一、动力煤：宝城期货品种套利数据日报（2025年11月20日）-20251120

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 20, 2025, covering multiple commodity sectors [1] 1. Power Coal - Base Price: The base price of power coal from November 13 to 19, 2025, remained at 32.60 yuan/ton, and the spreads between different contract months (5 - 1, 9 - 1, 9 - 5) were all 0 [2] 2. Energy and Chemicals (1) Energy Commodities - Base Price: The base prices and ratios of energy commodities such as fuel oil, crude oil, and asphalt from November 13 to 19, 2025, showed different trends, with the base price of INE crude oil ranging from -21.45 to -0.36 yuan/ton, and the ratio from 0.1498 to 0.1520 [7] (2) Chemical Commodities - Inter - period Spreads: For rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, the inter - period spreads (5 - 1, 9 - 1, 9 - 5) varied. For example, the 5 - 1 spread of rubber was 80 yuan/ton, and that of PVC was 309 yuan/ton [9] - Inter - variety Spreads: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol also changed from November 13 to 19, 2025. For instance, on November 19, 2025, the LLDPE - PVC spread was 2305 yuan/ton [9] - Base Price: The base prices of rubber, methanol, PTA, LLDPE, PVC, PP from November 13 to 19, 2025, showed different values. For example, the base price of rubber on November 19 was - 490 yuan/ton [10] 3. Black Metals - Inter - period Spreads: For rebar, iron ore, coke, and coking coal, the inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) were different. For example, the 5 - 1 spread of rebar was 47 yuan/ton, and that of iron ore was - 35.5 yuan/ton [20] - Inter - variety Spreads: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil changed from November 13 to 19, 2025. For example, on November 19, 2025, the rebar/iron ore ratio was 3.90 [20] - Base Price: The base prices of rebar, iron ore, coke, and coking coal from November 13 to 19, 2025, showed different values. For example, the base price of rebar on November 19 was 140.0 yuan/ton [21] 4. Non - ferrous Metals (1) Domestic Market - Base Price: The domestic base prices of copper, aluminum, zinc, lead, nickel, and tin from November 13 to 19, 2025, showed significant fluctuations. For example, the base price of copper on November 19 was 30 yuan/ton, and that of lead was - 240 yuan/ton [30] (2) London Market - LME Premiums and Discounts: On November 19, 2025, the LME premiums and discounts of copper, aluminum, zinc, lead, nickel, and tin were - 33.13, - 32.88, 152.14, - 27.39, - 197.66, and 100.00 respectively, and the import profit and loss also varied [33] 5. Agricultural Products - Base Price: The base prices of soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from November 13 to 19, 2025, showed different trends. For example, the base price of soybeans No. 1 on November 19 was - 125 yuan/ton [38] - Inter - period Spreads: The inter - period spreads of various agricultural products (5 - 1, 9 - 1, 9 - 5) were different. For example, the 5 - 1 spread of soybeans No. 1 was 28 yuan/ton, and that of rapeseed oil was - 403 yuan/ton [38] - Inter - variety Spreads: The inter - variety spreads of soybeans No. 1/corn, soybeans No. 2/corn, soybean oil/soybean meal, etc., changed from November 18 to 19, 2025. For example, on November 19, 2025, the soybean oil/soybean meal ratio was 2.76 [38] 6. Stock Index Futures - Base Price: The base prices of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 13 to 19, 2025, showed different values. For example, the base price of CSI 300 on November 19 was 23.09 [49] - Inter - period Spreads: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 were different. For example, the next month - current month spread of CSI 300 was - 160 [49]