宝城期货品种套利数据日报（2025年11月3日）：一、动力煤-20251103

Report Overview - This is a futures research report from Baocheng Futures, presenting arbitrage data for various commodities on November 3, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] 1. Power Coal - Base Difference: From October 27 to October 31, 2025, the base difference is -31.40 yuan/ton, and the differences between different contract months (5 - 1, 9 - 1, 9 - 5) are all 0 [2] 2. Energy Chemicals (1) Energy Commodities - Base Difference: For fuel oil, the base differences from October 27 to October 31, 2025 are -20.87, -21.98, -23.65, -27.98, -27.98 yuan/ton respectively; for INE crude oil, the base differences are 15.53, 21.80, -4.53, 11.46, 11.46 yuan/ton respectively; for the ratio of crude oil to asphalt, the values are 0.1406, 0.1422, 0.1413, 0.1417, 0.1417 respectively [7] (2) Chemical Commodities - Inter - period Spread: For rubber, the 5 - 1, 9 - 1, 9 - 5 inter - period spreads are 60, 145, 85 yuan/ton respectively; for methanol, they are 73, 55, -18 yuan/ton; for PTA, they are 58, 80, 22 yuan/ton; for LLDPE, they are 63, 103, 40 yuan/ton; for PVC, they are 289, 410, 121 yuan/ton; for PP, they are 73, 81, 8 yuan/ton; for ethylene glycol, they are 75, 155, 80 yuan/ton [9] - Inter - variety Spread: On October 31, 2025, the LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol inter - variety spreads are 2218, 316, 1902, 25 yuan/ton respectively; on October 30, they are 2211, 327, 1884, -28 yuan/ton; on October 29, they are 2248, 323, 1925, -70 yuan/ton; on October 28, they are 2281, 332, 1949, -80 yuan/ton; on October 27, they are 2273, 317, 1956, -137 yuan/ton [9] 3. Black Metals (1) Base Difference - For rebar, the base differences from October 27 to October 31, 2025 are 130.0, 139.0, 117.0, 104.0, 104.0 yuan/ton respectively; for iron ore, they are -2.5, 3.5, -1.5, 4.5, 0.0 yuan/ton; for coke, they are -224.5, -192.5, -246.0, -231.5, -222.0 yuan/ton; for coking coal, they are 46.5, 88.0, 28.0, 102.0, 104.0 yuan/ton [20] (2) Inter - period Spread - For rebar, the 5 - 1, 9(10) - 1, 9(10) - 5 inter - period spreads are 63.0, 88.0, 25.0 yuan/ton respectively; for iron ore, they are -22.0, -44.0, -22.0 yuan/ton; for coke, they are 137.5, 225.5, 88.0 yuan/ton; for coking coal, they are 66.0, 131.5, 65.5 yuan/ton [19] (3) Inter - variety Spread - On October 31, the rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil inter - variety spreads are 3.90, 17344.0, 1.3836, -206.0 respectively; on October 30, they are 3.88, 17368.0, 1.3844, -211.0; on October 29, they are 3.90, 17556.0, 1.4012, -211.0; on October 28, they are 3.93, 17550.0, 1.4050, -203.0; on October 27, they are 3.96, 17433.0, 1.4099, -201.0 [19] 4. Non - ferrous Metals (1) Domestic Market - For copper, the domestic base differences from October 27 to October 31, 2025 are -70, 750, -930, -30, 750 yuan/ton respectively; for aluminum, they are -140, 80, -55, 15, -10 yuan/ton; for zinc, they are -165, -60, -150, -115, -95 yuan/ton; for lead, they are -230, -145, -215, -210, -250 yuan/ton; for nickel, they are 1030, 1910, 530, 1730, 1680 yuan/ton; for tin, they are -3220, 1130, -1520, 400, 490 yuan/ton [28] (2) London Market (October 31, 2025) - LME Premium/Discount: For copper, it is (14.44); for aluminum, it is (5.45); for zinc, it is 85.57; for lead, it is (26.48); for nickel, it is (204.84); for tin, it is 40.00 - Shanghai - London Ratio: For copper, it is 8.01; for aluminum, it is 7.42; for zinc, it is 7.37; for lead, it is 8.62; for nickel, it is 7.93; for tin, it is 7.87 - CIF: For copper, it is 88257.80; for aluminum, it is 23815.02; for zinc, it is 26564.56; for lead, it is 16638.60; for nickel, it is 121488.75; for tin, it is 291054.45 - Domestic Spot: For copper, it is 87610.00; for aluminum, it is 21300.00; for zinc, it is 22320.00; for lead, it is 17380.00; for nickel, it is 122270.00; for tin, it is 284560.00 - Import Profit/Loss: For copper, it is (647.80); for aluminum, it is (2515.02); for zinc, it is (4244.56); for lead, it is 741.40; for nickel, it is 781.25; for tin, it is (6494.45) [33] 5. Agricultural Products (1) Base Difference - For soybeans No.1, the base differences from October 27 to October 31, 2025 are -97, -135, -133, -123, -122 yuan/ton respectively; for soybeans No.2, they are 362.21, 353.84, 386.44, 338.16, 342.33 yuan/ton; for soybean meal, they are 28, -5, 1188, -24, -1242 yuan/ton; for soybean oil, they are 216, 238, 14, 202, 0 yuan/ton; for corn, they are 18, 7, 14, 19, 0 yuan/ton [38] (2) Inter - period Spread - For soybeans No.1, the 5 - 1, 9 - 1, 9 - 5 inter - period spreads are 40, 41, 17 yuan/ton respectively; for soybeans No.2, they are -192, -117, 51 yuan/ton; for soybean meal, they are -197, -81, 116 yuan/ton; for soybean oil, they are -176, -266, -90 yuan/ton; for rapeseed meal, they are -50, 42, 92 yuan/ton; for rapeseed oil, they are -301, -300, 1 yuan/ton; for palm oil, they are 50, -162, -212 yuan/ton; for corn, they are 101, 125, 24 yuan/ton; for sugar, they are -67, -60, 7 yuan/ton; for cotton, they are 10, 160, 150 yuan/ton [38] (3) Inter - variety Spread - On October 31, 2025, the soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch inter - variety spreads are 1.93, 1.75, 2.71, 615, -648, 1307, -308 respectively [38] 6. Stock Index Futures (1) Base Difference - For CSI 300, the base differences from October 27 to October 31, 2025 are 31.62, 22.37, 15.24, 19.91, 9.27 respectively; for SSE 50, they are 2.73, -1.18, -1.78, 1.61, -3.65; for CSI 500, they are 124.99, 110.03, 90.97, 86.71, 88.60; for CSI 1000, they are 172.78, 143.62, 122.72, 120.68, 138.47 [50] (2) Inter - period Spread - The inter - period spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, CSI 1000 are -49.8, -37.0, -2.2, -1.6, -9.8, -1.6, -68.8, -203.8, -180.6 respectively [52]