【Comprehensive Morning Report】Bessen: US Tacitly Permits Some Vessels to Pass Through Hormuz

MaticHoleFiller · 2026-03-20T16:02:43+00:00

Comprehensive Morning Report covering macroeconomic conditions, precious metals, oil prices, US equities, futures markets, and various commodities analysis. Gold and oil prices eased, US stocks rebounded. Bond market fell due to inflation concerns. Steel and ore markets performed moderately, chemical products such as methanol and styrene prices remained relatively strong. Agricultural commodities saw soybean meal prices decline, while oil and fat markets strengthened. Overall market sentiment remained weak, requiring attention to Middle East developments and domestic policy changes.

MaticHoleFiller

2026-03-20 16:02:43

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Complex Morning Report by Fanwei

For the full daily comprehensive morning report, please see the Fanwei Mini Program.

Comprehensive Morning Report Editor: Yang Zhe

Professional Qualification Number: F03133851

Investment Advisory Number: Z0021076

Market Commentary

Macro

Gold

Oil prices decline, reducing pressure on precious metals.

U.S. Stocks

Biden’s statement cools oil prices; all three major U.S. stock indices rebound.

Futures Stocks

The economy starts strong, supporting the stock market. Although U.S.-Iran tensions still suppress risk appetite, China’s policy efforts to boost domestic demand may provide a hedge.

Futures Bonds

Oil prices continue to rise, concerns about inflation in the bond market increase, coupled with economic data from January-February exceeding market expectations, leading to bond market fluctuations and declines.

Black Industry

Rebar / Hot Rolled Coils

Economic data are average; steel prices fluctuate.

Iron Ore

Prices hover at high levels with high uncertainty.

Thermal Coal

Domestic and international coal prices remain disconnected; overseas coal prices continue to rise, while domestic prices stay calm.

Liquefied Petroleum Gas

Supply tightness and energy price focus lead to relatively strong prices in Asia.

Asphalt

Supply disruption risks for asphalt increase, providing strong support for market prices.

Chemicals

Methanol

Iranian facilities begin restarting; attention to the pace of subsequent restart and domestic MTO restart.

Styrene

Supply reduction expectations persist; styrene prices fluctuate with a slight upward bias.

Float Glass

Glass prices declined today, market sentiment is weak. Despite recent shutdowns for maintenance, demand recovery remains slow.

Soda Ash

Soda ash prices declined today; inventories at producers decreased slightly compared to last Thursday.

Urea

Efforts to stabilize supply and prices intensify, with significant tightening of indirect exports.

Non-Ferrous Metals

Copper

Middle East adds new uncertainties; copper prices fluctuate and form a bottom.

Lithium Carbonate

Strategy-wise, watch for opportunities to buy on dips.

Zinc

Social inventories continue to increase significantly; Shanghai zinc fluctuates weakly.

Lead

Macro and fundamentals resonate; Shanghai lead breaks below support levels.

Tin

Supply and demand remain weak.

Platinum

Macro pressures suppress prices; platinum and palladium fluctuate at low levels.

Agricultural Products

Soybean Meal

U.S. soybeans plummeted yesterday, likely dragging soybean meal prices down. Continue monitoring Middle East tensions, China’s soybean procurement, and actual Brazilian soybean arrivals.

Soybean Oil / Rapeseed Oil / Palm Oil

Oil markets continue to strengthen; Indonesia may impose windfall taxes on palm oil.

White Sugar

India’s 2025/26 harvest estimates may be below ISMA’s February forecast.

Corn

Corn prices remain high with volatile fluctuations; spot supplies are tight, watch for selling pressure risks.

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