全品种价差日报-20251107

Report Overview - Report Date: November 7, 2025 [3] - Report Title: Daily Spread Report for All Varieties [3] - Data Sources: Wind, Mysteel, and GF Futures Research Institute [4] Core Viewpoints - The report presents the basis, spot prices, futures prices, basis rates, and historical quantiles of various commodities and financial instruments, including ferrous metals, non - ferrous metals, agricultural products, energy and chemical products, and financial derivatives. It provides a comprehensive snapshot of the market conditions for these products on the reporting date [1]. Summary by Commodity Categories Ferrous Metals - Silicon Iron (SF601): The basis is - 8, the spot price is 5578, the futures price is 5586, and the basis rate is - 0.14%. The historical quantile is 55.70% [1]. - Silicon Manganese (SM601): The basis is 92, the spot price is 5798, the futures price is 5890, and the basis rate is 1.59%. The historical quantile is 42.70% [1]. - Rebar (RB2601): The basis is 14, the spot price (HRB400 20mm in Shanghai) is 3037, the futures price is 3190, and the basis rate is 0.43%. The historical quantile is 23.40% [1]. - Hot - Rolled Coil (HC2601): The basis is not clearly presented, the spot price is not detailed, and the futures price is 3256 [1]. - Iron Ore (I2601): The basis is - 44, the spot price (62.5% Brazilian mixed powder at Rizhao Port) is 1777, the futures price is 1732, and the basis rate is - 2.49%. The historical quantile is 50.80% [1]. - Coke (J2601): The basis is - 44, the spot price (quasi - first - grade metallurgical coke at Rizhao Port) is 1777, the futures price is 1732, and the basis rate is - 2.49%. The historical quantile is 41.48% [1]. - Coking Coal (JM2601): The basis is 83, the spot price (S1.3 G75 main coking coal at Shaheyi) is 1291, the futures price is 1373, and the basis rate is 6.39%. The historical quantile is 46.80% [1]. Non - Ferrous Metals - Copper (CU2512): The basis is - 325, the spot price (SMM cathode copper average price) is 85995, the futures price is 86320, and the basis rate is - 0.38%. The historical quantile is 18.54% [1]. - Aluminum (AL2601): The basis is - 270, the spot price (SMM A00 aluminum average price) is 21360, the futures price is 21630, and the basis rate is - 1.25%. The historical quantile is 2.08% [1]. - Alumina (AO2601): The basis is - 74, the spot price (SMM alumina index average price) is 2787, the futures price is 2861, and the basis rate is - 2.66%. The historical quantile is 46.25% [1]. - Zinc (ZN2512): The basis is - 245, the spot price (SMM 1 zinc ingot average price) is 22430, the futures price is 22675, and the basis rate is - 1.08%. The historical quantile is 7.50% [1]. - Tin (SN2512): The basis is - 620, the spot price (SMM 1 tin average price) is 282800, the futures price is 283420, and the basis rate is - 0.22%. The historical quantile is 30.62% [1]. - Nickel (NI2512): The basis is - 275, the spot price (SMM 1 imported nickel average price) is 119475, the futures price is 119750, and the basis rate is - 0.23%. The historical quantile is 39.58% [1]. - Stainless Steel (SS2512): The basis is 380, the spot price (304/2B at Wuxi Hongwang) is 12590, the futures price is 12970, and the basis rate is 3.02%. The historical quantile is 74.46% [1]. Agricultural Products - Soybean Meal (M2601): The basis is 162, the spot price (Jiangsu Zhangjiagang ordinary protein soybean meal) is 3068, the futures price is 3000, and the basis rate is 5.40%. The historical quantile is 26.50% [1]. - Soybean Oil (V2601): The basis is 34, the spot price (Jiangsu Zhangjiagang fourth - grade soybean oil) is 8350, the futures price is 8188, and the basis rate is 0.42%. The historical quantile is 34.80% [1]. - Palm Oil (P2601): The basis is - 112, the spot price (delivery price at Huangpu Port) is 8620, the futures price is 8732, and the basis rate is - 1.28%. The historical quantile is 4.50% [1]. - Rapeseed Meal (RM601): The basis is 101, the spot price (Guangdong Zhanjiang ordinary rapeseed meal) is 2650, the futures price is 2549, and the basis rate is 3.96%. The historical quantile is 64.20% [1]. - Rapeseed Oil (OI601): The basis is 286, the spot price (Jiangsu Nantong fourth - grade rapeseed oil) is 9850, the futures price is 9564, and the basis rate is 2.99%. The historical quantile is 79.60% [1]. - Corn (C2601): The basis is - 4, the spot price (FOB price at Jinzhou Port) is 2150, the futures price is 2154, and the basis rate is - 0.19%. The historical quantile is 38.40% [1]. - Corn Starch (CS2601): The basis is 81, the spot price (Jilin Changchun corn starch) is 2550, the futures price is 2469, and the basis rate is 3.28%. The historical quantile is 37.30% [1]. - Live Hogs (LH2601): The basis is - 90, the spot price (Henan outer - ternary live hogs) is 11940, the futures price is 11850, and the basis rate is - 0.75%. The historical quantile is 41.40% [1]. - Eggs (JD2512): The basis is - 497, the spot price (Hebei Shijiazhuang average price) is 2730, the futures price is 3227, and the basis rate is - 15.40%. The historical quantile is 7.10% [1]. - Cotton (CF601): The basis is 1013, the spot price (Xinjiang 3128B cotton) is 13605, the futures price is 14618, and the basis rate is 7.45%. The historical quantile is 59.60% [1]. - Sugar (SR601): The basis is 272, the spot price (Liuzhou station white sugar) is 5720, the futures price is 5448, and the basis rate is 4.99%. The historical quantile is 45.00% [1]. - Apples (AP601): The basis is - 79, the spot price (delivery theoretical price) is 8919, the futures price is 8840, and the basis rate is - 0.89%. The historical quantile is 15.70% [1]. - Red Dates (CJ601): The basis is - 705, the spot price (Hebei first - grade gray dates) is 9705, the futures price is 9000, and the basis rate is - 7.26%. The historical quantile is 63.80% [1]. Energy and Chemical Products - Paraxylene (PX601): The basis is - 40, the spot price (CFR price at Chinese main ports) is 6780, the futures price is 6820, and the basis rate is - 0.58%. The historical quantile is 12.00% [1]. - PTA (TA601): The basis is - 148, the spot price (market price in East China) is 4540, the futures price is 4688, and the basis rate is - 3.16%. The historical quantile is 20.00% [1]. - Ethylene Glycol (EG2601): The basis is - 76, the spot price (market price in East China) is 3924, the futures price is 4000, and the basis rate is - 1.90%. The historical quantile is 75.00% [1]. - Polyester Staple Fiber (PF2512): The basis is 81, the spot price (market price in East China) is 6325, the futures price is 6244, and the basis rate is 1.29%. The historical quantile is 74.20% [1]. - Styrene (EB2512): The basis is 0, the spot price (market price in East China) is 6300, the futures price is 6300, and the basis rate is 0%. The historical quantile is 4.75% [1]. - Methanol (MA601): The basis is - 43, the spot price (market price in Jiangsu Taicang) is 2082, the futures price is 2125, and the basis rate is - 2.02%. The historical quantile is 54.50% [1]. - Urea (UR601): The basis is - 64, the spot price (market price in Shandong) is 1580, the futures price is 1644, and the basis rate is - 3.89%. The historical quantile is 5.60% [1]. - LLDPE (L2601): The basis is 70, the spot price (self - pick - up price in Shandong) is 6805, the futures price is 6875, and the basis rate is 1.02%. The historical quantile is 57.60% [1]. - PP (PP2601): The basis is 29, the spot price (self - pick - up price in Zhejiang) is 6500, the futures price is 6471, and the basis rate is 0.45%. The historical quantile is 49.00% [1]. - PVC (V2601): The basis is - 110, the spot price (market price in Changzhou) is 4520, the futures price is 4630, and the basis rate is - 2.38%. The historical quantile is 33.00% [1]. - Caustic Soda (SH601): The basis is 157, the spot price (market price in Shandong) is 2500, the futures price is 2343, and the basis rate is 6.69%. The historical quantile is 70.70% [1]. - LPG (PG2512): The basis is 183, the spot price (market price in Guangzhou) is 4448, the futures price is 4265, and the basis rate is 4.29%. The historical quantile is 48.10% [1]. - Asphalt (BU2601): The basis is 9, the spot price (market price in Shandong) is 3100, the futures price is 3109, and the basis rate is 0.29%. The historical quantile is 93.40% [1]. - Butadiene Rubber (BR2601): The basis is - 105, the spot price (China National Petroleum Corporation East China) is 10305, the futures price is 10200, and the basis rate is - 1.02%. The historical quantile is 62.20% [1]. - Float Glass (FG601): The basis is - 53, the spot price (market price in Shahe) is 1101, the futures price is 1048, and the basis rate is - 4.81%. The historical quantile is 58.40% [1]. - Soda Ash (SA601): The basis is - 50, the spot price (market price in Shahe) is 1207, the futures price is 1157, and the basis rate is - 4.14%. The historical quantile is 21.21% [1]. - Natural Rubber (RU2601): The basis is - 695, the spot price (market price in Shanghai) is 14350, the futures price is 15045, and the basis rate is - 4.62%. The historical quantile is 54.69% [1]. Financial Derivatives - Stock Index Futures: - IF2512.CFE: The basis is - 22.6, the spot price is 4693.4, the futures price is 4670.8, and the basis rate is - 0.48%. The historical quantile is 20.30% [1]. - IH2512.CFE: The basis is - 3.3, the spot price is 3044.7, the futures price is 3041.4, and the basis rate is - 0.11%. The historical quantile is 39.80% [1]. - IC2512.CFE: The basis is - 99.3, the spot price is 7345.7, the futures price is 7246.4, and the basis rate is - 1.37%. The historical quantile is 3.30% [1]. - IM2512.CFE: The basis is - 146.8, the spot price is 7551.8, the futures price is 7405, and the basis rate is - 1.98%. The historical quantile is 11.00% [1]. - Treasury Bond Futures: - TS2512: The basis is - 0.04, the spot price is 100.05, the futures price is 102.49, and the basis rate is - 0.04%. The historical quantile is 15.70% [1]. - TF2512: The basis is 0.08, the spot price is 108.55, the futures price is 105.96, and the basis rate is 0.08%. The historical quantile is 23.10% [1]. - T2512: The basis is 0.09, the spot price is 130.98, the futures price is 106.61, and the basis rate is 0.08%. The historical quantile is 26.30% [1]. - TL2512: The basis is 0.09, the spot price is 130.98, the futures price is 116.13