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[Caixin Futures: Crude Oil Weakens from High Levels, Most Commodities Trade Weakly] ⑴ Crude Oil: Weakened from high levels. On April 7, 2026 (Eastern Time), the United States, Israel, and Iran reached a temporary ceasefire mediated by Pakistan for 14 days. Negotiations will begin on April 10 in Islamabad. The ceasefire shifted the geopolitical game from "war" to "diplomacy," drastically reversing market logic and causing a decline in geopolitical sentiment. Short-term energy and chemical commodities face downward pressure. ⑵ Fuel Oil: Weakened from high levels. During the war, Middle Eastern infrastructure and oil facilities were attacked, leading to production cuts by oil-producing countries. China has a high dependence on imported high-sulfur fuel oil, with Iranian high-sulfur fuel oil imports accounting for 20% of domestic imports. The temporary ceasefire reached by the United States, Israel, and Iran through Pakistan has eased geopolitical sentiment, resulting in a decline in prices from high levels. ⑶ Glass: Weak. The North China market remained relatively stable, while the Shahe market continued to see low-price transactions, especially large-plate transactions, which saw a continued slight decline in prices. Currently, the industry's daily output has slightly rebounded to 145,500 tons. Overall, orders for deep-processing plants remain weak, and the increase in the number of order days in the industry is limited. Low supply and rising energy costs provide some support for prices, but weak demand expectations suggest prices will fluctuate widely without any significant driver. (4) Soda Ash: Weak. Today, the domestic soda ash market is trending towards stability, with prices firm and transactions generally moderate. Plant operations are not fluctuating significantly, with some individual companies experiencing load fluctuations. Downstream demand is weak, with most transactions occurring on an as-needed basis, primarily for restocking at low prices. Last week, total soda ash inventory was 1.8861 million tons, an increase of 21,300 tons from Monday, while social inventory totaled over 340,000 tons, an increase of over 30,000 tons. Today, the soda ash capacity utilization rate is 79.11%, with some companies operating at a reduced capacity. Overall, downstream cold repairs are accelerating, and medium-term supply is ample, suggesting a weak and volatile outlook. (5) Caustic Soda: Weak. Today, the price of low-degree soda ash in Shandong is generally stable, with some companies experiencing price corrections due to warehouse receipts, and some high-priced companies slowing down shipments, leading to price declines. Last week, the national sample inventory of liquid caustic soda increased by 0.94% week-on-week, and the average capacity utilization rate was 85.7%, up 1.1% week-on-week. Fundamentals remained largely unchanged, but plant operating rate reductions fell short of expectations. Caustic soda futures are expected to experience increased volatility, with a wide-range, slightly weaker trend. ⑹ Methanol: Slightly weak fluctuations, with downward pressure. Today, the Taicang spot price was 3355, down 280, and the Inner Mongolia North Line price was 2585, down 110. The domestic methanol main market generally fell sharply along with the futures market. The Middle East geopolitical situation eased somewhat, and futures prices significantly retraced previous gains. Port paper and spot prices also fell sharply. However, with continued low imports, the basis strengthened rapidly as futures prices declined. This week, the methanol port sample inventory decreased by 0.85 million tons compared to the previous period, down 0.82% week-on-week, falling short of expectations. The ceasefire shifted the geopolitical game from "war" to "diplomacy," drastically reversing market logic. A cautious approach is needed in the short term.