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

Report 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]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes the market performance, fundamentals, and provides trading strategies for various commodity futures, including precious metals, base metals, agricultural products, and energy chemicals. The market is significantly influenced by geopolitical factors, especially the situation between the US and Iran [1][6][7]. 3. Summary by Commodity Category Precious Metals - **Gold**: Overnight, the international gold price denominated in London gold fell 2.79% to $4379.82 per ounce. Trump postponed the strike on Iranian energy facilities by ten days. Domestic gold ETFs had a small outflow of 0.1 tons. It is recommended to consider re - laying out long positions as the sharp drop in gold prices digests previous negative factors [1]. - **Silver**: The international silver price fell 4.45% to $68.059 per ounce. It is suggested that previous short positions gradually take profits as the silver market follows the gold market's fluctuations [1]. Base Metals - **Copper**: The copper price oscillated weakly. The market is focused on the Middle East situation. The supply of copper ore remains tight. It is recommended to wait and see [1]. - **Aluminum**: The closing price of the electrolytic aluminum main contract decreased by 0.57% compared to the previous trading day. The supply side maintains high - load production, and the demand side has a slight increase in the weekly aluminum product start - up rate. The price is expected to maintain a wide - range oscillation [1]. - **Alumina**: The closing price of the alumina main contract decreased by 1.08% compared to the previous trading day. The supply side's operating capacity is relatively stable, and the demand side's electrolytic aluminum plants maintain high - load production. It is recommended to wait and see due to the uncertain Middle East situation and the unclear implementation of Guinea's mining policy [1][2]. - **Zinc and Lead**: The zinc and lead main contracts closed at 23070 yuan/ton and 16460 yuan/ton respectively. The lead market is affected by overseas declines, but the loss of recycled lead and downstream buying on dips may support the price. The zinc LME inventory is low, and the domestic social inventory is high but showing signs of destocking. For lead, pay attention to the destocking situation; for zinc, it is recommended to wait and see or trade high - sell and low - buy [2]. - **Industrial Silicon**: The main 05 contract closed at 8735 yuan/ton. The supply side has a decrease in the number of open furnaces, but there is an expectation of increased production in Sichuan. The demand side has a recovery in the polysilicon and organic silicon industries, and the aluminum alloy industry's start - up rate has reached a new high. The price is expected to oscillate between 8100 - 8900 yuan/ton [2]. - **Lithium Carbonate**: LC2605 closed at 157,200 yuan/ton. The supply side has an increase in production, and the demand side has an increase in the production of lithium - iron phosphate and ternary materials. Pay attention to the new registration speed of warehouse receipts after the centralized cancellation at the end of March and the production schedule in April [2]. - **Polysilicon**: The main 05 contract closed at 35540 yuan/ton. The supply side's inventory pressure has eased marginally, and the demand side's product prices are declining but at a slower pace. It is recommended to wait and see and focus on downstream procurement and order prices [3]. - **Tin**: The tin price continued to be weak. The supply of tin ore is still tight, and the downstream consumption is strong. It is recommended to wait and see due to the non - resonance between the macro and micro aspects [3]. Agricultural Products - **Soybean and Soybean Meal**: The CBOT soybean price changed little. The global supply is expected to be abundant, and the US soybean has strong crushing demand. The US soybean may enter an oscillation, and the domestic market follows the cost side. Pay attention to crude oil and demand fulfillment [4]. - **Corn**: The corn futures price declined, and the spot price mostly fell. The grain - selling progress is about 80% but slow. Policy wheat auctions have increased, and the wheat price is weakening. The futures price is expected to oscillate weakly [4]. - **Sugar**: The Zhengzhou sugar 05 contract closed at 5441 yuan/ton. Due to the rise in international crude oil prices, there is an expectation of a decrease in the sugar - making ratio in Brazil. The domestic sugar production in Guangxi is increasing. It is recommended to wait and see [4]. - **Cotton**: The ICE US cotton futures price continued to rise, and the international crude oil futures price oscillated strongly. The US cotton export sales increased, and the Indian cotton yarn export also increased. It is recommended to buy on dips in the price range of 15100 - 15500 yuan/ton [5]. - **Eggs**: The egg futures price rebounded, and the spot price rose. The demand for Tomb - sweeping Festival stocking has increased, but the overall supply is sufficient. The futures price is expected to oscillate [5]. - **Pigs**: The pig futures price was weak, and the spot price continued to decline. The supply is strong, and the demand is in the off - season. The futures and spot prices are expected to be weak [5]. Energy Chemicals - **LLDPE**: The LLDPE main contract rebounded slightly. The supply side will see a significant reduction in domestic supply due to the non - commissioning of new devices in the first half of the year and the planned reduction of production by some existing devices. The demand side is improving. In the short term, it follows the crude oil price; in the medium term, it is recommended to short on rallies [6]. - **PVC**: The V05 contract closed at 5650 yuan/ton. The supply side has a decline in production, and the demand side is weak. The inventory is decreasing. It is recommended to do a long - short spread [6][7]. - **Methanol**: The methanol 05 contract closed at 3202 yuan/ton. The supply side has been affected by the Middle East conflict, and the port inventory is decreasing. In the short term, the price is dominated by geopolitical factors and shows an "oscillating - strong, high - volatility" pattern [7]. - **Glass**: The fg05 contract closed at 1035 yuan/ton. The supply side is reducing production, and the demand side is weak. The inventory is decreasing. It is recommended to buy glass and sell soda ash [7]. - **PP**: The PP main contract rebounded slightly. The supply side has a reduction in new device commissioning in the short term, and the demand side is improving. In the short term, it follows the crude oil price; in the medium - long term, it is recommended to short on rallies [7]. - **Crude Oil**: The oil price fluctuated due to the US - Iran situation. The conflict in the Middle East has a significant impact on global oil supply. If the Strait of Hormuz remains blocked, the oil price may continue to rise; if the situation eases, the oil price may reverse [7][8]. - **Styrene**: The EB main contract rebounded slightly. The supply side's pure benzene and styrene inventories are decreasing, and the demand side's downstream enterprises are improving but with profit decline. In the short term, it follows the crude oil price; in the medium - long term, the supply - demand situation may weaken [8]. - **Soda Ash**: The sa05 contract closed at 1225 yuan/ton. The supply side's production capacity is increasing, and the demand side has a slight increase in photovoltaic glass production and a reduction in float glass production. It is recommended to wait and see [8].

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].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on March 26, 2026, including power coal, energy chemicals, black commodities, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - The basis for power coal on March 25, 2026, was - 45.4 yuan/ton, showing an increase compared to previous days. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data for fuel oil, INE crude oil, and other energy commodities are provided from March 19 to March 25, 2026. For example, the basis of INE crude oil on March 25 was 345.10 yuan/ton [9] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from March 19 to March 25, 2026, are presented. For instance, the basis of rubber on March 25 was - 130 yuan/ton [11] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for rubber, methanol, PTA, etc., are given. For example, the 5 - month vs 1 - month spread of rubber was - 775 yuan/ton [12] - **Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from March 19 to March 25, 2026, are provided. For example, the LLDPE - PVC spread on March 25 was 2944 yuan/ton [12] 3.3 Black Commodities - **Basis**: The basis data for螺纹钢, iron ore, coke, and coking coal from March 19 to March 25, 2026, are shown. For example, the basis of螺纹钢 on March 25 was 88.0 yuan/ton [22] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month (10) vs 1 - month, and 9 - month (10) vs 5 - month for螺纹钢, iron ore, etc., are presented. For example, the 5 - month vs 1 - month spread of螺纹钢 was - 50.0 yuan/ton [21] - **Inter - variety Spreads**: The inter - variety spreads such as螺/矿, 螺/焦炭, etc., from March 19 to March 25, 2026, are given. For example, the 螺/矿 ratio on March 25 was 3.85 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from March 19 to March 25, 2026, are provided. For example, the basis of copper on March 25 was - 90 yuan/ton [29] 3.4.2 London Market - Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, etc., on March 25, 2026, are presented. For example, the LME spread of copper was (71.23) [35] 3.5 Agricultural Products - **Basis**: The basis data for soybeans (bean one and bean two), soybean meal, soybean oil, corn, etc., from March 19 to March 25, 2026, are shown. For example, the basis of bean one on March 25 was - 29 yuan/ton [40] - **Inter - period Spreads**: The inter - period spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for various agricultural products are given. For example, the 5 - month vs 1 - month spread of bean one was - 36 yuan/ton [40] - **Inter - variety Spreads**: The inter - variety spreads such as 豆一/玉米, 豆油/豆粕, etc., from March 19 to March 25, 2026, are provided. For example, the 豆一/玉米 ratio on March 25 was 1.94 [40] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from March 19 to March 25, 2026, are presented. For example, the basis of CSI 300 on March 25 was 87.47 [51] - **Inter - period Spreads**: The inter - period spreads of next - month vs current - month and next - quarter vs current - quarter for CSI 300, SSE 50, etc., are given. For example, the next - month vs current - month spread of CSI 300 was - 21.2 [51]

1. Report Industry Investment Rating - No relevant information provided in the reports. 2. Core Views - The overall market is significantly influenced by geopolitical events, especially the situation between the US and Iran, which impacts the prices of various commodities. - Different commodities have distinct supply - demand situations, and investment strategies vary accordingly. Some are recommended for long - position layout, while others suggest short - position exit, temporary observation, or high - selling and low - buying. 3. Summary by Commodity Categories Precious Metals - **Market Performance**: International gold prices (in London) rose 0.74% to $4505.31/oz, domestic gold prices also increased slightly. International silver prices rose 0.07% to $71.228/oz [1]. - **Fundamentals**: The prospect of US - Iran cease - fire negotiations affects prices. The US import price increase and changes in gold and silver inventories in different regions are also important factors. - **Trading Strategy**: Consider re - laying out long positions in gold; gradually take profits on previous short positions in silver [1]. Base Metals Copper - **Market Performance**: Copper prices oscillated [2]. - **Fundamentals**: The focus is on the Middle East situation. The supply of copper ore remains tight. - **Trading Strategy**: Suggest temporary observation [2]. Aluminum - **Market Performance**: The closing price of the electrolytic aluminum main contract increased 0.99% to 23,860 yuan/ton [2]. - **Fundamentals**: Aluminum smelters maintain high - load production, and the weekly aluminum product start - up rate increased slightly. - **Trading Strategy**: Prices are expected to maintain wide - range fluctuations due to the uncertainty of the Middle East conflict [2]. Alumina - **Market Performance**: The closing price of the alumina main contract decreased 1.69% to 2,963 yuan/ton [3]. - **Fundamentals**: The operating capacity is relatively stable, and electrolytic aluminum plants maintain high - load production. - **Trading Strategy**: Prices are expected to oscillate in the short term, with the core driver possibly concentrated on Guinea's mining policy [3]. Zinc and Lead - **Market Performance**: Zinc and lead main contracts had price changes on March 25, and there were also changes in inventory [3]. - **Fundamentals**: The non - ferrous sector rebounded from oversold conditions. The lead market has factors affecting supply and demand, and the zinc market has inventory and production factors. - **Trading Strategy**: For lead, observe the inventory reduction situation and consider going long if the social inventory continues to decline; for zinc, the price is expected to be weak, and it's recommended to observe or trade with high - selling and low - buying [3]. Industrial Silicon - **Market Performance**: The main 05 contract price increased, and there were changes in trading volume, open interest, etc [3]. - **Fundamentals**: The supply side has an increase in the number of open furnaces, and the demand side has different trends in various industries. - **Trading Strategy**: Pay attention to relevant meetings. The price is expected to oscillate between 8,100 - 8,900 yuan/ton in the short term [3]. Lithium Carbonate - **Market Performance**: The LC2605 contract price increased 4.04% [3]. - **Fundamentals**: There are changes in supply, demand, and inventory, and the market is affected by the situation in Zimbabwe's lithium mines. - **Trading Strategy**: Focus on inventory data and new registration speed of warehouse receipts. The short - term market is in a long - short game [3]. Polysilicon - **Market Performance**: The main 05 contract price increased, and there were changes in trading volume, open interest, etc [4]. - **Fundamentals**: The supply pressure has been marginally alleviated, and the demand side has a complex situation. - **Trading Strategy**: Observe the actual downstream procurement and transaction prices, and mainly adopt an observation strategy [4]. Tin - **Market Performance**: Tin prices oscillated strongly [4]. - **Fundamentals**: Focus on the Middle East situation, the supply shortage is slightly alleviated, and the demand side has active procurement. - **Trading Strategy**: Suggest observation due to the susceptibility to liquidity shocks [4]. Black Industry Rebar - **Market Performance**: The rebar main 2605 contract price decreased [5]. - **Fundamentals**: The apparent demand and production increased, the market transaction recovered, and there are certain supply - demand and valuation situations. - **Trading Strategy**: Mainly observe, and hold short positions in rebar 2605 cautiously [5]. Iron Ore - **Market Performance**: The iron ore main 2605 contract price decreased [5]. - **Fundamentals**: There are changes in arrival and shipment, and the supply - demand situation has marginally improved. - **Trading Strategy**: Mainly observe [5]. Coking Coal - **Market Performance**: The coking coal main 2605 contract price decreased [5]. - **Fundamentals**: There are changes in iron - making water production, and the supply - demand and inventory situations are complex. - **Trading Strategy**: Mainly observe, and hold short positions in coking coal 2605 cautiously [5]. Agricultural Products Soybean Meal - **Market Performance**: CBOT soybeans rose [6]. - **Fundamentals**: The global supply is expected to be abundant, and the demand has different characteristics. - **Trading Strategy**: US soybeans may enter an oscillatory phase. Pay attention to crude oil and demand fulfillment [6]. Corn - **Market Performance**: Corn futures prices declined, and spot prices were mixed [6]. - **Fundamentals**: The grain - selling progress and policy factors affect the price. - **Trading Strategy**: Futures prices are expected to oscillate weakly [6]. Cotton - **Market Performance**: ICE US cotton futures prices continued to rise, and Zhengzhou cotton futures prices oscillated strongly [6]. - **Fundamentals**: There are changes in planting area expectations and export data. - **Trading Strategy**: Buy on dips, with a price range reference of 15,100 - 15,500 yuan/ton [6]. Palm Oil - **Market Performance**: The Malaysian palm oil market continued to decline [6]. - **Fundamentals**: Supply is expected to increase seasonally, and demand has increased in the short term. - **Trading Strategy**: Unilaterally suggest observation, and pay attention to crude oil and production [6]. Eggs - **Market Performance**: Egg futures prices oscillated narrowly, and spot prices were mixed [6]. - **Fundamentals**: There are factors of demand boost and sufficient supply. - **Trading Strategy**: Futures prices are expected to oscillate weakly [6]. Pigs - **Market Performance**: Pig futures prices oscillated narrowly, and spot prices continued to decline [7]. - **Fundamentals**: Supply is strong and demand is weak. - **Trading Strategy**: Futures prices are expected to be weak [7]. Energy and Chemicals LLDPE - **Market Performance**: The LLDPE main contract decreased slightly, and the basis strengthened [8]. - **Fundamentals**: Supply is expected to decrease significantly in the short term, and demand is improving. - **Trading Strategy**: Follow crude oil price fluctuations in the short term; go short on rallies in the medium term [8]. PVC - **Market Performance**: The V05 contract price decreased 2.3% [8]. - **Fundamentals**: Production increased, demand is weak, and inventory is starting to decline. - **Trading Strategy**: Suggest a positive spread strategy [8]. Glass - **Market Performance**: The fg05 contract price decreased 1.2% [8]. - **Fundamentals**: Supply - demand is weak, and inventory is declining. - **Trading Strategy**: Suggest buying glass and selling soda ash [8]. PP - **Market Performance**: The PP main contract decreased slightly, and the basis strengthened [8]. - **Fundamentals**: Supply pressure is reduced in the short term, and demand is improving. - **Trading Strategy**: Follow crude oil price fluctuations in the short term; go short on rallies in the medium - long term [8]. Crude Oil - **Market Performance**: Oil prices first declined and then rose [9]. - **Fundamentals**: The US - Iran conflict has a significant impact on supply and export. - **Trading Strategy**: Oil prices may continue to rise if the strait is blocked, and may reverse if the situation eases [9]. Styrene - **Market Performance**: The EB main contract decreased slightly [9]. - **Fundamentals**: Supply and demand are affected by the US - Iran conflict, and the demand side has a negative feedback. - **Trading Strategy**: Follow crude oil price fluctuations in the short term; the supply - demand situation will weaken after the conflict eases [9]. Soda Ash - **Market Performance**: The sa05 contract price decreased 0.3% [10]. - **Fundamentals**: Supply is increasing, demand is weak, and inventory is decreasing. - **Trading Strategy**: Suggest observation [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report analyzes the market performance, fundamentals, and provides trading strategies for various commodity futures, including precious metals, base metals, black industry products, agricultural products, and energy chemicals. The market trends are influenced by factors such as geopolitical events (e.g., the US - Iran conflict), supply - demand relationships, and policy changes [1][2][3][4][5][6][7][8][9][10] 3. Summary by Category Precious Metals - **Market Performance**: International gold prices (London - priced) rose 1.47% to $4472.02 per ounce, domestic gold (9999) rose 0.04% to 979.56, and SHFE gold futures rose 0.58% to 977.28 yuan/gram. International silver prices rose 3.03% to $71.18 per ounce [1] - **Fundamentals**: The US - Iran conflict may end through negotiations. The US 3 - month composite PMI dropped to 51.4. Domestic gold ETFs had a large outflow of 12.7 tons. COMEX and SHFE gold inventories remained unchanged, while SPDR gold ETF holdings decreased by 4 tons. COMEX and iShares silver ETF inventories remained unchanged, while SHFE silver inventory increased by 1.4 tons and the Shanghai Gold Exchange silver inventory decreased by 96 tons [1] - **Trading Strategy**: Consider laying out long positions in the gold market as the US - Iran conflict may end. Temporarily watch the silver market as it follows the gold market [1] Base Metals Copper - **Market Performance**: Copper prices stabilized in a volatile manner [1] - **Fundamentals**: The US - Iran situation is complex. The supply of copper ore is tight, and the processing fee is negative. The spot of flat - water copper in East and South China has a discount. The London copper structure is in contango. Domestic copper inventory is decreasing rapidly [1] - **Trading Strategy**: The copper price may rebound in the short - term as the Middle East situation eases, but it may fluctuate due to changes in the Middle East situation. It is recommended to watch [1] Aluminum - **Market Performance**: The closing price of the electrolytic aluminum main contract increased by 0.30% to 23625 yuan/ton, and the domestic 0 - 3 month spread was - 330 yuan/ton, with LME at 3206 dollars/ton [1] - **Fundamentals**: Electrolytic aluminum plants maintain high - load production, and the weekly aluminum product start - up rate increased slightly [1] - **Trading Strategy**: The news of the Middle East conflict is changeable, and the price is expected to fluctuate widely as the macro - end pressure and industrial - end support compete [1] Alumina - **Market Performance**: The closing price of the alumina main contract decreased by 2.55% to 3014 yuan/ton, and the domestic 0 - 3 month spread was - 292 yuan/ton [1] - **Fundamentals**: The operating capacity of alumina is relatively stable, and electrolytic aluminum plants maintain high - load production [1] - **Trading Strategy**: The price of bauxite and alumina may be mainly driven by Guinea's mining policy in the short - term, and it is expected to fluctuate [2] Industrial Silicon - **Market Performance**: The main 05 contract closed at 8605 yuan/ton, up 0.35%, with a decrease in trading volume and open interest [2] - **Fundamentals**: The number of industrial silicon furnaces increased, and the production cost in Sichuan decreased. The social and warehouse inventories remained stable. The demand from the polysilicon, organic silicon, and aluminum alloy industries is improving [2] - **Trading Strategy**: Pay attention to possible industry meetings and policies. The price is expected to fluctuate between 8100 - 8900 yuan/ton [2] Lithium Carbonate - **Market Performance**: LC2605 closed at 152,940 yuan/ton, up 2.6% [2] - **Fundamentals**: The price of Australian lithium concentrate and lithium carbonate increased. The weekly production increased, and the expected production in March increased. The demand from the lithium - battery material industry increased. The inventory decreased, and the trading volume and open interest increased [2] - **Trading Strategy**: There are factors of supply - side disturbances and uncertain demand recovery. Watch the supply situation in Zimbabwe and the production plan in April [2] Polysilicon - **Market Performance**: The main 05 contract closed at 35730 yuan/ton, up 0.83%, with a decrease in trading volume and an increase in open interest [2] - **Fundamentals**: The weekly production increased slightly, the inventory increase rate slowed down, and the supply pressure eased. The price of downstream photovoltaic products decreased slightly, and the production in March recovered [2] - **Trading Strategy**: The market needs to digest negative factors. It is recommended to watch and focus on downstream procurement and order prices [2] Tin - **Market Performance**: Tin prices were slightly stronger in a volatile manner [2] - **Fundamentals**: The supply of tin ore is tight, and the inventory is decreasing rapidly. The spot of deliverable brands has a premium, and the downstream demand is improving [2] - **Trading Strategy**: Treat it as a short - term rebound [2] Black Industry Rebar - **Market Performance**: The main 2605 contract of rebar closed at 3148 yuan/ton, up 4 yuan/ton [4] - **Fundamentals**: The building material inventory remained unchanged, and the demand for building materials is weak, but the supply decreased significantly year - on - year. The demand for plates is recovering, and the inventory is decreasing. The steel mill profit is poor, and the production increase space is limited [4] - **Trading Strategy**: Mainly watch and try to short the rebar 2605 contract. The reference range is 3120 - 3180 yuan/ton [4] Iron Ore - **Market Performance**: The main 2605 contract of iron ore closed at 827 yuan/ton, up 11 yuan/ton [4] - **Fundamentals**: The arrival of iron ore increased, and the global shipment increased. The iron - making output increased, but the steel mill profit is poor. The port inventory increased, and there is a structural contradiction. The valuation is slightly high [4] - **Trading Strategy**: Mainly watch. The reference range is 810 - 840 yuan/ton [4] Coking Coal - **Market Performance**: The main 2605 contract of coking coal closed at 1246 yuan/ton, down 2.5 yuan/ton [4] - **Fundamentals**: The iron - making output increased, the first round of coke price reduction was implemented, and the steel mill profit is poor. The supply port clearance is high, and the inventory is at a medium level. The futures valuation is high [4] - **Trading Strategy**: Mainly watch and try to short the coking coal 2605 contract. The reference range is 1220 - 1290 yuan/ton [4] Agricultural Products Soybean Meal - **Market Performance**: CBOT soybeans closed lower [5] - **Fundamentals**: The global soybean supply is expected to be abundant, and the supply from Brazil is at a peak. The US soybean crushing is strong, and the export is in line with the season. The global supply - demand is expected to be loose [5] - **Trading Strategy**: US soybeans may enter a volatile period. Pay attention to the crude oil price and the demand for US soybeans. The domestic market follows the cost [5] Corn - **Market Performance**: Corn futures prices fell, and the spot price in North China decreased while that in Northeast China increased slightly [6] - **Fundamentals**: The grain - selling progress is about 80% but is slow. The wheat auction volume increased, and the wheat price weakened. The policy regulation expectation increased after the spot price reached a high [6] - **Trading Strategy**: The futures price is expected to fluctuate at a high level as the producer price weakens [6] White Sugar - **Market Performance**: The Zhengzhou sugar 05 contract closed at 5423 yuan/ton, down 0.26% [6] - **Fundamentals**: The international sugar price rose due to the expected decrease in the sugar - making ratio in Brazil and the lower - than - expected production in India. The domestic sugar production in Guangxi is expected to increase, and the inventory is accumulating. Macro funds are long on sugar, and the price is affected by the Middle East situation and the sugar - alcohol ratio in Brazil [6] - **Trading Strategy**: Mainly watch [6] Cotton - **Market Performance**: ICE US cotton futures rebounded, and international crude oil futures fluctuated [6] - **Fundamentals**: The Australian cotton production decreased due to water shortages. South Korea's cotton imports decreased. The domestic cotton futures price was weak, and the yarn mill start - up rate was stable [6] - **Trading Strategy**: Temporarily watch, with a price range of 14900 - 15400 yuan/ton [6] Palm Oil - **Market Performance**: The Malaysian palm oil market fell [6] - **Fundamentals**: The supply is expected to increase seasonally, and the export in March (1 - 20) increased by 36% [6] - **Trading Strategy**: The short - term price is driven by crude oil. It is recommended to watch and pay attention to the crude oil price and the production in the producing areas [6] Eggs - **Market Performance**: Egg futures prices continued to rise, and the spot price increased slightly [6] - **Fundamentals**: The demand for Tomb - sweeping Festival stocking boosted the spot price, the inventory decreased, but the egg - laying hen inventory is high, and the supply is sufficient [6] - **Trading Strategy**: The futures price is expected to fluctuate weakly [6] Pigs - **Market Performance**: Pig futures prices continued to fall, and the spot price also decreased [6][7] - **Fundamentals**: The slaughter volume in March increased significantly, the出栏 weight is high, and the demand is in the off - season. The supply is stronger than the demand [6][7] - **Trading Strategy**: The futures price is expected to be weak as the supply is strong and the spot price is low [6][7] Energy Chemicals LLDPE - **Market Performance**: The main LLDPE contract fell sharply. The spot price in North China was 8600 yuan/ton, and the 05 contract basis was weak [8] - **Fundamentals**: The domestic supply decreased due to the US - Iran conflict, and the import decreased while the export increased. The downstream demand is improving [8] - **Trading Strategy**: In the short - term, follow the crude oil price and pay attention to the geopolitical situation. In the medium - term, short on rallies as the supply pressure increases [8] PVC - **Market Performance**: The v05 contract closed at 5859, down 4.4% [8] - **Fundamentals**: The price was affected by the international oil price. The domestic supply increased, and the demand was stable. The social inventory decreased [8] - **Trading Strategy**: It is recommended to do a positive spread as the supply decreases and the demand is flat [8] Glass - **Market Performance**: The fg05 contract closed at 1064, down 1% [8] - **Fundamentals**: The supply decreased, the demand was low, and the inventory decreased. The glass price was at the bottom [8] - **Trading Strategy**: It is recommended to buy glass and sell soda ash as the supply is decreasing and the valuation is low [8] PP - **Market Performance**: The main PP contract fell sharply. The spot price in East China was 8900 yuan/ton, and the 05 contract basis was weak [8][9] - **Fundamentals**: The supply decreased due to the US - Iran conflict, and the export increased. The downstream demand is improving [8][9] - **Trading Strategy**: In the short - term, follow the crude oil price and pay attention to the geopolitical situation. In the medium - to long - term, short on rallies as the supply pressure increases [9] Crude Oil - **Market Performance**: Oil prices weakened as the US proposed a one - month cease - fire. The price included a risk premium that may be removed [9] - **Fundamentals**: The US - Iran conflict involves 5 Gulf countries, accounting for 20% of global oil production and 10% of global consumption. The export through the Strait of Hormuz may be affected. The production and export of Iran decreased [9] - **Trading Strategy**: Oil prices may rise if the Strait is blocked, but may reverse if the situation eases. Pay attention to the geopolitical risks [9] Styrene - **Market Performance**: The main EB contract fell sharply. The spot price in East China was 10500 yuan/ton, and the trading atmosphere was average [9] - **Fundamentals**: The inventory of pure benzene and styrene decreased slightly. The supply may be affected by the US - Iran conflict, and the demand is improving, but there is a negative feedback [9] - **Trading Strategy**: In the short - term, follow the crude oil price and pay attention to the geopolitical situation. In the long - term, the supply - demand may weaken as the conflict eases [9] Soda Ash - **Market Performance**: The sa05 contract closed at 1240, down 0.2% [10] - **Fundamentals**: The supply increased, the inventory decreased, and the downstream demand is weak [10] - **Trading Strategy**: It is recommended to watch as the supply increases and the demand is weak [10]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents daily arbitrage data for various futures varieties on March 25, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for market participants' investment decisions [1] 3. Summary by Directory 3.1 Power Coal - Displays the basis and spread data of power coal from March 18 to March 24, 2026. The basis gradually increased from - 78.4 yuan/ton on March 18 to - 50.4 yuan/ton on March 24, while the spreads of 5 - 1, 9 - 1, and 9 - 5 remained at 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Shows the basis and price ratio data of fuel oil, crude oil, and asphalt from March 18 to March 24, 2026. For example, on March 24, the basis of INE crude oil was 374.15 yuan/ton, and the price ratio of crude oil to asphalt was 0.1762 [8] 3.2.2 Chemical Commodities - **Basis**: Presents the basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 18 to March 24, 2026. For instance, the basis of rubber was - 125 yuan/ton on March 24 [10] - **Inter - period Spread**: Displays the inter - period spread data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol. For example, the 5 - 1 spread of rubber was - 780 yuan/ton [12] - **Inter - variety Spread**: Provides the inter - variety spread data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 18 to March 24, 2026. On March 24, the LLDPE - PVC spread was 3121 yuan/ton [12] 3.3 Black Metals - **Inter - period Spread**: Shows the inter - period spread data of rebar, iron ore, coke, and coking coal. For example, the 5 - 1 spread of rebar was - 55.0 yuan/ton [21] - **Inter - variety Spread**: Presents the inter - variety spread data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 18 to March 24, 2026. On March 24, the rebar/iron ore ratio was 3.83 [21] - **Basis**: Displays the basis data of rebar, iron ore, coke, and coking coal from March 18 to March 24, 2026. On March 24, the basis of rebar was 75.0 yuan/ton [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Shows the domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 18 to March 24, 2026. On March 24, the basis of copper was - 120 yuan/ton [31] 3.4.2 London Market - Presents the LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of LME non - ferrous metals on March 24, 2026. For example, the LME spread of copper was (91.73), and the Shanghai - London ratio was 7.83 [34] 3.5 Agricultural Products - **Basis**: Displays the basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 18 to March 24, 2026. On March 24, the basis of soybeans was - 75 yuan/ton [40] - **Inter - period Spread**: Shows the inter - period spread data of soybeans, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 spread of soybeans was - 20 yuan/ton [40] - **Inter - variety Spread**: Presents the inter - variety spread data of soybeans/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from March 18 to March 24, 2026. On March 24, the soybeans/corn ratio was 1.97 [40] 3.6 Stock Index Futures - **Basis**: Shows the basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 18 to March 24, 2026. On March 24, the basis of CSI 300 was 86.32 [51] - **Inter - period Spread**: Displays the inter - period spread data of CSI 300, SSE 50, CSI 500, and CSI 1000. For example, the next - month - current - month spread of CSI 300 was - 20.4 [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 24, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. It shows the basis, inter - period spreads, and inter - variety spreads of these commodities [1][7][22][28][38][51] 3. Summary by Directory Power Coal - The basis data of power coal from March 17 to March 23, 2026, is presented. The basis on March 23 is - 58.4 yuan/ton, and the spreads between 5 - month and 1 - month, 9 - month and 1 - month, 9 - month and 5 - month are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from March 17 to March 23, 2026, are provided. For example, on March 23, the basis of INE crude oil is 477.41 yuan/ton, and the ratio of crude oil to asphalt is 0.1737 [9] - **Chemical Commodities**: - Basis: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 17 to March 23, 2026, are given. For instance, on March 23, the basis of rubber is - 145 yuan/ton [11] - Inter - period spreads: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber is - 760 yuan/ton [12] - Inter - variety spreads: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from March 17 to March 23, 2026, are shown. On March 23, the LLDPE - PVC spread is 3125 yuan/ton [12] Black Metals - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9(10) - month - 1 - month, 9(10) - month - 5 - month) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month - 1 - month spread of rebar is - 56.0 yuan/ton [21] - **Inter - variety spreads**: The inter - variety spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from March 17 to March 23, 2026, are presented. On March 23, the rebar/iron ore ratio is 3.84 [21] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 17 to March 23, 2026, are given. On March 23, the basis of rebar is 116.0 yuan/ton [22] Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 17 to March 23, 2026, are provided. On March 23, the basis of copper is 810 yuan/ton [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 23, 2026, are presented. For example, the LME spread of copper is (85.26) [33] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 17 to March 23, 2026, are given. On March 23, the basis of soybeans No.1 is - 190 yuan/ton [39] - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - month - 1 - month spread of soybeans No.1 is - 5 yuan/ton [39] - **Inter - variety spreads**: The inter - variety spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from March 17 to March 23, 2026, are shown. On March 23, the soybeans No.1/corn ratio is 1.99 [39] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 17 to March 23, 2026, are provided. On March 23, the basis of CSI 300 is 10.43 [51] - **Inter - period spreads**: The inter - period spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 is - 17.8 [49]