1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The current trading focus of the soybean meal futures is on the weakening of spot procurement sentiment, the decline of soybean inventory in domestic oil mills, the upcoming seasonal maintenance of oil mills, and the weakening of downstream inventory replenishment sentiment. In the short - term, the domestic market is affected by the possible recovery of Brazilian shipments, and the medium - term supply is expected to be large. The rapeseed meal futures are influenced by the decline of rapeseed purchase profit and the expected return of supply in the far - month, as well as the approaching of the aquaculture stocking season in South China and the increasing cost - effectiveness of rapeseed meal [1]. - In the near - term, the supply of imported soybeans at ports and in oil mills remains at a seasonal high, the oil mill crushing volume is rising, and the downstream feed mills are starting to replenish inventory. The warehouse receipts of soybean meal and rapeseed meal are decreasing. In the long - term, the cost of imported soybeans remains high, the import profit is falling, and the procurement is slowing down. The supply gap of rapeseed meal is expected to be alleviated. The downstream pig production capacity reduction is slow, and the South American soybean harvest is expected to be abundant [5][9]. 3. Summary by Directory 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - **Soybean Meal**: Spot sentiment has declined, and procurement has weakened. The overall soybean inventory in oil mills has decreased, the domestic oil mill crushing volume has increased, but there are seasonal maintenance plans. The downstream inventory replenishment has led to a weakening of trading sentiment. The US - China negotiation in April has been postponed, and the external market is concerned about the biodiesel policy meeting and the end - of - month planting area. The domestic market is affected by the possible recovery of Brazilian shipments, and the medium - term supply is large. The rapeseed futures are also under pressure [1]. - **Rapeseed Meal**: The purchase profit of rapeseed has declined, and the far - month supply is expected to return. The aquaculture stocking season in South China is approaching, and the cost - effectiveness of rapeseed meal has increased due to the widening price difference with soybean meal [1]. 3.1.2 Trading Strategy Recommendations - **Base - price Strategy**: For un - priced basis, consider pricing when the Brazilian premium starts to decline. For priced basis, be vigilant about the subsequent sales rhythm. In the medium - term decline cycle, continue to consider fixed - price procurement [19]. - **Recent Strategy Review**: After funds left the high - level, near - month funds began to shift to far - month contracts. The bottom of the far - month soybean meal is around 2,900 - 3,000, and the near - month is around 2,800 - 2,900. Hold or partially take profit on the soybean meal inter - month reverse spread [20]. - **Month - spread Strategy**: Hold the soybean meal inter - month reverse spread [21]. - **Hedging and Arbitrage Strategy**: Take profit on the widening spread between soybean meal and rapeseed meal 2605 contracts [21]. 3.1.3 Industry Customer Operation Recommendations - **Price Range Forecast**: The price range of soybean meal is 2,800 - 3,300, with a current volatility of 15.9% and a historical percentile of 46.1% over three years. The price range of rapeseed meal is 2,250 - 2,750, with a current volatility of 22.4% and a historical percentile of 66.7% over three years [22]. - **Hedging Strategy**: Traders with high protein inventory can short soybean meal futures to lock in profits. Feed mills with low inventory can buy soybean meal futures to lock in procurement costs. Oil mills worried about excessive imports can short soybean meal futures to lock in profits [22]. 3.1.4 Basic Data Overview - **Futures Prices**: The closing prices of soybean meal and rapeseed meal futures contracts have declined to varying degrees. The price of CBOT yellow soybeans remained unchanged, and the offshore RMB exchange rate increased slightly [23]. - **Price Differences**: The price differences between different contracts of soybean meal and rapeseed meal, as well as the spot - futures price differences, have changed. The spot price difference between soybean meal and rapeseed meal remained unchanged, while the futures price difference decreased [23]. - **Import Costs and Pressing Profits**: The import costs and pressing profits of soybeans and rapeseed from different regions have changed [24][26]. 3.2 This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Positive Information**: The Brazilian soybean harvest progress is 75%, still lagging behind last year. The US EPA has determined the renewable fuel standards for 2026 and 2027, increasing the blending volume of biomass - based diesel. Indonesia will promote the B50 biodiesel plan. The market expects an increase in the US soybean planting area in 2026 [26][27][28]. - **Negative Information**: Rising fertilizer and fuel prices may impact the Brazilian soybean production in 2026/27. The sales pace of new - season soybeans by Argentine farmers has slowed down. China has adjusted the quarantine standard for imported soybeans from Brazil. The market is concerned about the US Department of Agriculture's planting intention report [29][30]. - **Spot Transaction Information**: The downstream physical inventory remains high, the trading sentiment has weakened, and the downstream has started to price previous contracts, with slower提货 [31]. 3.2.2 Next Week's Important Events - Monday: USDA export inspection report. - Wednesday: USDA planting intention report, USDA quarterly inventory report. - Thursday: USDA oilseed crushing report, USDA export sales report. - Saturday: CFTC agricultural product positions [34][36]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Fund Interpretation - **Domestic Market**: The soybean meal futures weakened due to the expected recovery of Brazilian shipments and the departure of funds, following the external market and macro - sentiment. The rapeseed meal futures followed the soybean meal. The key profitable seats in soybean meal and rapeseed meal have reduced long positions, and the bullish sentiment in the soybean meal options has declined. The futures month - spread of soybean meal and rapeseed meal maintains a B - structure, and the basis of soybean meal and rapeseed meal has declined [35][41][47]. - **External Market**: The external market is affected by the Middle East situation, the postponement of the US - China negotiation, and is waiting for the planting area report. The management funds in the CBOT have returned to a bullish position [58][64]. 3.4 Valuation and Profit Analysis 3.4.1 Production Area Profit Tracking - The pressing profit in the US soybean production area has increased, while the profits in the South American production areas of Brazil and Argentina have decreased due to the decline in product prices. The domestic pressing profit of Canadian rapeseed has slightly increased [70]. 3.4.2 Import - Export and Pressing Profit Tracking - For imported soybeans, if the Brazilian shipments recover, the estimated arrivals in April are 8.5 million tons and 10.5 million tons in May. The pressing profit of imported rapeseed from Canada has declined, but the supply is expected to improve [75]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 International Supply - Demand Balance Sheet Deduction - **US**: The USDA March supply - demand report shows that the soybean planting area, harvest area, yield, production, export, and ending inventory in the 2025/26 season are the same as in February, with an increase in imports and crushing volume. The market expects an increase in the US soybean planting area in 2026 [96][97]. - **South America**: The USDA March supply - demand report shows that the expected soybean production in Argentina in the 2025/26 season has decreased, while the production and export in Brazil remain unchanged [98]. 3.5.2 Domestic Supply - Side and Deduction - The arrival pressure of imported soybeans in the second quarter will suppress the price of the main M05 contract. After the tariff reduction between China and Canada, the supply pressure of rapeseed is also expected to return [99]. 3.5.3 Domestic Demand - Side and Deduction - The domestic soybean supply in the first quarter is still abundant, and the pressing volume is expected to remain high. After the previous high - level inventory replenishment of domestic soybean meal, the subsequent consumption is difficult to increase significantly [102]. 3.5.4 Domestic Inventory - Side and Deduction - The domestic soybean inventory will decline in the first quarter and start to increase after the arrival of Brazilian soybeans in the second quarter, and the soybean meal inventory will follow [104].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The rapeseed meal market maintains a pattern of weak supply and demand. The cancellation of anti - discrimination tariffs on Canadian rapeseed meal and the significant reduction of Canadian rapeseed tariffs will lead to the return of Canadian rapeseed and rapeseed meal to the domestic market, continuously restricting the market with long - term supply pressure. The rapeseed meal price has fluctuated and declined recently, with large short - term fluctuations, and it is recommended to participate in the short - term [2]. - The rapeseed oil market also shows a pattern of weak supply and demand. The domestic rapeseed oil spot market has a light purchasing atmosphere, and the high price suppresses demand. The expected increase in the later import volume of Canadian rapeseed adds long - term supply pressure. The rapeseed oil futures price has generally maintained a wide - range high - level shock recently, with increased short - term fluctuations, and it is recommended to wait and see or participate in the short - term [2]. Summary by Directory Futures Market - **Futures Prices**: The closing price of the active contract of rapeseed oil is 9884 yuan/ton, down 7 yuan; the closing price of the active contract of rapeseed meal is 2299 yuan/ton, down 21 yuan. The closing price of the active contract of ICE rapeseed is 726.3 Canadian dollars/ton, down 7.8 Canadian dollars; the closing price of the active contract of rapeseed is 5763 yuan/ton, down 36 yuan [2]. - **Month - to - Month Spreads**: The 5 - 9 month - to - month spread of rapeseed oil is 93 yuan/ton, down 5 yuan; the 5 - 9 month - to - month spread of rapeseed meal is - 63 yuan/ton, down 4 yuan [2]. - **Open Interest**: The open interest of the main contract of rapeseed oil is 195,830 lots, down 3,815 lots; the open interest of the main contract of rapeseed meal is 541,727 lots, up 8,198 lots [2]. - **Net Long Positions of Top 20 Holders**: The net long positions of rapeseed oil of the top 20 futures holders is - 25,117 lots, down 3,034 lots; the net long positions of rapeseed meal of the top 20 futures holders is - 179,489 lots, down 12,714 lots [2]. - **Warehouse Receipts**: The number of rapeseed oil warehouse receipts is 765, unchanged; the number of rapeseed meal warehouse receipts is 0, unchanged [2]. Spot Market - **Spot Prices**: The spot price of rapeseed oil in Jiangsu is 10,350 yuan/ton, unchanged; the spot price of rapeseed meal in Nantong is 2,520 yuan/ton, down 20 yuan. The average price of rapeseed oil is 10,331.25 yuan/ton, unchanged; the import cost price of imported rapeseed is 5,325.9 yuan/ton, up 32.98 yuan. The spot price of rapeseed in Yancheng, Jiangsu is 6,400 yuan/ton, unchanged [2]. - **Basis**: The basis of the main contract of rapeseed oil is 459 yuan/ton, down 14 yuan; the basis of the main contract of rapeseed meal is 221 yuan/ton, up 1 yuan [2]. - **Substitute Spot Prices**: The spot price of grade - 4 soybean oil in Nanjing is 9,010 yuan/ton, up 50 yuan; the spot price of 24 - degree palm oil in Guangdong is 9,930 yuan/ton, up 150 yuan; the spot price of soybean meal in Zhangjiagang is 3,240 yuan/ton, unchanged [2]. - **Price Spreads**: The spot price spread between rapeseed oil and soybean oil is 1,390 yuan/ton, unchanged; the spot price spread between rapeseed oil and palm oil is 570 yuan/ton, down 130 yuan; the spot price spread between soybean meal and rapeseed meal is 720 yuan/ton, up 20 yuan [2]. Upstream Situation - **Production**: The global rapeseed production forecast for the year is 95.5 million tons, up 0.48 million tons; the annual forecast of rapeseed production is 13,446 thousand tons, unchanged [2]. - **Imports**: The total rapeseed import volume in the current month is 6.96 million tons, down 5.12 million tons; the import volume of rapeseed oil and mustard oil in the current month is 20 million tons, down 5 million tons; the import volume of rapeseed meal in the current month is 18.25 million tons, down 8.25 million tons [2]. - **Inventory and Utilization Rate**: The total rapeseed inventory of oil mills is 150,000 tons, down 25,000 tons; the weekly operating rate of imported rapeseed is 8.26%, up 2.13 percentage points [2]. - **Pressing Profit**: The pressing profit of imported rapeseed on the disk is 2 yuan/ton, down 44 yuan [2]. Industry Situation - **Inventory**: The rapeseed oil inventory in coastal areas is 11,000 tons, unchanged; the rapeseed meal inventory in coastal areas is 23,000 tons, down 1,000 tons. The rapeseed oil inventory in East China is 287,000 tons, up 17,000 tons; the rapeseed meal inventory in East China is 63,800 tons, up 10,800 tons. The rapeseed oil inventory in Guangxi is 9,000 tons, unchanged; the rapeseed meal inventory in South China is 236,000 tons, down 17,000 tons [2]. - **Delivery Volume**: The weekly delivery volume of rapeseed oil is 16,200 tons, up 900 tons; the weekly delivery volume of rapeseed meal is 28,400 tons, up 6,600 tons [2]. Downstream Situation - **Production**: The monthly output of feed is 3,008.6 million tons, up 30.7 million tons; the monthly output of edible vegetable oil is 525.4 million tons, up 60.6 million tons [2]. - **Consumption**: The cumulative catering revenue in February is 102.64 billion yuan, up 45.26 billion yuan [2]. Option Market - **Implied Volatility**: The implied volatility of at - the - money call options for rapeseed meal is 25.21%, up 2.85 percentage points; the implied volatility of at - the - money put options for rapeseed meal is 25.21%, up 2.85 percentage points. The implied volatility of at - the - money call options for rapeseed oil is 21.72%, up 0.72 percentage points; the implied volatility of at - the - money put options for rapeseed oil is 21.73%, up 0.73 percentage points [2]. - **Historical Volatility**: The 20 - day historical volatility of rapeseed meal is 29.99%, down 0.01 percentage points; the 60 - day historical volatility of rapeseed meal is 21.42%, unchanged. The 20 - day historical volatility of rapeseed oil is 19.32%, down 0.8 percentage points; the 60 - day historical volatility of rapeseed oil is 18.68%, down 0.2 percentage points [2]. Industry News - On March 30 (Monday), ICE rapeseed futures closed higher as the vegetable oil market gained momentum from the rise in crude oil. The most active May rapeseed futures contract rose 7.20 Canadian dollars, with a settlement price of 727.70 Canadian dollars per ton [2]. - As the South American soybean harvest progresses, the supply - side pressure is gradually increasing, and the competitive advantage of Brazilian soybeans is good, which frustrates the market's export expectations for US soybeans. Before the USDA released the planting intention report, analysts expected that the spring soybean planting area in the United States would expand significantly due to the increase in fertilizer costs last week. However, the uncertainty of the US - Iran conflict still exists, and the macro - risk premium still supports the US soybean market [2]. - AAFC keeps the forecast of the ending inventory of Canadian rapeseed in the 2025/26 season unchanged at 2.76 million tons and reduces the inventory forecast for the 2026/27 season by 200,000 tons to 1.46 million tons. The new - season supply - demand structure is expected to tighten [2]. - The EPA sets the total biofuel compliance obligation for 2026 at 26.81 billion RINs and for 2027 at 27.02 billion RINs, and requires large - scale refiners to bear 70% of the exemption quota, which meets market expectations. The US - Iran conflict has intensified, and US officials revealed that Trump is considering taking military action to obtain Iranian uranium, causing international oil prices to rise again [2]. - The President of Indonesia said that the country will increase the palm oil blending ratio in biodiesel from 40% to 50% this year, strengthening the country's biodiesel demand expectation. High - frequency data shows that the production of Malaysian palm oil decreased in the first 25 days of March while exports increased significantly, and the end - of - month inventory is expected to continue to decline, supporting the palm oil market price [2]. Key Points to Watch - The rapeseed operating rate and the rapeseed oil and meal inventories in various regions reported by My Agri - Net on Monday, the evolution of the Middle East situation, and the Indonesian biodiesel policy [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Oilseeds**: The release of the US biodiesel policy and the firmness of Brazilian premiums support the cost of soybean imports in China. However, the increase in reserve releases has cooled the bullish sentiment for soybeans. For example, the 05 contract of soybeans is expected to be weak in the short - term, while the 09 contract of soybeans and soybean meal can be considered for long - position layout [3][5][12]. - **Oils**: The continuous tension in the Middle East situation, the implementation of the US biodiesel policy, and the restart of Indonesia's B50 policy have driven up the prices of oils. Palm oil can be treated with a cautious bullish attitude, and soybean oil and rapeseed oil may continue to fluctuate widely [3][4]. - **Feed**: The supply of feed grains such as corn and corn starch is under pressure in the short - term, but the low channel inventory limits the decline space. The price of rapeseed meal may continue to fluctuate and bottom out, waiting for a stable upward opportunity [6][7]. - **Livestock and Poultry**: The short - term supply - demand pattern of pigs is difficult to change fundamentally, and the far - month futures contracts of pigs may have a larger premium. The supply pressure of eggs has been alleviated to some extent, and the far - month peak - season contracts have a large premium over the current off - season spot [8][9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: The 05 contract of soybeans is expected to be weak due to increased reserve releases. The 09 contract of soybeans and soybean meal can be considered for long - position layout due to cost - end support [12]. - **Oils**: Palm oil is expected to be bullish, while soybean oil and rapeseed oil may fluctuate widely. The 05 contract of palm oil can be treated with a cautious bullish attitude, and the 09 contract of soybean oil can be considered for long - position after stabilization [12]. - **Protein**: The 09 contract of soybean meal is expected to be stable, and the 05 contract of rapeseed meal may continue to fluctuate and adjust [12]. - **Energy and By - products**: Corn and corn starch may adjust in the short - term, and it is recommended to wait and see or look for long - position opportunities at low prices [12]. - **Livestock and Poultry**: The 05 contract of pigs and eggs may continue to search for the bottom, and it is recommended to wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: For most varieties, it is recommended to wait and see. For the 5 - 9 spread of corn, it is recommended to short at high prices, and for the 5 - 7 spread of pigs, it is recommended to hold the reverse arbitrage [13][14]. - **Inter - commodity Arbitrage**: For most inter - commodity spreads, it is recommended to wait and see. For the 05 soybean oil - palm oil, 05 rapeseed oil - soybean oil, and 05 rapeseed oil - palm oil spreads, it is recommended to wait and see. For the 05 soybean oil - meal ratio and 05 rapeseed oil - meal ratio, it is recommended to take a bullish approach [14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, which can be used as a reference for spot - futures operations [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, which helps to understand the cost - end situation of oils and oilseeds [17][18]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseed, rapeseed meal, palm oil, peanuts, and peanut oil, as well as the operating rates of related processing plants [19][20]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, which is helpful for analyzing the cost of feed grains [20]. - **Weekly Data**: It includes the consumption, inventory, operating rate, and sales progress of corn and corn starch, which can reflect the supply - demand situation of the feed market [21]. 3.2.3 Livestock and Poultry - **Daily Data**: It shows the spot prices and price changes of pigs and eggs in different regions, which can reflect the short - term market situation [21][22]. - **Weekly Data**: It provides the key data of pigs and eggs, such as the price, cost, profit, slaughter volume, and inventory of pigs, as well as the supply, demand, and profit data of eggs [23][24]. 3.3 Third Part: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of the livestock and poultry, oils and oilseeds, and feed sectors, including the price, inventory, production, and consumption data of various varieties, which helps to visually understand the market situation [25][26][28]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides the option - related data of feed, livestock, and oils, such as the price difference between soybean meal and rapeseed meal, historical volatility, option trading volume, and open interest, which can be used as a reference for option trading [96][98][100]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, which can reflect the supply - demand situation in the physical market [106][108][110].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View No clear core view presented in the content. The report mainly provides daily arbitrage data for various futures varieties on March 31, 2026. 3. Summary by Directory I. Thermal Coal - The report shows the basis and spread data of thermal coal from March 24 to March 30, 2026. The basis values were -50.4, -45.4, -41.4, -40.4, -40.4 respectively, and the spreads (5 - 1, 9 - 1, 9 - 5) were all 0.0 during this period [2]. II. Energy and Chemicals - **Energy Commodities**: It includes basis data of fuel oil, crude oil, and asphalt from March 24 to March 30, 2026. For example, the basis of INE crude oil on March 30 was 540.36, and the ratio of crude oil to asphalt was 0.1641 [8]. - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 24 to March 30, 2026 are presented. For instance, the basis of rubber on March 30 was -190 [10]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber was -800 [11]. - **Inter - variety Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from March 24 to March 30, 2026 are provided. For example, the LLDPE - PVC spread on March 30 was 3360 [11]. III. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 24 to March 30, 2026 are shown. For example, the basis of rebar on March 30 was 111.0 [20][21]. - **Inter - period Spreads**: The spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar was -44.0 [20]. - **Inter - variety Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from March 24 to March 30, 2026 are provided. For example, the rebar to iron ore ratio on March 30 was 3.85 [20]. IV. Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 24 to March 30, 2026 are given. For example, the basis of copper on March 30 was -380 [30]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 30, 2026 are presented. For example, the LME spread of copper was (82.55) [33]. V. Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 24 to March 30, 2026 are shown. For example, the basis of soybeans on March 30 was 6 [40]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products are provided. For example, the 5 - 1 spread of soybeans was -54 [40]. - **Inter - variety Spreads**: The ratios and spreads of various agricultural products from March 24 to March 30, 2026 are presented. For example, the ratio of soybeans to corn on March 30 was 1.94 [40]. VI. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 24 to March 30, 2026 are given. For example, the basis of CSI 300 on March 30 was 77.95 [51]. - **Inter - period Spreads**: The spreads of next - month to current - month and next - quarter to current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month to current - month spread of CSI 300 was -19.8 [51].

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

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].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Views - **Canola Oil**: This week, canola oil futures fluctuated at a high level. The closing price of the 05 contract was 9,877 yuan/ton, up 1 yuan/ton from last week. AAFC kept the forecast of Canada's rapeseed ending stocks for the 2025/26 season unchanged at 2.76 million tons and lowered the forecast for the 2026/27 season by 200,000 tons to 1.46 million tons. Geopolitical conflicts in the Middle East remain uncertain, and international oil prices are oscillating at a high level, driving up the expected demand for vegetable oil in biodiesel. High-frequency data shows that Malaysia's palm oil exports increased significantly in the first 25 days of March, and the end-of-month inventory is expected to decline further. The market anticipates that Indonesia may tighten palm oil exports, which continues to support palm oil prices. In the domestic market, the spot trading of edible oils is sluggish, and high prices are suppressing demand. The future imports of Canadian rapeseed are expected to increase significantly, adding pressure on supply in the far - term. Recently, the market has been trading on the drive of biodiesel demand. The canola oil futures price has generally maintained a wide - range high - level oscillation, with increased short - term volatility [8]. - **Canola Meal**: This week, canola meal futures declined. The closing price of the 05 contract was 2,315 yuan/ton, down 108 yuan/ton from last week. As the South American soybean harvest progresses, the supply pressure is gradually increasing, and Brazilian soybeans have a competitive edge, dampening the market's expectations for US soybean exports. Tensions between the US and Iran have eased slightly, but the uncertainty of the geopolitical conflict still exists, and the macro - risk premium still supports the US soybean market. In terms of canola meal itself, China has lifted the anti - discriminatory tariff on Canadian canola meal, and the tariff on Canadian rapeseed has also dropped significantly. Canadian rapeseed and canola meal will flow back to the domestic market, and the long - term supply pressure will continue to restrict the market. Currently, canola meal is in a situation of weak supply and demand. The market's concerns about the near - term soybean supply have been alleviated. The canola meal price has oscillated and declined from a high level recently, with large short - term fluctuations, and short - term trading is recommended [10]. 3. Summary by Directory 3.1 Week - to - Week Highlights - **Canola Oil**: The 05 contract closed at 9,877 yuan/ton, up 1 yuan/ton from last week. AAFC adjusted the inventory forecast, and geopolitical and market factors affect prices. The market is trading on biodiesel demand, and the price is in a high - level wide - range oscillation [8]. - **Canola Meal**: The 05 contract closed at 2,315 yuan/ton, down 108 yuan/ton from last week. Supply and geopolitical factors impact the market, and it is in a weak supply - demand situation. The price has oscillated and declined from a high level, with large short - term fluctuations [10]. 3.2 Futures and Spot Market - **Futures Price and Position**: Canola oil futures oscillated and closed higher, with a total open interest of 213,002 contracts, down 24,431 contracts from last week. Canola meal futures declined significantly, with a total open interest of 527,901 contracts, down 50,477 contracts from last week [15]. - **Top 20 Net Positions**: The net position of the top 20 in canola oil futures was - 17,025, and the net short position decreased compared to last week. The net position of the top 20 in canola meal futures was - 167,454, and the net short position increased compared to last week [21]. - **Futures Warehouse Receipts**: The registered warehouse receipts of canola oil were 765, and those of canola meal were 0 [27]. - **Spot Price and Basis**: The spot price of canola oil in Jiangsu was 10,380 yuan/ton, slightly down from last week. The basis between the active canola oil contract and the Jiangsu spot price was + 503 yuan/ton. The canola meal price in Nantong, Jiangsu was 2,570 yuan/ton, slightly down from last week. The basis between the Jiangsu spot price and the active canola meal contract was + 255 yuan/ton [33][39]. - **Futures Inter - month Spread**: The 5 - 9 spread of canola oil was + 97 yuan/ton, at a relatively high level in the same period in recent years. The 5 - 9 spread of canola meal was - 88 yuan/ton, at a medium level in the same period in recent years [45]. - **Futures - Spot Ratio**: The ratio of the 05 contract of canola oil to canola meal was 4.267, and the average spot price ratio was 3.98 [48]. - **Price Spreads between Oils and Meals**: The 05 contract spread between canola oil and soybean oil was 1,189 yuan/ton, and the spread slightly narrowed this week. The 05 contract spread between canola oil and palm oil was 109 yuan/ton, and the spread slightly narrowed this week. The 05 contract spread between soybean meal and canola meal was 622 yuan/ton, and the spot spread between soybean meal and canola meal was 710 yuan/ton as of Thursday [57][63]. 3.3 Industry Chain Situation - **Rapeseed**: As of the end of the 12th week of 2026, the domestic imported rapeseed inventory was 176,000 tons, down 5,000 tons from last week. The estimated arrivals of rapeseed in April, May, and June 2026 are 225,000 tons, 200,000 tons, and 520,000 tons respectively. As of March 26, the spot crushing profit of imported rapeseed was + 55 yuan/ton. As of the 12th week of 2026, the rapeseed crushing volume of major coastal oil mills was 46,000 tons, up 15,500 tons from last week, and the operating rate was 11.76%. In February 2026, the total import volume of rapeseed was 69,617.89 tons, a year - on - year decrease of 79.10% and a month - on - month decrease of 51,231.78 tons [67][71][75][79]. - **Canola Oil**: As of the end of the 12th week of 2026, the domestic imported and crushed canola oil inventory was 295,800 tons, down 8,200 tons from last week, a month - on - month decrease of 2.69%. In February 2026, the total import volume of canola oil was 200,000 tons, the lowest this year, a year - on - year decrease of 16.67% and a month - on - month decrease of 50,000 tons. As of December 31, 2025, the monthly output of edible vegetable oil was 5.254 million tons, and the monthly catering revenue was 573.8 billion yuan. As of the end of the 12th week of 2026, the contract volume of domestic imported and crushed canola oil was 156,800 tons, up 46,900 tons from last week, a month - on - month increase of 42.72% [83][87][91]. - **Canola Meal**: As of the end of the 12th week of 2026, the domestic imported and crushed canola meal inventory was 24,000 tons, up 4,000 tons from last week, a month - on - month increase of 20.0%. In February 2026, the total import volume of canola meal was 182,509.72 tons, a year - on - year decrease of 36.61% and a month - on - month decrease of 82,530.18 tons. As of December 31, 2025, the monthly output of feed was 3.0086 million tons [95][99][103]. 3.4 Options Market Analysis As of March 27, this week, the canola meal futures price declined from a high level. The implied volatility of the corresponding options was 23.93%, down 1.23% from last week's 25.16%, and it was at a medium level of the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [107].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. The market is affected by factors such as the Iran situation, and there are uncertainties in various sectors, with different trends and investment suggestions for each commodity [6][9][11]. 3. Summary by Commodity Categories Fixed - Income - **Treasury Bonds**: The previous trading day saw all - round gains in treasury bond futures. The current macro data is stable, but the economic recovery momentum is weak. The yield is at a relatively low level, and there is pressure in the later market. It is recommended to be cautious [5][6]. - **Stock Index Futures**: The previous trading day, stock index futures showed mixed trends. The domestic economy is stable, but the recovery momentum is not strong. The asset valuation is low, and there is room for repair. However, due to the high uncertainty of the Iran situation, it is recommended to stay on the sidelines for now [8][9]. Precious Metals - **Gold and Silver**: The previous trading day, gold and silver futures declined. The global economic situation is affected by the Middle - East conflict, and inflation expectations are rising. The long - term logic of precious metals is still strong, but due to the uncertainty of the Iran situation, it is recommended to stay on the sidelines [11]. Base Metals - **Copper**: The previous trading day, the Shanghai copper contract declined. The supply shortage logic is still strong, but the macro - environment suppresses prices. The copper market will continue the game between macro - suppression and fundamental resilience, showing a pattern of weak shock with a bottom [56]. - **Aluminum**: The previous trading day, the Shanghai aluminum contract rose, and the alumina contract declined. The alumina supply - demand surplus pattern remains, and the electrolytic aluminum price may be weakly volatile with support at the bottom [58]. - **Zinc**: The previous trading day, the Shanghai zinc contract rose. The global zinc ore increment is steadily released, but the consumption is affected by the real - estate sector. The zinc price may be under pressure [61]. - **Lead**: The previous trading day, the Shanghai lead contract declined. The supply and demand are both weak, and the lead price may be weakly volatile [63]. - **Tin**: The previous trading day, the Shanghai tin contract declined. The supply tightness has eased, and the demand is complex. The tin price has support below, but the short - term volatility may increase [65]. - **Nickel**: The previous trading day, the Shanghai nickel contract declined. The nickel ore shortage expectation is fermenting, but the consumption is weak, and the refined nickel is in an oversupply pattern [66]. Energy and Chemicals - **Crude Oil**: The previous trading day, INE crude oil oscillated upward. The CFTC net long position increased, but the situation of the US - Israel - Iran war has changed. It is recommended to pay attention to short - selling opportunities [22][23]. - **Polyolefins**: The previous trading day, the prices of PP and LLDPE in the market changed. Affected by the geopolitical situation, the cost pressure increased, and the price is expected to fall. It is recommended to pay attention to short - selling opportunities [25]. - **Synthetic Rubber**: The previous trading day, the synthetic rubber contract rose. The current main contradiction is cost - driven, and the short - term price may maintain a strong shock [27]. - **Natural Rubber**: The previous trading day, the natural rubber contract rose. The market is in a game between multiple and short factors, and the short - term is in a wide - range shock [30]. - **PVC**: The previous trading day, the PVC contract declined. The market is in a game between cost support and high inventory. The price is expected to be strongly volatile, but the upside space is restricted [32]. - **Urea**: The previous trading day, the urea contract rose. The current contradiction is between high supply and policy ceiling. The price is weakly volatile, and the downside space is limited [35]. - **PX**: The previous trading day, the PX contract rose. The PXN spread and short - process profit are repaired, and the price may be in a wide - range shock. It is recommended to operate carefully [37]. - **PTA**: The previous trading day, the PTA contract rose. The supply increases, and the downstream reduces production. The short - term is in a multi - empty game. It is recommended to operate carefully [39]. - **Ethylene Glycol**: The previous trading day, the ethylene glycol contract rose. The supply and demand are affected by the geopolitical situation, and the price needs to be treated carefully [40]. - **Short - Fiber**: The previous trading day, the short - fiber contract rose. The supply increases, and the demand weakens. It is recommended to pay attention to the geopolitical situation and device dynamics [42]. - **Bottle Chips**: The previous trading day, the bottle - chip contract rose. The supply and demand fundamentals change little, and it is recommended to participate carefully [43]. - **Soda Ash**: The previous trading day, the soda - ash contract declined. The supply is at a relatively high level, the demand is general, and the price is expected to be in a stalemate [45]. - **Glass**: The previous trading day, the glass contract declined. The production line is shrinking, the inventory removal slows down, and the price may fluctuate repeatedly [47]. - **Caustic Soda**: The previous trading day, the caustic - soda contract declined. The supply decreases slightly, the inventory does not decrease significantly, and the price is affected by exports [49]. - **Paper Pulp**: The previous trading day, the paper - pulp contract declined. The inventory accumulates, and the demand is weak, restricting the rebound height [52]. Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day, the soybean - meal and soybean - oil contracts rose. The Brazilian soybean harvest is progressing well, and the supply is expected to be loose in the medium - term. It is recommended to wait and see [67]. - **Palm Oil**: The previous trading day, the palm - oil contract rebounded. The export data is strong, and the inventory is at a relatively high level. It is recommended to consider closing long positions [69]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day, the rapeseed - meal and rapeseed - oil contracts changed. The market is waiting for relevant announcements and paying attention to the Middle - East situation. It is recommended to wait and see [70]. - **Cotton**: The previous trading day, the domestic cotton contract oscillated. The new - year global cotton is expected to reduce production and enter the de - stocking cycle. The medium - long - term price has support, but the short - term is affected by the quota issuance [72]. - **Sugar**: The previous trading day, the domestic sugar contract oscillated. The international situation is favorable, and the domestic supply is sufficient. The medium - long - term price has a bottom support [74]. - **Apple**: The previous trading day, the apple contract oscillated. With the Qingming Festival approaching, the demand is released, and the market is expected to be stable and strong [76]. - **Pork**: The previous trading day, the pork contract declined. The supply is abundant, the demand is weak, and it is recommended to hold short positions lightly [77]. - **Eggs**: The previous trading day, the egg contract rose. The supply is improving, and it is recommended to wait and see [79]. - **Corn and Corn Starch**: The previous trading day, the corn contract declined, and the corn - starch contract rose. The domestic corn supply and demand are basically balanced, and the corn - starch demand recovers slightly [80]. - **Logs**: The previous trading day, the log contract rose. The inventory decreases, the downstream demand improves, and the market is affected by the geopolitical situation [82].

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