全品种价差日报-20251121

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents the price, basis, basis rate, historical quantile, and other data of various futures and spot commodities on November 21, 2025, including ferrous metals, non - ferrous metals, agricultural products, energy and chemical products, and financial futures [1]. 3. Summary According to Related Catalogs Ferrous Metals - Silicon Iron (SF603): The conversion price of 72 - grade silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5446, with a change of 2.06% [1]. - Silicon Manganese (SM601): The conversion price of 6517 - grade silicon manganese from Inner Mongolia to Hubei warehouse receipts is 5614 [1]. - Rebar (RB2601): The price of HRB400 20mm in Shanghai is 3050, and the futures price is 3210, with a basis rate of 5.25% [1]. - Hot - Rolled Coil (HC2601): The futures price is 3270, with a change of 0.09% [1]. - Iron Ore (I2601): The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1634, with a change of 0.75% [1]. - Coke (J2601): The conversion price of quasi - first - grade metallurgical coke at Rizhao Port is 1646, with a historical quantile of 70.18% [1]. - Coking Coal (JM2601): The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1114, with a change of 9.83% [1]. Non - Ferrous Metals - Copper (CU2601): The SMM 1 copper average price is 86435, and the futures price is 86130, with a basis of 305 and a historical quantile of 79.79% [1]. - Aluminum (AL2601): The SMM A00 aluminum average price is 21570, and the futures price is 21530, with a basis rate of 0.19% [1]. - Alumina (AO2601): The SMM alumina index average price is 2836 [1]. - Zinc (ZN2512): The SMM 1 zinc ingot average price is 22360, and the futures price is 22380, with a basis of - 20 [1]. - Tin (SN2512): The SMM 1 tin average price is 291500, and the futures price is 292030, with a change of - 0.18% [1]. - Nickel (NISE01): The SMM 1 imported nickel average price is 116600, and the futures price is 115380, with a basis of 1220 [1]. - Stainless Steel (SS2601): The price of 304/2B: 21240C: Wuxi Hongwang (including trimming fee) is 12820, and the futures price is 12285, with a change of 4.35% [1]. Agricultural Products - Soybean Meal (M2601): The ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu is 2980, and the futures price is 3017, with a basis rate of - 1.23% [1]. - Soybean Oil (Y2601): The ex - factory price of grade - four soybean oil in Zhangjiagang, Jiangsu is 8224, and the futures price is 8420, with a basis of 196 [1]. - Palm Oil (P2601): The delivery price of palm oil at Huangpu Port is 8630, and the futures price is 8646, with a basis of - 16 [1]. - Rapeseed Meal (RM601): The ex - factory price of common rapeseed meal in Zhanjiang, Guangdong is 2412, and the futures price is 2500, with a basis rate of - 0.19% [1]. - Rapeseed Oil (Ol601): The ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu is 9779, and the futures price is 10100, with a basis of 321 [1]. - Corn (C2601): The flat - hatch price of corn at Jinzhou Port is 2220, and the futures price is 2168, with a basis rate of 3.28% [1]. - Corn Starch (CS2601): The ex - factory price of corn starch in Changchun, Jilin is 2550, and the futures price is 2473, with a basis of 77 [1]. - Live Pigs (LH2601): The ex - factory price of live pigs (external ternary) in Henan is 11750, and the futures price is 11440, with a basis of 310 [1]. - Eggs (JD2601): The average price of eggs in Shijiazhuang, Hebei is 3238, and the futures price is 2710, with a basis rate of - 16.31% [1]. - Cotton (CF601): The arrival price of cotton 3128B in Xinjiang is 14563, and the futures price is 13465, with a basis of 1098 [1]. - Sugar (SR601): The spot price of white sugar at Liuzhou Station is 5760, and the futures price is 5366, with a basis of 394 [1]. - Apples (AP601): The delivery theoretical price of apples is 9496, and the futures price is 8840, with a basis of - 656 [1]. - Red Dates (C1601): The wholesale price of first - grade grey dates in Hebei is 9300, and the futures price is 8800, with a basis of - 500 [1]. Energy and Chemical Products - Para - Xylene (PX601): The spot price of para - xylene at the main Chinese port (CFR) converted into RMB is 6830, and the futures price is 6833, with a basis rate of 0.04% [1]. - PTA (TA601): The market price (intermediate price) of PTA in the East China region is 4630, and the futures price is 4696, with a basis of - 66 [1]. - Ethylene Glycol (EG2601): The market price (intermediate price) of ethylene glycol in the East China region is 3935, and the futures price is 3822, with a basis of 113 [1]. - Polyester Staple Fiber (PF602): The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market is 6220, and the futures price is 6305, with a basis of 85 [1]. - Styrene (EB2601): The market price (spot benchmark price) of styrene in East China, China is 6625, and the futures price is 6595, with a basis of 30 [1]. - Methanol (MA601): The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2000, and the futures price is 2016, with a basis of - 16 [1]. - Urea (UR601): The market price (mainstream price) of urea (small - particle) in Shandong region is 1640, and the futures price is 1665, with a basis of - 25 [1]. - LLDPE (L2601): The duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 6855, and the futures price is 6835, with a basis of 20 [1]. - PP (PP2601): The duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6400, and the futures price is 6500, with a basis of 100 [1]. - PVC (V2601): The market price (mainstream price) of PVC (SG - 5) in the Changzhou market, China is 4456, and the futures price is 4420, with a basis of - 36 [1]. - Caustic Soda (SH601): The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong market converted to 100% is 2437.5, and the futures price is 2261, with a basis of 176.5 [1]. - LPG (PG2512): The market price of LPG in Guangzhou region is 4397, and the futures price is 4348, with a basis of - 49 [1]. - Asphalt (BU2601): The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong region is 3030, and the futures price is 3058, with a basis of 28 [1]. - Butadiene Rubber (BR2601): The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 10700, and the futures price is 10520, with a basis of 180 [1]. - Glass (FG601): The market price of Fufa glass 5mm large board in Shahe, Shahe Great Wall Glass (daily) is 988, and the futures price is 989, with a basis of - 1 [1]. - Soda Ash (SA601): The market price of heavy - grade soda ash in Shahe (daily) is 1158, and the futures price is 1128, with a basis of - 30 [1]. - Natural Rubber (RU2601): The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 15250, and the futures price is 14850, with a basis of 400 [1]. Financial Futures - Stock Index Futures: - IF2512.CFE: The futures price is 4564.9, and the basis is - 25.7, with a basis rate of - 0.57% [1]. - IH2512.CFE: The futures price is 3002.6, and the basis is - 5.7, with a basis rate of - 0.19% [1]. - IC2512.CFE: The futures price is 7061.9, and the basis is - 61.9, with a basis rate of - 0.88% [1]. - IM2512.CFE: The futures price is 7340.4, and the basis is - 76.8, with a basis rate of - 1.00% [1]. - Treasury Bond Futures: - TS2512: The futures price is 100.04, and the basis is - 0.01, with a basis rate of - 0.01% [1]. - TF2512: The futures price is 105.92, and the basis is 0.00, with a basis rate of 0.00% [1]. - T2512: The futures price is 108.48, and the basis is 0.08, with a basis rate of 0.08% [1]. - TL2512: The futures price is 115.93, and the basis is 0.16, with a basis rate of 0.14% [1].