1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday views on Iron Ore 2601 are all in a state of shock, with an overall view of shock and weakness. The short - term positive factors have fermented, and the ore price is in a high - level shock [1]. - The iron ore supply remains high while the demand weakens, and the fundamentals of the ore market have not improved. The ore price is still under pressure. The short - term support comes from the switching of the arbitrage logic, and the ore price is expected to continue the shock operation. Attention should be paid to the performance of steel [3]. 3. Summary According to Related Contents 3.1 Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is shock, the medium - term view is shock, the intraday view is shock and weakness, and the overall view is shock and weakness. The core logic is that short - term positive factors have fermented, leading to a high - level shock in ore prices [1]. 3.2 Calculation Rules for Rise and Fall - For varieties with night trading, the starting price is the night - trading closing price; for those without night trading, it is the previous day's closing price. The ending price is the day - trading closing price on the same day to calculate the rise - fall range. A decline greater than 1% is considered weak, a decline of 0 - 1% is shock and weakness, a rise of 0 - 1% is shock and strength, and a rise greater than 1% is strong. The shock - strength/weakness only applies to intraday views, and there is no distinction for short - term and medium - term views [2]. 3.3 Market Driving Logic - The supply and demand of iron ore have changed. Steel mill production has stabilized, the terminal consumption of ore has weakened, and the profitability of steel mills is poor, so the ore demand is expected to remain weak. At the same time, the arrival of ore at domestic ports has increased significantly, the overseas miners' shipments have decreased, but both are still at a high level within the year. Overseas supply is active, and domestic ore supply is stable. The ore supply remains high. Overall, the ore market fundamentals have not improved, and the ore price is still under pressure. The short - term support comes from the switching of the arbitrage logic, and the ore price is expected to continue the shock operation. Attention should be paid to the performance of steel [3]

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2025-11-25 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2601 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空因素主导，沪胶震荡偏弱 | | 合成胶 | 2601 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空因素主导，合成胶震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：随着国内云南和海南天胶产区逐渐临近停割季，未来国产全乳胶供应预期逐渐下降 ...

Group 1: Report Investment Rating - The short - term view of crude oil 2601 is volatile, the medium - term view is volatile, and the intraday view is bullish, with a reference view of bullish operation [1] Group 2: Core View - Due to the significantly worse - than - expected September non - farm payroll data released by the US last weekend, the macro sentiment has weakened. The latest quarterly report of OPEC has changed the global oil market in the third quarter from "supply shortage" to "a daily surplus of 500,000 barrels", amplifying the expectation of loose supply. The weak supply - demand structure of the oil market is now in a game with geopolitical sentiment. Due to the continuation of the Russia - Ukraine conflict, oil prices are recovering. On Monday night, domestic crude oil futures maintained a volatile and stable trend with a slight rebound. It is expected that domestic crude oil futures may maintain a bullish trend on Tuesday [5] Group 3: Summary by Related Catalog Time - cycle View - For crude oil 2601, the short - term view is volatile, the medium - term view is volatile, and the intraday view is bullish, with a reference view of bullish operation. The core logic is that bullish factors support the crude oil to be volatile and bullish [1] Price -行情 Driving Logic - The intraday view of crude oil (SC) is bullish, and the medium - term view is volatile. The reference view is bullish operation. The core logic involves macro sentiment weakening, supply - demand structure changes, and the impact of geopolitical conflicts on oil prices. It is expected that domestic crude oil futures may be bullish on Tuesday [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Rubber**: On Monday, the domestic Shanghai rubber futures contract 2601 showed a trend of shrinking volume, reducing positions, fluctuating weakly, and slightly closing lower. The intraday price center slightly dropped to around 15,320 yuan/ton, closing down 0.33% at 15,320 yuan/ton. The 1 - 5 month spread discount narrowed to 75 yuan/ton. After the weakening of macro - driving factors, the domestic rubber market has returned to a market dominated by supply - demand fundamentals [6]. - **Methanol**: On Monday, the domestic methanol futures contract 2601 showed a trend of increasing volume, reducing positions, fluctuating stably, and rebounding significantly. The futures price reached a maximum of 2,077 yuan/ton and a minimum of 2,007 yuan/ton, closing up 3.08% at 2,077 yuan/ton. The 1 - 5 month spread discount narrowed to 121 yuan/ton. With the improvement trend in methanol supply - demand expectations, the methanol futures price is expected to have a valuation repair market [6]. - **Crude Oil**: On Monday, the domestic crude oil futures contract 2601 showed a trend of shrinking volume, reducing positions, fluctuating weakly, and slightly closing lower. The futures price reached a maximum of 449.5 yuan/barrel and a minimum of 442.5 yuan/barrel, closing down 1.13% at 447.9 yuan/barrel. The bearish atmosphere has strengthened. The game between supply surplus and seasonal demand recovery, combined with the weakening of macro - sentiment, has put pressure on short - term oil prices [7]. 3. Summary by Directory 3.1 Industry Dynamics - **Rubber**: As of November 16, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 452,600 tons, a week - on - week increase of 3,100 tons or 0.70%. The bonded area inventory decreased by 1.76% to 66,600 tons, while the general trade inventory increased by 1.13% to 386,000 tons. The inbound and outbound rates of bonded and general trade warehouses decreased. As of the week of November 21, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 69.36%, a week - on - week decrease of 3.63 percentage points and a year - on - year decrease of 10.40 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 62.04%, a week - on - week decrease of 2.25 percentage points and a year - on - year increase of 1.56 percentage points. In October 2025, China's automobile production and sales were 3.359 million and 3.322 million respectively, with month - on - month increases of 2.5% and 3% and year - on - year increases of 12.1% and 8.8%. From January to October 2025, the cumulative automobile production and sales were 27.692 million and 27.687 million respectively, with year - on - year increases of 13.2% and 12.4%. In October 2025, the sales of heavy - duty trucks were about 93,000, a year - on - year increase of about 40%. From January to October 2025, the cumulative sales were 916,000, and the annual sales are expected to exceed one million and may even reach 1.1 million [11][12]. - **Methanol**: As of the week of November 21, 2025, the average domestic methanol operating rate was 83.77%, a week - on - week decrease of 0.17%, a month - on - month increase of 1.06%, and a year - on - year increase of 4.08%. The average weekly methanol output was 2.0142 million tons, a week - on - week increase of 38,100 tons, a month - on - month increase of 70,700 tons, and a significant year - on - year increase of 134,000 tons. The operating rates of formaldehyde, acetic acid, and MTBE increased slightly, while the operating rate of dimethyl ether decreased slightly. The average operating load of domestic coal (methanol) to olefin plants was 82.67%, a week - on - week increase of 0.85 percentage points and a month - on - month decrease of 3.78%. The futures disk profit of domestic methanol to olefin was 316 yuan/ton, a week - on - week increase of 7 yuan/ton and a month - on - month rebound of 537 yuan/ton. The port methanol inventory in East and South China was 1.2439 million tons, a week - on - week decrease of 35,100 tons, a month - on - month decrease of 25,900 tons, and a significant year - on - year increase of 184,600 tons. The inland methanol inventory was 358,700 tons, a week - on - week decrease of 10,600 tons, a month - on - month decrease of 1,700 tons, and a year - on - year decrease of 29,300 tons [13][14]. - **Crude Oil**: As of the week of November 14, 2025, the number of active oil drilling platforms in the United States was 417, a week - on - week increase of 3 and a year - on - year decrease of 61. The average daily US crude oil production was 13.834 million barrels, a week - on - week decrease of 28,000 barrels per day and a significant year - on - year increase of 633,000 barrels per day. The US commercial crude oil inventory (excluding strategic petroleum reserves) was 424.2 million barrels, a week - on - week decrease of 3.426 million barrels and a significant year - on - year decrease of 6.137 million barrels. The crude oil inventory in Cushing, Oklahoma was 21.821 million barrels, a week - on - week decrease of 698,000 barrels. The US Strategic Petroleum Reserve (SPR) inventory was 410.9 million barrels, a week - on - week increase of 533,000 barrels. The US refinery operating rate was 90%, a week - on - week increase of 0.6 percentage points, a month - on - month increase of 1.4 percentage points, and a year - on - year decrease of 0.2 percentage points. The average non - commercial net long positions in WTI crude oil decreased significantly, while the average net long positions in Brent crude oil futures funds increased significantly [14][15]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,750 yuan/ton | - 100 yuan/ton | 15,320 yuan/ton | + 80 yuan/ton | - 570 yuan/ton | - 80 yuan/ton | | Methanol | 2,082 yuan/ton | + 70 yuan/ton | 2,077 yuan/ton | + 73 yuan/ton | + 5 yuan/ton | - 3 yuan/ton | | Crude Oil | 416.2 yuan/barrel | - 0.1 yuan/barrel | 447.9 yuan/barrel | + 0.5 yuan/barrel | - 31.7 yuan/barrel | - 0.6 yuan/barrel | [16] 3.3 Related Charts - **Rubber**: The report mentions relevant charts such as rubber basis,上期所 rubber futures inventory, etc [17][19].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For coke, the latest data shows that both supply and demand have weakened slightly, and the fundamentals have changed little. As of the week of November 21, the total daily coke output of independent coking plants and steel - mill coking plants was 1.0889 million tons, a week - on - week decrease of 0.28 thousand tons. The daily hot - metal output of 247 steel mills was 2.3628 million tons, a week - on - week decrease of 0.6 thousand tons, and the steel - mill profit rate continued to drop by 1.3 percentage points to 37.66%. The strong supply expectation of coking coal has cooled down, weakening the cost support for coke, and the main futures contract maintains a weak and volatile operation [6][35]. - For coking coal, as of the week of November 21, the daily output of clean coal from 523 coking coal mines nationwide was 758 thousand tons, a month - on - month increase of 0.1 thousand tons and a year - on - year decrease of 3.8 thousand tons. The total daily coke output of downstream coking plants and steel mills was 1.0889 million tons, a week - on - week decrease of 0.28 thousand tons. Although the profit of independent coking plants has improved significantly this week, the port market has overdrawn the price - cut expectation in advance. There are doubts about the improvement of downstream demand and its sustainability. The anti - involution expectation has eased and the accelerated customs clearance of Mongolian coal have weakened the supply - side support for coking coal. However, considering the possible decline in coal - mine output after the year - end production target is met and the Politburo meeting in December, the sustainability of the downward trend of coking - coal futures remains to be observed [7][35]. 3. Summary by Relevant Catalogs 3.1 Industry News - The US and Ukrainian representatives said that the Geneva talks on November 23 "made progress" on the US - proposed 28 - point new plan to end the Russia - Ukraine conflict [8]. - On November 24, the price of coking coal in Linfen Anze market remained stable, with the ex - factory price of low - sulfur main - coking clean coal (A9, S0.5, V20, G85) being 1,660 yuan/ton including cash and tax [9]. 3.2 Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Coke (Rizhao Port quasi - first - class flat - price) | 1,670 | +3.09% | +6.37% | - 1.18% | - 6.70% | | Coke (Qingdao Port quasi - first - class ex - warehouse) | 1,490 | - 2.61% | - 3.87% | - 8.02% | - 10.78% | | Coking Coal (Ganqimaodu Port Mongolian coal) | 1,330 | 0.00% | - 4.32% | +12.71% | - 3.62% | | Coking Coal (Australian - produced in Jingtang Port) | 1,590 | - 1.24% | - 4.22% | +6.71% | - 6.47% | | Coking Coal (Shanxi - produced in Jingtang Port) | 1,790 | - 2.19% | +2.87% | +16.99% | +5.29% | [10] 3.3 Futures Market | Futures | Active Contract | Closing Price | Change Rate (%) | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | - | 1,614.5 | - 1.31 | 1,647.5 | 1,614.5 | 16,023 | - 3,327 | 36,556 | 80 | | Coking Coal | - | 1,103.0 | - 1.82 | 1,124.0 | 1,096.0 | 620,493 | - 94,108 | 497,103 | - 39,806 | [14] 3.4 Related Charts - The report provides various charts related to coal and coke inventories, including those of 230 independent coking plants, 247 steel - mill coking plants, ports, and total inventories. It also includes charts on domestic steel - mill production, Shanghai terminal wire - rod procurement, coal - washing plant production, and coking - plant operation [15][16][17][21][24][26][28][30][33] 3.5 Market Outlook - The same as the core viewpoints, the supply and demand of coke have weakened slightly, and the cost support is weakening. The supply - side support for coking coal is weakening, but the sustainability of the downward trend of futures remains to be observed [6][7][35]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 邮箱：longaoming@bcqhgs.com 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 碳酸锂 | 日报 2025 年 11 月 24 日 碳酸锂日报 专业研究·创造价值 碳酸锂震荡企稳 摘要 【期货市场】主力合约 LC2601.GFE 收盘价 90480 元/吨，较前日下 跌 540 元/吨（-0.59%），近 10 个交易日整体呈现上升走势。 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 请务必阅读文末免责条款部分 碳酸锂 | 日报 1. 产业动态 【现货市场】碳酸锂现货价格为 92090 元/吨，较前日下跌 0.29%， 近 10 个交易日整体呈现上升走势。 【基差分析】当前基 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 11 月 24 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪回暖，钢矿震荡走高 核心观点 作者声明 螺纹钢：主力期价偏强震荡，录得 0.95%日涨幅，量增仓缩。现阶段， 螺纹需求虽有所好转，但持续性存疑，且供应也在回升，螺纹基本面并 无实质性改善，钢价继续承压，相对利好的是估值偏低，预计走势延续 震荡运行态势，关注需求表现情况。 热轧卷板：主力期价震荡企稳，录得 0.67%日涨幅，量增仓缩。目前来 看，热卷供需格局有所好转，库存再度去化，但供应压力未解，且需求 韧性存疑，基本面改善力度 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - **沪铜**: The main contract price of Shanghai copper fluctuated narrowly around 86,200 yuan. The speech of New York Fed President Williams, interpreted as "dovish" by the market, reignited traders' hopes for a possible interest rate cut in December, with the probability of a December rate cut rising to around 70%. Copper prices rebounded significantly on Friday night. Overseas electrolytic copper inventories continued to rise, suppressing copper prices, while domestic social inventories of electrolytic copper decreased on Monday. Technically, attention should be paid to the support at the 86,000 yuan mark [6]. - **沪铝**: Shanghai aluminum fluctuated strongly. The expectation of a Fed interest rate cut heated up again, and aluminum prices stabilized and rebounded from Friday night. As aluminum prices weakened, the spot premium strengthened, reflecting increased industrial support. Technically, attention should be paid to the support at the 21,400 yuan level [7]. - **沪镍**: Shanghai nickel rebounded significantly with reduced positions, and the main contract price regained the 115,000 yuan mark. The expectation of a Fed interest rate cut heated up again, and nickel prices stabilized and rebounded from Friday night. The willingness of long - positions to close increased today. As nickel prices declined last week, the spot premium gradually strengthened, reflecting increased support at the spot end. Technically, the short - term nickel price regained the 115,000 yuan mark, and continuous closing of long - positions may drive nickel prices to continue to rebound [8]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - **Copper**: As of November 24, the copper inventory in the mainstream regions of China decreased by 13,900 tons week - on - week to 180,600 tons. The main reasons for the inventory reduction this week were the decrease in domestic supply arrivals and the improvement in the outbound rhythm. SMM expected a decrease in imported supply arrivals and stable downstream purchasing willingness, predicting a slight decrease in weekly copper inventory [10]. - **Nickel**: On November 24, the price of SMM1 electrolytic nickel was 115,400 - 120,100 yuan/ton, with an average price of 117,750 yuan/ton, a rise of 1,050 yuan/ton from the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 4,200 - 4,500 yuan/ton, with an average premium of 4,350 yuan/ton, a rise of 150 yuan/ton from the previous trading day. The spot premium quotation range of domestic mainstream brand electrowon nickel was 0 - 500 yuan/ton [11]. 3.2 Relevant Charts - **Copper**: The report provided charts on copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper注销仓单比例, overseas copper exchange inventory, SHFE warehouse receipt inventory, etc. [12][13][14] - **Aluminum**: Charts on aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), aluminum rod inventory, etc. were presented [23][25][30] - **Nickel**: Charts on nickel basis, LME nickel inventory and注销仓单比例, LME nickel trend, SHFE inventory, nickel ore port inventory, etc. were included [36][38][42]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The digital and intelligent transformation is driving the Chinese futures market towards a more intelligent, open, and inclusive direction. Technologies such as big data, artificial intelligence, cloud computing, and blockchain are revolutionizing the market's operation, but the transformation also faces challenges in technology, data security, regulations, and talent, which need to be addressed through corresponding measures [2][3][15]. 3. Summary by Directory A. Core Technologies and Applications of Digital and Intelligent Transformation - Big data analyzes vast market data for accurate price trend prediction and risk control, as seen in the real - time risk warning system of a large futures company [2][3]. - AI and machine learning are used in algorithm trading and investment decision - making, reducing human errors and enhancing trading efficiency [4]. - Cloud computing provides powerful computing and flexible resource scheduling for efficient risk management system operation and cost reduction [5]. - Blockchain ensures transaction data transparency and security, simplifies the delivery process, and promotes market innovation [6]. B. Successful Practices of Digital and Intelligent Transformation - A large futures company built a comprehensive risk monitoring system using big data, reducing market risks [7]. - A leading futures company optimized its risk model with AI, reducing risk losses and improving customer satisfaction [8]. - Another company achieved efficient risk management system operation through cloud computing, ensuring system stability during high - volume trading [9]. - A futures exchange used blockchain for electronic contracts, digital warehouse receipts, and smart contracts, improving efficiency and security [10]. C. Challenges and Countermeasures in Digital and Intelligent Transformation - Technical risks include blockchain security and system compatibility issues, which can be addressed by standardizing technology and establishing emergency plans [11]. - Data security requires measures like encryption and access control, and ethical issues in algorithm trading need to be resolved through technology design and regulations [11]. - Regulatory lag requires updating laws and promoting international cooperation for unified standards [12][14]. - Talent shortage can be solved by collaborating with educational institutions, providing incentives, and internal training [14]. D. Future Development Trends of Digital and Intelligent Transformation - Technology integration will deepen, such as combining blockchain with IoT and AI with big data for better market infrastructure [15]. - Regulatory technology will help address regulatory challenges, enabling real - time monitoring and automated compliance [15]. - Market innovation will continue, with new products like digital currency futures emerging, and cross - border trading will increase with international cooperation [15].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided report. 2. Core Viewpoints of the Report - The report presents a daily update on futures arbitrage data for various commodities on November 24, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][52]. 3. Summary by Relevant Catalogs Power Coal - The report shows the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from November 17 to 21, 2025. The basis remained at 32.6 yuan/ton during this period, and all spreads were 0 [2]. Energy Chemicals Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 17 to 21, 2025 are provided, along with price changes such as - 8.81, - 14.21, etc [7]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 17 to 21, 2025 are presented. For example, the basis of rubber on November 21 was - 490 yuan/ton [9]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 month spread of rubber was 65 yuan/ton [10]. - **Inter - commodity Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 17 to 21, 2025 are shown. On November 21, the LLDPE - PVC spread was 2330 yuan/ton [10]. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 17 to 21, 2025 are provided. For example, the basis of rebar on November 21 was 173.0 yuan/ton [21]. - **Inter - period Spreads**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are presented. The 5 - 1 month spread of rebar was 42.0 yuan/ton [20]. - **Inter - commodity Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from November 17 to 21, 2025 are given. On November 21, the rebar/iron ore ratio was 3.89 [20]. Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 17 to 21, 2025 are provided. For example, the basis of copper on November 21 was 20 yuan/ton [31]. London Market - On November 21, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are presented. For example, the LME spread of copper was 1.06 [34]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 17 to 21, 2025 are provided. For example, the basis of soybeans No.1 on November 21 was - 89 yuan/ton [39]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of various agricultural products are given, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 month spread of soybeans No.1 was 42 yuan/ton [39]. - **Inter - commodity Spreads**: The ratios and spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on November 21, 2025 are presented. For example, the soybeans No.1/corn ratio was 1.88 [39]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 17 to 21, 2025 are provided. For example, the basis of CSI 300 on November 21 was 71.22 [52]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the 5 - 1 month spread of CSI 300 was - 408 [50].