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

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

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View - There is no clear core view presented in the given content. The document mainly provides a table of futures and spot prices, along with related data such as basis rates and price differences for various commodities. 3. Summary by Related Catalog Metals - **Copper**: The主力基差率 is 0.42%, with a 1.00% increase compared to yesterday. The spot price is 6556, and the主力 contract price is 95380 [3]. - **Aluminum**: The主力基差率 is -0.38%, with a 0.63% increase compared to yesterday. The spot price is 23760, and the主力 contract price is 23795 [3]. - **Zinc**: The主力基差率 is -0.17%, with a 0.43% increase compared to yesterday. The spot price is 22920, and the主力 contract price is 22950 [3]. - **Lead**: The主力基差率 is -1.09%, with a -0.06% change compared to yesterday. The spot price is 16325, and the主力 contract price is 16485 [3]. - **Tin**: The主力基差率 is 1.52%, with a 2.13% increase compared to yesterday. The spot price is 357600, and the主力 contract price is 352250 [3]. - **Nickel**: The主力基差率 is 1.85%, with a 0.76% increase compared to yesterday. The spot price is 137800, and the主力 contract price is 135270 [3]. - **Industrial Silicon**: The主力基差率 is 5.93%, with a -0.80% change compared to yesterday. The spot price is 9200, and the主力 contract price is 8530 [3]. - **Lithium Carbonate**: The主力基差率 is -0.64%, with a 0.60% increase compared to yesterday. The spot price is 157200, and the主力 contract price is 157920 [3]. - **Gold**: The主力基差率 is 0.05%, with a -0.03% change compared to yesterday. The spot price is 1014.44, and the主力 contract price is 1011.04 [3]. - **Silver**: The主力基差率 is 0.06%, with a -0.42% change compared to yesterday. The spot price is 18121, and the主力 contract price is 18174 [3]. Black Industry - **Rebar**: The主力基差率 is 2.81%, with a 0.42% increase compared to yesterday. The spot price is 3220, and the主力 contract price is 3132 [3]. - **Hot Rolled Coil**: The主力基差率 is -1.00%, with a -0.88% change compared to yesterday. The spot price is 3280, and the主力 contract price is 3313 [3]. - **Iron Ore**: The主力基差率 is 4.97%, with a 2.63% increase compared to yesterday. The spot price is 846.6, and the主力 contract price is 806.5 [3]. - **Coke**: The主力基差率 is -8%, with a 0.56% increase compared to yesterday. The spot price is 1625, and the主力 contract price is 1776 [3]. - **Coking Coal**: The主力基差率 is 0.52%, with a 0.68% increase compared to yesterday. The spot price is 1247.5, and the主力 contract price is 1241 [3]. - **Steam Coal**: The主力基差率 is -5.7%, with a 0.75% increase compared to yesterday. The spot price is 755, and the主力 contract price is 801.4 [3]. - **Silicon Iron**: The主力基差率 is -7.03%, with a -0.80% change compared to yesterday. The spot price is 5660, and the主力 contract price is 6166 [3]. - **Ferromanganese**: The主力基差率 is -5.2%, with a -0.18% change compared to yesterday. The spot price is 6150, and the主力 contract price is 6492 [3]. - **Stainless Steel**: The主力基差率 is -0.97%, with a -1.39% change compared to yesterday. The spot price is 14350, and the主力 contract price is 14490 [3]. Agricultural Products - **Soybean Meal**: The主力基差率 is 8.80%, with a -1.30% change compared to yesterday. The spot price is 3190, and the主力 contract price is 2932 [3]. - **Rapeseed Meal**: The主力基差率 is 9.88%, with a -0.06% change compared to yesterday. The spot price is 2570, and the主力 contract price is 2371 [3]. - **Soybean Oil**: The主力基差率 is 3.16%, with a -1.22% change compared to yesterday. The spot price is 8820, and the主力 contract price is 8480 [3]. - **Rapeseed Oil**: The主力基差率 is 5.39%, with a -0.90% change compared to yesterday. The spot price is 10230, and the主力 contract price is 9707 [3]. - **Peanut**: The主力基差率 is 10.00%, with a 0.43% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8136 [3]. - **Palm Oil**: The主力基差率 is 0.42%, with a -1.20% change compared to yesterday. The spot price is 9510, and the主力 contract price is 9510 [3]. - **Corn**: The主力基差率 is 1.01%, with a 0.09% increase compared to yesterday. The spot price is 2400, and the主力 contract price is 2376 [3]. - **Corn Starch**: The主力基差率 is 4.96%, with a 0.34% increase compared to yesterday. The spot price is 2900, and the主力 contract price is 2763 [3]. - **Apple**: The主力基差率 is not provided, with a 0.80% increase compared to yesterday. The spot price is 8500, and the主力 contract price is 9978 [3]. - **Egg**: The主力基差率 is -6.136%, with a -0.25% change compared to yesterday. The spot price is 3200, and the主力 contract price is 3410 [3]. - **Live Pig**: The主力基差率 is -3.3%, with a -0.37% change compared to yesterday. The spot price is 9650, and the主力 contract price is 12595 [3]. - **Cotton**: The主力基差率 is 8.94%, with a -1.03% change compared to yesterday. The spot price is 16711, and the主力 contract price is 15340 [3]. Soft Commodities - **Sugar**: The主力基差率 is 0.94%, with a 0.00% change compared to yesterday. The spot price is 5480, and the主力 contract price is 5429 [3]. - **Methanol**: The主力基差率 is 0.92%, with a -2.14% change compared to yesterday. The spot price is 3118, and the主力 contract price is 2883 [3]. - **Ethanol**: The主力基差率 is -1.21%, with a -0.06% change compared to yesterday. The spot price is 4975, and the主力 contract price is 5036 [3]. - **PTA**: The主力基差率 is -1.40%, with a -0.44% change compared to yesterday. The spot price is 6500, and the主力 contract price is 6592 [3]. - **Polypropylene**: The主力基差率 is 3.62%, with a 3.23% increase compared to yesterday. The spot price is 9000, and the主力 contract price is 8975 [3]. - **Styrene**: The主力基差率 is -1.04%, with a -3.2% change compared to yesterday. The spot price is 10000, and the主力 contract price is 10105 [3]. - **Short Fiber**: The主力基差率 is -0.12%, with a -3.10% change compared to yesterday. The spot price is 8100, and the主力 contract price is 8008 [3]. - **Plastic**: The主力基差率 is -0.40%, with a -3.00% change compared to yesterday. The spot price is 8680, and the主力 contract price is 8715 [3]. - **PVC**: The主力基差率 is -1.46%, with a -2.77% change compared to yesterday. The spot price is 5620, and the主力 contract price is 5703 [3]. - **Rubber**: The主力基差率 is -0.79%, with a -0.02% change compared to yesterday. The spot price is 16300, and the主力 contract price is 16430 [3]. - **20 -号胶**: The主力基差率 is 1.93%, with a -1.07% change compared to yesterday. The spot price is 13827, and the主力 contract price is 13565 [3]. - **Soda Ash**: The主力基差率 is -1.61%, with a 0.01% change compared to yesterday. The spot price is 1224, and the主力 contract price is 1244 [3]. - **Urea**: The主力基差率 is -0.16%, with a 0.05% change compared to yesterday. The spot price is 1860, and the主力 contract price is 1863 [3]. - **Bottle Chip**: The主力基差率 is 2.37%, with a -2.69% change compared to yesterday. The spot price is 8300, and the主力 contract price is 8108 [3]. - **Paper Pulp**: The主力基差率 is 0.26%, with a 0.26% increase compared to yesterday. The spot price is 5238, and the主力 contract price is 5224 [3]. Energy and Chemicals - **Crude Oil**: The主力基差率 is -6.11%, with a -1.41% change compared to yesterday. The spot price is 675.4, and the主力 contract price is 723.9 [3]. - **Fuel Oil**: The主力基差率 is 9.44%, with a -2.38% change compared to yesterday. The spot price is 4758, and the主力 contract price is 4348 [3]. - **Asphalt**: The主力基差率 is -2.94%, with a -2.24% change compared to yesterday. The spot price is 4280, and the主力 contract price is 4410 [3]. - **Low - Sulfur Fuel Oil**: The主力基差率 is 15.83%, with a -10.34% change compared to yesterday. The spot price is 5976, and the主力 contract price is 5159 [3]. - **LPG**: The主力基差率 is 9.89%, with a 6.06% increase compared to yesterday. The spot price is 7198, and the主力 contract price is 6550 [3]. Stock Index - **CSI 300**: The主力基差率 is 1.97%, with a 0.00% change compared to yesterday. The spot price is 4537.5, and the主力 contract price is 4505.6 [3]. - **SSE 50**: The主力基差率 is 1.04%, with a 0.32% increase compared to yesterday. The spot price is 2859.5, and the主力 contract price is 2848 [3]. - **CSI 500**: The主力基差率 is 3.16%, with a 0.62% change compared to yesterday. The spot price is 7767.7, and the主力 contract price is 7685.6 [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report provides a weekly overview of futures price and volume data for various commodity categories, including precious metals, non - ferrous metals, black metals, energy and chemicals, agricultural products, forest products, livestock products, and financial futures. It shows the weekly closing prices, price changes, 20 - day annualized volatility, volatility changes, speculation degrees, trend degrees, and capital changes of each futures variety. 3. Summary by Commodity Categories Precious Metals - Gold: The weekly closing price was 998.66, with a weekly decline of 4.16%, 20 - day annualized volatility of 47.42%, a volatility increase of 56.31%, speculation degree of 3.36, trend degree of - 0.16, and a capital outflow of 148.28 [2]. - Silver: The weekly closing price was 17,489.00, with a weekly decline of 0.77%, 20 - day annualized volatility of 92.24%, a volatility increase of 9.26%, speculation degree of 4.69, trend degree of - 0.01, and a capital outflow of 11.14 [2]. Non - Ferrous Metals - Copper: The weekly closing price was 95,930.00, with a weekly increase of 1.26%, 20 - day annualized volatility of 22.36%, a volatility increase of 12.87%, speculation degree of 0.78, trend degree of - 0.07, and a capital outflow of 38.01 [2]. - Nickel: The weekly closing price was 137,100.00, with a weekly increase of 2.96%, 20 - day annualized volatility of 21.07%, a volatility decrease of 16.68%, speculation degree of 2.30, trend degree of 0.09, and a capital inflow of 15.03 [2]. - Tin: The weekly closing price was 362,460.00, with a weekly increase of 5.76%, 20 - day annualized volatility of 58.97%, a volatility decrease of 21.82%, speculation degree of 10.12, trend degree of 0.04, and a capital inflow of 3.39 [2]. Black Metals - Iron Ore: The weekly closing price was 812.00, with a weekly decline of 0.43%, 20 - day annualized volatility of 15.63%, a volatility decrease of 4.06%, speculation degree of 0.60, trend degree of 0.06, and a capital inflow of 3.38 [2]. - Coke: The weekly closing price was 1,752.00, with a weekly increase of 0.66%, 20 - day annualized volatility of 32.76%, a volatility increase of 22.23%, speculation degree of 0.74, trend degree of - 0.19, and a capital inflow of 3.87 [2]. - Coking Coal: The weekly closing price was 1,219.00, with a weekly increase of 4.10%, 20 - day annualized volatility of 47.56%, a volatility increase of 44.94%, speculation degree of 2.91, trend degree of 0.02, and a capital inflow of 23.74 [2]. Energy and Chemicals - Crude Oil: The weekly closing price was 740.80, with a weekly decline of 4.24%, 20 - day annualized volatility of 119.65%, a volatility increase of 8.61%, speculation degree of 2.50, trend degree of 0.04, and a capital outflow of 33.39 [2]. - Fuel Oil LU: The weekly closing price was 4,464.00 (5,157.00), with a weekly decline of 6.14% (- 7.78%), 20 - day annualized volatility of 99.40% (106.40%), a volatility increase of 14.65% (13.49%), speculation degree of 3.11 (1.95), trend degree of 0.08 (0.01), and a capital outflow of 18.59 (7.27) [2]. - Methanol: The weekly closing price was 3,296.00, with a weekly increase of 5.24%, 20 - day annualized volatility of 80.52%, a volatility increase of 5.60%, speculation degree of 3.38, trend degree of 0.30, and a capital inflow of 16.58 [2]. Agricultural Products - Cotton: The weekly closing price was 15,395.00, with a weekly increase of 1.18%, 20 - day annualized volatility of 10.10%, a volatility decrease of 38.17%, speculation degree of 0.50, trend degree of 0.21, and a capital inflow of 3.83 [2]. - Sugar: The weekly closing price was 5,464.00, with a weekly increase of 0.46%, 20 - day annualized volatility of 10.71%, a volatility decrease of 5.49%, speculation degree of 0.90, trend degree of 0.20, and a capital inflow of 2.13 [2]. - Corn: The weekly closing price was 2,369.00, with a weekly decline of 0.75%, 20 - day annualized volatility of 8.80%, a volatility increase of 35.16%, speculation degree of 0.57, trend degree of - 0.20, and a capital outflow of 0.41 [2]. Forest Products - Pulp: The weekly closing price was 5,202.00, with a weekly increase of 0.74%, 20 - day annualized volatility of 15.83%, a volatility decrease of 3.70%, speculation degree of 1.56, trend degree of 0.07, and a capital outflow of 8.97 [2]. Livestock Products - Eggs: The weekly closing price was 3,502.00, with a weekly increase of 2.73%, 20 - day annualized volatility of 17.48%, a volatility increase of 20.23%, speculation degree of 1.22, trend degree of 0.26, and a capital inflow of 2.72 [2]. - Hogs: The weekly closing price was 9,965.00, with a weekly decline of 2.50%, 20 - day annualized volatility of 17.84%, a volatility decrease of 1.77%, speculation degree of 0.80, trend degree of - 0.20, and a capital inflow of 11.64 [2]. Financial Futures - IC: The weekly closing price was 7,559.20, with no weekly change, 20 - day annualized volatility of 29.33%, a volatility increase of 20.48%, speculation degree of 0.68, trend degree of 0.05, and a capital inflow of 3.18 [4]. - IF: The weekly closing price was 4,427.40, with a weekly decline of 1.32%, 20 - day annualized volatility of 18.01%, a volatility increase of 22.49%, speculation degree of 0.44, trend degree of 0.03, and a capital outflow of 18.92 [4]. - IM: The weekly closing price was 7,523.80, with a weekly decline of 0.48%, 20 - day annualized volatility of 29.45%, a volatility increase of 33.07%, speculation degree of 0.77, trend degree of 0.04, and a capital outflow of 20.00 [4].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The performance of non - ferrous metals is diverging. The Iran geopolitical situation dominates the capital market sentiment. The Fed's interest - rate decision and inflation expectations impact non - ferrous metals. China's post - holiday demand shows marginal improvement, but the future foreign trade situation is uncertain [12]. - High oil prices are constraining the Fed's monetary policy. There is an increasing risk of stagflation, causing risk assets to be sold off. Copper is affected by liquidity and market sentiment in the short - term but is more resilient than gold and silver. In the long - term, rising oil prices boost inflation expectations, and copper's price center is expected to rise [3][15]. - Geopolitical uncertainties affect zinc, aluminum, tin, lead, nickel, and stainless - steel prices. Each metal has its own supply - demand situation and price trends [5][6][7][8][9]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operation Logic and Investment Recommendations - **Macro Logic**: The Iran geopolitical situation dominates the capital market. The Fed's non - interest - rate cut and inflation expectations bring pressure to non - ferrous metals. China's post - holiday demand shows marginal improvement, but foreign trade is uncertain. Energy cost increases support marginal costs, and demand orders are under observation [12]. - **Investment Recommendations for Each Metal** - **Copper**: Short - term price is under pressure but has long - term upward potential. Support is at 92000 - 93000 yuan/ton, and resistance is at 99000 - 100000 yuan/ton. Recommend buying hedging in the far - month and using option strategies [3][4][15]. - **Zinc**: Prices are in consolidation. Support is at 22400 - 22600, and resistance is at 24000 - 24200. Pay attention to the continuation of the dollar's decline and downstream demand [5][17]. - **Aluminum Industry Chain**: Aluminum is recommended to wait and see or buy on dips. Alumina is recommended to wait and see or take a short - term bearish view. Recycled aluminum alloy is recommended to wait and see or take a short - term bullish view [6][17]. - **Tin**: Wait and see or take a short - term bullish view. Pay attention to capital sentiment, mine supply, and macro factors. Support is at 300000 - 320000, and resistance is at 380000 - 400000 [7][17]. - **Lead**: Prices are in a range. Support is at 16200 - 16400, and resistance is at 16800 - 17000. Pay attention to demand recovery and inventory changes [8][18]. - **Nickel and Stainless - steel**: Nickel and stainless - steel prices are affected by geopolitical uncertainties and Indonesian policies. They are recommended to buy on dips. Nickel's support is at 130000 - 132000, and resistance is at 140000 - 142000. Stainless - steel's support is at 13500 - 13600, and resistance is at 14500 - 15000 [9][18]. 3.2 Second Part: Non - ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals are presented. For example, copper closed at 95350 yuan/ton with a - 0.25% change, and zinc closed at 23070 yuan/ton with a 0.59% change [19]. 3.3 Third Part: Non - ferrous Metals Position Analysis - The net long - short position differences, changes in net long and short positions, and influencing factors of various non - ferrous metals are provided. For example, the net long - short position difference of industrial silicon (SI2605) is - 19417, with 2158 net long changes and - 3299 net short changes [22]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are given. For example, the Yangtze River non - ferrous copper spot price is 95730 yuan/ton with a - 0.23% change, and the Yangtze River non - ferrous 0 zinc spot price is 22830 yuan/ton with a - 0.44% change [23]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - Graphs related to the industry chain of each metal, such as inventory changes, processing fees, and price trends, are presented [25][27][30][33][36][37][41][43][45][47][49]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage - Graphs related to the arbitrage of each metal, such as the ratio of domestic and foreign prices, basis, and spread, are presented [51][54][56][60][62][64][65]. 3.7 Seventh Part: Non - ferrous Metals Options - Graphs related to the options of each metal, such as historical volatility, implied volatility, and trading volume - position changes, are presented [67][71][73][74].

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

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