1. Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Views of the Report - The recent trend of non - ferrous metals shows a recovery from a low level, but with the easing of the Iranian situation and the decline in energy prices, non - ferrous metals have also adjusted moderately. There is still long - term demand growth and supply constraints in the non - ferrous metals market. The core concern of investors has shifted from short - term inflation panic caused by soaring energy prices to deep concerns about long - term economic stagnation or recession. The impact of high oil prices on non - ferrous metals may be phased. The main focus of the market in the future will be the assessment and changes of the duration of the geopolitical conflict and the Strait blockade. The change in the Fed's interest rate cut expectation also has an impact on the market [13]. - Different non - ferrous metal varieties have different market logics and trends. For example, copper is expected to recover in the medium - to - long term due to factors such as inflation expectations and the entry of downstream consumption into the peak season; zinc is in a state of shock consolidation; the aluminum industry chain has different trends for different products such as aluminum, alumina, and recycled aluminum alloy; tin is in a state of shock and is recommended to be observed or take a long - biased approach; lead is in a state of shock and can be considered to go long at low prices after the macro - impact weakens; nickel and stainless steel are in a state of adjustment, and can be considered to go long at low prices when the macro - sentiment eases [3][5][6][8][9][10]. 3. Summary by Directory First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: Non - ferrous metals have shown a recovery from a low level, but have adjusted moderately with the easing of the Iranian situation and the decline in energy prices. The market's focus has shifted from short - term inflation panic to concerns about long - term economic stagnation. The impact of high oil prices on non - ferrous metals is phased. The main concerns in the future are the geopolitical conflict and the Fed's interest rate cut expectations [13]. - **Variety - Specific Analysis**: - **Copper**: Powell's dovish statement reduces the market's expectation of the Fed's interest rate hike this year, and the rise in gold and silver prices boosts copper prices. However, concerns about the US economic stagflation limit the rebound space of copper. In the medium - to - long term, rising oil prices push up inflation expectations, and copper prices are expected to rise. The supply of copper concentrates is still tight globally, but domestic smelters' production is not significantly restricted. Downstream demand is in the peak season, and the inventory is expected to enter the destocking cycle in April. It is recommended to go long at low prices and use options strategies [3][15]. - **Zinc**: The Iranian geopolitical situation may ease, and energy prices are adjusted. Powell's dovish statement boosts the expectation of an interest rate cut. The import ore TC continues to decline, and the domestic ore TC remains flat. The spot inventory is decreasing, and the downstream starts to show differentiation. It is recommended to go long at low prices and pay attention to the geopolitical situation, inflation expectations, and demand [5][17]. - **Aluminum Industry Chain**: The aluminum production capacity in the Middle East is disturbed, and the strong US dollar suppresses the non - ferrous metal market. It is recommended to buy on dips. Different products in the aluminum industry chain, such as aluminum, alumina, and recycled aluminum alloy, have different price ranges and strategies [6][7][17]. - **Tin**: The Shanghai tin market is in a weak shock under the pressure of the US dollar. It is recommended to observe or take a long - biased approach, pay attention to the capital sentiment, the situation of the ore end, and the macro - environment. Options can be used for protection [8][18]. - **Lead**: The geopolitical situation is repeated, and energy prices fall. The supply of primary and secondary lead increases, and the downstream demand is weak. The inventory shows a slight decrease. It is recommended to go long at low prices after the macro - impact weakens and pay attention to the demand recovery and inventory changes [9][18]. - **Nickel and Stainless Steel**: The Iranian geopolitical situation may ease, and energy prices are adjusted. Powell's dovish statement boosts the expectation of an interest rate cut. The implementation of Indonesia's nickel windfall tax and export tax is delayed. The supply of nickel ore is strong, and the demand is weak. Stainless steel is in a state of adjustment, and it is recommended to go long at low prices when the macro - sentiment eases [10][18][19]. Second Part: Non - ferrous Metals Market Review The report provides the closing prices and price changes of various non - ferrous metal futures, including copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and cast aluminum alloy [20]. Third Part: Non - ferrous Metals Position Analysis The report shows the latest position analysis of the non - ferrous metal sector, including the price changes, net long - short strength comparison, net long - short position differences, and changes in net long and net short positions of each variety, as well as the influencing factors [23]. Fourth Part: Non - ferrous Metals Spot Market The report provides the spot prices and price changes of various non - ferrous metals, including copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy [24][25]. Fifth Part: Non - ferrous Metals Industry Chain The report presents various charts related to the non - ferrous metals industry chain, including the inventory changes, processing fees, and price trends of copper, zinc, aluminum, alumina, tin, cast aluminum alloy, lead, nickel, and stainless steel [26][28][31][36][40][42][44][48]. Sixth Part: Non - ferrous Metals Arbitrage The report shows various charts related to non - ferrous metals arbitrage, including the changes in the Shanghai - London ratio, the basis, and the spread of different varieties such as copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel [50][52][54][59][61][63][64]. Seventh Part: Non - ferrous Metals Options The report presents various charts related to non - ferrous metals options, including the historical volatility, implied volatility, trading volume, and position changes of copper, zinc, and aluminum options [66][70][72].

1. Report Industry Investment Ratings The report does not provide specific industry investment ratings. 2. Core Views of the Report - Gold: Geopolitical tensions ease [2][4] - Silver: Drops from the oscillation platform [2][4] - Copper: Risk sentiment rebounds, and prices rise [2][7] - Zinc: Shows a relatively strong performance [2][10] - Lead: Decrease in overseas inventories supports prices [2][14] - Tin: Oscillates with a slight upward trend [2][17] - Aluminum: Supply pressure persists [2][21] - Alumina: The oversupply situation remains unchanged [2][21] - Cast aluminum alloy: Follows the trend of electrolytic aluminum [2][21] - Platinum: The situation reverses, and prices rebound [2][24] - Palladium: Rebounds upward [2][25] - Nickel: The marginal increase in inventory slows down, and the cost of pyrometallurgy is pushed up by the ore end [2][29] - Stainless steel: The steel price oscillates due to the game between demand and cost [2][30] 3. Summaries by Relevant Catalogs Gold and Silver - **Fundamental Data**: The prices of Shanghai gold and silver futures and spot have increased to varying degrees, with trading volumes and positions showing different changes. ETF holdings have decreased, and inventory changes vary. Price spreads also show different trends [4]. - **Macro and Industry News**: Powell said the Fed's interest rates are in a "favorable position," and the White House and Iran have different stances on the negotiation [4][6]. Copper - **Fundamental Data**: The price of Shanghai copper futures decreased during the day but increased at night, and the price of LME copper increased. Trading volumes and positions changed, and inventory decreased. Price spreads also showed different trends [7]. - **Macro and Industry News**: Trump said he would end the Iran war in "two to three weeks," and China's central bank will strengthen monetary policy regulation. China's refined copper production increased, and Peru's copper production also increased. Codelco expects production costs to rise [7][9]. Zinc - **Fundamental Data**: The price of Shanghai zinc futures decreased slightly, while the price of LME zinc increased. Trading volumes and positions changed, and inventory decreased. Price spreads also showed different trends [10]. - **News**: Trump's "exit roadmap" emerged, and the euro - zone inflation rate soared, increasing the expectation of interest rate hikes [11]. Lead - **Fundamental Data**: The price of Shanghai lead futures increased slightly, and the price of LME lead also increased. Trading volumes and positions changed, and overseas inventory decreased. Price spreads also showed different trends [14]. - **News**: Trump said he would end the Iran war in "two to three weeks," and China's central bank will strengthen monetary policy regulation [15]. Tin - **Fundamental Data**: The price of Shanghai tin futures increased, and the price of LME tin also increased. Trading volumes and positions decreased, and inventory changed. Price spreads also showed different trends [18]. - **Macro and Industry News**: The Iranian president expressed the willingness to end the war, Trump said he would end the Iran war in "two to three weeks," China's central bank will strengthen monetary policy regulation, and the euro - zone inflation rate soared [20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: The prices of aluminum, alumina, and cast aluminum alloy futures and spot showed different trends, with trading volumes, positions, and inventory changing. Price spreads also showed different trends [21]. - **Comprehensive News**: The ECB president questioned the US Treasury Secretary's view on the impact of the Iran war, and the decoupling of US Treasury bonds and oil prices became a key signal [23]. Platinum and Palladium - **Fundamental Data**: The prices of platinum and palladium futures and spot showed different trends, with trading volumes, positions, and inventory changing. Price spreads also showed different trends [25]. - **Macro and Industry News**: OPEC's production in March hit a new low since the peak of the COVID - 19 pandemic, and there were various news about the Iran situation [28]. Nickel and Stainless Steel - **Fundamental Data**: The prices of nickel and stainless steel futures showed different trends, with trading volumes, positions, and inventory changing. Price spreads also showed different trends [30]. - **Macro and Industry News**: Indonesia plans to adjust the benchmark price of nickel ore, a Swiss company plans to restart its nickel mine in Guatemala, and there are various news about nickel production and sanctions in Indonesia [30][31][34]. - **Inventory Tracking**: The inventory of refined nickel, new energy, and nickel - iron stainless steel showed different trends [36].

Report Industry Investment Rating - No information provided in the given content Core Viewpoints - The supply pressure of aluminum continues, the over - supply pattern of alumina remains unchanged, and cast aluminum alloy follows the trend of electrolytic aluminum [1] - During the second month of the Iran conflict, when oil prices exceeded $100, the yield of US Treasury bonds declined, and the "decoupling" of bonds and oil became a key signal. The market logic shifted from inflation panic to recession concerns and fiscal stimulus expectations [3] Summary by Relevant Catalogs Futures Market - **Electrolytic Aluminum**: The closing price of the Shanghai Aluminum main contract was 24,875, up 150 from T - 1; the closing price of the LME Aluminum 3M was 3,436, down 9 from T - 1. The trading volume and open interest of relevant contracts showed different changes compared with previous periods [1] - **Alumina**: The closing price of the Shanghai Alumina main contract was 2,827, down 114 from T - 1. The trading volume and open interest also had corresponding changes [1] - **Aluminum Alloy**: The closing price of the aluminum alloy main contract was 23,695, up 1,110 compared with a certain previous period. The trading volume and open interest changed as well [1] Spot Market - **Electrolytic Aluminum**: The domestic social inventory of aluminum ingots was 139.70 million tons, with no change from T - 1. The electrolytic aluminum enterprise profit and loss was 8,125.15, up 82.40 from T - 1. There were also changes in import and export profits and losses [1] - **Alumina**: The domestic average price of alumina was 2,782, with no change from T - 1. The prices of alumina in different regions and the profit and loss of alumina enterprises also had corresponding changes [1] - **Aluminum Bauxite**: The prices of aluminum bauxite imported from different countries and regions showed different changes compared with previous periods [1] - **Aluminum Alloy**: The price of Baotai ADC12 was 24,200, with no change from T - 1. The difference between Baotai ADC12 - A00 also changed [1] - **Caustic Soda**: The total inventory of caustic soda in three places was 31,016, down 499 from T - 1 [1] Comprehensive News - ECB President Lagarde questioned US Treasury Secretary Bessent's optimistic judgment on the short - term impact of the Iran war at the G7 meeting. She believed that the impact of this shock would last for a long time [3] - During the second month of the Iran conflict, when oil prices exceeded $100, the yield of US Treasury bonds declined, and the "decoupling" of bonds and oil became a key signal. The market logic shifted from inflation panic to recession concerns and fiscal stimulus expectations [3] Trend Intensity - The trend intensity of aluminum is 1, alumina is - 1, and aluminum alloy is 1 [3]

1. Report Industry Investment Ratings The document does not provide an overall industry investment rating. 2. Core Views of the Report - The report provides a comprehensive analysis of various commodities in the futures market, including precious metals, base metals, energy, agricultural products, etc., and gives corresponding trend forecasts and analysis of influencing factors for each commodity [1][2]. 3. Summary by Commodity Category Precious Metals - **Gold**: Geopolitical tensions ease, and the trend strength is 0 [2][5]. - **Silver**: Drops from the trading range, and the trend strength is 0 [2][5]. - **Platinum**: The situation reverses and rebounds, with a trend strength of 1 [2][25]. - **Palladium**: Rebounds upwards, with a trend strength of 1 [2][25]. Base Metals - **Copper**: Risk sentiment improves, and prices rise. The trend strength is 1 [2][8]. - **Zinc**: Runs strongly, with a trend strength of 1 [2][11]. - **Lead**: Overseas inventories decline, supporting prices. The trend strength is 0 [2][14]. - **Tin**: Oscillates strongly, with a trend strength of 1 [2][18]. - **Aluminum**: Supply pressure persists. The trend strength is 1 [2][21]. - **Alumina**: The oversupply situation remains unchanged. The trend strength is -1 [2][21]. - **Cast Aluminum Alloy**: Follows the trend of electrolytic aluminum. The trend strength is 1 [2][21]. - **Nickel**: Inventory accumulation slows down marginally, and the ore end supports the upward shift of the pyrometallurgical cost. The trend strength is 0 [2][30]. - **Stainless Steel**: The price oscillates due to the game between demand and cost. The trend strength is 0 [2][30]. Energy and Chemicals - **Crude Oil**: The document does not directly cover crude oil, but it mentions the impact of geopolitical factors on energy prices [68][69]. - **Methanol**: Oscillates at a high level. The trend strength is 0 [2][101]. - **Urea**: Oscillates in the short - term. The trend strength is 0 [2][107]. - **Benzene**: Oscillates strongly. The trend strength is 0 [2][110]. - **PTA**: In a short - term oscillatory market. The trend strength is -1 [2][68]. - **MEG**: In a short - term oscillatory market. The trend strength is -1 [2][68]. - **Rubber**: Widely oscillates. The trend strength is 0 [2][76]. - **Synthetic Rubber**: Widely oscillates within the day. The trend strength is 0 [2][79]. - **LLDPE**: Supply contraction continues, and the structure is differentiated. The trend strength is 1 [2][83]. - **PP**: The supply is strongly supported by increased cracking and PDH maintenance in April. The trend strength is 1 [2][84]. - **Caustic Soda**: The valuation is at a low level. The trend strength is 1 [2][89]. - **Paper Pulp**: Oscillates. The trend strength is 0 [2][93]. - **Glass**: The price of the original sheet is stable. The trend strength is 0 [2][98]. - **Soda Ash**: The spot market changes little. The trend strength is 0 [2][116]. - **LPG**: Geopolitical risks remain, and supply disruptions occur frequently. The trend strength is 1 [2][121]. - **Propylene**: The fundamentals are supportive, and the trend remains strong. The trend strength is 1 [2][122]. - **PVC**: Widely oscillates. The trend strength is 0 [2][130]. - **Fuel Oil**: Drops at the night session and remains high in the short - term. The trend strength is 0 [2][133]. - **Low - Sulfur Fuel Oil**: Relatively stronger than high - sulfur fuel oil, and the spot price spread between high - and low - sulfur fuel oil rebounds overseas. The trend strength is 0 [2][133]. Agricultural Products - **Palm Oil**: Stimulated by B50 news, it shows a short - term strong performance. The trend strength is 1 [2][161]. - **Soybean Oil**: The sown area is lower than expected, boosting the sentiment of the soybean sector. The trend strength is 0 [2][161]. - **Soybean Meal**: The USDA area report is bullish, and the market may rebound. The trend strength is 1 [2][170]. - **Soybean**: The spot price is stable, and the market rebounds and oscillates. The trend strength is 0 [2][170]. - **Corn**: Oscillates. The trend strength is 0 [2][173]. - **Sugar**: Oscillates within a range. The trend strength is 0 [2][177]. - **Cotton**: Attention should be paid to the new domestic crop planting. The trend strength is 0 [2][181]. - **Eggs**: Wait for opportunities to short at high prices in the far - month contracts. The trend strength is 0 [2][185]. - **Hogs**: The L - bottom expectation is recognized, and the central price continues to decline. The trend strength is -1 [2][188]. - **Peanuts**: Pay attention to the purchases of oil mills. The trend strength is 0 [2][192]. Others - **Iron Ore**: The resumption of hot metal production is slow, and ore prices are under pressure. The trend strength is -1 [2][48]. - **Rebar**: The market sentiment is weak, and the price oscillates repeatedly. The trend strength is 0 [2][52]. - **Hot - Rolled Coil**: The market sentiment is weak, and the price oscillates repeatedly. The trend strength is 0 [2][52]. - **Silicon Ferrosilicon**: The market trading sentiment fluctuates, and the futures price oscillates weakly. The trend strength is -1 [2][57]. - **Manganese Silicide**: The expected demand from the ore end tightens, and the futures price oscillates weakly. The trend strength is -1 [2][57]. - **Coke**: Oscillates weakly. The trend strength is -1 [2][60]. - **Coking Coal**: Oscillates weakly. The trend strength is -1 [2][60]. - **Log**: The demand improves, and the price oscillates at a high level. The trend strength is 0 [2][64]. - **Container Freight Index (European Line)**: The spot loading is under pressure. The 04 contract oscillates and consolidates, and the far - month contracts fluctuate with geopolitical factors. The trend strength is 0 [2][135]. - **Short - Fiber**: Oscillates at a high level. The trend strength is 0 [2][148]. - **Bottle Chip**: Oscillates at a high level. The trend strength is 0 [2][148]. - **Offset Printing Paper**: Adopt a wait - and - see approach. The trend strength is 0 [2][151].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The geopolitical conflict between the US and Iran is the core focus of the market, affecting global risk preferences, inflation expectations, and the performance of various asset classes. The market is shifting from short - term inflation panic to concerns about medium - term economic recession[4][8][11]. - Different industries are affected by geopolitical factors, supply - demand dynamics, and cost factors. Some industries are expected to have short - term price support or upward trends, while others may face downward pressure or remain in a state of shock[14][16][19]. Summaries by Relevant Catalogs Macro - Financial Index Futures - **Market Information**: The attack on Iran's Qeshm Island, large - scale investment in AI data centers and technology R & D, stable helium supply in South Korea, and the good performance of Zhipu API platform[2]. - **Basis Annualized Ratio**: Different contracts of IF, IC, IM, and IH have different basis annualized ratios[3]. - **Strategy Viewpoint**: The US - Iran conflict affects global risk preferences. The market is shifting from inflation panic to recession concerns. It is recommended to pay attention to the war situation and control risks[4]. Treasury Bonds - **Market Information**: The prices of TL, T, TF, and TS main contracts changed on Tuesday. China's March PMI data showed an improvement in manufacturing and non - manufacturing industries. The central bank conducted reverse repurchase operations and maintained liquidity[5][6][7]. - **Strategy Viewpoint**: The economic recovery in the first quarter is expected, but the pressure on the profit side and inflation may affect the bond market. The bond market is expected to fluctuate in the short term[8]. Precious Metals - **Market Information**: The prices of gold and silver in domestic and international markets rose. The Fed emphasized inflation control, and the US - Iran conflict situation changed[9][10]. - **Strategy Viewpoint**: The geopolitical conflict is still the focus. The short - term pressure on precious metals has eased, but long - term inflation expectations need to be vigilant. It is recommended to wait and see[11]. Non - Ferrous Metals Copper - **Market Information**: The copper price rebounded, LME and domestic inventories decreased, and the spot discount narrowed[13]. - **Strategy Viewpoint**: The supply of copper ore is tight, and the inventory is expected to continue to decline, providing support for the copper price. The copper price is expected to fluctuate[14]. Aluminum - **Market Information**: The aluminum price fluctuated, the inventory increased, and the spot discount remained[15]. - **Strategy Viewpoint**: The overseas supply of aluminum is expected to be tight, and the domestic demand is improving. The aluminum price is expected to be strong in the short term[16]. Zinc - **Market Information**: The zinc price fell, and the downstream replenished inventory after the price decline[17][18]. - **Strategy Viewpoint**: The zinc price has stopped falling in the short term, but the follow - up purchase may be limited. The zinc price is in a downward trend and may continue to decline[19]. Lead - **Market Information**: The lead price rose slightly, and the inventory increased[20]. - **Strategy Viewpoint**: The spot of lead has short - term support, but the high沪伦 ratio and the overall pressure on the non - ferrous metal sector may lead to a further decline in the lead price[20]. Nickel - **Market Information**: The nickel price fell, and the cost and nickel iron price were stable[21]. - **Strategy Viewpoint**: The nickel price is expected to be weak in the short term but has strong support in the medium term. It is recommended to operate within a range[21]. Tin - **Market Information**: The tin price fell, the inventory changed, and the supply and demand showed different trends[22]. - **Strategy Viewpoint**: The supply of tin is limited, and the demand is weakly recovering. The tin price is expected to fluctuate[23]. Lithium Carbonate - **Market Information**: The price of lithium carbonate fell, and the contract position decreased[24]. - **Strategy Viewpoint**: The resource - end contradiction is prominent. The short - term supply is slightly eased, but the uncertainty is still high. It is necessary to pay attention to relevant factors[24]. Alumina - **Market Information**: The alumina price fell, the position increased, and the inventory increased[25]. - **Strategy Viewpoint**: The ore price is expected to rise, and the supply of alumina is tightened in the short term but remains in an oversupply situation in the long term. It is recommended to wait and see[26]. Stainless Steel - **Market Information**: The stainless steel price fell, the inventory increased, and the raw material price was stable[27]. - **Strategy Viewpoint**: The supply is stable, the terminal consumption is slightly better than expected, and the market is expected to be strong in the short term[28]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy rose, the position decreased, and the inventory decreased[29]. - **Strategy Viewpoint**: The cost is strong, the demand is expected to improve, and the price has strong support in the short term[30]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil fell, and the inventory decreased[32]. - **Strategy Viewpoint**: The steel market is in a "weak balance" state. The demand has improved marginally, but there is no trend - upward driving force. It is necessary to pay attention to demand and raw material prices[33]. Iron Ore - **Market Information**: The iron ore price fell, and the position decreased[34]. - **Strategy Viewpoint**: The supply of iron ore is affected by weather and other factors, and the demand is expected to increase. The ore price is expected to fluctuate at a high level[35]. Coking Coal and Coke - **Market Information**: The prices of coking coal and coke fell, and the spot prices were at a premium[36]. - **Strategy Viewpoint**: The black sector may be supported by the withdrawal of funds. The short - term supply of coking coal and coke is relatively loose. It is recommended to operate in the short term or wait and see[38]. Glass and Soda Ash - **Glass** - **Market Information**: The glass price fell, and the inventory decreased[39]. - **Strategy Viewpoint**: The spot trading is light, the demand is weak, and the market is expected to fluctuate narrowly[40]. - **Soda Ash** - **Market Information**: The soda ash price fell, and the inventory decreased[41]. - **Strategy Viewpoint**: The supply is tightened in the short term, and the demand is weak. The price is in a narrow - range adjustment[41]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon fell, and the technical forms were weak[42]. - **Strategy Viewpoint**: The black sector may be supported. The supply - demand pattern of manganese silicon is not ideal, while that of ferrosilicon is good. It is necessary to pay attention to relevant factors[43][44]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: The industrial silicon price fell, and the inventory and demand were weak[45]. - **Strategy Viewpoint**: The supply and demand of industrial silicon change little, and the price is expected to fluctuate[46]. - **Polysilicon** - **Market Information**: The polysilicon price fell, and the inventory was high[47]. - **Strategy Viewpoint**: The polysilicon is in a negative - feedback adjustment state, and the price is expected to continue to find the bottom[48]. Energy and Chemicals Rubber - **Market Information**: The market has different views on the rise and fall of rubber. The tire industry has different operating rates and inventory situations[50][51]. - **Strategy Viewpoint**: The market fluctuates greatly. It is recommended to trade flexibly, take profit on call options, and configure put options. Hold the hedging position[53]. Crude Oil - **Market Information**: The prices of crude oil and refined oil futures fell[54]. - **Strategy Viewpoint**: It is recommended to configure short - term short positions in crude oil, widen the price difference of different oil types, short the cracking spread of high - sulfur fuel oil, and short the INE - Brent cross - regional spread[55]. Methanol - **Market Information**: The methanol price rose, and the MTO profit changed[56]. - **Strategy Viewpoint**: The methanol has included the geopolitical premium. It is recommended to take profit at high prices and widen the MTO profit at low prices[57]. Urea - **Market Information**: The urea price changed slightly, and the futures price fell[58]. - **Strategy Viewpoint**: The supply and demand of urea are both strong, and the domestic contradiction is not prominent. It is recommended to short at high prices[59]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene changed, and the supply and demand indicators showed different trends[61]. - **Strategy Viewpoint**: The non - integrated profit of styrene is high, and the supply and demand are in a complex situation. It is recommended to wait and see[62]. PVC - **Market Information**: The PVC price fell, the inventory changed, and the supply and demand indicators changed[63]. - **Strategy Viewpoint**: The enterprise profit is high, but there are supply reduction expectations. The domestic demand is under pressure, and the export situation is complex[64]. Ethylene Glycol - **Market Information**: The ethylene glycol price fell, the inventory increased, and the supply and demand indicators changed[65]. - **Strategy Viewpoint**: The supply is expected to decrease, the demand is recovering, and the inventory is expected to decrease. Pay attention to risks[66]. PTA - **Market Information**: The PTA price fell, the inventory increased, and the processing fee changed[67]. - **Strategy Viewpoint**: The PTA is difficult to enter the de - stocking cycle, and the processing fee is difficult to rise. Pay attention to risks[68]. p - Xylene - **Market Information**: The p - xylene price fell, the inventory increased, and the supply and demand indicators changed[69]. - **Strategy Viewpoint**: The p - xylene load is expected to decrease, and the inventory is expected to decrease. The valuation is expected to rise, but pay attention to risks[71]. Polyethylene (PE) - **Market Information**: The PE price fell, the inventory increased, and the supply and demand indicators changed[72]. - **Strategy Viewpoint**: The PE valuation has room to decline. It is recommended to short the LL2605 - LL2609 contract spread when the shipping volume increases[73]. Polypropylene (PP) - **Market Information**: The PP price fell, the inventory decreased, and the supply and demand indicators changed[74]. - **Strategy Viewpoint**: The supply pressure of PP is relieved, and the demand is recovering. The short - term is affected by geopolitical conflicts, and the long - term is affected by production mismatch[75]. Agricultural Products Live Pigs - **Market Information**: The pig price mostly fell, and the supply was abundant[77]. - **Strategy Viewpoint**: The supply improvement is limited, and it is recommended to short on rebounds[78]. Eggs - **Market Information**: The egg price mostly fell, and the supply was stable[79]. - **Strategy Viewpoint**: The supply is sufficient, but the short - term price is strong. It is recommended to short on rebounds and hold short positions in the far - end contracts[80]. Soybean and Rapeseed Meal - **Market Information**: Trump's planned visit to China and soybean export and import data were announced[81]. - **Strategy Viewpoint**: The price of protein meal fluctuates greatly. It is recommended to wait and see[83]. Oils and Fats - **Market Information**: Indonesia's policies on palm oil and relevant production, export, and inventory data were announced[84]. - **Strategy Viewpoint**: The oil price is expected to rise in the medium term due to the US - Iran event[85]. Sugar - **Market Information**: The production and export data of sugar in different countries were announced[86]. - **Strategy Viewpoint**: Due to the unstable international oil price, it is recommended to wait and see the sugar price[87]. Cotton - **Market Information**: Trump's planned visit to China, cotton import data, and production and consumption data were announced[88]. - **Strategy Viewpoint**: Trump's visit is short - term positive for US cotton. It is recommended to buy on dips, but pay attention to the risk of the US - Iran event[89].

Group 1: Investment Ratings - There is no information about the industry investment rating in the report. Group 2: Core Views - The copper price is expected to be volatile, waiting for further news. The operating range of the Shanghai copper main contract is 95,000 - 98,000 yuan/ton, and that of the LME copper 3M is 12,200 - 12,500 US dollars/ton [3]. - The aluminum price is expected to remain strong in the short - term. The operating range of the Shanghai aluminum main contract is 24,600 - 25,200 yuan/ton, and that of the LME aluminum 3M is 3,380 - 3,500 US dollars/ton [5]. - The price of cast aluminum alloy is expected to be strongly supported in the short - term [9]. - The lead price may further decline. Although the spot has short - term support, the high Shanghai - London ratio and the overall pressure on the non - ferrous metal sector may lead to a further decline [12]. - The zinc price has entered a downward trend, and there is a risk of further decline after wide - range consolidation [14]. - The tin price is expected to be volatile. The operating range of the domestic main contract is 320,000 - 400,000 yuan/ton, and that of the overseas LME tin is 41,000 - 50,000 US dollars/ton [16]. - The nickel price is expected to weaken in the short - term but has strong support at the bottom in the medium - term. It is recommended to operate within the range of 130,000 - 160,000 yuan/ton for Shanghai nickel and 16,000 - 20,000 US dollars/ton for LME nickel 3M [17]. - The lithium carbonate price may be affected by resource - end uncertainties. The operating range of the Guangzhou Futures Exchange's lithium carbonate 2605 contract is 148,000 - 170,000 yuan/ton [20][21]. - For alumina, it is recommended to take a wait - and - see strategy. The operating range of the domestic main contract AO2605 is 2,750 - 2,950 yuan/ton [24]. - The stainless steel market is expected to remain strong in the short - term, with the main contract operating in the range of 14,000 - 144,500 yuan/ton [27]. Group 3: Summary by Metal Copper - **Market Information**: Trump's statement led to a rise in US stocks overnight, and the copper price rebounded. The LME copper 3M contract rose 1.54% to 12,382 US dollars/ton, and the Shanghai copper main contract closed at 96,760 yuan/ton. LME inventory decreased by 175 to 362,425 tons, and the domestic SHFE daily warehouse receipts continued to decrease by 10,000 to 221,000 tons. The spot discount in East China narrowed, and the spot premium in Guangdong was 95 yuan/ton. The refined - scrap copper price difference was - 250 yuan/ton, inverting again [2]. - **Strategy View**: The tension in the Middle East has eased but remains uncertain. The copper ore supply is tight, the domestic inventory is being reduced, and the refined - scrap price difference is low, which is expected to support the copper price. The copper price is expected to be volatile [3]. Aluminum - **Market Information**: The aluminum price rose and then fell. The LME aluminum 3M contract fell 0.26% to 3,436 US dollars/ton, and the Shanghai aluminum main contract closed at 24,915 yuan/ton. The Shanghai aluminum weighted contract's open interest increased by 5,000 to 586,000 lots, and the futures warehouse receipts increased by 4,000 to 417,000 tons. The inventory of aluminum ingots in three regions increased, while the aluminum rod inventory decreased. The LME inventory decreased by 2,000 to 417,000 tons [4]. - **Strategy View**: Trump's claim of withdrawal from Iran has uncertainties. Overseas aluminum supply is expected to be tight, and domestic downstream start - up rates are increasing, which is conducive to inventory digestion. The aluminum price is expected to be strong in the short - term [5]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy fluctuated upwards. The main AD2605 contract rose 0.28% to 23,695 yuan/ton. The weighted contract's open interest decreased to 16,400 lots, and the trading volume was 11,500 lots. The warehouse receipts decreased by 1,600 to 33,600 tons. The price difference between the AL2605 and AD2605 contracts widened. The domestic mainstream ADC12 average price was flat, and downstream demand turned to rigid procurement. The domestic three - region aluminum alloy ingot inventory decreased by 500 to 31,000 tons [8]. - **Strategy View**: The cost of cast aluminum alloy is strong, and the demand is expected to improve with the resumption of work. The price is expected to be strongly supported in the short - term [9]. Lead - **Market Information**: The Shanghai lead index rose 0.01% to 16,498 yuan/ton, and the LME lead 3S rose 8 to 1,911.5 US dollars/ton. The SMM1 lead ingot average price was 16,350 yuan/ton, and the refined - scrap price difference was 25 yuan/ton. The SHFE lead ingot futures inventory was 53,000 tons, and the LME lead ingot inventory was 283,000 tons. The domestic lead ingot social inventory increased by 2,500 to 60,100 tons on March 30 [11]. - **Strategy View**: The visible inventory of lead concentrate and lead scrap has increased. The inventory of lead ingot factories and social inventory has decreased. The spot has short - term support, but the high Shanghai - London ratio may lead to an increase in lead ingot imports and a decrease in battery exports. The lead price may further decline [12]. Zinc - **Market Information**: The Shanghai zinc index fell 0.21% to 23,500 yuan/ton, and the LME zinc 3S rose 27.5 to 3,182 US dollars/ton. The SMM0 zinc ingot average price was 23,430 yuan/ton. The SHFE zinc ingot futures inventory was 94,800 tons, and the LME zinc ingot inventory was 115,300 tons. The domestic zinc ingot social inventory decreased by 400 to 214,000 tons on March 30. Downstream enterprises replenished inventory after the zinc price decline [13]. - **Strategy View**: The visible inventory of zinc concentrate has decreased, and the import TC has continued to decline. The zinc price has stopped falling in the short - term, but the follow - up procurement may be limited. The zinc price has entered a downward trend and may further decline [14]. Tin - **Market Information**: On March 31, the Shanghai tin main contract closed at 368,000 yuan/ton, down 0.73%. The SHFE inventory increased by 35 to 8,700 tons, and the LME inventory decreased by 264 to 6,775 tons. The smelting start - up rates in Yunnan and Jiangxi have recovered, but the demand improvement is limited [15]. - **Strategy View**: The tin supply is still constrained by raw material shortages, and the demand is in a weak recovery. The tin price is expected to be volatile [16]. Nickel - **Market Information**: On March 31, the Shanghai nickel main contract closed at 134,780 yuan/ton, down 1.71%. The spot premiums of different brands were weak and stable. The cost of nickel ore and nickel iron prices were stable [17]. - **Strategy View**: The nickel price is expected to weaken in the short - term due to the blockade of the Strait of Hormuz, but has strong support at the bottom in the medium - term. It is recommended to operate within a range [17]. Lithium Carbonate - **Market Information**: The MMLC spot index of lithium carbonate fell 2.67%. The LC2605 contract closed at 157,200 yuan, down 8.40%. The battery - grade lithium carbonate premium was - 1,250 yuan [19]. - **Strategy View**: The lithium carbonate market is affected by resource - end uncertainties. The short - term supply shortage has eased slightly, and the lithium price may be affected. The operating range of the Guangzhou Futures Exchange's lithium carbonate 2605 contract is 148,000 - 170,000 yuan/ton [20][21]. Alumina - **Market Information**: On March 31, the alumina index fell 3.9% to 2,857 yuan/ton. The open interest increased by 28,000 to 457,800 lots. The Shandong spot price was 2,750 yuan/ton, at a discount of 77 yuan/ton to the main contract. The overseas FOB price was 320 US dollars/ton, and the import loss was 37 yuan/ton. The futures warehouse receipts increased by 2,700 to 419,800 tons [23]. - **Strategy View**: The Guinea government may tighten bauxite exports, and the alumina smelting supply is tightening in the short - term but remains in a long - term surplus. It is recommended to wait and see, and the operating range of the domestic main contract AO2605 is 2,750 - 2,950 yuan/ton [24]. Stainless Steel - **Market Information**: On Tuesday, the stainless steel main contract closed at 14,160 yuan/ton, down 1.46%. The open interest decreased by 4,084 to 187,400 lots. The spot prices in Foshan and Wuxi markets changed slightly. The raw material prices were relatively stable. The futures inventory increased by 4,838 to 45,736 tons, and the social inventory increased to 1,105,200 tons on March 27 [26]. - **Strategy View**: The stainless steel social inventory has increased slightly. The downstream demand is stable in some sectors, and the market is expected to be strong in the short - term. The main contract operating range is 14,000 - 144,500 yuan/ton [27].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The recent trends in non-ferrous metals have shown a recovery from their lows, with the Iranian geopolitical situation still dominating capital market sentiment. The market is gradually shifting its focus from short - term inflation panic caused by soaring energy prices to concerns about long - term economic stagnation or recession. High oil prices will have a phased impact on non - ferrous metals. In the short term, the impact is small and the rebound is strong, while in the medium and long term, the negative impact on the economy will deepen, and the market's tendency to trade in the direction of stagflation or even inflation will increase [12]. - For different non - ferrous metal varieties, their prices are affected by various factors such as geopolitics, inflation, supply, and demand. Some metals are expected to rise, while others may fluctuate within a certain range. Appropriate trading strategies are recommended for each variety [4][5][6] Summary by Directory Part I: Operating Logic and Investment Recommendations for Non - Ferrous Metals - **Macro Logic**: - The Iranian geopolitical situation dominates market sentiment. The market's focus is shifting from short - term inflation panic to long - term economic concerns. High oil prices will have a phased impact on non - ferrous metals [12]. - The geopolitical situation remains complex. Cost increases and supply contractions support non - ferrous metals. Inflation expectations have significantly increased. This week, the market will focus on the Middle East situation and macroeconomic data releases [13]. - **Variety - Specific Analysis**: - **Copper**: Short - term price is under pressure due to factors like the non - navigation of the Strait of Hormuz and the rise of US bond yields. In the medium and long term, rising oil prices boost inflation expectations, which is beneficial for copper. The supply of copper concentrates is tight globally, but domestic smelters' production is not severely restricted. Downstream demand shows seasonal characteristics, and the inventory is expected to enter a destocking cycle in April. It is recommended to go long on dips and use option strategies such as buying slightly out - of - the - money call options [4][5][14]. - **Zinc**: Affected by geopolitics, energy prices, and inflation, the price is fluctuating strongly. The import of zinc ore is tightening, and the inventory is decreasing. It is advisable to go long on dips, with the price expected to move between 22400 - 22600 and 24000 - 24200 [6][15][16]. - **Aluminum Industry Chain**: The Middle East aluminum production capacity is disturbed, and the US dollar index is strong. For aluminum, it is recommended to buy on dips, with the price between 22000 - 23000 and 26000 - 27000. For alumina, it is recommended to wait and see or hold a short - term bearish view, with the price between 2600 - 2800 and 3200 - 3500. For recycled aluminum alloy, it is recommended to hold a bullish view, with the price between 21000 - 22000 and 25000 - 26000 [7]. - **Tin**: The price is rebounding, and funds are flowing in slightly. It is recommended to wait and see or take short - term long positions, with the price between 300000 - 320000 and 380000 - 400000 [8]. - **Lead**: Affected by geopolitics, the price is fluctuating slightly upwards. Supply is increasing, and demand is weak. It is recommended to go long on dips after the macro - shock weakens, with the price between 16200 - 16400 and 16800 - 17000 [9]. - **Nickel and Stainless Steel**: Affected by the Iranian geopolitical situation, energy costs, and Indonesian tax policies, the price of nickel is fluctuating upwards. For nickel, it is recommended to go long on dips, with the price between 130000 - 132000 and 138000 - 140000. For stainless steel, the cost is supported, but the demand is weak. It is also recommended to go long on dips, with the price between 13800 - 14000 and 14500 - 15000 [10][17]. Part II: Review of Non - Ferrous Metals Market - The report provides the closing prices and price changes of various non - ferrous metals in the futures market, including copper, zinc, aluminum, etc. [18] Part III: Position Analysis of Non - Ferrous Metals - The report shows the latest position analysis of the non - ferrous metals sector, including the net long - short strength comparison, net long - short position differences, and changes in net long and net short positions of each variety, as well as the influencing factors [22] Part IV: Spot Market of Non - Ferrous Metals - The report presents the spot prices and price changes of various non - ferrous metals, such as copper, zinc, aluminum, etc. [23] Part V: Industry Chain of Non - Ferrous Metals - The report provides various charts related to the industry chain of each non - ferrous metal, such as inventory changes, processing fees, and price relationships, to help analyze the industry chain situation of copper, zinc, aluminum, etc. [25][27][30] Part VI: Arbitrage of Non - Ferrous Metals - The report presents various charts for arbitrage analysis of non - ferrous metals, including the ratio of domestic and foreign prices, basis, and price differences between different contracts of copper, zinc, aluminum, etc. [56][59][61] Part VII: Options of Non - Ferrous Metals - The report provides various charts for option analysis of non - ferrous metals, including historical volatility, implied volatility, trading volume, and open interest of copper, zinc, aluminum, etc. [74][78][80]

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - Gold: Geopolitical tensions ease [2][4]. - Silver: Drops from the trading range [2][4]. - Copper: A stronger US dollar restricts price recovery [2][7]. - Zinc: Shows a slightly bullish trend [2][10]. - Lead: Lacks driving forces and prices fluctuate [2][13]. - Tin: Trades within a range [2][16]. - Aluminum: Supply issues continue to escalate [2][20]. - Alumina: Shows a slightly bearish trend [2][20]. - Cast aluminum alloy: Follows the trend of electrolytic aluminum [2][20]. - Platinum: Mainly trades in a sideways range [2][24]. - Palladium: Trades in a narrow range [2][24]. - Nickel: Inventory accumulation slows down marginally, and the mining end supports the upward shift of pyrometallurgical costs [2][36]. - Stainless steel: Prices fluctuate as demand and cost factors compete [2][37]. Summary by Relevant Catalogs Gold and Silver - **Price and Trading Volume**: For gold, the closing prices of Shanghai Gold 2602 and Gold T+D increased by 1.59% and 1.66% respectively, with trading volumes decreasing. For silver, the closing prices of Shanghai Silver 2602 and Silver T+D increased by 1.13% and 0.54% respectively, with trading volumes showing different trends [4]. - **Inventory**: The inventory of Shanghai Gold remained unchanged, while the inventory of Comex Gold decreased by 192,945 ounces. The inventory of Shanghai Silver increased by 2,628 kilograms, and the inventory of Comex Silver decreased by 250,587 ounces [4]. - **Macro - News**: Powell stated that the Fed's interest rates are in a "favorable position", and traders expect a possible rate cut this year. The White House said Trump hopes to reach an agreement by April 6, but Iran denies the negotiation [4][6]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract decreased by 0.18%, with trading volume and open interest decreasing. The closing price of LME Copper 3M increased by 0.44%, with trading volume and open interest also decreasing [7]. - **Inventory**: The inventory of Shanghai Copper decreased by 6,105 tons, and the inventory of LME Copper increased by 2,350 tons [7]. - **Macro - News**: Similar to gold, including Powell's remarks and US - Iran negotiation news. Industry news shows that China's refined copper production from January to February increased by 9% year - on - year, and Peru's copper production in January increased by 3% year - on - year [7][9]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract increased by 0.68%, with trading volume and open interest decreasing. The closing price of LME Zinc 3M increased by 1.07%, with trading volume and open interest decreasing [10]. - **News**: Trump said Iran has agreed to "most of the content" in the "15 - point plan", and the Iran - related war is changing the energy pattern [11]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract decreased by 0.36%, with trading volume and open interest decreasing. The closing price of LME Lead 3M increased by 0.69%, with trading volume decreasing and open interest increasing [13]. - **News**: Similar to copper, including Powell's remarks and US - Iran negotiation news [14]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract increased by 4.20%, with trading volume increasing and open interest increasing. The closing price of LME Tin 3M increased by 0.35%, with trading volume decreasing and open interest decreasing [17]. - **Macro - News**: Similar to other metals, including Powell's remarks and some policy - related news [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: For electrolytic aluminum, the closing price of the Shanghai Aluminum main contract increased, with trading volume and open interest showing different trends. For alumina, the closing price of the Shanghai Alumina main contract decreased, and for cast aluminum alloy, the closing price of the main contract increased [20]. - **Inventory**: The domestic social inventory of aluminum ingots increased, and the inventory of LME aluminum ingots decreased [20]. - **News**: Powell's remarks and Trump's threat to Iran [22]. Platinum and Palladium - **Price and Trading Volume**: The prices of platinum futures and related spot increased, while the prices of palladium futures and related spot showed mixed trends. Trading volumes and open interests also changed differently [25]. - **Macro - News**: Policy is in a favorable position, and private credit does not pose a systemic risk. Market expectations for Fed rate hikes have changed, and there are various events related to the Iran situation [27][28]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract increased slightly, and the closing price of the stainless - steel main contract decreased slightly. Trading volumes and open interests showed different trends [37]. - **Industry News**: Indonesia plans to adjust the benchmark price of nickel ore, and some nickel - related companies have production - related news. Inventory data shows changes in refined nickel, new - energy, and nickel - iron - stainless - steel inventories [37][43].

Report Industry Investment Rating - The trend strength of aluminum is 1, indicating a relatively strong trend; the trend strength of alumina is 0, indicating a neutral trend; the trend strength of aluminum alloy is 1, indicating a relatively strong trend [2][3] Core Viewpoints - The supply problem of aluminum continues to ferment, alumina shows a volatile and weak trend, and cast aluminum alloy follows the trend of electrolytic aluminum [1] Summary by Relevant Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai Aluminum main contract is 24,725, with a change of 790 compared to T - 1; the closing price of the LME Aluminum 3M is 3,445, with a change of 161 compared to T - 1. The trading volume and open interest of the Shanghai Aluminum main contract also have corresponding changes [1] - **Alumina**: The closing price of the Shanghai Alumina main contract is 2,941, with a change of 11 compared to T - 1. The trading volume and open interest of the Shanghai Alumina main contract have decreased [1] - **Aluminum Alloy**: The closing price of the aluminum alloy main contract is 23,630, with a change of 670 compared to T - 1. The trading volume and open interest of the aluminum alloy main contract have corresponding changes [1] Spot Market - **Electrolytic Aluminum**: The domestic social inventory of aluminum ingots is 1397,000 tons, with an increase of 26,000 tons compared to T - 1. The LME aluminum ingot inventory is 418,700 tons, with a decrease of 2,200 tons compared to T - 1. The electrolytic aluminum enterprise profit and loss is 8,042.75, with an increase of 710.38 compared to T - 1 [1] - **Alumina**: The domestic average price of alumina is 2,782, with a change of 0 compared to T - 1. The alumina enterprise profit and loss in Shanxi has corresponding changes [1] - **Aluminum Bauxite**: The prices of aluminum bauxite imported from Australia, Indonesia, and Guinea have corresponding changes [1] - **Aluminum Alloy**: The price of Baotai ADC12 is 24,200, with an increase of 400 compared to T - 1. The three - place inventory of aluminum alloy has corresponding changes [1] - **Caustic Soda**: The price of Shaanxi ionic membrane liquid caustic soda (32% converted to 100%) is 2,295, with a change of 0 compared to T - 1 [1]

Report Industry Investment Ratings The report does not provide an overall industry investment rating. However, it gives trend intensities for various commodities, which can be used as a reference for investment: - **Positive Outlook (Trend Intensity: 1 or 2)**: Zinc, Aluminum, Cast Aluminum Alloy, p-Xylene, MEG, LLDPE, PP, Caustic Soda, Urea, Palm Oil, and Sugar [11][23][76][92][97][117][175][189] - **Neutral Outlook (Trend Intensity: 0)**: Gold, Silver, Copper, Lead, Tin, Platinum, Palladium, Nickel, Stainless Steel, Carbonate Lithium, Industrial Silicon, Benzene, Styrene, Soda Ash, Rubber, Synthetic Rubber, Pulp, Glass, Methanol, Short Fiber, Bottle Chip, Offset Printing Paper, Pure Benzene, Soybean Meal, Soybean, Corn, Cotton, Eggs, Peanuts [5][8][14][17][25][37][47][51][121][127][84][89][101][108][111][163][166][171][183][186][193][198][205] - **Negative Outlook (Trend Intensity: -1 or -2)**: Iron Ore, Power Coal, Logs, Fuel Oil, Low - Sulfur Fuel Oil, and Live Pigs [54][70][72][145][201] Core Views The report analyzes the market trends of various commodities based on their fundamentals, macro - economic factors, and industry news. Geopolitical factors, such as the Iran - related situation, have a significant impact on many commodities, including energy and metals. Supply and demand dynamics, cost factors, and policy changes also play crucial roles in determining the price trends of different commodities. Summary by Commodity Precious Metals - **Gold**: Geopolitical tensions are easing, with a trend intensity of 0. The prices of domestic and international gold showed certain increases, and trading volumes and positions had some changes. ETF holdings decreased slightly [5]. - **Silver**: It fell from the shock platform, with a trend intensity of 0. The prices of domestic and international silver increased, and trading volumes and positions also changed [5]. Base Metals - **Copper**: The strengthening of the US dollar restricts price recovery, with a trend intensity of 0. China's refined copper production increased, while waste copper imports decreased. Peru's copper production increased, and Codelco expects cost increases due to the Middle - East conflict [8][10]. - **Zinc**: It is oscillating strongly, with a trend intensity of 1. The prices of domestic and international zinc increased, and inventories decreased [11]. - **Lead**: Lacking driving forces, the price is oscillating, with a trend intensity of 0. The prices of domestic and international lead had different trends, and inventories changed [14]. - **Tin**: It is oscillating within a range, with a trend intensity of 0. The prices of domestic and international tin increased, and inventories decreased [18]. - **Aluminum**: Supply issues continue to intensify, with a trend intensity of 1. Alumina is oscillating weakly, with a trend intensity of 0. Cast aluminum alloy follows electrolytic aluminum, with a trend intensity of 1 [21][23]. - **Nickel**: The marginal slowdown of inventory accumulation, and the cost of pyrometallurgy is supported by the ore end to move up, with a trend intensity of 0. Stainless steel is in a game between demand and cost, and the steel price is oscillating, with a trend intensity of 0 [38]. Energy and Chemicals - **Crude Oil - Related Products** - **Fuel Oil**: It slightly declined at night and remained at a high level in the short - term, with a trend intensity of - 1. Low - sulfur fuel oil is still weak, with a trend intensity of - 1 [145]. - **LPG**: Geopolitical risks still exist, and supply disruptions occur frequently, with a trend intensity of 1 [133]. - **Propylene**: The fundamentals are supportive, and the trend is still strong, with a trend intensity of 1 [133]. - **Chemical Products** - **p - Xylene**: It is in a short - term shock market and is still strong in the medium - term, with a trend intensity of 1. PTA is in a short - term shock market and is still strong in the medium - term, with a trend intensity of 0. MEG has a tight supply and a strong medium - term trend, with a trend intensity of 1 [76]. - **Rubber**: It is in a wide - range oscillation, with a trend intensity of 0 [84]. - **Synthetic Rubber**: It has a wide - range oscillation within the day, with a trend intensity of 0 [89]. - **LLDPE**: Supply contraction continues, and there is a structural differentiation, with a trend intensity of 1. PP has an increase in cracking and PDH maintenance in April, and supply support is strong, with a trend intensity of 1 [92]. - **Caustic Soda**: The valuation is at a low level, and it may oscillate strongly later, with a trend intensity of 1 [97]. - **Pulp**: It is oscillating, with a trend intensity of 0 [101]. - **Glass**: The price of the original sheet is stable, with a trend intensity of 0 [108]. - **Methanol**: It is oscillating strongly, with a trend intensity of 0 [111]. - **Urea**: The price center moves up, with a trend intensity of 1 [117]. - **Benzene and Styrene**: Benzene is oscillating strongly, with a trend intensity of 0. Styrene is oscillating strongly, with a trend intensity of 0 [121][171]. - **Soda Ash**: The spot market has little change, with a trend intensity of 0 [127]. - **PVC**: It is in a wide - range oscillation, with a trend intensity of 0 [141]. Agricultural Products - **Oils and Fats** - **Palm Oil**: Stimulated by B50 news, it shows a short - term strong performance, with a trend intensity of 1. - **Soybean Oil**: Attention should be paid to the quarterly inventory and planting intention report, with a trend intensity of 0 [175]. - **Grains and Oilseeds** - **Soybean Meal**: It is adjusting and oscillating, waiting for the USDA report, with a trend intensity of 0. - **Soybean**: It is rebounding and oscillating, with a trend intensity of 0 [183]. - **Corn**: Attention should be paid to policy auctions, with a trend intensity of 0 [186]. - **Sugar**: It is oscillating strongly, with a trend intensity of 1 [189]. - **Cotton**: The domestic market lacks new driving forces, with a trend intensity of 0 [193]. - **Eggs**: Wait for the opportunity to short at high prices in the far - month contracts, with a trend intensity of 0 [198]. - **Live Pigs**: The de - stocking is less than expected, and the price center continues to move down, with a trend intensity of - 1 [201]. - **Peanuts**: Attention should be paid to the purchase of oil mills, with a trend intensity of 0 [205]. Others - **Iron Ore**: There is an expectation of negotiation easing, and the ore price is falling, with a trend intensity of - 1 [54]. - **Rebar and Hot - Rolled Coil**: They are oscillating repeatedly, with a trend intensity of 0 [58]. - **Silicon Ferrosilicon and Manganese Silicon**: Silicon ferrosilicon has a slightly increased cost expectation, and bullish sentiment is high, with a trend intensity of 0. Manganese silicon is in a wide - range oscillation due to energy information disturbances, with a trend intensity of 0 [63]. - **Coke and Coking Coal**: Coke's first - round price increase is expected to be implemented this week, and it is in a wide - range oscillation, with a trend intensity of 0. Coking coal is in a wide - range oscillation, with a trend intensity of 0 [66][67]. - **Power Coal**: The sentiment is weakening, and there is a short - term callback pressure, with a trend intensity of - 1 [70]. - **Logs**: The near - term is strong, and the far - term is weak, and the positive spread is expanding, with a trend intensity of - 1 [72]. - **Container Freight Index (European Line)**: The spot loading is under pressure, the 04 contract is oscillating in a narrow range, and the far - month contracts follow geopolitical fluctuations, with a trend intensity of 0 [147].