1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The copper price rose 1.49% overnight. The concentrate supply remains tight, and smelting profits are on the verge of profit and loss. Although the smelting output decreased month - on - month, it continued to grow overall. Power investment is stable, while automobile and home appliance production are in negative growth, and the real estate market is weak. The copper price may fluctuate in a wide range in the short term [2]. - The zinc price rose 0.92% overnight. The processing fee of zinc concentrate declined, and the concentrate supply was temporarily tight, but the smelting output continued to grow. The inventory of galvanized sheets is generally high, infrastructure investment growth is slowing, automobile production is in positive growth, home appliance production is in negative growth, and the real estate market is weak. The zinc price may follow the overall trend of non - ferrous metals [2]. 3. Summary by Relevant Catalog Metal Price and Market Conditions - **Copper**: Overnight copper price up 1.49%, short - term wide - range fluctuation possible, focus on factors like US - Iran war, dollar, smelting output and downstream demand in peak season [2]. - **Zinc**: Overnight zinc price up 0.92%, may follow overall non - ferrous trend, pay attention to US - Iran war, dollar, smelting output and downstream peak - season demand [2]. Metal Data | Metal | Domestic Previous Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | Previous LME 3 - month Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M, USD/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 95,300 | - 70 | 12,336 | - 79.46 | 362,600 | 2,350 | | Aluminum | 24,800 | - 110 | 3,467 | 55.65 | 418,675 | - 2,200 | | Zinc | 23,470 | - 75 | 3,227 | - 6.92 | 115,275 | - 100 | | Nickel | 137,480 | - 1,110 | 17,110 | - 196.14 | 281,574 | 0 | | Lead | 16,490 | - 80 | 1,903 | - 31.41 | 283,000 | - 75 | | Tin | 367,490 | 5,300 | 46,747 | - 121.33 | 8,665 | - 55 | [2]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices fluctuated upward. The spot import window for refined copper in China opened, but import profits significantly narrowed. Macro factors included Powell's dovish statement and news of potential easing of the Middle - East conflict between the US and Iran. US job vacancies decreased, and the euro - zone inflation rate rose. In China, the manufacturing and non - manufacturing PMIs increased, and the central bank planned to strengthen monetary policy. LME, Comex, and SHFE copper inventories decreased, and domestic downstream restocking led to a rapid decline in social inventories. Short - term, the market is optimistic about the conflict - easing signal, but caution is still needed. It is recommended to operate within a range and gradually build long positions at key support levels, focusing on the performance of copper prices in the 90,000 - 100,000 yuan/ton range [1]. - **Aluminum**: Overnight, alumina fluctuated weakly, while Shanghai aluminum and aluminum alloy fluctuated strongly. The domestic alumina factory inventory is at a three - month high, and with imported alumina arriving and new capacity in Guangxi coming online, the inventory is accumulating again. The high premium in the futures market has accelerated warehouse receipt registration, pressuring alumina. Attacks on two large aluminum plants in the Middle East are expected to drive up overseas aluminum prices. The domestic aluminum ingot inventory accumulation has shown signs of easing, and a de - stocking inflection point may be seen in April. In the short term, due to the influence of Middle - East geopolitics and unfulfilled domestic demand, the pattern of weak domestic and strong international prices is difficult to reverse quickly [1][2]. - **Nickel**: Overnight, LME nickel fell by 0.75%, while Shanghai nickel rose by 0.13%. LME nickel inventory decreased, and SHFE nickel warehouse receipts increased. Under the influence of tight nickel ore supply and rising freight, nickel ore prices are high, and nickel - iron prices and MHP discount coefficients are strengthening. However, primary nickel inventory is under pressure. With the tightening of Indonesia's nickel ore quota, there are short - term trading opportunities to go long based on the cost line, but attention should be paid to overseas geopolitics, market sentiment, and the potential impact of the July quota replenishment [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight price increase, influenced by macro factors, inventory decline, and strong domestic demand. Short - term operation suggestions are given [1]. - **Aluminum**: Different trends in alumina, Shanghai aluminum, and aluminum alloy. Inventory accumulation and geopolitical factors affect the market [1][2]. - **Nickel**: Opposite price trends in LME and Shanghai nickel. Cost - side factors and inventory pressure co - exist [3]. 3.2 Daily Data Monitoring - **Copper**: Price changes in various copper products, inventory decreases in multiple exchanges, and changes in import - related indicators [1][4]. - **Lead**: Price changes in lead products, inventory changes, and import - related indicators [4]. - **Aluminum**: Price changes in aluminum products, inventory changes, and import - related indicators [5]. - **Nickel**: Price changes in nickel products, inventory changes, and import - related indicators [3][5]. - **Zinc**: Price changes, inventory changes, and import - related indicators [7]. - **Tin**: Price changes, inventory changes, and import - related indicators [7]. 3.3 Chart Analysis - **3.3.1 Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [9][10][13]. - **3.3.2 SHFE Near - Far Month Spread**: Charts show the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [15][18][20]. - **3.3.3 LME Inventory**: Charts show the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [23][25][27]. - **3.3.4 SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [29][31][33]. - **3.3.5 Social Inventory**: Charts show the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [35][37][40]. - **3.3.6 Smelting Profit**: Charts show the smelting profit - related trends of copper, aluminum, nickel, zinc, and stainless steel from 2019 - 2026 [41][43][45]. 3.4 Team Introduction - The team consists of Zhan Dapeng, Wang Heng, and Zhu Xi, with rich experience and professional titles in the field of non - ferrous metals research [48][49].

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

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: April 1, 2026 [2] - Research Team: Non - ferrous Metals Research Team [4] - Researchers: Peng Jinglin, Zhang Ping, Yu Feifei [4] Investment Rating - No investment rating information provided Core View - The zinc market has strong resilience due to support from the mining end, reduced supply, and inventory depletion, but the macro - environment remains uncertain, and zinc prices are expected to fluctuate strongly in the short term [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: For different contracts of Shanghai zinc (2604, 2605, 2606), the opening, closing, highest, and lowest prices, as well as the changes and change rates, are presented. The main contract of Shanghai zinc closed at 23,480 yuan/ton, up 60 yuan with a 0.26% increase, with reduced volume and positions. The positions decreased by 5,812 lots to 91,543 lots [7] - **Market Factors**: The uncertainty of the US - Iran situation is still high, and the situation of ship passage in the Strait of Hormuz has raised concerns about energy and logistics costs. The US dollar remains strong, and market sentiment is cautious. The overseas mining end is in a tight pattern, the repair rhythm of domestic zinc concentrate processing fees is slow, the domestic mining processing fee this week is flat at 1,550 yuan/ton, and the import TC index is negative. The smelting end has entered the maintenance season, and the domestic supply pressure has been alleviated. With the gradual recovery of downstream consumption, the domestic zinc ingot inventory continues to decline. The increase in zinc futures prices has driven up the spot price, and the premium and discount performance has remained stable. Downstream purchases are mostly for rigid demand [7] 2. Industry News - **Price Ranges**: On March 31, 2026, the mainstream transaction prices of 0 zinc, 1 zinc, and special brands in different regions (Shanghai, Tianjin, Guangdong, Ningbo) are provided, along with the premium and discount situations relative to different contracts and regions [8] 3. Data Overview - **Graphs**: The report includes graphs such as the price trends of zinc in two markets, SHFE monthly spreads, SMM seven - region weekly zinc ingot inventory, and LME zinc inventory, with data sources from Wind, SMM, and the research and development department of Jianxin Futures [10][12]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - **Copper**: Overnight, both domestic and international copper prices rose and then fell. The import window for domestic refined copper spot opened, but the import profit margin significantly narrowed. Fed Chair Powell's dovish stance led the market to bet on a possible interest - rate cut this year. Geopolitical factors, such as the US - Iran conflict, remained a focus. Domestic downstream restocking was significant, driving the rapid reduction of social inventories. Short - term, it is recommended to operate within a range and gradually build long positions at key support levels, focusing on copper prices in the range of 90,000 - 100,000 yuan/ton [1]. - **Aluminum**: Overnight, alumina fluctuated weakly, while Shanghai aluminum and aluminum alloy fluctuated strongly. The domestic alumina plant inventory was at a three - month high, and the inventory was turning to a cumulative trend. The high premium on the futures market accelerated the registration of warehouse receipts, pressuring alumina. Attacks on two large aluminum plants in the Middle East were expected to drive up overseas aluminum prices. The domestic aluminum ingot inventory accumulation situation showed signs of significant improvement, and a de - stocking inflection point was expected in April. In the short term, the influence of Middle - East geopolitics was dominant, and the pattern of weak Shanghai and strong London was difficult to quickly converge [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel both rose. Under the dual influence of tight nickel ore supply and rising freight rates, nickel ore prices continued to strengthen, and the weekly nickel - iron quotes and transaction prices both increased. However, the primary nickel market showed great pressure. Due to the tightening of Indonesia's nickel ore quotas, there were short - term trading opportunities to go long based on the cost line, but attention should be paid to overseas geopolitics and market sentiment, as well as the expected additional quotas in July and the pressure from primary nickel inventory [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Macroscopically, Powell's dovish remarks led to market expectations of an interest - rate cut. Geopolitically, the US - Iran conflict situation was complex. In terms of inventory, LME copper inventory increased by 2350 tons to 362,600 tons, Comex copper inventory decreased by 723 tons to 533,540 tons, SHFE copper warehouse receipts decreased by 6105 tons to 230,971 tons, and BC copper warehouse receipts decreased by 303 tons to 13,055 tons. Domestic downstream restocking was significant, indicating strong domestic demand [1]. - **Aluminum**: Alumina futures closed at 2900 yuan/ton, down 0.99%. Shanghai aluminum closed at 24,745 yuan/ton, up 0.9%. Aluminum alloy closed at 23,585 yuan/ton, up 0.3%. The SMM alumina price rebounded to 2788 yuan/ton, and the aluminum ingot spot discount was 90 yuan/ton. The domestic alumina plant inventory was high, and the inventory was accumulating. Attacks on Middle - East aluminum plants were expected to boost overseas aluminum prices, and the domestic aluminum ingot inventory accumulation situation was improving [1][2]. - **Nickel**: LME nickel rose 0.64% to 17,325 US dollars/ton, and Shanghai nickel rose 0.23% to 136,220 yuan/ton. LME inventory remained at 281,574 tons, and SHFE warehouse receipts increased by 104 tons to 57,173 tons. The LME 0 - 3 month premium remained negative, and the import nickel premium decreased by 150 yuan/ton to - 350 yuan/ton. Due to tight supply and rising costs, there were short - term long - trading opportunities, but attention should be paid to inventory pressure [2]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper decreased by 140 yuan/ton to 95,175 yuan/ton, and the flat - water copper premium increased by 25 yuan/ton to - 75 yuan/ton. The price of 1 bright scrap copper in Guangdong increased by 200 yuan/ton to 85,600 yuan/ton, and the refined - scrap price difference decreased by 574 yuan/ton to 3728 yuan/ton. LME inventory increased by 2350 tons, SHFE warehouse receipts decreased by 6105 tons, and the total social inventory (domestic + bonded area) decreased by 43,000 tons to 486,000 tons [4]. - **Lead**: The average price of 1 lead remained at 16,400 yuan/ton. LME inventory decreased by 75 tons to 283,000 tons, and SHFE warehouse receipts increased by 404 tons to 52,867 tons. The weekly inventory decreased by 8531 tons to 57,579 tons [4]. - **Aluminum**: The Wuxi and Nanhai aluminum prices increased by 690 yuan/ton and 710 yuan/ton respectively. The Nanhai - Wuxi price difference increased by 20 yuan/ton to - 90 yuan/ton. LME inventory decreased by 2200 tons to 418,675 tons, SHFE warehouse receipts increased by 4255 tons to 412,452 tons, and the total social inventory of electrolytic aluminum increased by 24,000 tons to 1.373 million tons, while the alumina social inventory decreased by 38,000 tons to 320,000 tons [5]. - **Nickel**: The price of Jinchuan nickel decreased by 1300 yuan/ton to 140,250 yuan/ton. LME inventory remained unchanged at 281,574 tons, SHFE warehouse receipts increased by 104 tons to 57,173 tons, and the total social nickel inventory increased by 1359 tons to 89,808 tons [5]. - **Zinc**: The main settlement price increased by 0.7% to 23,420 yuan/ton. LME inventory decreased by 100 tons to 115,275 tons, and the social inventory decreased by 400 tons to 214,000 tons [7]. - **Tin**: The main settlement price increased by 2.5% to 364,570 yuan/ton. LME inventory decreased by 55 tons to 8665 tons, and SHFE inventory decreased by 1642 tons to 8400 tons [7]. 3.3 Chart Analysis - **3.3.1 Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [9][10][13]. - **3.3.2 SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [14][20][21]. - **3.3.3 LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [22][24][26]. - **3.3.4 SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2026 [28][30][32]. - **3.3.5 Social Inventory**: Charts display the historical trends of social inventories for copper (including bonded areas), aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2026 [34][36][39]. - **3.3.6 Smelting Profit**: Charts show the historical trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin from 2019 - 2026 [40][42][44]. 3.4有色金属团队介绍 - **展大鹏**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior precious metals researcher, and a medium - level gold investment analyst. He has over a decade of commodity research experience, serves many leading spot enterprises, and has published dozens of professional articles in public newspapers and magazines. His team has won the Best Metal Industry Futures Research Team Award from Futures Daily and Securities Times for four consecutive sessions [47]. - **王珩**: A master of finance from the University of Adelaide, Australia, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He is the 18th Best Green Finance New Materials Futures Analyst from Futures Daily and Securities Times and an outstanding new analyst of the Shanghai Futures Exchange in 2022 [47]. - **朱希**: A master of science from the University of Warwick, UK, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. She is the 18th Best Green Finance New Materials Futures Analyst from Futures Daily and Securities Times [48].

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: March 31, 2026 [2] Investment Rating - Not provided Core View - The zinc market has strong resilience due to support from the mining end, reduced supply, and inventory drawdown, but the macro - environment is still uncertain. In the short term, zinc prices are likely to fluctuate strongly [7]. Section Summaries 1. Market Review - **Futures Market Quotes**: For the SHFE zinc contracts, the 2604 contract opened at 23,210 yuan/ton, closed at 23,480 yuan/ton, with a rise of 270 yuan and a gain of 1.16%. The 2605 contract (the main contract) opened at 23,250 yuan/ton, closed at 23,540 yuan/ton, up 285 yuan with a 1.23% increase. The 2606 contract opened at 23,250 yuan/ton, closed at 23,575 yuan/ton, rising 300 yuan with a 1.29% increase [7]. - **Market Analysis**: The uncertainty of the US - Iran situation remains high, and concerns about energy and logistics costs due to ship traffic in the Strait of Hormuz, along with a strong US dollar, keep the market sentiment cautious. Overseas mines are in a tight supply situation, and the repair of domestic zinc concentrate processing fees is slow. This week, the domestic mine processing fee remained at 1,550 yuan/ton, and the import TC index was negative. The smelting end has entered the maintenance season, reducing domestic supply pressure. As downstream consumption recovers, domestic zinc ingot inventories continue to decline. The rise in futures zinc prices drives up spot prices, and the premium - discount performance is stable, with downstream purchases mainly for rigid demand [7]. 2. Industry News - On March 30, 2026, the mainstream transaction price of 0 zinc was concentrated between 23,295 - 23,530 yuan/ton, and there was no transaction for Shuangyan. The mainstream transaction price of 1 zinc was between 23,225 - 23,460 yuan/ton. In the morning, the market offered a premium of 30 - 50 yuan/ton for the next - month ticket to the SMM average price, and there was no quote against the futures [8]. - In the Tianjin market, the mainstream transaction price of 0 zinc ingots was between 23,210 - 23,480 yuan/ton, and that of Zijin was between 23,240 - 23,500 yuan/ton. The 1 zinc ingots were traded around 23,170 - 23,420 yuan/ton. Zijin offered a discount of 30 - 50 yuan/ton to the 2604 contract, and Huxin was priced at 24,620 yuan/ton. The 0 zinc ingots offered a discount of 50 - 80 yuan/ton to the 2604 contract, and the Tianjin market was at a discount of about 30 yuan/ton compared to the Shanghai market [8]. 3. Data Overview - The report includes figures such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventories, with data sources from Wind, SMM, and the research and development department of CCB Futures [10][11]

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 - The investment rating for zinc is "Bullish" [5] 2. Core Viewpoints of the Report - In the second quarter, the zinc market may face a series of high - impact and low - predictability events, with macro - expectations' sharp swings likely to cause price overshoots frequently. Macro risks have reached an absolute high in the past five years. Risk exposure management should be prioritized, and position management and hedging operations are more important than accurately predicting the equilibrium point [1][18][22] - Overseas mining companies have significantly revised down their production guidance. With geopolitical disturbances and intensified resource competition, the expected supply gap overseas may widen. In China, the increase in zinc concentrate production is mostly expected in the second half of the year, and imports from major sources are temporarily blocked. The smelting - mining balance may tighten in the second quarter, and domestic TC is under pressure, with smelter production cut pressure becoming clearer later [1][138] - In the second quarter, domestic smelters may maintain high operating rates, while the probability of overseas smelter production cuts is still tied to geopolitics. High - risk smelters are mainly in Europe, Japan, and South Korea, and disturbances are more likely to occur later. There is a differentiation and structural shift in domestic and overseas demand. Overseas demand is generally weak, while domestic demand can be viewed optimistically. The inflection point of global visible zinc ingot inventory may have arrived, but there may be no shortage of zinc ingots at home and abroad in the second quarter [2][139] - In the second quarter, zinc prices face multiple and unpredictable continuous macro risks, and there is a risk of a sharp decline due to systematic risks in extreme cases. However, the long - term supply of zinc ore is tightening, TC is under pressure, and demand shows no sign of weakening. If there is a sharp decline, it is likely to be a mispricing. A long - term buy - on - dips strategy is recommended, and some cash should be reserved for risk hedging. In terms of arbitrage, the expectation of loose domestic and tight overseas supply may reverse, and long - term domestic - overseas positive arbitrage may not run smoothly. Zinc prices may be low in the front and high in the back, with the main operating range of [22,500, 24,500] [3][139] 3. Summary According to the Directory 3.1 Market Review - The report was bullish on zinc prices in 2026 in the annual report, expecting higher volatility and an initially weak domestic and strong overseas fundamental situation. In the first quarter, zinc prices first rose and then fell, and then fluctuated around 23,000 - 24,000 yuan/ton, which was basically in line with expectations. In January, zinc prices reached a new high in nearly four years, driven by geopolitical risks and optimistic expectations of the Fed's interest rate cuts. However, in late January, the nomination of Kevin Warsh as the next Fed chairman reversed the expectations of monetary policy easing, and zinc prices fell with the market. In February, zinc prices entered an adjustment period. In March, after the US - Iran conflict, macro factors dominated price fluctuations, and zinc prices were under pressure [13] 3.2 When Macro Uncertainty Becomes Certainty, Risk Control May Be the Top Priority - In the second quarter, zinc trading may be more focused on macro factors. Geopolitical disturbances are intensifying, and the probability of black - swan events is increasing. Trump's policy style is complex and changeable, and events such as geopolitical situations, tariff expectations, and the US election are highly uncertain. The US - Iran conflict is difficult to ease in the short term, and energy prices are likely to remain high. The US mid - term elections are approaching, and Trump's poll support rate has declined. The US debt credit crisis is eroding the safe - asset attribute of global US - dollar assets, and the 10 - year US Treasury yield is approaching a critical point. The S&P 500 VIX is rising, and the gold - platinum ratio indicates a high - risk window for the US stock market from the second quarter to the end of 2026. Macro risks have reached an absolute high in the past five years, and price fluctuations may be more affected by macro - expectations. Risk exposure management should be prioritized [18][19][22] 3.3 Supply Side 3.3.1 Mine End: The Expected Gap of Overseas Zinc Mines May Further Widen, and TC Will Continue to Run Under Pressure - Overseas, in Q4 2025, zinc concentrate production decreased quarter - on - quarter, and the 2026 production guidance was significantly lowered. Geopolitical disturbances have changed the overseas zinc mine expectation from loose to tight. In 2025, the global zinc concentrate production was 12.57 million tons, a year - on - year increase of 652,000 tons (YoY + 5.5%). In Q4 2025, the overseas sample zinc concentrate production was 1.288 million metal tons, a year - on - year increase of 44,000 metal tons (YoY + 3.6%) and a quarter - on - quarter decrease of 15,000 metal tons (QoQ - 1.2%). In 2026, the sample enterprises' production guidance decreased by 11% year - on - year. In the first quarter, overseas zinc mine production expectations changed greatly due to geopolitical disturbances, production guidance adjustments, and weather effects. In the long - term, overseas zinc mine supply may further decline. Domestic zinc concentrate production in January - February 2026 was 519,000 metal tons, a year - on - year increase of 28,000 metal tons (YoY + 5.6%), and most of the domestic zinc mine increment is expected in the second half of the year. In January - February, domestic zinc concentrate imports increased by 17.5% year - on - year, but the import window closed again. The inflow of imported zinc ore is restricted, and the TC of imported and domestic zinc ore is likely to be under pressure in the second quarter [26][31][33] 3.3.2 Overseas Smelting: The Energy Price Center Rises, and Attention Should Be Paid to the Possibility of Production Cuts by Smelters in Japan, South Korea, and Europe - In January 2026, the global refined zinc production was 1.156 million tons, a year - on - year increase of 19,000 tons (YoY + 1.68%). The 2026 Benchmark was set at $85/ton, slightly higher than in 2025, indicating that the shortage of overseas zinc mines has not improved significantly. Due to the damage to energy infrastructure in the Middle East, natural gas prices have risen significantly, and smelters in Europe, Japan, and South Korea may face production cut risks. In Europe, although the current electricity price has not reached the extreme level in 2022, and the overall energy cost pressure of zinc smelters is relatively controllable in the short term, Japanese and South Korean smelters face greater cost pressure. In the second half of the year, attention should be paid to the impact of El Niño on power supply. The affected zinc smelters may reduce production by 50,000 - 400,000 tons [41][46][50] 3.3.3 Domestic Smelting: Smelting Profits May Be Under Pressure, but High Operating Rates of Smelters Are Difficult to Reduce - In January - February 2026, domestic smelter production was 1.065 million tons (YoY + 6.2%), and after the Spring Festival, smelters resumed production on a large scale. The domestic TC has been fluctuating, and after the US - Iran conflict in March, the imported TC showed a marginal decline. By - product prices are differentiated, and zinc smelting profits are oscillating at a high level. Domestic zinc smelters' raw material inventory is at a relatively high level, but some smelters highly dependent on imported ore still face supply pressure. If the geopolitical situation deepens, the TC of imported ore may continue to decline, and smelting profits may be under pressure. The discussion on smelter production cuts may be more likely to occur in the second half of the year. In January - February, domestic refined zinc imports decreased by 61% year - on - year, and the import window has been closed. It is expected that domestic refined zinc imports will remain at a low level in 2026 [54][62][67] 3.4 Demand Side 3.4.1 The Initial Downstream Performance Is Weak, and Exports Are the Main Support - In January - February, domestic refined zinc demand was slightly weaker than the same period last year. In March, the downstream showed marginal improvement, and the supporting factors were the tower field and galvanized exports. The domestic galvanized plate market has weak domestic demand and strong exports. The domestic inventory of galvanized coils accumulated to a relatively high level during the Spring Festival, and the inventory clearance was slow. However, the export performance was excellent, and the orders from Japan, South Korea, and Europe increased. In the long - term, anti - dumping and export policies may have a certain suppressing effect. The die - casting zinc alloy sector is generally weak, with low domestic demand and limited export growth. The zinc oxide demand shows a structural differentiation, with poor performance in traditional application fields. The downstream raw material and finished product inventories are at a low level, and the downstream has a certain elasticity to buy on price increases [68][70][76] 3.4.2 The Efficiency of Fund Allocation Improves, and the Physical Workload Is Expected to Recover in the Second Quarter - In January - February, fixed - asset investment started to recover, and the speed of fund allocation increased. The government's fiscal policy is more active, and the deficit rate in 2026 is 4%. As of March 20, local bond issuance exceeded the plan by 5.5%. The issuance progress of new special bonds is slightly ahead of last year. The new special bonds in January were mainly invested in traditional infrastructure fields, and the proportion of non - new projects increased. The actual operation shows that the investment growth rate of the three major general infrastructure fields is stable, and the new contract amount of key enterprises is expected to increase. The infrastructure physical workload is generally low, and the power sector is expected to become an important support in the future. The real estate sector still lags behind the seasonality, and the drag on zinc consumption may be marginally alleviated, but the rebound space is limited [79][80][90] 3.4.3 Durable Consumer Goods Demand Is Weak at Home and Strong Abroad, and Consumption Is Expected to Improve in the Second Quarter - In the first quarter, durable consumer goods demand was generally weak, with a pattern of weak domestic and strong overseas demand. In January - February, the production and sales of passenger cars decreased year - on - year, mainly due to policy and market factors. However, automobile exports increased significantly, driven by the advantages of the domestic automobile industry chain. In the second quarter, domestic automobile demand may recover marginally, and exports are expected to remain strong. The domestic home appliance market showed a weak recovery in domestic demand and an unexpected rebound in exports. In the second quarter, domestic home appliance demand is expected to further improve, and exports may maintain stable growth [100][105][110] 3.4.4 Energy Price Increases Raise Inflation Concerns, and Some Overseas Demand May Be Converted into Domestic Exports - In January, overseas refined zinc consumption increased year - on - year, with good performance in India, Europe, and the United States. The export of zinc primary processed products showed different trends in the first two months, with zinc alloy and zinc oxide exports increasing. The export demand may change over time and is highly related to geopolitical evolution. In the short term, orders from Europe, Japan, South Korea, and Southeast Asia are concentrated in China, but in the medium - term, exports to the Middle East may be affected. In the long - term, some overseas demand may be converted into domestic exports [114][121][123] 3.5 Global Zinc Ingot Visible Inventory May Enter the Decline Stage - From the fourth quarter of last year to the first quarter of this year, zinc ingot inventories at home and abroad accumulated successively, and the global visible zinc ingot inventory increased significantly, suppressing zinc prices. Overseas, the LME zinc inventory increased twice, and then gradually decreased due to consumption. In China, zinc ingot inventory accumulated during the Spring Festival due to production release and slow consumption recovery. In the second quarter, domestic zinc consumption and exports may increase, and the inventory inflection point may have appeared, but the inventory clearance speed may be relatively stable [130][137] 3.6 Summary and Outlook - Macro aspect: In the second quarter, macro risks are at an absolute high in the past five years, and risk exposure management should be prioritized. - Smelting - mining balance: Overseas supply expectations may further deteriorate, and domestic zinc concentrate increment is mostly in the second half of the year. The smelting - mining balance may tighten in the second quarter, and domestic TC is under pressure. - Zinc ingot balance: Domestic smelters may maintain high operating rates, and overseas smelter production cuts are related to geopolitics. Domestic demand can be viewed optimistically, while overseas demand is weak. The global visible inventory inflection point may have arrived, and there may be no shortage of zinc ingots at home and abroad in the second quarter. - Trading aspect: In the second quarter, zinc prices may face a sharp decline due to systematic risks, but in the long - term, zinc is still valuable. A long - term buy - on - dips strategy is recommended, and cash should be reserved for risk hedging. Zinc prices may be low in the front and high in the back, with the main operating range of [22,500, 24,500]. - Strategy aspect: For single - side trading, a long - term buy - on - dips strategy is recommended, and short - term risks should be avoided. For arbitrage, a positive inter - period arbitrage strategy can be adopted, and domestic - overseas positive arbitrage should be observed for the time being [138][139][141]

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]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Based on weekly technical indicator signals, different sectors of commodity and financial futures show various trends. In the commodity futures, precious metals, non - ferrous metals, black and shipping, energy, chemical, and agricultural product sectors have different signals of rising, falling, or oscillation. In the financial futures, stock index futures mostly show bearish signals, while treasury bond futures show an oscillatory trend [1][2] 3. Summary by Directory 3.1有色及贵金属板块 - Precious metals: Gold shows a bearish signal, and silver shows an oscillatory signal. Non - ferrous metals: Zinc, industrial silicon, and lithium carbonate show bullish signals, aluminum shows a bearish signal, and the rest show oscillatory signals. For example, Shanghai Aluminum is expected to oscillate in the short - term, with a weekly "umbrella line" but no reversal, a shrinking MACD red column, and a narrowing Bollinger Band [9][10][13] 3.2黑色及航运板块 - Hot - rolled coil, coking coal, and manganese silicon show bullish signals, and the rest, including European container shipping, show oscillatory signals. For example, rebar is expected to oscillate in the short - term, with a flat weekly line, a MACD death - cross above the zero - axis on the daily line, and the price touching the MA60 [18][19][24] 3.3能源及化工板块 - In the energy sector, crude oil, asphalt, and LPG show bullish signals, while fuel oil and low - sulfur fuel oil show oscillatory signals. In the chemical sector, soda ash, 20 - rubber, methanol, PTA, etc. show bullish signals, and the rest show oscillatory signals. For example, pulp is expected to oscillate in the short - term, with a bearish monthly line, weakening upward momentum on the weekly line, and a MACD running below the zero - axis on the daily line [31][32][35] 3.4农产品板块 - Soybean oil, sugar, soybean No. 2, palm oil, rapeseed oil, eggs, and red dates show bullish signals, soybean No. 1, rapeseed meal, and apples show bearish signals, and the rest show oscillatory signals. For example, corn is expected to oscillate in the short - term, with a bullish weekly line but a shrinking red column and a MACD green column expanding on the daily line [40][41][45] 3.5股指期货板块 - Shanghai 50, CSI 500, CSI 1000, and SSE 300 stock index futures all show bearish signals. For example, IC CSI 500 futures and IF SSE 300 futures are expected to oscillate in the short - term [50][51][53] 3.6国债期货板块 - 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures all show oscillatory signals. For example, the 10 - year treasury bond futures are expected to oscillate and repair in the short - term, and the 2 - year treasury bond futures are expected to oscillate in the short - term [62][63][66]