1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views of the Report - The market is significantly affected by the geopolitical situation, especially the conflict between the US and Iran, which has a broad impact on various commodity futures markets [1][8][9][10]. - Different commodity markets show diverse trends and characteristics, with some markets being influenced by supply - demand relationships, while others are more affected by geopolitical events and policy factors. 3. Summary by Relevant Catalogs Precious Metals - **Market Performance**: The international gold price denominated in London gold rose 3.51% to $4668 per ounce, and the international silver price rose 7.10% to $75.01 per ounce [1]. - **Fundamentals**: There are signs of easing in the US - Iran conflict, but the conflict is not over [1]. - **Trading Strategy**: Wait for a pull - back to buy gold; for silver, suggest gradually taking profits on previous short positions [1]. Base Metals Copper - **Market Performance**: Copper prices oscillated strongly [1]. - **Fundamentals**: The authenticity of the news that the Iranian president wants to end the war under security guarantees is to be verified. The supply of copper ore and scrap copper remains tight, and the spot of flat - water copper in East and South China is traded at a discount of 60 yuan and a premium of 50 yuan respectively [1]. - **Trading Strategy**: Suggest waiting and seeing [1]. Aluminum - **Market Performance**: The closing price of the main electrolytic aluminum contract increased by 0.61% to 24,875 yuan per ton, and the domestic 0 - 3 month spread was - 245 yuan per ton, with the LME price at $3475 per ton [1]. - **Fundamentals**: Aluminum smelters maintain high - load production, and the weekly aluminum product start - up rate increased slightly [1]. - **Trading Strategy**: The attack on core aluminum plants in the Middle East leads to expectations of supply contraction, and it is expected that aluminum prices will oscillate strongly. Suggest buying on dips [1]. Alumina - **Market Performance**: The closing price of the main alumina contract decreased by 3.88% to 2827 yuan per ton, and the domestic 0 - 3 month spread was - 118 yuan per ton [1]. - **Fundamentals**: The operating capacity of alumina is relatively stable, and aluminum smelters maintain high - load production [1]. - **Trading Strategy**: Affected by the release of new production capacity in Guangxi, the pattern of oversupply is further deepened. It is expected that alumina prices will oscillate weakly. Suggest waiting and seeing, and focus on the implementation of Guinea's mining policy [1]. Zinc and Lead - **Market Performance**: On March 31, the main contracts of zinc and lead closed at 23,480 yuan per ton and 16,500 yuan per ton respectively, with changes of - 60 yuan and + 5 yuan compared to the previous trading day. The domestic 0 - 3 month spreads were - 23,480 yuan per ton and - 16,500 yuan per ton, and the overseas 0 - 3 month spreads were - 0.68 and 68.8 dollars per ton respectively. The seven - place zinc inventory on March 30 was 248,200 tons, a decrease of 1300 tons compared to March 26, and the five - place lead inventory on March 30 was 57,500 tons, a decrease of 300 tons compared to March 26 [1]. - **Fundamentals**: The lead ingot inventory is accelerating its depletion, and the lead price shows a stop - falling signal. However, the import window is open, and the lead battery enters the traditional off - season in April. With the co - existence of the resumption of production of secondary lead and new overhauls, it is expected that the lead price will continue to oscillate narrowly. In the zinc market, the disturbance at the mine end intensifies, the import processing fee drops to a negative value, the domestic smelters have strong demand for ore, and the social inventory continues to deplete to below 250,000 tons. The tower and export orders support consumption, but there is still uncertainty in the macro - sentiment [2]. - **Trading Strategy**: For lead, pay attention to the implementation of smelter overhauls. If the inventory depletion continues, try to buy on dips. For zinc, the fundamentals improve, but the macro - risk is large. It is recommended to wait and see [2]. Industrial Silicon - **Market Performance**: The main 05 contract closed at 8355 yuan per ton, a decrease of 125 yuan per ton compared to the previous trading day, with a closing price decrease of 1.47%, the position decreased by 18,817 lots to 201,800 lots (- 8.53%), and the trading volume decreased by 11,006 lots to 172,049 lots (- 6.01%). The variety's precipitated funds decreased by 171 million to 3.037 billion, and the warehouse receipt volume today was 22,313 lots (+ 24) [2]. - **Fundamentals**: On the supply side, the number of weekly industrial silicon furnaces in operation is flat compared to the previous period. With the year - on - year decline in electricity prices in the southwest region, enterprises' willingness to resume production increases, and there is an expectation of increased production in the future. On the demand side, the polysilicon industry resumed work in March, and the monthly production capacity is gradually released, with the expected monthly output approaching 90,000 tons; the output of the organic silicon industry is stable, and the price trend is stable. The price of aluminum alloy decreased slightly, but the industry's start - up rate increased to 59.5%, reaching a new high this year [2]. - **Trading Strategy**: Pay attention to whether subsequent measures such as coordinated market control and joint price stabilization will be introduced after last week's meeting. The organic silicon industry will hold a meeting in Jinan on April 2 to discuss production cuts and price increases. In the short term, although the market pays attention to the support level increase brought by energy costs, the high - level hedging pressure is obvious. It is expected that the market will maintain an oscillating pattern in the range of 8100 - 8900 [2]. Lithium Carbonate - **Market Performance**: LC2605 closed at 157,200 yuan per ton (- 14,420), with a closing price decrease of 8.40% [2]. - **Fundamentals**: Yesterday, a large amount of funds flowed out, and the market was under pressure to fall. The expectation of the continuation of the US - Iran war weakened, and the concern about the shortage of diesel supply in Australia affecting lithium ore mining is expected to ease. The export ban in Zimbabwe has no progress, and its supply disturbance will gradually be reflected in mid - to late April. However, the expectation of the strengthening of the preference for new - energy vehicles and energy - storage consumption due to oil price fluctuations remains unchanged, and the trend of the weekly demand recovery at the power end is clear. The spot price of SMM Australian spodumene concentrate (CIF China) is $2360 per ton, an increase of $25 per ton compared to the previous day, and the SMM electric carbon price is 163,000 (- 1500) yuan per ton. On the supply side, the weekly output is 24,814 tons, a month - on - month increase of 628 tons, due to the recovery of the spodumene production line. SMM expects the lithium carbonate production in March to be 106,390 tons, a month - on - month increase of 8.7% compared to January. On the demand side, the production schedule of lithium iron phosphate in March is 430,000 tons, a month - on - month increase of 8.3% compared to January; the production schedule of ternary materials in March is 84,000 tons, a month - on - month increase of 4.1% compared to January. In terms of inventory, the short - term weekly inventory shows a slight accumulation. The export ban of lithium ore in Zimbabwe has no progress, and it is expected that the supply gap of at least one month will be gradually reflected in mid - to late April. It is necessary to continuously pay attention to the policy progress in Zimbabwe. The sample inventory is 99,489 tons, an increase of 616 tons in inventory, among which the smelting link has an inventory increase of 724 tons, the downstream link has an inventory increase of 552 tons, and the trader link has an inventory decrease of 660 tons. The total inventory days are 27.9 (+ 0.2) days. The Guangzhou Futures Exchange warehouse receipt is 11,318 (- 19,746) lots. Pay attention to the growth rate slope of new warehouse receipts after centralized cancellation. The funds precipitated in the market are 30.1 (- 3.78) billion yuan [2]. - **Trading Strategy**: With supply disturbances and a clear trend of demand recovery, it is expected to oscillate widely. Buy on dips at the lower edge of the range and be cautious about chasing high [2]. Polysilicon - **Market Performance**: The main 05 contract closed at 35,200 yuan per ton, a decrease of 1350 yuan per ton compared to the previous trading day, with a closing price decrease of 3.69%, the position decreased by 128 lots to 34,456 lots (- 0.37%), and the trading volume decreased by 5768 lots to 10,763 lots (- 34.89%). The variety's precipitated funds decreased by 16 million to 1.758 billion, and the warehouse receipt volume today was 11,030 lots (+ 10) [2]. - **Fundamentals**: On the supply side, the weekly polysilicon output is flat compared to the previous period, and the month - on - month increase in industry inventory has significantly narrowed. The production schedule in April is basically flat compared to the previous month. On the demand side, the prices of downstream photovoltaic - related products still continue to decline, but the decline rate is gradually slowing down. The expected production schedule of components in April is reduced by 7.26GW month - on - month. From January to February 2026, the newly - installed domestic photovoltaic capacity decreased by 17.71% year - on - year, with an average monthly installed capacity of 16GW, showing a stable performance. The export data of battery cells and components in February decreased month - on - month, and the year - on - year trends were divergent. The component exports to Europe increased slightly year - on - year [2][3]. - **Trading Strategy**: The spot price of polysilicon has been continuously declining this week, and the market sentiment is weak. The current market still needs to fully digest the negative factors such as the weakening of the spot market. Coupled with the relatively high volatility of the variety, it is recommended to focus on tracking the actual downstream procurement situation and the transaction order price in the short term, and mainly wait and see in operation [3]. Tin - **Market Performance**: Tin prices oscillated strongly [3]. - **Fundamentals**: There is news that the Iranian president wants to end the war under security guarantees, but the authenticity of the news is to be verified. The supply of tin ore remains tight, and the spot is still traded at a high premium. The domestic warehouse receipts are decreasing rapidly every day, and the London structure is 375 dollars contango [3]. - **Trading Strategy**: Suggest waiting and seeing [3]. Black Industry Rebar - **Market Performance**: The main 2605 rebar contract closed at 3124 yuan per ton, a decrease of 20 yuan per ton compared to the previous day's night - session closing price [4]. - **Fundamentals**: The building material inventory in the Gangyin caliber decreased by 0.3% to 6.63 million tons month - on - month, and was basically flat last week. The rebar out - bound volume in Hangzhou on the weekend was 68,000 tons, compared with 76,000 tons last week; the inventory was 1.548 million tons, compared with 1.522 million tons last week and 1.127 million tons in the same period last year. The building material demand has marginally improved but is still slightly weaker year - on - year. Fortunately, the supply has decreased year - on - year, and the contradiction is limited. The plate demand has marginally stabilized, and the direct and indirect exports remain at a relatively high level. The inventory depletion speed is at a neutral level in the same period of history. The steel mill profit is poor, and the production increase space is limited. The steel spot price is a bit weak in following the rise, and the futures discount has narrowed [4]. - **Trading Strategy**: Mainly wait and see. Hold the short position of rebar 2605 cautiously or choose the opportunity to exit. The reference range for RB05 is 3100 - 3160 [4]. Iron Ore - **Market Performance**: The main 2605 iron ore contract closed at 815 yuan per ton, a decrease of 0.5 yuan per ton compared to the previous day's night - session closing price [4]. - **Fundamentals**: The iron ore arrival volume increased by 1.237 million tons to 22.802 million tons month - on - month, and the shipment volume decreased by 6.72 million tons to 24.724 million tons month - on - month. The iron ore supply - demand margin remains stable. The molten iron output in the Steel Union caliber increased by 30,000 tons month - on - month, a decrease of 3% year - on - year. The coking plant proposed a price increase, but it has not been implemented yet. The steel mill profit is poor, and the subsequent blast furnace production increase slope is limited. The supply side conforms to the seasonal law. The furnace charge inventory of steel mills is slightly high, and the inventory days remain above the historical average level. Although the total port inventory has increased by about 24 million tons to 170 million tons year - on - year, the proportion of mainstream iron ore inventory in ports is low, and there is a certain structural contradiction. The iron ore maintains a forward - discount structure but is significantly lower year - on - year, and the valuation is slightly high [4]. - **Trading Strategy**: Mainly wait and see. The reference range for I05 is 800 - 830 [4]. Coking Coal - **Market Performance**: The main 2605 coking coal contract closed at 1147.5 yuan per ton, a decrease of 43.5 yuan per ton compared to the previous day's night - session closing price [4]. - **Fundamentals**: The molten iron output in the Steel Union caliber increased by 30,000 tons to 22.82 million tons month - on - month, a decrease of 3% year - on - year. The coke proposed a price increase, but it has not been implemented yet. The steel mill profit is poor, and the subsequent blast furnace production increase slope may be gentle. The port customs clearance at the supply end maintains a high level, and the inventory in each link is differentiated. The port and mine - mouth inventories are high, while the inventories in other links are low, and the overall inventory level is neutral. The 05 contract futures have a premium over the spot, and the forward - premium structure is maintained, with the futures valuation being high [4]. - **Trading Strategy**: Mainly wait and see. Hold the short position of coking coal 2605 cautiously. The reference range for JM05 is 1120 - 1170 [4]. Agricultural Products Soybean Meal - **Market Performance**: The overnight CBOT soybeans rose because the US soybean planting area intention was slightly lower than the market expectation [6]. - **Fundamentals**: On the supply side, it is loose in the near - term, and there is an expectation of increased production capacity for new US soybean crops in the far - term. On the demand side, the US soybean crushing is strong, and the exports conform to the seasonality. In general, the expectation of global supply - demand looseness remains unchanged [6]. - **Trading Strategy**: US soybeans are expected to oscillate, and the looseness suppresses the price. Pay attention to the production in the producing areas and crude oil; in China, it also follows the cost side. Pay attention to the macro - crude oil and the arrival volume [6]. Corn - **Market Performance**: The corn futures price declined, and the corn spot price decreased in the Northeast and slightly increased in the North China [6]. - **Fundamentals**: Currently, the grain - selling progress exceeds 80%, but the progress is slow. The mentality in the producing areas, especially in North China, has loosened, and the enthusiasm for selling grain has increased. The policy wheat auction volume has increased, and both the transaction rate and the premium have declined. Coupled with the good growth of new - season wheat seedlings, the wheat price has weakened. After the spot price rose to a high level, the expectation of policy regulation has increased, and the spot price is expected to adjust weakly. Pay attention to the auction situation of the minimum - purchase - price wheat and the changes in the purchase - and - sale rhythm [6]. - **Trading Strategy**: Since the transaction rate and premium of the wheat auction have both declined, the futures price is expected to oscillate weakly [6]. White Sugar - **Market Performance**: The Zhengzhou sugar 0

Group 1: Report Overview - Report Name: Soda Ash and Glass Daily Report [1] - Date: April 1, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Industry Investment Rating - No investment rating information provided in the report. Group 3: Core Viewpoints - Soda Ash: The current soda ash market remains weak and pressured. The supply pressure has eased slightly but is still at a relatively high level in recent years. Demand is persistently weak, and the inventory is still at a historical high above 1.8 million tons. In the short - term, the supply and inventory will continue to rise, and the futures price will fluctuate weakly. In the long - term, there is significant downward pressure on prices. It is recommended to short on rallies. The market deadlock can only be broken by effective capacity reduction on the supply side [8]. - Glass: The glass futures price is in a difficult - to - move up or down oscillation pattern. The upper pressure comes from high inventory and production restart expectations, and the lower support is from production line cold - repair expectations and raw material price fluctuations. The supply structure cannot be fundamentally improved, and the inventory is accumulating. In the short - term, coal and gas price fluctuations will have a large impact on the glass price. In the long - term, the upward potential depends on the cost support of raw materials and changes in commercial housing sales data. Currently, short - term long positions can be considered, but the profit space is limited, and the price is expected to oscillate at a low level [9][10]. Group 4: Market Data Summary Soda Ash and Glass Futures Trading Data on March 31 | Contract | Opening Price | High Price | Low Price | Closing Price | Change | Change Ratio (%) | Open Interest (10,000 lots) | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SA605 | 1202 | 1206 | 1177 | 1177 | - 38 | - 3.12 | 79.08 | - 35847 | | SA609 | 1290 | 1292 | 1252 | 1252 | - 46 | - 3.54 | 41.04 | 6003 | | FG605 | 1039 | 1040 | 1017 | 1019 | - 23 | - 2.20 | 106.89 | 32130 | | FG609 | 1179 | 1180 | 1150 | 1151 | - 33 | - 2.78 | 38.75 | - 1229 | [7] Data Charts - Soda Ash: Active contract price trend, weekly output, enterprise inventory, and central China heavy soda market price [12][17][20] - Glass: Active contract price trend and flat glass output [12][20]

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

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The glass market is in a game between "supply contraction expectations" (cold repair and policies) and "weak real - world demand" (a sluggish real - estate market), with high inventory being the biggest pressure on price rebounds. It's expected to continue an oscillatory adjustment in the short term [1]. - The纯碱 market still has an unimproved situation of high supply, weak demand, and high inventory. It's expected to maintain an oscillatory and weak - trending fluctuation in the short term [2]. 3. Summary by Related Catalogs Glass - Market performance: The main glass contract opened and closed lower, with an intraday weakening trend. The 120 - minute Bollinger Bands opened downward, indicating a short - term weakening trend. The intraday high was 1040, the low was 1017, and the closing price was 1019, down 23 yuan/ton or 2.21% from the previous settlement price. The trading volume increased by 168,000 lots compared to yesterday, and the open interest increased by 32,126 lots [1]. - Market analysis: The core contradiction lies between supply contraction expectations and weak real - world demand. High inventory restricts price rebounds. Recently, some glass production lines have undergone cold repair, and supply has continued to decline. However, downstream demand recovery is below expectations, and real - estate completion data suppresses far - month demand expectations. As the delivery month approaches, the main contract will return to the fundamental delivery logic [1]. 纯碱 - Market performance: The main 纯碱 contract opened and closed lower, with an intraday weakening trend. The 120 - minute Bollinger Bands opened in a horn shape, indicating a short - term weakening trend. The intraday high was 1206, the low was 1177, and the closing price was 1177, down 38 yuan/ton or 3.13% from the previous settlement price. The trading volume decreased by 98,996 lots compared to yesterday, and the open interest decreased by 35,848 lots [2]. - Inventory situation: The total domestic 纯碱 inventory of manufacturers was 1.8648 million tons, an increase of 12,900 tons or 0.70% from last Thursday. Among them, light 纯碱 inventory was 930,400 tons, a decrease of 16,200 tons from the previous period, and heavy 纯碱 inventory was 934,400 tons, an increase of 29,100 tons from the previous period [2]. - Market analysis: The core logic is the unimproved mismatch between supply and demand. Short - term geopolitical risks push up energy costs, providing support. However, due to the expected reduction in float glass production and the impact of the photovoltaic industry, the rigid demand for 纯碱 is weak, while daily production remains high, resulting in continuous supply pressure. As the delivery month approaches, the main contract will face the contradiction of weak reality and high inventory [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For the soda ash market, the current overall situation remains weak and under pressure. Although the supply - side pressure has eased compared to last week, it is still at a relatively high level in recent years. The demand side is persistently weak, with increased cold - repairs in downstream float glass and slow recovery in real - estate completion data. The inventory, although slightly reduced, is still at a historical high above 1.8 million tons. In the short term, due to the impact of the ongoing geopolitical war, there is a moderate bullish sentiment, but in the long - term, there is significant downward price pressure. It is recommended to short on rallies [8]. - The glass futures market is in a difficult - to - move up or down oscillating pattern. The upper price limit is due to high inventory and production restart expectations, while the lower limit is supported by cold - repair expectations and raw material price fluctuations. The cold - repair of production lines cannot fundamentally improve the supply situation, and inventory is still increasing, indicating a slow recovery in seasonal demand. In the short term, coal and natural gas price fluctuations have a significant impact on glass prices, and in the long - term, the upward price movement depends on raw material cost support and property sales data. Currently, the market is in a traditional off - season, and due to geopolitical influence, there is a short - term opportunity to go long, but the upside is limited [9][10]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash**: On March 30, the main soda ash futures contract SA605 continued to decline, closing at 1,207 yuan/ton, down 21 yuan/ton or 1.71%, with an increase of 28,810 lots in positions. The fundamental situation shows a weak market. The supply - side pressure has eased but is still high, and the demand side is weak. The inventory is high, and the de - stocking process is blocked. In the short term, there is a bullish sentiment due to geopolitical factors, but in the long - term, shorting on rallies is recommended [7][8]. - **Glass**: The glass futures price is in an oscillating pattern. The upper price limit is restricted by high inventory and production restart expectations, and the lower limit is supported by cold - repair expectations and raw material price fluctuations. The cold - repair of production lines cannot improve the supply situation, and inventory is increasing, indicating slow demand recovery. In the short term, raw material price fluctuations have a significant impact, and in the long - term, the upward movement depends on raw material cost support and property sales data. Short - term long - positions can be considered, but the upside is limited [9][10]. 3.2 Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production [12][13][17]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The glass market is in a game between "supply contraction expectations" (cold repair + policy) and "weak real - demand" (real - estate downturn), with high inventory being the biggest pressure on the rebound. The short - term is expected to continue wide - range oscillations [1]. - The core logic of the soda ash market is the unimproved mismatch between high supply, weak demand, and high inventory. The short - term is expected to have a weak and oscillating trend [2]. Group 3: Summary by Related Catalogs Glass - The glass main contract opened high and went low, with an oscillating and weakening trend during the day. The 120 - minute Bollinger Band shows a short - term oscillating signal. The intraday pressure is around the middle track of the Bollinger Band at 1050, and the support is around the lower track at 1025. The trading volume decreased by 259,000 lots compared to yesterday, and the open interest decreased by 49,385 lots. The intraday high was 1049, the low was 1033, and the closing price was 1040, up 4 yuan/ton or 0.39% from yesterday's settlement price [1]. - There are still cold - repair plans for production lines in the near future, and the supply side may continue to decline. However, the recovery of downstream terminal demand is less than expected, and real - estate completion data suppresses the long - term demand expectation. As the delivery month approaches, the main contract faces the logic of returning to the fundamental delivery, and the influence of external news gradually weakens. It is expected that the short - term disk may continue wide - range oscillations [1]. Soda Ash - The soda ash main contract opened high and went low, with an oscillating and weakening trend during the day. The 120 - minute Bollinger Band has three tracks going down, showing a short - term oscillating and weakening signal. The pressure is around the middle track of the Bollinger Band at 1230, and the support is around the previous low of 1200. The trading volume increased by 155,000 lots compared to yesterday, and the open interest increased by 28,810 lots. The intraday high was 1234, the low was 1204, and the closing price was 1207, down 21 yuan/ton or 1.71% from yesterday's settlement price [2]. - The total inventory of domestic soda ash manufacturers is 1864,800 tons, an increase of 12,900 tons or 0.70% compared to last Thursday. Among them, light soda ash is 930,400 tons, a decrease of 16,200 tons compared to the previous period, and heavy soda ash is 934,400 tons, an increase of 29,100 tons compared to the previous period [2]. - The core logic of soda ash is the unimproved mismatch between high supply, weak demand, and high inventory. Short - term geopolitical risks push up energy costs, providing support for the disk. The rigid demand for soda ash is weak due to the expected production reduction of float glass and the impact of the photovoltaic industry. At the same time, the daily production of soda ash remains high, and the supply pressure continues. As the main contract approaches the delivery month, it faces the delivery logic of returning to the weak - reality + high - inventory structural contradiction, increasing the risk of disk oscillation and adjustment [2].

Group 1: Report Overview - The report is a weekly report on soda ash and glass futures from March 30 to April 3, 2026 [1][2] Group 2: Soda Ash Futures 1. Mid - term Market Analysis - Soda ash futures are in a volatile stage. The spot market was stable last week with a stable price range and light trading. Supply was slightly affected by some enterprise maintenance, and demand was weak, with downstream buyers making rigid purchases and being cautious about high prices. The market lacks a clear driver and will continue to fluctuate in the short - term. Futures first declined and then rebounded, but high inventory and weak demand suppress the upside. It is recommended to wait and see [6] 2. Trading Strategy - **Last week's strategy review**: The soda ash market had a loose supply - demand situation last week. Spot prices fell slightly, and futures declined. The expected positive factors did not materialize, and fundamental contradictions continued to suppress the price [9] - **This week's strategy suggestion**: The soda ash spot was stable last week, with weak supply and demand, and prices continued to trade in a narrow range. Futures first declined and then rebounded, with cost support and weak demand in a tug - of - war, maintaining a volatile pattern [10] 3. Related Data - Data includes China's weekly soda ash开工率,产量,轻质库存,重质库存,基差, and ammonia - soda production cost in North China [11][15][19] - The main force of soda ash futures is slightly bullish, with a small outflow of main funds and low risk of a market reversal [24] Group 3: Glass Futures 1. Mid - term Market Analysis - Glass is in a volatile trend. The float glass market had a narrow - range adjustment last week, with regional differences. Prices in the Northwest and Southwest rose by 30 yuan/ton, while those in Central and North China fell slightly by 10 yuan/ton. Market trading cooled, and downstream buyers purchased on demand and were cautious about restocking. Cold repairs of some production lines supported prices, and inventory in different regions changed differently. Futures were weakly volatile, and the fundamentals dominated the market. Terminal demand did not show obvious improvement, and high inventory continued to suppress prices. Although there was a short - term rebound due to cost support, the sustainability was limited. It is recommended to hold an empty position and wait and see [33] 2. Trading Strategy - **Last week's strategy review**: The float glass spot prices had mixed changes last week, with regional differences. High inventory and weak demand continued to suppress the market, and futures declined weakly. The expected positive factors did not materialize, and the weak pattern was hard to change [36] - **This week's strategy suggestion**: The float glass market had a narrow - range adjustment last week, with regional differences. Downstream demand was mainly rigid, and inventory changed differently. Futures were weakly volatile, and high inventory limited the rebound [37] 3. Related Data - Data includes China's weekly float glass产量,开工率, production cost and production profit of the float process using natural gas as fuel,基差, and期末库存 [39][42][44]

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].