Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current supply - demand of finished products is in a weak balance, with limited price drivers. The previous rebound was mainly driven by the expected increase in raw material costs. After the basis convergence, the upward momentum has slowed. The market is in a stage of cost - demand game, lacking trend - upward momentum. Short - term trading should follow a volatile approach and be cautious [3]. Group 3: Summary of Key Data Futures Data - On March 31, 2026, RB2605 was at 3121 (down 18 from March 30), RB2610 at 3146, RB2701 at 3168 (down 20 from March 30); HC2605 was at 3294 (down 14 from March 30), HC2610 at 3310 (down 13 from March 30), HC2701 at 3312 (down 11 from March 30) [1]. - Night - session: RB2605 closed at 3124, RB2610 at 3149, HC2605 at 3294, HC2610 at 3312. The spread between RB05 and RB10 was - 25 yuan, the spread between HC05 and HC10 was - 18 yuan. The spread between HC05 and RB05 was 170 yuan, and between HC10 and RB10 was 163 yuan [2]. Spot Data - On March 31, 2026, Shanghai Zhongtian threaded steel was 3190 yuan (down 10 from March 30), Shanghai Bengang hot - rolled coil was 3280 yuan (down 10 from March 30) [1][2]. Other Data - From March 23 to March 29, the total iron ore inventory at seven major ports in Australia and Brazil was 1.2737 billion tons, a decrease of 120,700 tons from the previous period [2]. - In March, China's manufacturing, non - manufacturing, and comprehensive PMI output indices all returned to the expansion range, at 50.4%, 50.1%, and 50.5% respectively, up 1.4, 0.6, and 1 percentage points from the previous month [2]. - On March 31, the iron ore transactions at major ports in China were 1.173 million tons, a 98.5% increase from the previous day; 237 mainstream traders' construction steel transactions were 86,000 tons, a 17.27% decrease from the previous day [2]. - As of now, there are about 300 coking production enterprises in China, with about 210 independent coking enterprises and 90 steel - mill - supporting coking enterprises, and the total coke production capacity is about 570 million tons [2]. - In mid - March, the output of key coal - monitoring enterprises was 67.56 million tons, a 4.8% increase from early March and a 3.9% increase year - on - year; the cumulative output in early and mid - March was 132 million tons, a 2.6% increase year - on - year [2]. Group 4: Trading Strategy - Adopt a volatile trading strategy [3]

Report Industry Investment Rating - The short - term rating for hot - rolled coils is "oscillating weakly", and the short - term view is "oscillating strongly", with a mid - term need to focus on the recovery of manufacturing demand and steel mill resumption of production [1][7] Core View - Hot - rolled coil presents a pattern of increasing supply and demand and continuous inventory reduction. In the short term, it is mainly oscillating strongly. In the mid - term, if demand continues to pick up and production is controlled, it is expected to start a trend rebound; if demand is weak and resumption of production accelerates, the price will maintain an oscillating pattern [7] Summary by Directory Market行情回顾 - Futures price: The main contract of hot - rolled coil futures increased its open interest by 49,639 lots on Tuesday, with a trading volume of 223,929 lots, slightly increasing volume compared to the previous trading day. In terms of the daily moving average, it short - term broke below the 5 - day moving average around 3315 and was running above the 30 - day moving average at 3275 and the 60 - day moving average at 3290 in the medium term [1] - Spot price: The price of hot - rolled coils in Shanghai, a mainstream area, was reported at 3,290 yuan/ton [2] - Basis: The basis between futures and spot was - 20 yuan [3] Fundamental Data - Supply side: The actual weekly output was 3.0561 million tons, a week - on - week increase of 54,000 tons. The output slightly rebounded, and steel mills' willingness to resume production increased marginally. If the price of hot - rolled coils continues to rebound and steel mills' profits are further repaired, the output may continue to rise; if demand falls short of expectations, steel mills are likely to tighten production again [4] - Demand side: The apparent consumption was 3.1363 million tons, a week - on - week increase of 31,200 tons. The demand recovered month - on - month, but the increase was weaker than the output, indicating that the demand repair was still insufficient. If the production and sales data of industries such as automobiles and home appliances are good, the apparent demand is expected to further rise; if overseas demand is weak and domestic manufacturing starts are lower than expected, demand repair will be hindered [4] - Inventory side: The social inventory was 3.6942 million tons, a week - on - week decrease of 69,100 tons. The social inventory continued to be destocked, and the destocking pace of traders accelerated. The steel mill inventory was 838,500 tons, a decrease of 11,100 tons month - on - month. The total inventory was 4.5327 million tons, a decrease of 80,200 tons month - on - month, and the overall inventory pressure was marginally relieved [4] - Policy side: The government work report proposed to issue 1.3 trillion yuan of ultra - long - term special treasury bonds and arrange 4.4 trillion yuan of special bonds, which boosted the medium - and long - term confidence of the market. However, the current manufacturing PMI is still in the contraction range, and it takes time for policies to be transmitted to the hot - rolled coil demand side, and it is difficult to reverse the high - inventory pattern in the short term [5] Market Driving Factor Analysis - Bullish factors: The total inventory is continuously destocked, the destocking pace of social inventory is accelerating, the apparent demand is recovering month - on - month, and the hot - rolled coil price has bottom support; the manufacturing demand has stronger toughness than construction steel and has long - term fundamental support [6] - Bearish factors: The output has slightly rebounded, and the supply side has expanded marginally; the demand repair amplitude is weaker than the output, and the supply - demand pattern is weaker than that of rebar; the total inventory is still at a high level, which restricts the price rebound height [6] Short - term View Summary - The main hot - rolled coil contract was weakly oscillating on Tuesday. It has completed the main contract change. The support below the October contract is near the 30 - day and 60 - day moving averages. In the short term, hot - rolled coils are mainly oscillating strongly. In the medium term, it is necessary to focus on the recovery of manufacturing demand and steel mill resumption of production [7]

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

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

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

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report provides a weekly overview of futures price and volume data for various commodity categories, including precious metals, non - ferrous metals, black metals, energy and chemicals, agricultural products, forest products, livestock products, and financial futures. It shows the weekly closing prices, price changes, 20 - day annualized volatility, volatility changes, speculation degrees, trend degrees, and capital changes of each futures variety. 3. Summary by Commodity Categories Precious Metals - Gold: The weekly closing price was 998.66, with a weekly decline of 4.16%, 20 - day annualized volatility of 47.42%, a volatility increase of 56.31%, speculation degree of 3.36, trend degree of - 0.16, and a capital outflow of 148.28 [2]. - Silver: The weekly closing price was 17,489.00, with a weekly decline of 0.77%, 20 - day annualized volatility of 92.24%, a volatility increase of 9.26%, speculation degree of 4.69, trend degree of - 0.01, and a capital outflow of 11.14 [2]. Non - Ferrous Metals - Copper: The weekly closing price was 95,930.00, with a weekly increase of 1.26%, 20 - day annualized volatility of 22.36%, a volatility increase of 12.87%, speculation degree of 0.78, trend degree of - 0.07, and a capital outflow of 38.01 [2]. - Nickel: The weekly closing price was 137,100.00, with a weekly increase of 2.96%, 20 - day annualized volatility of 21.07%, a volatility decrease of 16.68%, speculation degree of 2.30, trend degree of 0.09, and a capital inflow of 15.03 [2]. - Tin: The weekly closing price was 362,460.00, with a weekly increase of 5.76%, 20 - day annualized volatility of 58.97%, a volatility decrease of 21.82%, speculation degree of 10.12, trend degree of 0.04, and a capital inflow of 3.39 [2]. Black Metals - Iron Ore: The weekly closing price was 812.00, with a weekly decline of 0.43%, 20 - day annualized volatility of 15.63%, a volatility decrease of 4.06%, speculation degree of 0.60, trend degree of 0.06, and a capital inflow of 3.38 [2]. - Coke: The weekly closing price was 1,752.00, with a weekly increase of 0.66%, 20 - day annualized volatility of 32.76%, a volatility increase of 22.23%, speculation degree of 0.74, trend degree of - 0.19, and a capital inflow of 3.87 [2]. - Coking Coal: The weekly closing price was 1,219.00, with a weekly increase of 4.10%, 20 - day annualized volatility of 47.56%, a volatility increase of 44.94%, speculation degree of 2.91, trend degree of 0.02, and a capital inflow of 23.74 [2]. Energy and Chemicals - Crude Oil: The weekly closing price was 740.80, with a weekly decline of 4.24%, 20 - day annualized volatility of 119.65%, a volatility increase of 8.61%, speculation degree of 2.50, trend degree of 0.04, and a capital outflow of 33.39 [2]. - Fuel Oil LU: The weekly closing price was 4,464.00 (5,157.00), with a weekly decline of 6.14% (- 7.78%), 20 - day annualized volatility of 99.40% (106.40%), a volatility increase of 14.65% (13.49%), speculation degree of 3.11 (1.95), trend degree of 0.08 (0.01), and a capital outflow of 18.59 (7.27) [2]. - Methanol: The weekly closing price was 3,296.00, with a weekly increase of 5.24%, 20 - day annualized volatility of 80.52%, a volatility increase of 5.60%, speculation degree of 3.38, trend degree of 0.30, and a capital inflow of 16.58 [2]. Agricultural Products - Cotton: The weekly closing price was 15,395.00, with a weekly increase of 1.18%, 20 - day annualized volatility of 10.10%, a volatility decrease of 38.17%, speculation degree of 0.50, trend degree of 0.21, and a capital inflow of 3.83 [2]. - Sugar: The weekly closing price was 5,464.00, with a weekly increase of 0.46%, 20 - day annualized volatility of 10.71%, a volatility decrease of 5.49%, speculation degree of 0.90, trend degree of 0.20, and a capital inflow of 2.13 [2]. - Corn: The weekly closing price was 2,369.00, with a weekly decline of 0.75%, 20 - day annualized volatility of 8.80%, a volatility increase of 35.16%, speculation degree of 0.57, trend degree of - 0.20, and a capital outflow of 0.41 [2]. Forest Products - Pulp: The weekly closing price was 5,202.00, with a weekly increase of 0.74%, 20 - day annualized volatility of 15.83%, a volatility decrease of 3.70%, speculation degree of 1.56, trend degree of 0.07, and a capital outflow of 8.97 [2]. Livestock Products - Eggs: The weekly closing price was 3,502.00, with a weekly increase of 2.73%, 20 - day annualized volatility of 17.48%, a volatility increase of 20.23%, speculation degree of 1.22, trend degree of 0.26, and a capital inflow of 2.72 [2]. - Hogs: The weekly closing price was 9,965.00, with a weekly decline of 2.50%, 20 - day annualized volatility of 17.84%, a volatility decrease of 1.77%, speculation degree of 0.80, trend degree of - 0.20, and a capital inflow of 11.64 [2]. Financial Futures - IC: The weekly closing price was 7,559.20, with no weekly change, 20 - day annualized volatility of 29.33%, a volatility increase of 20.48%, speculation degree of 0.68, trend degree of 0.05, and a capital inflow of 3.18 [4]. - IF: The weekly closing price was 4,427.40, with a weekly decline of 1.32%, 20 - day annualized volatility of 18.01%, a volatility increase of 22.49%, speculation degree of 0.44, trend degree of 0.03, and a capital outflow of 18.92 [4]. - IM: The weekly closing price was 7,523.80, with a weekly decline of 0.48%, 20 - day annualized volatility of 29.45%, a volatility increase of 33.07%, speculation degree of 0.77, trend degree of 0.04, and a capital outflow of 20.00 [4].

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

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report indicates that although export demand provides bottom support, the lack of domestic terminal purchasing enthusiasm restricts the upward price space. Considering the continuous reduction of futures positions and technical pressure signs, the market may remain range - bound in the short term, and it is necessary to focus on the steel mill start - up rate and downstream order data to be released tomorrow [6]. 3. Summary by Directory 3.1 Futures Market On March 25, 2026, the closing price of the main hot - rolled coil futures contract HC2605 was 3313 yuan/ton, down 8 yuan/ton or 0.24% from the previous settlement price. The opening price was 3324 yuan/ton, the highest price was 3340 yuan/ton, and the lowest price was 3304 yuan/ton. The trading volume was 302,300 lots, and the open interest was 1,003,100 lots, a decrease of 21,200 lots from the previous trading day. The market showed a narrow - range shock consolidation trend with a small outflow of funds [2]. 3.2现货市场 On March 25, the overall spot price of hot - rolled coils in the country was stable. The average national price of hot - rolled coils was 3327 yuan/ton, up 15 yuan/ton from the previous day. The spot market showed a stable - to - strong pattern, but the actual transaction follow - up was insufficient [3]. 3.3影响因素 - **产业资讯**: This week, the total domestic hot - rolled coil production was about 3.4175 million tons, an increase of 47,000 tons from last week. The capacity utilization rate of hot - rolled coil rolling lines was 83.35%, an increase of 1.14 percentage points. The inventory of sample steel mills was about 811,800 tons, a decrease of 39,200 tons from last week. The average number of days of orders on hand for steel mills was 29 days, the same as last week. Hot - rolled coil production has entered a small - scale production increase cycle, and steel mills still have certain marginal profits, with the capacity utilization rate operating at a relatively high level [4]. - **技术分析**: The price is currently running near the 5 - day and 10 - day moving averages, and the short - term moving average system shows a long - position arrangement but with a gentle slope. The trading volume remains at around 300,000 lots, and the open interest is stable at the 1 - million - lot level, with moderate market participation. From the perspective of volatility, the recent price fluctuation range has narrowed, indicating strong market wait - and - see sentiment and waiting for a directional breakthrough. The technical side as a whole shows a shock consolidation pattern, and the short - term direction is unclear [5]. 3.4行情展望 In the short term, the market may remain range - bound. Key attention should be paid to the steel mill start - up rate and downstream order data to be released tomorrow [6].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The Middle East situation is in a high - pressure tug - of - war. The market is trading around the possibility of a turning point in US - Iran negotiations, but the news is still fluctuating. All kinds of assets are expected to maintain high volatility in the short term [2]. - A - shares may continue to oscillate and repair in the short term, and the bond market will maintain an oscillating pattern [3]. - Precious metals are expected to continue to rebound in the short term, but it is too early to say that the adjustment is over [4][5]. - Copper prices are expected to maintain a relatively strong oscillating trend in the short term [6]. - Aluminum prices may remain under pressure and oscillate for some time, but the fundamentals provide support at the bottom [7]. - Alumina prices are expected to oscillate with a short - term preference and face greater pressure in the medium - to - long term [9]. - Cast aluminum is mainly in wide - range oscillations dominated by macro - emotions [10]. - Zinc prices are expected to maintain an oscillating and relatively strong repair in the short term [11]. - Lead prices are expected to continue to oscillate at a low level [12]. - Tin prices will have a weak rebound in the short term, but the rebound height will be restricted [13]. - Nickel prices are expected to continue to rebound in the short term [14]. - Lithium carbonate futures are expected to oscillate and rebound at a high level in the short term [15]. - Steel prices are expected to oscillate slightly stronger, and iron ore prices are expected to oscillate and be relatively strong. Double - coking futures are expected to oscillate at a high level [16][17][19]. - Bean and rapeseed meal are expected to oscillate and decline in the short term, and palm oil is expected to oscillate and decline and adjust in the short term [21][22]. 3. Summary by Relevant Catalogs 3.1 Macro - Overseas: The US - Iran conflict is in a high - pressure tug - of - war. The market is trading around the possibility of a turning point in negotiations, with stocks rising, the US dollar index rising, and gold, silver, and oil prices fluctuating. The navigation situation in the Strait of Hormuz is the core variable affecting oil prices and inflation expectations [2]. - Domestic: A - shares continued to rebound and repair, with small - cap and science - innovation sectors leading the rise. The bond market was generally warm, but the 30 - year interest rate rose marginally. The market is expected to continue to oscillate and repair in the short term, and the bond market will maintain an oscillating pattern [3]. 3.2 Precious Metals - On Wednesday, precious metal prices continued to rebound. The US submitted a 15 - point cease - fire proposal to Iran, but Iran refused. The short - term price of precious metals is expected to continue to rebound, but it is too early to say the adjustment is over [4][5]. 3.3 Copper - On Wednesday, Shanghai copper continued to rebound. The macro situation is gradually improving, and the fundamentals show that the supply growth rate of concentrates is low, and the global refined copper production capacity is difficult to expand. Copper prices are expected to maintain a relatively strong oscillating trend in the short term [6]. 3.4 Aluminum - On Wednesday, Shanghai aluminum rose slightly, and LME aluminum fell slightly. The US - Iran negotiation situation is unclear, and the aluminum price may remain under pressure and oscillate. The domestic consumption is recovering, and the inventory is decreasing. The supply side may face the shutdown of 250,000 tons of production capacity [7]. 3.5 Alumina - On Wednesday, the alumina futures price fell, and the spot price rose. The policy of bauxite in Guinea is not clear, and the futures position has decreased. The short - term price is expected to oscillate with a preference, and the medium - to - long - term pressure is large [9]. 3.6 Cast Aluminum - On Wednesday, the cast aluminum alloy futures price rose. The US - Iran negotiation situation is uncertain, and the market sentiment fluctuates. The cost support is stable, and the supply and demand are slowly rising. Cast aluminum is mainly in wide - range oscillations [10]. 3.7 Zinc - On Wednesday, Shanghai zinc oscillated, and LME zinc rose slightly. The CZSPT's second - quarter import ore processing fee guidance price decreased significantly, indicating a tightening of zinc ore supply. Zinc prices are expected to maintain an oscillating and relatively strong repair in the short term [11]. 3.8 Lead - On Wednesday, Shanghai lead oscillated slightly higher, and LME lead rose. The production of electrolytic lead is stable, and the production of recycled lead is at a low level. The demand improvement is limited, and lead prices are expected to continue to oscillate at a low level [12]. 3.9 Tin - On Wednesday, Shanghai tin first rose and then fell, and LME tin rose. The US - Iran cease - fire negotiation situation dominates the market. Tin prices have a weak rebound driven by market sentiment, but the rebound height is restricted [13]. 3.10 Nickel - On Wednesday, Shanghai nickel continued to rebound. The macro situation is gradually improving, and the cost side is supported by policies and sulfur supply. Nickel prices are expected to continue to rebound in the short term [14]. 3.11 Lithium Carbonate - On Wednesday, the lithium carbonate futures price rose. The US - Iran situation is still tense, and the supply from Zimbabwe is uncertain. The inventory is at a low level, and lithium carbonate is expected to oscillate and rebound at a high level in the short term [15]. 3.12 Steel and Iron - Steel: On Wednesday, steel futures oscillated. The terminal demand is recovering, and steel prices are expected to oscillate slightly stronger [16]. - Iron ore: On Wednesday, iron ore futures oscillated and rebounded. The demand from steel mills is increasing, and the supply is also rising. Iron ore prices are expected to oscillate and be relatively strong [17]. - Double - coking: On Wednesday, double - coking futures oscillated and adjusted. The upstream production is increasing and the inventory is decreasing, and double - coking is expected to oscillate at a high level [18][19]. 3.13 Agricultural Products - Bean and rapeseed meal: On Wednesday, bean and rapeseed meal futures fell. The US soybean inventory is expected to be at a six - year high, and the Brazilian soybean production is expected to increase. The demand may weaken in the future, and the prices are expected to oscillate and decline [20][21]. - Palm oil: On Wednesday, palm oil futures fell. The export demand for Malaysian palm oil is good, but the US - Iran conflict and the Indonesian B50 policy still have an impact. Palm oil is expected to oscillate and decline and adjust in the short term [22].

Report Investment Rating - The investment rating of the hot - rolled coil industry is "Oscillating with a Bullish Bias" [1] Core Viewpoint - The hot - rolled coil main contract is expected to oscillate with a bullish bias. Although the current situation is one of increasing supply and demand, with the apparent consumption rebounding significantly and the arrival of the seasonal peak season, and the overall output contracting, which supports the price, the high - level inventory restricts the upside space to a certain extent. Attention should be paid to the subsequent inventory reduction progress [6] Summary by Directory Market Review - **Futures Price**: On Tuesday, the open interest of the hot - rolled coil futures main contract decreased by 31,099 lots, with a trading volume of 253,950 lots, which was lower than the previous trading day. In terms of the moving average, it broke through the 5 - day moving average of around 3,312 in the short - term, was at the 30 - day moving average of 3,255, and was running above the medium - term resistance of the 60 - day moving average of around 3,272 [1] - **Spot Price**: The price of hot - rolled coils in the mainstream Shanghai area was reported at 3,300 yuan per ton [2] - **Basis**: The basis between futures and spot was - 24 yuan [3] Fundamental Data - **Supply**: The actual weekly output was 300.21 million tons, a week - on - week increase of 4.95 million tons and a year - on - year decrease of 24.12 million tons. Steel mills' resumption of production was moderate, and the supply contraction was obvious year - on - year, so the supply side exerted limited pressure on prices [4] - **Demand**: The apparent consumption was 310.51 million tons, a week - on - week increase of 15.15 million tons and a year - on - year decrease of 20.14 million tons. The resumption of work in the manufacturing industry drove the rebound of apparent demand, but it was still weak year - on - year. The intensity of demand recovery was the core variable in the future [4] - **Inventory**: Social inventory was 376.33 million tons, a week - on - week decrease of 5.98 million tons and a year - on - year increase of 52.28 million tons. It was the first weekly inventory reduction, but the absolute quantity was still much higher than last year. Steel mill inventory was 84.96 million tons, a week - on - week decrease of 4.32 million tons, and the inventory pressure was relieved. The total inventory was 461.29 million tons, a week - on - week decrease of 10.3 million tons and a year - on - year increase of 51.39 million tons. It ended the inventory accumulation phase and entered the inventory reduction phase, but the total inventory was still at a high level. The entry into weekly inventory reduction verified the start of demand, but the absolute quantity of social inventory and the inventory - to - sales ratio were still at high levels, suppressing the upside space of prices [4] - **Policy**: On March 5, 2026, the National Two Sessions were held. The government work report proposed issuing ultra - long - term special treasury bonds worth 1.3 trillion yuan and arranging special bonds worth 4.4 trillion yuan to strengthen the support for infrastructure and "Two New" projects, boosting medium - and long - term market confidence. However, the current manufacturing PMI was still in the contraction range, and there was no substantial improvement in downstream orders. It would take time for policies to be transmitted to the hot - rolled coil demand side, and it was difficult to reverse the high - inventory situation in the short term [5] Market Driving Factors Analysis - **Bullish Factors**: Cost support, supply contraction, demand resilience, policy support ("14th Five - Year Plan", infrastructure investment), and rising raw material prices [6] - **Bearish Factors**: Slow demand realization, price suppression due to inventory accumulation, and increased macro - level disturbances [6]