Maike 迈科期货 @2019 Maike Futures 玻璃核心观点 www.mkqh.com 玻璃产量上升库存增加，碱厂累库压力较大 TO DISCOVER VALU TO CREATE VALUE TO SHARE VALUE 投研服务中心- -符佳敏 2025.08.18 - 供应：上周玻璃产量持稳,玻璃技改可能在旺季前结束,预计后续有一定供应 压力。上周浮法玻璃产量110.7万吨（+0），全国浮法玻璃开工率75.34% (+0.15) 。 需求：7月31日下游深加工厂订单天数9.55天（+0.25），下游需求处于历年 同期偏低水平。金九银十旺季来临，预计玻璃需求将环比走高。上周浮法玻璃 周度表需2076.15万重量箱（+76.9）。 - 库存: 投机需求走弱,期现商抛货,挤压玻璃厂产销,玻璃厂库存增加。上周 全国浮法玻璃样本企业总库存6342.6万重箱（+157.9）。上周湖北厂内库存 638万車量箱(+49)。 - 成本与利润：上周玻璃成本下行，利润下降。 - 结论及观点：玻璃供应环比持平，后续有较强供应压力。下游深加工订单天数 仍处历年低位水平，金九银十旺季来临，玻璃需求预计环比回升。玻璃厂 ...

www.mkqh.com 焦企利润转正产量上升，煤矿库存上升 TO DISCOVER VALUE TO GREATE VALUE TO SHARE VALUE 投研服务中心 -- 符佳敏 2025.08.18 Maike 迈科期货 @2019 Maike Futures 焦炭核心观点 结论及观点：煤矿在超产核查影响下，产量处于偏低水平，叠加后续9月3日 阅兵，煤矿产量可能继续受影响。蒙煤通关维持高位水平。焦炭产量处于历年 同期低位水平，焦煤需求支撑一般。焦煤下游补库力度减缓，中下游库存去化， 上游煤矿库存增加。海运煤可能存在进口增量预期。震荡思路对待，焦煤指数 运行区间参考1120-1300。 - 关注事件: 国内煤矿产量, 铁水产量, 蒙煤通关, 下游补库。 双焦价格震荡运行 焦炭日照港准一出库价(元/吨) 蒙5精煤唐山自提价(元/吨) 4600 4400 4100 3900 3600 E 3400 3100 2900 2600 2400 2100 1900 1600 1400 1100 900 1月 ２月 ３月 ４月 ５月 ６月 ７月 ８月 9月 10月 11月 12月 1月 2月 3月 4月 5月 6月 ...

Report Industry Investment Rating No relevant content provided. Core Views Coke - The sixth round of coke price increase has started, with an increase of 50 - 55 yuan/ton. Coke enterprise profits have significantly improved, coke production from coke enterprises has increased, while that from steel mills has declined, leading to an overall rise in total coke production. - Last week, the molten iron output decreased slightly on a weekly basis. With the support of non - five major steel products demand, the seasonal decline of molten iron output is expected to be limited and may remain at a high level, which will support the futures market. - Coke enterprise inventory has decreased, steel mill inventory has declined, port inventory has increased on a weekly basis, and the total coke inventory has decreased. - Currently, market sentiment has cooled, and the futures market has returned to the industrial logic. With the sixth round of price increase, coke enterprise profits have recovered significantly, and coke production has slightly increased. The high molten iron output and non - five major steel products demand are expected to limit the decline of molten iron output. Given the relatively high current steel mill inventory level, the subsequent restocking willingness is expected to decline. The coking coal cost has a significant impact on coke, and there are still fluctuations at the coal mine end. A bullish and volatile approach is recommended. The operating range of the coke index is expected to be between 1630 - 1790 [5]. Coking Coal - Affected by over - production inspections, coal mine production has significantly declined. The subsequent military parade on September 3 is expected to further reduce coal mine production. The daily customs clearance volume at Ganqimao Port has recovered to over 100,000 tons. - Coke production has increased on a weekly basis but remains at a low level compared to previous years, providing limited support for coking coal demand. - After a period of restocking, the current restocking willingness of downstream enterprises has weakened, and the pace of coal mine inventory reduction has significantly slowed down. Last week, coke enterprises reduced inventory, steel mills restocked, and ports reduced inventory. The total coking coal inventory has decreased. - Under the influence of over - production inspections, coal mine production has significantly contracted. Coupled with the upcoming military parade on September 3, coal mine production may continue to be affected. The customs clearance of Mongolian coal remains at a high level. Coke production is at a low level compared to the same period in previous years, providing limited support for coking coal demand. The restocking intensity of coking coal downstream has slowed down, and coal mine inventory has slightly decreased. Currently, coking coal supply has contracted while the demand side still has support, with a relatively good fundamental situation. A bullish and volatile view is taken, and the operating range of the coking coal index is expected to be between 1120 - 1290 [6]. Summary by Directory Coke Supply - The sixth round of coke price increase has started, with an increase of 50 - 55 yuan/ton. Coke enterprise profits have significantly improved, coke production from coke enterprises has increased, while that from steel mills has declined, leading to an overall rise in total coke production. As of August 8, the daily average coke output of all - sample coking plants was 65.1 tons (+0.29), that of 247 steel mill coking plants was 46.8 tons (-0.17), and the total output of all - sample coke enterprises and 247 steel mills was 111.9 tons (+0.12) [5][15]. Profit - The sixth round of price increase has started, and coke enterprise profits have significantly improved. As of August 8, the average profit per ton of independent coking enterprises was - 16 yuan/ton (+29) [17][19]. Demand - Last week, the molten iron output decreased slightly on a weekly basis. With the support of non - five major steel products demand, the seasonal decline of molten iron output is expected to be limited and may remain at a high level, which will support the futures market. As of August 8, the daily average molten iron output was 240.32 tons (-0.39); the weekly total output of five major steel products was 869.21 tons (+1.79); the steel mill profitability rate was 68.4% (+3.03); the blast furnace capacity utilization rate of 247 steel enterprises was 90.09% (-0.15); the blast furnace operation rate was 83.75% (+0.29) [21][23]. Inventory - Coke enterprise inventory has decreased, steel mill inventory has declined, port inventory has increased on a weekly basis, and the total coke inventory has decreased. As of August 8, the inventory of all - sample independent coking plants was 69.73 tons (-3.89); the inventory of 247 steel mills was 619.28 tons (-7.41); the total coke inventory of four major ports was 218.15 tons (+3.05); the total coke inventory was 907.16 tons (-8.25) [25][27]. Inventory Available Days - The inventory available days of 247 steel mill sample coking plants was 10.91 days (-0.26) [31]. Basis - As of August 8, the basis of the coke 01 contract was - 151, the basis of the 05 contract was - 234, and the basis of the 09 contract was - 70. Currently, the basis has no obvious driving effect on the futures market [34]. Calendar Spread - As of August 8, the 9 - 1 contract spread was - 80.5, and the 1 - 5 contract spread was - 83. There are currently no calendar spread opportunities [38]. Coking Coal Supply - Affected by over - production inspections, coal mine production has significantly declined. The subsequent military parade on September 3 is expected to further reduce coal mine production. The daily customs clearance volume at Ganqimao Port has recovered to over 100,000 tons. As of August 8, the daily average output of 523 sample mines was 188.27 tons (-5.29), with an operation rate of 83.89% (-2.42); the daily average output of coal washing plants was 52.14 tons (-0.01), with an operation rate of 61.51% (-0.8) [42][44]. Demand - Coke production has increased on a weekly basis but remains at a low level compared to previous years, providing limited support for coking coal demand. As of August 8, the total inventory of 230 independent coking plants was 832.75 tons (-11.31), with available days of 12.04 days (-0.21), corresponding to a daily coking coal consumption of 69.17 tons (+0.26); the inventory of 247 steel mills was 808.66 tons (+4.87), with available days of 12.99 days (+0.12), and the converted daily consumption was 62.25 tons (-0.2); the total daily consumption was 131.42 tons (+0.06) [49][51]. Washery Inventory - As of August 8, the raw coal inventory of coal washing plants was 277.1 tons (-15.43); the clean coal inventory was 166.38 tons (-9.23) [53][55]. Inventory - After a period of restocking, the current restocking willingness of downstream enterprises has weakened, and the pace of coal mine inventory reduction has significantly slowed down. Last week, coke enterprises reduced inventory, steel mills restocked, and ports reduced inventory. The total coking coal inventory has decreased. As of August 8, the port inventory was 277.34 tons (-4.77); the inventory of 247 steel mills was 808.66 tons (+4.87); the coking coal inventory of all - sample independent coking plants was 987.92 tons (-4.81); the clean coal inventory of 532 sample mines was 245.66 tons (-2.6); the total coking coal inventory was 2319.58 tons (-7.31). The available days of coking coal for 230 independent coking plants were 12.04 days (-0.21); the available days of coking coal inventory for 247 steel enterprises were 12.99 days (+0.12) [57][62]. Basis - As of August 8, the basis of the coking coal 01 contract was - 220, the basis of the 05 contract was - 259, and the basis of the 09 contract was - 62. Currently, the basis has a downward driving effect on the futures market [67]. Calendar Spread - As of August 8, the 9 - 1 contract spread was - 157.5, and the 1 - 5 contract spread was - 39. There are currently no calendar spread opportunities [71].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View - The report presents the basis rate, changes compared to the previous day, current - month basis, next - month basis, subsequent - month basis, contract prices, and spot prices of various futures on July 22, 2025, including non - ferrous metals, precious metals, industrial products, agricultural products, and financial futures [4]. 3. Summary by Commodity Category Non - Ferrous Metals - Copper (CU): Basis rate is 0.41%, down 0.04% from yesterday, current - month basis is 325, spot price is 79,555 [4]. - Aluminum (AL): Basis rate is 0.70%, down 0.25% from yesterday, current - month basis is 110, spot price is 20,890 [4]. - Zinc (ZN): Basis rate is 0.15%, up 0.06% from yesterday, current - month basis is 70, spot price is 22,820 [4]. - Tin (SN): Basis rate is 0.61%, up 0.01% from yesterday, current - month basis is 1,630, spot price is 267,200 [4]. - Nickel (NI): Basis rate is 0.95%, down 0.09% from yesterday, current - month basis is 1,160, spot price is 122,850 [4]. - Industrial Silicon: Basis rate is 4.28%, down 1.73% from yesterday, current - month basis is 415, spot price is 9,500 [4]. - Lithium Carbonate (LC): Basis rate is - 4.14%, down 0.04% from yesterday, current - month basis is - 2,880, spot price is 68,020 [4]. Precious Metals - Gold (AU): Basis rate is - 0.60%, down 0.13% from yesterday, current - month basis is - 2.32, spot price is 777.00 [4]. - Silver (AG): Basis rate is - 0.49%, up 0.18% from yesterday, current - month basis is - 16, spot price is 9,226 [4]. Industrial Products - Rebar (RB): Basis rate is 3.29%, down 0.62% from yesterday, current - month basis is 106, spot price is 3,330 [4]. - Hot - Rolled Coil (HC): Basis rate is 1.06%, down 0.45% from yesterday, current - month basis is 36, spot price is 3,430 [4]. - Iron Ore: Basis rate is 4.64%, unchanged from yesterday, current - month basis is 36.5, spot price is 821.5 [4]. - Coke: Basis rate is - 7.93%, down 0.20% from yesterday, current - month basis is - 127.1, spot price is 1,476 [4]. - Coking Coal (JIM): Basis rate is 9.34%, down 9.45% from yesterday, current - month basis is 94.0, spot price is 1,100 [4]. - Power Coal (ZC): Basis rate is 20.14%, up 0.25% from yesterday, current - month basis is - 161.4, spot price is 640 [4]. - Ferrosilicon (SF): Basis rate is - 6.32%, down 1.63% from yesterday, current - month basis is - 358, spot price is 5,310 [4]. - Ferromanganese (SM): Basis rate is - 1.08%, down 1.87% from yesterday, current - month basis is - 64, spot price is 5,850 [4]. - Stainless Steel: Basis rate is - 0.43%, down 0.62% from yesterday, current - month basis is - 25, spot price is 12,850 [4]. - Glass (FG): Basis rate is 0.60%, down 6.71% from yesterday, current - month basis is 7, spot price is 1,180 [4]. Grains and Oils - Soybeans: Basis rate is - 5.69%, down 0.23% from yesterday, current - month basis is - 239, spot price is 3,960 [4]. - Soybean Meal (M): Basis rate is - 5.83%, down 0.40% from yesterday, current - month basis is - 179, spot price is 2,890 [4]. - Rapeseed Meal (RM): Basis rate is - 3.19%, up 0.19% from yesterday, current - month basis is - 87, spot price is 2,640 [4]. - Soybean Oil (V): Basis rate is 3.19%, up 0.86% from yesterday, current - month basis is 258, spot price is 8,350 [4]. - Rapeseed Oil (Ol): Basis rate is 0.77%, unchanged from yesterday, current - month basis is 74, spot price is 9,660 [4]. - Peanuts: Basis rate is 9.68%, up 0.21% from yesterday, current - month basis is 794, spot price is 9,000 [4]. - Palm Oil: Basis rate is 0.67%, up 0.61% from yesterday, current - month basis is 60, spot price is 8,970 [4]. - Corn: Basis rate is 0.00%, down 0.26% from yesterday, current - month basis is 0, spot price is 2,320 [4]. - Corn Starch (CS): Basis rate is 0.60%, down 0.23% from yesterday, current - month basis is 16, spot price is 2,680 [4]. Agricultural and Sideline Products - Apples (AP): Basis rate is - 1.55%, down 0.50% from yesterday, current - month basis is - 123, spot price is 7,800 [4]. - Eggs (JD): Basis rate is - 12.54%, down 1.00% from yesterday, current - month basis is - 456, spot price is 3,180 [4]. - Hogs (LH): Basis rate is 0.24%, down 1.63% from yesterday, current - month basis is 0, spot price is 14,400 [4]. - Cotton (CF): Basis rate is 9.90%, up 1.22% from yesterday, current - month basis is 1,404, spot price is 15,589 [4]. Soft Commodities - Sugar (SR): Basis rate is 4.81%, down 0.23% from yesterday, current - month basis is 281, spot price is 6,120 [4]. - Methanol (MA): Basis rate is 0.89%, down 0.80% from yesterday, current - month basis is 22, spot price is 2,433 [4]. - Ethanol (EG): Basis rate is 1.47%, up 0.13% from yesterday, current - month basis is 65, spot price is 4,475 [4]. - PTA (TA): Basis rate is 0.21%, down 0.34% from yesterday, current - month basis is 10, spot price is 4,790 [4]. - Polypropylene (PP): Basis rate is 3.23%, down 1.15% from yesterday, current - month basis is 229, spot price is 7,320 [4]. - Styrene (EB): Basis rate is 0.91%, down 0.36% from yesterday, current - month basis is 137, spot price is 7,560 [4]. - Short - Fiber (PF): Basis rate is 3.39%, down 0.97% from yesterday, current - month basis is 218, spot price is 6,650 [4]. - Plastic: Basis rate is - 0.55%, down 1.02% from yesterday, current - month basis is - 40, spot price is 7,250 [4]. - PVC (V): Basis rate is 5.61%, down 3.87% from yesterday, current - month basis is 287, spot price is 5,405 [4]. - Rubber (RU): Basis rate is - 0.30%, down 0.23% from yesterday, current - month basis is - 45, spot price is 14,850 [4]. - 20 - Number Rubber (NR): Basis rate is 1.31%, down 0.36% from yesterday, current - month basis is 167, spot price is 12,917 [4]. - Soda Ash (SA): Basis rate is - 0.77%, up 0.05% from yesterday, current - month basis is - 10, spot price is 1,285 [4]. - Urea (UR): Basis rate is 1.55%, down 2.18% from yesterday, current - month basis is 28, spot price is 1,840 [4]. - Pulp (SP): Basis rate is 11.78%, down 0.89% from yesterday, current - month basis is 629, spot price is 5,963 [4]. Energy and Chemicals - Crude Oil (SC): Basis rate is - 5.41%, up 3.12% from yesterday, current - month basis is - 27.7, spot price is 484.6 [4]. - Fuel Oil (EU): Basis rate is 4.30%, down 0.72% from yesterday, current - month basis is 126, spot price is 3,050 [4]. - Asphalt (BU): Basis rate is 5.41%, up 0.90% from yesterday, current - month basis is 198, spot price is 3,855 [4]. - Low - Sulfur Fuel Oil (LU): Basis rate is 2.30%, up 1.65% from yesterday, current - month basis is 82, spot price is 3,685 [4]. - LPG (PG): Basis rate is 10.14%, down 0.84% from yesterday, current - month basis is 464, spot price is 4,498 [4]. Stock Index Futures - CSI 300 (IF): Basis rate is 0.51%, up 0.10% from yesterday, current - month basis is 11.0, spot price is 4,085.6 [4]. - SSE 50 (IH): Basis rate is 0.04%, up 0.13% from yesterday, current - month basis is 1.2, spot price is 2,772.2 [4]. - CSI 500 (IC): Basis rate is 1.75%, up 0.10% from yesterday, current - month basis is 54.7, spot price is 6,161.3 [4].

Report Industry Investment Rating - Not provided in the given content Core Views Coke - Supply: The first round of coke price increase has been implemented, improving coke enterprises' profits. Coke enterprise production has increased month - on - month, while steel mill coke production has decreased slightly, with total coke production rising slightly. The second round of price increase of 50 - 55 yuan/ton will be implemented this Tuesday [5][13]. - Demand: Last week, hot metal production unexpectedly increased, remaining at a relatively high level, providing strong support for coke demand. As of July 18, the daily average hot metal production was 2.4244 million tons (+2630) [5][21]. - Inventory: The rising futures market has stimulated downstream replenishment. Coke enterprise inventories have decreased, steel mill inventories have increased, and port inventories have decreased month - on - month, resulting in a decline in total coke inventories [5][25]. - Conclusion: Driven by strong macro sentiment and improved fundamentals, a short - term long strategy is recommended. The coke index is expected to trade in the range of 1500 - 1540 - 1670 [5]. Coking Coal - Supply: Previously shut - down coal mines have gradually resumed production, but environmental inspections are still affecting output, leading to a slow recovery in domestic coal production. Mongolian coal customs clearance has gradually recovered after the Mongolian National Day [6][42]. - Demand: Coke production has increased month - on - month but remains at a historically low level, providing moderately weak support for coking coal demand in the short term [6][50]. - Inventory: Rising coking coal futures and spot prices have stimulated speculative demand and downstream replenishment. Coal mine inventories have continued to decline, while coke enterprise and steel mill coking coal inventories have increased month - on - month, with port inventories slightly decreasing and total coking coal inventories increasing [6][61]. - Conclusion: Driven by strong macro sentiment, the futures market has risen, leading to a significant improvement in spot sales and a joint increase in futures and spot prices. A short - term long strategy is recommended. The coking coal index is expected to trade in the range of 930 - 1060 [6]. Summary by Relevant Catalogs Coke Supply - Coke enterprise production has increased month - on - month, while steel mill coke production has decreased slightly, with total coke production rising slightly. As of July 18, the daily average production of all - sample coking plants was 642,100 tons (+130), and the daily average production of 247 steel mill coking plants was 470,900 tons (-100), with a total production of 1.113 million tons (+30) [13]. Profit - After the first round of price increase, coke enterprises' profits have recovered. As of July 18, the average profit per ton of coke for independent coking enterprises was - 43 yuan/ton (+20) [17]. Demand - Hot metal production unexpectedly increased, remaining at a relatively high level, providing strong support for coke demand. As of July 18, the daily average hot metal production was 2.4244 million tons (+2630); the weekly total production of five major steel products was 8.6819 million tons (-4530); the steel mill profitability rate was 60.17% (+0.43); the blast furnace capacity utilization rate of 247 steel enterprises was 90.89% (-0.99); and the blast furnace start - up rate was 83.46% (+0.31) [21]. Inventory - Coke enterprise inventories have decreased, steel mill inventories have increased, and port inventories have decreased month - on - month, resulting in a decline in total coke inventories. As of July 18, the inventory of all - sample independent coking plants was 875,500 tons (-55,300); the inventory of 247 steel mills was 6.3899 million tons (+11,900); the total inventory of four major ports was 1.9911 million tons (-9700); and the total coke inventory was 9.2565 million tons (-53,100) [25]. Inventory Available Days - The inventory available days of steel mill coke have decreased month - on - month. The inventory available days of 247 steel mill sample coking plants were 11.46 days (-0.18) [29]. Basis - As of July 18, the warehouse - receipt price of quasi - first - grade metallurgical coke at Rizhao Port was 1401 yuan/ton. The basis of the January contract was - 162, the basis of the May contract was - 197, and the basis of the September contract was - 117. There is currently no basis - driven opportunity [32]. Calendar Spread - As of July 18, the spread between the September - January contracts was - 45, and the spread between the January - May contracts was - 35 [36]. Coking Coal Supply - Domestic coal production is recovering slowly due to environmental inspections, and Mongolian coal customs clearance is gradually resuming. As of July 18, the daily average production of 523 sample mines was 1.9288 million tons (+10,500), with an operating rate of 86.07% (+0.55); the daily average production of coal preparation plants was 53.38 tons (+0.79), with an operating rate of 62.85% (+0.53) [42]. Mongolian Coal Customs Clearance - Mongolian coal customs clearance has gradually recovered after the Mongolian National Day [46]. Demand - Coke production has increased month - on - month but remains at a historically low level, providing moderately weak support for coking coal demand in the short term. As of July 18, the total inventory of 230 independent coking plants was 7.9019 million tons (+377,500), with available days of 11.56 days (+0.53), corresponding to a daily coking coal consumption of 683,600 tons (+1400); the inventory of 247 steel mills was 7.911 million tons (+81,700), with available days of 12.63 days (+0.15), corresponding to a daily consumption of 626,400 tons (-1000); and the total daily consumption was 1.3099 million tons (+400) [50]. Coal Preparation Plant Inventory - As of July 18, the raw coal inventory of coal preparation plants was 2.9869 million tons (-20,800), and the clean coal inventory was 1.9154 million tons (-55,300) [54]. Inventory - Coal mine inventories have decreased significantly, while coke enterprise and steel mill inventories have increased. As of July 18, the port inventory was 321,500 tons (-140); the inventory of 247 steel mills was 7.911 million tons (+81,700); the coking coal inventory of all - sample independent coking plants was 9.2911 million tons (+367,600); the clean coal inventory of 532 sample mines was 3.3907 million tons (-381,100); and the total coking coal inventory was 23.8078 million tons (+66,800). The available days of coking coal for 230 independent coking plants were 11.56 days (+0.53), and the available days of coking coal inventory for 247 steel enterprises were 12.63 days (+0.15) [61]. Basis - As of July 18, the warehouse - receipt price of Mongolian No. 5 coking coal in Tangshan was 918 yuan/ton. The basis of the January contract was - 98, the basis of the May contract was - 114, and the basis of the September contract was - 49. There is currently no basis - driven opportunity [66]. Calendar Spread - As of July 18, the spread between the September - January contracts was - 49.5, and the spread between the January - May contracts was - 16. There is currently no calendar - spread opportunity [70].

Report Industry Investment Rating No relevant content provided. Core Views of the Report Glass - Supply pressure is rising as the output of previously ignited production lines gradually climbs. The weekly output of float glass last week was 1108400 tons (+0.14), and the national float glass operating rate was 75.63% (-0.05). - Downstream demand is at a relatively low level compared to the same period in previous years. The number of downstream deep - processing factory order days on July 15 was 9.3 days (-0.2). However, the speculative demand has increased due to the rising market, and the apparent demand for glass has increased month - on - month. The weekly apparent demand for float glass last week was 24.3305 million weight boxes (+207000). - The inventory of glass factories decreased last week driven by speculative demand. The total inventory of national float glass sample enterprises was 64.939 million weight boxes (-2.163 million), and the inventory in Hubei factories was 6.12 million weight boxes (-660000). - The cost of glass decreased last week, while the profit increased. - The domestic anti - involution sentiment is high, and the bullish sentiment is strong, pushing the market to continue rising. There is strong supply pressure in the future. Short - term speculative demand drives the inventory reduction of glass factories. It is recommended to focus on short - term long ideas, and pay attention to the glass index operating range of 1090 - 1200 - 1250. The arbitrage FG09 - SA09 should be treated with a bullish idea. Pay attention to glass production, glass factory inventory, and glass spot prices [5]. 纯碱 - The maintenance of soda ash plants has ended, and the production of soda ash is gradually recovering. The production of soda ash last week was 733200 tons (+24300), including 318500 tons of light soda ash (+9700) and 414700 tons of heavy soda ash (+14600). - The production of photovoltaic glass has significantly declined and will continue to decline, leading to a downward expectation for the demand for heavy soda ash, while the demand for light soda ash is relatively stable. The rising market last week drove up speculative demand, and the apparent demand for soda ash increased. The daily output of float and photovoltaic glass last week was 246075 tons. - The inventory of soda ash plants rebounded from a high level last week. With the recovery of supply and the implementation of photovoltaic production cuts, the inventory accumulation trend of soda ash plants is difficult to reverse. The total inventory of soda ash manufacturers last week was 1.9056 million tons (+42200), including 783000 tons of light soda ash inventory (-8300) and 1.1226 million tons of heavy soda ash inventory (+50500). - According to Steel Union, the cost of soda ash increased slightly last week, and the profit showed mixed trends. Currently, the cost support for heavy soda ash in the East China region using the combined soda process is around 1240. - The supply of soda ash is gradually recovering, while the production of glass has significantly weakened, putting pressure on the demand side. There is strong inventory accumulation pressure in the long term. Currently, the macro - sentiment has a large impact on the market. It is advisable to wait and see for now. After the sentiment fades, pay attention to the idea of shorting on rallies. The operating range of the soda ash index is 1220 - 1350. The arbitrage FG09 - SA09 should be treated with a bullish idea. Pay attention to soda ash plant maintenance, soda ash plant inventory accumulation, and glass production [6]. Summary by Relevant Catalogs Glass Supply - The output of float glass increased month - on - month, and the supply pressure increased. The output of previously ignited production lines gradually climbed, with the weekly output of float glass last week at 1108400 tons (+0.14), and the national float glass operating rate at 75.63% (-0.05) [11][13]. Demand - Speculative demand drove the apparent demand to increase month - on - month, while the number of deep - processing order days decreased month - on - month. On July 15, the number of downstream deep - processing factory order days was 9.3 days (-0.2), and downstream demand was at a relatively low level compared to the same period in previous years. The rising market drove up speculative demand, and the weekly apparent demand for float glass last week was 24.3305 million weight boxes (+207000) [15][17]. Inventory - Short - term speculative demand rebounded, driving the inventory reduction of glass factories. The total inventory of national float glass sample enterprises last week was 64.939 million weight boxes (-2.163 million), and the inventory in Hubei factories was 6.12 million weight boxes (-660000) [19][20]. Cost and Profit - The cost decreased, and the profit increased. The weekly average cost of float glass using natural gas as fuel was 1442 yuan/ton (-1); using coal - made gas as fuel was 1004 yuan/ton (-7); using petroleum coke as fuel was 1053 yuan/ton (-27). The weekly average profit of float glass using natural gas as fuel was - 178.9 yuan/ton (+4.21); using coal - made gas as fuel was 121.83 yuan/ton (+13.05); using petroleum coke as fuel was - 4.76 yuan/ton (+45.71) [29][31][35]. Basis and Calendar Spread - As of July 18, the glass 01 basis was - 125, the glass 05 basis was - 200, and the glass 09 basis was - 41. The basis had a weak driving force on the market. The glass 9 - 1 contract spread was - 84, and the glass 1 - 5 contract spread was - 75. There were no calendar spread opportunities [40][44]. Soda Ash Supply - The maintenance of soda ash plants ended, and the production of soda ash gradually recovered. The production of soda ash last week was 733200 tons (+24300), including 318500 tons of light soda ash (+9700) and 414700 tons of heavy soda ash (+14600) [51][53]. Demand - The production of photovoltaic glass significantly declined, putting pressure on the demand for heavy soda ash. The demand for light soda ash was relatively stable. The rising market last week drove up speculative demand, and the apparent demand for soda ash increased. The daily output of float and photovoltaic glass last week was 246075 tons, and the apparent demand for soda ash last week was 691000 tons (+36000), including 364200 tons of heavy soda ash apparent demand (+31500) and 326800 tons of light soda ash apparent demand (+4500) [55][58][62]. Inventory - The inventory of soda ash plants increased month - on - month, and the inventory accumulation trend was difficult to reverse. The total inventory of soda ash manufacturers last week was 1.9056 million tons (+42200), including 783000 tons of light soda ash inventory (-8300) and 1.1226 million tons of heavy soda ash inventory (+50500) [64][66]. Profit and Cost - The cost increased slightly, and the profit showed mixed trends. Currently, the cost support for heavy soda ash in the East China region using the combined soda process is around 1240 [71][72]. Basis, Calendar Spread, and Price Spread - As of July 18, the soda ash 01 contract basis was - 59, the soda ash 05 contract basis was - 100, and the soda ash 09 contract basis was - 10. The basis had a weak driving force, and it was advisable to wait and see. The soda ash 9 - 1 contract spread was - 49, and the soda ash 1 - 5 contract spread was - 41. There were no calendar spread opportunities. The glass - soda ash 01 contract spread was - 100, the glass - soda ash 05 contract spread was - 66, and the glass - soda ash 09 contract spread was - 135. The arbitrage FG09 - SA09 should be treated with a bullish idea [79][83][88].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The report presents a detailed table of the basis rate statistics for various futures on July 22, 2025, including the basis rate, change from the previous day, monthly basis, and contract prices for different commodities across multiple sectors such as non - ferrous metals, precious metals, energy chemicals, and agricultural products. 3. Summary by Related Categories Non - Ferrous Metals - Copper (CU): Basis rate is 0.41%, down 0.04% from the previous day, with a current month basis of 325 and a spot price of 79,555 [4]. - Aluminum (AL): Basis rate is 0.70%, down 0.25% from the previous day, current month basis is 110, and spot price is 20,890 [4]. - Zinc (ZN): Basis rate is 0.15%, up 0.06% from the previous day, current month basis is 70, and spot price is 22,820 [4]. - Tin (SN): Basis rate is 0.61%, up 0.01% from the previous day, current month basis is 1630, and spot price is 267,200 [4]. - Nickel (NI): Basis rate is 0.95%, down 0.09% from the previous day, current month basis is 1160, and spot price is 122,850 [4]. - Industrial Silicon: Basis rate is 4.28%, down 1.73% from the previous day, current month basis is 415, and spot price is 9500 [4]. - Lithium Carbonate (LC): Basis rate is - 4.14%, down 0.04% from the previous day, current month basis is - 2880, and spot price is 68,020 [4]. Precious Metals - Gold (AU): Basis rate is - 0.60%, down 0.13% from the previous day, current month basis is - 2.32, and spot price is 777.00 [4]. - Silver (AG): Basis rate is - 0.49%, up 0.18% from the previous day, current month basis is - 16, and spot price is 9226 [4]. Energy Chemicals - Crude Oil (SC): Basis rate is - 5.41%, up 3.12% from the previous day, current month basis is - 27.7, and spot price is 484.6 [4]. - Fuel Oil (EU): Basis rate is 4.30%, down 0.72% from the previous day, current month basis is 126, and spot price is 3050 [4]. - Asphalt (BU): Basis rate is 5.41%, up 0.90% from the previous day, current month basis is 198, and spot price is 3855 [4]. - Low - Sulfur Fuel Oil (LU): Basis rate is 2.30%, up 1.65% from the previous day, current month basis is 82, and spot price is 3685 [4]. - LPG (PG): Basis rate is 10.14%, down 0.84% from the previous day, current month basis is 464, and spot price is 4498 [4]. Agricultural Products - Soybean: Basis rate is - 5.69%, down 0.23% from the previous day, current month basis is - 239, and spot price is 3960 [4]. - Bean Meal (M): Basis rate is - 5.83%, down 0.40% from the previous day, current month basis is - 179, and spot price is 2890 [4]. - Rapeseed Meal (RM): Basis rate is - 3.19%, up 0.19% from the previous day, current month basis is - 87, and spot price is 2640 [4]. - Corn: Basis rate is 0.00%, down 0.26% from the previous day, current month basis is 0, and spot price is 2320 [4]. - Corn Starch (CS): Basis rate is 0.60%, down 0.23% from the previous day, current month basis is 16, and spot price is 2680 [4]. - Apple (AP): Basis rate is - 1.55%, down 0.50% from the previous day, current month basis is - 123, and spot price is 7800 [4]. - Eggs (JD): Basis rate is - 12.54%, down 1.00% from the previous day, current month basis is - 456, and spot price is 3180 [4]. - Live Pigs (LH): Basis rate is 0.24%, down 1.63% from the previous day, current month basis is not clear, and spot price is 14,400 [4]. - Cotton (CF): Basis rate is 9.90%, up 1.22% from the previous day, current month basis is 1404, and spot price is 15,589 [4]. - Sugar (SR): Basis rate is 4.81%, down 0.23% from the previous day, current month basis is 281, and spot price is 6120 [4]. Others - Rebar (RB): Basis rate is 3.29%, down 0.62% from the previous day, current month basis is 106, and spot price is 3330 [4]. - Hot - Rolled Coil (HC): Basis rate is 1.06%, down 0.45% from the previous day, current month basis is 36, and spot price is 3430 [4]. - Iron Ore: Basis rate is 4.64%, unchanged from the previous day, current month basis is 36.5, and spot price is 821.5 [4]. - Coke: Basis rate is - 7.93%, down 0.20% from the previous day, current month basis is - 127.1, and spot price is 1476 [4]. - Coking Coal (JIM): Basis rate is 9.34%, down 9.45% from the previous day, current month basis is 94.0, and spot price is 1100.0 [4]. - Silicon Iron (SF): Basis rate is - 6.32%, down 1.63% from the previous day, current month basis is - 358, and spot price is 5310 [4]. - Manganese Ore (SM): Basis rate is - 1.08%, down 1.87% from the previous day, current month basis is - 64, and spot price is 5850 [4]. - Stainless Steel: Basis rate is - 0.43%, down 0.62% from the previous day, current month basis is - 25, and spot price is 12,850 [4]. - Glass (FG): Basis rate is 0.60%, down 6.71% from the previous day, current month basis is 7, and spot price is 1180 [4]. - Methanol (MA): Basis rate is 0.89%, down 0.80% from the previous day, current month basis is 22, and spot price is 2433 [4]. - Ethanol (EG): Basis rate is 1.47%, up 0.13% from the previous day, current month basis is 65, and spot price is 4475 [4]. - PTA (TA): Basis rate is 0.21%, down 0.34% from the previous day, current month basis is 10, and spot price is 4790 [4]. - Polypropylene (PP): Basis rate is 3.23%, down 1.15% from the previous day, current month basis is 229, and spot price is 7320 [4]. - Styrene (EB): Basis rate is 0.91%, down 0.36% from the previous day, current month basis is 137, and spot price is 7560 [4]. - Short - Fiber (PF): Basis rate is 3.39%, down 0.97% from the previous day, current month basis is 218, and spot price is 6650 [4]. - Plastic: Basis rate is - 0.55%, down 1.02% from the previous day, current month basis is - 40, and spot price is 7250 [4]. - PVC (V): Basis rate is 5.61%, down 3.87% from the previous day, current month basis is 287, and spot price is 5405 [4]. - Rubber (RU): Basis rate is - 0.30%, down 0.23% from the previous day, current month basis is - 45, and spot price is 14,850 [4]. - 20 - Numbered Rubber (NR): Basis rate is 1.31%, down 0.36% from the previous day, current month basis is 167, and spot price is 12,917 [4]. - Soda Ash (SA): Basis rate is - 0.77%, up 0.05% from the previous day, current month basis is - 10, and spot price is 1285 [4]. - Urea (UR): Basis rate is 1.55%, down 2.18% from the previous day, current month basis is 28, and spot price is 1840 [4]. - Pulp (SP): Basis rate is 11.78%, down 0.89% from the previous day, current month basis is 629, and spot price is 5963 [4]. Stock Index Futures - CSI 300 (IF): Basis rate is 0.51%, up 0.10% from the previous day, current month basis is 11.0, and spot price is 4085.6 [4]. - SSE 50 (IH): Basis rate is 0.04%, up 0.13% from the previous day, current month basis is 1.2, and spot price is 2772.2 [4]. - CSI 500 (IC): Basis rate is 1.75%, up 0.10% from the previous day, current month basis is 54.7, and spot price is 6161.3 [4].

1. Report Industry Investment Rating - Not provided in the content 2. Report Core Views Coke - Coke's third round of price cuts has been implemented, with another round expected. Due to profit decline and environmental inspections, coke production has decreased. With the off - season of steel demand, iron - water production will continue to decline, weakening coke demand. All inventory levels of coke decreased last week. Considering cost factors, a bullish view on pullbacks is recommended, with the coke index expected to range between 1300 - 1410 [2]. Coking Coal - Environmental inspections in the "Sanxi" region have led to a five - week decline in coal mine production and a significant drop in coal washery output, providing some support to the market. In the long - term, coking coal demand is under pressure as iron - water production declines. Upstream inventory is high, and downstream procurement is cautious. A bullish view on pullbacks is recommended, with the coking coal index expected to range between 740 - 840 [4]. 3. Summary by Related Catalogs Coke Supply - Coke's third - round price cut has been implemented, and another cut is expected. Due to profit decline and environmental inspections in some areas, coke production has decreased. As of June 13, the daily coke output of all - sample coking plants was 65.04 million tons (-1.48), and that of 247 steel - mill coking plants was 47.24 million tons (-0.06), with a total output of 112.28 million tons (-1.54) [15]. Profit - After the third - round price cut, the average profit per ton of independent coking enterprises was -46 yuan/ton (-27) as of June 13 [19]. Demand - Iron - water production continued to decline slightly. With the off - season of steel demand, iron - water production will maintain a downward trend, weakening coke demand. As of June 13, the daily iron - water production was 241.61 million tons (-0.19) [23]. Inventory - Traders actively reduced inventory. Last week, all inventory levels of coke decreased. As of June 13, the inventory of all - sample independent coking plants was 125.71 million tons (-1.3), that of 247 steel mills was 642.84 million tons (-2.96), and the total inventory of four major ports was 203.09 million tons (-11.06), with a total coke inventory of 971.64 million tons (-15.32) [27]. Inventory Available Days - The inventory available days of 247 steel - mill coking plants increased slightly to 11.62 days (+0.04) as of June 13 [31]. Coke Basis - As of June 13, the warehouse - folded unit price of quasi - first - class metallurgical coke at Rizhao Port was 1304 yuan/ton. The basis of the January contract was -63, the May contract was -78, and the September contract was -46, indicating weak basis drivers [34]. Coke Calendar Spread - As of June 13, the September - January contract spread was -17, and the January - May contract spread was -15 [38]. Coking Coal Supply - Recently, there have been significant disturbances in the coking coal supply. In June, due to safety production month and stricter environmental inspections in the "Sanxi" region, some coal washeries stopped production and coal mine shipments were suspended. As of June 13, the daily output of 523 sample coal mines was 187.77 million tons (-2.11), with an operating rate of 83.71% (-0.94); the daily output of coal washeries was 47.79 tons (-3.67), with an operating rate of 57.36% (-3.23) [43]. Mongolian Coal Clearance - The clearance volume of Mongolian coal increased month - on - month [45]. Demand - Due to the decline in coking enterprise profits and coke production, coking coal demand support is weakening. In the long - term, coking coal demand will weaken as iron - water production declines. As of June 13, the total inventory of 230 independent coking plants was 669.53 million tons (-21.32), with available days of 9.65 days (-0.13), corresponding to a daily coking coal consumption of 69.38 million tons (-1.26); the inventory of 247 steel mills was 773.98 million tons (+3.07), with available days of 12.32 days (+0.06), and the converted daily consumption was 62.82 million tons (-0.06), with a total daily consumption of 132.2 million tons (-1.31) [50]. Coal Washery Inventory - As of June 13, the raw coal inventory of coal washeries was 336.13 million tons (+8.72), and the clean coal inventory was 251.47 million tons (+6.41) [54]. Inventory - Upstream coking coal inventory is at a high level. The inventory of coking enterprises decreased, while that of steel mills increased slightly, and port inventory decreased slightly. As of June 13, the total port inventory was 312.02 million tons (-1); the inventory of 247 steel mills was 773.98 million tons (+3.07); the coking coal inventory of all - sample independent coking plants was 798.07 million tons (-20.85); the clean coal inventory of 532 sample coal mines was 486.04 million tons (+5.31) [61]. Inventory Available Days - The inventory available days of coking enterprises decreased to 9.65 days (-0.31), while that of 247 steel enterprises increased slightly to 12.32 days (+0.06) as of June 13 [61]. Coking Coal Basis - As of June 13, the warehouse - folded unit price of Tangshan Mongolian No. 5 clean coal was 793 yuan/ton. The basis of the January contract was 5, the May contract was -20, and the September contract was 18 [64]. Coking Coal Calendar Spread - As of June 13, the September - January contract spread was -13.5, and the January - May contract spread was -24, with no calendar - spread trading opportunities [68].

Group 1: Metals and Minerals - Copper (CU): Spot price is 79,500, with a month - to - month basis rate of 0.44%. The settlement price of the current - month contract is 78,300, and the price change compared to yesterday is 795 [4]. - Aluminum (AL): Spot price is 20,630, basis rate is 1.18%. The price change compared to yesterday is 455, and the current - month contract price is 20,390 [4]. - Zinc (ZN): Spot price is 22,000, basis rate is 0.92%. The price change compared to yesterday is 200, and the current - month contract price is 21,520 [4]. - Lead (PB): Spot price is 16,920, basis rate is - 1.00%. The price change compared to yesterday is - 165, and the current - month contract price is 16,925 [4]. - Tin (SN): Spot price is 265,300, basis rate is 0.29%. The price change compared to yesterday is 770, and the current - month contract price is 264,280 [4]. - Nickel (NI): Spot price is 120,725, basis rate is 0.88%. The price change compared to yesterday is 755, and the current - month contract price is 119,970 [4]. - Industrial Silicon: Spot price is 8,700, basis rate is 11.95%. The price change compared to yesterday is 795, and the current - month contract price is 7,355 [4]. - Iron Ore: Spot price is 863, basis rate is 8.07%. The price change compared to yesterday is - 23, and the current - month contract price is 704.5 [4]. - Coke: Spot price is 1,392.5, basis rate is - 4.90%. The price change compared to yesterday is - 67.2, and the current - month contract price is 1,371 [4]. - Coking Coal: Spot price is 980, basis rate is 23.19%. The price change compared to yesterday is 184.5, and the current - month contract price is 795.5 [4]. - Power Coal (ZC): Spot price is 801.4, basis rate is - 23.01%. The price change compared to yesterday is - 184.4, and the current - month contract price is 617 [4]. - Silicon Iron (SF): Spot price is 5,292, basis rate is - 1.85%. The price change compared to yesterday is - 202, and the current - month contract price is 5,090 [4]. - Manganese Silicon (SM): Spot price is 5,622, basis rate is - 2.07%. The price change compared to yesterday is 266, and the current - month contract price is 5,584 [4]. - Stainless Steel: Spot price is 12,750, basis rate is 4.76%. The price change compared to yesterday is 145, and the current - month contract price is 12,530 [4]. - Glass (FG): Spot price is 1,130, basis rate is 15.31%. The price change compared to yesterday is 89, and the current - month contract price is 980 [4]. Group 2: Agricultural Products - Soybean (A): Spot price is 4,242, basis rate is - 6.65%. The price change compared to yesterday is - 170, and the current - month contract price is 4,130 [4]. - Soybean Meal (M): Spot price is 3,073, basis rate is - 6.40%. The price change compared to yesterday is - 223, and the current - month contract price is 2,850 [4]. - Rapeseed Meal (RM): Spot price is 2,671, basis rate is - 4.90%. The price change compared to yesterday is 159, and the current - month contract price is 2,374 [4]. - Soybean Oil (Y): Spot price is 8,300, basis rate is 4.27%. The price change compared to yesterday is 724, and the current - month contract price is 7,960 [4]. - Rapeseed Oil (OI): Spot price is 9,650, basis rate is 1.53%. The price change compared to yesterday is 466, and the current - month contract price is 9,374 [4]. - Peanut (PK): Spot price is 9,400, basis rate is 13.31%. The price change compared to yesterday is 1,306, and the current - month contract price is 8,296 [4]. - Palm Oil (P): Spot price is 8,790, basis rate is - 0.59%. The price change compared to yesterday is 532, and the current - month contract price is 8,372 [4]. - Corn (C): Spot price is 2,391, basis rate is 0.89%. The price change compared to yesterday is 68, and the current - month contract price is 2,312 [4]. - Corn Starch (CS): Spot price is 2,781, basis rate is 0.52%. The price change compared to yesterday is 20, and the current - month contract price is 2,720 [4]. - Apples (AP): Spot price is 7,800, basis rate is 2.50%. The price change compared to yesterday is 177, and the current - month contract price is 7,610 [4]. - Eggs (JD): Spot price is 5,666, basis rate is 27.41%. The price change compared to yesterday is - 1,069, and the current - month contract price is 3,660 [4]. - Live Pigs: Spot price is 14,250, basis rate is 3.41%. The price change compared to yesterday is 670, and the current - month contract price is 13,780 [4]. - Cotton (CF): Spot price is 13,530, basis rate is 9.53%. The price change compared to yesterday is - 1290, and the current - month contract price is 14,820 [4]. Group 3: Chemicals - Methanol (MA): Spot price is 2,630, basis rate is 2.20%. The price change compared to yesterday is 166, and the current - month contract price is 2,464 [4]. - Ethanol (EG): Spot price is 4,455, basis rate is 0.10%. The price change compared to yesterday is 81, and the current - month contract price is 4,323 [4]. - PTA: Spot price is 5,000, basis rate is 4.91%. The price change compared to yesterday is 234, and the current - month contract price is 4,766 [4]. - Polypropylene (PP): Spot price is 7,370, basis rate is 3.32%. The price change compared to yesterday is 237, and the current - month contract price is 7,059 [4]. - Polyester Staple Fiber (PF): Spot price is 6,530, basis rate is 0.31%. The price change compared to yesterday is 94, and the current - month contract price is 6,442 [4]. - Plastic: Spot price is 7,350, basis rate is 0.16%. The price change compared to yesterday is 12, and the current - month contract price is 7,338 [4]. - PVC (V): Spot price is 5,405, basis rate is 11.21%. The price change compared to yesterday is 486, and the current - month contract price is 4,860 [4]. - Rubber (RU): Spot price is 14,825, basis rate is - 0.07%. The price change compared to yesterday is - 925, and the current - month contract price is 13,900 [4]. - 20 - number Rubber (NR): Spot price is 12,315, basis rate is 1.28%. The price change compared to yesterday is 420, and the current - month contract price is 12,055 [4]. - Soda Ash (SA): Spot price is 1,214, basis rate is 3.41%. The price change compared to yesterday is 40, and the current - month contract price is 1,174 [4]. - Urea (UR): Spot price is 1,750, basis rate is 1.57%. The price change compared to yesterday is - 175, and the current - month contract price is 1,723 [4]. - Pulp (SP): Spot price is 6,133, basis rate is - 0.71%. The price change compared to yesterday is 16.28, and the current - month contract price is 5,232 [4]. Group 4: Energy and Others - Crude Oil (SC): Spot price is 524.6, basis rate is - 6.05%. The price change compared to yesterday is 3.3, and the current - month contract price is 505.5 [4]. - Fuel Oil: Spot price is 3,497, basis rate is 0.33%. The price change compared to yesterday is 221, and the current - month contract price is 3,079 [4]. - Asphalt (BU): Spot price is 3,800, basis rate is 3.63%. The price change compared to yesterday is 301, and the current - month contract price is 3,499 [4]. - Low - Sulfur Fuel Oil (LU): Spot price is 3,946, basis rate is 1.85%. The price change compared to yesterday is 117, and the current - month contract price is 3,260 [4]. - LPG (PG): Spot price is 4,698, basis rate is 6.82%. The price change compared to yesterday is 488, and the current - month contract price is 4,275 [4]. Group 5: Financial Index - CSI 300 (IF): Spot price is 3,873.8, basis rate is 0.10%. The price change compared to yesterday is 4.0, and the current - month contract price is 3,869.8 [4]. - SSE 50 (IH): Spot price is 2,685.0, basis rate is 0.25%. The price change compared to yesterday is 6.6, and the current - month contract price is 2,637.6 [4]. - CSI 500 (IC): Spot price is 5,767.8, basis rate is 0.01%. The price change compared to yesterday is 11.6, and the current - month contract price is 5,582.0 [4].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Core View The report presents the basis rate statistics of various futures on May 27, 2025, including details such as trading codes, prices of different contracts, spot prices, basis rates, and their changes compared to the previous day. This data can be used by investors to analyze the market conditions and potential investment opportunities of different commodities futures [4]. 3. Summary by Commodity Category Non - Ferrous Metals - **Copper (CU)**: The spot price is 78,590, the basis rate is 0.15%, and the price of the next - month contract is 77,910 with a change of 320 compared to the previous day [4]. - **Aluminum (AL)**: The spot price of SMM A00 aluminum is 20,350, the basis rate is 0.97%, and the price of the next - month contract is 20,155 with a change of - 0.05% compared to the previous day [4]. - **Zinc (ZN)**: The spot price of SMM 0 zinc ingot is 22,570, the basis rate is 1.69%, and the price of the next - month contract is 22,195 with a change of - 0.15% compared to the previous day [4]. - **Lead (PB)**: The spot price of SMM 1 lead ingot is 16,835, the basis rate is - 0.98%, and the price of the next - month contract is 16,840 with a change of - 160 compared to the previous day [4]. - **Tin**: The spot price of SMM 1 tin is 264,640, the basis rate is - 0.02%, and the price of the next - month contract is 264,500 with a change of - 50 compared to the previous day [4]. - **Nickel (NI)**: The spot price of SMM 1 electrolytic nickel is 123,210, the basis rate is 1.06%, and the price of the next - month contract is 122,850 with a change of 940 compared to the previous day [4]. Industrial Metals and Minerals - **Industrial Silicon**: The spot price of SMM Huayue Tongyang 553 silicon is 8,800, the basis rate is 11.40%, and the price of the next - month contract is 7,720 with a change of 875 compared to the previous day [4]. - **Carbonate Lithium**: The spot price of domestic 99.5% carbonate lithium is 60,400, the basis rate is 3.43%, and the price of the next - month contract is 61,420 with a change of 1,01% compared to the previous day [4]. Precious Metals - **Gold (AU)**: The spot price of AuT + D on the Shanghai Gold Exchange is 779.22, the basis rate is - 5.36%, and the price of the next - month contract is 777.30 with a change of - 3.44 compared to the previous day [4]. - **Silver (AG)**: The spot price of Ag(T + D) on the Shanghai Gold Exchange is 8,299, the basis rate is - 0.50%, and the price of the next - month contract is 8,280 with a change of - 41 compared to the previous day [4]. Steel and Related Products - **Rebar (RB)**: The spot price of HRB400 20mm in Shanghai is 3,140, the basis rate is 4.53%, and the price of the next - month contract is 3,020 with a change of 120 compared to the previous day [4]. - **Hot - Rolled Coil (HC)**: The spot price of Q235B 4.75mm in Shanghai is 3,220, the basis rate is 2.61%, and the price of the next - month contract is 3,161 with a change of 82 compared to the previous day [4]. Energy and Chemicals - **Crude Oil (SC)**: The spot price of Chinese Shengli crude oil in the Pacific Rim is 455.0, the basis rate is - 1.63%, and the price of the next - month contract is 452.2 with a change of - 2.8 compared to the previous day [4]. - **Fuel Oil (FU)**: The spot price of bonded marine fuel oil 380CST in Zhoushan is 3,57, the basis rate is 5.13%, and the price of the next - month contract is 3,193 with a change of - 3.04 compared to the previous day [4]. - **LPG (PG)**: The spot price in Guangzhou is 4,798, the basis rate is 18.12%, and the price of the next - month contract is 4,091 with a change of - 0.61% compared to the previous day [4]. - **Methanol (MA)**: The spot price in East China is 2,293, the basis rate is 3.87%, and the price of the next - month contract is 2,239 with a change of - 0.77% compared to the previous day [4]. - **PTA (TA)**: The spot price in East China is 4,905, the basis rate is 3.83%, and the price of the next - month contract is 4,598 with a change of 0.14% compared to the previous day [4]. - **Polypropylene (PP)**: The market price of Hangzhou Shaoxing Sanyuan T30S is 7,430, the basis rate is 7.23%, and the price of the next - month contract is 6,896 with a change of 0.29% compared to the previous day [4]. - **Styrene (EB)**: The spot price in East China is 7,825, the basis rate is 8.76%, and the price of the next - month contract is 7,005 with a change of 3.90% compared to the previous day [4]. - **Short - Fiber (PF)**: The price of Fangxiang semi - glossy natural white 1.56 * 38mm polyester staple fiber is 6,560, the basis rate is 2.02%, and the price of the next - month contract is 6,402 with a change of 0.01% compared to the previous day [4]. - **PVC**: The spot price of the calcium - carbide method in East China is 5,405, the basis rate is 11.10%, and the price of the next - month contract is 5,100 with a change of - 0.25% compared to the previous day [4]. - **Rubber (RU)**: The spot price of Thai - made rubber in the Qingdao Free Trade Zone is 15,285, the basis rate is - 0.69%, and the price of the next - month contract is 14,300 with a change of - 860 compared to the previous day [4]. - **20 Standard Rubber (NR)**: The spot price of Thai 20 standard rubber in the Qingdao Free Trade Zone is 12,771, the basis rate is 1.00%, and the price of the next - month contract is 12,410 with a change of - 0.51% compared to the previous day [4]. - **Soda Ash (SA)**: The market price in Shache and Chongqing is 1,289, the basis rate is 2.79%, and the price of the next - month contract is 1,237 with a change of 1 compared to the previous day [4]. - **Urea (UR)**: The spot price of small - particle urea in Henan is 1,850, the basis rate is 1.87%, and the price of the next - month contract is 1,737 with a change of - 1.03% compared to the previous day [4]. - **Pulp (SP)**: The spot price of bleached softwood pulp (Silver Star, Chile) is 6,248, the basis rate is 15.65%, and the price of the next - month contract is 5,300 with a change of 948 compared to the previous day [4]. Agricultural Products - **Soybeans**: The spot price of domestic third - grade soybeans in Harbin is 4,087, the basis rate is - 3.3%, and the price of the next - month contract is 2,950 with a change of - 152 compared to the previous day [4]. - **Soybean Meal**: The spot price of ordinary protein soybean meal in Zhangjiagang is 3,002, the basis rate is - 3.7%, and the price of the next - month contract is 2,709 with a change of - 100 compared to the previous day [4]. - **Rapeseed Meal**: The spot price of ordinary rapeseed meal in Nantong is 2,349, the basis rate is 0.01%, and the price of the next - month contract is 2,332 with a change of - 96 compared to the previous day [4]. - **Vegetable Oils and Fats**: - **First - Grade Soybean Oil**: The spot price in Zhangjiagang is 8,120, the basis rate is 5.40%, and the price of the next - month contract is 7,682 with a change of 590 compared to the previous day [4]. - **Rapeseed Oil**: The spot price in Jiangsu is 9,610, the basis rate is 2.43%, and the price of the next - month contract is 9,026 with a change of 228 compared to the previous day [4]. - **Peanut Oil**: The spot price of Baisha peanuts (45% oil content, 9% water content) in Changtu is 8,800, the basis rate is 6.64%, and the price of the next - month contract is 8,252 with a change of 548 compared to the previous day [4]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 8,520, the basis rate is 7.12%, and the price of the next - month contract is 7,954 with a change of - 0.30% compared to the previous day [4]. - **Grains**: - **Corn**: The spot price of second - grade national standard corn at Bayuquan Port is 2,344, the basis rate is 0.09%, and the price of the next - month contract is 2,320 with a change of - 24 compared to the previous day [4]. - **Corn Starch**: The factory price in Changchun is 2,723, the basis rate is 1.39%, and the price of the next - month contract is 2,690 with a change of - 33 compared to the previous day [4]. - **Livestock and Poultry Products - **Pigs**: The spot price of external ternary pigs in Henan is 14,430, the basis rate is 6.10%, and the price of the next - month contract is 13,00 with a change of 130 compared to the previous day [4]. - **Soft Commodities - **Cotton**: The spot price of the cotton price index 328 in Xinjiang is 13,445, the basis rate is 0.19%, and the price of the next - month contract is 13,385 with a change of 1221 compared to the previous day [4]. - **Sugar**: The spot price of daily - consumption sugar in Liuzhou is 6,200, the basis rate is 6.26%, and the price of the next - month contract is 5,653 with a change of - 0.04% compared to the previous day [4]. Stock Index Futures - **CSI 300 (IF)**: The spot price is 3,860.1, the basis rate is - 0.18%, and the price of the next - month contract is 3,831.2 with a change of 28.9 compared to the previous day [4]. - **SSE 50 (IH)**: The spot price is 2,699.4, the basis rate is 0.56%, and the price of the next - month contract is 2,646.2 with a change of 47.2 compared to the previous day [4]. - **CSI 500 (IC)**: The spot price is 5,669.5, the basis rate is - 0.30%, and the price of the next - month contract is 5,400.0 with a change of 74.9 compared to the previous day [4].