the Spring Festival, the petrochemical inventory decreased and was at a neutral level in recent years. Due to the Middle - East situation, the crude - oil price rebounded. New production capacity was put into operation in January 2026, and there were no new production - capacity plans in the first quarter. The plastic production rate decreased recently. After the Lantern Festival, the downstream factories resumed work, and the rigid demand was released. The prices of agricultural films in North, East, and South China continued to rise. The domestic supply - demand pattern of plastic improved, but the import from the Middle - East affected the international price and supply. If the Strait of Hormuz could not resume navigation, the refinery load reduction would increase, and the plastic price was expected to be strongly volatile. Attention should be paid to the downstream resumption of production after the festival and the development of the Middle - East situation [18]. 3.2.7 PVC - The calcium - carbide price in the northwest region was stable. The PVC production rate decreased by 1.23 percentage points to 80.12%, at a neutral level in recent years. After the Spring Festival, the average downstream production rate of PVC increased by 2.33 percentage points to 41.66%, but was 4.79 percentage points lower than the same period last year. After the Spring Festival, the downstream resumed production, but the downstream's resistance to high - price raw materials increased. In terms of exports, some overseas device loads decreased, and the export price increased significantly. Under the improvement of supply and demand, the social inventory decreased for the first time after the Spring Festival but was still high. The real - estate market was still in the adjustment stage, and the improvement of the real - estate market needed time. The PVC price was expected to be strongly volatile if the Strait of Hormuz could not resume navigation [19]. 3.2.8 Coking Coal - Coking coal opened high and closed at the daily limit up. The domestic coal - production resumption continued, and the domestic mine production rate reached 87.16%, a week - on - week increase of 4.84%. The production and production rate were both higher than the same period last year. The downstream purchasing was active, the mine inventory decreased by 235,900 tons, the downstream coking - enterprise inventory increased by 356,000 tons, and the steel - mill inventory decreased by 37,000 tons. The coke production increased, the steel - mill profitability recovered, and the production rate increased by 1.29%. Due to the Middle - East situation, the coking - coal price followed the increase in crude - oil price, and the coking - coal price was pushed up by the energy - substitution effect and the downstream recovery in the peak season [20][21]. 3.2.9 Urea - Most areas' urea quotes were stable over the weekend, and some factories lowered their prices. After the futures price rose today, the trading sentiment improved, and the spot price was expected to be firm in the short term. The ex - factory quotes of urea factories in Hebei, Shandong, and Henan were in the range of 1,800 - 1,840 yuan/ton. The daily production of urea was maintained at around 210,000 - 220,000 tons, and the state - reserve supply entered the market, with overall sufficient supply. The downstream agricultural demand weakened but still had some end - stage purchases. The compound - fertilizer factories maintained a high - production - rate trend to reduce inventory, and the production - capacity utilization rate was expected to continue to be released next week. The cost increased, and the prices of synthetic ammonia, ammonium chloride, and ammonium sulfate all rose. The inventory continued to decline, and the international urea market drove up the domestic urea sentiment. The urea market was expected to be volatile at a high level, and attention should be paid to the downstream's acceptance of high prices [22].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report analyzes the performance and market conditions of various futures commodities as of March 20, 2026. It points out that the performance of domestic futures contracts varies, with some commodities rising and others falling. The market is significantly affected by factors such as the Middle - East situation, supply - demand relationships, and macro - economic policies. Different commodities face different supply - demand situations and price trends, and investors are advised to pay attention to relevant factors and market dynamics [5][6][8]. 3. Summary by Commodity 3.1 Commodity Performance - As of the close on March 20, domestic futures contracts showed mixed performance. LPG rose by over 8%, and manganese silicon rose by over 3%. Low - sulfur fuel oil (LU) fell by over 8%, and沪银 and bottle chips fell by over 6% [5]. - In the stock index futures, the main contracts of IF, IH, IC, and IM all declined, with declines of 0.28%, 0.95%, 1.17%, and 1.27% respectively. In the bond futures, the main contracts of TS, TF, T, and TL all declined, with declines of 0.01%, 0.06%, 0.09%, and 0.42% respectively [6]. - In terms of capital flow, as of 15:20 on March 20, the main contracts of CSI 1000 2606, CSI 2606, and SSE 2606 had capital inflows of 4.009 billion, 1.205 billion, and 0.695 billion respectively.沪金 2604, crude oil 2605, and沪银 2606 had capital outflows of 4.449 billion, 2.329 billion, and 1.464 billion respectively [6]. 3.2 Market Analysis - **沪铜**: It opened low and closed high, showing a weak trend during the day. The supply of copper concentrates is tight, but the terminal demand is not optimistic. With the postponement of the Fed's interest - rate cut and the strengthening of the US dollar, copper prices are under pressure [8]. - **Carbonate Lithium**: It opened low and closed high, with a late - session decline. The prices of battery - grade and industrial - grade carbonate lithium both decreased. The import volume in February 2026 decreased month - on - month but increased year - on - year. The demand growth rate shows signs of weakening, and the macro - sentiment affects the price [10]. - **Crude Oil**: EIA data shows that the US crude - oil inventory increased more than expected, but the refined - oil inventory decreased significantly. The Middle - East situation is tense, and the closure of the Strait of Hormuz has led to production cuts in Middle - East oil - producing countries. Although some measures have been taken to relieve the supply pressure, the risk of price increases still exists [11][12]. - **Asphalt**: The supply side has a low - level start - up rate. The downstream demand is gradually recovering. The cost is strongly supported, and the price is expected to be strong and volatile, depending on the Middle - East situation [13][15]. - **PP**: The downstream start - up rate has slightly recovered, and the enterprise start - up rate is at a low level. The cost of raw materials has decreased, and the supply - demand pattern has improved. The price is expected to be strongly volatile, depending on the downstream resumption of production and the Middle - East situation [16]. - **Plastic**: The start - up rate has decreased, and the downstream start - up rate has increased. The supply - demand pattern has improved. The price is expected to be strongly volatile, depending on the downstream resumption of production and the Middle - East situation [17][18]. - **PVC**: The start - up rate has decreased, and the downstream start - up rate has increased. The export situation has improved, but the inventory pressure is still large. The price is expected to be strongly volatile if the Strait of Hormuz does not resume navigation [19][20]. - **Coking Coal**: It opened low and closed high, showing a strong trend during the day. The domestic coal production has increased, and the downstream inventory has increased. The price is expected to be strong, depending on the performance in the peak season [21]. - **Urea**: It opened low and closed low, showing a decline. The factory price is expected to weaken, and the supply is abundant. The inventory has decreased, and the price is expected to fluctuate at a high level after a callback [22][23].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - As of the close on March 18, domestic futures main contracts mostly declined. Methanol rose over 3%, while polysilicon dropped over 5% and lithium carbonate declined over 4%. Different varieties have different market performances and influencing factors, and investors are advised to pay attention to market dynamics and risk control [6] 3. Summary of Each Section According to the Table of Contents 3.1 Commodity Performance - **Futures Market Overview**: As of the close on March 18, domestic futures main contracts mostly declined. Methanol rose over 3%, ethylene glycol (EG) rose over 1%; in terms of declines, polysilicon dropped over 5%, lithium carbonate declined over 4%, and many other varieties such as industrial silicon and红枣 dropped over 2%. In the stock index futures, the CSI 300 stock index futures (IF) main contract rose 0.13%, the Shanghai 50 stock index futures (IH) main contract dropped 0.38%, the CSI 500 stock index futures (IC) main contract rose 0.77%, and the CSI 1000 stock index futures (IM) main contract rose 0.68%. In the bond futures, the 2 - year bond futures (TS), 5 - year bond futures (TF), 10 - year bond futures (T), and 30 - year bond futures (TL) main contracts all rose. In terms of capital flow, methanol 2605, Shanghai silver 2606, and ten - year bond 2606 had capital inflows, while CSI 1000 2603, Shanghai - Shenzhen 2603, and CSI 2603 had capital outflows [6][7] 3.2 Market Analysis - **Copper**: The Shanghai copper opened low and moved lower, falling during the day. The supply of copper concentrates in February 2026 increased year - on - year but decreased month - on - month. The domestic copper concentrate inventory is relatively low, and the shortage of copper resources supports the copper price. The substitution of recycled copper has weakened. The production of electrolytic copper increased in March. The demand of the copper product end started to pick up, but the terminal data was not optimistic. The production and sales of new energy vehicles declined year - on - year. With the Fed's interest - rate meeting approaching, the market expects the interest rate to remain unchanged in March. The rising oil price and inflation pressure suppress the copper price, and the copper price is under pressure [9] - **Lithium Carbonate**: Lithium carbonate opened low and moved lower, falling over 4% during the day. The price of battery - grade and industrial - grade lithium carbonate declined. The export of lithium concentrates in Zimbabwe is temporarily restricted, but it does not affect the production. The upstream production is gradually increasing, but there is a high probability of domestic lithium ore resumption. The inventory is being depleted, but the rate of depletion is narrowing. The downstream inventory is accumulating, but the rate of accumulation is slowing. The demand growth is showing a weakening trend. Although the domestic demand is weak, the terminal export is increasing. The lithium carbonate market is in a shock stage, and the price has a bottom support [11] - **Crude Oil**: The EIA data shows that the increase in US crude oil inventory exceeded expectations, but the refined oil inventory decreased significantly, resulting in a decrease in the overall oil product inventory. The conflict between the US, Israel, and Iran continues. Iran's oil production and export are large, and the Strait of Hormuz is almost closed, leading to production cuts in Middle - Eastern oil - producing countries. Although some measures have been taken to relieve the short - term supply pressure, the supply is still tight. The risk of the crude oil price rising remains, and the Middle - East situation has a great impact on the crude oil price [12][13] - **Asphalt**: The asphalt's supply - end operating rate decreased slightly last week and is at a low level in the same period in recent years. The expected production in March 2026 increased month - on - month but decreased year - on - year. The downstream operating rate mostly increased after the Spring Festival. The inventory rate of asphalt plants remained unchanged, and the inventory rate of refineries is at the lowest level in recent years. The price in Shandong is stable. Due to the impact of the Middle - East situation on raw material supply, the asphalt price is expected to be strong and volatile, following the crude oil price [14][16] - **PP**: As of the week of March 13, the downstream operating rate of PP decreased slightly. The enterprise operating rate is at a low level, and the production ratio of standard products decreased. The petrochemical inventory is at a neutral level. The cost of raw materials remains high due to the Middle - East situation. The domestic supply - demand pattern of PP has improved. Although the downstream is resistant to high prices, the PP price is expected to be strong and volatile [17] - **Plastic**: On March 18, the plastic operating rate remained stable at a neutral level. The downstream operating rate of PE increased. The petrochemical inventory is at a neutral level. The cost of raw materials remains high. The supply has new capacity put into operation in the early stage, and the operating rate has decreased recently. The downstream demand has increased after the Lantern Festival. The domestic supply - demand pattern has improved. Although the downstream is resistant to high prices, the plastic price is expected to be strong and volatile [18][19] - **PVC**: The price of calcium carbide in the upstream northwest region is stable. The PVC operating rate increased slightly and is at a relatively high neutral level in the same period in recent years. The downstream operating rate increased after the Spring Festival, but it is still lower than the same period last year. The export inquiry has improved. The social inventory is still high, and the real - estate market is still in the adjustment stage. Due to the impact of the Middle - East situation on raw material supply, the PVC price is expected to be strong and volatile [20] - **Coking Coal**: The coking coal opened high and moved low, falling over 1% in the afternoon. The Mongolian coal customs clearance decreased slightly, and the domestic coal production resumed. The inventory of coking coal decreased significantly, and the downstream replenished the inventory. The production of coke has not increased significantly, and the steel - mill profit has recovered, but the start - up speed is slower than in previous years. The coal fundamentals are weak, and the future trend depends on the demand [22] - **Urea**: Urea opened low and moved low, falling nearly 2% during the day. The upstream factory quotation is stable, and the trading activity decreased. The market supply of urea is abundant before the end of the month. The downstream demand comes from both agriculture and industry. The inventory has decreased significantly. The urea price fell today due to the dissipation of the previous emotional interference. The supply and demand are both strengthening, and the price is expected to be in a high - level shock [23]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic futures market on March 12, 2026, showed more rising contracts than falling ones. Some commodities like p-xylene, low-sulfur fuel oil, and SC crude oil had significant increases, while others like apples, silver, and palladium declined. The market was affected by various factors including the Middle East situation, supply - demand fundamentals, and geopolitical events [6][7]. - Different commodities had different price trends and influencing factors. For example, copper was affected by supply - demand and the Middle East situation, while crude oil was highly influenced by OPEC+ production decisions, the Iran - related conflict, and inventory data [9][12]. 3. Summary by Commodity Copper - Supply: March production is expected to reach a record high with a month - on - month increase of about 52,800 tons and a year - on - year increase of 6.51% [9]. - Demand: Downstream demand for copper is increasing after the holiday, but the inventory is still accumulating, though at a slower pace. The copper cable industry's February opening rate was 55.81%, down 14.29 percentage points month - on - month but up 9.06 percentage points year - on - year [9]. - Price: Due to the Middle East situation and inflation, copper prices are expected to be weak and volatile in the short term [9]. Carbonate Lithium - Price: The average price of battery - grade carbonate lithium is 158,000 yuan/ton, down 1,000 yuan/ton from the previous working day; industrial - grade carbonate lithium is 154,500 yuan/ton, down 1,250 yuan/ton [11]. - Supply: March production is expected to be 106,700 tons, up 29.4% month - on - month, and the start - up rate has increased by nearly 2% this week [11]. - Demand: Overall demand is weakening, and exports are postponed. The inventory is decreasing, but the rate of decrease is narrowing [11]. - Price: It is expected to be in a wide - range shock [11]. Crude Oil - Supply: OPEC+ will increase production by 206,000 barrels per day in April. The US crude oil inventory has increased more than expected, but the refined oil inventory has decreased [12]. - Geopolitical: The conflict in the Middle East, especially the situation in Iran, has a significant impact on the oil market. The Strait of Hormuz has been affected, leading to production cuts in some Middle Eastern countries [12][13]. - Price: EIA expects Brent crude oil prices to remain above $95 per barrel in the next two months. It is recommended to observe the Middle East situation carefully [13]. Asphalt - Supply: The opening rate last week was 23.3%, up 1.9 percentage points month - on - month but 3.1 percentage points lower than the same period last year. The expected production in March is 2.187 million tons, up 13.0% month - on - month but down 1.9% year - on - year [14]. - Demand: Downstream industries' opening rates are rising, and the shipment volume has increased by 19.86% to 156,300 tons [14]. - Price: It is expected to fluctuate with crude oil prices, and attention should be paid to the raw material shortage of domestic refineries [14]. PP - Supply: As of March 6, the downstream opening rate was 45.87%, up 9.13 percentage points week - on - week. The enterprise opening rate on March 12 was about 75.5%, and the production ratio of standard wire drawing decreased to about 25.5% [16]. - Demand: After the Lantern Festival, downstream factories' demand has increased, and the price of BOPP film has risen [16]. - Price: If the Strait of Hormuz cannot resume navigation, the price is likely to rise [16]. Plastic - Supply: On March 12, the opening rate decreased to about 88%. As of March 6, the PE downstream opening rate was 28.62%, up 10.4 percentage points week - on - week. New production capacity has been put into operation, and there are no new plans in the first quarter [17]. - Demand: After the Lantern Festival, downstream demand has increased, and the prices of agricultural films in some regions have risen [17]. - Price: If the Strait of Hormuz cannot resume navigation, the price is likely to rise [18]. PVC - Supply: The opening rate decreased by 0.97 percentage points to 81.11%. The downstream average opening rate increased by 18.73 percentage points to 35.84% [19]. - Demand: Exports have improved, but the social inventory is still high. The real estate market is still in adjustment, and the improvement needs time [19]. - Price: If the Strait of Hormuz cannot resume navigation, the price is likely to rise [19]. Coking Coal - Supply: The mine opening rate has reached 87.16%, up 4.84% week - on - week. The production and opening rate are higher than the same period [20]. - Demand: Affected by the overseas conflict, the downstream purchasing sentiment has increased, and the inventory has decreased significantly [20][21]. - Price: The price rebound is mainly due to the rise in crude oil prices. After the sentiment is digested, there is an expectation of a return to the fundamental level [21]. Urea - Supply: The supply is stable and strong, with high daily production and state - reserve release. The market has abundant goods, and short - term stops and restarts are frequent, with the daily production basically within 230,000 tons [22]. - Demand: The downstream industrial demand is accelerating, and the inventory has decreased by 12.79%. The production of compound fertilizers is in the peak season [22]. - Price: After the cautious sentiment fades, there may be a correction [22].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic futures market showed mixed performance on March 5, 2026, with some commodities rising and others falling. The market is affected by various factors such as supply - demand relationships, geopolitical situations, and seasonal changes [6][7]. - Different commodities have different price trends and influencing factors. For example, copper prices may face upward pressure due to factors like inflation expectations and high - price resistance from downstream; crude oil prices are expected to be strongly volatile due to the Middle - East situation; and some chemical products are expected to be strongly volatile due to cost increases and changes in supply - demand [9][12][17]. 3. Summary by Commodity Commodity Performance - On March 5, 2026, domestic futures contracts showed mixed performance. Caustic soda hit the daily limit, SC crude oil and pure benzene rose over 6%, styrene (EB) rose nearly 6%, and apples rose over 4%. Methanol, liquefied petroleum gas (LPG), and container shipping European routes fell over 3%, and palladium, rubber, and Shanghai tin fell nearly 1%. Stock index futures generally rose, while treasury bond futures generally fell [6][7]. Market Analysis - **Copper**: In February, China's electrolytic copper production decreased month - on - month but increased year - on - year. It is expected to reach a record high in March. Due to the shortage of copper concentrates, the demand for scrap copper is expected to increase, and the supply gap may be filled by imports. High copper prices have led to resistance from downstream, and copper prices may face upward pressure [9]. - **Lithium Carbonate**: It rebounded 3% on March 5. The average price of battery - grade and industrial - grade lithium carbonate increased. Production decreased in February due to seasonal and holiday factors, and inventory continued to decline. Although downstream demand is still strong, the strong demand expectation has weakened, and it is difficult to reach a new high in the short term [10][11]. - **Crude Oil**: OPEC + will increase production by 206,000 barrels per day in April. The US crude oil inventory increased more than expected. The Middle - East situation, especially the conflict between the US, Israel, and Iran, has affected the supply and transportation of crude oil. It is expected that crude oil prices will be strongly volatile in the near future [12][14]. - **Asphalt**: The asphalt supply is at a relatively low level, and the开工 rate decreased slightly. The expected production in March increased month - on - month but decreased year - on - year. The downstream demand is slowly recovering. Due to the impact on raw material supply from Venezuela and Iran, the price is expected to follow the rise of crude oil prices [15]. - **PP**: The downstream开工率 decreased seasonally. The enterprise开工率 is at a relatively low level, and the production ratio of standard products decreased. After the Spring Festival, the inventory is being depleted. Due to the impact of the Middle - East situation on crude oil prices, PP is expected to be strongly volatile [16][17]. - **Plastic**: The开工率 is at a neutral - to - high level. The downstream开工率 decreased seasonally, and the inventory is being depleted. New production capacity was put into operation in January. Although the supply - demand pattern improvement is limited, it is expected to be strongly volatile due to the Middle - East situation [18]. - **PVC**: The upstream calcium carbide price decreased. The开工率 increased, and the downstream开工率 is slowly recovering. The export situation is not optimistic, and the social inventory is high. Although the current situation is weak, there are expectations of policies and maintenance, and it is expected to be strongly volatile [20]. - **Coking Coal**: It opened low and closed high, showing a weak trend. The domestic mines are gradually resuming production, and the inventory of mines increased while the inventory of independent coking enterprises and steel mills decreased. The coke price is expected to be lowered, and the coking coal fundamentals are weak [21]. - **Urea**: It opened low and closed high, with a slight decline in the afternoon. The daily production increased, and the inventory decreased. Although some international urea plants are affected, the domestic price is mainly affected by domestic supply - demand, and it is expected to be in a narrow - range adjustment [23].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Report Core View - As of the close on March 4, 2026, domestic futures contracts showed mixed performance. Shipping routes to Europe, SC crude oil, and fuel oil hit the daily limit for the third consecutive day. Low-sulfur fuel oil (LU) rose nearly 11%, while liquefied petroleum gas (LPG) and polypropylene (PP) rose over 5%. On the other hand, tin futures fell over 5%, and polysilicon, platinum, silver, and gold futures also declined significantly. The prices and trends of various futures contracts were affected by multiple factors, including geopolitical conflicts, supply and demand changes, and seasonal factors [5][6]. 3. Summary by Relevant Catalogs 3.1 Commodity Performance - **Gainers**: Shipping routes to Europe, SC crude oil, and fuel oil hit the daily limit for three consecutive days. Low-sulfur fuel oil (LU) rose nearly 11%, liquefied petroleum gas (LPG) and polypropylene (PP) rose over 5%, and plastics and propylene rose nearly 4% [5]. - **Losers**: Tin futures fell over 5%, and polysilicon, platinum, silver, and gold futures fell over 4%, 4%, 4%, and 3% respectively. Stock index futures, including IF, IH, IC, and IM, also declined, while most treasury bond futures rose, except for the 30-year treasury bond futures [5][6]. - **Fund Flows**: As of 15:19 on March 4, funds flowed into aluminum, fuel oil, and 10-year treasury bond futures, while large amounts of funds flowed out of gold, CSI, and CSI 1000 futures [6]. 3.2 Market Analysis 3.2.1 Copper - Copper prices opened low and rose slightly but remained weak. Geopolitical conflicts in the Middle East increased inflation expectations and reduced the likelihood of the Fed's interest rate cuts, putting pressure on non-ferrous metals. In February, China's electrolytic copper production decreased month-on-month but increased year-on-year. It is expected to reach a record high in March. Due to the shortage of copper concentrates, the demand for scrap copper is expected to rise, and the supply gap may be filled by overseas imports. High copper prices have led to strong resistance from downstream consumers, and the demand for copper products is expected to remain weak [8]. 3.2.2 Lithium Carbonate - Lithium carbonate prices opened and closed lower. The average price of battery-grade and industrial-grade lithium carbonate decreased. Production is expected to decline in February due to seasonal and holiday factors. The overall inventory has decreased, and the fundamentals are short-term tight. The conflict between the United States and Iran has affected the delivery of energy storage batteries in the Middle East, and the export of terminals has been impacted. Although the peak season is approaching, the increase in demand is limited, and the price has some support [10]. 3.2.3 Crude Oil - OPEC+ agreed to increase oil production by 206,000 barrels per day in April, and further production increase plans are to be determined. EIA data showed a significant build-up of crude oil inventories in the United States. Geopolitical conflicts in the Middle East, especially the situation in Iran and the blockade of the Strait of Hormuz, have led to disruptions in oil transportation and production. Iraq has cut production, and Qatar has stopped LNG production. Trump's offer to provide insurance and escort for oil tankers has caused oil prices to fluctuate. It is expected that oil prices will remain strong in the near term, and the situation in the Middle East will have a significant impact on oil price volatility [11][12]. 3.2.4 Asphalt - The asphalt production rate decreased slightly last week and is at a low level compared to previous years. In March, domestic asphalt production is expected to increase month-on-month but decrease year-on-year. After the Spring Festival, downstream industries are gradually resuming work, but the overall demand remains weak. The inventory of asphalt refineries is at a low level, but the market is worried about a shortage of raw materials in March due to geopolitical factors. It is expected that asphalt prices will follow the increase in crude oil prices [13][15]. 3.2.5 PP - The downstream开工率 of PP decreased seasonally, and the enterprise开工率 remained at a relatively low level. The proportion of standard-grade wire production increased. After the Spring Festival, the inventory of petrochemical enterprises has been decreasing and is currently at a neutral level. The increase in crude oil prices has boosted the price of PP. Although the domestic supply and demand situation has improved slightly, the market expects a rebound in the chemical industry. It is expected that PP prices will remain strong, and attention should be paid to the progress of downstream resumption [16]. 3.2.6 Plastic - The开工率 of plastic increased after the restart of some maintenance devices and is currently at a neutral to high level. The downstream开工率 of PE decreased seasonally, and the inventory of petrochemical enterprises has been decreasing and is at a neutral level. The increase in crude oil prices has had a positive impact on the price of plastic. Although the domestic supply and demand situation has improved slightly, the market expects a rebound in the chemical industry. The import of PE from Iran accounts for a small proportion of the total, but the import from the Middle East accounts for a relatively large proportion. It is expected that plastic prices will remain strong, and attention should be paid to the progress of downstream resumption [17][18]. 3.2.7 PVC - The price of calcium carbide in the northwest region continued to decline. The开工率 of PVC increased and is at a neutral to high level. After the Spring Festival, the downstream开工率 of PVC increased but is still lower than the same period last year. The export of PVC is expected to be low in March due to the cancellation of export tax rebates and the anti-subsidy investigation by India. The social inventory of PVC is still high, and the real estate market continues to adjust. Although the PVC market has a weak reality, it has strong expectations due to policy and maintenance expectations. It is expected that PVC prices will remain strong, and attention should be paid to the progress of downstream resumption [19]. 3.2.8 Coking Coal - Coking coal prices opened high and closed low. Domestic mines are gradually resuming work, and the inventory of coking coal mines has increased. The inventory of independent coking enterprises and steel mills has decreased. After the Spring Festival, the production of molten iron in steel mills has increased slightly, but the reduction of emissions during the Two Sessions may affect short-term production. The real estate market has introduced some stimulus policies, but the performance of the terminal market still needs to be observed. After the impact of geopolitical conflicts in Iran on the coal market is realized, the price is expected to return to the fundamentals of loose supply and demand and will be under pressure if the macro sentiment remains stable [20][21]. 3.2.9 Urea - Urea prices opened high, fluctuated, and closed slightly higher. The trading volume decreased, and the price was relatively stable. The daily production of urea has reached around 220,000 tons, and there are no long-term shutdown and maintenance plans in the short term. After the Lantern Festival, compound fertilizer factories have resumed work, but the开工 rate in Hebei has been affected by environmental protection. The inventory of urea has started to decrease due to the continuation of agricultural demand and the increase in industrial demand. Although the international urea price is affected by the situation in the Middle East, it has little impact on the domestic market. The price of urea is expected to be range-bound, and attention should be paid to the possibility of a price increase driven by the energy and chemical sector [22].

Report Overview - Report Title: Daily Core Futures Variety Analysis - Release Date: March 2, 2026 - Data Sources: Wind, Guantong Research and Consulting Department, etc. 1. Market Performance 1.1 Futures Market Overview - As of the close on March 2, most domestic futures main contracts were up. Contracts such as container shipping to Europe, fuel oil, low-sulfur fuel oil (LU), SC crude oil, etc. hit the daily limit. Shanghai silver rose over 9%, and some other contracts like p-xylene (PX), PTA, and synthetic rubber rose over 6%. In terms of declines, polysilicon fell over 2% and live pigs fell nearly 2% [7]. - Among stock index futures, the main contract of CSI 300 Index Futures (IF) rose 0.07%, the main contract of SSE 50 Index Futures (IH) rose 0.06%, the main contract of CSI 500 Index Futures (IC) fell 0.07%, and the main contract of CSI 1000 Index Futures (IM) fell 1.15%. Among treasury bond futures, the main contracts of 2-year (TS), 5-year (TF), 10-year (T), and 30-year (TL) all rose [8]. 1.2 Fund Flows - As of 15:27 on March 2, funds flowed into contracts such as Shanghai gold 2604 (4.837 billion yuan), CSI 2603 (1.563 billion yuan), and Shanghai silver 2604 (1.539 billion yuan). Funds flowed out of contracts such as Shanghai tin 2604 (871 million yuan), lithium carbonate 2605 (626 million yuan), and cotton 2605 (563 million yuan) [8]. 2. Market Analysis of Specific Varieties 2.1 Shanghai Copper - Shanghai copper opened high and closed low, rising during the day. Affected by the Iran-US conflict, the Strait of Hormuz is blocked. In February, China's electrolytic copper production decreased by 3.69 tons MoM (3.13%), and is expected to increase by 5.28 tons in March. The demand for scrap copper is expected to increase, and the supply gap may be filled by overseas imports. The downstream is resistant to high copper prices, and the copper product sector is under pressure. Overall, the copper market is in a state of oversupply. In the short term, copper prices may be under pressure and fluctuate, and are expected to be strong in the long term [10][11]. 2.2 Lithium Carbonate - Lithium carbonate opened high and closed low, falling during the day. The average price of battery-grade lithium carbonate is 172,500 yuan/ton, and that of industrial-grade is 169,000 yuan/ton. Due to seasonal and holiday factors, the supply of lithium carbonate raw materials decreased in February. The downstream battery production is still at a relatively high level, and the inventory has decreased. The new 15% tariff and the "rush to export" expectation support the price. However, the short-term impact of geopolitical conflicts is limited, and the price may fluctuate [12]. 2.3 Crude Oil - OPEC+ agreed to increase oil production by 206,000 barrels per day in April. The EIA data shows a large increase in US crude oil inventory. Affected by the Iran-US conflict, Iran's oil production and exports are affected, and the Strait of Hormuz is blocked. It is expected that the crude oil price will fluctuate strongly in the near term, and the situation in the Middle East will have a great impact on the price [13][14]. 2.4 Asphalt - The asphalt supply is weak, with the operating rate at a low level. In March, the domestic asphalt production is expected to increase by 13.0% MoM. The downstream demand is gradually recovering, but the overall supply and demand are still weak. The price is expected to follow the rise of crude oil prices, and the arbitrage strategy is mainly reverse arbitrage [15][17]. 2.5 PP - As of February 27, the downstream operating rate of PP decreased seasonally. The PP enterprise operating rate is at a neutral-low level, and the petrochemical inventory is at a neutral level. The rise in crude oil prices has a significant impact on PP. It is expected that PP will fluctuate strongly, and attention should be paid to the resumption of downstream production [18]. 2.6 Plastic - The plastic operating rate is at a neutral-high level, and the downstream operating rate decreased seasonally. The petrochemical inventory is at a neutral level. The new production capacity has been put into operation, and the supply is sufficient. It is expected that the plastic price will fluctuate strongly, and attention should be paid to the resumption of downstream production [19][20]. 2.7 PVC - The PVC operating rate increased, and the downstream operating rate is gradually recovering. The export is expected to decline, and the social inventory is still high. The PVC price is under pressure in the short term, but is expected to be strong in the long term due to policy and maintenance expectations [21]. 2.8 Coking Coal - Coking coal opened high and closed low, rebounding slightly during the day. The supply of imported coal is gradually recovering, and the domestic mine production is increasing. The inventory of coking coal mines has increased, and the inventory of independent coking enterprises and steel mills has decreased. The price is affected by geopolitical conflicts and policy expectations [23]. 2.9 Urea - Urea opened high and closed low, falling during the day. The spot price has risen. The supply is high, the inventory is low, and the demand is expected to be high. It is expected that urea will fluctuate strongly in March, and attention should be paid to the impact of national reserve release on the price [24][26].