Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, historical quantiles, and changes compared to the previous day of various stock index futures spreads, including price spreads between futures and spot, inter - period spreads, and cross - variety ratios [1]. Details - **Price Spreads between Futures and Spot**: For example, the F period - spot spread is - 74.25, with a 4.00% change compared to the previous day and a 2.50% historical 1 - year quantile; the H period - spot spread is - 22.91, with a - 3.03 change and a 5.70% historical 1 - year quantile [1]. - **Inter - period Spreads**: Such as the spread between the next - month and the current - month contracts, with values and changes for different varieties like IF, IH, IC, and IM [1]. - **Cross - variety Ratios**: Ratios including CSI 500/Shanghai - Shenzhen 300, CSI 1000/Shanghai - Shenzhen 300, IC/IF, etc., are provided with their latest values, changes, and historical quantiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes compared to the previous trading day, and historical quantiles of basis, inter - period spreads, and cross - variety spreads of treasury bond futures [2]. Details - **Basis**: For instance, the TS basis on March 31, 2026, is 1.1202, with a 0.0494 change and a 7.40% historical quantile; the TF basis is 0.0588, with a - 0.0352 change and a 29.50% historical quantile [2]. - **Inter - period Spreads**: Spreads between different contract periods of TS, TF, T, and TL are reported with their values, changes, and historical quantiles [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, etc., are presented with their values, changes, and historical quantiles [2]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions of precious metals, along with investment suggestions [5]. Details - **Futures Closing Prices**: Domestic futures closing prices of AU2606, AG2606, PT2606, and PD2606 contracts are given, as well as foreign futures closing prices of COMEX gold, COMEX silver, NYMEX platinum, and NYMEX palladium [5]. - **Spot Prices**: Spot prices of London gold, London silver, spot platinum, spot palladium, and Shanghai Gold Exchange products are presented [5]. - **Basis**: Bases such as gold TD - Shanghai gold main contract, silver TD - Shanghai silver main contract, etc., are reported with their values, changes, and historical quantiles [5]. - **Price Ratios**: Ratios like COMEX gold/silver, Shanghai Futures Exchange gold/silver, NYMEX platinum/palladium, and Guangzhou Futures Exchange platinum/palladium are provided [5]. - **Interest Rates and Exchange Rates**: 10 - year US Treasury bond yield, 2 - year US Treasury bond yield, 10 - year TIPS Treasury bond yield, US dollar index, and offshore RMB exchange rate are reported [5]. - **Inventory and Positions**: Inventories of Shanghai Futures Exchange gold and silver, COMEX gold and silver, and positions of SPDR gold ETF and SLV silver ETF are presented [5]. - **Investment Suggestions**: Suggestions include trying to go long on gold at the 4400 - 4500 US dollar range when gold ETF positions stop falling and rebound; expecting silver to stand above 70 US dollars and seize short - term upward opportunities; and considering the long - platinum - short - palladium ratio as platinum moves up in the 1850 - 2015 US dollar range and palladium consolidates above 1400 US dollars [5].

Group 1: Dividend Statistics of Broad-based Index Constituents - In 2026, the dividend progress for broad-based index constituents shows that among the CSI 300 constituents, 1 company is in the implementation stage, while the SSE 50, CSI 500, and CSI 1000 each have 1 company in the implementation or proposal stage [11][12]. - The total dividends for the year 2026 for the CSI 300 and SSE 50 are both 1.251 billion, while the CSI 500 has 0.13 billion, and the CSI 1000 is still in the proposal stage [12][11]. - The dividend yield for 2026 has been compared to 2025, indicating a slight increase in yields across the indices [13][14]. Group 2: Dividend Statistics of Industry Index Constituents - The dividend progress for industry index constituents shows that in the pharmaceutical sector, 2 companies are in the implementation stage, while the utilities, machinery, coal, and oil sectors each have 1 company in the implementation stage [15][17]. - The total dividends for the pharmaceutical sector amount to 0.066 billion, utilities 1.251 billion, machinery 0.063 billion, coal 0.13 billion, and oil 0.014 billion [17][15]. - The comparison of dividend yields for 2026 against 2025 shows variations across different sectors, with some sectors experiencing increases [18][19]. Group 3: Index Futures Basis - The annualized basis rates for index futures considering dividends are as follows: CSI 300 near-month 7.15%, far-month 5.10%, near-quarter 3.95%, and far-quarter 3.73%; SSE 50 near-month 1.24%, far-month 0.51%, near-quarter -0.59%, and far-quarter 0.03%; CSI 500 near-month 10.25%, far-month 8.74%, near-quarter 5.96%, and far-quarter 6.66%; CSI 1000 near-month 12.25%, far-month 12.21%, near-quarter 10.95%, and far-quarter 10.81% [6][25]. - The basis data reflects the impact of dividends on the futures contracts, with specific figures for each contract's closing price and basis [25][21]. - Historical basis data for various contracts shows trends in the basis rates over time, indicating fluctuations influenced by dividend announcements [30][31][32][33][36][37].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The market fluctuated and adjusted throughout the day, with all three major indices declining. The Shanghai Composite Index fell 0.8%, the Shenzhen Component Index fell 1.81%, and the ChiNext Index fell 2.7%. The Shanghai Composite Index has fallen 6.51% this month, and the Science and Technology Innovation 50, CSI 500, CSI 2000, and Beijing Stock Exchange 50 indices have fallen more than 10% this month [1]. - The conflict between the United States and Iran has disturbed the capital market, causing significant fluctuations in crude oil prices, which first fell and then rose. The Federal Reserve maintained the interest rate level, and Powell's stance was hawkish. The dot - plot shows only one expected interest rate cut this year, increasing the risk - aversion sentiment in the capital market [1]. - In the medium term, if global technology stocks are affected by liquidity, the previously strong technology sectors in the A - share market may experience a valuation correction [1]. - The current macro - economy is in a stage of steady recovery, structural optimization, and moderate inflation, which is negative for the bond market. In the short term, it is mainly in a volatile and bearish state, with long - term interest rates under more pressure, while short - term rates are relatively stable supported by the capital market [2]. Summary by Directory Research Views - **Stock Index Futures**: The market was volatile, with most stocks falling. The trading volume was 2.01 trillion yuan. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all declined. The Fed's decision and the US - Iran conflict affected the market, and the A - share technology sector may face valuation adjustments [1]. - **Treasury Bond Futures**: The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures contracts all rose. The central bank conducted 325 billion yuan of 7 - day reverse repurchases, with a net injection of 150 billion yuan. The weighted average interest rates in the inter - bank and exchange repurchase markets generally declined [1][2]. Daily Price Changes | Variety | 2026 - 03 - 31 | 2026 - 03 - 30 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH | 2,804.0 | 2,812.4 | - 8.4 | - 0.30% | | IF | 4,375.8 | 4,414.0 | - 38.2 | - 0.87% | | IC | 7,425.0 | 7,560.6 | - 135.6 | - 1.79% | | IM | 7,379.4 | 7,509.4 | - 130.0 | - 1.73% | | Shanghai Composite 50 | 2,826.1 | 2,833.2 | - 7.1 | - 0.25% | | CSI 300 | 4,450.0 | 4,492.0 | - 41.9 | - 0.93% | | CSI 500 | 7,617.3 | 7,753.7 | - 136.4 | - 1.76% | | CSI 1000 | 7,619.9 | 7,767.9 | - 148.1 | - 1.91% | | TS | 102.54 | 102.54 | - 0.006 | - 0.01% | | TF | 106.11 | 106.09 | 0.015 | 0.01% | | T | 108.40 | 108.39 | 0.01 | 0.01% | | TL | 111.69 | 111.60 | 0.09 | 0.08% | [3] Market News - The market adjusted throughout the day, with the three major indices falling. High - speed rail and rail transit, and two - wheeled vehicle concept stocks rose, while computing power hardware stocks adjusted [4]. - Most stocks fell, with more than 4,300 stocks in the Shanghai, Shenzhen, and Beijing markets closing in the red. The trading volume was 2.01 trillion yuan [4]. - In terms of sectors, high - speed rail and rail transit, automobile manufacturing, engineering machinery, and banks led the gains, while coal, oil and gas, wind power, and chemical industries led the losses [5]. - There were 903 rising stocks, 59 limit - up stocks, 4,192 falling stocks, 16 limit - down stocks, and 17 stocks with their limit - up broken, with a broken - limit - up rate of 34% [6]. Chart Analysis - **Stock Index Futures**: The report provides the historical price trends and basis trends of IH, IF, IC, and IM futures contracts [8][10][12]. - **Treasury Bond Futures**: The report shows the historical price trends, basis trends, inter - period spreads, cross - variety spreads, and capital interest rate trends of Treasury bond futures contracts [15][17][19][21]. - **Exchange Rates**: The report presents the historical trends of the US dollar - RMB, euro - RMB exchange rates, forward exchange rates, and the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [24][25][27][29][30].

Report Overview - The report is a financial futures morning report released by China Merchants Futures Co., Ltd. on April 1, 2026, covering the market performance of A-shares, stock index futures, and treasury bond futures on March 31, 2026 [1][2][3] Market Performance A-share Market - On March 31, the four major A-share stock indexes pulled back. The Shanghai Composite Index fell 0.8% to close at 3,891.86 points; the Shenzhen Component Index fell 1.81% to close at 13,478.06 points; the ChiNext Index fell 2.7% to close at 3,184.95 points; the STAR 50 Index fell 2.59% to close at 1,256.33 points [2] - Market turnover was 2.0059 trillion yuan, an increase of 78.4 billion yuan from the previous day [2] - In terms of industry sectors, household appliances (+1.57%), banks (+0.72%), and food and beverages (+0.23%) performed well; coal (-3.67%), power equipment (-3.21%), and electronics (-2.71%) performed poorly [2] - In terms of market strength, IH > IF > IC > IM. The number of rising/flat/falling stocks was 1,008/107/4,372 respectively [2] - In the Shanghai and Shenzhen stock markets, institutional, main, large, and retail investors had net inflows of -26.9 billion, -22.5 billion, 15.6 billion, and 33.8 billion yuan respectively, with changes of -21.2 billion, -11 billion, +11.4 billion, and +20.8 billion yuan respectively [2] Stock Index Futures - The basis of the next-month contracts of IM, IC, IF, and IH was 121.85, 90.93, 36.65, and 4.72 points respectively. The annualized basis yields were -13.33%, -9.95%, -6.86%, and -1.39% respectively, and the three-year historical quantiles were 24%, 23%, 17%, and 37% respectively [3] - The trading strategy is to maintain the judgment of going long on the economy in the medium and long term. Currently, using stock index futures as a long substitute has a certain excess return. It is recommended to allocate long positions in the forward contracts of each variety on dips [3] Treasury Bond Futures - On March 31, treasury bond futures strengthened slightly. Among the active contracts, TS remained flat, TF rose 0.03%, T rose 0.04%, and TL rose 0.15% [3] - For the current active contract 2606, the CTD bond of the 2-year treasury bond futures was 250024.IB, with a yield change of +1bps, a corresponding net basis of 0.058, and an IRR of 1.15%; the CTD bond of the 5-year treasury bond futures was 250014.IB, with a yield change of +0.5bps, a corresponding net basis of 0.017, and an IRR of 1.34%; the CTD bond of the 10-year treasury bond futures was 250025.IB, with a yield change of +0.4bps, a corresponding net basis of -0.017, and an IRR of 1.5%; the CTD bond of the 30-year treasury bond futures was 210014.IB, with a yield change of +0.25bps, a corresponding net basis of -0.099, and an IRR of 1.82% [3] - In terms of the money market, the central bank injected 32.5 billion yuan and withdrew 17.5 billion yuan through open market operations, with a net injection of 15 billion yuan [3] - The trading strategy is that the short-term trend is unclear, so it is recommended to wait and see; in the medium and long term, with the increase in risk appetite and the expectation of economic recovery, it is recommended to hedge on rallies for T and TL [3] Tables and Figures Stock Index Futures and Spot Market Performance - The table shows the performance of stock index futures and spot markets, including codes, names, price changes, current prices, price changes, trading volumes, trading amounts, open interests, daily position changes, settlement prices, basis, and annualized basis yields [5] Treasury Bond Futures and Spot Market Performance - The table shows the performance of treasury bond futures and spot markets, including codes, names, price changes, current prices, trading volumes, trading amounts, open interests, daily position changes, settlement prices, net basis, and implied interest rates of CTD bonds [6] Short-term Fund Interest Rate Market Changes - The table shows the changes in short-term fund interest rates, including the current price, previous price, price one week ago, and price one month ago [9] Treasury Bond Spot Term Structure - The figure shows the term structure of treasury bond spots from March 31, 2025, to March 31, 2026 [7][8]

Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report provides the latest values of various stock index futures spreads, their changes compared to the previous day, and historical percentile data, helping investors understand the current situation of the stock index futures market [1]. Summary by Relevant Catalog - **Futures - Spot Spreads**: The F futures - spot spread was -74.25, with a 4.00% change from the previous day and a 2.50% historical 1 - year percentile. The H futures - spot spread was -22.91, with a -3.03 change and a 5.70% historical 1 - year percentile. The IC futures - spot spread was -193.12, with a -14.71 change, and the IM futures - spot spread was 18.08, with a 0.9096 change [1]. - **Inter - delivery Spreads**: For different contracts (e.g., next month - current month, far month - current month), various inter - delivery spreads are presented with their changes and historical percentile data. For example, the next month - current month spread of a certain contract was -20.40, with a -1.00 change and a 22.20% historical 1 - year percentile [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/Shanghai - Shenzhen 300, IC/IF, etc., are provided with their changes and historical percentile data. For example, the IC/IF ratio was 2.6480, with a 96.90% historical percentile [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report provides the latest values of various treasury bond futures spreads, their changes compared to the previous trading day, and historical percentile data, assisting investors in analyzing the treasury bond futures market [2]. Summary by Relevant Catalog - **Basis**: The TS basis was 1.1202, with a 0.0494 change and a 7.40% historical percentile. The TF basis was 0.0588, with a -0.0352 change and a 29.50% historical percentile. The T basis was 0.0502, with a -0.0483 change and a 48.30% historical percentile. The TL basis was 0.0060, with a 27.00% historical percentile [2]. - **Inter - delivery Spreads**: Different inter - delivery spreads for each contract (e.g., current quarter - next quarter) are presented, along with their changes and historical percentile data. For example, the current quarter - next quarter spread of the TF contract was 0.2400, with a 0.0050 change and a 44.10% historical percentile [2]. - **Cross - variety Spreads**: Spreads such as TS - TF, TS - T, etc., are provided with their changes and historical percentile data. For example, the TS - TF spread was -3.5670, with a -0.0210 change and an 8.40% historical percentile [2]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided in the report. Report Core View - The report presents the latest prices of domestic and foreign precious metals futures, spot prices, basis, price ratios, interest rates, exchange rates, inventory, and positions, and provides investment suggestions for precious metals [5]. Summary by Relevant Catalog - **Domestic Futures Closing Prices**: The AU2606 contract closed at 1020.10 yuan, up 0.51% from the previous day. The AG2606 contract closed at 18126 yuan/ten grams, up 2.37%. The PT2606 contract closed at 493.10 yuan, down 0.88%. The PD2606 contract closed at 361.40 yuan, up 1.15% [5]. - **Foreign Futures Closing Prices**: The COMEX gold主力 contract closed at 4699.60 dollars, up 3.51%. The COMEX silver主力 contract closed at 75.35 dollars, up 7.36%. The NYMEX platinum主力 contract closed at 1962.30 dollars, up 3.67%. The NYMEX palladium主力 contract closed at 1488.50 dollars, up 5.31% [5]. - **Spot Prices**: The London gold price was 4669.13 dollars, up 3.45%. The London silver price was 75.11 dollars, up 7.24%. The spot platinum price was 1950.00 dollars, up 3.34%. The spot palladium price was 1448.00 dollars, up 1.26%. The SGE gold T + D price was 1015.68 yuan/gram, up 0.67%. The SGE silver T + D price was 18031 yuan/ten grams, up 2.68%. The SGE gold 9995 price was 465 yuan, up 1.10% [5]. - **Basis**: The gold TD - Shanghai gold主力 basis was -4.42, with a 1.50 change and a 46.10% historical 1 - year percentile. The silver TD - Shanghai silver主力 basis was 3.66, with a 0.74 change and a 99.20% historical 1 - year percentile [5]. - **Price Ratios**: The COMEX gold/silver ratio was 62.37, down 3.59%. The SHFE gold/silver ratio was 56.28, down 1.81%. The NYMEX platinum/palladium ratio was 1.32, down 1.56%. The GFE platinum/palladium ratio was 1.36, down 2.01% [5]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield was 4.30%, down 1.19%. The 2 - year US Treasury yield was 3.79%, down 0.8%. The 10 - year TIPS Treasury yield was 2.00%, down 2.0%. The US dollar index was 09.88, down 0.62%. The offshore RMB exchange rate was 6.8879, down 0.41% [5]. - **Inventory and Positions**: The SHFE gold inventory was 106644, unchanged. The SHFE silver inventory was 368667 kg, down 1.54%. The COMEX gold inventory was 31533901, down 0.01%. The COMEX silver inventory was 327820669, up 0.07%. The COMEX gold registered warehouse receipts were 16563243 ounces, down 0.33%. The COMEX silver registered warehouse receipts were 76429739, up 0.53%. The SPDR gold ETF position was 1047, up 0.11%. The SLV silver ETF position was 15274, down 0.09% [5]. - **Investment Suggestions**: If the gold ETF position stops falling and rebounds, it reflects the improvement of the confidence of allocation funds. Investors can try to buy on dips in the range of 4400 - 4500 dollars and pay attention to the short - term resistance of the 20 - day moving average. In the short term, as the US - Iran war eases, silver is expected to stabilize above 70 dollars with gold, and investors can grasp the opportunity of band - type upward movement with the boost of capital sentiment, with the upper resistance at 85 dollars. Platinum is moving upward in the range of 1850 - 2015 dollars, and palladium is fluctuating and consolidating above 1400 dollars. The fundamental situation of palladium is relatively weaker, and investors can continue to hold the long - platinum short - palladium ratio [5].

1. Report Industry Investment Ratings No information provided in the given content. 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. The bond market, stock index, and precious metals markets are expected to have significant fluctuations, and it is recommended to stay on the sidelines. Some commodity markets such as steel, iron ore, and coking coal have potential short - term rebound opportunities, and investors can participate with light positions. Different agricultural and chemical product markets have different supply - demand situations and price trends, and corresponding investment strategies are proposed [6][9][12]. 3. Summary by Directory 3.1 Fixed - Income - **Treasury Bonds**: The previous trading day saw a full - line increase in treasury bond futures. The central bank's monetary policy committee meeting proposed to strengthen monetary policy regulation. The current macro - data is stable, but the economic recovery momentum needs to be strengthened. The treasury bond yield is at a relatively low level, and the market is expected to face some pressure, so it is necessary to be cautious [5][6]. 3.2 Equity - **Stock Index Futures**: The previous trading day, stock index futures showed mixed performance. The domestic economy is stable, but the recovery momentum is weak. Although asset valuations are low and there is room for repair, the Iran situation brings high uncertainty, and it is recommended to stay on the sidelines [8][9]. 3.3 Precious Metals - **Gold and Silver**: The previous trading day, gold and silver futures rose. The global trade and financial environment is complex, and the long - term logic of precious metals is strong. However, due to the uncertainty of the Iran situation, the market is expected to have significant fluctuations, and it is recommended to stay on the sidelines [11][12]. 3.4 Base Metals - **Steel (Rebar and Hot - Rolled Coil)**: The previous trading day, rebar and hot - rolled coil futures fluctuated. In the short term, the Middle East conflict may affect sentiment, and in the medium term, prices are determined by supply and demand. Rebar demand is decreasing, but supply pressure is relieved, and prices may rebound with limited space. Hot - rolled coil may have a similar trend. Investors can pay attention to low - position long opportunities [14]. - **Iron Ore**: The previous trading day, iron ore futures fluctuated. The Middle East conflict may affect sentiment, but has little impact on actual supply and demand. Demand may increase, but the impact may be limited. The inventory is at a high level. Technically, there may be a short - term rebound, and investors can participate with light positions [16][17]. - **Coking Coal and Coke**: The previous trading day, coking coal and coke futures fell sharply. The Middle East conflict may affect sentiment, but has little impact on actual supply and demand. Coking coal supply may increase, and demand is improving. Coke supply is stable, and demand is expanding. Technically, they may continue to fluctuate in the medium term, and investors can pay attention to low - position buying opportunities [19]. - **Ferroalloys**: The previous trading day, manganese silicon and silicon iron futures fell. The cost of ferroalloys is rising slightly, and the supply is still in a surplus state. After a short - term price increase, investors can consider taking profits on long positions [21][22]. 3.5 Energy - **Crude Oil**: The US is willing to end the war even if the Strait of Hormuz is closed. Speculators increased their net long positions in US crude oil futures and options. US energy companies reduced the number of oil and gas rigs. The price of crude oil may be supported, but also affected by the end of the war. It is recommended to stay on the sidelines for INE crude oil [23][24]. 3.6 Chemicals - **Polyolefins**: The previous trading day, the PP and LLDPE markets declined. Supply pressure is expected to ease, but demand is weak. The market is expected to be in a high - level consolidation, and it is recommended to stay on the sidelines [26]. - **Synthetic Rubber**: The previous trading day, synthetic rubber futures fell. The core contradiction is between cost - push and supply - demand game. The cost support is weakening, and the supply pressure is slightly relieved. The price is expected to be in a strong - side oscillation [28][29]. - **Natural Rubber**: The previous trading day, natural rubber futures fell. The core contradiction is between the impact of the Middle East conflict on cost and demand and the approaching of the domestic tapping season. The market is in a short - term multi - empty game and is expected to be in a wide - range oscillation [31]. - **PVC**: The previous trading day, PVC futures fell. The core contradiction is between the supply concern caused by the overseas conflict, the spring demand, and high inventory. The cost support is strong, and the price is expected to be in a strong - side oscillation, but the upside space is limited [33][34]. - **Urea**: The previous trading day, urea futures fell. The core contradiction is between high supply and policy ceiling. The price is expected to oscillate weakly, but the downside space is limited due to cost support and approaching demand season [36]. - **PX**: The previous trading day, PX futures fell. The PX load decreased, and the supply is expected to be tight. The price may be in a wide - range oscillation, and it is recommended to operate cautiously [38][39]. - **PTA**: The previous trading day, PTA futures fell. The PTA load increased, and the downstream polyester load decreased. The short - term multi - empty game is intense, and it is recommended to operate cautiously [40]. - **Ethylene Glycol**: The previous trading day, ethylene glycol futures fell. The supply is slightly reduced, and the inventory is increasing. The demand is weak. It is necessary to be cautious in the short term and pay attention to the negotiation progress and the situation of the strait [41][42]. - **Short - Fiber**: The previous trading day, short - fiber futures fell. The supply increased, and the demand decreased. The short - term trading is based on the cost logic, and it is necessary to pay attention to the geopolitical situation, device dynamics, and downstream factory resumption progress [43]. - **Bottle Chip**: The previous trading day, bottle - chip futures fell. The supply increased, and the demand is mainly for rigid needs. The processing fee is being repaired. It is recommended to participate cautiously and pay attention to the geopolitical situation, device operation, and cost changes [44]. - **Soda Ash**: The previous trading day, soda ash futures fell. The supply is at a relatively high level, and the demand is weak. The cost is rising, but the price adjustment is limited. The market is expected to be in a stalemate [45][47]. - **Glass**: The previous trading day, glass futures fell. The production line is shrinking, and the inventory reduction is slowing down. The cost support is still there, and the market sentiment may fluctuate [48]. - **Caustic Soda**: The previous trading day, caustic soda futures fell. The supply is slightly reduced, and the inventory is not significantly reduced. The downstream demand is weak, and the spot market may face pressure [49][50]. - **Paper Pulp**: The previous trading day, paper pulp futures fell. The port inventory is increasing rapidly, and the supply is also increasing slightly. The supply - demand contradiction persists, and the inventory and weak demand put pressure on the market [51][52]. 3.7 Non - Ferrous Metals - **Lithium Carbonate**: The previous trading day, lithium carbonate futures fell. The supply is in a tight balance, and the demand in the energy - storage and power - battery sectors is improving. The inventory is decreasing, and the price has short - term support, but the short - term volatility may increase [53]. - **Copper**: The previous trading day, copper futures rose. The macro - sentiment is cautious, the mine supply is in a tight balance, and the consumption is structurally differentiated. The inventory is decreasing, and the price has support after a decline [54]. - **Aluminum**: The previous trading day, aluminum futures rose, and alumina futures fell. The ore cost is rising, the supply is tightened, and the demand is strong. The inventory is changing, and the price is expected to stabilize and rise slightly [56][57]. - **Zinc**: The previous trading day, zinc futures rose. The mine cost provides support, the demand is improving, and the inventory is decreasing. The price has repair momentum, but the upside space is limited [58]. - **Lead**: The previous trading day, lead futures fell slightly. The supply is tightened, and the demand is for rigid replenishment. The overseas inventory is high, and the domestic demand is in the off - season. The price is expected to oscillate within a range [60][61]. - **Tin**: The previous trading day, tin futures rose. The supply pressure is relieved, and the demand in the emerging fields is strong. The inventory is decreasing, and the price has support, but the overseas situation is uncertain [63]. - **Nickel**: The previous trading day, nickel futures rose slightly. The macro - situation is improving, but the policy risk in Indonesia increases. The supply and demand are complex, and the inventory is relatively high. It is necessary to pay attention to Indonesian policies and macro - events [64][65]. 3.8 Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, soybean oil and soybean meal futures fell. Brazil's soybean harvest is progressing well, and the US soybean planting area is lower than expected. The supply is expected to be relatively loose in the medium term. It is recommended to pay attention to long opportunities for soybean meal at low levels and stay on the sidelines for soybean oil [66][67]. - **Palm Oil**: The previous trading day, palm oil futures rose. The export data in March is strong, and Indonesia will increase the biodiesel blending ratio. The inventory is at a relatively high level. It is recommended to consider short - term long positions [68][69]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day, rapeseed meal and rapeseed oil futures showed different trends. The supply and demand situation is complex, and it is recommended to stay on the sidelines [71]. - **Cotton**: The previous trading day, cotton futures fluctuated. The global cotton production is expected to decrease, and the inventory is in a decreasing cycle. The domestic supply is expected to be tight in the long term, but the short - term quota issuance is negative. The price has long - term support [73][74]. - **Sugar**: The previous trading day, sugar futures fluctuated. The domestic sugar production is expected to increase, and the import volume is high. The international sugar price has support due to the impact of oil prices. The domestic sugar price has a higher bottom [75][76]. - **Apple**: The previous trading day, apple futures oscillated. The inventory is decreasing, and the demand during the Tomb - Sweeping Festival is increasing. The market is expected to be stable and strong, and it is necessary to pay attention to the weather during the flowering period [77][78]. - **Pig**: The previous trading day, pig futures fell. The supply is under pressure, the consumption is weak, and the secondary fattening support is insufficient. It is recommended to hold short positions in the far - month contracts with light positions [79]. - **Egg**: The previous trading day, egg futures fell. The egg supply is improving, but the demand may decline after the stocking period. It is recommended to stay on the sidelines [80]. - **Corn and Corn Starch**: The previous trading day, corn futures fell, and corn starch futures rose slightly. The domestic corn supply and demand are basically balanced. The demand for corn starch is improving, but the supply is abundant. It is recommended to pay attention to short - covering opportunities after the price decline [81][83]. - **Log**: The previous trading day, log futures fell. The export volume from New Zealand decreased, and the domestic inventory decreased slightly. The terminal consumption is limited, and the market is affected by the geopolitical situation [84][86].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View On March 31, 2026, the A - share market and various futures markets showed different trends. The A - share market had a collective callback, and futures markets such as coke, coal, and others had their own price movements influenced by factors like supply - demand relationships, international policies, and market sentiment [1]. 3. Summary by Category A. Stock Index Futures - On March 31, A - share market indices fell. The Shanghai Composite Index dropped 0.80% to 3891.86 points, the Shenzhen Component Index fell 1.81% to 13478.06 points, and the ChiNext Index declined 2.70% to 3184.95 points. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2006.1 billion yuan, an increase of 78.3 billion yuan from the previous day [1]. - The CSI 300 Index was weak on March 31, closing at 4450.05, a decrease of 41.90 from the previous day [2]. B. Coke and Coking Coal - On March 31, the coke weighted index trended weakly, closing at 1737.4, a decrease of 54.0 from the previous day. The coking coal weighted index also trended weakly, closing at 1203.2 yuan, a decrease of 72.7 from the previous day [2][3]. - Coking profit is average, daily production slightly increases, coke inventory slightly rises, and traders' purchasing willingness improves slightly. The supply of carbon elements is sufficient, downstream molten iron slightly increases, and steel profit slightly improves. The coking coal futures price has a large premium over Mongolian coal, and Mongolian coal customs clearance data remains high. Mongolian coal customs clearance volume is 1230 vehicles. Coal mine production has returned to a high - level, weekly production slightly decreases, spot auction transactions are good this week, transaction prices mainly rise, terminal inventory significantly increases, and there is some restocking action. The total coking coal inventory slightly increases, and production - end inventory slightly decreases [4]. C. Zhengzhou Sugar - Due to the failure of the futures price to break through and stabilize at the 16 - cent technical level, it was pressured by technical selling, and the US sugar oscillated and declined on Monday. Affected by the decline of US sugar and the reduction of spot quotes, the short - sellers pressured the Zhengzhou sugar 2605 contract to oscillate and decline on Tuesday. Due to the large short - term decline, affected by the technical aspect, the Zhengzhou sugar 2605 contract oscillated and adjusted slightly higher at night. In the 2026/27 season starting in April, Brazil's sugar export volume may decrease by 14.2% as sugar mills tend to use more sugarcane to produce ethanol due to high energy prices. Brazil's sugar production in the 2026/27 season will drop from 43.5 million tons in the previous season to 40.3 million tons [4]. D. Rubber - Affected by the decline of synthetic rubber, Shanghai rubber oscillated and declined on Tuesday. At night, supported by bargain - hunting buying, Shanghai rubber oscillated and rose. In the first two months of 2026, Thailand's exports of natural rubber (excluding compound rubber) totaled 450,000 tons, a year - on - year decrease of 15%. From January to February, Thailand's exports of mixed rubber were 297,000 tons, a year - on - year increase of 6%. In total, Thailand's exports of natural rubber and mixed rubber in the first two months were 747,000 tons, a year - on - year decrease of 7.4% [4]. E. Soybean Meal - Internationally, on March 31, the CBOT soybean main contract closed at 1172.25 cents per bushel, a gain of 1.17%. The US Department of Agriculture's planting intention report shows that the US soybean planting area in 2026 is expected to be 84.7 million acres, higher than last year's 81.215 million acres but lower than analysts' forecast of 85.549 million acres. Brazil's soybean exports in March are estimated to be 15.86 million tons, slightly lower than the previous forecast, and the short - term export rhythm is stable. Domestically, on March 31, the soybean meal main M2605 contract closed at 2915 yuan per ton, a decline of 0.75%. China has relaxed the weed quarantine standards for Brazilian soybeans, and the customs clearance speed has accelerated. Brazilian soybeans will arrive in large quantities from April to May, and the domestic soybean supply will become more abundant, and the soybean meal inventory is expected to stop falling and rise. It is recommended to focus on the weather in South American main production areas, the geopolitical situation in the Middle East, the rhythm of soybean arrivals, and customs clearance efficiency [6]. F. Live Pigs - On March 31, the live pig main contract LH2605 closed at 9770 yuan per ton, a decline of 2.35%. The inventory of breeding sows remains at a high level, higher than the reasonable regulation target. Coupled with the improvement of production efficiency, the supply of suitable - weight standard pigs continues to increase, and the slaughter volume remains high. The capacity reduction is insufficient, and the supply side remains loose. The demand side has insufficient carrying capacity and cannot effectively support the live pig price. Although some slaughtering enterprises carry out frozen product segmentation and warehousing operations, and there is a small amount of secondary fattening, such demand is limited, and it is difficult to reverse the current market pattern of strong supply and weak demand. It is recommended to focus on the progress of breeding sow reduction, the slaughter rhythm of large - scale pig enterprises, and the recovery of terminal consumption [6]. G. Palm Oil - On March 31, affected by Indonesia's B50 biodiesel plan, the palm oil futures on the Dalian Commodity Exchange once broke through the 10,000 - yuan mark. However, the subsequent upward momentum was insufficient, and the market oscillated and declined with a reduction in positions. By the afternoon close, the palm oil main contract P2605 K - line closed as a negative line with long upper and lower shadows. The highest price on the day was 10082, the lowest price was 9808, and the closing price was 9866, a decrease of 0.64% from the previous trading day. According to the independent inspection agency AmSpec in Malaysia, Malaysia's palm oil exports from March 1 - 31 were 1,607,065 tons, a 56.7% increase from the 1,025,449 tons exported in the same period last month [6]. H. Shanghai Copper - The Shanghai copper main 2605 contract oscillated in a narrow range, closing at 95340 yuan per ton. The opening price was 96100 yuan per ton, the highest was 96240 yuan per ton, the lowest was 95150 yuan per ton, the trading volume was 96,900 lots, and the positions slightly declined. In the spot market, the average price of Yangtze River Non - ferrous 1 copper was 95350 yuan per ton, a decrease of 30 yuan from the previous day, with a premium of 120 - 160 yuan per ton. The price differences in East China, South China, and Central China were all within 50 yuan, and the market transactions were stable. Fundamentally, on the supply side, smelting has production cuts, and the scrap copper policy is liberalized; on the demand side, the "Golden March" peak season is gradually realized, and the power grid, new energy, and other fields support the demand. The inventory of the Shanghai Futures Exchange is decreasing at a low level, and the global inventory is still tight. It is necessary to pay attention to the evolution of the geopolitical situation and the progress of domestic inventory reduction [6]. I. Cotton - On Tuesday night, the Zhengzhou cotton main contract closed at 15510 yuan per ton. The cotton inventory decreased by 15 lots compared with the previous trading day, and downstream textile enterprises purchased as needed and were cautious about price adjustments. The US Department of Agriculture will release the 2026 US cotton planting intention forecast on Tuesday. The current industry average forecast is 9.229 million acres, with a forecast range of 9 - 9.635 million acres. Last year's actual planting area was 9.283 million acres, the US Agricultural Outlook Forum predicted 9.4 million acres, and the US NCC predicted 8.99 million acres [6][7]. J. Iron Ore - On March 31, the iron ore 2605 main contract oscillated and closed down, with a decline of 0.8% and a closing price of 808 yuan. The iron ore shipments in this period declined, the arrival volume continued to increase month - on - month, the port inventory decreased, steel mills maintained the resumption trend, and the molten iron output continued to rise. The short - term iron ore price is in an oscillating trend [8]. K. Asphalt - On March 31, the asphalt 2606 main contract oscillated and declined, with a decline of 1.53% and a closing price of 4512 yuan. The refinery operating rate is at a low level, the supply is tight, the terminal demand starts slowly, the refinery shipments continue to decline month - on - month, and it is in a situation of weak supply and demand. The short - term asphalt price may follow the oil price [8]. L. Logs - The log 2605 main contract opened at 826 on Tuesday, with a minimum of 820, a maximum of 829, and a closing price of 820.5, with a daily reduction of 360 lots. On March 31, the spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 790 yuan per cubic meter, an increase of 10 yuan per cubic meter from the previous day. The spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan per cubic meter, the same as the previous day. As of March 27, the domestic coniferous log inventory was 2.89 million cubic meters, a year - on - year decrease of 19.69%, hitting a one - month low. It is necessary to pay attention to the spot price, import data, shipping costs, inventory changes, and the support of the macro - expected market sentiment on the price [8][9]. M. Steel - On March 31, rb2605 closed at 3121 yuan per ton, and hc2605 closed at 3294 yuan per ton. In March, as enterprises accelerated the resumption of work and production after the Spring Festival, the supply and demand of the manufacturing industry both rebounded and entered the expansion range. Although the business activity index of the construction industry rose to 49.3% in March, it was still in the contraction range. The number of newly started projects this year decreased year - on - year, and the industry demand recovered slowly. From the perspective of the steel market fundamentals, the supply and demand have gradually recovered since March, but it still faces high inventory pressure. Merchants mainly continue to reduce inventory, and the short - term steel price may oscillate [9]. N. Alumina - On March 31, ao2605 closed at 2827 yuan per ton. Affected by the uncertainty of Guinea's ore policy and the increase in shipping costs due to the Middle East situation, the price of imported ore still has room to rise. Coupled with the increase in caustic soda prices due to geopolitical conflicts, the cost support of alumina continues to move up. In addition, some domestic production cuts and new production capacities have not yet been fully released, and the short - term supply pressure is not large. However, since there are many new production capacities to be put into operation at home and abroad in the medium and long term, the upward pressure on alumina is still large [9]. O. Shanghai Aluminum - On March 31, al2605 closed at 24875 yuan per ton. The downstream demand is picking up, and the inflection point of social inventory is approaching. In addition, the potential risk of the blockade of the Strait of Hormuz will gradually be transmitted to the electrolytic aluminum production in the Middle East. Coupled with the concerns about aluminum plant production cuts caused by the soaring natural gas prices in Europe, the global supply stability is facing challenges. It is worth noting that the extent of the production capacity damage of Bahrain Aluminum and UAE Aluminum due to the weekend incident remains to be evaluated, while Qatar Aluminum has clearly terminated the production capacity reduction plan, injecting a certain degree of stability into the market. Overall, there is still support at the bottom of electrolytic aluminum [9].

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend, resistance, and support levels of various futures contracts in April 2026 [2]. - The report also analyzes the market performance of various futures on March 31, 2026, and provides short - term and long - term trend predictions for April 1, 2026, and the whole month of April 2026 [13][18]. Summary by Related Catalogs 1. Macro Information and Trading Tips - The US, Iran, and other countries have expressed their stances on the end of the war. The US is seeking an agreement to end the war, and Iran is willing to end the war under certain conditions [5]. - China's Minister of Foreign Affairs Wang Yi and Pakistan's Deputy Prime Minister and Minister of Foreign Affairs Dar held talks and put forward five initiatives on the situation in the Gulf and the Middle East [6]. - The central bank's monetary policy committee proposed to use various policy tools to strengthen monetary policy regulation and maintain the stable operation of the financial market [7]. - China's economic sentiment has rebounded, with the manufacturing, non - manufacturing, and comprehensive PMI output indices all returning to the expansion range [7]. - The total operating income of state - owned enterprises from January to February increased slightly year - on - year, while the total profit decreased. The asset - liability ratio increased [7]. - A number of national new regulations will be implemented from April [8]. - The Iran war may cause significant losses to the GDP of Arab countries, increase unemployment, and push more people into poverty. High - end estimates show that the GDP of some countries may shrink [8]. - The US may make a decision on NATO's future after the end of the military operation against Iran [8]. - Some Gulf countries hope that the US will continue the war against Iran, and Iran has warned against a possible US ground war [9]. - The US and Israel launched an attack on an Iranian steel plant [9]. - The Kansas Fed President warned about the impact of the Iran conflict on inflation [9]. - A US federal judge ruled that the Trump administration's termination of the legal status of hundreds of thousands of immigrants was illegal and required the restoration of their status [9]. - NASA announced the countdown to the launch of the "Artemis 2" mission [10]. - The US consumer confidence index rose in March, and inflation expectations increased [10]. - The eurozone's CPI increased in March, and the European Central Bank may raise interest rates in April [10] 2. Commodity Futures - related Information - On March 31, international precious metal futures generally rose, with COMEX gold futures up 3.12% and COMEX silver futures up 6.77% [10]. - On March 31, US oil and Brent oil futures fell. The increase in US API crude oil inventories led to concerns about oversupply [11]. - The average price of regular gasoline in the US reached a nearly 4 - year high [12]. - On March 31, most London base metals rose [12]. - On March 31, the on - shore RMB against the US dollar rose, and the RMB central parity rate against the US dollar was raised [12]. - On March 31, the US dollar index fell, and most non - US currencies rose [13] 3. Futures Market Analysis and Forecast 3.1 Stock Index Futures - On March 31, the main contracts of stock index futures such as IF2606, IH2606, IC2606, and IM2606 generally showed a downward trend. They faced resistance when rebounding and had increased downward pressure in the short term [13][14][15]. - In April 2026, these contracts are expected to be in a weak - oscillating trend, with specific support and resistance levels provided [18]. - On April 1, 2026, stock index futures are expected to be in a strong - oscillating trend, with corresponding support and resistance levels [18] 3.2 Precious Metal Futures - **Gold Futures**: On March 31, the main contract AU2606 showed a slightly strong - oscillating trend. In April 2026, the main continuous contract is expected to be in a wide - oscillating trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [30]. - **Silver Futures**: On March 31, the main contract AG2606 showed a strong - oscillating upward trend. In April 2026, the main continuous contract is expected to be in a wide - oscillating trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [38] 3.3 Base Metal Futures - **Copper Futures**: On March 31, the main contract CU2605 showed a slightly weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a weak - oscillating trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [42]. - **Aluminum Futures**: On March 31, the main contract AL2605 showed an oscillating upward trend. In April 2026, the main continuous contract is expected to be in a strong - wide - oscillating trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [48]. - **Alumina Futures**: On March 31, the main contract AO2605 showed a weak - oscillating downward trend. In April 2026, both AO2605 and AO2609 are expected to be in a strong - oscillating trend [55]. - **Carbonate Lithium Futures**: On March 31, the main contract LC2605 showed a significant downward trend. In April 2026, the main continuous contract is expected to be in a weak - wide - oscillating trend. On April 1, 2026, it is expected to be in a wide - oscillating trend [56] 3.4 Building Material Futures - **Rebar Futures**: On March 31, the main contract RB2605 showed a slightly downward trend. In April 2026, both RB2605 and RB2610 are expected to be in a strong - wide - oscillating trend [63]. - **Iron Ore Futures**: On March 31, the main contract I2605 showed a downward trend. In April 2026, both I2605 and I2609 are expected to be in a strong - oscillating trend. On April 1, 2026, I2605 is expected to be in a strong - oscillating trend [65][66]. - **Coking Coal Futures**: On March 31, the main contract JM2605 showed a significant downward trend. In April 2026, both JM2605 and JM2609 are expected to be in a strong - oscillating trend [72]. - **Glass Futures**: On March 31, the main contract FG605 showed a weak - oscillating downward trend. In April 2026, both FG605 and FG609 are expected to be in a weak - wide - oscillating trend [76]. - **Soda Ash Futures**: On March 31, the main contract SA605 showed a weak - oscillating downward trend. In April 2026, both SA605 and SA609 are expected to be in a weak - wide - oscillating trend [80] 3.5 Energy Futures - **Crude Oil Futures**: On March 31, the main contract SC2605 showed a weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend and may reach a new high. On April 1, 2026, it is expected to be in a weak - oscillating trend [85]. - **Fuel Oil Futures**: On March 31, the main contract FU2605 showed a weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend and may reach a new high [89]. - **Asphalt Futures**: On March 31, the main contract BU2606 showed a slightly weak - oscillating trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend [91] 3.6 Chemical Futures - **Linear Low - Density Polyethylene Futures**: On March 31, the main contract L2605 showed a weak - oscillating downward trend. In April 2026, it is expected to be in a strong - oscillating trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [93]. - **Polypropylene Futures**: On March 31, the main contract PP2605 showed a downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [98][99]. - **Styrene Futures**: On March 31, the main contract EB2605 showed a downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend and may reach a new high. On April 1, 2026, it is expected to be in a weak - oscillating trend [104]. - **PTA Futures**: On March 31, the main contract TA605 showed a downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [109]. - **PVC Futures**: On March 31, the main contract V2605 showed a weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a wide - oscillating trend. On April 1, 2026, it is expected to be in a wide - oscillating trend [114]. - **Methanol Futures**: On March 31, the main contract MA605 showed a weak - oscillating downward trend. In April 2026, the main continuous contract is expected to be in a strong - oscillating trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [119][120]. - **Ethylene Glycol Futures**: On March 31, the main contract EG2605 showed a weak - oscillating downward trend. On April 1, 2026, it is expected to be in a weak - oscillating trend [125]. - **Butadiene Futures**: On March 31, the main contract BR2605 showed a weak - oscillating downward trend. On April 1, 2026, it is expected to be in a strong - oscillating trend [128]

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].

Report Overview - The report aims to objectively reflect the research views of futures and securities companies on various commodity varieties, track hot varieties, analyze market investment sentiment, and summarize investment driving logic [1] Market Data Commodities - Methanol closed at 3296.00 with a weekly increase of 5.24%;焦煤 closed at 1219.00 with a 4.10% increase; PTA closed at 6876.00 with a 3.40% increase; copper closed at 95930.00 with a 1.26% increase; palm oil closed at 9768.00 with a 0.51% increase; rebar closed at 3124.00 with a 0.03% increase. Aluminum closed at 23935.00 with a -0.35% decrease; iron ore closed at 812.00 with a -0.43% decrease; corn closed at 2369.00 with a -0.75% decrease; silver closed at 17489.00 with a -0.77% decrease; glass closed at 1041.00 with a -1.23% decrease; ethylene glycol closed at 5279.00 with a -1.38% decrease; live pigs closed at 9965.00 with a -2.50% decrease; soybean meal closed at 2937.00 with a -3.04% decrease; gold closed at 998.66 with a -4.16% decrease; crude oil closed at 740.80 with a -4.24% decrease; PVC closed at 5615.00 with a -4.43% decrease; polysilicon closed at 35680.00 with a -5.52% decrease [2] A-shares - CSI 500 closed at 7737.61 with a -0.29% decrease; SSE 300 closed at 4502.57 with a -1.41% decrease; SSE 50 closed at 2837.31 with a -1.61% decrease [2] Overseas Stocks - FTSE 100 closed at 9967.35 with a -1.29% decrease; France CAC40 closed at 7701.95 with a 0.47% increase; Nikkei 225 closed at 53373.07 with a 0.49% increase; Hang Seng Index closed at 24951.88; S&P 500 closed at 6368.85 with a -2.12% decrease; Nasdaq Index closed at 20948.36 with a -3.23% decrease [2] Bonds - China's 5-year treasury bond yield was 1.56 with a 0.67bp increase; 10-year treasury bond yield was 1.82 with a 0.39bp increase; 2-year treasury bond yield was 1.31 with a -0.28bp decrease [2] Foreign Exchange - US Dollar Index closed at 100.17 with a 0.67% increase; US Dollar mid-price was 6.91 with a 0.35% increase; Euro to US Dollar was 1.15 with a -0.50% decrease [2] Commodity Views Macro-financial Sector Stock Index Futures - Strategy views: Among 7 institutions, 1 is bullish, 0 is bearish, and 6 expect a sideways trend. Bullish logic: 1-2 month industrial enterprise profits increased by 15.2% year-on-year, high-tech manufacturing profits grew by 58.7%, policies are releasing signals for stable growth, and stock index valuations are at a low historical level. Bearish logic: Uncertainty in the Middle East, rising Fed rate hike expectations, decreased trading volume, and potential weak terminal demand [3] Treasury Bond Futures - Strategy views: Among 7 institutions, 0 is bullish, 2 is bearish, and 5 expect a sideways trend. Bullish logic: Safe-haven sentiment supports bonds, loose liquidity, and policy support. Bearish logic: Strong economic resilience, rising inflation expectations, and reduced short-term rate cut expectations [3] Energy Sector Crude Oil - Strategy views: Among 7 institutions, 4 are bullish, 1 is bearish, and 2 expect a sideways trend. Bullish logic: Military confrontation between Iran and the US, disrupted shipping in the Strait of Hormuz, slow inventory reconstruction, and supply-demand imbalance. Bearish logic: Release of strategic reserves, increased Russian oil supply, OPEC+ production increase plan, and potential for a ceasefire [4] Agricultural Products Sector Soybean Meal - Strategy views: Among 7 institutions, 2 are bullish, 2 are bearish, and 3 expect a sideways trend. Bullish logic: High US soybean export inspections, rising fertilizer prices, slow Brazilian soybean arrivals, and increased feed demand. Bearish logic: Increasing soybean arrivals in April, faster Brazilian soybean harvest, expected increase in new-season soybean planting area, and long-term supply surplus [4] Non-ferrous Metals Sector Aluminum - Strategy views: Among 7 institutions, 5 are bullish, 0 is bearish, and 2 expect a sideways trend. Bullish logic: Attacks on aluminum plants in Bahrain and UAE, strong LME spot premium, rising domestic downstream processing enterprise operating rates, and a strong technical rebound. Bearish logic: Global inflation, potential recession trading, high domestic aluminum inventories, and low aluminum rod processing fees [5] Chemical Sector Methanol - Strategy views: Among 7 institutions, 6 are bullish, 0 is bearish, and 1 expects a sideways trend. Bullish logic: Decreased Iranian methanol plant operating rates, improved downstream enterprise profits, increased downstream olefin demand, and accelerated inventory reduction. Bearish logic: Uncertainty in the conflict and potential price corrections [5] Precious Metals Gold - Strategy views: Among 7 institutions, 1 is bullish, 1 is bearish, and 5 expect a sideways trend. Bullish logic: Geopolitical risks, high oil prices, and potential capital inflows. Bearish logic: Reduced market liquidity, unclear Fed rate cut path, strong US Dollar, and gold sales by some countries [6] Black Sector Coking Coal - Strategy views: Among 7 institutions, 2 are bullish, 0 is bearish, and 5 expect a sideways trend. Bullish logic: Rising energy prices, increased blast furnace operating rates, increased downstream inventory replenishment, and a favorable supply-demand pattern. Bearish logic: High domestic coking coal production, high Mongolian coal imports, and intense futures market competition [6]