| | | 王泽辉 Z0019938 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 更阳 | | | | | | | | | | | | | | | | | | | | | | | 9月4日 张跃 旅跌幅 | | | | | | | | | | | | | | | | | | | 现价 | | 0.35% | | | | | | | | | | | | | | | | | | | 期价 Y2601 | 8456 | 8410 46 0.55% | | | | | | | | | | | | | | | | | | | 墓差 Y2601 | 184 | 200 -16 -8.00% | | | | | | | | | | | | | | | | | | | 现货墓差报价 江苏9月 | 01+220 | 01+220 0 r | | | | | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On September 5, 2025, the total positions of IF, IH, IC, and IM all decreased significantly or notably, with significant changes in the positions of the top 20 seats [1][5][11][17][23] 3. Summary by Related Catalog 3.1 IF - **Total Position and Main Contract Position Changes**: On September 5, the total position of the IF variety decreased by 20,566 hands, and the position of the main contract 2509 decreased by 18,134 hands [5] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IF variety on that day, CITIC Futures had the largest reduction in long positions, with a decrease of 6,142 hands, while CICC Futures had the largest increase, with an increase of 1,616 hands. Guotai Junan Futures ranked first in total long positions, with 48,929 hands [6] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IF variety on that day, CITIC Futures had the largest reduction in short positions, with a decrease of 5,556 hands, while Zhongtai Futures had the largest increase, with an increase of 478 hands. CITIC Futures ranked first in total short positions, with 48,175 hands [8] 3.2 IH - **Total Position and Main Contract Position Changes**: On September 5, the total position of the IH variety decreased by 11,778 hands, and the position of the main contract 2509 decreased by 10,137 hands [11] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IH variety on that day, CITIC Futures had the largest reduction in long positions, with a decrease of 3,467 hands, while Galaxy Futures had the largest increase, with an increase of 130 hands. Guotai Junan Futures ranked first in total long positions, with 10,886 hands [12] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IH variety on that day, CITIC Futures had the largest reduction in short positions, with a decrease of 3,510 hands, while Bank of China Futures had the largest increase, with an increase of 1,573 hands. CITIC Futures ranked first in total short positions, with 12,742 hands [13] 3.3 IC - **Total Position and Main Contract Position Changes**: On September 5, the total position of the IC variety decreased by 12,544 hands, and the position of the main contract 2509 decreased by 12,722 hands [17] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IC variety on that day, Guotai Junan Futures had the largest reduction in long positions, with a decrease of 3,503 hands, while Guolian Futures had the largest increase, with an increase of 693 hands. CITIC Futures ranked first in total long positions, with 39,112 hands [18] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IC variety on that day, Guotai Junan Futures had the largest reduction in short positions, with a decrease of 4,171 hands, while Bank of China Futures had the largest increase, with an increase of 372 hands. CITIC Futures ranked first in total short positions, with 41,792 hands [20] 3.4 IM - **Total Position and Main Contract Position Changes**: On September 5, the total position of the IM variety decreased by 17,948 hands, and the position of the main contract 2509 decreased by 17,886 hands [23] - **Top 20 Long Seats Position Changes**: Among the top 20 long seats of the IM variety on that day, CITIC Futures had the largest reduction in long positions, with a decrease of 5,181 hands, while Haitong Futures had the largest increase, with an increase of 1,493 hands. Guotai Junan Futures ranked first in total long positions, with 52,178 hands [23] - **Top 20 Short Seats Position Changes**: Among the top 20 short seats of the IM variety on that day, CITIC Futures had the largest reduction in short positions, with a decrease of 3,588 hands, while Haitong Futures had the largest increase, with an increase of 1,248 hands. CITIC Futures ranked first in total short positions, with 79,030 hands [24]

Report Summary 1. Report Industry Investment Ratings The report does not provide overall industry investment ratings. Instead, it offers specific investment suggestions for different varieties within various sectors. 2. Core Viewpoints - The A-share market may enter a high-level oscillation pattern after significant gains, and the volatility has increased. The bond market is likely to remain range-bound, and the precious metals market has ended its continuous rise and slightly declined. The shipping index is weakly oscillating, and the steel and iron ore markets are affected by supply and demand factors. The energy and chemical sectors show different trends, and the agricultural products market is influenced by factors such as supply expectations and seasonal reports [2]. 3. Summary by Categories Financial - **Stock Index Futures**: The current basis rates of IF, IH, IC, and IM main contracts are -0.36%, -0.37%, -0.77%, and -0.54% respectively. The A-share market may enter a high-level oscillation pattern, and it is recommended to wait and see [2]. - **Treasury Bonds**: The 10-year treasury bond interest rate may oscillate between 1.74% - 1.8%, and the T2512 contract may fluctuate between 107.6 - 108.4. It is recommended to conduct range operations [2]. - **Precious Metals**: The safe-haven sentiment has subsided, and the precious metals market has ended its continuous rise and slightly declined. It is recommended to buy gold cautiously at low prices or use out-of-the-money call options for hedging. For silver, short-term high-sell and low-buy operations are recommended [2]. Black - **Steel**: The steel price is affected by production restrictions and off-season demand. It is recommended to pay attention to the long position of the steel-ore ratio. The iron ore price fluctuates with the steel price, and it is recommended to conduct range operations [2]. - **Coking Coal**: The spot price is oscillating weakly. It is recommended to reduce short positions appropriately and conduct arbitrage operations [2]. - **Coke**: The seventh round of price increases by mainstream coking plants has been implemented, and the coking profit continues to recover. It is recommended to reduce short positions appropriately and conduct arbitrage operations [2]. Non-Ferrous Metals - **Copper**: The copper price center has risen, and the spot trading is weak. The main contract reference range is 79,000 - 81,000 [2]. - **Aluminum and Its Alloys**: The supply of aluminum is highly certain, and it is necessary to focus on the fulfillment of peak-season demand and the inventory inflection point. The main contract reference ranges for aluminum, aluminum alloy, zinc, tin, nickel, and stainless steel are provided [2]. Energy and Chemicals - **Crude Oil**: The EIA inventory increase and supply increment expectations put pressure on the oil price. It is recommended to take a short position. The support levels for WTI, Brent, and SC are provided [2]. - **Other Chemicals**: Different chemicals such as urea, PX, PTA, short fiber, bottle chip, ethylene glycol, caustic soda, PVC, benzene, styrene, synthetic rubber, LLDPE, PP, methanol, and others have different trends and corresponding investment suggestions [2]. Agricultural Products - **Grains and Oils**: The abundant harvest expectation suppresses the US soybean price, while the domestic expectation remains positive. It is recommended to arrange long positions for the 01 contract. The palm oil is waiting for the MPOB report, and the short-term oscillation range is provided [2]. - **Livestock and Poultry**: The supply and demand contradiction in the pig market is limited, and the market shows a weakly oscillating pattern. The corn price is oscillating and adjusting, and it is recommended to short on rebounds [2]. - **Other Agricultural Products**: The overseas sugar supply is expected to be loose, and the raw sugar price has broken through the support level. It is recommended to gradually close short positions. The cotton inventory is low, and it is recommended to wait and see. The egg market has some demand support, but the long-term trend is still bearish. The apple price is running around 8,350, and the jujube price has dropped significantly. The soda ash and glass markets are in a bearish pattern, and it is recommended to hold short positions [2]. Special Commodities - **Rubber**: The rubber market has a strong fundamental situation, and the price is oscillating at a high level. It is recommended to short at high positions if the raw material price rises smoothly [2]. - **Industrial Silicon**: The spot price has risen slightly, and the main price fluctuation range is expected to be between 8,000 - 9,500 yuan/ton [2]. New Energy - **Polysilicon**: The self-discipline supports the polysilicon price to rise temporarily, and it is recommended to wait and see [2]. - **Lithium Carbonate**: The market sentiment has improved, and the fundamental situation remains in a tight balance. It is recommended to wait and see [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market experienced a significant correction, with major indices and most sectors declining. The consumer sector bucked the trend, while the TMT sector saw a deep correction. The four major stock index futures also declined, and the basis of the main contracts showed a neutral oscillation. Given the high volatility and the potential for the A-share market to enter a high-level oscillation pattern after a large increase, it is recommended to wait and see. [2][3][4] - The Treasury bond futures mostly closed higher, but short-term trading may remain range-bound. The market should continue to monitor the stock market trend and the release of economic data in August to assess the impact on the bond market. A range trading strategy is suggested, with attention paid to the equity market and fundamental changes. [5][6] - The precious metals market ended its consecutive gains and slightly declined due to the fading of risk aversion and profit-taking by long positions at high levels. With an increased probability of a Fed rate cut in September, the price of gold is expected to rise to over $3,600 in the short term, while silver prices may see increased volatility and are recommended for high-sell and low-buy operations. [7][9][10] - The container shipping futures (EC) showed a weak oscillation. The spot prices continued to decline, and the futures market faced pressure from the weak spot market. There may be a bottom-fishing opportunity for the December contract, and a spread arbitrage strategy between the December and October contracts is recommended. [11][12] - Most non-ferrous metals showed various trends. For example, copper prices had an upward trend but faced constraints; alumina showed a weak oscillation; aluminum prices were expected to remain range-bound; and zinc prices were likely to oscillate. The market conditions and trends of each metal were affected by factors such as supply and demand, macro policies, and inventory changes. [13][16][18] - In the black metal market, steel prices were restricted by production cuts and weak demand during the off-season. Iron ore prices followed the steel price trend, with increased shipments and arrivals. Coking coal prices were weak, and coke prices faced a situation where the seventh round of price increases had been implemented, but the eighth round was blocked. [40][41][46] - In the agricultural product market, the expected high yield of US soybeans suppressed the market, while the domestic market for meal products had a positive outlook. The pig market had limited supply-demand contradictions, and the corn market showed a weak and oscillating trend. [53][54][59] Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market situation: The A-share market continued to correct on Thursday, with major indices significantly declining. The consumer sector rose, while the TMT sector fell sharply. The four major stock index futures also declined, and the basis of the main contracts showed a neutral oscillation. [2][3] - News: The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan to stabilize the growth of the electronic information manufacturing industry from 2025 - 2026. Overseas, the Fed's Beige Book indicated little change in economic activity, and consumer spending was flat or decreased. The number of job openings in the US in July dropped to a 10 - month low. [3][4] - Funds: On September 4, the A-share trading volume increased, and the northbound capital trading volume was 332.562 billion yuan. The central bank conducted a net withdrawal of 15.08 billion yuan through reverse repurchase operations. [4] - Operation suggestion: As the impact of monetary policy in the second half of the year on the equity market is crucial, and the A-share market may enter a high-level oscillation pattern after a large increase, it is recommended to wait and see for the next - stage direction. [4] Treasury Bond Futures - Market performance: Treasury bond futures mostly closed higher, but the yields of some spot bonds rose. The short - term trading of Treasury bond futures may remain range - bound. [5] - Funds: The central bank conducted a net withdrawal of funds through reverse repurchase operations, but the inter - bank funds were still relatively loose. The central bank planned to conduct a 100 - billion - yuan 3 - month outright reverse repurchase operation. [6] - Operation suggestion: Monitor the stock market trend and the release of economic data in August. A range trading strategy is recommended, with attention paid to the equity market and fundamental changes. [6] Financial Derivatives - Precious Metals - Market review: US employment data showed signs of weakness, while the service industry PMI expanded. Fed officials had different views on interest rate cuts. The precious metals market ended its consecutive gains and slightly declined due to the fading of risk aversion and profit - taking by long positions at high levels. [7][8][9] - Future outlook: With an increased probability of a Fed rate cut in September, gold prices are expected to rise to over $3,600 in the short term. Silver prices may see increased volatility, and high - sell and low - buy operations are recommended. [9][10] - Funds: The holdings of gold and silver ETFs increased significantly in August, and the net long speculative positions showed an upward trend. [10] Financial Derivatives - Container Shipping Futures (EC) - Spot quotes: As of September 5, the spot prices of major shipping companies continued to decline slowly. [11] - Shipping indices: As of September 1, the SCFIS European line index and the US West line index declined. As of August 29, the SCFI composite index rose, but the Shanghai - Europe freight rate decreased. [11] - Fundamentals: As of September 2, the global container shipping capacity increased year - on - year. The Eurozone's composite PMI and the US manufacturing PMI showed different trends. [11] - Logic: The futures market declined, and the upward momentum was suppressed by the weak spot market. There may be a bottom - fishing opportunity for the December contract, and a spread arbitrage strategy between the December and October contracts is recommended. [12] - Operation suggestion: Expect a weak oscillation and consider a spread arbitrage strategy between the December and October contracts. [12] Commodity Futures - Non - Ferrous Metals Copper - Spot: As of September 4, copper prices rose, but the spot trading was weak. [13] - Macro: The Fed's stance became more dovish, increasing the probability of a rate cut in September. Key events in September, such as the release of economic data and the FOMC meeting, may cause market fluctuations. [13][14] - Supply: The TC of copper concentrate was at a low level. The domestic electrolytic copper production in August decreased slightly month - on - month and was expected to decline further in September due to factors such as maintenance and supply shortages. [14] - Demand: The operating rates of copper rod production decreased. The domestic demand remained resilient, but there was marginal pressure in Q3. The power and new energy sectors supported the demand. [15] - Inventory: The LME copper inventory decreased, while the domestic social inventory and COMEX copper inventory increased. [15] - Logic: The Fed's dovish stance boosted copper prices, but the upside was limited by concerns about stagflation. The fundamentals showed a "weak reality + stable expectation" state. Copper prices are expected to at least oscillate and may enter a new upward cycle when the commodity and financial attributes resonate. [16] - Operation suggestion: The main contract is expected to operate in the range of 79,000 - 81,000 yuan/ton. [16] - Short - term view: Oscillation. [16] Alumina - Spot: On September 4, the spot prices of alumina in various regions decreased, and the inventory decreased slightly from a high level, causing the spot prices to loosen. [16] - Supply: In August 2025, the production of metallurgical - grade alumina in China increased year - on - year and month - on - month. With the industry still profitable, the operating capacity is expected to continue to increase slightly in September. [17] - Inventory: As of September 4, the port inventory remained unchanged week - on - week, while the registered warehouse receipts increased. [17] - Logic: The alumina futures oscillated, and the market was dominated by fundamentals. The supply was under pressure due to new capacity, while the demand was weak. The inventory continued to accumulate, suppressing the price. The downside is limited, and the upside requires supply disruptions or sentiment catalysts. [18] - Operation suggestion: The main contract is expected to operate in the range of 2,900 - 3,200 yuan/ton. Consider short - selling on rallies in the medium term. [18][19] - View: Weak oscillation, short - selling on rallies in the medium term. [19] Aluminum - Spot: On September 4, the spot price of A00 aluminum decreased, and the premium increased. [19] - Supply: In August 2025, the domestic electrolytic aluminum production increased year - on - year and month - on - month. The proportion of molten aluminum increased, and the ingot casting volume decreased. [19] - Demand: The operating rates of downstream industries showed marginal improvement. [20] - Inventory: On September 4, the domestic electrolytic aluminum social inventory increased week - on - week, and the inventory inflection point was not clear. [20][21] - Logic: The Fed's rate - cut expectation boosted the market sentiment, but the high price suppressed downstream procurement, and the inventory increase pressured the price. Aluminum prices are expected to remain range - bound, and attention should be paid to the actual demand during the peak season, inventory changes, and macro - policy implementation. [21] - Operation suggestion: The main contract is expected to operate in the range of 20,400 - 21,000 yuan/ton. [21] - View: Wide - range oscillation. [21] Aluminum Alloy - Spot: On September 4, the spot price of ADC12 aluminum alloy remained unchanged. [21] - Supply: In July, the production of recycled aluminum alloy ingots increased, and the operating rate increased. In August, the industry was in the off - season, but some enterprises may increase production in anticipation of the peak season. [22] - Demand: In August, the demand was weak, but it showed marginal improvement at the end of the month. The demand is expected to recover moderately in September. [22] - Inventory: The social inventory increased due to the off - season. [22] - Logic: The futures price oscillated with the aluminum price. The supply of scrap aluminum was tight, and the demand was in the off - season. As the peak season approaches, the spot price is expected to remain stable, and the price difference with aluminum may converge. [23][24] - Operation suggestion: The main contract is expected to operate in the range of 20,000 - 20,600 yuan/ton. Consider a spread arbitrage strategy if the price difference is over 500. [24] - View: Strong oscillation. [24] Zinc - Spot: On September 4, the average price of 0 zinc ingots decreased, and the spot trading improved after the futures price declined. [24] - Supply: The TC of zinc concentrate remained high, and the supply of zinc ore was loose. The production of refined zinc in August was higher than expected, and it is expected to continue to increase in 1 - 9 months of 2025. [25] - Demand: The operating rates of primary processing industries were at a seasonal low but had limited room for further decline. The downstream procurement sentiment improved after the zinc price declined. [26] - Inventory: The domestic social inventory increased, while the LME inventory decreased. [26] - Logic: The supply of zinc ore was loose, and the production of refined zinc was high. The demand was about to enter the peak season, and the spot trading improved. The global inventory was low, providing support for the price. Zinc prices are expected to oscillate, and upward or downward breakthroughs require specific conditions. [27] - Operation suggestion: The main contract is expected to operate in the range of 21,500 - 23,000 yuan/ton. [27] - Short - term view: Oscillation. [27] Tin - Spot: On September 4, the price of 1 tin decreased, and the market trading was mixed. [27] - Supply: In July, the domestic tin ore import decreased, and the supply was difficult to improve in the short term. The tin ingot import increased. [28][29] - Demand and inventory: The operating rate of the soldering tin industry decreased, and the demand was weak. The LME inventory and the warehouse receipts of the Shanghai Futures Exchange increased, while the social inventory decreased. [29] - Logic: The supply of tin ore was tight, and the demand was weak. The tin price oscillated at a high level. If the supply recovers smoothly, consider short - selling on rallies; otherwise, the price is expected to continue to oscillate at a high level. [30] - Operation suggestion: The operating range is expected to be 265,000 - 285,000 yuan/ton. [30] - Recent view: Wide - range oscillation. [30] Nickel - Spot: As of September 4, the price of electrolytic nickel decreased, and the premium of imported nickel remained unchanged. [30] - Supply: In July 2025, the production of refined nickel increased year - on - year and month - on - month, and the monthly production plan is expected to increase slightly. [31] - Demand: The demand for electroplating and alloy was stable, while the demand for stainless steel was general. The demand for nickel sulfate was under pressure. [31] - Inventory: The overseas inventory remained high, the domestic social inventory decreased, and the bonded area inventory remained stable. [31] - Logic: The strengthening of the US dollar suppressed the non - ferrous metal market. The nickel price oscillated weakly, and the cost provided some support. The supply is expected to be loose in the medium term, restricting the upside. The price is expected to adjust within a range. [32] - Operation suggestion: The main contract is expected to operate in the range of 118,000 - 126,000 yuan/ton. [32][33] - Short - term view: Range adjustment. [32] Stainless Steel - Spot: As of September 4, the spot price of 304 cold - rolled stainless steel remained unchanged, and the basis increased. [33][34] - Raw materials: The price of nickel ore was stable, and the price of nickel iron was strong. The price of chrome ore was supported by cost, and the supply of chrome iron was tight. [34] - Supply: In August, the domestic stainless steel production increased, and the production is expected to continue to increase in September. [34] - Inventory: The social inventory decreased slowly, and the warehouse receipts decreased. [35] - Logic: The stainless steel futures oscillated slightly lower. The cost was supported by raw material prices, but the demand was weak. The market is cautiously optimistic about the peak season, but the demand is still weak. The price is expected to oscillate within a range. [36] - Operation suggestion: The main contract is expected to operate in the range of 12,600 - 13,400 yuan/ton. [36][37] - Short - term view: Range oscillation. [36] Lithium Carbonate - Spot: As of September 4, the spot prices of battery - grade and industrial - grade lithium carbonate decreased. The salt factories were reluctant to sell, while the traders were more willing to sell. The downstream procurement was mainly for rigid demand. [37] - Supply: In August, the production of lithium carbonate increased. The supply was affected by factors such as mine permit approval, and imports supplemented the supply. [38] - Demand: The demand was robust and optimistic, but the significant driving force was not obvious. The demand in September is expected to increase. [38] - Inventory: The overall inventory decreased last week, with the upstream inventory decreasing and the downstream inventory increasing. [39] - Logic: The lithium carbonate futures opened low and closed high, and the market sentiment improved. The fundamentals remained in a tight - balance state. The price is expected to oscillate widely around 75,000 yuan/ton and then stabilize. [39][40] - Operation suggestion: Wait and see. [40] - Short - term view: Wide - range oscillation. [40] Commodity Futures - Black Metals Steel - Spot: The steel billet price remained stable, and the spot prices of rebar and hot - rolled coil increased slightly. The January contract of rebar had a premium over the spot, while the January contract of hot - rolled coil had a discount. [40] - Cost and profit: The cost support is expected to weaken due to the limited supply recovery of coking coal and the slight increase in iron ore inventory. The steel profit decreased significantly in August. [41] - Supply: From January to August, the iron element production increased year - on - year. In August, the production increased compared with July, mainly due to the increase in scrap steel consumption. This week, the iron water production decreased due to production restrictions, but it is expected to recover next week. The production of finished steel products decreased less than that of iron water. [41] - Demand: The domestic demand and export increased in the first half of the year, but the domestic demand is expected to weaken seasonally. The steel export remained high. The apparent demand decreased seasonally in August but is expected to recover. [41] - Inventory: The inventory of five major steel products increased, mainly due to the increase in rebar inventory. The inventory increase is expected to slow down in the future. [42] - View: This week, the supply and demand

Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views Copper - Macro: Fed's dovish stance boosts copper prices, but concerns about "stagflation" limit upside. Future price depends on smoothness of rate - cut expectations and impact of tariff - induced inflation. - Fundamentals: "Weak reality + stable expectations". Weak reality is due to potential decline in copper demand in H2, but limited supply elasticity restricts supply - demand deterioration. Stable expectations come from improved rate - cut expectations and domestic stimulus policies. Copper prices will at least oscillate without a clear US recession, and an upward cycle needs the resonance of commodity and financial attributes. The reference range for the main contract is 79,000 - 81,000 yuan/ton [1]. Aluminum - Alumina: Market shows "high supply, high inventory, low demand". Supply is affected by rainy - season bauxite imports and new capacity, while demand from electrolytic aluminum is limited. Current prices are near the cost zone, with limited downside. The reference range for the main contract is 2900 - 3200 yuan/ton. - Electrolytic Aluminum: Macro expectations and fundamental improvements resonate. Supply is at a high level, demand is marginally improving, and inventory is low. However, high prices suppress downstream purchases. The price is expected to oscillate between 20,400 - 21,000 yuan/ton, and may fall if demand does not improve [2]. Aluminum Alloy - Fed's rate - cut expectations boost the commodity atmosphere. Supply of scrap aluminum is tight, and some plants have reduced production due to tax policy adjustments. Demand is still weak but shows signs of improvement. If imports are limited, the price will remain firm, and the price difference with aluminum may narrow. The reference range for the main contract is 20,000 - 20,600 yuan/ton [3]. Zinc - Supply: Overseas mines are in an up - cycle, and high TC encourages smelters. August refined zinc output exceeded expectations. - Demand: Entering the peak season, spot trading has improved. The decline in the three primary processing industries' operating rates is limited. - Outlook: Supply is expected to be loose, providing limited upward impetus. Low and declining inventory provides support. Zinc prices may oscillate, with the main contract reference range of 21,500 - 23,000 yuan/ton [6]. Tin - Supply: Tin ore supply is tight, and imports decreased in July. Although Myanmar's production is expected to resume in Q4, it may be delayed. - Demand: Demand from the photovoltaic and electronics sectors is weak. - Outlook: Fundamentals are strong, and prices are oscillating at a high level. If supply recovers smoothly, short - selling is recommended; otherwise, prices will continue to oscillate between 265,000 - 285,000 yuan/ton [8]. Nickel - Macro: US rate - cut expectations and positive domestic policies. - Industry: Nickel prices fell, and spot trading was okay. Nickel ore prices are firm, and nickel - iron prices are strong. Stainless - steel demand is weak, and short - term supply - demand mismatch in nickel sulfate has pushed up prices. - Outlook: Cost provides support, and supply is expected to be loose in the medium - term. Prices are expected to adjust within the range of 118,000 - 126,000 yuan/ton [10]. Stainless Steel - Macro: Fed's rate - cut expectations and positive domestic policies ease export pressure and boost demand expectations. - Industry: Ore prices are firm, nickel - iron prices have increased, and chromium - iron supply has news disturbances. Supply pressure may increase, but terminal demand is still weak. - Outlook: Raw material prices support costs, and the market is cautiously optimistic. Prices are expected to oscillate between 12,600 - 13,400 yuan/ton [12]. Lithium Carbonate - Market: Prices continue to decline, with support around 72,000 yuan/ton. - Fundamentals: Supply contraction is gradually realized, with some reduction in production and imports. Demand is robust, but actual demand growth needs further tracking due to inventory pressure in the material industry. - Outlook: After a decline in the price center, it will oscillate widely, with the main contract reference range of 70,000 - 75,000 yuan/ton [13]. Summary by Relevant Catalogs Price and Basis Copper - SMM 1 electrolytic copper price rose 0.45% to 80,520 yuan/ton, and the premium decreased by 30 yuan/ton. - Import loss was - 53 yuan/ton, a decrease of 369.24 yuan/ton from the previous day [1]. Aluminum - SMM A00 aluminum price rose 0.10% to 20,730 yuan/ton, and the premium decreased by 10 yuan/ton. - Alumina prices in different regions decreased slightly [2]. Aluminum Alloy - SMM ADC12 prices remained stable at 20,750 yuan/ton. - The scrap - refined price difference in different regions increased [3]. Zinc - SMM 0 zinc ingot price rose 0.41% to 22,240 yuan/ton, and the premium remained unchanged. - Import loss was - 2479 yuan/ton, a decrease of 212.63 yuan/ton [6]. Tin - SMM 1 tin price fell 0.15% to 273,100 yuan/ton, and the premium decreased by 200 yuan/ton. - Import loss was - 20,238.59 yuan/ton, a 0.70% decrease [8]. Nickel - SMM 1 electrolytic nickel price fell 1.29% to 122,450 yuan/ton. - The cost of producing electrolytic nickel from integrated MHP and high - grade nickel matte decreased [10]. Stainless Steel - 304/2B (Wuxi and Foshan) prices fell 0.38% to 13,150 yuan/ton. - The spot - futures price difference decreased by 5 yuan/ton [12]. Lithium Carbonate - SMM battery - grade lithium carbonate price fell 2.06% to 75,900 yuan/ton. - The price of lithium spodumene concentrate decreased [13]. Month - to - Month Spreads - Copper, aluminum, zinc, tin, nickel, stainless steel, and lithium carbonate all have corresponding month - to - month spread data, with different changes in each case [1][2][3][6][8][10][12][13]. Fundamental Data Copper - August electrolytic copper production was 117.15 million tons, a 0.24% decrease. - July import volume was 29.69 million tons, a 1.20% decrease [1]. Aluminum - August alumina production was 773.82 million tons, a 1.15% increase. - August electrolytic aluminum production was 373.26 million tons, a 0.30% increase [2]. Aluminum Alloy - July recycled aluminum alloy ingot production was 62.50 million tons, a 1.63% increase. - July primary aluminum alloy ingot production was 26.60 million tons, a 4.31% increase [3]. Zinc - August refined zinc production was 62.62 million tons, a 3.88% increase. - July import volume was 1.79 million tons, a 50.35% decrease [6]. Tin - July tin ore import was 10,278 tons, a 13.71% decrease. - July refined tin production was 15,940 tons, a 15.42% increase [8]. Nickel - China's refined nickel production in August was 32,200 tons, a 1.26% increase. - July import volume was 17,536 tons, an 8.46% decrease [10]. Stainless Steel - China's 300 - series stainless - steel crude steel production (43 companies) in August was 171.33 million tons, a 3.83% decrease. - July import volume was 7.30 million tons, a 33.30% decrease [12]. Lithium Carbonate - August lithium carbonate production was 85,240 tons, a 4.55% increase. - July import volume was 13,845 tons, a 21.77% decrease [13].

Report Industry Investment Ratings - Not provided in the given content Core Views - In September 2025, the direction of monetary policy in the second half of the year is crucial for the equity market. A - shares may enter a high - level shock pattern after a large increase, and the current volatility has risen [2]. - The short - term trend of various futures products varies. For example, gold is expected to rise above $3600 but shows an overbought phenomenon, while some products like steel are in a weak decline [2]. Summaries by Related Catalogs Financial Futures - **Stock Index Futures**: The basis rates of IF, IH, IC, and IM's main contracts are - 0.67%, - 0.41%, - 1.16%, and - 0.89% respectively. It is recommended to wait and see for the next direction [2]. - **Treasury Bond Futures**: The 10 - year treasury bond interest rate may fluctuate between 1.7% - 1.8%. Use range - bound operations for the unilateral strategy and pay attention to the basis convergence strategy of the TL contract [2]. - **Precious Metal Futures**: Gold is expected to rise above $3600, but be cautious about chasing long positions. Silver long positions can be held or use unilateral call options to go long [2]. - **Shipping Index Futures**: The EC main contract rebounds and fluctuates. Consider the 12 - 10 spread arbitrage [2]. Black Futures - **Steel Futures**: The apparent demand for rebar declines, and the steel price maintains a weak downward trend. It is recommended to go long on the ratio of steel to ore [2]. - **Iron Ore Futures**: The shipment rises to a high level, and the price fluctuates with steel. The range is 750 - 810. Go long on iron ore and short on coke [2]. - **Coking Coal Futures**: The spot price fluctuates weakly. Unilateral short positions can be held, and go long on iron ore and short on coking coal for arbitrage [2]. - **Coke Futures**: The seventh round of price increase by mainstream coking plants is implemented, and the eighth round is blocked. Unilateral short positions can be held, and go long on iron ore and short on coke for arbitrage [2]. Non - ferrous Futures - **Copper Futures**: The center of the copper price rises. The main contract reference range is 79000 - 81000 [2]. - **Aluminum Futures**: The aluminum price shows different trends. Pay attention to the demand in the peak season and the pressure level of 21000 [2]. - **Zinc Futures**: The refined zinc output is higher than expected, and the domestic inventory accumulates. The main contract reference range is 21500 - 23000 [2]. - **Nickel Futures**: The dollar strengthens, and the nickel price fluctuates and falls. The main contract reference range is 118000 - 126000 [2]. - **Stainless Steel Futures**: The price weakens slightly, with a game between cost support and weak demand. The main contract reference range is 12600 - 13400 [2]. Energy and Chemical Futures - **Crude Oil Futures**: The expected marginal supply increase pressures the oil price. Adopt a unilateral short - bias approach [2]. - **Urea Futures**: High supply pressure and lower Indian bids make the short - term market likely to be weak. It is recommended to wait and see [2]. - **PX Futures**: The supply - demand is in a tight balance in September, with limited short - term drivers. Wait and see and pay attention to the support at 6600 and the oil price [2]. - **PTA Futures**: There is little supply - demand contradiction in September, with limited drivers. Wait and see, pay attention to the support at 4600 and the oil price, and mainly do a rolling reverse spread for TA1 - 5 [2]. - **Other Chemical Futures**: Each chemical product has its own supply - demand situation and corresponding trading strategies, such as short - term shock, range - bound operations, etc. [2] Agricultural Futures - **Livestock Futures**: The supply - demand contradiction of live pigs is limited. Pay attention to the subsequent slaughter rhythm. The 11 - contract pays attention to the support at 13500 [2]. - **Grain Futures**: Corn spot is stable, and the futures price fluctuates and adjusts. Short on rallies [2]. - **Oil Futures**: Palm oil maintains a strong shock consolidation and may冲击 $9500 in the short term [2]. - **Other Agricultural Futures**: Each agricultural product has different supply - demand and price trends, with corresponding trading suggestions such as short - position closing, waiting and seeing, etc. [2] Special Commodity Futures - **Glass Futures**: The futures and spot inventories are at a high level, and the industry has a negative feedback. Hold short positions [2]. - **Rubber Futures**: The fundamentals are strong, and the rubber price fluctuates at a high level. Short on rallies if the raw material supply is smooth [2]. - **Industrial Silicon Futures**: The spot price rises slightly, and the futures price fluctuates. The main price range is 8000 - 9500 yuan/ton [2]. New Energy Futures - **Polysilicon Futures**: The spot price rises, and the polysilicon price fluctuates at a high level. Wait and see [2]. - **Lithium Carbonate Futures**: The situation has not improved, and the price is weak. Wait and see [2]. Tin Futures - The supply remains tight, and the tin price fluctuates at a high level. Wait and see [3]

1. Report Industry Investment Rating - No information provided about the industry investment rating in the reports. 2. Core Views - The reports present the latest data and changes in various futures markets, including stock index futures, treasury bond futures, precious metal futures, and container shipping futures, as well as relevant economic indicators and overseas and domestic data [1][2][5][9]. 3. Summary by Related Catalogs Stock Index Futures Spread Daily Report - **Price Difference Data**: Presents the latest values, changes from the previous day, and historical percentiles of price differences for various stock index futures such as IF, IH, IC, and IM, including spot - futures spreads and inter - period spreads, as well as cross - variety ratios [1]. - **Calculation Explanation**: Defines the calculation methods for inter - period spreads and cross - variety price difference ratios [1]. Treasury Bond Futures Spread Daily Report - **IRR and Basis**: Provides the latest values, changes from the previous day, and percentiles since listing for IRR and basis of different treasury bond futures (TS, TF, T, TL) [2]. - **Inter - period Spreads and Cross - variety Spreads**: Presents the latest values, changes from the previous day, and percentiles since listing for inter - period spreads and cross - variety spreads of different treasury bond futures [2]. - **Calculation Notes**: Explains the calculation methods for basis, listing percentiles, and spreads [2]. Precious Metal Spot - Futures Daily Report - **Futures Closing Prices**: Shows the closing prices, price changes, and price change rates of domestic and foreign precious metal futures on September 3 and 2 [5]. - **Spot Prices**: Presents the spot prices, price changes, and price change rates of precious metals on September 3 and 2, including London gold and silver, and Shanghai Gold Exchange T + D [6]. - **Basis and Ratios**: Provides the current values, previous values, price changes, and historical percentiles of basis, as well as the current values, previous values, price changes, and price change rates of ratios [6]. - **Interest Rates and Exchange Rates**: Presents the current values, previous values, price changes, and price change rates of interest rates and exchange rates, such as 10 - year and 2 - year US Treasury yields, and the US dollar index [6]. - **Inventory and Positions**: Shows the current values, previous values, price changes, and price change rates of inventory and positions of precious metals, including Shanghai Futures Exchange and COMEX inventories, and ETF positions [7]. Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Presents the spot quotes, price changes, and price change rates of container shipping from Shanghai to Europe for different shipping companies on September 4 and 3 [9]. - **Index Data**: Provides the settlement price indices, price changes, and price change rates of container shipping indices, such as SCFIS and SCFI, for different time periods [9]. - **Futures Prices and Basis**: Shows the futures prices, price changes, and price change rates of container shipping futures contracts on September 3 and 2, as well as the basis of the main contract [9]. - **Fundamental Data**: Presents the supply of container shipping capacity, port - related indicators, monthly export amounts, and overseas economic indicators, including changes and percentage changes [9]. Overseas and Domestic Data/Information - **Overseas Data**: Includes macro - economic data (such as eurozone retail sales and US employment data), energy and chemical data (such as US crude oil and natural gas inventories), and agricultural product data (such as Brazilian and US agricultural reports) [12]. - **Domestic Data**: Covers various industries including steel, energy and chemicals, and special commodities, with economic indicators such as production, inventory, and utilization rates [12].

Group 1: Steel Industry Report Industry Investment Rating - Not provided Core Viewpoints - Night trading saw significant declines in coking coal, and steel prices followed suit, maintaining a downward trend. Demand remains weak in the off - season. After the September 3rd parade, logistics resumed, which is conducive to demand release. In August, the supply - demand gap widened, and inventory increased significantly. Entering September - October, there is an expectation of seasonal strengthening in demand. If the apparent demand recovers, the supply - demand gap will narrow, and inventory accumulation will slow down. Currently, steel prices have fallen from high levels. For trading strategies, the space for unilateral short - selling is limited, and selling out - of - the - money put options can be considered. Given the significant contraction in steel mill profits and the expected reduction in coking coal production, going long on the steel - to - iron ore ratio can be considered [1]. Summary by Directory - **Steel Prices and Spreads**: Most steel prices decreased slightly. For example, the spot price of rebar in East China dropped from 3240 yuan/ton to 3230 yuan/ton, and the 05 - contract price of hot - rolled coils decreased from 3312 yuan/ton to 3310 yuan/ton [1]. - **Cost and Profit**: The cost of Jiangsu electric - arc furnace rebar decreased by 8 yuan/ton to 3303 yuan/ton, while the cost of Jiangsu converter rebar increased by 10 yuan/ton to 3180 yuan/ton. Profits of most steel products decreased, such as the East China rebar profit decreased by 23 yuan/ton to - 35 yuan/ton [1]. - **Production and Inventory**: The daily average pig iron output decreased by 0.7 to 240.1 (a 0.3% decline), while the output of five major steel products increased by 6.5 to 884.6 (a 0.7% increase). The inventory of five major steel products increased by 26.8 to 1467.9 (a 1.9% increase) [1]. - **Transaction and Demand**: The building materials transaction volume decreased by 1.7 to 8.2 (a 17.0% decline), while the apparent demand for five major steel products increased by 4.8 to 857.8 (a 0.6% increase) [1]. Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided Core Viewpoints - As of the close of trading yesterday afternoon, the iron ore 2601 contract showed an oscillating rebound trend. Fundamentally, the global shipping volume of iron ore increased significantly to a high for the year, and the arrival volume at 45 ports increased. On the demand side, steel mill profit margins are at a relatively high level. After the parade, Tangshan quickly resumed production, and pig iron output will rebound rapidly. Looking ahead, the impact of the parade - related production restrictions is limited, and there is currently no strong driving force for a significant increase. The demand during the "Golden September and Silver October" is questionable. For trading strategies, the unilateral trend is regarded as range - bound, with a reference range of 750 - 810, and an arbitrage strategy of going long on iron ore and short on coking coal is recommended [3]. Summary by Directory - **Iron Ore - Related Prices and Spreads**: The warehouse receipt costs of most iron ore varieties increased slightly. For example, the warehouse receipt cost of Carajás fines increased by 8.8 to 807.7 (a 1.1% increase). The basis of most varieties for the 01 contract increased significantly, such as the 01 - contract basis of Carajás fines increased by 33.8 to 30.7 (a 1102.2% increase) [3]. - **Supply and Demand**: The weekly arrival volume at 45 ports increased by 132.7 to 2526.0 (a 5.5% increase), and the global weekly shipping volume increased by 241.0 to 3556.8 (a 7.3% increase). The weekly average daily pig iron output of 247 steel mills decreased by 0.6 to 240.1 (a 0.2% decline) [3]. - **Inventory Changes**: The inventory at 45 ports increased by 13.5 to 13776.51 (a 0.1% increase), and the imported iron ore inventory of 247 steel mills decreased by 58.3 to 9007.2 (a 0.6% decline) [3]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating - Not provided Core Viewpoints - As of the close of trading yesterday afternoon, both coke and coking coal futures showed an oscillating weakening trend. For coking coal, the spot auction price is stable to weak, and the supply - demand situation has eased. For coke, the spot price has stabilized after a price increase, and the supply will gradually become more abundant. The impact of short - term production restrictions is limited. For trading strategies, it is recommended to hold existing short positions and consider an arbitrage strategy of going long on iron ore and short on coke or coking coal [6]. Summary by Directory - **Prices and Spreads**: The prices of most coke and coking coal contracts decreased slightly. For example, the 01 - contract price of coke decreased from 1597 yuan/ton to 1594 yuan/ton, and the 01 - contract price of coking coal decreased from 1113 yuan/ton to 1106 yuan/ton [6]. - **Supply and Demand**: The weekly output of coke decreased, and the weekly output of coking coal decreased due to mine accidents and production suspension for rectification but is expected to recover. The weekly pig iron output decreased but is expected to rebound rapidly after the parade [6]. - **Inventory Changes**: Coke inventories in coking plants, ports, and steel mills increased slightly, while coking coal inventories in mines, ports, and some intermediate links increased, and inventories in washing plants, coking plants, and steel mills decreased slightly [6].

Report Industry Investment Ratings - Not provided in the given content Core Views - **Polyester Industry**: Short - term PX, PTA, short - fiber, and bottle - chip prices follow oil prices, with limited upward drivers. Ethylene glycol has a "strong present, weak future" pattern. Strategies vary by product, such as PX11 and TA being under observation, and attention to support levels [2]. - **Fertilizer Industry**: Urea futures face pressure due to weak demand and high supply. It is advisable to monitor the recovery of industrial demand in North China after the parade [5]. - **Methanol Industry**: Methanol supply is abundant in September, while traditional downstream demand is weak. Attention should be paid to the restart of port MTO devices and inventory digestion [12]. - **Crude Oil Industry**: OPEC + supply news increases concerns about a supply surplus in the fourth quarter. The oil price is likely to be weak, and a bearish strategy is recommended [15]. - **Polyolefin Industry**: In September, the polyolefin market shows a pattern of "decreased supply and increased demand", with controllable inventory pressure. It is suggested to hold the expanding position of the LP01 contract [22]. - **Chlor - alkali Industry**: Caustic soda prices may remain firm in the short - term, and PVC is expected to continue weak and volatile [30]. - **Pure Benzene - Styrene Industry**: Short - term pure benzene and styrene prices are under pressure, but the downward space is limited if oil prices do not drop sharply. For EB10, short - term support around 6900 can be monitored [34]. Summaries by Related Catalogs Polyester Industry - **Prices and Cash Flows**: On September 3, Brent crude oil (November) was at $67.60/barrel, down 2.2%. Most polyester product prices were stable or slightly decreased, and cash flows showed different changes [2]. - **Supply and Demand**: PX supply is expected to increase, while demand has limited upward potential. PTA supply - demand prospects have improved, but the implementation of device maintenance is not as expected. Other products also have their own supply - demand characteristics [2]. Fertilizer Industry - **Prices and Supply - Demand**: On September 3 - 5, most fertilizer product prices were stable, and urea production and inventory data showed small fluctuations. Urea demand is weak, and supply is relatively sufficient [5]. Methanol Industry - **Prices and Inventory**: On September 3, MA2601 closed at 2382 yuan/ton, up 0.42%. Methanol enterprise, port, and social inventories all increased [12]. - **Supply and Demand**: In September, methanol supply is high, and traditional downstream demand is weak. Attention should be paid to the restart of port MTO devices [12]. Crude Oil Industry - **Prices and Spreads**: On September 4, Brent was at $67.39/barrel, down 0.31%. Most oil - related prices and spreads changed slightly, and the crack spread of refined oil increased slightly [15]. - **Supply and Demand**: OPEC + supply news intensifies concerns about a supply surplus in the fourth quarter, and the oil price is likely to be weak [15]. Polyolefin Industry - **Prices and Inventory**: On September 3, L2601 closed at 7247 yuan/ton, down 0.07%. PE and PP enterprise and social inventories increased [22]. - **Supply and Demand**: In September, PE supply pressure is limited, and PP shows a pattern of "both supply and demand increasing". Downstream demand has increased slightly [22]. Chlor - alkali Industry - **Prices and Inventory**: On September 3, the price of Shandong 32% liquid caustic soda was stable, and the price of PVC was also stable. Chlor - alkali inventories showed different changes [30]. - **Supply and Demand**: Caustic soda supply will gradually recover, and demand may increase. PVC supply is expected to increase, while demand remains weak [30]. Pure Benzene - Styrene Industry - **Prices and Inventory**: On September 3, CFR China pure benzene was at $734/ton, up 0.8%. Pure benzene and styrene port inventories increased [34]. - **Supply and Demand**: Pure benzene supply is expected to remain high, and demand support is weakening. Styrene supply is high in the short - term, but there are expectations of improvement in supply - demand later [34].

Report Summary 1. Report Industry Investment Rating There is no information about industry investment rating in the provided documents. 2. Core View There is no clear core view presented in the given content. It mainly lists the price information of various commodities including base metals, precious metals, agricultural products, energy and chemical products, and stock index futures. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon iron (SF511), the spot price is 5520, the futures price is 5628, and the basis is 108 with a basis rate of 3.80%. For silicon manganese (SM601), the spot price is 5950, the futures price is 5732, and the basis is 218. For rebar (RB2601), the spot price is 3230, the futures price is 3106, and the basis is 124 with a basis rate of 3.99%. For hot - rolled coil (HC2601), the spot price is 3340, the futures price is 3299, and the basis is 41 with a basis rate of 1.24%. For iron ore (I2601), the spot price is 823, the futures price is 1603, and the basis is - 777 with a basis rate of - 46%. For coke (J2601), the spot price is 1594, the futures price is 1603, and the basis is - 9 with a basis rate of - 0.5498. For coking coal (JM2601), the spot price is 1106, the futures price is 1114, and the basis is - 8 with a basis rate of - 0.72% [1]. - **Non - ferrous Metals**: For copper (CU2510), the spot price is 80520, the futures price is 80110, and the basis is 410 with a basis rate of 0.51%. For aluminum (AL2510), the spot price is 20730, the futures price is 20710, and the basis is 20 with a basis rate of 0.10%. For zinc (ZN2510), the spot price is 22285, the futures price is 22170, and the basis is 115 with a basis rate of 0.5296%. For tin (SN2510), the spot price is 273100, the futures price is 273120, and the basis is - 20 with a basis rate of - 0.0073%. For nickel (NISE10), the spot price is 121775, the futures price is 121790, and the basis is - 15 with a basis rate of - 0.01%. For stainless steel (SS2510), the spot price is 13320, the futures price is 5662, and the basis is 405 with a basis rate of 3.14%. For lithium carbonate (LC2511), the spot price is 75900, the futures price is 71880, and the basis is 4020 with a basis rate of 5.59%. For industrial silicon (SI2511), the spot price is 9100, the futures price is 8490, and the basis is 610 with a basis rate of 7.18% [1]. Precious Metals - For gold (AU2510), the spot price is 814.9, the futures price is 810.0, and the basis is 4.9 with a basis rate of 0.60%. For silver (AG2510), the spot price is 9780.0, the futures price is 9820.0, and the basis is - 40.0 with a basis rate of - 0.41% [1]. Agricultural Products - For soybean meal (M2601), the spot price is 2990, the futures price is 3066.0, and the basis is - 76.0 with a basis rate of - 2.48%. For soybean oil (Y2601), the spot price is 8500, the futures price is 8366.0, and the basis is 134.0 with a basis rate of 1.60%. For palm oil (P2601), the spot price is 9340, the futures price is 9368.0, and the basis is - 28.0 with a basis rate of - 0.30%. For rapeseed meal (RM601), the spot price is 2580, the futures price is 2521.0, and the basis is 59.0 with a basis rate of 2.34%. For rapeseed oil (Ole01), the spot price is 9860, the futures price is 9727.0, and the basis is 133.0 with a basis rate of 1.37%. For corn (C2511), the spot price is 2290, the futures price is 2193.0, and the basis is 97.0 with a basis rate of 4.42%. For corn starch (CS2511), the spot price is 2620, the futures price is 2487.0, and the basis is 133 with a basis rate of 5.35%. For live pigs (LH251), the spot price is 14150, the futures price is 13550.0, and the basis is 600.0 with a basis rate of 4.43%. For eggs (JD2510), the spot price is 3270, the futures price is 3011.0, and the basis is 259.0 with a basis rate of 8.60%. For cotton (CF601), the spot price is 15373, the futures price is 1383.0, and the basis is 13990.0 with a basis rate of 9.89%. For white sugar (SR601), the spot price is 5562.0, the futures price is 5134.0, and the basis is 428.0 with a basis rate of 7.70%. For apples (AP510), the spot price is 8600, the futures price is 8332.0, and the basis is 268.0 with a basis rate of 3.22%. For red dates (C1601), the spot price is 11325.0, the futures price is 10722.0, and the basis is 603 with a basis rate of 6.10% [1]. Energy and Chemical Products - For p - xylene (PX511), the spot price is 6901.0, the futures price is 6810.0, and the basis is 91.0 with a basis rate of 1.34%. For PTA (TA601), the spot price is 4732.0, the futures price is 4685.0, and the basis is 47.0 with a basis rate of 0.99%. For ethylene glycol (EG2601), the spot price is 4420.0, the futures price is 4331.0, and the basis is 89.0 with a basis rate of 2.05%. For styrene (EB2510), the spot price is 7060.0, the futures price is 7040.0, and the basis is 20.0 with a basis rate of 0.28%. For methanol (MA601), the spot price is 2382.0, the futures price is 2257.5, and the basis is 124.5 with a basis rate of 5.23%. For urea (UR601), the spot price is 1710.0, the futures price is 1714.0, and the basis is - 4.0 with a basis rate of - 0.23%. For LLDPE (L2601), the spot price is 7247.0, the futures price is 7250.0, and the basis is - 3.0 with a basis rate of - 0.04%. For PP (PP2601), the spot price is 6954.0, the futures price is 6965.0, and the basis is - 11.0 with a basis rate of - 0.16%. For PVC (V2601), the spot price is 4878.0, the futures price is 4680.0, and the basis is 198.0 with a basis rate of 4.06%. For caustic soda (SH601), the spot price is 2718.8, the futures price is 2612.0, and the basis is 106.8 with a basis rate of 4.09%. For LPG (PG2510), the spot price is 4408.0, the futures price is 4416.0, and the basis is - 8.0 with a basis rate of - 0.18%. For asphalt (BU2510), the spot price is 3550.0, the futures price is 3550.0, and the basis is 0.0 with a basis rate of 0.00%. For butadiene rubber (BR2510), the spot price is 12100.0, the futures price is 12099.5, and the basis is 0.5 with a basis rate of 0.004%. For glass (FG601), the spot price is 1135.0, the futures price is 1040.0, and the basis is 95.0 with a basis rate of 8.90%. For soda ash (SA601), the spot price is 1276.0, the futures price is 1176.0, and the basis is 100.0 with a basis rate of 8.43%. For natural rubber (RU2601), the spot price is 15885.0, the futures price is 15050.0, and the basis is 835.0 with a basis rate of 5.26% [1]. Stock Index Futures and Bond Futures - **Stock Index Futures**: For IF2509.CFF, the spot price is 4459.8, the futures price is 4430.0, and the basis is 29.8 with a basis rate of 0.67%. For IH2509.CHE, the spot price is 2961.0, the futures price is 2949.0, and the basis is 12.0 with a basis rate of 0.41%. For IC2509.CFE, the spot price is 6868.5, the futures price is 6788.8, and the basis is 79.7 with a basis rate of 1.17%. For IM2509.CFE, the spot price is 7206.9, the futures price is 7142.6, and the basis is 64.3 with a basis rate of 0.90% [1]. - **Bond Futures**: For 2 - year bond (TS2512), the spot price is 102.44, the futures price is 100.00, and the basis is 2.44 with a basis rate of 2.43%. For 5 - year bond (TF2512), the spot price is 99.45, the futures price is 105.69, and the basis is - 6.24 with a basis rate of - 6.27%. For 10 - year bond (T2512), the spot price is 106.50, the futures price is 108.12, and the basis is - 1.62 with a basis rate of - 1.52%. For 30 - year bond (TL2512), the spot price is 132.79, the futures price is 117.03, and the basis is 15.76 with a basis rate of 13.47% [1][4].