宝城期货品种套利数据日报-20250423

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Report's Core View - The report presents the daily arbitrage data of various futures varieties on April 23, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, spreads, and price ratios [1][4][15][23][39][46]. 3. Summary by Directory 3.1 Power Coal - Basis data from April 16 - 22, 2025 shows that the basis was negative and fluctuated slightly, with values like - 137.4 on April 16 and - 141.4 on April 22. The spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - For INE crude oil, the basis from April 16 - 22, 2025 was negative and changed, e.g., - 25.30 on April 16 and - 33.74 on April 22. The fuel oil basis data was incomplete, and the crude oil / asphalt price ratio was around 0.14 [5]. 3.2.2 Chemical Commodities - Basis: The basis of various chemical products such as natural rubber, methanol, PTA, etc., showed different trends from April 16 - 22, 2025. For example, the natural rubber basis was 15 on April 16 and - 135 on April 22 [11]. - Spreads: The spreads of different contracts (5 - 1, 9 - 1, 9 - 5) of chemical products also varied. For example, the 5 - 1 spread of natural rubber was - 885 [11]. - Cross - product spreads: The spreads between different chemical products such as LLDPE - PVC, LLDPE - PP, etc., had different values on different dates [11]. 3.3 Black Metals - Basis: The basis of rebar, iron ore, coke, and coking coal changed from April 16 - 22, 2025. For example, the rebar basis was 47.0 on April 16 and 75.0 on April 22 [16]. - Spreads: The spreads of different contracts of black metals showed different trends. For example, the 5 - 1 spread of rebar was - 102.0 [16]. - Cross - product: The price ratios and spreads such as rebar / iron ore, rebar / coke, etc., also changed over time [16]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Basis: The basis of domestic non - ferrous metals including copper, aluminum, zinc, etc., fluctuated from April 16 - 22, 2025. For example, the copper basis was 760 on April 16 and 360 on April 22 [24]. - LME data: For LME non - ferrous metals, data such as LME spreads, Shanghai - London price ratios, CIF prices, domestic spot prices, and import profits and losses were provided for April 22, 2025 [30]. 3.4.2 London Market - The report shows the LME basis and Shanghai - London price ratio trends, but no specific data analysis is provided [32][33]. 3.5 Agricultural Products - Basis: The basis of agricultural products such as soybeans, soybean meal, soybean oil, etc., changed from April 16 - 22, 2025. For example, the soybean basis was - 220 on April 16 and - 320 on April 22 [39]. - Spreads: The spreads of different contracts of agricultural products also had different values. For example, the 5 - 1 spread of soybeans was - 6 [39]. - Cross - product: The price ratios and spreads such as soybean / corn, soybean oil / soybean meal, etc., were presented [39]. 3.6 Stock Index Futures - Basis: The basis of stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 changed from April 16 - 22, 2025. For example, the CSI 300 basis was 82.02 on April 16 and 50.95 on April 22 [47]. - Spreads: The spreads of different contracts of stock index futures showed different trends. For example, the next - month - current - month spread of CSI 300 was - 28.0 [47].