Report Industry Investment Ratings No relevant content provided. Core Views Glass and Soda Ash - Soda ash continues to weaken, with inventory piling up significantly due to the long holiday. The supply-demand pattern remains bearish, and it is advisable to continue the short-selling strategy during rebounds [1]. - Glass production and sales are sluggish, and the market price continues to be weak. The current trading reflects the logic of a disappointing peak season and fundamental oversupply. The market is expected to remain weak in the short term [1]. Natural Rubber - The supply of natural rubber is expected to increase overseas, with raw material prices falling and weak cost support. The demand is insufficient, and the market is expected to oscillate in the short term. Attention should be paid to the raw material output during the peak season in the main producing areas [4]. Logs - There is no obvious driving force in the current log supply and demand. The near-month 11 contract has insufficient willingness of long positions to take delivery, and the market is expected to fluctuate widely in the short term [6]. Industrial Silicon - The supply of industrial silicon increases, putting pressure on prices, but there is also cost support below. It is expected to oscillate at a low level, with the main price fluctuation range between 8,000 - 9,500 yuan/ton. If the price of the 11 contract drops to around 8,000 yuan/ton, consider going long at low prices [7]. Polysilicon - The polysilicon market is relatively stable, with supply pressure increasing and prices potentially under pressure. However, if the spot is firm, there is strong support below. The market is expected to oscillate at a high level [8]. Summary by Relevant Catalogs Glass and Soda Ash Prices and Spreads - Glass: The prices in North China, East China, Central China, and South China remained stable or decreased slightly, with the 2505 and 2509 contracts falling by 1.02% and 0.59% respectively [1]. - Soda ash: The prices in North China, East China, and Central China remained stable, while the price in the Northwest decreased by 5.00%. The 2505 and 2509 contracts fell by 0.15% and 0.38% respectively [1]. Supply - Soda ash: The weekly output was 770,800 tons, an increase of 3.37% [1]. - Glass: The float glass daily melting volume was 161,300 tons, an increase of 1.16% [1]. Inventory - Glass: The factory inventory was 62.824 million weight boxes, an increase of 5.84% [1]. - Soda ash: The factory inventory was 1.6598 million tons, an increase of 3.74%, and the delivery warehouse inventory increased by 4.05% [1]. Real Estate Data - New construction area: -0.09%, an increase of 0.09% [1]. - Construction area: 0.05%, a decrease of 2.43% [1]. - Completion area: -0.22%, a decrease of 0.03% [1]. - Sales area: -6.55%, a decrease of 6.50% [1]. Natural Rubber Spot Prices and Basis - The prices of most varieties increased slightly, with the basis of Yunnan state-owned whole milk rubber decreasing by 8.40% [4]. Monthly Spreads - The 9 - 1 spread remained unchanged, the 1 - 5 spread decreased by 100.00%, and the 5 - 9 spread increased by 50.00% [4]. Fundamental Data - Production: The production in Thailand, Indonesia, and India showed different trends, while China's production increased [4]. - Tire Production and Exports: The domestic tire production increased by 9.10%, and the export volume decreased by 5.46% [4]. - Import Volume: The import volume of natural rubber and synthetic rubber increased [4]. Inventory Changes - The bonded area inventory decreased by 1.01%, and the factory warehouse futures inventory decreased by 1.68% [4]. Logs Futures and Spot Prices - The 2511 contract of logs increased by 5.5 yuan/cubic meter, and the spot prices of major benchmark delivery products remained unchanged [6]. Supply - The number of expected arriving ships from New Zealand increased by 6, and the arrival volume increased by 200,500 cubic meters [6]. Demand - The daily average outbound volume decreased by 83,000 cubic meters [6]. Inventory - As of October 10, the total inventory of national coniferous logs was 2.99 million cubic meters, an increase of 130,000 cubic meters [6]. Industrial Silicon Spot Prices and Basis - The spot prices of industrial silicon remained stable, and the basis decreased [7]. Monthly Spreads - The spreads between different contracts showed different trends, with the 2510 - 2511 spread increasing by 400.00% [7]. Fundamental Data - Production: The national industrial silicon production increased by 9.10%, with significant increases in Xinjiang and Yunnan [7]. -开工率: The national operating rate increased by 10.86%, with significant increases in Xinjiang [7]. Inventory Changes - The factory warehouse inventory in Xinjiang, Yunnan, and Sichuan increased, and the social inventory increased slightly [7]. Polysilicon Spot Prices and Basis - The spot prices of most varieties remained stable, and the basis of N - type silicon decreased by 31.70% [8]. Futures Prices and Monthly Spreads - The main contract increased by 1.75%, and the spreads between different contracts showed different trends [8]. Fundamental Data - Production: The weekly and monthly production of polysilicon decreased slightly, while the monthly production of silicon wafers increased [8]. - Import and Export: The import volume of polysilicon decreased, and the export volume increased [8]. Inventory Changes - The inventory of polysilicon and silicon wafers increased [8].

1. Report Industry Investment Rating The given reports do not mention any industry investment ratings. 2. Report's Core Views Copper - Copper prices were volatile yesterday, with high prices suppressing demand. Macro - factors like the approaching China - US tariff extension deadline and the weak US employment report could drive short - term trading. The supply shortage of copper mines will support copper prices in the long - term. The main contract is expected to find support between 84,000 - 85,000 yuan/ton [1]. Aluminum - The alumina market continued to be weak, and the aluminum market was in an oversupply situation. The spot price of aluminum is expected to remain under pressure, with the main contract oscillating between 2,750 - 2,950 yuan/ton. The Shanghai aluminum is expected to maintain a high - level oscillation between 20,700 - 21,300 yuan/ton, supported by macro - easing expectations and a tight - balance fundamentals, but high prices are suppressing downstream procurement [3]. Aluminum Alloy - The price of cast aluminum alloy futures oscillated, with the main contract slightly down. Cost support was prominent, but supply was restricted by raw material shortages and unclear policies. Demand was moderately recovering, and inventory was increasing, suppressing price increases. The ADC12 price is expected to maintain a high - level oscillation between 20,200 - 20,800 yuan/ton [4]. Zinc - Zinc prices oscillated, with pressure above. The supply - side logic of zinc has shifted from mines to zinc ingots. The increase in zinc ingot production is limited. Demand did not exceed expectations. The Shanghai zinc is expected to remain oscillating between 21,500 - 22,500 yuan/ton [7]. Tin - The supply of tin mines remained tight, while demand was weak. The short - term macro - volatility is expected to increase. Consider buying on dips due to macro - sentiment drops. The future trend of tin prices depends on the supply recovery in Myanmar in the fourth quarter [9]. Nickel - The Shanghai nickel market oscillated narrowly. Macro - risks increased, and there were some positive factors in the mining end, but the supply is expected to be loose in the medium - term, restricting price increases. The main contract is expected to oscillate between 120,000 - 126,000 yuan/ton [11]. Stainless Steel - The stainless - steel market oscillated weakly. Macro - risks increased, raw material prices were firm, but the peak - season demand was not met, and inventory pressure was high. The main contract is expected to oscillate between 12,400 - 12,800 yuan/ton [13]. Lithium Carbonate - The lithium carbonate futures market oscillated. The supply - side situation was gradually becoming clear but with many uncertainties. Demand was robust, and the whole - chain inventory was decreasing. The short - term market is expected to oscillate, with the main contract price centered between 70,000 - 75,000 yuan/ton [17][19]. 3. Summaries According to Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price decreased by 0.88% to 85,235 yuan/ton; SMM 1 electrolytic copper premium increased by 40 yuan/ton. Other copper varieties also showed price and premium changes [1]. Fundamental Data - In September, electrolytic copper production decreased by 4.31% to 112.10 million tons; in August, imports decreased by 10.99% to 26.43 million tons. Various inventory data also changed [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.10% to 20,920 yuan/ton; SMM A00 aluminum premium increased by 30 yuan/ton. Alumina prices in different regions decreased [3]. Fundamental Data - In September, alumina production decreased by 1.74% to 760.37 million tons; electrolytic aluminum production decreased by 3.16% to 361.48 million tons. Aluminum inventories also changed [3]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in different regions decreased by 0.24%. Various scrap - to - refined price differences remained unchanged [4]. Fundamental Data - In September, the production of recycled aluminum alloy ingots increased by 7.48% to 66.10 million tons; the production of primary aluminum alloy ingots increased by 1.88% to 27.10 million tons. The开工 rate of different types of enterprises also changed [4]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 0.90% to 22,010 yuan/ton. The import loss decreased, and the monthly spread changed [7]. Fundamental Data - In September, refined zinc production decreased by 4.17% to 60.01 million tons; in August, imports increased by 43.30% to 1.79 million tons. The开工 rate of related industries and inventory data also changed [7]. Tin Spot Price and Basis - SMM 1 tin price decreased by 0.11% to 281,700 yuan/ton; SMM 1 tin premium remained unchanged. Other price and spread data also changed [9]. Fundamental Data - In September, SMM refined tin production decreased by 31.71% to 10,510 tons; in August, imports decreased by 40.19% to 1,296 tons. Inventory data also changed [9]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.16% to 122,300 yuan/ton. Various nickel - related prices and spreads changed [11]. Supply, Demand and Inventory - China's refined nickel production increased by 1.26% to 32,200 tons; imports decreased by 3.00% to 17,010 tons. Inventory data also changed [11]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) decreased by 0.39% to 12,900 yuan/ton. The futures - spot spread decreased by 8.11% [13]. Fundamental Data - In October, the production of 300 - series stainless - steel crude steel in China and Indonesia increased slightly. Import and export volumes, as well as inventory data, also changed [13]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price remained unchanged at 73,000 yuan/ton. Various lithium - related prices and spreads changed [17]. Fundamental Data - In September, lithium carbonate production increased by 2.37% to 87,260 tons; demand increased by 12.28% to 116,801 tons. Inventory data also changed [17].

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - **Overall Market**: Amid Sino - US trade frictions, market risk preferences may be suppressed in the short - term, but the long - term upward trend of the stock index remains unchanged. The bond market is affected by the strong stock market, and gold and silver maintain their strength due to geopolitical and policy factors [2]. - **Commodity Markets**: Different commodities have different trends. For example, the shipping index is short - term strong, while steel and iron ore markets are affected by supply and demand factors, and most chemical products are under downward pressure due to supply - demand imbalances [2]. 3. Summary by Related Catalogs **Equity Index** - **Trend**: Sino - US trade frictions lead to short - term fluctuations in the stock index, which is expected to fall first and then rebound. In the long - term, the upward trend remains unchanged. The export chain is warming up, and the index rebounds with shrinking volume [2]. - **Operation Suggestion**: Conservative investors can wait for the volatility to converge and then enter the market at low prices, mainly by selling put options at the support level [2]. **Treasury Bonds** - **Trend**: The 10 - year Treasury bond has different values at different interest rate levels. The short - term bond futures are expected to continue to fluctuate within the range, and the T2512 fluctuation range may be between 107.4 - 108.3 [2]. - **Operation Suggestion**: It is recommended to wait and see for over - adjustment opportunities [2]. **Precious Metals** - **Trend**: Gold remains strong before the geopolitical conflict eases and the US policy situation becomes clear. Silver also maintains its strength due to slow overseas EFP conversion progress [2]. - **Operation Suggestion**: Hold long positions in gold and set stop - loss and take - profit levels. Keep a long - buying idea for silver above 11000 yuan [2]. **Shipping Index (EC - European Line)** - **Trend**: The short - term trend is strong and fluctuating [2]. - **Operation Suggestion**: Cautiously go long [2]. **Steel** - **Trend**: Hot - rolled coils have accumulated a large amount of inventory, and attention should be paid to the post - holiday demand recovery. The profit of the steel market is converging [2]. - **Operation Suggestion**: Unilateral positions should wait and see, and the month - spread should be short - sold at high prices. The spread between hot - rolled coils and rebar is converging [2]. **Iron Ore** - **Trend**: Supply - side disturbances are weakening, and the market is turning weak [2]. - **Operation Suggestion**: Unilateral positions should wait and see, and the range is between 750 - 800. For arbitrage, go long on coking coal and short on iron ore [2]. **Coking Coal and Coke** - **Trend**: After the holiday, the coal price in the producing areas is weak, and the downstream replenishment demand is weakening. The first round of coke price increase was implemented before the holiday, but further increases are difficult [2]. - **Operation Suggestion**: Go long on coking coal 2601 at low prices, with a range of 1080 - 1200. Go long on coke 2601 at low prices, with a range of 1550 - 1700. For arbitrage, go long on coking coal and short on coke [2]. **Non - ferrous Metals** - **Trend**: Copper prices fluctuate, alumina cost support is loosening, aluminum and its alloys maintain high - level oscillations, zinc prices have limited support, tin prices are weak, nickel prices oscillate, and stainless steel demand is insufficient [2]. - **Operation Suggestion**: For copper, pay attention to the support at 84000 - 85000. For other metals, different operation suggestions are given according to their trends, such as waiting for buying opportunities for tin [2]. **Energy and Chemicals** - **Trend**: Oil prices are under pressure due to Sino - US trade tensions and pessimistic IEA reports. Most chemical products are affected by supply - demand imbalances, such as inventory accumulation and weak downstream demand [2]. - **Operation Suggestion**: Different operation suggestions are given for each product, such as short - selling at high prices, holding short positions, and conducting arbitrage operations [2]. **Agricultural Products** - **Trend**: Different agricultural products have different trends. For example, palm oil is strong, while sugar, cotton, and eggs are weak [2]. - **Operation Suggestion**: Different operation suggestions are given according to the trends of each product, such as holding 3 - 7 reverse spreads for live pigs [2]. **Special and New Energy Commodities** - **Trend**: Glass production and sales are average, rubber is affected by the peak production season, industrial silicon prices are weak, polysilicon prices are rising, and lithium carbonate maintains oscillations [2]. - **Operation Suggestion**: Different operation suggestions are given according to the trends of each product, such as holding long positions for polysilicon [2].

1. Report Industry Investment Ratings - There is no information provided regarding industry investment ratings in the reports. 2. Core Views Copper - Copper prices were volatile yesterday, with high prices suppressing demand. Macro factors include the approaching Sino - US tariff extension deadline and the unexpected decline in US ADP employment in September. Fundamentally, the shortage of copper ore supply is a long - term concern, and subsequent attention should be paid to demand changes and Sino - US tariff negotiations. The main support level is 84000 - 85000 yuan/ton [1]. Aluminum - The alumina market continued its weak operation, and the aluminum market remained in an oversupply situation, with spot prices expected to remain under pressure. The short - term main contract of aluminum may fluctuate in the 2750 - 2950 yuan/ton range. For aluminum, the price center of Shanghai aluminum futures has moved up, but high prices have suppressed spot purchases. The macro environment is favorable, and the fundamentals are in a tight - balance state. It is expected that Shanghai aluminum will maintain a high - level shock pattern in the short term, with the main contract reference range of 20700 - 21300 yuan/ton [3]. Aluminum Alloy - The price of cast aluminum alloy futures showed a volatile trend. Cost support is prominent, but supply is restricted by raw material shortages and unclear policies. Demand is in a mild recovery state, and inventories are accumulating. It is expected that the short - term ADC12 price will maintain a high - level shock, with the main contract reference range of 20200 - 20800 yuan/ton [4]. Zinc - Zinc prices were volatile, and there was still pressure above the price. Fundamentally, the supply - side logic has shifted from zinc ore to zinc ingots. The subsequent focus is on TC growth and inventory performance. In the short term, zinc prices may be driven up by macro factors but will likely maintain a shock pattern [7]. Tin - The supply of tin ore remains tight, while demand has not improved significantly. Considering the strong supply - side and macro - factor fluctuations, attention should be paid to buying opportunities when the macro - sentiment falls. The future trend of tin prices depends on the supply recovery in Myanmar in the fourth quarter [9]. Nickel - The Shanghai nickel market showed a narrow - range shock, and the market sentiment was weak. There are uncertainties in Sino - US tariffs and the Fed's interest - rate cut path. The supply of nickel ore is mixed, and the demand for stainless steel and nickel sulfate is not strong. It is expected that the market will fluctuate in the range of 120000 - 126000 yuan/ton [11]. Stainless Steel - The stainless - steel market maintained a weak shock, and traders were mainly waiting and watching. Macro factors have uncertainties, and raw - material prices are firm. The supply pressure is increasing, and the peak - season demand has not been realized. It is expected that the short - term market will be in a weak shock adjustment, with the main operation range of 12400 - 12800 yuan/ton [13]. Lithium Carbonate - The lithium - carbonate futures market was in an overall shock state. The supply - side has information uncertainties, while the demand is steadily optimistic. The fundamentals are in a tight - balance state during the peak season, and the whole - chain inventory is decreasing. It is expected that the short - term market will maintain a shock adjustment, with the main price center of 70000 - 75000 yuan/ton [17][19]. 3. Summaries by Related Catalogs Copper Price and Basis - SMM 1 electrolytic copper price was 85235 yuan/ton, down 0.88% from the previous day; the premium was 90 yuan/ton, up 40 yuan/ton. Other copper varieties also showed price changes [1]. Fundamental Data - In September, electrolytic copper production was 112.10 million tons, down 4.31% month - on - month; in August, imports were 26.43 million tons, down 10.99% month - on - month. The operating rates of copper rod production from electrolytic copper and recycled copper decreased [1]. Aluminum Price and Spread - SMM A00 aluminum price was 20920 yuan/ton, up 0.10% from the previous day; the premium was 30 yuan/ton. The prices of alumina in different regions showed a downward trend [3]. Fundamental Data - In September, alumina production was 760.37 million tons, down 1.74% month - on - month; electrolytic aluminum production was 361.48 million tons, down 3.16% month - on - month. The operating rates of aluminum profiles and cables decreased [3]. Aluminum Alloy Price and Spread - The price of SMM ADC12 aluminum alloy was 21000 yuan/ton, down 0.24% from the previous day. The month - to - month spreads showed different changes [4]. Fundamental Data - In September, the production of recycled aluminum alloy ingots was 66.10 million tons, up 7.48% month - on - month; the production of primary aluminum alloy ingots was 27.10 million tons, up 1.88% month - on - month. The operating rates of recycled and primary aluminum alloy increased [4]. Zinc Price and Spread - SMM 0 zinc ingot price was 22010 yuan/ton, down 0.90% from the previous day. The import loss decreased, and the month - to - month spreads changed [7]. Fundamental Data - In September, refined zinc production was 60.01 million tons, down 4.17% month - on - month; in August, imports increased by 43.30% month - on - month. The operating rates of galvanizing, die - casting zinc alloy, and zinc oxide decreased [7]. Tin Spot Price and Basis - SMM 1 tin price was 281700 yuan/ton, down 0.11% from the previous day; the premium remained unchanged. The LME 0 - 3 premium decreased [9]. Fundamental Data - In September, SMM refined tin production was 10510 tons, down 31.71% month - on - month; the average operating rate was 43.60%, down 31.77% month - on - month. The export volume of Indonesian refined tin in September increased by 50.00% [9]. Nickel Price and Basis - SMM 1 electrolytic nickel price was 122300 yuan/ton, up 0.16% from the previous day. The import loss decreased, and the price of high - nickel pig iron decreased [11]. Fundamental Data - In September, China's refined nickel production was 32200 tons, up 1.26% month - on - month; imports were 17010 tons, down 3.00% month - on - month. Inventories in different regions changed [11]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) was 12900 yuan/ton, down 0.39% from the previous day. The prices of raw materials such as nickel ore and ferro - chrome showed different trends [13]. Fundamental Data - The production of 300 - series stainless - steel crude steel in China and Indonesia increased slightly in September. The import and export volumes of stainless steel changed, and the social inventory of 300 - series increased [13]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate price remained unchanged at 73000 yuan/ton. The price of lithium hydroxide decreased slightly. The month - to - month spreads changed [17]. Fundamental Data - In September, lithium carbonate production was 87260 tons, up 2.37% month - on - month; demand was 116801 tons, up 12.28% month - on - month. The inventory in different links changed [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views 2.1 Oils and Fats - Malaysian BMD crude palm oil futures are in a volatile consolidation. Domestic palm oil futures may follow the upward trend of Malaysian palm oil after a short - term shock or filling the gap. - Due to uncertainties in Sino - US trade relations and government shutdowns, soybean oil futures are in a narrow - range shock adjustment. Before the Spring Festival stocking, domestic demand won't increase significantly, but cost - end support and poor theoretical crushing profits of Brazilian soybeans will support the market [1]. 2.2 Meal - Brazilian new - crop soybean sowing is going smoothly, with sufficient domestic soybean and meal supply. Spot prices are expected to remain weak this year. If no US soybeans are purchased, the M2601 contract has support in the 2900 - 2950 range, and the 1 - 5 positive spread may have opportunities [3]. 2.3 Livestock (Pigs) - Although the pressure on pig prices has eased recently, the supply pressure will continue to be released in the fourth quarter. Spot prices are expected to face pressure until the first half of next year. The trading strategy is to short on rallies and hold LH1 - 5 and LH3 - 7 reverse spreads [6]. 2.4 Sugar - Affected by supply expectations, the raw sugar price remains bearish. The domestic sugar price is expected to remain in a bottom - range shock due to factors such as typhoon impacts on sugarcane growth and a slight recovery in downstream demand [9][10]. 2.5 Corn - The supply of corn is strong while the demand is weak. Although the futures price has rebounded slightly, the price is still expected to be weak in the short term [13]. 2.6 Cotton - The new cotton cost provides some support for the futures price, but the downstream demand is weak. The cotton price is expected to face pressure when rising [17]. 2.7 Eggs - The supply of eggs is sufficient and in excess, and the demand is weak after the festival. The egg market is expected to decline in a volatile manner in the short term without obvious positive factors [20]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean Oil**: On October 15, the spot price in Jiangsu was 8520 yuan/ton, down 30 yuan from the previous day; the futures price of Y2601 was 8525 yuan/ton, up 0.15%. The basis decreased by 13.55%, and the number of warehouse receipts increased by 3.34% [1]. - **Palm Oil**: On October 15, the spot price in Guangdong was 9280 yuan/ton, down 0.86%. The futures price of P2601 was 9330 yuan/ton, down 0.09%. The basis decreased by 144.00%, the import cost decreased by 0.12%, and the import profit increased by 0.91%. The number of warehouse receipts remained unchanged [1]. - **Rapeseed Oil**: On October 15, the spot price in Jiangsu was 10180 yuan/ton, down 0.29%. The futures price of OI601 was down 0.27%. The basis decreased by 1.36%, and the number of warehouse receipts remained unchanged [1]. - **Spreads**: The soybean - palm oil spot spread increased by 6.85%, and the 2601 spread increased by 1.33%. The rapeseed - soybean oil spot spread remained unchanged, and the 2601 spread decreased by 2.27% [1]. 3.2 Meal - **Soybean Meal**: The spot price in Jiangsu remained at 2930 yuan/ton; the futures price of M2601 was 2917 yuan/ton, up 0.52%. The basis decreased by 53.57%, the import crushing profit of Argentine soybeans in December decreased by 26.7%, and the number of warehouse receipts increased by 5.0% [3]. - **Rapeseed Meal**: The spot price in Jiangsu was 2440 yuan/ton, up 0.41%. The futures price of RM2601 was 2357 yuan/ton, up 0.38%. The basis increased by 1.22%, the import crushing profit of Canadian rapeseed in November decreased by 8.64%, and the number of warehouse receipts remained unchanged [3]. - **Spreads**: The rapeseed meal 01 - 05 spread increased by 3.51%, the oil - meal ratio of the main contract decreased by 0.37%, and the soybean - rapeseed meal spot spread decreased by 2.00% [3]. 3.3 Livestock (Pigs) - **Futures**: The basis of the main contract increased by 14.95%, the price of the 2511 contract decreased by 0.44%, the price of the 2601 contract decreased by 1.69%, and the 11 - 1 spread increased by 16.75%. The main - contract positions decreased by 7.91%, and the number of warehouse receipts increased [6]. - **Spot**: The spot prices in Shandong, Sichuan, Liaoning, and other regions increased, while those in Henan and Hunan remained unchanged [6]. - **Indicators**: The daily slaughter volume increased by 1.56%, the weekly white - strip price decreased by 2.16%, the weekly self - breeding profit decreased by 105.30%, and the weekly purchased - pig breeding profit decreased by 27.25%. The monthly fertile sow inventory decreased by 0.10% [6]. 3.4 Sugar - **Futures**: The price of the 2601 contract increased by 0.11%, the price of the 2605 contract increased by 0.02%, the ICE raw sugar main contract decreased by 1.26%, and the 1 - 5 spread increased by 18.52%. The main - contract positions increased by 2.61%, and the number of warehouse receipts decreased by 0.59% [9]. - **Spot**: The spot prices in Nanning and Kunming decreased. The Brazilian in - quota and out - of - quota import sugar prices increased, and the spreads between imported Brazilian sugar and Nanning spot sugar increased [9]. - **Industry Indicators**: The national sugar production and sales increased year - on - year, the industrial inventory increased, and the sugar import volume increased by 160.00% [9]. 3.5 Corn - **Corn**: The Jinzhou Port flat - hatch price remained unchanged, the basis decreased by 21.62%, the 11 - 3 spread decreased by 19.15%, the Shekou bulk grain price increased by 1.30%, the north - south trade profit increased by 30.30%, the import profit increased by 9.31%, and the number of vehicles at Shandong deep - processing plants decreased by 16.00%. The positions increased by 2.39%, and the number of warehouse receipts remained unchanged [12]. - **Corn Starch**: The price of the 2511 contract increased by 0.67%, the Changchun and Weifang spot prices remained unchanged, the basis decreased by 12.80%, the 11 - 3 spread increased by 8.11%, the starch - corn futures spread increased by 2.74%, the Shandong starch profit increased by 36.84%. The positions increased by 0.50%, and the number of warehouse receipts remained unchanged [13]. 3.6 Cotton - **Futures**: The price of the 2605 contract increased by 0.08%, the price of the 2601 contract increased by 0.04%, the ICE US cotton main contract increased by 0.63%, and the 5 - 1 spread increased by 9.09%. The main - contract positions increased by 2.27%, the number of warehouse receipts decreased by 1.77%, and the valid forecast increased by 84.62% [17]. - **Spot**: The Xinjiang arrival price and CC Index decreased, the FC Index decreased slightly, and the spreads between spot and futures contracts decreased [17]. - **Industry Indicators**: Commercial and industrial inventories decreased, the import volume increased by 40.0%, the bonded - area inventory increased by 1.4%, the inventory days of yarn and grey cloth decreased, the cotton outbound shipment volume increased by 22.6%, the textile enterprise processing profit increased by 5.0%, and the retail and export data of the textile and apparel industry changed [17]. 3.7 Eggs - **Futures**: The price of the 11 contract increased by 0.11%, the price of the 01 contract decreased by 1.02%, the basis increased by - 52.26%, and the 11 - 01 spread increased by - 9.35% [20]. - **Spot**: The egg - producing area price increased by 0.76%, the egg - chick price remained unchanged, the culled - hen price decreased by 3.88%, the egg - feed ratio decreased by 11.31%, and the breeding profit was in a loss state [20].

| 玻璃纯碱期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年10月16日 | | | | 蒋诗语 | Z0017002 | | 玻璃相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 狱跌 | 涨跌幅 | 单位 | | 华北报价 | 1220 | 1230 | -10 | -0.81% | | | 华东报价 | 1320 | 1320 | 0 | 0.00% | | | 华中报价 | 1220 | 1220 | 0 | 0.00% | | | 华南报价 | 1310 | 1310 | 0 | 0.00% | 元/吨 | | 玻璃2505 | 1267 | 1280 | -13 | -1.02% | | | 玻璃2509 | 1351 | 1359 | -8 | -0.59% | | | 05基左 | -47 | -20 | 3 | 6.00% | | | 纯碱相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 流改 | 张跃帽 | 单位 | ...

Group 1: Stock Index Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads and cross - variety ratios on October 16, 2025 [1]. Summary by Directory - **Stock Index Futures Price - Spot Spreads**: IF, IH, IC, and IM price - spot spreads are reported, with values such as IF price - spot spread at - 29.89 (up 1.98 from the previous day), IH at - 3.95 (down 1.25), IC at - 153.80 (up 31.05), and IM at - 208.25 (up 19.10) [1]. - **Stock Index Futures Inter - period Spreads**: Inter - period spreads like “next month - current month”, “quarterly month - current month”, and “January - current month” are provided for different stock index futures, along with their changes and historical quantiles [1]. - **Cross - variety Ratios**: Ratios such as CSI 500/CSI 300, CSI 500/SSE 50, and others are reported, including their latest values, changes, and historical quantiles [1]. Group 2: Treasury Bond Futures Spread Daily Report Report Industry Investment Rating - Not provided Core View - The report shows the latest values, changes from the previous day, and historical percentiles of various treasury bond futures spreads and basis on October 16, 2025 [3]. Summary by Directory - **Treasury Bond Futures Basis**: Basis values for TS, TF, T, and TL are given, with details like TS basis at 1.5010 (down 0.0216 from the previous day), TF at 1.5573 (down 0.0392), T at 1.4876 (up 0.0489), and TL at 1.6197 (up 0.2905) [3]. - **Treasury Bond Futures Inter - period Spreads**: Inter - period spreads such as “current quarter - next quarter”, “current quarter - distant quarter”, and “next quarter - distant quarter” are reported for different treasury bond futures, along with their changes and historical percentiles [3]. - **Cross - variety Spreads**: Cross - variety spreads like TS - TF, TS - T, and others are presented, including their latest values, changes, and historical percentiles [3]. Group 3: Precious Metals Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals on October 16, 2025 [5]. Summary by Directory - **Futures Closing Prices**: Domestic AU2512 and AG2512 contracts, and foreign COMEX gold and silver contracts' closing prices, price changes, and percentage changes are reported [5]. - **Spot Prices**: Spot prices of London gold, London silver, Shanghai Gold Exchange's gold T + D and silver T + D on October 15 and 14, along with their price changes and percentage changes, are given [5]. - **Basis**: Basis values and their changes, as well as historical one - year quantiles, for gold and silver are presented [5]. - **Ratios and Rates**: Ratios like COMEX gold/silver and Shanghai Futures Exchange gold/silver, and interest rates of US Treasury bonds, US dollar index, and RMB exchange rate are reported [5]. - **Inventory and Positions**: Inventory of domestic and foreign precious metals and positions of ETFs are provided, including their changes and percentage changes [5]. Group 4: Container Shipping Industry Spot - Futures Daily Report Report Industry Investment Rating - Not provided Core View - The report shows spot quotes, index values, futures prices, basis, and fundamental data of the container shipping industry on October 16, 2025 [7]. Summary by Directory - **Spot Quotes**: Spot quotes of shipping companies from Shanghai to Europe, including MAERSK, CMA, MSC, etc., and their price changes and percentage changes are reported [7]. - **Container Shipping Indexes**: Settlement price indexes like SCFIS (European route), SCFIS (US West route), and Shanghai export container freight indexes are presented, along with their price changes and percentage changes [7]. - **Futures Prices and Basis**: Futures prices of different contracts, price changes, and basis (for the main contract) are reported [7]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators, export amounts, and overseas economic indicators are provided, including their changes and percentage changes [7].

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Polyolefins - The post - holiday inventory pressure of polyolefins remains significant. In the medium - to - long - term, the supply pressure is prominent, and the upside space of the 01 contract is limited [2]. Methanol - The 01 contract is swinging between real - world pressure and future expectations. Supply has a resumption expectation, and demand is weak. Attention should be paid to the expected supply reduction due to overseas gas restrictions in mid - October [5]. PVC and Caustic Soda - Caustic soda prices are under pressure in the short term but have demand support in the long - term. PVC has a short - term inventory build - up pressure and the external macro - environment may affect the market [7]. Polyester Industry Chain - PTA may oscillate weakly in the short term. Ethylene glycol is expected to be weak, short - fiber has a weak supply - demand expectation, and bottle - chip may enter a seasonal inventory build - up channel [8]. Pure Benzene and Styrene - The supply of pure benzene is expected to be loose in October, and its price drive is weak. Styrene supply is expected to remain high, and its price is under pressure [9]. Summary by Related Catalogs Polyolefins - **Prices**: L2601, PP2601, etc. showed small declines on October 15 compared to October 14 [2]. - **Inventory**: PE and PP enterprise and social inventories increased [2]. - **开工率**: PE and PP device and downstream weighted opening rates increased to varying degrees [2]. Methanol - **Prices**: MA2601 and MA2605 prices increased, while some spot prices decreased [5]. - **Inventory**: Methanol enterprise inventory increased, while port and social inventories decreased [5]. - **开工率**: Some upstream and downstream opening rates increased, while some decreased [5]. PVC and Caustic Soda - **Prices**: Some prices remained stable, while some showed small changes [7]. - **Inventory**: PVC upstream factory and total social inventories increased [7]. - **开工率**: Some opening rates were not available, and some PVC downstream product opening rates decreased [7]. Polyester Industry Chain - **Prices**: Most upstream and downstream product prices decreased slightly [8]. - **Inventory**: MEG port inventory increased, and the arrival expectation also increased [8]. - **开工率**: Some opening rates increased, while some decreased [8]. Pure Benzene and Styrene - **Prices**: Some upstream and downstream product prices decreased slightly [9]. - **Inventory**: Pure benzene and styrene Jiangsu port inventories decreased [9]. - **开工率**: Some opening rates increased, while some decreased [9].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel Industry - Although there is an oversupply of steel and an accumulation of plate stocks, there are no signs of a collapse in demand. The inventory pressure can be relieved by compressing profits and reducing production. However, attention should be paid to the impact of new iron ore production capacity on steel. It is recommended to wait and see for single - sided trading and focus on the recovery of apparent demand in the weekly data of Steel Union today [1]. Iron Ore Industry - Due to the weak steel prices and declining profitability of steel mills, the weak demand will force the iron ore market to operate weakly. The overall commissioning progress of the Simandou project is faster than expected. The iron ore market is shifting from a state of tight balance to one of relative abundance. It is recommended to wait and see for single - sided trading, with a reference range of 750 - 800, and the arbitrage strategy of going long on coking coal and short on iron ore is recommended [3]. Coke Industry - The coke futures showed a volatile and weak trend. The cost is expected to increase due to concerns about coking coal supply caused by mining accidents. It is recommended to go long on coke 2601 at low prices, with a reference range of 1550 - 1700, and the arbitrage strategy of going long on coking coal and short on coke is recommended [5]. Coking Coal Industry - The coking coal futures showed a volatile trend. The spot price is expected to enter a rebound trend. It is recommended to go long on coking coal 2601 at low prices, with a reference range of 1080 - 1200, and the arbitrage strategy of going long on coking coal and short on coke is recommended [5]. 3. Summary by Directory Steel Industry - **Prices and Spreads**: The spot and futures prices of rebar and hot - rolled coils generally declined. For example, the spot price of rebar in East China dropped from 3210 yuan/ton to 3190 yuan/ton, and the 01 contract price of rebar decreased from 3061 yuan/ton to 3034 yuan/ton [1]. - **Cost and Profit**: The cost of steel billets decreased by 10 yuan/ton, and the profit of hot - rolled coils in East China decreased by 33 yuan/ton. The profit of rebar in most regions was in a loss state [1]. - **Production**: The daily average pig iron output decreased by 0.3 to 241.5 tons, a decrease of 0.1%. The output of five major steel products decreased by 3.8 tons to 863.3 tons, a decrease of 0.4%. The output of rebar decreased by 3.6 tons to 203.4 tons, a decrease of 1.7% [1]. - **Inventory**: The inventory of five major steel products increased by 127.9 tons to 1600.7 tons, an increase of 8.7%. The inventory of rebar increased by 57.4 tons to 602.3 tons, an increase of 9.5% [1]. - **Transaction and Demand**: The building materials trading volume decreased by 1.1 to 10.6 tons, a decrease of 10.8%. The apparent demand of five major steel products decreased by 153.4 tons to 751.4 tons, a decrease of 17.0% [1]. Iron Ore Industry - **Prices and Spreads**: The warehouse receipt costs of various iron ore powders decreased slightly, and the 01 contract basis of some iron ore powders increased. For example, the warehouse receipt cost of PB powder decreased from 827.1 yuan/ton to 821.6 yuan/ton, and the 01 contract basis of Bar - mixed powder increased from 53.2 yuan/ton to 55.5 yuan/ton [3]. - **Supply**: The global shipping volume of iron ore decreased by 71.5 tons to 3207.5 tons, a decrease of 2.2%, while the arrival volume at 45 ports increased by 437.1 tons to 3045.8 tons, an increase of 16.8% [3]. - **Demand**: The daily average pig iron output of 247 steel mills decreased by 0.3 to 241.5 tons, a decrease of 0.1%. The national monthly pig iron output decreased by 100.5 tons to 6979.3 tons, a decrease of 1.4% [3]. - **Inventory**: The port inventory increased by 61.6 tons to 14086.14 tons, an increase of 0.4%, and the imported ore inventory of 247 steel mills decreased by 990.6 tons to 9046.2 tons, a decrease of 9.9% [3]. Coke and Coking Coal Industry Coke - **Prices and Spreads**: The prices of coke futures contracts decreased slightly. The 01 contract of coke decreased from 1655 yuan/ton to 1642 yuan/ton, a decrease of 0.8%. The coking profit decreased by 11 yuan/ton to - 54 yuan/ton [5]. - **Supply**: The daily average output of all - sample coking plants remained unchanged at 66.1 tons, and the daily average output of 247 steel mills decreased by 0.3 to 241.5 tons, a decrease of 0.1% [5]. - **Demand**: The pig iron output of 247 steel mills decreased by 0.3 to 241.5 tons, a decrease of 0.1% [5]. - **Inventory**: The total coke inventory decreased by 10.1 tons to 909.8 tons, a decrease of 1.1%. The coke inventory of coking plants increased, while the inventory of steel mills and ports decreased [5]. Coking Coal - **Prices and Spreads**: The prices of coking coal futures contracts decreased slightly. The 01 contract of coking coal decreased from 1154 yuan/ton to 1151 yuan/ton, a decrease of 0.2%. The profit of sample coal mines remained unchanged at 466 yuan/ton [5]. - **Supply**: The raw coal output decreased by 31.3 tons to 836.7 tons, a decrease of 3.6%, and the clean coal output decreased by 19.8 tons to 426.3 tons, a decrease of 4.4% [5]. - **Demand**: The daily average output of all - sample coking plants remained unchanged at 66.1 tons, and the daily average output of 247 steel mills decreased by 0.3 to 241.5 tons, a decrease of 0.1% [5]. - **Inventory**: The coal mine inventory increased, while the inventory of ports, coking plants, and steel mills decreased [5].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints No clear core viewpoints presented in the given content. 3. Summary by Categories Ferrous Metals - **Silicon Manganese (SM601)**: Spot price is 5950, futures price is 5746, basis is 204, basis rate is 3.55%, and historical quantile is 65.10% [1] - **Silicon Iron (SF601)**: Spot price is 5558, futures price is 5376, basis is 182, basis rate is 3.39%, and historical quantile is 81.00% [5] - **Rebar (RB2601)**: Spot price is 3280, futures price is 3212, basis is 68, basis rate is 2.12%, and historical quantile is 47.00% [1] - **Hot - Rolled Coil (HC2601)**: Spot price is 837, futures price is 777, basis is 61, basis rate is 7.84%, and historical quantile is 49.60% [1] - **Coke (J2601)**: Spot price is 1642, futures price is 1603, basis is - 39, basis rate is - 2.40%, and historical quantile is 41.79% [1] - **Coking Coal (JM2601)**: Spot price is 1206, futures price is 1151, basis is 55, basis rate is 4.78%, and historical quantile is 38.00% [1] Non - Ferrous Metals - **Copper (CU2511)**: Spot price is 85800, futures price is 85235, basis is 565, basis rate is - 0.65%, and historical quantile is 9.37% [1] - **Aluminum (AL2511)**: Spot price is 20920, futures price is 20910, basis is 10, basis rate is 0.05%, and historical quantile is 61.45% [1] - **Alumina (AO2601)**: Spot price is 2942, futures price is 2797, basis is 145, basis rate is 5.20%, and historical quantile is 67.62% [1] - **Zinc (ZN2511)**: Spot price is 21940, futures price is 22015, basis is - 75, basis rate is - 0.34%, and historical quantile is 40.00% [1] - **Tin (SN2511)**: Spot price is 281710, futures price is 281700, basis is 10, basis rate is 0.00%, and historical quantile is 48.33% [1] - **Nickel (NISEJI)**: Spot price is 121180, futures price is 121450, basis is - 270, basis rate is - 0.22%, and historical quantile is 71.04% [1] - **Stainless Steel (SS2512)**: Spot price is 13070, futures price is 12560, basis is 510, basis rate is 4.06%, and historical quantile is 90.12% [1] - **Lithium Carbonate (LC2511)**: Spot price is 73000, futures price is 72720, basis is 280, basis rate is 0.39%, and historical quantile is 60.13% [1] - **Industrial Silicon (SI2511)**: Spot price is 9400, futures price is 8570, basis is 830, basis rate is 9.68%, and historical quantile is 56.86% [1] Precious Metals - **Gold (AU2512)**: Spot price is 960.3, futures price is 958.5, basis is - 1.8, basis rate is - 0.19%, and historical quantile is 45.20% [1] - **Silver (AG2512)**: Spot price is 11966.0, futures price is 11961.0, basis is 5.0, basis rate is - 0.04%, and historical quantile is 75.70% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price is 2917.0, futures price is 2910, basis is 7.0, basis rate is - 0.24%, and historical quantile is 33.50% [1] - **Soybean Oil (V2601)**: Spot price is 8370, futures price is 8252.0, basis is 118.0, basis rate is 1.43%, and historical quantile is 21.90% [1] - **Palm Oil (P2601)**: Spot price is 9322.0, futures price is 9220, basis is - 102.0, basis rate is - 1.00%, and historical quantile is 5.00% [1] - **Rapeseed Meal (RM601)**: Spot price is 2490, futures price is 2357.0, basis is 133.0, basis rate is 5.64%, and historical quantile is 69.90% [1] - **Rapeseed Oil (Oleo1)**: Spot price is 10280, futures price is 9932.0, basis is 348.0, basis rate is 3.50%, and historical quantile is 82.40% [1] - **Corn (C2511)**: Spot price is 2130, futures price is 2101.0, basis is 29.0, basis rate is 1.38%, and historical quantile is 56.30% [1] - **Corn Starch (CS2511)**: Spot price is 2550, futures price is 2401.0, basis is 149.0, basis rate is 6.21%, and historical quantile is 74.10% [1] - **Live Hogs (LH2601)**: Spot price is 11400.0, futures price is 11000, basis is - 400.0, basis rate is - 3.51%, and historical quantile is 31.40% [1] - **Eggs (JD2511)**: Spot price is 2855.0, futures price is 2780, basis is 75.0, basis rate is 2.63%, and historical quantile is 28.20% [1] - **Cotton (CF601)**: Spot price is 14513, futures price is 13270.0, basis is 1243.0, basis rate is 9.37%, and historical quantile is 83.50% [1] - **Sugar (SR601)**: Spot price is 5840, futures price is 5403.0, basis is 437.0, basis rate is 8.09%, and historical quantile is 77.60% [1] - **Apples (AP601)**: Spot price is 8665.0, futures price is 8600, basis is - 65.0, basis rate is - 0.75%, and historical quantile is 15.30% [1] - **Red Dates (CJ601)**: Spot price is 11105.0, futures price is 9500, basis is - 1605.0, basis rate is - 14.45%, and historical quantile is 29.80% [1] Energy and Chemicals - **Para - Xylene (PX601)**: Spot price is 6462.0, futures price is 6312.0, basis is 150.0, basis rate is 2.38%, and historical quantile is 12.40% [1] - **PTA (TA601)**: Spot price is 4422.0, futures price is 4325.0, basis is 97.0, basis rate is 2.24%, and historical quantile is 20.00% [1] - **Ethylene Glycol (EG2601)**: Spot price is 4120.0, futures price is 4057.0, basis is 63.0, basis rate is 1.55%, and historical quantile is 75.20% [1] - **Polyester Staple Fiber (PF512)**: Spot price is 6305.0, futures price is 6050.0, basis is 255.0, basis rate is 4.21%, and historical quantile is 74.10% [1] - **Styrene (EB2511)**: Spot price is 6540.0, futures price is 6540.0, basis is 0, basis rate is 0.00%, and historical quantile is 75.10% [1] - **Methanol (MA601)**: Spot price is 2317.0, futures price is 2298.0, basis is 19.0, basis rate is 0.83%, and historical quantile is 53.90% [1] - **Urea (UR601)**: Spot price is 1600.0, futures price is 1550.0, basis is 50.0, basis rate is 3.23%, and historical quantile is 5.40% [1] - **LLDPE (L2601)**: Spot price is 6990.0, futures price is 6910.0, basis is 80.0, basis rate is 1.16%, and historical quantile is 56.70% [1] - **PP (PP2601)**: Spot price is 6595.0, futures price is 6585.0, basis is 10.0, basis rate is 0.15%, and historical quantile is 48.00% [1] - **PVC (V2601)**: Spot price is 4677.0, futures price is 4580.0, basis is 97.0, basis rate is 2.12%, and historical quantile is 32.40% [1] - **Caustic Soda (SH601)**: Spot price is 2593.8, futures price is 2438.0, basis is 155.8, basis rate is 6.40%, and historical quantile is 70.80% [1] - **LPG (PG2511)**: Spot price is 4498.0, futures price is 4148.0, basis is 350.0, basis rate is 8.44%, and historical quantile is 47.70% [1] - **Asphalt (BU2511)**: Spot price is 3450.0, futures price is 3250.0, basis is 200.0, basis rate is 6.15%, and historical quantile is 93.40% [1] - **Butadiene Rubber (BR2511)**: Spot price is 11000.0, futures price is 10895.0, basis is 105.0, basis rate is 0.96%, and historical quantile is 61.30% [1] - **Glass (FG601)**: Spot price is 1129.0, futures price is 1088.0, basis is 41.0, basis rate is 3.77%, and historical quantile is 61.13% [1] - **Soda Ash (SA601)**: Spot price is 1232.0, futures price is 1162.0, basis is 70.0, basis rate is 6.02%, and historical quantile is 15.75% [1] - **Natural Rubber (RU2601)**: Spot price is 14895.0, futures price is 14250.0, basis is 645.0, basis rate is 4.53%, and historical quantile is 61.45% [1] Financial Futures - **IF2512.CFE**: Spot price is 4606.3, futures price is 4576.4, basis is - 29.9, basis rate is - 0.65%, and historical quantile is 13.40% [1] - **IH2512.CFE**: Spot price is 3001.3, futures price is 2997.4, basis is - 3.9, basis rate is - 0.13%, and historical quantile is 38.10% [1] - **IC2512.CFE**: Spot price is 7294.0, futures price is 7140.2, basis is - 153.8, basis rate is - 2.15%, and historical quantile is 0.40% [1] - **IM2512.CFE**: Spot price is 7483.4, futures price is 7275.2, basis is - 208.2, basis rate is - 2.86%, and historical quantile is 3.10% [1] - **2 - year Treasury Bond (TS2512)**: Spot price is 102.37, futures price is 99.94, basis is - 0.02, basis rate is - 0.02%, and historical quantile is 20.00% [1] - **5 - year Treasury Bond (TF2512)**: Spot price is 105.72, futures price is 99.39, basis is - 0.04, basis rate is - 0.04%, and historical quantile is 21.80% [1] - **10 - year Treasury Bond (T2512)**: Spot price is 108.10, futures price is 100.19, basis is 0.05, basis rate is 0.05%, and historical quantile is 21.10% [1] - **30 - year Treasury Bond (TL2512)**: Spot price is 129.31, futures price is 114.48, basis is 0.28, basis rate is 0.29%, and historical quantile is 37.50% [1]