The international energy market fluctuated this week. The US crude oil inventories unexpectedly decreased last week, boosting crude oil futures to bottom out, climbing to a maximum of 108.70 US dollars / barrel, but China's weak PMI data made investors worried about the prospects of crude oil demand, crude oil Futures prices fell, erasing previous gains, and crude oil prices have fallen to around $105 on Friday. Base metal prices began to fall, and copper stocks fell to 255,450 tons as of March 22. Although US economic data has helped the market, China's PMI has been shrinking for five months, adding to investors' growth in China's economy. Worried, the Eurozone Purchasing Managers Index also fell to a three-month low, and the copper shock fluctuated. The latest offer for LME copper was $8,353 per ton, and the short-term shock range is expected to be $8,200-$8,700/ton.

In the international agricultural market, industry authorities said that due to the effects of dry weather and crop pests and diseases, Brazil's 2012 soybean production forecast was lowered by 1.5 million to 66.5 million tons, and in 2011 it was 75.3 million tons. The news that China is preparing to increase soybean imports and the expectation that US soybean plantings may shrink will also support the rebound of US soybeans. This week, the US soybeans remained at a high level, and there was some support for the 1350 cents/bushel. US corn has weakened this week, basically smearing last week's gains as investors are cautious ahead of the announcement of the government planting plan next week. In the soft commodity market, the global cotton market is well supplied. In March, the US Department of Agriculture reported that the global cotton stocks consumption ratio has reached a new high since 2009/2010. ICE cotton prices have been sideways this week, and trading remained at 87.0 per pound. 89.0 interval. Raw sugar futures prices fell this week, reaching a maximum of 26.2 cents per pound. As the world's number one sugar producer and exporter, Brazil's abnormal climate for two consecutive years has failed to increase sugar production expectations, and the market is worried that its production expectations may be lowered. ICE raw sugar prices are strong at 25 cents per pound. Slow wire manufacturer

Domestic base metals are weak relative to the outer disk, and the stock of Shanghai copper continues to rise. On the demand side, in addition to the strong demand for power grids, the current real estate market is facing policy risks. The traditional copper consumption season has arrived, but downstream consumption is generally weak. The Shanghai copper June contract fell below the 60,000 yuan mark on Monday, and the market closed barely above the key level on Friday, closing at 60030 yuan per ton. Hujiao declined this week. Thailand is currently in the off-season of rubber cutting. The domestic production areas are affected by the dry weather. The production cuts are expected to increase. The spot transactions in the domestic market are light, and the inventories in the bonded areas are gradually declining. Due to the failure to effectively start downstream demand, inventory digestion is slow. On Friday, the Hujiao June contract closed at 28,285 yuan / ton, and the position level continued to decline. Rebar's performance this week was relatively resistant. Shanghai Steel's October contract closed at 4,347 yuan per ton on Friday. It is expected that there will be significant pressure on rebar running above 4,400 yuan.

Domestic agricultural products are consolidating, and even beans are running at high levels. The Chinese Ministry of Commerce estimates that China's soybean imports in March reached 5.1 million tons, an increase of 33% from February. The performance of soybean meal was outstanding. In September, the price of soybean meal reached a new high in the year, closing at 3,240 yuan per ton. Zheng Mian’s news was calm this week, and the poor sales of downstream products led to a weak willingness for textile mills to replenish the library. As the country’s collection and storage came to an end, the policy’s support for cotton prices was also weakening, and Zheng cotton maintained a volatile pattern. As of Friday's close, Zheng Mian reported at 21,360 yuan per ton.

The China and Europe Manufacturing Purchasing Managers Index continued to decline, indicating that manufacturing activity in China and the Eurozone continued to shrink, while the US job market continued to improve, and this week's commodity market fluctuated sharply. Our investment strategy is: copper and zinc in tempered metal, the trend of chemical products began to weaken, focusing on Zhengzhou PTA, Dalian Plastics and the short-selling opportunities after the formation of Shanghai natural rubber decline trend. Agricultural products will continue to rebound in the short term. It is necessary to pay close attention to the changes in the trend of strong varieties such as soybean meal and corn. Once the market begins to show signs of weakening, the previous singles need to make timely profit-taking.