1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Sugar**: The global sugar surplus situation in the 2025/26 season has improved. The international raw sugar price has strengthened due to factors such as the high - price of Brazilian ethanol and the possible lower - than - expected sugar production in India. In China, the sugar production is expected to slow down as southern sugar mills start to shut down, and the domestic sugar market fundamentals are also improving. The Zhengzhou sugar futures may rise in a wide - range shock, and it is recommended to hold long positions cautiously [4]. - **Pulp**: The game between buyers and sellers in the wood pulp spot market continues. The downstream demand for finished paper is approaching the peak season, but the positive impact of seasonal demand fluctuations is not obvious. The cost - side support for pulp has increased, but the upward drive for pulp prices is limited in the short term. It is recommended to operate with a short - bias in the range [4][5]. - **Double - offset Paper**: The start - up rate of double - offset paper has rebounded after the Spring Festival, but the downstream demand is mainly for rigid procurement. The cost - side upward drive is not strong. It is expected to maintain range consolidation in the short term, and it is recommended to operate with a short - bias in the range [6][7]. - **Cotton**: The external market has limited new negative factors, and the domestic market is digesting the negative news of increased imports. The medium - term support for cotton prices remains, and the futures price is expected to enter a support range and return to a relatively strong shock. It is recommended to hold long positions in the 05 contract cautiously [8]. - **Apple**: The decline in apple futures prices is mainly due to differences in the value of taking delivery. The supply - side support remains, but the consumption - side support is insufficient. The futures price is expected to fluctuate in a high - level range, and it is recommended to return to a wait - and - see state [9]. - **Jujube**: The jujube futures price is in a low - level weak shock. The spot inventory is gradually reaching its seasonal peak and then declining. It is recommended to close short positions below 9000 points for the 2605 contract, and for long - position holders, it is recommended to buy protective put options at the same time. Cautious investors can hold a reverse spread of short 2605 and long 2609 [9][10]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures Strategy** - **Apple 2605**: Return to wait - and - see. The supply - side support remains, but the consumption support is insufficient. The futures price continues to fluctuate in a high - level range. The support range is 9000 - 9200, and the pressure range is 11000 - 11500 [18]. - **Jujube 2605**: Short - term buy on dips. The expected reduction in production may gradually be reflected in the far - month contracts, and the spot inventory has begun to reach its peak and decline. The support range is 8700 - 9000, and the pressure range is 9500 - 9800 [18]. - **Soft Commodity Futures Strategy** - **Sugar 2605**: Hold long positions cautiously. The international sugar supply surplus situation has improved. The southern sugar mills in China are starting to shut down, and the supply - demand fundamentals are improving, but the supply is still sufficient. The support range is 5250 - 5300, and the pressure range is 5600 - 5650 [18]. - **Pulp 2605**: Short on rallies. The rise in the outer - market price of broad - leaf pulp has driven the pulp futures to strengthen, but the peak - season demand for finished paper needs to be verified, and the improvement in the supply - demand situation of bleached softwood kraft pulp is limited. The support range is 5000 - 5100, and the pressure range is 5350 - 5400 [18]. - **Double - offset Paper 2605**: Range operation. The spot market is stable, but the demand has entered the off - season. Short - term attention should be paid to the support situation after the futures price further declines and the basis widens. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [18]. - **Cotton 2605**: Hold long positions cautiously. The significant increase in imported cotton and cotton yarn has put short - term pressure on the market, but the outer - market has stabilized and rebounded, and the medium - term upward trend of the futures price remains unchanged. The support range is 14900 - 15000, and the pressure range is 16300 - 16500 [18]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In January 2026, the export volume of fresh apples was about 99,900 tons, a month - on - month decrease of 36.14% and a year - on - year increase of 9.44%. In February, it was about 79,100 tons, a month - on - month decrease of 20.83% and a year - on - year increase of 15.96%. As of March 25, 2026, the cold - storage inventory of apples in the main producing areas was 4.4179 million tons, a week - on - week decrease of 266,400 tons. As of March 26, it was 3.8947 million tons, a week - on - week decrease of 294,500 tons and a year - on - year decrease of 217,900 tons [19]. - **Spot Market Situation**: In the Shandong production area, the price of late - maturing bagged Fuji apples in stock is stable, and the trading volume in cold storage is average. In the Shaanxi production area, the mainstream price is stable, and the cold - storage packaging volume for the Tomb - sweeping Festival is acceptable. In the sales area, the arrival of goods is stable, the overall sales speed is average, and the mainstream price is stable [19][20][21]. - **Jujube Market**: As of March 5, the physical inventory of 36 sample points was 11,700 tons, a decrease of 117 tons from the previous week, a month - on - month decrease of 0.99% and a year - on - year increase of 7.39%. The downstream customers mainly purchase on demand, and the overall trading atmosphere in the market is stable [22]. - **Sugar Market**: In the first half of March, the sugar - cane crushing volume in the central - southern region of Brazil decreased by 29.67% year - on - year, the sugar - making ratio decreased by 25.27 percentage points year - on - year, and the sugar production decreased by 88.60% year - on - year. In India, the sugar - making work in the 2025/26 season in the state of Maharashtra is coming to an end. In Thailand, as of March 25, 2026, the cumulative sugar - cane crushing volume increased by 8.81% year - on - year, and the sugar production increased by 12.01% year - on - year. As of March 25, the number of ships waiting to load sugar at Brazilian ports decreased, and the quantity of sugar waiting to be shipped also decreased. India announced that the domestic sugar sales quota for April 2026 was 2.3 million tons, a decrease of 50,000 tons from the same period last year. As of March 30, 25/26 season in Guangxi, 37 sugar mills have shut down, with a shutdown capacity of 332,000 tons per day [24]. - **Pulp Market**: After the Spring Festival, Chinese buyers returned to the market. The price of South American BHK pulp increased by $10 per ton in February, and sellers announced another price increase of $20 per ton in March, which led to cautious waiting and watching by buyers. The terminal users' resistance sentiment intensified, the domestic market trading was weak, many factories shut down, and the port inventory increased by 205,000 tons [27]. - **Double - offset Paper Market**: Last Thursday, the inventory days of double - offset paper decreased by 2.05% compared with the previous Thursday, and the decline rate narrowed by 0.40 percentage points week - on - week. The industry's overall inventory - reduction speed decreased. This week, the start - up load rate of double - offset paper was 57.43%, a week - on - week increase of 0.07 percentage points, and the increase rate narrowed by 0.67 percentage points week - on - week [28]. - **Cotton Market**: As of March 29, 2026, 1,100 cotton processing enterprises in the 2025 cotton year processed and carried out notarized inspection on cotton, with an inspection quantity of 33,712,814 bales and an inspection weight of 7.61 million tons. From March 20 to 26, 2026, the United States graded and inspected 3,700 tons of cotton in the 2025/26 season, and 82.2% of the lint met the delivery requirements of ICE cotton futures [29]. 3.3 Third Part: Market Review - **Futures Market Review** | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 9863 | - 104 | - 1.04% | | Jujube 2605 | 8775 | - 95 | - 1.07% | | Sugar 2605 | 5441 | - 23 | - 0.42% | | Pulp 2605 | 5182 | - 20 | - 0.38% | | Cotton 2605 | 15385 | - 10 | - 0.06% | [30] - **Spot Market Review** | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0 | 0.45 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5460 | 0 | - 720 | | Pulp (Shandong Silver Star) | 5180 | - 40 | - 1300 | | Double - offset Paper (Sun Tianyang - Tianjin) | 4350 | 0 | - 800 | | Cotton (yuan/ton) | 16823 | 9 | 1959 | [35] 3.4 Fourth Part: Basis Situation There is no text description of the basis situation, only relevant figure references are provided. 3.5 Fifth Part: Inter - monthly Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 1100 | - 100 | 1006 | Oscillate strongly | Buy on dips | | Jujube | 5 - 9 | - 385 | - 35 | - 80 | Reverse spread on rallies | Wait - and - see | | Sugar | 5 - 9 | - 26 | - 3 | - 127 | Oscillate | Wait - and - see | | Cotton | 5 - 9 | - 130 | 5 | 15 | Oscillate weakly | Short on rallies | [55] 3.6 Sixth Part: Futures Position Situation There is no text description of the futures position situation, only relevant figure references are provided. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Volume | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 4273 | 0 | - 2341 | | Sugar | 16862 | 520 | - 10548 | | Pulp | 188163 | 2601 | - 187102 | | Cotton | 12435 | 1 | 3160 | [87] 3.8 Eighth Part: Option - related Data There is no text description of the option - related data, only relevant figure references are provided.

1. Report Industry Investment Rating There is no mention of the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - **Soft Commodity Sector** - **Sugar**: International factors such as high - priced Brazilian ethanol and potentially lower Indian sugar production improve the global sugar supply - demand situation. In China, with southern sugar mills starting to finish the crushing season, the domestic sugar market fundamentals are also improving. Zhengzhou sugar futures may rise in a wide - range oscillation [3]. - **Pulp**: The spot market is in a state of buyer - seller game. Although the downstream demand for finished paper has improved in the peak season, the positive impact of seasonal demand fluctuations is not obvious. The cost support has increased, but the weak fundamentals remain. The pulp price may rebound in the short - term, but the upward space is limited [3]. - **Double - offset Paper**: The operating rate is rising, but the demand is mainly for rigid needs. The cost - side driving force is not strong, and the supply is still relatively loose. It is expected to maintain a range - bound arrangement in the short - term, and the rebound height is limited [4]. - **Fresh Fruit Sector** - **Apple**: The decline in apple futures prices is due to market differences in delivery value. The supply side has medium - term support, but the consumption side lacks driving force. The futures price is expected to fluctuate in a high - level range [6]. - **Jujube**: The jujube futures price has rebounded from the bottom and then entered a narrow - range oscillation. The spot inventory is gradually reaching its seasonal peak and then declining. The futures - spot price difference has been alleviated. Different trading strategies are recommended according to different positions [7]. 3. Summary According to the Directory 3.1 First Part: Plate Strategy Recommendation - **Fresh Fruit Futures** - **Apple 2605**: Recommend to reduce or exit long positions at high prices. The supply side has medium - term support, but the marginal driving force is decreasing, and the futures price fluctuates in a high - level range. The support range is 9000 - 9200, and the pressure range is 11000 - 11500 [15]. - **Jujube 2605**: Recommend to reduce short positions. The agricultural products are rebounding from the low level, and the jujube spot inventory is reaching its peak and then declining. The support range is 8900 - 9000, and the pressure range is 9300 - 9700 [15]. - **Soft Commodity Futures** - **Sugar 2605**: Recommend to hold long positions with a light position. The supply - demand fundamentals are improving, and the supply pressure in China is weakening. The support range is 5250 - 5300, and the pressure range is 5600 - 5650 [15]. - **Pulp 2605**: Recommend to short at high prices. Although there is bottom support, the upward space is limited due to high inventory and weak fundamentals. The support range is 5000 - 5100, and the pressure range is 5350 - 5400 [15]. - **Double - offset Paper 2605**: Recommend range - bound operation. The spot market improvement is limited, and the cost - side driving force is general. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [15]. 3.2 Second Part: Plate Weekly Market Review - **Futures Market Review** - Apple 2605 closed at 9967, with a weekly decline of 754 and a decline rate of 7.03%. - Jujube 2605 closed at 8870, with a weekly increase of 30 and an increase rate of 0.34%. - Sugar 2605 closed at 5464, with a weekly increase of 25 and an increase rate of 0.46%. - Pulp 2605 closed at 5202, with a weekly increase of 38 and an increase rate of 0.74%. - Double - offset Paper 2602 closed at 4308, with a weekly increase of 212 and an increase rate of 5.18% [16]. - **Spot Market Review** - The spot price of apples is 4.70 yuan per catty, with no change compared to the previous period and an increase of 0.55 yuan year - on - year. - The spot price of jujubes is 9.40 yuan per kilogram, with a decrease of 0.10 yuan compared to the previous period and a decrease of 5.30 yuan year - on - year. - The spot price of sugar is 5460 yuan per ton, with no change compared to the previous period and a decrease of 705 yuan year - on - year. - The spot price of pulp (Shandong Silver Star) is 5180 yuan, with a decrease of 40 yuan compared to the previous period and a decrease of 1300 yuan year - on - year [21]. 3.3 Third Part: Plate Basis Situation The report provides basis data charts for jujube, sugar, and pulp main - continuous contracts, but no specific data analysis is given [29][31][34]. 3.4 Fourth Part: Inter - month Spread Situation The report provides spread data charts for apples, jujubes, and sugar in different months, but no specific data analysis is given [37][39][41]. 3.5 Fifth Part: Futures Warehouse Receipt Situation - Apple: The number of warehouse receipts is 0, with no change compared to the previous period and the same as the same period last year. - Jujube: The number of warehouse receipts is 4273, an increase of 161 compared to the previous period and a decrease of 2198 compared to the same period last year. - Sugar: The number of warehouse receipts is 16342, with no change compared to the previous period and a decrease of 11068 compared to the same period last year. - Pulp: The number of warehouse receipts is 185562, a decrease of 1000 compared to the previous period and a decrease of 189546 compared to the same period last year [41]. 3.6 Sixth Part: Option - related Data - **Option Strategy Recommendation** - Apple 2605: Recommend to sell out - of - the - money put options. - Jujube 2605: Recommend to sell deep out - of - the - money call options. - Sugar 2605: Recommend to sell out - of - the - money put options [41]. - **Apple Option Data** The report provides charts of apple option trading volume, open interest, put - call ratio, and historical volatility, but no specific data analysis is given [44]. - **Sugar Option Data** The report provides charts of sugar option trading volume, open interest, put - call ratio, historical volatility, and implied volatility, but no specific data analysis is given [45]. 3.7 Seventh Part: Plate Futures Fundamental Situation - **Apple** - **Production Area Weather**: The report provides charts of minimum temperature and precipitation in apple - producing areas such as Shandong and Shaanxi, but no specific data analysis is given [48]. - **Export Situation**: The report provides a chart of apple export volume, but no specific data analysis is given [53]. - **Inventory Situation**: The report provides charts of national apple inventory, Shandong and Shaanxi weekly apple storage inventory, but no specific data analysis is given [54]. - **Jujube** The report provides charts of jujube trading volume in Henan and Hebei, and the daily arrival volume in Guangdong Ruyifang Market, but no specific data analysis is given [58]. - **Sugar** The report provides charts of national sugar industrial inventory, monthly sugar import volume, and sugar spot - futures price difference, but no specific data analysis is given [60]. - **Pulp** The report provides charts of domestic four - port pulp inventory, global pulp producer inventory days, and production volume of various paper products, but no specific data analysis is given [64]. - **Double - offset Paper** The report provides charts of double - offset paper capacity utilization rate, production volume, enterprise inventory, and apparent consumption, but no specific data analysis is given [78].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The geopolitical situation in the Middle East has a significant impact on the global energy supply, with a sharp decline in oil exports from Middle - Eastern countries. The Fed maintains the federal funds rate, and the market is affected by multiple factors such as inflation expectations and geopolitical risks [6][7]. - Different sectors in the market show various trends. For example, in the agricultural products sector, there are differences in supply - demand relationships and price trends for different products; in the energy - chemical sector, prices are affected by factors like the Middle - East situation and supply - demand balance; in the financial market, A - share markets have certain investment opportunities after risk release, but short - term uncertainties remain [11][15][22]. 3. Summary by Relevant Catalogs 3.1 Chemicals - **Price Changes**: On March 26, 2026, compared with March 25, 2026, among chemical products, methanol had the largest increase of 1.942% (from 3,089.00 to 3,149.00), and benzene had the largest decrease of 1.217% (from 10,105.00 to 9,982.00) [4]. 3.2 Macro News - **Middle - East Situation**: The attack on Iranian energy facilities by the US and Israel has led to a sharp increase in the risk of attacks on Middle - East energy facilities. Iran has retaliated, and the conflict has severely impacted the global energy supply, with a significant drop in oil exports from Middle - Eastern countries [6]. - **Fed's Decision**: The Fed maintains the federal funds rate target range at 3.50% - 3.75%, with a more conservative approach to future interest rate cuts, reflecting a cautious stance in the face of multiple risks [7]. - **China - US Relations**: China and the US will continue to communicate about Trump's visit to China [8]. - **Land Policy**: China is conducting a second - round pilot project to extend land contracts for another 30 years, emphasizing the protection of collective ownership and the prevention of "non - agricultural" and "non - grain" use of land [8]. 3.3 Main Variety Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: The domestic sugar market is under short - term supply pressure, but the international market has a tightening supply expectation. It is advisable to pay attention to the opportunity of long - term contracts at low prices, with a support level of 5400 yuan/ton and a resistance level of 5450 yuan/ton [11]. - **Corn**: The corn price is in a weak - oscillating trend. The supply pressure may increase in the short term, and the support level is in the range of 2350 - 2380 yuan/ton [11]. - **Peanut**: The peanut price is in a high - level oscillation. The supply is tight, and the demand is divided. It is recommended to wait and see or conduct range operations, with a resistance level around 8200 yuan [11]. - **Pig**: The pig price is declining. The supply is sufficient, and the market is pessimistic. It is advisable to reduce short positions [11][13]. - **Egg**: The egg price is stable with a slight upward trend. The supply is sufficient, but there is also support at the bottom. It is recommended to conduct intraday operations [13]. - **Jujube**: The jujube market is in a seasonal consumption off - season. The supply exceeds demand, and it is recommended to conduct intraday range operations [13]. - **Cotton**: The cotton price is in a strong - oscillating trend. The supply is slightly affected by the import quota, and the demand is improving. It is advisable to go long on dips, with a support level around 15300 yuan [13]. 3.3.2 Energy - Chemicals - **Caustic Soda**: The price of caustic soda is rising, and there is an expectation of increased exports. However, attention should be paid to the risk of near - term contract correction [15]. - **Coking Coal and Coke**: The price of coking coal is stable with a slight increase, and the first - round price increase of coke has not been responded to by steel mills. The price is in an oscillating adjustment [15]. - **Double - offset Paper**: The supply of double - offset paper is recovering, but the demand is weak. The price is expected to oscillate, with a resistance level in the 4220 - 4230 area and a support level of 4180 yuan [15]. - **Urea**: The urea market is in a pattern of strong supply and weak demand, and the price is expected to continue high - level consolidation in the range of 1780 - 1950 yuan/ton [15]. 3.3.3 Non - ferrous Metals - **Gold and Silver**: The prices of gold and silver are rising due to factors such as the tense Middle - East situation and the Fed's interest - rate cut signal. They are in a high - level oscillation, and attention should be paid to risks [15][17]. - **Copper and Aluminum**: The prices of copper and aluminum are following the market correction. It is recommended to wait patiently for the price to stop falling and stabilize [17]. - **Alumina**: The domestic supply of alumina is large, but there are concerns about the supply of bauxite from Guinea. It is advisable to take a long - position approach on dips and be vigilant against macro risks [17]. - **Rebar and Hot - rolled Coil**: The steel market's supply - demand structure is improving, but the steel price is slightly under pressure in the short term and is expected to have a small - scale oscillating adjustment [17]. - **Ferroalloys**: The prices of ferroalloys are strong, mainly due to the energy premium caused by the geopolitical conflict. It is advisable to take a long - position approach on dips, but be cautious about the risk of chasing high prices [17][19]. - **Lithium Carbonate**: The price of lithium carbonate has broken through the previous high. It is not advisable to chase high prices. It is recommended to look for long - position opportunities on price corrections, with a resistance level of 161500 yuan and a support level of 158000 yuan [19]. 3.3.4 Options and Finance - **Stock Index Options**: On March 25, A - share indexes rose, and different stock index options showed different trends in volume and open interest. Trend investors can pay attention to the arbitrage opportunities between varieties, and volatility investors can take corresponding strategies according to price changes [19]. - **Stock Index**: On March 25, the three major indexes oscillated and rose. The A - share market has investment opportunities after risk release, but short - term uncertainties remain. It is advisable to control positions and participate in the rebound [19][22].

Report Industry Investment Rating - Not provided in the given content Core Views of the Report - The sugar market is affected by factors such as production expectations in India and Thailand, and geopolitical conflicts in the Middle East. The international sugar market is in a bear - market cycle with a relatively loose short - term supply - demand structure, but there is potential for the trading logic of sugar as a bio - energy to be amplified. The domestic sugar market has a neutral - bearish supply - demand situation but is supported by cost and policy expectations [1]. - The jujube market has limited trading information. The supply pressure is the main factor suppressing prices. The current futures price is oscillating strongly, and short - term attention should be paid to the rebound amplitude for short - selling operations [4]. - The natural rubber market has a mix of long and short factors. Overseas production areas are entering the shutdown period, and domestic production areas have good conditions for new - season tapping. The demand from tire enterprises is recovering, and the inventory situation is complex. The synthetic rubber market is mainly affected by the supply of butadiene, and the price is affected by the Middle East conflict [5]. Summary by Variety Sugar - **Market Performance**: On Friday, the SR605 contract closed at 5447 yuan/ton with a daily increase of 0.57%, and the SR609 contract closed at 5483 yuan/ton with a daily increase of 0.66%. The ICE raw sugar main contract was at 14.41 cents/pound with a daily decrease of 0.14% [1]. - **Important Information**: As of March 11, 2026, Thailand's cumulative sugarcane crushing volume increased by 0.48% year - on - year, sugar production increased by 2.98% year - on - year. Brokerage firm StoneX lowered the forecast of the global sugar supply surplus to 870,000 tons [1]. - **Market Logic**: The international sugar market is affected by production expectations and geopolitical conflicts. The domestic sugar market has a neutral - bearish supply - demand situation but is supported by cost and policy expectations [1]. Jujube - **Market Performance**: On Friday, the CJ605 contract closed at 9095 yuan/ton with a daily increase of 0.17%, and the CJ609 contract closed at 9465 yuan/ton with a daily increase of 0.26% [4]. - **Important Information**: Last week, the physical inventory of 36 sample points decreased by 0.99% week - on - week and increased by 7.39% year - on - year. The arrival of vehicles at the Guangdong Ruyifang market decreased by 3 vehicles [4]. - **Market Logic**: The jujube trees in Xinjiang are in the dormant stage, and there is a possibility of early budding. The supply pressure is the main factor suppressing prices, and the futures price is oscillating strongly [4]. - **Trading Strategy**: Short - sell at high prices; enterprises can consider selling hedging operations [4]. Rubber Natural Rubber - **Market Performance**: As of March 13, 2026, the RU main contract closed at 16765 yuan/ton with a daily decrease of 1.82%, and the NR main contract closed at 13320 yuan/ton with a daily decrease of 2.31% [5]. - **Important Information**: On Friday, the price of Thai raw material glue was 71 baht/kg, and the cup - rubber price was 58 baht/kg. As of March 8, 2026, the total inventory of natural rubber in Qingdao increased slightly, and the social inventory decreased slightly [5]. - **Market Logic**: Overseas production areas are entering the shutdown period, domestic production areas have good conditions for new - season tapping, tire enterprise demand is recovering, and the inventory situation is complex [5]. Synthetic Rubber - **Market Performance**: The BR main contract's center of gravity moved up last week, with obvious wide - range oscillations [5]. - **Important Information**: On Friday, the prices of butadiene rubber and styrene - butadiene rubber in the market increased [5]. - **Market Logic**: The BR futures price is mainly affected by the supply of butadiene, which is related to the operation of naphtha cracking to ethylene plants and the Middle East conflict [5]. - **Trading Strategy**: Adopt a short - long thinking for RU and NR in the near term; hold BR long positions cautiously [6].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views of the Report - **Sugar**: The recent trend of sugar futures is strong, mainly driven by the increase in oil prices. Rising international oil prices have led to higher ethanol prices in Brazil. The sugar - alcohol price ratio favors ethanol production, causing sugar mills to increase the sugar - alcohol ratio and reduce the sugar - making ratio. The market's expectation of tightened sugar supply has increased. Additionally, sugar's valuation is at a relatively low level, with a need for repair, so the short - term strong pattern is expected to continue [3]. - **Cotton**: The current expectation of tight domestic supply and demand still strongly supports cotton prices, making them prone to rise. However, the high price difference between domestic and foreign cotton exerts pressure on the upside of cotton prices. Attention should be paid to the ongoing geopolitical conflict in the Middle East and changes in US foreign trade policies [14]. - **Apple**: The current apple futures market is running strongly, driven by both fundamental factors and delivery logic. The scarcity of delivery products for the 05 contract is prominent, providing strong short - term support to the market [20]. - **Jujube**: As the new planting season has not arrived, the market focus remains on the demand side. Currently, downstream sales are mediocre, and restocking is light. In the short term, due to geopolitical conflicts, market funds are flowing, but the driving force for jujube prices is limited. Under overall loose domestic supply and demand, there is still pressure on the upside of jujube prices, and they may mainly fluctuate at low levels to build a bottom [28]. 3. Summary by Commodity Sugar - **Price and Spread**: On March 13, 2026, SR01 closed at 5603, with a daily increase of 0.63% and a weekly increase of 1.82%. The price differences between different contracts also showed corresponding changes. For example, SR01 - 05 was 152, up 6 from the previous day and 19 from the previous week [4]. - **Basis**: The basis between different regions (Nanning, Kunming) and different contracts also changed. For example, the Nanning - SR01 basis on March 12, 2026, was - 148, up 1 from the previous day but down 35 from the previous week [9]. - **Import Price**: The quota - in and quota - out import prices of Brazilian and Thai sugar changed. For example, the Brazilian import quota - in price on March 13, 2026, was 4068, down 32 from the previous day but up 92 from the previous week [12]. Cotton - **Futures Price**: On the reporting date, cotton 01 closed at 15805, down 70 or - 0.44%. The prices of other contracts also changed accordingly. The price differences between different contracts and the basis of cotton also had different changes [15]. Apple - **Price Change**: On March 13, 2026, AP05 closed at 9998, with a daily increase of 0.14% but a weekly decrease of 3.08%. The prices of different contracts and spot prices in different regions also showed corresponding fluctuations [21]. Jujube - **Futures Spread**: The price differences between different jujube futures contracts (01 - 05, 05 - 09, 09 - 01) showed certain trends over time [29][31].

Group 1: Sugar Core View - The sugar market currently lacks a clear basis for a trend reversal. The core contradiction remains that the valuation is low, but there is a lack of continuous upward drivers [3]. Key Points - **Futures Prices and Spreads**: On March 11, 2026, SR01 closed at 5569 with a daily increase of 0.23% and a weekly increase of 2.28%. SR05 closed at 5423 with a daily increase of 0.26% and a weekly increase of 2.17%. SR09 closed at 5448 with a daily increase of 0.31% and a weekly increase of 2.39%. The SR01 - 05 spread was 147, up 26 from the previous day and 20 from the previous week [4]. - **Basis**: On March 10, 2026, the basis of Nanning - SR01 was -36, up 1 from the previous day and 72 from the previous week. The basis of Kunming - SR01 was -181, up 1 from the previous day and 52 from the previous week [11]. - **Import Prices**: On March 11, 2026, the in - quota price of Brazilian sugar imports was 4164, up 109 from the previous day and 267 from the previous week. The out - of - quota price was 5279, up 143 from the previous day and 348 from the previous week [14]. Group 2: Cotton Core View - The current expectation of tight domestic supply and demand still strongly supports cotton prices, making them prone to rise and hard to fall. However, the high spread between domestic and foreign cotton prices exerts pressure on the upside of cotton prices. Attention should be paid to whether Zhengzhou cotton can stabilize around the 15,500 platform, as well as the progress of the geopolitical conflict between the US, Israel, and Iran and changes in US foreign trade policies [16]. Key Points - **Futures Prices and Spreads**: On March 11, 2026, cotton 01 closed at 15775, up 70 (0.45%); cotton 05 closed at 15515, up 195 (1.27%); cotton 09 closed at 15530, up 150 (0.98%). The cotton basis was 1312, down 35 from the previous day. The cotton 01 - 05 spread was 385, up 15 from the previous day [17]. Group 3: Apple Core View - The current apple futures market is running strongly, driven by both fundamental and delivery logic. The shortage of delivery products for the 05 contract is prominent, providing strong short - term support for the market, and there is no obvious bearish pressure, maintaining a strong and volatile pattern [22]. Key Points - **Futures and Spot Prices**: On March 11, 2026, AP01 closed at 8560 with a daily increase of 0.11% and a weekly decrease of 0.42%. AP05 closed at 10236 with a daily decrease of 0.65% and a weekly decrease of 2.04%. The price of Qixia first - and second - grade 80 apples was 4, with no daily or weekly change [23]. - **Spreads and Basis**: The AP01 - 05 spread was -1752, up 2.22% from the previous day and down 0.17% from the previous week. The main contract basis was -515, down 14.45% from the previous day and 34.23% from the previous week [23]. Group 4: Red Dates Core View - As the new planting season has not yet arrived, the market focus is still on the demand side. After the Spring Festival, downstream sales are mediocre, and restocking is light. In the short term, due to geopolitical conflicts, market funds flow, and risk - aversion sentiment increases. However, the driving force for red dates is currently limited. Under the overall loose domestic supply - demand situation, there is still pressure on the upside of red date prices, and they may maintain a low - level oscillation [29]. Key Points - **Futures Spreads**: The red date futures 01 - 05 spread shows historical data from 2023 - 2025, and the 05 - 09 spread shows data from 2023 - 2026 [30]. - **Warehouse Receipts**: The sum of red date warehouse receipts and valid forecasts shows data from 2023 - 2026 [32].

Report Industry Investment Ratings - The investment rating for the sugar sector is "oscillating" [1] - The investment rating for the jujube sector is "oscillating" [4] - The investment rating for the rubber sector is "oscillating" [5] Core Views - For sugar, the external market is affected by the expected easing of the Middle - East situation, and the upward movement of raw sugar is restricted. The internal market has support below, and the international sugar market fundamentals are bullish in the short - term. However, there are still bearish factors in the medium - to - long - term. It is recommended to take a short - to - medium - term view of long positions and consider technical indicators for partial profit - taking [1] - For jujubes, the downstream sales are average, the spot price is stable, and there is a lack of positive factors. As the weather warms, the weak demand will be more obvious. In the medium - term, the supply - demand structure does not support continuous upward movement. It is recommended to short on rallies [4] - For rubber, natural rubber is in a supply - off season in Southeast Asia, but the domestic production area is approaching the tapping season, and the cost support may weaken. The downstream semi - steel tire has good domestic sales, and the short - term operation rate will remain high. It is expected to be in a wide - range oscillation. Synthetic rubber is affected by geopolitical conflicts, and the cost pressure of butadiene may suppress the production capacity utilization rate. It is necessary to pay attention to overseas situations and crude oil trends [5] Summary by Variety Sugar - **Market Conditions**: SR605 closed at 5409 yuan/ton yesterday with a daily decline of 0.05%, and 5417 yuan/ton at night. SR609 closed at 5431 yuan/ton with a daily decline of 0.33%, and 5438 yuan/ton at night [1] - **Important Information**: ICE raw sugar main contract was 14.32 cents/pound yesterday with a daily decline of 2.05%. Guangxi's spot white sugar price dropped 62 yuan/ton to 5393 yuan/ton. As of the end of February 2026, Guangxi produced 565.13 million tons of mixed sugar with a sugar - production rate of 12.28%. In India's Maharashtra state, as of March 3, 2026, 113 sugar mills had stopped production, and 97 were still operating. The cumulative sugar production was 9.5031 billion tons, an increase of about 1.7805 billion tons compared to the same period last year [1] - **Market Logic**: The external market is affected by the Middle - East situation, and the internal market has support below. The international sugar market fundamentals are bullish in the short - term, but there are bearish factors in the medium - to - long - term [1] - **Trading Strategy**: Hold long positions and observe. Pay attention to the 5350 - 5500 yuan/ton range for SR605 [1] Jujube - **Market Conditions**: CJ605 closed at 8985 yuan/ton yesterday with a daily decline of 0.83%. CJ609 closed at 8355 yuan/ton with a daily decline of 0.90% [4] - **Important Information**: Last week, the domestic jujube sample inventory was 11,817 tons, a decrease of 35 tons from the previous week, a 0.30% month - on - month decrease and an 8.04% year - on - year increase. The wholesale price of Hebei's special - grade jujubes dropped 0.01 yuan/kg to 9.20 yuan/kg yesterday [4] - **Market Logic**: The downstream sales are average, and there is a lack of positive factors. As the weather warms, the weak demand will be more obvious. In the medium - term, the supply - demand structure does not support continuous upward movement [4] - **Trading Strategy**: Short CJ605 on rallies [4] Rubber - **Market Conditions**: The main contract of RU closed at 17,115 yuan/ton with a daily increase of 1.30%. The main contract of NR closed at 13,685 yuan/ton with a daily increase of 0.55%. The main contract of BR closed at 14,935 yuan/ton with a daily decline of 5.68% [5] - **Important Information**: Thailand's raw material glue price was 69.8 baht/kg, and cup - rubber price was 57.8 baht/kg. As of March 8, 2026, the total inventory of natural rubber in Qingdao was 6.804 million tons, a 0.07% increase from the previous period [5] - **Market Logic**: Natural rubber is in a supply - off season in Southeast Asia, but the domestic production area is approaching the tapping season, and the cost support may weaken. Synthetic rubber is affected by geopolitical conflicts, and the cost pressure of butadiene may suppress the production capacity utilization rate [5] - **Trading Strategy**: Wait and see for natural rubber. Partially exit long positions for BR and continue to hold put options [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The international sugar supply surplus situation has improved, and domestic sugar mills are gradually closing. The main contract of Zhengzhou sugar is expected to be strong, and it is recommended to lightly position long orders [4]. - The news of overseas bleached softwood pulp production cuts supports the current valuation of softwood pulp prices. The decline of pulp prices is limited, but the rebound space still needs to focus on the sustainability of production cuts. It is recommended to temporarily exit short positions and wait and see [5]. - The spot price of offset printing paper is stable, and the cost support is weakening. The futures price is expected to fluctuate with the basis. It is recommended to try to short - match on rallies in the short term [7]. - Macroeconomic sentiment still disturbs the cotton market. The mid - term support for domestic cotton prices exists, but the short - term price may show a platform consolidation. It is recommended to hold long orders of the 05 contract cautiously [8]. - The low inventory of apples continues to support, and the futures price may continue to fluctuate in a high - level range. It is recommended to reduce long orders on rallies [9]. - For jujubes, it is recommended to exit short positions below 9000 points for the 2605 contract. If holding long futures, it is recommended to buy protective put options at the same time. Cautious investors can hold the reverse spread of short 2605 and long 2609 [11]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendation 3.1.1 Fresh Fruit and Nuts Futures Strategy Recommendation - Apple 2605: Reduce long orders on rallies. The supply - side support remains, and the overall futures price is expected to move up. The support range is 9000 - 9200, and the pressure range is 11000 - 11500 [19]. - Jujube 2605: Buy on dips in the short term. The production reduction expectation may gradually appear in the far - month contracts, and the spot inventory starts to peak and decline. The support range is 8700 - 9000, and the pressure range is 9500 - 9800 [19]. 3.1.2 Soft Commodity Futures Strategy Recommendation - Sugar 2605: Go long. The international sugar supply surplus situation has improved, and the supply - demand fundamentals in China are improving. The support range is 5300 - 5320, and the pressure range is 5600 - 5650 [19]. - Pulp 2605: Short on rallies. The rise in the outer - market price of hardwood pulp drives the pulp futures to strengthen, but the peak - season demand for finished paper needs to be verified, and the supply - demand improvement of bleached softwood pulp is limited. The support range is 5130 - 5200, and the pressure range is 5350 - 5400 [19]. - Offset Printing Paper 2605: Trade within the range. The spot market is stable, but the demand has entered the off - season. In the short term, focus on the support situation after the futures price further declines and the basis widens. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [19]. - Cotton 2605: Hold long orders cautiously. The long - term bullish expectation remains, and the mid - term support is unchanged. However, the rise of the outer - market price has not been confirmed, and the internal - external price difference restricts the domestic price. The short - term price may continue to consolidate. The support range is 14000 - 14200, and the pressure range is 15800 - 16000 [19]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of February 25, 2026, the cold - storage inventory of apples in the main producing areas was 5.5292 million tons, a week - on - week decrease of 190,800 tons. As of February 26, 2026, the inventory was 4.9448 million tons, a decrease of 370,300 tons compared with before the Spring Festival and a year - on - year decrease of 308,900 tons [20]. - **Spot Market Situation**: In the Shandong production area, the price of high - quality late - maturing bagged Fuji apples in cold storage is stable, and there are some packaging operations in the cold storage. The trading volume in the cold storage is not large, and foreign traders mainly purchase medium and small fruits. In the Shaanxi production area, the mainstream price is stable, the number of merchants has increased, and they mainly purchase high - quality goods. The supply of high - quality goods is scarce, and the procurement is difficult. In the sales area, the arrival of goods is stable, the sales situation is good, and the price remains stable [20][21][23]. 3.2.2 Jujube Market As of March 5th, the physical inventory of 36 sample points was 11,817 tons, a decrease of 35 tons from last week, a month - on - month decrease of 0.30% and a year - on - year increase of 8.04%. The inventory decreased slightly, and the market is slowly recovering after the Spring Festival, with general replenishment by downstream and slow de - stocking [24]. 3.2.3 Sugar Market - The ongoing Middle East conflict has driven up international crude oil and diesel prices, which may effectively support ethanol prices and be bullish for sugar. - The All India Sugar Trade Association (AISTA) said that India's sugar production in the 2025 - 26 season may be 28.3 million tons, a 4.4% reduction from the previous estimate. - The total sugar production in the 2025 - 26 season may reach 31.5 million tons, of which about 3.2 million tons will be converted into ethanol production. - The International Sugar Organization (ISO) predicts that the global sugar production in the 2025/26 season is expected to be 181.29 million tons, a reduction of 480,000 tons from the previous forecast. - The consulting firm Datagro expects a supply gap of 800,000 tons in the 2025/26 season. - As of March 3, 2026, in the 2025/26 season in the Indian state of Maharashtra, 113 sugar mills have stopped production, and 97 are still operating, a year - on - year decrease of 102. - As of March 3, 2026, in the 2025/26 season in Guangxi, 3 sugar mills have stopped production, a year - on - year decrease of 44. - As of the week of March 3, 2026, the non - commercial net long position of ICE sugar was - 245,034 contracts [26]. 3.2.4 Pulp Market After the Spring Festival, Chinese buyers returned to the market. In February, the price of South American BHK pulp increased by $10 per ton to $590 - $600 per ton. Sellers have announced another price increase of $20 per ton in March, which has made buyers cautious. The domestic market transaction is weak, many factories have shut down, and the port inventory has increased by 205,000 tons. In the BSK market, suppliers hope to push up prices before the northern hemisphere's spring maintenance, but buyers are seeking discounts and reducing import orders. The prices of Canadian and Nordic NBSK pulp remain stable [28]. 3.2.5 Offset Printing Paper Market Last Thursday, the inventory days of offset printing paper decreased by 2.05% compared with the previous Thursday, and the decline rate narrowed by 0.40 percentage points this week. Some paper mills' publishing orders have not been fully executed, and they continue to reduce inventory, but the new orders in the market are limited, and the overall de - stocking speed of the industry has decreased. This week, the operating load rate of the offset printing paper industry is 57.43%, a month - on - month increase of 0.07 percentage points, and the increase rate narrowed by 0.67 percentage points this week [29]. 3.2.6 Cotton Market - In February, Brazil's cotton export volume was 270,000 tons, a month - on - month decrease of 14.7% and a year - on - year decrease of 1.5%. - As of the week of March 5, 2026, the cumulative inspection volume of U.S. upland cotton + Pima cotton was 3.0442 million tons, accounting for 100.5% of the estimated annual U.S. cotton production, a year - on - year decrease of 4% [30]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2605 | 10,287 | - 29 | - 0.28% | | Jujube 2605 | 9,060 | 35 | 0.39% | | Sugar 2605 | 5,436 | 65 | 1.21% | | Pulp 2605 | 5,300 | - 22 | - 0.41% | | Cotton 2605 | 15,285 | - 10 | - 0.07% | [31] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.45 | 0.00 | 0.45 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5,520 | 130 | - 500 | | Pulp (Shandong Silver Star) | 5,300 | 20 | - 1,250 | | Offset Printing Paper (Sun Tianyang - Tianjin) | 4,350 | 0 | - 700 | | Cotton (yuan/ton) | 16,632 | - 46 | 1,797 | [36] 3.4 Fourth Part: Basis Situation No specific data summary provided in the text, only relevant figures are mentioned. 3.5 Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 5 - 10 | 2,063 | 362 | 2,530 | Bullish oscillation | Buy on dips | | Jujube | 5 - 9 | - 380 | - 25 | 40 | Reverse spread on rallies | Wait and see | | Sugar | 5 - 9 | - 13 | 0 | - 152 | Oscillatory fluctuation | Wait and see | | Cotton | 5 - 9 | - 55 | - 5 | 115 | Bearish oscillation | Short on rallies | [57] 3.6 Sixth Part: Futures Positioning Situation No specific data summary provided in the text, only relevant figures are mentioned. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 4,031 | 162 | - 1,321 | | Sugar | 14,948 | - 38 | - 9,489 | | Pulp | 163,436 | 9,115 | - 202,494 | | Cotton | 11,647 | 204 | 3,843 | [89] 3.8 Eighth Part: Option - related Data No specific data summary provided in the text, only relevant figures are mentioned.

1. Report Industry Investment Ratings No information provided in the text. 2. Core Viewpoints of the Report - The 2026 government work report sets the GDP growth target at 4.5%-5%, leaving room for policy adjustment. It focuses on promoting domestic market construction, cultivating new productive forces, and deepening capital market reform, providing a solid foundation for economic and capital market development [2]. - The RMB exchange rate is affected by the US dollar index and domestic corporate settlement willingness. Short - term strategies are proposed for export and import enterprises [3]. - The stock index is expected to fluctuate in the short term due to geopolitical risks and weak rebound momentum [4]. - The bond market is affected neutrally by the government work report. If the A - share market adjusts, the bond market may rise; otherwise, it may continue to fluctuate [6]. - The container shipping index (European line) futures are expected to be highly volatile in the short term, with a weakening market sentiment and a possible downward - moving center [11]. - In the new energy sector, downstream enterprises of lithium carbonate are advised to replenish inventory at low prices. The silicon industry chain is in a bottom - grinding stage, waiting for capacity clearance and improvement of the supply - demand pattern [14][16]. - In the non - ferrous metals sector, aluminum is expected to be volatile and strong, alumina to be volatile and sorted, and copper prices are expected to fluctuate within a certain range. Zinc is weak in the short term and strong in the medium term, and nickel - stainless steel is volatile and weak [17][21][22]. - In the oil and gas sector, the crude oil market is mainly affected by the Middle East situation. Fuel oil prices are strong due to supply concerns, and asphalt prices follow the cost of crude oil [29][32][33]. - In the precious metals sector, platinum and palladium are in a long - term bull market but may face short - term adjustments. Gold and silver are strategically bullish but need to be cautious about short - term risks [36][38]. - In the chemical sector, pure benzene and styrene are expected to be strong, LPG is highly volatile, and methanol is affected by the geopolitical conflict. Polyolefins are supported by cost and supply - demand fundamentals if the conflict continues [39][41][42]. - In the rubber sector, natural rubber is expected to be volatile, and synthetic rubber is relatively easy to rise but has inventory pressure [47][67]. - In the urea market, the geopolitical conflict may drive up prices. In the glass and soda ash market, the pattern remains unchanged, waiting for unexpected factors [49][51][52]. - In the black sector, steel products are expected to be volatile and weak, iron ore has support in the short - term but limited upward space, and coal and coke may face downward pressure [53][55][56]. - In the agricultural and soft commodities sector, the pig market is weak, cotton has upward potential but is affected by external factors, sugar is expected to be volatile and strong, eggs are recommended to sell call options, apples are easy to rise but difficult to fall, and jujubes are expected to be in low - level oscillation [58][60][61]. 3. Summaries According to Relevant Catalogs Financial Futures - **Macro**: The situation is still unclear. The government work report sets the 2026 economic growth target at 4.5% - 5% and the CPI target at about 2%. The US initial jobless claims reached a new high, and the Middle East conflict continues [1]. - **RMB Exchange Rate**: Affected by the US dollar index and corporate settlement willingness. Short - term strategies are proposed for export and import enterprises [3]. - **Stock Index**: Rebounded but with weak momentum. Expected to fluctuate in the short term due to geopolitical risks [4]. - **Treasury Bond**: The government work report has a neutral impact. The bond market may rise if the A - share market adjusts; otherwise, it may continue to fluctuate [6]. - **Container Shipping Index (European Line)**: The market is in a near - strong and far - weak pattern, with high volatility. It is expected to be highly volatile in the short term, with a weakening market sentiment [8][11]. Commodities New Energy - **Lithium Carbonate**: The futures price rose, and downstream enterprises are advised to replenish inventory at low prices [14]. - **Industrial Silicon and Polysilicon**: The futures prices fluctuated. The industry is in a bottom - grinding stage, waiting for capacity clearance and improvement of the supply - demand pattern [15][16]. Non - Ferrous Metals - **Aluminum**: Affected by the Middle East conflict and the US dollar index, it is expected to be volatile and strong [17]. - **Copper**: The price is under pressure, and the expected price range is 99625 - 105171 yuan/ton [21]. - **Zinc**: Weak in the short term and strong in the medium term [22]. - **Nickel - Stainless Steel**: Volatile and weak [22]. - **Tin**: Expected to be in high - level oscillation [25]. - **Lead**: Expected to be in oscillation [25]. Oils and Fats and Feeds - **Oilseeds**: Oscillating and sorting. The supply pressure is expected to return in the second quarter [26]. - **Oils**: Palm oil is affected by policy rumors, and the focus is on the Middle East conflict and relevant policies [26][27]. Energy and Oil and Gas - **Crude Oil**: The market is mainly affected by the Middle East situation, and the price is highly volatile [29][30]. - **Fuel Oil**: The price is strong due to supply concerns [32]. - **Asphalt**: The price follows the cost of crude oil and may fall if the geopolitical factor fades [33]. Precious Metals - **Platinum and Palladium**: In a long - term bull market but may face short - term adjustments [36][37]. - **Gold and Silver**: Strategically bullish but need to be cautious about short - term risks [38]. Chemicals - **Pure Benzene - Styrene**: Expected to be strong due to cost support and market sentiment [39]. - **LPG**: Highly volatile, mainly affected by the Middle East situation [41]. - **Methanol**: Affected by the geopolitical conflict, with potential supply concerns [42]. - **Plastic PP**: The price is affected by the Middle East situation. If the conflict continues, it is supported by cost and supply - demand fundamentals [43]. - **Rubber**: Natural rubber is expected to be volatile, and synthetic rubber is relatively easy to rise but has inventory pressure [47][67]. - **Urea**: The geopolitical conflict may drive up prices [49]. - **Glass and Soda Ash**: The pattern remains unchanged, waiting for unexpected factors [51][52]. Black - **Steel Products**: Expected to be volatile and weak due to the weak impact of the government work report on the real estate market [53]. - **Iron Ore**: The price has support in the short - term but limited upward space due to supply - demand factors [55]. - **Coking Coal and Coke**: The price may face downward pressure if certain conditions are met [56]. - **Silicon Iron and Silicon Manganese**: Silicon manganese is affected by high inventory, and silicon iron has better fundamentals but limited upward space [57]. Agricultural and Soft Commodities - **Pig**: The market is weak, and a selling call option strategy is proposed [58]. - **Cotton**: The domestic supply - demand is expected to be tight, but it is affected by external factors [60]. - **Sugar**: Expected to be volatile and strong [61]. - **Egg**: A selling call option strategy is recommended [62]. - **Apple**: The price is easy to rise but difficult to fall due to the combination of fundamentals and delivery issues [68][70]. - **Jujube**: Expected to be in low - level oscillation due to sufficient supply and weak demand [71].

Group 1: Energy and Chemicals - Crude oil: The main contract closed at 527.8, up 43.5 or 8.98% from the previous settlement. The trading volume was 190,029 lots, an increase of 45,717 lots. The open interest was 44,601 lots, with a net increase of 5,628 lots [2]. - PTA: The main contract closed at 5,552, up 336 or 6.44%. The trading volume was 2,276,096 lots, an increase of 1,336,643 lots. The open interest was 1,467,484 lots, with a net increase of 20,629 lots [2]. - PX: The main contract closed at 7,836, up 496 or 6.76%. The trading volume was 514,606 lots, an increase of 259,452 lots. The open interest was 277,536 lots, with a net increase of 5,048 lots [2]. - Rubber: The main contract closed at 17,245, up 155 or 0.91%. The trading volume was 364,042 lots, an increase of 145,215 lots. The open interest was 170,621 lots, with a net decrease of 3,594 lots [2]. - NR: The main contract closed at 13,870, up 85 or 0.62%. The trading volume was 65,365 lots, an increase of 12,794 lots. The open interest was 31,588 lots, with a net decrease of 6,492 lots [2]. Group 2: Metals - Copper: The main contract closed at 103,850, up 1,030 or 1.00%. The trading volume was 175,311 lots, an increase of 17,830 lots. The open interest was 199,587 lots, with a net decrease of 4,212 lots [17]. - Aluminum: The main contract closed at 24,465, up 760 or 3.21%. The trading volume was 483,091 lots, an increase of 164,840 lots. The open interest was 277,833 lots, with a net increase of 19,143 lots [17]. - Zinc: The main contract closed at 24,850, up 275 or 1.12%. The trading volume was 186,884 lots, an increase of 82,336 lots. The open interest was 95,630 lots, with a net increase of 756 lots [17]. - Nickel: The main contract closed at 140,890, up 1,520 or 1.09%. The trading volume was 554,437 lots, an increase of 55,750 lots. The open interest was 219,113 lots, with a net increase of 369 lots [17]. - Tin: The main contract closed at 444,010, up 12,760 or 2.96%. The trading volume was 462,888 lots, an increase of 71,755 lots. The open interest was 49,946 lots, with a net decrease of 5,846 lots [17]. - Alumina: The main contract closed at 2,773, up 16 or 0.58%. The trading volume was 365,789 lots, a decrease of 181,123 lots. The open interest was 344,018 lots, with a net decrease of 33,878 lots [17]. - Industrial silicon: The main contract closed at 8,325, up 20 or 0.24%. The trading volume was 202,748 lots, a decrease of 63,533 lots. The open interest was 334,292 lots, with a net increase of 5,876 lots [17]. - Lithium carbonate: The main contract closed at 172,020, down 1,660 or -0.96%. The trading volume was 227,061 lots, a decrease of 54,919 lots. The open interest was 378,336 lots, with a net decrease of 3,216 lots [17]. Group 3: Agricultural Products - Live hogs: The main contract closed at 11,220, down 220 or -1.92%. The trading volume was 97,976 lots, an increase of 27,200 lots. The open interest was 165,149 lots, with a net increase of 9,894 lots [21]. - Corn: The main contract closed at 2,384, up 37 or 1.58%. The trading volume was 951,555 lots, an increase of 426,449 lots. The open interest was 1,502,061 lots, with a net increase of 26,583 lots [21]. - Soybean meal: The main contract closed at 2,826, down 2 or -0.07%. The trading volume was 905,873 lots, an increase of 185,687 lots. The open interest was 1,942,859 lots, with a net decrease of 85,078 lots [21]. - Rapeseed meal: The main contract closed at 2,295, up 10 or 0.44%. The trading volume was 487,190 lots, an increase of 158,121 lots. The open interest was 909,258 lots, with a net increase of 516 lots [21]. - Soybean oil: The main contract closed at 8,260, up 34 or 0.41%. The trading volume was 328,276 lots, an increase of 86,230 lots. The open interest was 656,400 lots, with a net decrease of 10,210 lots [21]. - Rapeseed oil: The main contract closed at 9,359, up 151 or 1.64%. The trading volume was 248,126 lots, an increase of 102,219 lots. The open interest was 268,810 lots, with a net increase of 10,866 lots [21]. - Palm oil: The main contract closed at 8,898, up 142 or 1.62%. The trading volume was 489,772 lots, an increase of 110,156 lots. The open interest was 387,932 lots, with a net decrease of 5,670 lots [21]. - Eggs: The main contract closed at 3,242, down 16 or -0.49%. The trading volume was 141,502 lots, a decrease of 13,045 lots. The open interest was 122,413 lots, with a net decrease of 11,753 lots [21]. Group 4: Others - Glass: The main contract closed at 1,043, down 9 or -0.86%. The trading volume was 1,624,477 lots, an increase of 942,426 lots. The open interest was 1,365,461 lots, with a net increase of 151,479 lots [12]. - Soda ash: The main contract closed at 1,188, up 3 or 0.25%. The trading volume was 1,270,083 lots, an increase of 512,115 lots. The open interest was 1,141,408 lots, with a net increase of 3,450 lots [12]. - Methanol: The main contract closed at 2,365, up 176 or 8.04%. The trading volume was 2,857,069 lots, an increase of 1,987,533 lots. The open interest was 942,819 lots, with a net decrease of 34,450 lots [12]. - PP: The main contract closed at 6,998, up 396 or 6.00%. The trading volume was 888,436 lots, an increase of 481,027 lots. The open interest was 498,613 lots, with a net increase of 8,140 lots [12]. - Sugar: The main contract closed at 5,345, up 31 or 0.58%. The trading volume was 353,834 lots, a decrease of 23,874 lots. The open interest was 469,987 lots, with a net decrease of 3,352 lots [26]. - Zheng cotton: The main contract closed at 15,225, down 105 or -0.68%. The trading volume was 461,720 lots, an increase of 39,923 lots. The open interest was 794,512 lots, with a net decrease of 43,468 lots [26]. - Cotton yarn: The main contract closed at 21,100, down 125 or -0.59%. The trading volume was 11,204 lots, a decrease of 2,110 lots. The open interest was 14,198 lots, with a net decrease of 296 lots [26]. - Apples: The main contract closed at 9,896, up 108 or 1.10%. The trading volume was 91,817 lots, a decrease of 18,121 lots. The open interest was 130,604 lots, with a net increase of 1,829 lots [26]. - Red dates: The main contract closed at 8,840, up 5 or 0.06%. The trading volume was 71,523 lots, a decrease of 24,143 lots. The open interest was 116,270 lots, with a net decrease of 1,655 lots [26]. - Corn starch: The main contract closed at 2,694, up 35 or 1.32%. The trading volume was 158,988 lots, an increase of 67,317 lots. The open interest was 244,396 lots, with a net increase of 12,884 lots [26]. - European container shipping: The main contract closed at 1,429, up 186 or 15.00%. The trading volume was 81,309 lots, an increase of 49,246 lots. The open interest was 46,243 lots, with a net increase of 8,998 lots [26].