Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various futures markets, including financial derivatives, precious metals, shipping, and commodity futures. It assesses market trends, key factors influencing prices, and offers corresponding investment suggestions based on different market conditions. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A-share market showed an upward trend, with cyclical sectors rising. The four major stock index futures contracts also increased, and the basis of the main contracts was seasonally repaired. With the market breaking through the annual high, it is recommended to gradually take profits on the long positions of IM futures and switch to a small amount of short positions in the MO put options with an exercise price of 6000 for the 08 contract, reducing the position and maintaining a moderately bullish stance [2][3][4]. - **Treasury Bond Futures**: The risk appetite has recovered, causing the bond market to decline across the board. Although the current fundamentals are still in a weak stabilization state, which is generally favorable for the bond market, the macro situation is complex in the short term. It is recommended to wait and see in the short term, pay attention to the capital situation and incremental policies, and consider appropriately betting on a steeper yield curve [5][6]. Precious Metals - The trade friction between the US and the EU and concerns about the US fiscal deficit have intensified, leading to a decline in the US dollar and a continuous rise in precious metals. Gold has a long - term bullish trend, and silver has further upward potential above $38 in the short term. It is recommended to hold long positions in silver [7][9][11]. Shipping Futures (Container Shipping) - The EC main contract fluctuated. The spot price increase drove the rise of the 08 contract, but the cancellation of the high - price quotes by CMA may impact the near - month contracts. It is expected that the near - month contracts will fluctuate weakly, and it is recommended to short the 08 contract or short the 10 contract on rallies [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: Driven by the anti - involution policy, the copper price is expected to fluctuate strongly. Although the demand weakens during the off - season, the domestic macro - policy support and low inventory provide a bottom for the copper price. The main contract is expected to trade between 78,500 and 81,000 [14][17]. - **Alumina**: Affected by the expected capacity elimination and the increasing risk of a short squeeze, the price is expected to be strong in the short term and trade above 3100 yuan. In the medium term, it is recommended to short on rallies due to the potential oversupply [17][19]. - **Aluminum**: The market sentiment is bullish, but the off - season inventory accumulation expectation is strong. The price is expected to be under pressure in the short term, with the main contract trading between 20,200 and 21,000 [20][22]. - **Aluminum Alloy**: In the off - season, the terminal consumption is weak, and the social inventory in the main consumption areas is close to full capacity. The price is expected to fluctuate weakly, with the main contract trading between 19,400 and 20,200 [22][24]. - **Zinc**: The inventory has decreased both at home and abroad, and the macro sentiment has boosted the price. The price is expected to fluctuate in the short term, with the main contract trading between 22,000 and 23,500 [25][28]. - **Tin**: The market sentiment is strong, but the supply is expected to recover, and the demand is expected to be weak. It is recommended to avoid short positions for now and short on rallies after the sentiment stabilizes [28][31]. - **Nickel**: The macro sentiment has boosted the price, but the industrial overcapacity still restricts the upside. The price is expected to adjust within a range, with the main contract trading between 118,000 and 126,000 [31][33]. - **Stainless Steel**: The price fluctuates strongly, but the demand is still weak. The price is expected to fluctuate in the short term, with the main contract trading between 12,600 and 13,200 [35][37]. - **Lithium Carbonate**: Driven by the strong macro sentiment, the price continues to rise, but the fundamentals have not changed significantly. The price is expected to trade strongly in the short term, with the main contract trading between 68,000 and 74,000. It is recommended to wait and see [38][42]. Ferrous Metals - **Steel**: The anti - involution expectation has strengthened, driving up the steel price. The profit of steel mills has increased, and the production enthusiasm has recovered. It is recommended to hold long positions and avoid short positions, with potential resistance at 3250 for rebar and 3400 for hot - rolled coils [43][46]. - **Iron Ore**: The market sentiment has improved, and the increase in molten iron production and steel mill replenishment support the price. The price is expected to fluctuate strongly in the short term, and it is recommended to hold long positions and consider going long on dips for the 2509 contract [47][48]. - **Coking Coal**: The market auction flow - rate has decreased, and the coal mine复产 progress is lower than expected. The spot price is strong, and the demand for downstream replenishment is increasing. It is recommended to hold long positions and consider going long on dips for the 09 contract [49][52]. - **Coke**: The second round of price increases has been initiated by mainstream coking plants. The price is expected to continue to rebound. It is recommended to hold long positions and consider going long on dips for the 09 contract [53][55]. Agricultural Products - **Meal (Soybean Meal and Rapeseed Meal)**: The US soybeans have strong support at the bottom, and the import cost supports the domestic meal price. It is recommended to operate cautiously with a bullish bias [56][58]. - **Pigs**: Policy support benefits the pig futures, but the spot price fluctuates. The short - term sentiment is still strong, but there is pressure above 14,500 for the 09 contract [59][61]. - **Corn**: The market sentiment is basically stable, and the price rebounds and fluctuates. In the short term, the supply is tight, and the demand has resilience. It is recommended to focus on short - term trading and pay attention to subsequent policy auctions [62][63].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the reports. 2. Core Views - No core views are explicitly stated in the reports. The reports mainly present data on various futures, including股指期货, 国债期货, 贵金属, 集运产业, and provide trading - related information such as prices, spreads, and changes. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread Daily Report - **Price Differences**: The IF spread is 32.30%, with a - 16.75 change from the previous day; the IH spread is 2.48, with a 5.34 change; the IC spread is - 98.81, with a 5.65 change; the IM spread is - 138.47, with a 6.80 change [1]. - **Inter - period Spreads**: For example, the IF inter - period spread (next month - current month) is 3.40, with an 11.20 change, and its 1 - year historical quantile is 90.10% [1]. - **Cross - variety Ratios**: The IC/IF ratio is 1.4847, with a - 0.0054 change, and its 1 - year historical quantile is 54.90% [1]. 3.2 Treasury Bond Futures Spread Daily Report - **Basis**: On July 18, 2025, the TS basis is 1.5570, with a 0.0032 change from the previous day; the TF basis is 1.6510, with a 0.0085 change; the T basis is 1.3735, with a 0.0708 change; the TL basis is 1.7138, with a 0.2243 change [2]. - **Inter - period Spreads**: For example, the TF inter - period spread (next quarter - current quarter) is - 0.1300, with a - 0.0050 change, and its listed - since quantile is 19.70% [2]. - **Cross - variety Spreads**: The TS - TF spread is - 3.5560, with a 0.0490 change, and its listed - since quantile is 7.80% [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Futures Closing Prices**: On July 17, the AU2510 contract closed at 776.28 yuan/gram, down 0.38 yuan (- 0.05%) from July 16; the AG2510 contract closed at 9166 yuan/kg, up 14 yuan (0.15%) [4]. - **Basis**: The gold TD - Shanghai gold main contract basis is - 5.36, with a - 0.90 change, and its 1 - year historical quantile is 1.60% [4]. - **Price Ratios**: The COMEX gold/silver ratio is 87.04, with a - 0.94 change, and a - 1.07% change rate [4]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.47, with a 0.01 change (0.2%); the US dollar index is 98.64, with a 0.36 change (0.36%) [4]. - **Inventory and Positions**: The Shanghai Futures Exchange gold inventory is 28872 kg, unchanged from the previous day; the COMEX gold inventory is 37143884, up 346353 (0.94%) [4]. 3.4 Domestic Shipping Futures Spot - Futures Daily Report - **Shipping Rates**: For the Shanghai - Europe route in the next 6 weeks, the CMA CGM shipping rate is 4226 US dollars/FEU, up 3.78% from July 20 [7]. - **Shipping Indexes**: The SCFIS (European route) settlement price index on July 14 is 2421.94, up 7.26% from July 7 [7]. - **Futures Prices and Basis**: The EC2602 contract price on July 18 is 1495.1, up 0.63% from July 17; the basis of the main contract is 978.6, up 18.49% from the previous day [7]. - **Fundamentals**: The global container shipping capacity supply on July 21 is 3271.67 million TEU, unchanged from July 20; the Shanghai port berthing situation is 324.00, up 1.25% from the previous month [7]. 3.5 Trading Calendar - **Overseas Data/Information**: At 22:00 on July 21, the US June Conference Board leading index monthly rate will be released; Brazil's secex report and the US USDA export inspection and crop growth data are also scheduled [9]. - **Domestic Data/Information**: At 9:00 on July 21, China's 1 - year loan prime rate will be announced; at 14:00, Shandong local refinery crude oil arrivals (in tons) will be reported [9].

Report Industry Investment Ratings No relevant information provided. Core Views Copper - After the 232 investigation, the non-US electrolytic copper market shows a pattern of "loosening supply expectations and weak actual demand." The spot contradiction will be gradually resolved. The next stage may return to macro trading. The price of the main contract is expected to range between 77,000 - 80,000 yuan/ton [1]. Aluminum - In the short term, the price of the main aluminum contract is expected to remain under pressure at high levels, ranging between 20,200 - 21,000 yuan/ton. The price of the main alumina contract is expected to fluctuate widely between 3,000 - 3,400 yuan/ton in the coming week [4]. Aluminum Alloy - The aluminum alloy market is expected to be weak and volatile, with the main contract price ranging between 19,400 - 20,200 yuan/ton [5]. Zinc - The zinc price is expected to fluctuate in the short term, with the main contract price ranging between 22,000 - 23,500 yuan/ton [7]. Nickel - The nickel price is expected to adjust within a range in the short term, with the main contract price ranging between 118,000 - 126,000 yuan/ton [9]. Tin - The supply of tin ore remains tight, and the demand is expected to be weak. It is recommended to hold short positions established at previous high levels [11]. Stainless Steel - The stainless steel price is expected to fluctuate in the short term, with the main contract price ranging between 12,500 - 13,000 yuan/ton [13]. Lithium Carbonate - In the short term, the lithium carbonate price is expected to remain strong, with the main contract price ranging between 65,000 - 72,000 yuan/ton. However, there is still a downward risk in the medium term [16]. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper price increased by 0.82% to 78,660 yuan/ton. The premium of SMM 1 electrolytic copper rose by 70 yuan/ton to 175 yuan/ton [1]. - **Monthly Spread**: The spread between 2508 - 2509 contracts decreased by 20 yuan/ton to -30 yuan/ton [1]. - **Fundamental Data**: In June, the electrolytic copper production was 1.1349 million tons, a decrease of 0.30% month-on-month; the import volume was 0.3005 million tons, an increase of 18.74% month-on-month [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price increased by 0.63% to 20,700 yuan/ton. The premium of SMM A00 aluminum rose by 10 yuan/ton to 110 yuan/ton [4]. - **Monthly Spread**: The spread between 2508 - 2509 contracts increased by 15 yuan/ton to 55 yuan/ton [4]. - **Fundamental Data**: In June, the alumina production was 7.2581 million tons, a decrease of 0.19% month-on-month; the electrolytic aluminum production was 3.609 million tons, a decrease of 3.22% month-on-month [4]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 increased by 0.50% to 20,100 yuan/ton [5]. - **Monthly Spread**: The spread between 2511 - 2512 contracts increased by 35 yuan/ton to 70 yuan/ton [5]. - **Fundamental Data**: In June, the production of recycled aluminum alloy ingots was 0.615 million tons, an increase of 1.49% month-on-month; the production of primary aluminum alloy ingots was 0.255 million tons, a decrease of 2.30% month-on-month [5]. Zinc - **Price and Spread**: The price of SMM 0 zinc ingot increased by 0.95% to 22,320 yuan/ton. The premium of SMM 0 zinc ingot decreased by 15 yuan/ton to 5 yuan/ton [7]. - **Monthly Spread**: The spread between 2508 - 2509 contracts decreased by 5 yuan/ton to 5 yuan/ton [7]. - **Fundamental Data**: In June, the refined zinc production was 0.5851 million tons, an increase of 6.50% month-on-month; the import volume was 0.0361 million tons, an increase of 34.97% month-on-month [7]. Nickel - **Price and Basis**: The price of SMM 1 electrolytic nickel increased by 0.87% to 121,500 yuan/ton. The premium of 1 Jinchuan nickel decreased by 50 yuan/ton to 2,000 yuan/ton [9]. - **Monthly Spread**: The spread between 2509 - 2510 contracts increased by 30 yuan/ton to -90 yuan/ton [9]. - **Supply, Demand, and Inventory**: In June, China's refined nickel production was 31,800 tons, a decrease of 10.04% month-on-month; the import volume was 19,157 tons, an increase of 116.90% month-on-month [9]. Tin - **Spot Price and Basis**: The price of SMM 1 tin increased by 1.37% to 265,500 yuan/ton. The premium of SMM 1 tin remained unchanged at 700 yuan/ton [11]. - **Monthly Spread**: The spread between 2508 - 2509 contracts increased by 120 yuan/ton to -90 yuan/ton [11]. - **Fundamental Data (Monthly)**: In May, the tin ore import volume was 13,449 tons, an increase of 36.39% month-on-month; the SMM refined tin production was 14,840 tons, a decrease of 2.37% month-on-month [11]. Stainless Steel - **Spot Price and Basis**: The price of 304/2B (Wuxi Hongwang 2.0 coil) increased by 0.39% to 12,800 yuan/ton. The basis between futures and spot increased by 28.95% to 245 yuan/ton [13]. - **Monthly Spread**: The spread between 2509 - 2510 contracts remained unchanged at -40 yuan/ton [13]. - **Fundamental Data**: The production of 300-series stainless steel crude steel in China (43 companies) was 1.7133 million tons, a decrease of 3.83% month-on-month; the import volume was 0.1095 million tons, a decrease of 12.48% month-on-month [13]. Lithium Carbonate - **Price and Basis**: The average price of SMM battery-grade lithium carbonate increased by 2.62% to 66,650 yuan/ton. The basis (based on SMM battery-grade lithium carbonate) decreased by 3.86% to -3,230 yuan/ton [16]. - **Monthly Spread**: The spread between 2508 - 2509 contracts decreased by 180 yuan/ton to -80 yuan/ton [16]. - **Fundamental Data**: In June, the lithium carbonate production was 78,090 tons, an increase of 8.34% month-on-month; the demand was 93,815 tons, a decrease of 0.15% month-on-month [16].

Group 1: Report Industry Investment Rating - No information provided regarding the report industry investment rating Group 2: Core Views Steel - The rebound of ferrous metals since June was due to the production cut of coking coal caused by environmental inspections, the resilient demand during the off - season, and the low inventory. In July, the "anti - involution" trading improved market sentiment, and with the marginal improvement of industrial supply - demand and market sentiment, ferrous metals rose strongly. High - frequency data shows that off - season demand is resilient, steel mill production remains high, and raw material inventories are in a destocking trend. Later, the inventory may weaken if coking coal production recovers or steel demand declines. Macroscopically, under the expectation of supply - side contraction, the sentiment of commodity buying is positive. The resistance levels of rebar and hot - rolled coil at around 3100 and 3270 yuan have been removed, and the next pressure levels are 3250 and 3400 yuan [1] Iron Ore - Last week, the 09 contract of iron ore rose strongly. Fundamentally, the global shipment volume of iron ore decreased slightly, the arrival volume at 45 ports increased slightly, and the subsequent arrival volume is expected to decline slightly. On the demand side, after the lifting of production restrictions in Tangshan on July 15, the iron - making water output rebounded significantly, and the short - term resilience of molten iron is maintained. The terminal demand shows a strong performance in the off - season. In terms of inventory, port inventory increased slightly, and the inventory of steel mills' equity ore decreased rapidly. In the future, the molten iron output in July will remain high, and the steel mill profit will support raw materials. The short - term iron ore will fluctuate strongly. The strategy is to go long on the 2509 contract on dips and conduct a 9 - 1 positive spread arbitrage [4] Coke - Last week, the coke futures fluctuated upward, and the first - round spot price increase was implemented. The supply side saw some coal mines resuming production, but the output was difficult to increase due to losses. The demand side witnessed the end of environmental protection restrictions in Tangshan, the resumption of blast furnaces, and a significant increase in molten iron. The inventory of coking plants and ports decreased, while the steel mill inventory increased. Due to the low price, cost push and the downstream steel mills' active replenishment demand are conducive to the future price increase of coke. The strategy is to conduct hedging operations in the spot - futures market, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] Coking Coal - Last week, the coking coal futures fluctuated upward, and the spot price generally increased. The supply side has an expectation of increased supply, but the overall production recovery is slow, and the market is in short supply. The import coal price has a slight rebound, and the inventory pressure has decreased. The demand side shows a slight increase in coking plant operation, a rapid increase in molten iron output, and an increase in the replenishment efforts of steel mills and coking plants. The inventory of coal mines is decreasing, and the downstream inventory is increasing. The strategy is to conduct hedging operations in the spot - futures market, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] Group 3: Summaries According to Related Catalogs Steel Price and Spread - Rebar and hot - rolled coil prices in different regions and contracts generally increased. For example, the spot price of rebar in East China increased from 3200 to 3220 yuan/ton, and the 05 contract price increased from 3162 to 3196 yuan/ton [1] Cost and Profit - The billet price increased by 10 yuan/ton to 2960 yuan/ton, and the slab price remained unchanged at 3730 yuan/ton. The profits of rebar and hot - rolled coil in different regions generally decreased, such as the East China rebar profit decreased by 41 to 91 [1] Production - The daily average molten iron output increased by 2.6 to 242.6, a 1.1% increase. The output of five major steel products decreased by 4.5 to 868.2, a 0.5% decrease. The rebar output decreased by 7.6 to 209.1, a 3.5% decrease [1] Inventory - The inventory of five major steel products decreased by 1.9 to 1337.7, a 0.1% decrease. The rebar inventory increased by 2.9 to 543.3, a 0.5% increase [1] Transaction and Demand - The building materials transaction volume increased by 0.7 to 9.4, an 8.6% increase. The apparent demand for rebar decreased by 15.3 to 206.2, a 6.9% decrease, while the apparent demand for hot - rolled coil increased by 1.3 to 323.8, a 0.4% increase [1] Iron Ore Price and Spread - The warehouse - receipt costs of various iron ore powders increased, and the 09 - contract basis of different iron ore powders also increased. For example, the 09 - contract basis of PB powder increased from 25.2 to 34.5 yuan/ton, a 36.9% increase [4] Supply - The 45 - port arrival volume (weekly) increased by 178.2 to 2662.1, a 7.2% increase, and the global shipment volume (weekly) decreased by 7.8 to 2987.1, a 0.3% decrease [4] Demand - The daily average molten iron output of 247 steel mills (weekly) increased by 2.6 to 242.4, a 1.1% increase. The daily average port clearance volume (weekly) increased by 3.2 to 322.7, a 1.0% increase [4] Inventory - The 45 - port inventory increased by 62.1 to 13785.21, a 0.5% increase, and the imported ore inventory of 247 steel mills decreased by 157.5 to 8822.2, a 1.8% decrease [4] Coke Price and Spread - The prices of Shanxi first - grade wet - quenched coke and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. The 09 - contract price of coke decreased by 1 to 1518, a 0.14% decrease, and the 01 - contract price increased by 4 to 1559, a 0.3% increase [6] Supply - The daily average output of all - sample coking plants increased by 0.1 to 64.2, a 0.2% increase, and the daily average output of 247 steel mills decreased by 0.1 to 47.1, a 0.2% decrease [6] Demand - The molten iron output of 247 steel mills increased by 2.6 to 242.4, a 1.1% increase [6] Inventory - The total coke inventory decreased by 5.3 to 925.7, a 0.64% decrease. The inventory of all - sample coking plants decreased by 5.5 to 87.6, a 5.94% decrease, and the inventory of 247 steel mills increased by 1.2 to 639.0, a 0.2% increase [6] Coking Coal Price and Spread - The prices of coking coal (Shanxi warehouse - receipt) and coking coal (Mongolian coal warehouse - receipt) remained unchanged. The 09 - contract price of coking coal increased by 8 to 926, a 0.8% increase, and the 01 - contract price increased by 8 to 976, a 0.84% increase [6] Supply - The raw coal output decreased by 1.6 to 866.6, a 0.2% decrease, and the clean coal output decreased by 1.1 to 442.4, a 0.2% decrease [6] Demand - The daily average output of all - sample coking plants increased by 0.1 to 64.2, a 0.2% increase, and the daily average output of 247 steel mills decreased by 0.1 to 47.1, a 0.2% decrease [6] Inventory - The clean coal inventory of Fenwei coal mines decreased by 18.3 to 158.1, a 10.3% decrease. The coking coal inventory of all - sample coking plants increased by 36.8 to 929.1, a 4.1% increase, and the coking coal inventory of 247 steel mills increased by 8.2 to 791.1, a 1.04% increase [6]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - **Natural Rubber**: Short - term rubber prices are rebounding due to macro - sentiment and产区 rainfall. It is recommended to wait and see how raw material prices change after the weather in the main producing areas improves [1]. - **Glass and Soda Ash**: For soda ash, the supply - demand pattern is in excess, and inventory is accumulating. The short - term policy and news cause significant price fluctuations, so it is advisable to wait and see. For glass, the current market is affected by the summer off - season, and the fundamental demand is under pressure. It is necessary to wait for more cold - repair to bring a real turnaround, and it is also recommended to wait and see [3]. - **Log**: The log futures have risen sharply recently, but the current demand is in the off - season, and the follow - up supply will gradually recover. The short - term upward sustainability of the 09 contract needs to be observed, and attention should be paid to market sentiment and policy expectations [4]. - **Industrial Silicon**: Although the fundamentals of industrial silicon have not changed much, the futures price increase has opened the arbitrage window, driving up the spot price. The supply is expected to increase. It is recommended to try short positions and pay attention to position control and risk management [5]. - **Polysilicon**: The polysilicon futures have risen sharply and then fallen back. It is necessary to pay attention to whether the price increase can be transmitted downstream and whether it can be digested by terminal installations. With the approaching delivery month, attention should be paid to position control and risk management [7]. 3. Summaries by Related Catalogs Natural Rubber - **Spot Prices and Basis**: On July 18, the price of Yunnan state - owned standard rubber (SCRWF) in Shanghai was 14,800 yuan/ton, up 250 yuan/ton from July 17, with a increase rate of 1.72%. The full - milk basis (switched to the 2509 contract) was - 10 yuan/ton, up 105 yuan/ton from July 17, with a increase rate of 91.30% [1]. - **Monthly Spreads**: On July 18, the 9 - 1 spread was - 790 yuan/ton, up 55 yuan/ton from July 17, with a increase rate of 6.51% [1]. - **Fundamentals**: In May, Thailand's natural rubber production was 272.20 thousand tons, an increase of 166.50 thousand tons from the previous period, with a increase rate of 157.52%. The weekly开工 rate of semi - steel tires was 75.99%, up 3.07 percentage points from the previous period [1]. Glass and Soda Ash - **Glass - related Prices and Spreads**: On July 18, the glass 2505 contract was 1240 yuan/ton, up 4 yuan/ton from the previous value, with a increase rate of 0.32%. The glass 2509 contract was 1081 yuan/ton, down 11 yuan/ton from the previous value, with a decrease rate of 1.01% [3]. - **Soda Ash - related Prices and Spreads**: On July 18, the soda ash 2505 contract was 1306 yuan/ton, down 1 yuan/ton from the previous value, with a decrease rate of 0.08%. The soda ash 2509 contract was 1216 yuan/ton, down 9 yuan/ton from the previous value, with a decrease rate of 0.69% [3]. - **Output and Inventory**: On July 18, the soda ash开工率 was 84.10%, up 3.42 percentage points from July 11. The soda ash plant inventory was 190.56 million tons, up 4.2 million tons from July 11, with a increase rate of 2.26% [3]. Log - **Futures and Spot Prices**: On July 18, the log 2507 contract was 808.0 yuan/cubic meter, up 4.5 yuan/cubic meter from July 17, with a increase rate of 0.56%. The price of 3.9A medium - sized radiata pine in Rizhao Port remained stable at 740 yuan/cubic meter [4]. - **Supply, Inventory, and Demand**: As of July 11, the national coniferous log total inventory was 3.22 million cubic meters, a decrease of 10,000 cubic meters from the previous period. The daily average log出库量 was 58,800 cubic meters, a decrease of 8100 cubic meters from the previous period [4]. Industrial Silicon - **Spot Prices and Main Contract Basis**: On July 18, the price of oxygen - containing S15530 industrial silicon in East China was 9350 yuan/ton, up 150 yuan/ton from July 17, with a increase rate of 1.63%. The basis (based on oxygen - containing SI5530) was 655 yuan/ton, up 200 yuan/ton from July 17, with a increase rate of 43.96% [5]. - **Monthly Spreads**: On July 18, the 2508 - 2509 spread was - 10 yuan/ton, down 15 yuan/ton from July 17, with a decrease rate of 300.00% [5]. - **Fundamentals**: In April, the national industrial silicon production was 300,800 tons, a decrease of 41,400 tons from the previous period, with a decrease rate of 12.10%. In May, the organic silicon DMC production was 209,300 tons, an increase of 25,300 tons from the previous period, with a increase rate of 13.75% [5]. Polysilicon - **Spot Prices and Basis**: On July 18, the average price of N - type recycled material was 46,000 yuan/ton, down 750 yuan/ton from July 17, with a decrease rate of 1.60%. The N - type material basis (average price) was 2150 yuan/ton, up 1100 yuan/ton from July 17, with a increase rate of 104.76% [7]. - **Futures Prices and Monthly Spreads**: On July 18, the PS2506 - PS2507 spread was 370 yuan/ton, down 30 yuan/ton from July 17, with a decrease rate of 7.50% [7]. - **Fundamentals**: In May, the polysilicon production was 101,000 tons, an increase of 4900 tons from the previous period, with a increase rate of 5.10%. In April, the polysilicon import volume was 1100 tons, an increase of 200 tons from the previous period, with a increase rate of 16.59% [7].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views There are no explicit core views presented in the reports. The reports mainly provide data on various futures, including price differentials, closing prices, and related indicators. 3. Summary by Category 3.1 Stock Index Futures Spread - **IF期现价差**: 32.30%, down 16.75, 5.94 in historical 1 - year percentile, 25.90% in all - time percentile [1] - **IH期现价差**: 2.48, up 5.34, 74.10% in historical 1 - year percentile, 72.20% in all - time percentile [1] - **IC期现价差**: - 98.81, up 5.65, 8.10% in historical 1 - year percentile, 2.80% in all - time percentile [1] - **IM期现价差**: - 138.47, up 6.80, 90.00% in historical 1 - year percentile, 8.20% in all - time percentile [1] 3.2 Treasury Bond Futures Spread - **TS基差 (2025 - 07 - 18)**: 1.5570, up 0.0032, 22.20% in listed - since percentile [2] - **TF基差 (2025 - 07 - 18)**: 1.6510, up 0.0085, 44.60% in listed - since percentile [2] - **T基差 (2025 - 07 - 18)**: 1.3735, up 0.0708, 46.80% in listed - since percentile [2] - **TL基差 (2025 - 07 - 18)**: 1.7138, up 0.2243, 60.70% in listed - since percentile [2] 3.3 Precious Metals Spot - Futures - **AU2510合约 (7月17日)**: 776.28 yuan/g, down 0.38, - 0.05% [4] - **AG2510合约 (7月17日)**: 9166 yuan/kg, up 14, 0.15% [4] - **COMEX黄金主力合约 (7月17日)**: 3345.40, down 8.80, - 0.26% [4] - **COMEX白银主力合约 (7月17日)**: 38.44 dollars/ounce, up 0.31, 0.81% [4] 3.4 Container Shipping Industry Spot - Futures - **SCFIS (欧洲航线) (7月14日)**: 2421.94, up 163.9, 7.26% [7] - **SCFIS (美西航线) (7月14日)**: 1266.59, down 291.2, - 18.69% [7] - **EC2602 (7月18日)**: 1495.1, up 9.4, 0.63% [7] - **EC2510 (主力) (7月18日)**: 1613.0, up 31.7, 2.00% [7] 3.5 Trading Calendar - **海外数据/资讯**: Include US 6 - month Conference Board Leading Index monthly rate, Brazil secex report, USDA export inspection and crop growth data [9] - **国内数据/资讯**: Cover global manganese ore shipments, iron ore shipments and arrivals, SMM electrolytic copper social inventory, etc [9]

Report Industry Investment Ratings No investment ratings were provided in the reports. Core Views Copper - After the 232 investigation, the non-US electrolytic copper market shows a pattern of "loosening supply expectations and weakening actual demand"; the negotiation process of tariffs will also affect copper prices, with the main contract price expected to range between 77,000 - 80,000 [1]. Aluminum - In the short - term, the main contract price of alumina is expected to fluctuate between 3,000 - 3,400, and it is advisable to short on rallies in the medium - term; the short - term price of aluminum is expected to face pressure at high levels, with the main contract price ranging between 20,200 - 21,000 [4]. Aluminum Alloy - The aluminum alloy market is expected to show a weak and volatile trend, with the main contract price ranging between 19,400 - 20,200 [5]. Zinc - Zinc prices are expected to fluctuate in the short - term, with the main contract price ranging between 22,000 - 23,500 [7]. Nickel - The nickel market is expected to adjust within a range in the short - term, with the main contract price ranging between 118,000 - 126,000 [9]. Tin - The supply of tin ore is expected to recover, but there may be a significant increase in tin prices driven by market sentiment. It is recommended to hold short positions from previous highs [11]. Stainless Steel - The stainless steel market is expected to fluctuate in the short - term, with the main contract price ranging between 12,500 - 13,000 [13]. Lithium Carbonate - In the short - term, the lithium carbonate market is expected to remain strong, with the main contract price ranging between 65,000 - 72,000; there is a risk of a decline in the medium - term [16]. Summary by Directory Price and Basis - **Copper**: SMM 1 electrolytic copper price is 78,660 yuan/ton, up 0.82% from the previous day; the import profit and loss is - 144 yuan/ton [1]. - **Aluminum**: SMM A00 aluminum price is 20,700 yuan/ton, up 0.63% from the previous day; the import profit and loss is - 1,248 yuan/ton [4]. - **Aluminum Alloy**: SMM aluminum alloy ADC12 price is 20,100 yuan/ton, up 0.50% from the previous day [5]. - **Zinc**: SMM 0 zinc ingot price is 22,320 yuan/ton, up 0.95% from the previous day; the import profit and loss is - 1,391 yuan/ton [7]. - **Nickel**: SMM 1 electrolytic nickel price is 121,500 yuan/ton, up 0.87% from the previous day; the import profit and loss is - 1,446 yuan/ton [9]. - **Tin**: SMM 1 tin price is 265,500 yuan/ton, up 1.37% from the previous day; the import profit and loss is - 15,544.01 yuan/ton [11]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 coil) price is 12,800 yuan/ton, up 0.39% from the previous day [13]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate average price is 66,650 yuan/ton, up 2.62% from the previous day; the import profit and loss is not provided [16]. Fundamental Data - **Copper**: In June, electrolytic copper production was 1.1349 million tons, down 0.30% month - on - month; imports were 0.3005 million tons, up 18.74% month - on - month [1]. - **Aluminum**: In June, alumina production was 7.2581 million tons, down 0.19% month - on - month; electrolytic aluminum production was 3.609 million tons, down 3.22% month - on - month [4]. - **Aluminum Alloy**: In June, recycled aluminum alloy ingot production was 0.615 million tons, up 1.49% month - on - month; primary aluminum alloy ingot production was 0.255 million tons, down 2.30% month - on - month [5]. - **Zinc**: In June, refined zinc production was 0.5851 million tons, up 6.50% month - on - month; imports were 0.0361 million tons, up 34.97% month - on - month [7]. - **Nickel**: In June, China's refined nickel production was 31,800 tons, down 10.04% month - on - month; imports were 19,157 tons, up 116.90% month - on - month [9]. - **Tin**: In May, tin ore imports were 13,449 tons, up 36.39% month - on - month; SMM refined tin production was 14,840 tons, down 2.37% month - on - month [11]. - **Stainless Steel**: In April, China's 300 - series stainless steel crude steel production (43 companies) was 1.7133 million tons, down 3.83% month - on - month; imports were 0.1095 million tons, down 12.48% month - on - month [13]. - **Lithium Carbonate**: In June, lithium carbonate production was 78,090 tons, up 8.34% month - on - month; demand was 93,815 tons, down 0.15% month - on - month [16]. Market Analysis - **Copper**: Macro factors such as US tariffs and inflation, as well as the supply - demand relationship and inventory levels in the copper market, will affect copper prices [1]. - **Aluminum**: Macro factors, supply - demand relationship, and inventory levels in the aluminum market, as well as the impact of Guinea's policies on the bauxite supply, will affect aluminum prices [4]. - **Aluminum Alloy**: The supply - demand relationship in the aluminum alloy market, especially the weak demand in the terminal automotive industry, will affect aluminum alloy prices [5]. - **Zinc**: The supply - demand relationship in the zinc market, especially the high smelting plant operating rate and the differentiated demand in the primary processing industry, will affect zinc prices [7]. - **Nickel**: Macro factors such as US inflation and tariffs, as well as the supply - demand relationship and inventory levels in the nickel market, will affect nickel prices [9]. - **Tin**: The supply - demand relationship in the tin market, especially the supply recovery of tin ore in Myanmar and the weakening demand in the photovoltaic and electronics industries, will affect tin prices [11]. - **Stainless Steel**: Macro factors, supply - demand relationship, and inventory levels in the stainless steel market, as well as the price fluctuations of raw materials such as nickel ore and ferronickel, will affect stainless steel prices [13]. - **Lithium Carbonate**: The supply - demand relationship in the lithium carbonate market, especially the continuous increase in production and the limited increase in demand, as well as the impact of news and capital sentiment, will affect lithium carbonate prices [16].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views Steel - The rise of ferrous metals since June was due to environmental inspections on coking coal leading to production cuts and a rebound in coking coal prices, along with resilient off - season demand for steel and low inventory levels. In July, the "anti - involution" trading improved market sentiment, and with marginal improvements in industry supply - demand and positive market sentiment, ferrous metals rose strongly. High - frequency data shows off - season demand resilience, high steel mill production, and raw material inventory de - stocking due to marginal supply decline. Later, a marginal increase in inventory would require coking coal production recovery or a decline in steel demand. Macroscopically, there is good sentiment for commodity buying under the expectation of supply - side contraction. The resistance levels for rebar and hot - rolled coils at around 3100 and 3270 yuan have been removed, and the next pressure levels are at 3250 and 3400 yuan [1] Iron Ore - Last week, the iron ore 09 contract rose strongly. Globally, the shipping volume decreased slightly, but arrivals at 45 ports increased slightly. Future arrivals are expected to decline slightly. On the demand side, after the lifting of production restrictions in Tangshan on July 15, iron - making water production rebounded significantly, and steel exports remained strong, providing support. Port inventory increased slightly, while steel mill equity ore inventory decreased rapidly. In the future, iron - making water production in July will remain high, and steel mill profits will support raw materials. With the expected introduction of a growth - stabilizing plan for ten key industries and positive sentiment from the "anti - involution" meeting, iron ore is expected to fluctuate strongly in the short term. The strategy is to go long on the iron ore 2509 contract on dips and conduct a 9 - 1 positive spread arbitrage [4] Coke - Last week, coke futures fluctuated upwards, and the first round of spot price increases was implemented. After the fourth round of price cuts on June 23, the market expected an improvement, and mainstream coking enterprises initiated the first round of price increases, which were accepted by mainstream steel mills on the 17th. There is still an expectation of further price increases this week. On the supply side, some coal mines and coking plants resumed production after the inspection team left, but production was difficult to increase due to losses. On the demand side, iron - making water production increased after the end of environmental restrictions in Tangshan. In terms of inventory, coking plant and port inventories decreased, while steel mill inventories increased. Due to low prices, cost - push and steel mill restocking demand are favorable for future coke price increases. The strategy is to conduct hedging operations as the futures price is at a premium to the spot price, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] Coking Coal - Last week, coking coal futures fluctuated upwards, and the spot market generally rebounded. Domestic coking coal auctions improved, and most coal mines saw better sales. Although coal mines resumed production after the inspection team left, overall production recovery was slow due to strong sales. Imported coking coal prices rebounded slightly, and port transactions improved. On the demand side, coking plant operations increased slightly, and iron - making water production rebounded rapidly after the lifting of restrictions in Tangshan. Steel mills and coking plants increased their restocking efforts. In terms of inventory, coal mine inventory decreased from a high level, port inventory increased, and downstream inventory increased from a low level. The strategy is to conduct hedging operations, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] 3. Summary by Relevant Catalogs Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions showed varying degrees of increase. For example, rebar spot in East China rose from 3200 to 3220 yuan/ton, and hot - rolled coil spot in East China rose from 3290 to 3320 yuan/ton [1] Cost and Profit - Steel billet prices increased by 10 yuan/ton to 2960 yuan/ton, while plate billet prices remained unchanged at 3730 yuan/ton. Profits for hot - rolled coils and rebar in different regions showed declines, such as a 41 - yuan decline in East China rebar profit [1] Production and Inventory - Daily average iron - making water production increased by 2.6 to 242.6, a 1.1% increase. The production of five major steel products decreased by 4.5 to 868.2, a 0.5% decrease. The inventory of five major steel products decreased by 1.9 to 1337.7, a 0.1% decrease [1] Demand - The apparent demand for rebar decreased by 15.3 to 206.2, a 6.9% decrease, while the apparent demand for hot - rolled coils increased by 1.3 to 323.8, a 0.4% increase [1] Iron Ore Prices and Spreads - The warehouse receipt costs of various iron ore powders increased, and the 09 - contract basis of different iron ore powders also showed significant increases. For example, the 09 - contract basis of PB powder increased from 25.2 to 34.5, a 36.9% increase [4] Supply and Demand - The weekly arrival volume at 45 ports increased by 178.2 to 2662.1, a 7.2% increase, while the global shipping volume decreased by 7.8 to 2987.1, a 0.3% decrease. The daily average iron - making water production of 247 steel mills increased by 2.6 to 242.4, a 1.1% increase [4] Inventory - The 45 - port inventory increased by 62.1 to 13785.21, a 0.5% increase, while the imported ore inventory of 247 steel mills decreased by 157.5 to 8822.2, a 1.8% decrease [4] Coke Prices and Spreads - Coke futures prices showed slight fluctuations, with the 09 contract at 1518 yuan/ton, a 0.14% decrease, and the 01 contract at 1559 yuan/ton, a 0.3% increase. The first round of spot price increases of 50/55 yuan/ton was implemented [6] Production and Inventory - The daily average production of all - sample coking plants increased by 0.1 to 64.2, a 0.2% increase, while the daily average production of 247 steel mills decreased by 0.1 to 47.1, a 0.2% decrease. The total coke inventory decreased by 5.3 to 925.7, a 0.64% decrease [6] Supply and Demand Gap - The coke supply - demand gap decreased by 1.2 to - 6.1, a 20.4% decrease [6] Coking Coal Prices and Spreads - Coking coal futures prices increased, with the 09 contract rising by 8 to 926, a 0.8% increase, and the 01 contract rising by 8 to 976, a 0.84% increase. Spot prices generally increased [6] Production and Inventory - The raw coal production of sample coal mines decreased by 1.6 to 866.6, a 0.2% decrease, and the clean coal production decreased by 1.1 to 442.4, a 0.2% decrease. The inventory of clean coal in Fenwei coal mines decreased by 18.3 to 158.1, a 10.3% decrease [6]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **PVC and Caustic Soda**: The caustic soda market has limited supply - demand contradictions, with high - profit incentives for high production. There is a good price upward expectation in the peak season. It is recommended to take profit on previous long positions and wait and see. The PVC market has a weak supply - demand situation, with inventory accumulation pressure. It is advisable to wait and see due to policy and information fluctuations [23]. - **Urea**: The core driver of the urea futures market is the change in demand, especially the weakening of agricultural demand. The supply - side surplus pressure and high inventory also affect the market. The new round of Indian tender provides short - term benefits, but the suspension of small - particle bulk exports suppresses market sentiment [27]. - **Polyester Industry Chain**: In July, the PX supply - demand is expected to be tight, and it is recommended to operate PX09 in the 6600 - 6900 range. The PTA supply - demand is expected to be weak, and it is recommended to operate TA in the 4600 - 4800 range. The short - term supply - demand of ethylene glycol is expected to improve, and it is recommended to sell put options EG2509 - P - 4300 at low prices. The short - fiber market has a weak supply - demand situation, and it is recommended to operate PFO9 in the 6300 - 6500 range. The bottle - chip supply - demand has an improvement expectation, and it is recommended to pay attention to the opportunity to expand the processing fee in the 350 - 600 yuan/ton range [30]. - **Methanol**: Inland methanol prices fluctuate slightly. The port basis strengthens, and there is an expectation of inventory accumulation from July to August, with weak prices [34]. - **Pure Benzene and Styrene**: The pure benzene supply - demand is generally good, but the rebound space is limited. The styrene supply - demand is expected to be weak, and it is recommended to operate EB09 in the 7100 - 7500 range [37]. - **Polyolefins**: The supply and demand of PP and PE contract synchronously, with inventory accumulation and weak demand. It is recommended to look for short - selling opportunities for PP and buy PE within a range [41]. - **Crude Oil**: Oil prices are in a stalemate between bulls and bears. Diesel shortages support prices, but factors such as sanctions, tariffs, and supply increases limit the upward space. The support ranges for WTI, Brent, and SC are [65, 66], [67, 68], and [504, 514] respectively [44]. 3. Summaries by Related Catalogs PVC and Caustic Soda - **Prices**: For PVC, the prices of various futures contracts and spot markets have small fluctuations. For caustic soda, the prices of some products are stable, and the export price and profit of some products have changed [19][20]. - **Supply**: The caustic soda industry's operating rate has increased, while the PVC total operating rate has decreased slightly. The profits of different production methods of PVC have changed [21]. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC have changed, and the PVC pre - sales volume has increased slightly [22][23]. - **Inventory**: The inventory of caustic soda and PVC has changed, with some increasing and some decreasing [23]. Urea - **Prices**: The prices of urea futures contracts, spot markets, and related products have changed, and the basis and spread have also changed [27]. - **Supply**: The daily and weekly production of urea has changed slightly, and the number of maintenance losses has increased [27]. - **Demand**: The agricultural demand for urea is weak, and the industrial demand is restricted by high temperatures [27]. - **Inventory**: The factory and port inventories of urea have changed, with the factory inventory decreasing and the port inventory increasing [27]. Polyester Industry Chain - **Prices**: The prices of various products in the polyester industry chain, including crude oil, PX, PTA, and polyester products, have changed, and the spreads and processing fees have also changed [30]. - **Supply**: The operating rates of PX, PTA, MEG, and polyester products have changed [30]. - **Demand**: The demand for polyester products is weak, and the downstream industries' operating rates have changed [30]. Methanol - **Prices**: The prices of methanol futures contracts and spot markets have changed, and the basis and spread have also changed [34]. - **Inventory**: The enterprise, port, and social inventories of methanol have changed [34]. - **Operating Rates**: The operating rates of upstream and downstream enterprises of methanol have changed [34]. Pure Benzene and Styrene - **Prices**: The prices of pure benzene, styrene, and related products have changed, and the spreads and import profits have also changed [37]. - **Inventory**: The inventories of pure benzene and styrene in Jiangsu ports have changed [37]. - **Operating Rates**: The operating rates of the pure benzene and styrene industries and their downstream industries have changed [37]. Polyolefins - **Prices**: The prices of LLDPE and PP futures contracts and spot markets have changed, and the basis and spread have also changed [41]. - **Inventory**: The enterprise and social inventories of PE and PP have changed [41]. - **Operating Rates**: The operating rates of PE and PP production and downstream industries have changed [41]. Crude Oil - **Prices**: The prices of crude oil futures contracts and refined oil products have changed, and the spreads and crack spreads have also changed [44]. - **Market Factors**: Diesel shortages support oil prices, but sanctions, tariffs, and supply increases affect the market [44].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View No information provided. 3. Summary by Categories Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 5508, futures price is 5628, with a basis of 96 and a basis rate of 1.65%, and a historical quantile of 5900 [1]. - **Silicon Manganese (SM509)**: Spot price information not fully clear, futures price not shown, basis rate is 43.00% [1]. - **Rebar (RB2510)**: Spot price is 3250, futures price is 3147, with a basis of 103 and a basis rate of 50.30%, and a historical quantile of 3340 [1]. - **Hot - Rolled Coil (HC2510)**: Spot price is 3340, futures price is 3310, with a basis of 30 [1]. - **Iron Ore (I2509)**: Spot price is 829, futures price is 785, with a basis of 36.80% and a historical quantile of 1392 [1]. - **Coke (J2509)**: Spot price is 1518, with a basis rate of 23.97% [1]. - **Coking Coal (JM2509)**: Spot price is 940, futures price is 926, with a basis of 14 and a basis rate of 18.90% [1]. Non - Ferrous Metals - **Copper (CU2508)**: Spot price is 78660, futures price is 78410, with a basis of 250 and a basis rate of 0.32%, and a historical quantile of 68.12% [1]. - **Aluminum (AL2509)**: Spot price is 20700, futures price is 20510, with a basis of 190 and a basis rate of 88.95% [1]. - **Alumina (AO2509)**: Spot price is 3185, futures price is 3133, with a basis rate of 1.66% and a historical quantile of 46.69% [1]. - **Zinc (ZN2509)**: Spot price is 22295, futures price is 22250, with a basis of - 45 and a basis rate of - 0.20%, and a historical quantile of 39.37% [1]. - **Tin (SN2508)**: Spot price is 265500, futures price is 264540, with a basis of 860 and a basis rate of 0.36%, and a historical quantile of 73.12% [1]. - **Nickel (MISE08)**: Spot price is 120800, futures price is 120500, with a basis of 300 and a basis rate of 0.25%, and a historical quantile of 68.75% [1]. - **Stainless Steel (22509)**: Spot price is 12970, futures price is 12725, with a basis of 245 and a basis rate of 1.93%, and a historical quantile of 54.50% [1]. - **Lithium Carbonate (LC2509)**: Spot price is 69960, futures price is 66650, with a basis of - 3310 and a basis rate of - 4.73%, and a historical quantile of 12.55% [1]. - **Industrial Silicon (SI2509)**: Spot price is 9350, futures price is 8602, with a basis rate of 7.53% and a historical quantile of 44.20% [1]. Precious Metals - **Gold (AU2510)**: Spot price is 777.0, futures price is 773.4, with a basis of - 3.6 and a basis rate of - 0.47%, and a historical quantile of 14.00% [1]. - **Silver (AG2510)**: Spot price is 9273.0, futures price is 9211.0, with a basis of - 62.0 and a basis rate of - 0.67%, and a historical quantile of 1.40% [1]. Agricultural Products - **Soybean Meal (M2509)**: Spot price is 3056.0, futures price is 2890, with a basis of - 166.0 and a basis rate of - 5.43%, and a historical quantile of 7.90% [1]. - **Soybean Oil (Y2509)**: Spot price is 8220, futures price is 8160.0, with a basis of 60.0 and a basis rate of 0.74%, and a historical quantile of 4.20% [1]. - **Palm Oil (P2509)**: Spot price is 8964.0, futures price is 8960, with a basis of - 4.0 and a basis rate of - 0.04%, and a historical quantile of 15.50% [1]. - **Rapeseed Meal (RM509)**: Spot price is 2722.0, futures price is 2600, with a basis of - 122.0 and a basis rate of - 4.48%, and a historical quantile of 14.90% [1]. - **Rapeseed Oil (O1509)**: Spot price is 9670, futures price is 9586.0, with a basis of 84.0 and a basis rate of 0.88%, and a historical quantile of 36.20% [1]. - **Corn (C2509)**: Spot price is 2350, futures price is 2314.0, with a basis of 36.0 and a basis rate of 1.56%, and a historical quantile of 64.20% [1]. - **Corn Starch (CS2509)**: Spot price is 2740, futures price is 2658.0, with a basis of 82.0 and a basis rate of 3.09%, and a historical quantile of 37.00% [1]. - **Live Hogs (H2509)**: Spot price is 14400, futures price is 14135.0, with a basis of 265.0 and a basis rate of 1.87%, and a historical quantile of 46.40% [1]. - **Eggs (JD2509)**: Spot price is 3595.0, futures price is 2870, with a basis of - 725.0 and a basis rate of - 20.17%, and a historical quantile of 3.80% [1]. - **Cotton (CF509)**: Spot price is 15424, futures price is 14270.0, with a basis of 1154.0 and a basis rate of 8.09%, and a historical quantile of 79.10% [1]. - **Sugar (SR509)**: Spot price is 6120, futures price is 5826.0, with a basis of 294.0 and a basis rate of 5.05%, and a historical quantile of 56.40% [1]. - **Apples (AP510)**: Spot price is 8600, futures price is 717.0, with a basis rate of 9.10%, and a historical quantile of 56.70% [1]. - **Red Dates (CJ601)**: Spot price is 10350.0, futures price is 8300, with a basis of - 2050.0 and a basis rate of - 19.81%, and a historical quantile of 12.00% [1]. Energy and Chemicals - **Para - Xylene (PX509)**: Spot price is 6914.0, futures price is 6810.0, with a basis of 104.0 and a basis rate of 1.53%, and a historical quantile of 56.90% [1]. - **PTA (TA509)**: Spot price is 4760.0, futures price is 4744.0, with a basis of 16.0 and a basis rate of 0.34%, and a historical quantile of 56.80% [1]. - **Ethylene Glycol (EG2509)**: Spot price is 4435.0, futures price is 4376.0, with a basis of 59.0 and a basis rate of 1.35%, and a historical quantile of 81.90% [1]. - **Styrene (EB2508)**: Spot price is 7440.0, futures price is 7347.0, with a basis of 93.0 and a basis rate of 1.27%, and a historical quantile of 46.00% [1]. - **Methanol (MA509)**: Spot price is 2385.0, futures price is 2365.0, with a basis of 20.0 and a basis rate of 0.85%, and a historical quantile of 51.50% [1]. - **Urea (UR509)**: Spot price is 1810.0, futures price is 1745.0, with a basis of 65.0 and a basis rate of 3.72%, and a historical quantile of 33.00% [1]. - **LLDPE (L2509)**: Spot price is 7216.0, futures price is 7200.0, with a basis of - 16.0 and a basis rate of - 0.22%, and a historical quantile of 15.90% [1]. - **PP (PP2509)**: Spot price is 7077.0, futures price is 7013.0, with a basis of 64.0 and a basis rate of 0.91%, and a historical quantile of 39.40% [1]. - **PVC (V2509)**: Spot price is 4937.0, futures price is 4840.0, with a basis of 97.0 and a basis rate of 6.32%, and a historical quantile of 55.30% [1]. - **Caustic Soda (SH209)**: Spot price is 2625.0, futures price is 2469.0, with a basis of 156.0 and a basis rate of 71.80% [1]. - **LPG (PG2508)**: Spot price is 4498.0, futures price is 4053.0, with a basis of 445.0 and a basis rate of 10.98%, and a historical quantile of 62.30% [1]. - **Asphalt (BU2509)**: Spot price is 3820.0, futures price is 3655.0, with a basis of 165.0 and a basis rate of 4.51%, and a historical quantile of 79.30% [1]. - **Butadiene Rubber (BR2508)**: Spot price is 11720.0, futures price is 11700.0, with a basis of - 20.0 and a basis rate of - 0.17%, and a historical quantile of 27.10% [1]. - **Glass (FG509)**: Spot price is 1084.0, futures price is 1081.0, with a basis of 3.0 and a basis rate of 0.28%, and a historical quantile of 64.49% [1]. - **Soda Ash (SA509)**: Spot price is 1216.0, futures price is 1206.0, with a basis of - 10.0 and a basis rate of - 0.83%, and a historical quantile of 26.68% [1]. - **Natural Rubber (RU2509)**: Spot price is 14810.0, futures price is 14800.0, with a basis of - 10.0 and a basis rate of - 0.07%, and a historical quantile of 94.37% [1]. Financial Futures - **IF2509.CFE**: Spot price is 4041.8, futures price is 4058.5, with a basis of - 16.7 and a basis rate of - 0.41%, and a historical quantile of 25.90% [1]. - **IH2509.CFE**: Spot price is 2767.0, futures price is 2764.5, with a basis of 2.5 and a basis rate of 0.09%, and a historical quantile of 72.20% [1]. - **IC2509.CFE**: Spot price is 6099.6, futures price is 6000.8, with a basis of - 98.8 and a basis rate of - 1.65%, and a historical quantile of 2.80% [1]. - **IM2509.CFE**: Spot price is 6552.1, futures price is 6413.6, with a basis of - 138.5 and a basis rate of - 2.16%, and a historical quantile of 8.20% [1]. - **2 - Year Treasury Bonds (TS2509)**: Spot price is 102.43, futures price is 100.35, with a basis of 0.00 and a basis rate of 0.00%, and a historical quantile of 26.70% [1]. - **5 - Year Treasury Bonds (TF2509)**: Spot price is 106.01, futures price is 100.95, with a basis of 0.07 and a basis rate of 0.07%, and a historical quantile of 28.40% [1]. - **10 - Year Treasury Bonds (T2509)**: Spot price is 108.81, futures price is 101.20, with a basis of 0.19 and a basis rate of 0.19%, and a historical quantile of 24.10% [1]. - **30 - Year Treasury Bonds (TL2509)**: Spot price is 136.17, futures price is 120.53, with a basis of 0.22 and a basis rate of 0.22%, and a historical quantile of 31.10% [1].