Summary of Conference Call Records Industry Overview - **Industry Focus**: Non-ferrous and new energy metals, specifically copper, tin, aluminum, zinc, lithium, and nickel markets Key Points and Arguments Copper and Tin Market Dynamics - **Market Shift**: The driving force behind copper and tin prices has shifted from fundamentals to market sentiment, influenced by geopolitical tensions in the Middle East, leading to increased risk aversion [1][2] - **Price Fluctuations**: In Q1 2026, copper prices fluctuated between 88,000 and 91,000 CNY, while tin prices saw significant volatility, with a drop of 20% due to market sentiment [2][3] - **Supply Concerns**: The processing fee for copper concentrate (TC) has dropped to -70 USD/ton, impacting smelter profits and potentially slowing refined copper supply growth in Q2 due to maintenance [1][4] Aluminum Market Insights - **Supply Shortages**: The aluminum market is experiencing significant shortages, with a reduction of 550,000 tons in the Middle East. Domestic electrolytic aluminum capacity is nearing its peak at 45 million tons [1] - **Price Projections**: If geopolitical tensions escalate, aluminum prices may reach historical highs [1][15] Zinc Market Outlook - **Price Range**: Zinc prices are expected to fluctuate between 22,000 and 24,500 CNY, with a strong support level at 22,000 CNY due to tight supply conditions [1][26] - **Demand Weakness**: Domestic demand remains weak, particularly in the construction sector, which is affecting overall consumption [20][21] Lithium Market Trends - **Supply Surplus**: A surplus of over 100,000 tons of lithium is expected in 2026, driven by increased production from salt lakes and macroeconomic factors [1][31] - **Price Decline**: Prices may drop to around 120,000 CNY/ton due to increased supply and changing market dynamics [1][32] Nickel Market Analysis - **Inventory Levels**: Nickel inventories across the supply chain are at historically high levels, indicating a prolonged period of market clearing [1][33] - **Supply Disruptions**: Recent policy changes in Indonesia have reduced nickel mining quotas by 30%, impacting supply dynamics [1][34] Semiconductor and AI Impact - **Market Correlation**: The semiconductor market is experiencing structural issues, with strong growth in AI-related hardware but declining shipments in traditional sectors like laptops and smartphones [10] Investment Strategies - **Copper and Tin**: Investors are advised to monitor price corrections and consider options strategies for risk management, especially as prices may rebound after significant declines [7][11] - **Zinc**: The market is expected to experience a range-bound trading environment, with strategies leaning towards short positions during price spikes [26][27] Additional Important Insights - **Geopolitical Risks**: Ongoing geopolitical tensions, particularly in the Middle East, are influencing market sentiment and commodity prices across various sectors [3][20] - **Macroeconomic Factors**: The potential for changes in U.S. monetary policy and inflation expectations are critical to future price movements in industrial metals [3][20][32] This summary encapsulates the key insights and projections from the conference call, highlighting the dynamics of various metal markets and the implications for investors.

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Copper - Copper prices entered an adjustment phase, with slightly improved supply - demand fundamentals and reduced inventory pressure. The 232 investigation results in June will cause short - term disturbances to copper prices. In the long - term, the long - cycle logic of copper supply - demand contradiction remains unchanged, and the adjustment may provide opportunities for long - term long positions. The main contract is under pressure at 97,000 - 98,000 yuan/ton [1]. Zinc - Zinc is in a cycle of weak supply and demand, and the current contradiction in the zinc industry chain is concentrated between the mining and smelting ends. The smelting cost will support zinc prices. The demand is relatively stable, and there is a possibility of opening up the export space. The zinc price has limited room for further significant decline, and the main contract is supported around 23,000 yuan/ton [5]. Tin - The supply - side tension has been significantly alleviated, and the downstream consumption is gradually recovering. With the improvement of market risk preference, tin prices are expected to be strong in the short - term. It is recommended to buy long positions, and subsequent attention should be paid to the downstream's acceptance of high - priced tin [8]. Industrial Silicon - Industrial silicon still faces the pressure of over - supply. The cost side provides support, but the decline of polysilicon price has a negative impact. It is expected to oscillate between 8,000 - 9,000 yuan/ton. It is recommended to wait and see and pay attention to the opportunity of trying long at low prices [10]. Polysilicon - Polysilicon is in a cycle of over - supply, and the price will continue to be under pressure. The price may fall towards the minimum cash cost, and it is recommended to wait and see. If participating, consider trying long after the price stabilizes and pay attention to position control and stop - loss [12]. Aluminum - The alumina industry is in a state of over - capacity, and the price is expected to fluctuate around the industry cost line. It is recommended to maintain a short - selling idea at high prices. The electrolytic aluminum price has strong anti - decline attributes, and the short - term core operating range is expected to be 24,000 - 26,000 yuan/ton [13]. Nickel - The Indonesian policy, macro - expectations, and raw material contradictions support the price, but the slow inventory digestion restricts it. The nickel price is expected to oscillate within the range of 134,000 - 140,000 yuan/ton [14]. Aluminum Alloy - Casting aluminum alloy may present a pattern of weak supply and demand. The price is expected to operate in the range of 23,000 - 24,500 yuan/ton, following the fluctuation of electrolytic aluminum [16]. Stainless Steel - The cost logic of stainless steel is strong, with support from news and raw material shortages. The steel mill production has increased significantly, and the demand is gradually recovering but the terminal acceptance is still weak. It is expected to maintain a strong oscillation in the short - term, with the main contract in the range of 14,200 - 14,800 yuan/ton [18]. Lithium Carbonate - The supply disturbance expectations are repeated, the short - term marginal driving force of the fundamentals is weakened but still has resilience. The price is expected to oscillate widely in the range, and the main contract is expected to be between 153,000 - 160,000 yuan/ton [21]. 3. Summary by Directory Copper Price and Basis - SMM 1 electrolytic copper price is 95,600 yuan/ton, with a daily increase of 0.43%. The SMM 1 electrolytic copper premium is - 55 yuan/ton [1]. Month - to - Month Spread - The 2604 - 2605 spread is - 40 yuan/ton, up 20 yuan/ton from the previous day [1]. Fundamental Data - In February, the electrolytic copper production was 114.24 million tons, a month - on - month decrease of 3.13%. The import volume was 15.30 million tons, a month - on - month decrease of 24.95% [1]. Zinc Price and Spread - SMM 0 zinc ingot price is 23,430 yuan/ton, with a daily increase of 0.04%. The import loss is - 2,852 yuan/ton [5]. Month - to - Month Spread - The 2604 - 2605 spread is - 10 yuan/ton, up 50 yuan/ton from the previous day [5]. Fundamental Data - In February, the refined zinc production was 50.46 million tons, a month - on - month decrease of 9.99%. The import volume was 0.45 million tons, a month - on - month decrease of 81.26% [5]. Tin Spot Price and Basis - SMM 1 tin price is 371,550 yuan/ton, with a daily increase of 2.69%. The SMM 1 tin premium is 2,000 yuan/ton [8]. Month - to - Month Spread - The 2604 - 2605 spread is - 510 yuan/ton, up 420 yuan/ton from the previous day [8]. Fundamental Data - In February, the tin ore import was 17,144 tons, a month - on - month decrease of 3.69%. The SMM refined tin production was 11,490 tons, a month - on - month decrease of 23.91% [8]. Industrial Silicon Spot Price and Main Contract Basis - The price of East China oxygen - passed SI5530 industrial silicon is 9,200 yuan/ton, with a daily decrease of 0.54%. The basis is 795 yuan/ton, up 10.42% from the previous day [10]. Month - to - Month Spread - The main contract price is 8,352 yuan/ton, down 1.47% from the previous day [10]. Fundamental Data - The national industrial silicon production in March was 32.99 million tons, a month - on - month increase of 19.66%. The Xinjiang industrial silicon production was 20.98 million tons, a month - on - month increase of 25.94% [10]. Polysilicon Spot Price and Basis - The average price of N - type re -投料 is 38,500 yuan/kg, down 1.91% from the previous day. The N - type material basis is 3,300 yuan/ton, up 22.22% from the previous day [12]. Month - to - Month Spread - The main contract price is 35,200 yuan/ton, down 3.69% from the previous day [12]. Fundamental Data - The polysilicon production in February was 7.70 million tons, a month - on - month decrease of 23.61%. The import volume was 0.16 million tons, a month - on - month increase of 54.97% [12]. Aluminum Price and Spread - SMM A00 aluminum price is 24,610 yuan/ton, with a daily increase of 0.33%. The SMM A00 aluminum premium is - 100 yuan/ton [13]. Month - to - Month Spread - The AL 2604 - 2605 spread is - 75 yuan/ton, up 10 yuan/ton from the previous day [13]. Fundamental Data - In March, the alumina production was 729.74 million tons, a month - on - month increase of 10.56%. The domestic electrolytic aluminum production was 383.11 million tons, a month - on - month increase of 10.73% [13]. Nickel Price and Basis - SMM 1 electrolytic nickel price is 136,950 yuan/ton, down 0.54% from the previous day. The 1 Jinchuan nickel premium is 3,750 yuan/ton, down 21.05% from the previous day [14]. Month - to - Month Spread - The 2604 - 2605 spread is 2,700 yuan/ton, up 3,280 yuan/ton from the previous day [14]. Supply, Demand and Inventory - China's refined nickel production in February was 32,600 tons, a month - on - month decrease of 7.45%. The import volume was 23,394 tons, a month - on - month increase of 84.63% [14]. Aluminum Alloy Price and Basis - SMM aluminum alloy ADC12 price is 24,700 yuan/ton, with no change from the previous day. The Jiangxi Baotai network ADC12 - A00 spread is - 410 yuan/ton, down 24.24% from the previous day [16]. Month - to - Month Spread - The 2604 - 2605 spread is 105 yuan/ton, up 120 yuan/ton from the previous day [16]. Fundamental Data - In February, the regenerated aluminum alloy ingot production was 35.80 million tons, a month - on - month decrease of 41.31%. The primary aluminum alloy ingot production was 20.93 million tons, a month - on - month decrease of 30.99% [16]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 14,400 yuan/ton, down 0.35% from the previous day. The spot - futures spread is 410 yuan/ton, up 64.00% from the previous day [18]. Month - to - Month Spread - The 2604 - 2605 spread is 105 yuan/ton, up 120 yuan/ton from the previous day [18]. Fundamental Data - China's 300 - series stainless steel crude steel production (43 companies) in April was 190.08 million tons, a month - on - month increase of 44.07%. The Indonesian 300 - series stainless steel crude steel production (Qinglong) was 37.00 million tons, a month - on - month decrease of 10.84% [18]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price is 163,000 yuan/ton, down 0.91% from the previous day. The SMM battery - grade lithium carbonate basis is 5,800 yuan/ton, up 181.46% from the previous day [21]. Month - to - Month Spread - The 2604 - 2605 spread is 840 yuan/ton, up 2,400 yuan/ton from the previous day [21]. Fundamental Data - In February, the lithium carbonate production was 83,030 tons, a month - on - month decrease of 15.13%. The demand was 111,503 tons, a month - on - month decrease of 10.57% [21].

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 Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - The nickel and stainless - steel markets are expected to maintain a volatile trend in the short term. For nickel, the market is in a state of game between policy and fundamentals, and it will likely remain in a range - bound oscillation. For stainless steel, it will follow the nickel price trend and also maintain an oscillatory state due to the influence of macro and policy factors [1][3][5] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On March 31, 2026, the opening price of the main Shanghai nickel contract was 137,080 yuan/ton, and the closing price was 134,780 yuan/ton, a change of - 0.83% from the previous trading day. The trading volume was 290,411 (- 45,931) lots, and the open interest was 164,700 (- 11,544) lots [1] - The nickel market is in a state of game between policy and fundamentals. Policywise, the Indonesian export tax and nickel ore quota are still uncertain, but they support the price. Fundamentally, on the supply side, the nickel ore shortage continues, and the price of nickel ore is expected to rise. The supply of nickel iron and refined nickel is sufficient, but the cost is stably supported. The production of MHP is hindered, and the price remains strong. On the demand side, the profit of stainless - steel mills has improved, providing stable demand support. In the new - energy sector, the production and sales of new - energy vehicles meet expectations, but it is in the off - season, with limited month - on - month improvement. Ternary batteries contribute a small increase in demand, while downstream enterprises have weak procurement willingness and mainly make rigid - demand purchases [1] Nickel Ore and Spot - According to Mysteel, the premium of Indonesian nickel ore still has room to rise, and the RKAB quota approval progress is slow. The premium of the mainstream pyrometallurgical ore plants is likely to remain stable next month, and some may increase by 1 - 2 dollars/wet ton. The domestic trade ore price still has upward momentum. The price of Philippine nickel ore is weakening, and the traders' quotes are loosening. The 1.3% grade is quoted at 48 - 50 dollars/wet ton, and the CIF receiving price of the 1.4% grade is 71 dollars. Ocean freight may continue to decline, and the cost - side pressure is marginally relieved [2] - The Shanghai nickel price oscillated weakly during the day, and the center of the refined nickel spot price moved slightly downward. The premium of Jinchuan nickel decreased, while that of other brands remained stable, with sufficient overall supply. Market trading became lighter, and downstream enterprises only made rigid - demand purchases, with strong wait - and - see sentiment and insufficient willingness to chase high prices. The implementation of the Indonesian export tax is uncertain, the cost support at the ore end is stable, the domestic refined nickel production is at a high level, and the spot resources are sufficient. The premium of Jinchuan nickel changed by - 1,000 yuan/ton to 3,750 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to - 350 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 57,858 (+ 685) tons, and the LME nickel inventory was 281,526 (- 48) tons [2] Strategy - In the short term, Shanghai nickel will likely maintain a range - bound oscillation. The recommended strategy for a single - side position is to conduct range - based operations. There are no recommended strategies for inter - period, cross - variety, spot - futures, or options trading [3] Stainless - Steel Variety Market Analysis - On March 31, 2026, the opening price of the main stainless - steel contract was 14,170 yuan/ton, and the closing price was 14,160 yuan/ton. The trading volume was 118,510 (- 1,569) lots, and the open interest was 97,783 (- 4,171) lots [3] - Stainless - steel prices mainly follow the nickel price trend and are greatly affected by Indonesian policies and the macro - environment. On the supply side, steel mills maintain high production plans. According to Mysteel statistics, the estimated crude - steel production of 43 domestic stainless - steel plants in March 2026 was 3.6995 million tons, a month - on - month increase of 0.9895 million tons, an increase of 36.51%, and a year - on - year increase of 5.34%. The planned production in April is 3.6847 million tons, a month - on - month decrease of 0.4% and a year - on - year increase of 5.2%. On the demand side, it has entered the traditional consumption peak season, and downstream demand is stable, but it is mainly on - demand procurement without stockpiling. In April, consumption is expected to continue to recover, orders will ease, and inventory is unlikely to rise, providing bottom support for prices [4] - Although the futures market has weakened, the stainless - steel spot market is generally stable, and traders' quotes mostly remain unchanged. Downstream terminals maintain rigid - demand purchases. The stainless - steel price in the Wuxi market is 14,400 (+ 0) yuan/ton, and that in the Foshan market is 14,400 (+ 0) yuan/ton. The premium of 304/2B is 270 - 470 yuan/ton. According to SMM data, the ex - factory tax - inclusive average price of high - nickel pig iron yesterday remained unchanged at 1,083.0 yuan/nickel point [4] Strategy - In the short term, stainless - steel will follow the nickel price trend and is expected to maintain an oscillatory state. The recommended strategy for a single - side position is neutral. There are no recommended strategies for inter - period, cross - variety, spot - futures, or options trading [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report maintains a bullish view on copper in the medium - term, despite short - term downward pressure from inventory and geopolitical factors. It believes copper has demand growth and supply constraints in the current market environment [1]. - Aluminum is expected to have relative advantages among non - ferrous metals. Supply - side factors may drive short - term trading, and the fundamentals are improving [1]. - Zinc has a general domestic fundamental situation, but there are potential risks of production cuts overseas due to long - term capital investment limitations and supply disruptions [2]. - Nickel is expected to trade in a range, with a weak short - term reality but potential supply - side support from policy interventions [3][4]. - Stainless steel is expected to follow nickel's trend and trade in a range, with a generally weak fundamental situation [7]. - Lead is expected to maintain a weak and volatile trend, influenced by overseas inventory and recycling profit support [8][9]. - Tin's price is highly affected by global macro - liquidity. If liquidity is loose, it has strong upward potential; if liquidity tightens, it may decline [12]. - Industrial silicon's price is expected to fluctuate with costs in the short - term and oscillate at the cycle bottom in the long - term due to over - capacity [15]. - For lithium carbonate, the short - term price is macro - driven, and there is a high probability of spot shortages in the second quarter, but the upside space needs further factors to open up [17]. 3. Summary by Metal Copper - **Price and Inventory**: Copper prices rebounded to the 95,000 - 96,000 RMB range this week. The domestic scrap copper supply is expected to remain tight, which may lead to further depletion of refined copper inventory. The LME inventory decreased by 175 tons, and the LME注销仓单 increased by 350 tons from March 25 to March 31 [1]. - **Demand and Outlook**: High - end demand for refined copper has been strong after the Spring Festival. Although Goldman Sachs has significantly lowered the consumption growth rate of domestic electrolytic copper in 2026, the report believes the substitution of aluminum for copper is debatable. The report maintains a bullish view on copper in the medium - term and suggests paying attention to the support around 96,000 RMB next week [1]. Aluminum - **Price and Inventory**: Aluminum prices increased by 80 RMB from March 25 to March 31. The overseas premium increased, the visible inventory decreased, the domestic aluminum ingot inventory changed from increasing to decreasing, and the aluminum rod processing fee rebounded [1]. - **Supply and Outlook**: The production capacity of aluminum plants in the UAE and Bahrain was affected, leading to a further decline in the global electrolytic aluminum production growth rate. Supply - side trading is expected to become the main focus in the short - term, and the export processing of aluminum plants is expected to be more prosperous [1]. Zinc - **Price and Inventory**: Zinc prices increased slightly, and the inventory remained stable. The import profit of zinc decreased, and the LME zinc inventory decreased by 775 tons from March 25 to March 31 [2]. - **Supply and Demand**: The medium - term supply of zinc ore is expected to be tight. The domestic fundamental situation is general, but there are potential risks of production cuts overseas [2]. Nickel - **Price and Inventory**: Nickel prices decreased. The domestic inventory continued to accumulate, and the LME inventory decreased slightly. The spot and futures import earnings fluctuated [3]. - **Supply and Demand**: The production of pure nickel decreased in February. The demand is mainly for rigid needs. The market is expected to trade in a range due to the weak fundamental situation and potential supply - side policy support [3][4]. Stainless Steel - **Price and Inventory**: The prices of stainless steel products remained stable. The inventory decreased slightly, and the warehouse receipts decreased slightly [7]. - **Supply and Demand**: The steel mill production decreased slightly. The downstream demand is gradually recovering. It is expected to trade in a range following the nickel price [7]. Lead - **Price and Inventory**: The lead price is expected to maintain a weak and volatile trend. The spot social inventory decreased by nearly 20,000 tons this week, and the LME inventory decreased by 1300 tons from March 25 to March 31 [8][9]. - **Supply and Demand**: The profit of primary lead production is sufficient, and the secondary lead production is expected to be delayed. The battery operating rate has recovered, and the monthly dealer battery inventory has decreased [9]. Tin - **Price and Inventory**: Tin prices fluctuated. The domestic processing fee has a slight upward trend. The LME inventory increased by 35 tons from March 25 to March 31 [12]. - **Supply and Demand**: The supply is expected to recover in the second quarter, but there are supply - side risks. The demand is relatively stable, and the price is highly affected by global macro - liquidity [12]. Industrial Silicon - **Price and Inventory**: The basis of industrial silicon changed, and the warehouse receipts increased. The supply and demand are close to balance, and the price is expected to fluctuate with costs [13][15]. - **Supply and Outlook**: The overall operation rate of factories in the north and south has little change. In the long - term, the price is expected to oscillate at the cycle bottom due to over - capacity [15]. Lithium Carbonate - **Price and Inventory**: The lithium carbonate price increased first and then decreased. The basis and warehouse receipts changed significantly. The spot trading volume decreased this week [17]. - **Supply and Demand**: The raw material supply is tight, and the lithium salt enterprises are holding prices. The downstream procurement is at a low level. There is a high probability of spot shortages in the second quarter, but the upside space needs further factors to open up [17].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the report; it mainly offers various commodity and index-related data, including basis, spreads, and ratios 3. Summary by Category 3.1 Power Coal - Basis data from March 25 to March 31, 2026, shows values such as -45.4, -41.4, -40.4, -40.4, and -46.4 respectively; the spreads between different contract months (5 - 1, 9 - 1, 9 - 5) are all 0.0 [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - INE crude oil, fuel oil, and the ratio of crude oil to asphalt have corresponding basis and ratio data from March 25 to March 31, 2026 [5] 3.2.2 Chemical Commodities - Basis data for various chemical products (natural rubber, methanol, PTA, LLDPE, PP, etc.) from March 25 to March 31, 2026, are provided; also includes spread data between different contract months and cross - product spread data [7] 3.3 Black Metals - Basis data for black metals (rebar, iron ore, coke, coking coal) from March 25 to March 31, 2026, are presented; spread data between different contract months and cross - product ratio data are also included [11] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Domestic basis data for non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) from March 25 to March 31, 2026, are provided [21] 3.4.2 London Market - LME data for non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on March 31, 2026, including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss [27] 3.5 Agricultural Products - Basis data for agricultural products (soybean No. 1, soybean No. 2, soybean meal, soybean oil, etc.) from March 25 to March 31, 2026, are provided; spread data between different contract months and cross - product ratio data are also included [34] 3.6 Stock Index Futures - Basis data for stock index futures (CSI 300, SSE 50, CSI 500, CSI 1000) from March 25 to March 31, 2026, are presented; spread data between different contract months are also included [45]

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 - Not provided Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on April 1, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On April 1, 2026, the domestic spot price was 95540, LME price was 12131, and the ratio was 7.87; the three - month domestic price was 95330, LME price was 12210, and the ratio was 7.83. The equilibrium ratio for spot import was 7.86, with a profit of - 92.99 [1] - **Zinc**: The domestic spot price was 23420, LME price was 3175, and the ratio was 7.83; the three - month domestic price was 23530, LME price was 3182, and the ratio was 5.18. The equilibrium ratio for spot import was 8.25, with a profit of - 2788.51 [1] - **Aluminum**: The domestic spot price was 24610, LME price was 3529, and the ratio was 6.97; the three - month domestic price was 24915, LME price was 3475, and the ratio was 7.13. The equilibrium ratio for spot import was 8.35, with a profit of - 4874.63 [1] - **Nickel**: The domestic spot price was 134700, LME price was 16966, and the ratio was 7.94. The equilibrium ratio for spot import was 7.99, with a profit of - 925.00 [1] - **Lead**: The domestic spot price was 16400, LME price was 1882, and the ratio was 8.69; the three - month domestic price was 16495, LME price was 1913, and the ratio was 12.31. The equilibrium ratio for spot import was 8.52, with a profit of 317.35 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 360, - 370, - 350, and - 370 respectively, while the theoretical spreads were 581, 1059, 1547, and 2034 [4] - **Zinc**: The spreads were 0, 50, 55, and 45 respectively, and the theoretical spreads were 220, 347, 473, and 600 [4] - **Aluminum**: The spreads were 235, 275, 305, and 295 respectively, and the theoretical spreads were 234, 369, 505, and 640 [4] - **Lead**: The spreads were 35, 30, 55, and 30 respectively, and the theoretical spreads were 207, 311, 414, and 517 [4] - **Nickel**: The spreads were - 1760, - 1460, - 1170, and - 820 respectively [4] - **Tin**: The 5 - 1 spread was - 2600, and the theoretical spread was 7602 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 110 and - 250 respectively, and the theoretical spreads were 340 and 814 [4] - **Zinc**: The spreads were 60 and 60 respectively, and the theoretical spreads were 138 and 274 [4] - **Lead**: The spreads were 65 and 100 respectively, and the theoretical spreads were 133 and 243 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 4.05, 3.83, 5.78, 1.06, 1.51, and 0.70 respectively; for London (three - continuous) were 3.82, 3.56, 6.48, 1.07, 1.82, and 0.59 respectively [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market is affected by the geopolitical situation between the US and Iran. The conflict has led to significant fluctuations in commodity prices, and the market is in a state of high uncertainty. The end - conflict signals released by both sides have a certain impact on market sentiment, but the actual supply and demand fundamentals also play important roles in price trends [2][9][93]. - Different industries have different supply - demand situations. For example, in the metals industry, some metals are affected by supply disruptions in the Middle East, while others are influenced by changes in domestic production and demand. In the agricultural products industry, factors such as planting area, harvest progress, and downstream demand affect prices. In the energy - chemical industry, the conflict in the Middle East has a significant impact on the supply and cost of raw materials [24][70][93]. 3. Summary According to the Catalog 3.1 Daily Selections - **Tin**: With the US and Iran expressing the willingness to end the conflict, market risk appetite has recovered, and tin prices are expected to be strong in the short term. Supply has improved significantly, and demand is gradually recovering. It is recommended to buy long positions [2][35]. - **Soda Ash**: Cost support has weakened, and soda ash is oscillating downward. The short - term supply - demand pattern is supply - strong and demand - weak, but the downward space is expected to be limited, with the SA605 contract referring to the range of 1150 - 1250 [3][117]. - **Rebar**: Raw materials are strong, supporting the steel price center. The supply and demand are seasonally rising, and the steel price's upward drive mainly comes from the raw material side [4][53]. - **Live Pigs**: Spot support is limited, and capacity pressure suppresses the far - month contracts. The short - term price may be boosted by second - fattening sentiment, but there is a possibility of further decline [5][74]. 3.2 Macro - finance - **Stock Index Futures**: The Asia - Pacific market is down, and the Q2 style tends to focus on fundamental verification. It is recommended to wait and see [6][8]. - **Precious Metals**: The leaders of the US and Iran have expressed the will to end the war, the US dollar has fallen, and precious metals have rebounded significantly. In the short term, gold may have a technical repair, and silver may also have a band - trading opportunity. Platinum and palladium are in a state of shock and consolidation [9][12]. 3.3 Non - ferrous Metals - **Copper**: Iran's intention to end the war has led to a rebound in copper prices. The supply - demand fundamentals have improved slightly, and the medium - and long - term copper supply - demand contradiction logic has not changed significantly. It is recommended to wait and see, with the main contract focusing on the pressure at 97000 - 98000 [14][18]. - **Alumina**: Warehouse receipts are continuously accumulating, and the market is running weakly. The industry is in a state of over - capacity, and the price is expected to fluctuate around the cost line. It is recommended to maintain a short - selling strategy at high prices [19][21]. - **Aluminum**: The expectation of production cuts in the Middle East is fermenting, and the price is hitting the 25000 mark. The short - term core operating range is expected to be 24000 - 26000, and long positions are recommended to be held [22][24]. - **Aluminum Alloy**: The price is strongly supported by the price of primary aluminum, and the upward and downward spaces are limited. The short - term price operating range is expected to be 23000 - 24500 [25][26]. - **Zinc**: Zinc prices have rebounded, and spot transactions are average. The supply - demand cycle is weak, and the smelting cost will support the zinc price. It is recommended to take a low - buying strategy on dips [27][30]. - **Tin**: Similar to the analysis in the daily selection, tin prices are expected to be strong in the short term, and it is recommended to buy long positions [31][35]. - **Nickel**: The market is oscillating, and the Indonesian export tax policy is still uncertain. The main contract is expected to operate in the range of 134000 - 140000 [36][38]. - **Stainless Steel**: Cost support is strengthening, and the market is maintaining a strong - oscillating trend. The main contract is expected to operate in the range of 14200 - 14800, and a mid - term low - buying strategy is recommended [38][41]. - **Lithium Carbonate**: Supply expectations are uncertain, and the market has fallen significantly. The short - term market may adjust, and it is recommended to wait and see and conduct short - term range operations [42][45]. - **Polysilicon**: The market is oversupplied, and the futures are oscillating downward. It is recommended to wait and see [46][47]. - **Industrial Silicon**: Production control has not been achieved, and the futures are falling. It is expected to oscillate in the range of 8000 - 9000, and strategies such as short - selling at high prices or long - buying at low prices can be considered [48][51]. 3.4 Ferrous Metals - **Steel**: Raw material prices support the steel price center. Supply and demand are seasonally rising, and the steel price's upward drive mainly comes from the raw material side [52][53]. - **Iron Ore**: Short - term shipments have declined, and the supply - demand pattern has improved. The main contract is expected to oscillate at a high level in the range of 780 - 830 [54][56]. - **Coking Coal**: Auction transactions have declined, and the market is affected by geopolitical risks. It is recommended to wait and see, with the 2605 contract referring to the range of 1050 - 1250 [57][59]. - **Coke**: The spot price increase is about to be implemented, and the market is following the trend of coking coal. It is recommended to wait and see, with the 2605 contract referring to the range of 1600 - 1800 [60][63]. - **Silicon Iron**: It is necessary to pay attention to the change in settlement electricity prices, and the market is in a tight - balance state. It is recommended to conduct range operations in the range of 5800 - 6200 [64][65]. - **Manganese Silicon**: Production cuts have been implemented, and the cost support of manganese ore may weaken. It is expected to oscillate strongly in the range of 5700 - 6800 [67][69]. 3.5 Agricultural Products - **Meal**: The US soybean planting intention has been slightly increased, and the domestic soybean meal spot market is pessimistic. The future supply pressure will increase, and the soybean meal lacks effective support [70][72]. - **Live Pigs**: Similar to the analysis in the daily selection, spot support is limited, and capacity pressure suppresses the far - month contracts [73][74]. - **Corn**: The bottom support is strong, and the decline is limited. It is necessary to pay attention to the subsequent policy release [75][77]. - **Sugar**: The spot trading is average, and the market is maintaining a high - level oscillation. It is recommended to wait and see in the short term [78][80]. - **Cotton**: The USDA report shows an increase in the US cotton planting area, and domestic downstream enterprises are cautious in restocking. It is necessary to focus on the actual orders of downstream enterprises, the change in the new - season planting area, and the weather in the main production areas [80][82]. - **Eggs**: Terminal sales are slow, and egg prices are generally falling. It is expected to maintain a low - level oscillation and a weak trend [83][84]. - **Oils**: Indonesia's plan to promote B50 in July has boosted the oil market. Palm oil may rise in the short term, soybean oil is affected by the increase in US soybean planting area, and rapeseed oil is following the international oil market and maintaining a wide - range oscillation [85][87]. - **Jujubes**: The supply - demand pattern is loose, and the price is expected to oscillate and fall to build a bottom. It is expected to fluctuate in the range of 8500 - 9500 [88][89]. - **Apples**: The Tomb - sweeping Festival stocking is less than expected, and the price is continuing to weaken. The 05 contract is supported by low inventory, and the 10 contract is affected by the weather expectation of the new - season flowering period [90][91]. 3.6 Energy - Chemicals - **Crude Oil**: The US and Iran have sent signals to cool down the conflict, and oil prices are running weakly. The short - term may be in a weak - oscillation pattern, but the supply shortage still exists, and it is necessary to pay attention to the negotiation progress and the navigation situation of the Bab el - Mandeb Strait [92][93]. - **PX**: Affected by the geopolitical situation, PX is oscillating at a high level. The short - term supply and demand are weak, but the overall supply - demand in April is expected to be tight, and it is recommended to wait and see [94][95]. - **PTA**: Similar to PX, it is oscillating at a high level. The 4 - month inventory is expected to accumulate, and the demand may drag down the raw materials. It is recommended to pay attention to the oil price trend [96][97]. - **Short - fiber**: It has limited self - driving force and follows the raw materials. It is recommended to pay attention to the restoration of the passage of the Strait of Hormuz and the cost transmission of downstream products [98]. - **Bottle - grade PET**: The supply is expected to be tight in April, and the processing fee is expected to be strong. It is recommended to take the same strategy as PTA [99][101]. - **Ethylene Glycol**: The supply will decrease significantly in the second quarter, and the inventory will be significantly reduced. It still has the potential to rise, but attention should be paid to the risk of a decline after a rise [102]. - **Pure Benzene**: It is oscillating at a high level following the oil price. The supply is expected to decrease, and the supply - demand is expected to improve. It is recommended to wait and see [103]. - **Styrene**: Similar to pure benzene, it is oscillating at a high level following the oil price. The supply - demand has weakened, but it is still relatively tight. It is recommended to take the same strategy as pure benzene [104][105]. - **LLDPE**: The market is falling, and the basis is strengthening. The supply is expected to shrink, and the price has support at the bottom. It is expected to oscillate in a wide range [106]. - **PP**: Upstream production cuts are increasing, and the 05 contract has significantly reduced inventory. It is recommended to go long on the 09 contract on dips [107]. - **Methanol**: The market shows a near - strong and far - weak pattern. It is recommended to reduce long positions [108]. - **Caustic Soda**: The export expectation has been fulfilled, and the market has returned to the fundamentals. It is expected to oscillate weakly in the short term [109][110]. - **PVC**: The chemical market sentiment has subsided, and the price is adjusting. The short - term may be weakly adjusted, and attention should be paid to the geopolitical situation and the actual production suspension rhythm of the devices [111][112]. - **Urea**: There is no strong unilateral driving force, and the price is running in a range. It is recommended to pay attention to the downstream demand and policy dynamics, with the main contract referring to the range of 1830 - 1900 [113]. - **Soda Ash**: Cost support has weakened, and it is oscillating downward. It is recommended to hold short positions [114][117]. - **Glass**: Cost support has weakened, and it is approaching the previous low. It is recommended to hold short positions [114][118]. - **Natural Rubber**: The US and Iran have released signals to end the conflict, and rubber prices are rising. It is recommended to wait and see, with the operating range expected to be 16000 - 17500 [119][121]. - **Synthetic Rubber**: The situation in the Middle East is fluctuating, and BR is oscillating at a high level. It still has the potential to rise before the oil transportation in the Middle East is restored, but attention should be paid to the risk of a decline after a rise [121][123]. 3.7 Container Shipping to Europe - The off - season cargo - collection is under pressure, and the overall market is weakly oscillating. The 04 contract is oscillating widely around the spot price center, and the 06 contract is expected to oscillate widely following the geopolitical situation. It is recommended to operate in the range and pay attention to risks [123][125].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Not explicitly stated in the provided content Summary by Categories Black Series - For silicon iron (SF603), the futures price is 5978, the basis is 104, the spot price is 5874, the basis rate is 1.80%, and the historical quantile of the basis rate is 71.50% [1] - For silicon manganese (SM603), the futures price is 6600, the basis is 156, the spot price is 6444, the basis rate is 2.40%, and the historical quantile of the basis rate is 57.30% [1] - For rebar (RB2605), the futures price is 3121, the basis is 99, the spot price is 3220, the basis rate is 3.20%, and the historical quantile of the basis rate is 47.10% [1] - For hot - rolled coil (HC2605), the futures price is 3280, the basis is - 14, the spot price is 3294, the basis rate is - 0.40%, and the historical quantile of the basis rate is 13.60% [1] - For iron ore (I2605), the futures price is 808, the basis is 28, the spot price is 836, the basis rate is 3.40%, and the historical quantile of the basis rate is 23.50% [1] - For coke (J2605), the futures price is 1702, the basis is 54, the spot price is 1756, the basis rate is 3.20%, and the historical quantile of the basis rate is 86.80% [1] - For main coking coal (S1.3 G75, Mongolian No.5) at Shaheyi, the futures price is 1149, the basis is 130, the spot price is 1278, the basis rate is 11.30%, and the historical quantile of the basis rate is 61.60% [1] Non - ferrous Metals - For copper (CU2605), the futures price is 95340, the basis is 260, the spot price is 95600, the basis rate is 0.27%, and the historical quantile of the basis rate is 77.70% [1] - For aluminum (AL2605), the futures price is 24610, the basis is - 265, the spot price is 24875, the basis rate is - 1.07%, and the historical quantile of the basis rate is 8.10% [1] - For alumina (AO2605), the futures price is 2788, the basis is - 39, the spot price is 2827, the basis rate is - 1.39%, and the historical quantile of the basis rate is 25.60% [1] - For zinc (ZN2605), the futures price is 23480, the basis is - 120, the spot price is 23360, the basis rate is - 0.51%, and the historical quantile of the basis rate is 32.50% [1] - For tin (SN2605), the futures price is 368000, the basis is 3550, the spot price is 371550, the basis rate is 0.96%, and the historical quantile of the basis rate is 91.90% [1] - For nickel (NI2605), the futures price is 135000, the basis is 220, the spot price is 134780, the basis rate is 0.16%, and the historical quantile of the basis rate is 65.80% [1] - For stainless steel (SS2605), the futures price is 14160, the basis is 410, the spot price is 14400, the basis rate is 2.90%, and the historical quantile of the basis rate is 70.60% [1] - For lithium carbonate (LC2605), the futures price is 157200, the basis is 5800, the spot price is 163000, the basis rate is 3.69%, and the historical quantile of the basis rate is 97.80% [1] - For industrial silicon (SI2605), the futures price is 8322, the basis is 795, the spot price is 9150, the basis rate is 9.52%, and the historical quantile of the basis rate is 53.80% [1] Precious Metals - For gold (AU2606), the futures price is 1015.7, the basis is - 4.4, the spot price is 1020.10, the basis rate is - 0.43%, and the historical quantile of the basis rate is 9.30% [1] - For silver (AG2606), the futures price is 18031.0, the basis is - 95.0, the spot price is 18126.0, the basis rate is - 0.52%, and the historical quantile of the basis rate is 7.00% [1] Agricultural Products - For soybean meal (M2605), the futures price is 2915, the basis is 205, the spot price is 3120, the basis rate is 7.03%, and the historical quantile of the basis rate is 61.90% [1] - For soybean oil (Y2605), the futures price is 8668, the basis is 262, the spot price is 8930, the basis rate is 3.02%, and the historical quantile of the basis rate is 55.40% [1] - For palm oil (P2605), the futures price is 9866, the basis is - 46, the spot price is 9820, the basis rate is - 0.47%, and the historical quantile of the basis rate is 13.30% [1] - For rapeseed meal (RM605), the futures price is 2299, the basis is 11, the spot price is 2310, the basis rate is 0.48%, and the historical quantile of the basis rate is 49.70% [1] - For rapeseed oil (OI605), the futures price is 9884, the basis is 516, the spot price is 10400, the basis rate is 5.22%, and the historical quantile of the basis rate is 91.70% [1] - For corn (C2605), the futures price is 2351, the basis is 29, the spot price is 2380, the basis rate is 1.23%, and the historical quantile of the basis rate is 49.00% [1] - For corn starch (CS2605), the futures price is 2745, the basis is 155, the spot price is 2900, the basis rate is 5.65%, and the historical quantile of the basis rate is 76.90% [1] - For live pigs (LH2605), the futures price is 9770, the basis is - 420, the spot price is 10190, the basis rate is - 4.30%, and the historical quantile of the basis rate is 28.10% [1] - For eggs (D2605), the futures price is 3400, the basis is - 40, the spot price is 3440, the basis rate is - 1.16%, and the historical quantile of the basis rate is 36.40% [1] - For cotton, the futures price is 15295, the basis is 1352, the spot price is 16650, the basis rate is 8.86%, and the historical quantile of the basis rate is 91.00% [1] - For sugar (SR605), the futures price is 5398, the basis is 62, the spot price is 5460, the basis rate is 1.15%, and the historical quantile of the basis rate is 9.70% [1] - For apples (AP605), the futures price is 9800, the basis is - 26, the spot price is 9826, the basis rate is - 0.26%, and the historical quantile of the basis rate is 23.00% [1] - For red dates (CJ605), the futures price is 7900, the basis is - 850, the spot price is 8750, the basis rate is - 9.71%, and the historical quantile of the basis rate is 48.60% [1] Energy and Chemicals - For paraxylene (PX605), the futures price is 9700.0, the basis is 268.8, the spot price is 9968.77, the basis rate is 2.77%, and the historical quantile of the basis rate is 92.30% [1] - For PTA (TA605), the futures price is 6684.0, the basis is - 44.0, the spot price is 6640.0, the basis rate is - 0.66%, and the historical quantile of the basis rate is 42.60% [1] - For ethylene glycol (MEG), the futures price is 5218.0, the basis is 147.0, the spot price is 5365.0, the basis rate is 2.82%, and the historical quantile of the basis rate is 94.50% [1] - For ethanol (EG2605), the futures price is 8246.0, the basis is 74.0, the spot price is 8320.0, the basis rate is 0.90%, and the historical quantile of the basis rate is 62.90% [1] - For styrene (EB2605), the futures price is 10597.0, the basis is 158.0, the spot price is 10755.0, the basis rate is 1.49%, and the historical quantile of the basis rate is 60.30% [1] - For methanol (MA605), the futures price is 3229.0, the basis is 116.0, the spot price is 3345.0, the basis rate is 3.59%, and the historical quantile of the basis rate is 84.10% [1] - For urea (UR605), the futures price is 1874.0, the basis is 26.0, the spot price is 1900.0, the basis rate is 1.39%, and the historical quantile of the basis rate is 25.60% [1] - For LLDPE (L2605), the futures price is 8614.0, the basis is 86.0, the spot price is 8700.0, the basis rate is 1.00%, and the historical quantile of the basis rate is 52.90% [1] - For PP (PP2605), the futures price is 9103.0, the basis is 172.0, the spot price is 9275.0, the basis rate is 1.89%, and the historical quantile of the basis rate is 72.50% [1] - For PVC (V2605), the futures price is 5353.0, the basis is - 133.0, the spot price is 5220.0, the basis rate is - 2.48%, and the historical quantile of the basis rate is 45.10% [1] - For caustic soda (SH605), the futures price is 2340.0, the basis is - 36.9, the spot price is 2303.1, the basis rate is - 1.58%, and the historical quantile of the basis rate is 41.10% [1] - For LPG (PG2605), the futures price is 6339.0, the basis is 1009.0, the spot price is 7348.0, the basis rate is 15.92%, and the historical quantile of the basis rate is 95.50% [1] - For asphalt (BU2606), the futures price is 4512.0, the basis is - 92.0, the spot price is 4420.0, the basis rate is - 2.04%, and the historical quantile of the basis rate is 32.80% [1] - For butadiene rubber (BR2605), the futures price is 17350.0, the basis is 1150.0, the spot price is 18500.0, the basis rate is 6.63%, and the historical quantile of the basis rate is 99.50% [1] - For glass (FG605), the futures price is 1019.0, the basis is - 67.0, the spot price is 952.0, the basis rate is - 7.04%, and the historical quantile of the basis rate is 56.09% [1] - For soda ash (SA605), the futures price is 1177.0, the basis is - 20.0, the spot price is 1157.0, the basis rate is - 1.73%, and the historical quantile of the basis rate is 46.84% [1] - For pure benzene (BZ2605), the futures price is 8790.0, the basis is 150.0, the spot price is 8940.0, the basis rate is 1.71%, and the historical quantile of the basis rate is 98.80% [1] - For propylene (PL2605), the futures price is 8795.0, the basis is - 45.0, the spot price is 8750.0, the basis rate is - 0.51%, and the historical quantile of the basis rate is 36.90% [1] - For bottle chips (PR2605), the futures price is 8525.0, the basis is 335.0, the spot price is 8190.0, the basis rate is 4.09%, and the historical quantile of the basis rate is 98.50% [1] - For natural rubber (RU2605), the futures price is 16345.0, the basis is - 45.0, the spot price is 16300.0, the basis rate is - 0.28%, and the historical quantile of the basis rate is 90.35% [1] Financial Assets - For IF2606.CFE, the futures price is 4450.0493, the basis is - 74.2493, the spot price is 4375.8, the basis rate is - 1.70%, and the historical quantile of the basis rate is 2.50% [1] - For IH2606.CFE, the futures price is 2837.3064, the basis is - 22.9064, the spot price is 2814.4, the basis rate is - 0.81%, and the historical quantile of the basis rate is 5.70% [1] - For IC2606.CFE, the futures price is 7753.7234, the basis is - 193.1234, the spot price is 7560.6, the basis rate is - 2.55%, and the historical quantile of the basis rate is 0.30% [1] - For IM2606.CFE, the futures price is 7619.8503, the basis is - 240.4503, the spot price is 7379.4, the basis rate