Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the spot prices, futures prices, basis, historical quantiles, and basis rates of various commodities on March 30, 2026, covering multiple sectors such as metals, agriculture, energy, and finance. 3. Summary by Commodity Sectors Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 6012, down 0.97%; futures price is 5978, with a basis of -34 and a basis rate of -1.22% [1]. - **Silicon Manganese (SM603)**: Spot price is 6500, futures price is 6580, and the basis is -80 [1]. - **Rebar (RB2605)**: Spot price is 3220, futures price is 3124, down 0.27%, with a basis of 96 and a historical quantile of 46.20% [1]. - **Hot Rolled Coil (HC2605)**: Spot price is 3290, futures price is 3299, with a basis of -9 and a historical quantile of 15.80% [1]. - **Iron Ore (I2605)**: Spot price is 27, up 3.29%; futures price is 812, up 22.80%, with a basis of -27 and a historical quantile of 75.86% [1]. - **Coke (J2605)**: Spot price is 1752, futures price is 1767, up 0.83%, with a basis of -15 and a historical quantile of 75.86% [1]. - **Coking Coal (JM2605)**: Spot price is 1333, futures price is 1219, up 9.35%, with a basis of 114 and a historical quantile of 57.20% [1]. Non - Ferrous Metals - **Copper (CU2605)**: Spot price is 95930, futures price is 95320, with a basis of 610 and a historical quantile of 12.91% [1]. - **Aluminum (AL2605)**: Spot price is 23935, futures price is 23810, with a basis of 125 and a historical quantile of 27.08% [1]. - **Alumina (AO2605)**: Spot price is 2785, futures price is 2930, with a basis of -145 and a historical quantile of 14.09% [1]. - **Zinc (ZN2605)**: Spot price is 23380, futures price is 23140, with a basis of 240 and a historical quantile of 10.00% [1]. - **Tin (SN2605)**: Spot price is 362460, futures price is 353400, with a basis of 9060 and a historical quantile of 1.66% [1]. - **Nickel (NI2605)**: Spot price is 137100, futures price is 136450, with a basis of 650 and a historical quantile of 22.29% [1]. - **Stainless Steel (SS2605)**: Spot price is 14500, futures price is 14390, with a basis of 110 and a historical quantile of 49.14% [1]. - **Lithium Carbonate (LC2605)**: Spot price is 168440, futures price is 158000, down 6.20%, with a basis of 10440 and a historical quantile of 2.64% [1]. - **Industrial Silicon (SI2605)**: Spot price is 9200, futures price is 8652, up 6.67%, with a basis of 548 and a historical quantile of 37.78% [1]. Precious Metals - **Gold (AU2606)**: Spot price is 992.5, futures price is 998.66, with a basis of -6.16 and a historical quantile of -0.62% [1]. - **Silver (AG2606)**: Spot price is 17467, futures price is 17489, with a basis of -22 and a historical quantile of 51.00% [1]. Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3160, futures price is 2937, up 7.59%, with a basis of 223 and a historical quantile of 64.60% [1]. - **Soybean Oil (Y2605)**: Spot price is 8940, futures price is 8688, up 2.90%, with a basis of 252 and a historical quantile of 53.10% [1]. - **Palm Oil (P2605)**: Spot price is 9670, futures price is 9768, down 1.00%, with a basis of -98 and a historical quantile of 1.90% [1]. - **Rapeseed Meal (RM2605)**: Spot price is 2330, futures price is 2315, with a basis of 15 and a historical quantile of 50.00% [1]. - **Rapeseed Oil (Oleos)**: Spot price is 10380, futures price is 9877, up 5.09%, with a basis of 503 and a historical quantile of 91.30% [1]. - **Corn (C2605)**: Spot price is 2390, futures price is 2369, with a basis of 21 and a historical quantile of 44.50% [1]. - **Corn Starch (CS2605)**: Spot price is 2755, futures price is 2900, down 4.67%, with a basis of -145 and a historical quantile of 73.30% [1]. - **Live Hogs (H2605)**: Spot price is 9965, futures price is 9500, with a basis of 465 and a historical quantile of 27.30% [1]. - **Eggs (JD2605)**: Spot price is 3502, futures price is 3290, down 6.05%, with a basis of 212 and a historical quantile of 21.20% [1]. - **Cotton (CF2605)**: Spot price is 16600, futures price is 15395, up 7.83%, with a basis of 1205 and a historical quantile of 82.40% [1]. - **Sugar (SR2605)**: Spot price is 5464, futures price is 5480, up 0.29%, with a basis of -16 and a historical quantile of -1.68% [1]. - **Apples (AP2605)**: Spot price is 9967, futures price is 9800, with a basis of 167 and a historical quantile of 16.60% [1]. - **Red Dates (CJ2605)**: Spot price is 8870, futures price is 7900, down 10.94%, with a basis of 970 and a historical quantile of 41.60% [1]. Energy and Chemicals - **Paraxylene (PX2605)**: Spot price is 10059.9, futures price is 9916, with a basis of 143.9 and a historical quantile of 71.40% [1]. - **PTA (TA2605)**: Spot price is 6876, futures price is 6760, down 1.69%, with a basis of 116 and a historical quantile of 14.40% [1]. - **Ethylene Glycol (EG2605)**: Spot price is 5279, futures price is 5005, down 0.98%, with a basis of 274 and a historical quantile of 0.10% [1]. - **Polyester Staple Fiber (PF2606)**: Spot price is 8392, futures price is 8310, down 0.98%, with a basis of 82 and a historical quantile of 22.20% [1]. - **Styrene (EB2605)**: Spot price is 10800, futures price is 10624, with a basis of 176 and a historical quantile of 64.90% [1]. - **Methanol (MA2605)**: Spot price is 3360, futures price is 3296, up 1.94%, with a basis of 64 and a historical quantile of 69.40% [1]. - **Urea (UR2605)**: Spot price is 1900, futures price is 1877, up 1.23%, with a basis of 23 and a historical quantile of 24.70% [1]. - **LLDPE (L2605)**: Spot price is 8868, futures price is 8600, down 3.02%, with a basis of 268 and a historical quantile of 0.40% [1]. - **PP (PP2605)**: Spot price is 9313, futures price is 9100, up 1.20%, with a basis of 213 and a historical quantile of -2.29% [1]. - **PVC (V2605)**: Spot price is 5615, futures price is 5450, down 2.94%, with a basis of 165 and a historical quantile of 36.80% [1]. - **Caustic Soda (SHEOS)**: Spot price is 2442, futures price is 2303.1, down 5.69%, with a basis of 138.9 and a historical quantile of 27.30% [1]. - **LPG (PG2605)**: Spot price is 6759, futures price is 7198, up 6.50%, with a basis of -439 and a historical quantile of 61.90% [1]. - **Asphalt (BU2606)**: Spot price is 4532, futures price is 4330, up 12.60%, with a basis of 202 and a historical quantile of -4.46% [1]. - **Butadiene Rubber (BR2605)**: Spot price is 18500, futures price is 17840, with a basis of 660 and a historical quantile of 92.60% [1]. - **Float Glass (FG2605)**: Spot price is 960, futures price is 879, down 8.44%, with a basis of 81 and a historical quantile of 49.36% [1]. - **Soda Ash (SA2605)**: Spot price is 1229, futures price is 1209, down 1.65%, with a basis of 20 and a historical quantile of 46.84% [1]. - **Pure Benzene (BZ2605)**: Spot price is 8880, futures price is 8355, down 5.91%, with a basis of 525 and a historical quantile of -1.20% [1]. - **Propylene (PL2605)**: Spot price is 8320, futures price is 8315, up 1.21%, with a basis of 5 and a historical quantile of 92.00% [1]. - **Bottle Chips (PR2605)**: Spot price is 8421, futures price is 8320, up 1.21%, with a basis of 101 and a historical quantile of 92.00% [1]. - **Natural Rubber (RU2605)**: Spot price is 16510, futures price is 16400, down 0.67%, with a basis of 110 and a historical quantile of 85.11% [1]. Financial Products - **Stock Index Futures**: - **IF2606.CFE**: Spot price is 4502.5698, futures price is 4427.4, down 1.70%, with a basis of -75.1698 and a historical quantile of 2.40% [1]. - **IH2606.CFE**: Spot price is 2837.3064, futures price is 2814.4, down 0.81%, with a basis of 22.9064 and a historical quantile of 5.70% [1]. - **IC2606.CFE**: Spot price is 7737.6144, futures price is 7559.2, down 2.36%, with a basis of 178.4144 and a historical quantile of 0.40% [1]. - **IM2606.CFE**: Spot price is 7746.3131, futures price is 7523.8, down 2.96%, with a basis of 222.5131 and a historical quantile of 0.04% [1]. - **Treasury Bond Futures**: - **TS2606**: Spot price is 100.11, futures price is 97.62, up 0.08%, with a basis of 2.49 and a historical quantile of 44.40% [1]. - **TF2606**: Spot price is 105.98, futures price is 100.24, up 0.09%, with a basis of 5.74 and a historical quantile of 42.20% [1]. - **T2606**: Spot price is 108.23, futures price is 99.88, up 0.10%, with a basis of 8.35 and a historical quantile of 31.10% [1]. - **TL2606**: Spot price is 122.03, futures price is 111.18, up 0.46%, with a basis of 10.85 and a historical quantile of 67.50% [1].

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report presents a comprehensive overview of the global financial and commodity markets, including overnight market trends, important macro - economic and geopolitical news, and data on various futures and financial instruments. It reflects the complex interplay of geopolitical tensions, supply - demand dynamics, and central bank policies on market performance. Summary by Directory Overnight Night - Market Trends - International precious metal futures generally declined, with COMEX gold futures down 3.85% at $4376.90 per ounce and COMEX silver futures down 6.22% at $68.12 per ounce [4]. - U.S. oil and Brent oil futures rose, with the U.S. oil main contract up 3.84% at $93.79 per barrel and Brent oil main contract up 4.15% at $101.3 per barrel [5]. - Most London base metals fell, except for LME aluminum which rose 0.37% to $3254.5 per ton [5]. Important News Macro News - U.S. President Trump may visit China in mid - May, and China and the U.S. are in communication about it [8]. - The U.S. Department of Defense is formulating a military plan for a "decisive strike" against Iran, with multiple options [8]. - Shanghai International Energy Exchange sets trading limits and margin ratios for the EC2703 contract of the container shipping index (European line) futures [8]. - Trump postponed the planned strike on Iran's energy infrastructure by 10 days, providing a short - term respite for the global energy market [9]. - The possibility of a cease - fire between the U.S. and Iran remains low as their demands are beyond each other's acceptance [11]. - Iran released 10 oil tankers [11]. Energy and Chemical Futures - China's urea enterprise inventory decreased by 13.40% week - on - week to 70.05 tons on March 25, 2026, due to rising industrial demand [13]. - China's liquefied gas sample enterprise storage capacity rate dropped to 24.92% as of March 26, 2026 [13]. - Singapore's fuel oil, light distillate, and medium distillate inventories all increased in the week ending March 25 [13]. - Glass enterprise inventory reduction slowed down, with the total inventory of national float glass sample enterprises at 7362.2 million heavy boxes as of March 26, a 1.09% week - on - week decrease [14]. - U.S. natural gas inventory decreased by 540 billion cubic feet to 18290 billion cubic feet in the week ending March 20, 2026, a 5.2% year - on - year increase [16]. Metal Futures - ANZ predicts that the aluminum price will peak at $3600 per ton in Q3 2026, and about 800 - 1000 million tons of production will be affected in 2026 due to supply disruptions in the Middle East [18]. - Nickel Industries Limited's Indonesian mine suspended operations after an accident [18]. - Turkey's central bank sold about 22 tons of gold and conducted about 31 tons of gold swap transactions last week, with its gold reserve dropping to 771.8 tons [18]. Black - Series Futures - In February 2026, China's steel exports increased by 1.1% month - on - month to 783.8 million tons, and imports decreased by 19.6% month - on - month to 36.9 million tons [22]. - As of the week ending March 26, 2026, rebar production decreased by 2.69% week - on - week, while apparent demand increased by 8.30% [22]. - An Australian mining company reduced operations due to diesel supply constraints and a tropical cyclone [23]. - HeSteel Group's silicon - manganese procurement volume in March 2026 was 5100 tons [23]. - The average profit per ton of coke for 30 independent coking plants in China was 21 yuan/ton [23]. Agricultural Futures - From March 1 - 25, 2026, Malaysia's palm oil production decreased by 11.21% month - on - month [26]. - U.S. soybean and corn inventories are expected to reach multi - year highs in 2026 [26]. - U.S. soybean and corn planting areas in 2026 are expected to change compared to previous years [26]. - U.S. soybean export net sales increased in the week ending March 19, 2026 [27]. - The number of un - priced sell orders for ICE cotton futures decreased by 1606 hands as of March 20 [27]. Financial Markets Finance - A - shares declined with reduced trading volume, and the Hang Seng Index also fell [29]. - Some companies' first - quarter report disclosure times were announced [29]. - A company is considering an IPO in Hong Kong and seeking up to $1 billion in financing [30]. - The management and custody fees of a Hong Kong - stock - connect Internet ETF were reduced [30]. Industry - The first industry standard for embodied intelligence was released and will be implemented on June 1, 2026 [32]. - AI and robot program traffic has exceeded human user traffic [32]. - Domestic airline fuel surcharges will increase on April 5, 2026 [32]. - Shanghai's new - home transactions increased after the "Shanghai Seven" real - estate policy [32]. - Guangdong Province optimized housing provident fund policies [33]. Overseas - Trump mentioned Iran's "gift" and the option to control Iranian oil [34]. - Iran is committed to ending the war and has taken measures to ensure the passage of ships in the Strait of Hormuz [36]. - Russia hopes the Middle - East conflict will end in the coming weeks [36]. - The OECD predicts global and U.S. economic growth rates [36]. - U.S. initial jobless claims increased, and continuing claims decreased [37]. - The European Parliament voted to support a conditional implementation of the EU - U.S. trade agreement [37]. - The European Central Bank may consider raising interest rates if inflation soars [38]. - Germany's GDP growth may decline if the Middle - East conflict persists [38]. International Stock Markets - U.S. and European stock markets declined, and most Asia - Pacific stock markets also fell [39][40]. - SpaceX may list with a high proportion of shares allocated to individual investors [40]. - Wall Street's bonus pool reached a record high in 2025 [40]. Commodities - Trading limits and margin ratios for the EC2703 contract of the container shipping index (European line) futures were set [42]. - Precious metals fell, while oil prices rose due to geopolitical tensions [42]. - Most base metals declined [43]. - Iraq had to cut oil production due to the blockade of the Strait of Hormuz [43]. - Turkey's central bank sold and swapped gold [45]. Bonds - China's inter - bank bond market heated up, and South Korea will repurchase bonds to stabilize the market [46]. - U.S. Treasury yields rose [46]. Foreign Exchange - The on - shore and offshore RMB depreciated against the U.S. dollar, and the U.S. dollar index rose [47]. Upcoming Economic Data and Events - Upcoming economic data include UK consumer confidence, China's industrial enterprise profits, etc. [50] - Upcoming events include speeches by central bank officials, conferences, and corporate earnings reports [52]

Report Industry Investment Rating - Not provided in the given content Core View of the Report - Not provided in the given content Summary by Categories Ferrous Metals - Silicon iron (SF603) has a spot price of 5982, a futures price of 5998, a historical quantile of 57.60%, and a basis rate of 1.03% [1] - Silicon manganese (SM603) has a historical quantile of 39.10% [1] - Rebar (RB2605) has a spot price of 3220, a futures price of 3128, a historical quantile of 45.10%, and a basis rate of -0.45% [1] - Hot-rolled coil (HC2605) has a spot price of 3290, a futures price of 3305, a historical quantile of 13.10% [1] - Iron ore (I2605) has a spot price of 817, a futures price of 851, a historical quantile of 28.80%, and a basis rate of -0.29% [1] - Coke (J2605) has a historical quantile of 64.19% [1] - Coking coal (JM2605) has a spot price of 1333, a futures price of 1230, a historical quantile of 54.00%, and a basis rate of 8.37% [1] Non-ferrous Metals - Copper (CU2605) has a spot price of 95325, a futures price of 95350, a historical quantile of 46.04%, and a basis rate of -0.03% [1] - Aluminum (AL2605) has a spot price of 23725, a futures price of 23510, a historical quantile of 11.25%, and a basis rate of -0.91% [1] - Alumina (AO2605) has a spot price of 2773, a futures price of 2931, a historical quantile of 12.55% [1] - Zinc (ZN2605) has a spot price of 22770, a futures price of 23070, a historical quantile of 92.70%, and a basis rate of -1.30% [1] - Tin (SN2604) has a spot price of 352800, a futures price of 348790, a historical quantile of 81.45%, and a basis rate of 1.15% [1] - Nickel (MISEOR) has a spot price of 135860, a futures price of 136450, a historical quantile of 1.95% [1] - Stainless steel (SS2605) has a spot price of 14500, a futures price of 14390, a historical quantile of 48.71%, and a basis rate of 0.76% [1] - Lithium carbonate (LC2605) has a spot price of 156500, a futures price of 157200, a historical quantile of 46.03%, and a basis rate of -0.45% [1] - Industrial silicon (SISEO5) has a spot price of 8735, a futures price of 9200, a historical quantile of 28.69%, and a basis rate of 5.32% [1] Precious Metals - Gold (AU2606) has a spot price of 995.98, a futures price of 989.8, a historical quantile of 0.90%, and a basis rate of -0.62% [1] - Silver (AG2606) has a spot price of 17472.0, a futures price of 17292.0, a historical quantile of 5.80%, and a basis rate of 1.04% [1] Agricultural Products - Soybean meal (M2605) has a spot price of 3190, a futures price of 2952.0, a historical quantile of 67.10%, and a basis rate of 2.82% [1] - Soybean oil (ASEO2) has a spot price of 8890, a futures price of 8646.0, a historical quantile of 52.40%, and a basis rate of 2.82% [1] - Palm oil (P2605) has a spot price of 9580, a futures price of 9614.0, a historical quantile of 16.70%, and a basis rate of -0.35% [1] - Rapeseed meal (RM605) has a spot price of 2350, a historical quantile of 48.70% [1] - Rapeseed oil (Oleos) has a spot price of 10350, a futures price of 9840.0, a historical quantile of 91.60%, and a basis rate of 5.18% [1] - Corn (C2605) has a spot price of 2400, a futures price of 2376.0, a historical quantile of 46.00%, and a basis rate of 1.01% [1] - Corn starch (CS2605) has a spot price of 2765.0, a futures price of 2900, a historical quantile of 69.90%, and a basis rate of 4.88% [1] - Live pigs (H2605) has a spot price of 9500, a futures price of 9835.0, a historical quantile of 30.40%, and a basis rate of -3.41% [1] - Eggs (JD2605) has a spot price of 3512.0, a futures price of 3180, a historical quantile of 16.00%, and a basis rate of -9.45% [1] - Cotton (CF605) has a spot price of 16550, a futures price of 15420.0, a historical quantile of 72.90%, and a basis rate of 7.33% [1] - White sugar (SR605) has a spot price of 5463.0, a futures price of 5480, a historical quantile of 6.50%, and a basis rate of -1.47% [1] - Apples (AP605) has a spot price of 9946.0, a futures price of 9800, a historical quantile of 17.40%, and a basis rate of -1.47% [1] - Red dates (CJ605) has a spot price of 8835.0, a futures price of 7900, a historical quantile of 43.80%, and a basis rate of -10.58% [1] Energy and Chemicals - Paraxylene (PX605) has a spot price of 9774.0, a futures price of 9811.8, a historical quantile of 42.00%, and a basis rate of 0.39% [1] - PTA (TA605) has a spot price of 6670.0, a futures price of 6778.0, a historical quantile of 15.50%, and a basis rate of -1.59% [1] - Ethylene glycol (EG2605) has a spot price of 4975.0, a futures price of 5058.0, a historical quantile of 25.30%, and a basis rate of -1.63% [1] - Polyester staple fiber (PF604) has a spot price of 8150.0, a futures price of 8260.0, a historical quantile of 18.80%, and a basis rate of -1.33% [1] - Styrene (EB2604) has a spot price of 10046.0, a futures price of 10245.0, a historical quantile of 68.10%, and a basis rate of 1.98% [1] - Methanol (MA605) has a spot price of 3202.0, a futures price of 3265.0, a historical quantile of 69.10%, and a basis rate of 1.97% [1] - Urea (UR605) has a spot price of 1890.0, a futures price of 1875.0, a historical quantile of 22.10%, and a basis rate of -0.80% [1] - LLDPE (L2605) has a spot price of 8767.0, a futures price of 8600.0, a historical quantile of 1.60%, and a basis rate of -1.90% [1] - PP (PP2605) has a spot price of 9120.0, a futures price of 9025.0, a historical quantile of 7.20%, and a basis rate of -1.04% [1] - PVC (V2605) has a spot price of 5500.0, a futures price of 5650.0, a historical quantile of 41.10%, and a basis rate of -2.65% [1] - Caustic soda (SH605) has a spot price of 2509.0, a futures price of 2275.0, a historical quantile of 21.50%, and a basis rate of -9.33% [1] - LPG (PG2604) has a spot price of 6541.0, a futures price of 7198.0, a historical quantile of 81.50%, and a basis rate of 10.04% [1] - Asphalt (BU2604) has a spot price of 4543.0, a futures price of 4330.0, a historical quantile of 10.70%, and a basis rate of -4.69% [1] - Butadiene rubber (BR2604) has a spot price of 18500.0, a futures price of 17975.0, a historical quantile of 85.10%, and a basis rate of 2.92% [1] - Float glass (FG605) has a spot price of 1036.0, a futures price of 960.0, a historical quantile of 51.10%, and a basis rate of -7.92% [1] - Soda ash (SA605) has a spot price of 1225.0, a futures price of 1205.0, a historical quantile of 46.60%, and a basis rate of -1.66% [1] - Pure benzene (BZ2604) has a spot price of 8420.0, a futures price of 8245.0, a historical quantile of 12.50%, and a basis rate of -2.08% [1] - Propylene (PL2605) has a spot price of 8851.0, a futures price of 8800.0, a historical quantile of 35.10%, and a basis rate of -0.58% [1] - Bottle chips (PR2605) has a spot price of 8222.0, a historical quantile of 95.70% [1] - Natural rubber (RU2605) has a spot price of 16950.0, a futures price of 16895.0, a historical quantile of 97.10%, and a basis rate of 0.32% [1] Financials - IF2606.CFE has a spot price of 4477.5343, a futures price of 4396.0, a historical quantile of 2.20%, and a basis rate of -1.85% [1] - IH2606.CFE has a spot price of 2824.6744, a futures price of 2804.8, a historical quantile of 8.40%, and a basis rate of -0.70% [1] - IC2606.CFE has a spot price of 7642.1302, a futures price of 7413.8, a historical quantile of 0.10%, and a basis rate of -3.08% [1] - IM2606.CFE has a spot price of 7639.3762, a futures price of 7375.6, a historical quantile of 0.30%, and a basis rate of -3.58% [1] - 2-year bond (TS2606) has a spot price of 102.51, a futures price of 100.11, a historical quantile of 43.90%, and a basis rate of 0.04% [1] - 5-year bond (TF2606) has a spot price of 105.97, a futures price of 100.22, a historical quantile of 40.40%, and a basis rate of 0.07% [1] - 10-year bond (T2606) has a spot price of 108.25, a futures price of 99.86, a historical quantile of 23.80%, and a basis rate of 0.06% [1] - 30-year bond (TL2606) has a spot price of 122.25, a futures price of 111.49, a historical quantile of 48.20%, and a basis rate of 0.34% [1]

Group 1: Hot News - The US government proposed a 15 - condition conflict - ending plan to Iran through Pakistan, including requirements on nuclear plans, missile capabilities, and regional issues. In exchange, Iran may get sanctions lifted, US support for civilian nuclear projects, and the cancellation of the "snap - back sanctions" mechanism. The US is considering a one - month cease - fire for further negotiations [2] - The preliminary value of the US S&P Global Composite PMI in March dropped to 51.4, a 11 - month low. Manufacturing PMI rose to 52.4, while services PMI dropped to 51.1, also a 11 - month low [2] - The Eurozone's S&P Global Composite PMI in March fell from 51.9 in February to 50.5, the lowest since last May. Manufacturing PMI rose to 51.4, a 45 - month high, but services PMI dropped from 51.9 to 50.1, far below the expected 51.1. German and French services PMIs both declined significantly [3] - In February 2026, global crude steel production was 141.8 million tons, a year - on - year decrease of 2.2%. From January to February 2026, it was 298.2 million tons, a 1.5% year - on - year decrease. In February, China's steel production was 76.09 million tons, a 3.6% year - on - year decrease [3] - The Zhengzhou Commodity Exchange decided to adjust the minimum opening order volume of the apple futures 2605 contract to 2 lots starting from March 25, 2026 [3] Group 2: Key Focus and Night - session Performance - Key focus: urea, lithium carbonate, liquefied gas, crude oil, plastic [4] - Night - session performance: Non - metallic building materials had a 2.54% increase, precious metals 25.11%, oilseeds and oils 8.89%, soft commodities 2.47%, non - ferrous metals 22.38%, coal, coke, steel and ore 10.37%, energy 8.45%, chemicals 15.74%, grains 1.11%, and agricultural and sideline products 2.92% [4] Group 3: Plate Positions - The document shows the changes in the positions of commodity futures plates in the past five days, including Wind agricultural and sideline products, Wind grains, Wind chemicals, Wind energy, Wind coal, coke, steel and ore, Wind non - ferrous metals, Wind commodity composite, Wind soft commodities, Wind oilseeds and oils, Wind precious metals, and Wind non - metallic building materials [5] Group 4: Performance of Major Asset Classes - Equity: Shanghai Composite Index rose 1.78% daily, - 6.76% monthly, - 2.21% year - to - date; S&P 500 dropped 0.37% daily, - 4.69% monthly, - 4.22% year - to - date, etc. [6] - Fixed - income: 10 - year treasury bond futures rose 0.02% daily, - 0.21% monthly, 0.28% year - to - date; 5 - year treasury bond futures had no daily change, - 0.08% monthly, 0.15% year - to - date, etc. [6] - Commodity: CRB commodity index rose 2.43% daily, 14.90% monthly, 20.24% year - to - date; WTI crude oil rose 0.40% daily, 31.61% monthly, 53.88% year - to - date, etc. [6] - Other: US dollar index rose 0.07% daily, 1.62% monthly, 0.98% year - to - date; CBOE volatility rose 3.06% daily, 35.70% monthly, 80.27% year - to - date [6] Group 5: Main Commodity Trends - The document shows trends of various commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, CBOT soybeans, CBOT corn, and also includes ratios like the gold - oil ratio and copper - gold ratio, as well as risk premiums [7]

Report Date - The report is dated March 23, 2026. [4] Commodity Market Data Ferrous Metals - Silicon iron (SF603) spot price is 5932 with a 0.27% change and a historical quantile of 57.50%. Its futures price is 5948. [1] - Silicon manganese (SM603) spot price is 6400, down 30 (-0.47%), with a historical quantile of 20.00%. The futures price is 6370. [1] - Rebar (RB2605) spot price in Shanghai is 3230, down 17 (-0.52%), with a historical quantile of 12.20%. The futures price is 3280. [1] - Hot - rolled coil (HC2605) related data is presented with corresponding price and historical quantile information. [1] - Iron ore (12605) spot price is 847, futures price is 816 with a 3.91% change and a historical quantile of 26.90%. [1] - Coke (J2605) and coking coal (JM2605) have their respective spot, futures prices, changes, and historical quantiles. [1] Non - ferrous Metals - Copper (CUSEOS) spot price is 94740 with a 98.12% historical quantile, and the futures price is 95825. [1] - Aluminum (AL2605) spot price is 24020, futures price is 24070 with a 75.83% historical quantile. [1] - Zinc (ZN2605) and other non - ferrous metals like tin (SN2604), nickel (MISEOR), stainless steel (SS2605), etc. are also detailed with their price and quantile data. [1] Precious Metals - Gold (AU2604) spot price on the Shanghai Gold Exchange (AU(T + D)) is 0.13% changed with a 99.00% historical quantile, and the futures price is 1040.6. [1] - Silver (AG2606) spot and futures prices are presented with corresponding data. [1] Agricultural Products - Soybean meal (M2605) spot price is 281.0, and the futures price is 3029.0 with a 70.80% historical quantile. [1] - Other agricultural products such as soybean oil (V2605), palm oil (P2605), rapeseed meal (RM605), etc. have their price and quantile information provided. [1] Energy and Chemicals - Para - xylene (PX605) spot price is 9682.0, futures price is 9593.0 with a - 0.92% change and a 12.50% historical quantile. [1] - PTA (TA605), ethylene glycol (EG2605), and many other energy and chemical products are reported with their price, change, and historical quantile data. [1] Financial Futures - Stock index futures such as IF2606.CFE, IH2606.CFE, IC2606.CFE, IM2606.CFE, and bond futures like TS2606, TF2606, T2606, TL2606 have their prices, changes, and historical quantiles presented. [1]

Key Points Summary Hot News - Trump said he could talk to Iran but didn't want a cease - fire currently, and was confident the Strait of Hormuz would "automatically" reopen. He criticized NATO's performance on the Iran issue. US military officials prepared for deploying ground troops to Iran. Iran threatened to strike US and Israeli "evil officials", and the Yemeni Houthi rebels might block the Bab - el - Mandeb Strait. Switzerland suspended exporting war materials to the US [2] - South Korea and Bahrain joined the "Joint Statement on the Strait of Hormuz" issued by 7 countries including the UK, France, etc., which condemned Iran's de - facto blockade of the Strait of Hormuz [2] - China's March LPR remained unchanged for 10 consecutive months, with the 1 - year at 3.0% and the 5 - year - plus at 3.5% [2] - China's National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs held a symposium with pig - farming enterprises, requiring them to implement production - capacity control measures, adjust the inventory of breeding sows and control the number of pig slaughter [2] - The Guangzhou Futures Exchange adjusted the minimum opening and closing order quantities of platinum and palladium futures contracts from March 24. The daily price limit was adjusted to 17%, and the trading margin standard to 19% [3] Focus Commodities - Focus on urea, coking coal, liquefied gas, plastic, and PVC [4] Night - session Performance - The night - session performance of different commodity sectors: non - metallic building materials rose 2.48%, precious metals 26.75%, oilseeds 8.96%, soft commodities 2.42%, non - ferrous metals 22.49%, coal - coking - steel - ore 9.36%, energy 8.46%, chemicals 15.09%, grains 1.05%, and agricultural and sideline products 2.95% [4] Position Changes - The position changes of commodity futures sectors in the past five days are presented, including Wind agricultural and sideline products, Wind grains, etc. [5] Performance of Major Asset Classes - Equity: The Shanghai Composite Index had a daily decline of 1.24%, a monthly decline of 4.94%, and an annual decline of 0.30%. Other equity indices also had different levels of decline or increase [6] - Fixed - income: 10 - year, 5 - year, and 2 - year treasury bond futures all had slight declines [6] - Commodities: The CRB commodity index rose 0.80% daily, 17.41% monthly, and 22.87% annually. WTI crude oil had significant increases, while London spot gold and LME copper declined [6] - Others: The US dollar index rose, and the CBOE volatility index had a large increase [6] Major Commodity Trends - The trends of major commodities are presented, including the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold and silver, LME copper, etc., as well as the ratios of gold to oil and copper to gold [7]

Market Overview - The A-share market experienced a downward adjustment, with the Shanghai Composite Index falling by 0.95% to 4024.23 points, the Shenzhen Component Index down 1.11% to 14030.34 points, and the ChiNext Index decreasing by 0.11% to 3342.64 points [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3 trillion yuan, an increase of 649 billion yuan compared to the previous trading day, with over 4400 stocks declining [1][2] Sector Performance - The green energy and computing power sectors showed resilience, with stocks like Jinkai New Energy and Dongfang New Energy hitting the daily limit, while companies in the computing power hardware sector, such as Yuanjie Technology, also saw significant gains [5] - The energy and chemical sectors experienced a strong rally in commodity futures, with fuel oil contracts rising over 11%, methanol up over 10%, and crude oil increasing by over 8% [5] Stock Movements - The optical module index rose over 2%, with notable gains in stocks like Changguang Huaxin and Yuanjie Technology, which increased by over 13% and 8% respectively [6] - Conversely, the non-ferrous metals sector faced declines, with Longda Co. dropping over 9% and several other companies in the sector also experiencing significant losses [6] Corporate Announcements - Xiaomi Group announced the launch of its new electric vehicle, the Xiaomi SU7, with a pre-sale price ranging from 229,900 to 309,900 yuan, and introduced three self-developed large models [6] - Alibaba and Baidu both announced price increases, leading to a collective rise in computing power concept stocks [5] Institutional Activity - New institutional investments were reported, with social security funds entering 11 new heavy positions, indicating potential shifts in market sentiment [7]

Core Viewpoint - The article emphasizes the potential of coal as a valuable resource for oil production in China, leveraging advanced technologies to convert coal into liquid fuels, thereby enhancing energy security and diversification [3][14]. Group 1: Coal to Oil Technologies - Two core technologies for coal-to-oil conversion have received national-level recognition, showcasing China's strong capabilities in this field [5]. - Direct liquefaction of coal involves high temperature and pressure processes with catalysts to convert solid coal into liquid products like naphtha, kerosene, and diesel [6][7]. - Indirect liquefaction of coal utilizes oxygen for incomplete combustion, producing synthesis gas (CO and H2), which is then converted into liquid hydrocarbons through Fischer-Tropsch synthesis [9]. Group 2: Practical Applications and Projects - The direct liquefaction technology has been implemented in a demonstration project by the National Energy Group, producing clean oil products with a designed capacity of 1.08 million tons per year [17]. - The indirect liquefaction technology is applied in the world's largest single-unit project with a capacity of 4.05 million tons per year, also operated by the National Energy Group, producing various oil products including diesel and liquefied natural gas [20].

Report Title - Full Variety Spread Daily Report [4] Report Date - March 6, 2026 [7] Report Author - Ye Qianning, Z0016628 [7] Commodity Analysis Ferrous Metals - For silicon iron (SF603), the futures price is 5828, the basis rate is -0.86%, and the historical quantile is 50.40% [1] - For silicon manganese (SM603), the futures price is 6092, the basis rate is 0.46%, and the historical quantile is 51.90% [1] - For rebar (RB2605), the futures price is 3230, the basis rate is 0.65%, and the historical quantile is 29.00% [1] - For hot - rolled coil (HC2605), the futures price is 3209, the basis rate is 0.65%, and the historical quantile is 41.80% [1] - For iron ore (I2605), the futures price is 810, the basis rate is 6.66%, and the historical quantile is 86.11% [1] - For coke (J2605), the futures price is 1734, the basis rate is 3.44%, and the historical quantile is 86.11% [1] - For coking coal (JM2605), the futures price is 1156, the basis rate is 4.57%, and the historical quantile is 35.40% [1] Non - ferrous Metals - For copper (CU2604), the futures price is 101475, the basis rate is 0.39%, and the historical quantile is 86.25% [1] - For aluminum (AL2604), the futures price is 25120, the basis rate is 1.23%, and the historical quantile is 99.37% [1] - For alumina (AO2605), the futures price is 2648, the basis rate is 11.89%, and the historical quantile is 0.49% [1] - For zinc (ZN2604), the futures price is 24640, the basis rate is -0.41%, and the historical quantile is 75.62% [1] - For tin (SN2604), the futures price is 406850, the basis rate is 3.84%, and the historical quantile is 99.37% [1] - For nickel (MISEOF), the futures price is 136800, the basis rate is 0.39%, and the historical quantile is 79.79% [1] - For stainless steel (SS2604), the futures price is 14450, the basis rate is 3.65%, and the historical quantile is 89.27% [1] - For lithium carbonate (LC2605), the futures price is 155860, the basis rate is 0.09%, and the historical quantile is 58.81% [1] Precious Metals - For gold (AU2604), the futures price is 1152.0, the basis rate is -0.30%, and the historical quantile is 19.00% [1] - For silver (AG2604), the futures price is 21639.0, the basis rate is -2.60%, and the historical quantile is 2.80% [1] Agricultural Products - For soybean meal (M2605), the futures price is 2843.0, the basis rate is 5.17%, and the historical quantile is 55.20% [1] - For soybean oil (Y2605), the futures price is 8370.0, the basis rate is 2.63%, and the historical quantile is 46.10% [1] - For palm oil (P2605), the futures price is 9070.0, the basis rate is -0.88%, and the historical quantile is 3.90% [1] - For rapeseed meal (RM605), the futures price is 2318.0, the basis rate is 0.95%, and the historical quantile is 49.70% [1] - For rapeseed oil (OI605), the futures price is 9489.0, the basis rate is 6.54%, and the historical quantile is 94.00% [1] - For corn (C2605), the futures price is 2384.0, the basis rate is 1.30%, and the historical quantile is 50.90% [1] - For corn starch (CS2605), the futures price is 2696.0, the basis rate is 1.26%, and the historical quantile is 15.60% [1] - For live pigs (H2605), the futures price is 11140.0, the basis rate is -5.75%, and the historical quantile is 23.70% [1] - For eggs (JD2605), the futures price is 3396.0, the basis rate is -15.49%, and the historical quantile is 6.50% [1] - For cotton (CF605), the futures price is 16400, the basis rate is 7.54%, and the historical quantile is 77.40% [1] - For white sugar (SR605), the futures price is 5390, the basis rate is 1.13%, and the historical quantile is 8.70% [1] - For apples (AP605), the futures price is 10753.0, the basis rate is -8.86%, and the historical quantile is 0.10% [1] - For red dates (CJ605), the futures price is 8980.0, the basis rate is -12.03%, and the historical quantile is 40.50% [1] Energy and Chemicals - For paraxylene (PX605), the futures price is 8344.0, the basis rate is 0.55%, and the historical quantile is 44.30% [1] - For PTA (TA605), the futures price is 5820.0, the basis rate is -0.17%, and the historical quantile is 55.00% [1] - For ethylene glycol (EG2605), the futures price is 4170.0, the basis rate is -0.33%, and the historical quantile is 54.30% [1] - For polyester staple fiber (PF604), the futures price is 7205.0, the basis rate is -1.03%, and the historical quantile is 23.20% [1] - For styrene (EB2604), the futures price is 8656.0, the basis rate is 1.84%, and the historical quantile is 60.50% [1] - For methanol (MA605), the futures price is 2480.0, the basis rate is -0.28%, and the historical quantile is 35.30% [1] - For urea (UR605), the futures price is 1814.0, the basis rate is 3.64%, and the historical quantile is 39.30% [1] - For LLDPE (L2605), the futures price is 7393.0, the basis rate is 0.09%, and the historical quantile is 26.70% [1] - For PP (PP2605), the futures price is 7480.0, the basis rate is 0.29%, and the historical quantile is 32.70% [1] - For PVC (V2605), the futures price is 5016.0, the basis rate is -3.91%, and the historical quantile is 30.20% [1] - For caustic soda (SH605), the futures price is 1981.3, the basis rate is -12.87%, and the historical quantile is 16.80% [1] - For LPG (PG2604), the futures price is 5148.0, the basis rate is 0.41%, and the historical quantile is 30.40% [1] - For asphalt (BU2604), the futures price is 3550.0, the basis rate is -2.98%, and the historical quantile is 29.10% [1] - For butadiene rubber (BR2604), the futures price is 13300.0, the basis rate is -6.40%, and the historical quantile is 0.60% [1] - For glass (FG605), the futures price is 1058.0, the basis rate is -11.13%, and the historical quantile is 33.82% [1] - For soda ash (SA605), the futures price is 1151.0, the basis rate is -3.48%, and the historical quantile is 31.72% [1] - For natural rubber (RU2605), the futures price is 16555.0, the basis rate is 0.87%, and the historical quantile is 98.74% [1] Financial Futures - For IF2603.CFE, the futures price is 4647.7, the basis rate is -0.40%, and the historical quantile is 25.40% [1] - For IH2603.CFE, the futures price is 2988.5, the basis rate is -0.05%, and the historical quantile is 47.10% [1] - For IC2603.CFE, the futures price is 8309.2, the basis rate is -0.65%, and the historical quantile is 16.40% [1] - For IM2603.CFE, the futures price is 8171.1, the basis rate is -0.51%, and the historical quantile is 39.10% [1] - For 2 - year bond (TS2606), the futures price is 100.03, the basis rate is -0.03%, and the historical quantile is 18.40% [1] - For 5 - year bond (TF2606), the futures price is 100.12, the basis rate is 0.04%, and the historical quantile is 35.10% [1] - For 10 - year bond (T2606), the futures price is 108.53, the basis rate is 0.06%, and the historical quantile is 24.20% [1] - For 30 - year bond (TL2606), the futures price is 123.82, the basis rate is 0.47%, and the historical quantile is 76.30% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint of the Report The international LPG market is expected to have significant cost - side support due to the impact of Saudi loading and the outbreak of geopolitical conflicts. The blockade of the Strait of Hormuz affects China's imports, increasing the uncertainty of domestic VLGC arrivals from late March to April. The cost of shipping from the US to the Far East will also rise substantially. As a result, both the domestic and international LPG markets are expected to strengthen. Attention should be paid to navigation and freight conditions. [8] 3. Summary by Relevant Catalogs 3.1 Daily Data - **Domestic Futures**: The price of PG2602 on March 5, 2026, was 5127, down 177 from the previous day. The main contract position was 95317, a decrease of 3748, and the warrant quantity was 5652, a drop of 7. [4] - **Domestic Spot**: In the华南 region, the price of refinery - produced gas was 5160 and imported gas was 5200, both unchanged. In the华东 region, refinery - produced gas rose by 149 to 4857, and imported gas increased by 12 to 5280. In the Shandong region, refinery - produced gas increased by 10 to 4850, and ether - post - C4 decreased by 90. The base difference increased by 177 to 21. [4] - **External Market Price**: BRENT rose by 0.4 to 81.8, while most other external market prices remained unchanged. [4] - **Disk Profit**: The import profit FEI decreased by 169.9 to - 860.0, and PDH FEI decreased by 39.7 to - 1606.7. [4] - **Price Ratio**: The FEI/BRENT ratio decreased by 0.04 to 9.3, and the FEI/MOPJ ratio remained unchanged at 31.4. [4] 3.2 Crude Oil and Natural Gas Market - An oil tanker was attacked in the northern Persian Gulf by the Islamic Revolutionary Guard Corps Navy on Thursday morning. - An oil tanker was attacked near Kuwait, highlighting the risks of ships passing through the Strait of Hormuz, where ship traffic has dropped significantly. - Chinese and Japanese refining enterprises relying on Middle Eastern oil have suspended refined oil exports to ensure domestic supply. - Iraq, the second - largest oil producer in OPEC, exported an average of 3.57 million barrels of crude oil and condensate per day in February. [5] 3.3 Spot Overview - **Shandong Region**: The estimated price of civil gas was 4850 yuan/ton, up 10 yuan/ton. Refinery sales were smooth yesterday, but today the mainstream price stabilized and some areas increased. The ether - post market showed mixed trends, with a fair trading atmosphere. It is expected to decline tomorrow. [6] - **East China Region**: The mainstream transaction price of imported gas was 5280 yuan/ton, up 12 yuan/ton. Although the terminal purchasing enthusiasm declined, due to limited arrivals and high uncertainty, the price rose steadily. [6] - **South China Region**: The average price of domestic gas was 5160 yuan/ton, and imported gas was 5200 yuan/ton, both unchanged. The market was stable, with tepid trading due to insufficient terminal demand. Downstream maintained a high - inventory, just - in - time purchasing mode. [6] - **North China Region**: The benchmark price of civil gas was 4626 yuan/ton, up 31 yuan/ton. The market continued to rise but with a narrowing increase, and there was insufficient upward momentum. [7]