一、动力煤：宝城期货品种套利数据日报（2025年12月12日）-20251212

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report is a daily report on futures variety arbitrage data of Baocheng Futures on December 12, 2025, presenting data on basis, inter - period spreads, and inter - variety spreads for multiple futures varieties across different sectors. 3. Summary by Directory 3.1 Power Coal - Basis Data: The basis of power coal on December 11, 2025, was - 48.4 yuan/ton, showing a downward trend compared to previous days. The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 were all 0 [1][2]. 3.2 Energy and Chemicals - Energy Commodity Basis: For fuel oil and INE crude oil, the basis on December 11, 2025, was - 1.64 yuan/ton and - 2.37 yuan/ton respectively. The ratio of crude oil to asphalt was 0.1485 [7]. - Chemical Commodity Basis: On December 11, 2025, the basis of rubber was - 285 yuan/ton, methanol was 51 yuan/ton, PTA was - 14 yuan/ton, LLDPE was 466 yuan/ton, V was 84 yuan/ton, and PP was 148 yuan/ton [9]. - Chemical Commodity Inter - period Spreads: For the 5 - 1 inter - period, rubber was - 30 yuan/ton, methanol was 57 yuan/ton, etc.; for the 9 - 1 inter - period, rubber was - 10 yuan/ton, methanol was 54 yuan/ton, etc.; for the 9 - 5 inter - period, rubber was 20 yuan/ton, methanol was - 3 yuan/ton, etc. [10]. - Chemical Commodity Inter - variety Spreads: On December 11, 2025, LLDPE - PVC was 2267 yuan/ton, LLDPE - PP was 377 yuan/ton, etc. [10]. 3.3 Black Metals - Black Metal Basis: On December 11, 2025, the basis of rebar was 181.0 yuan/ton, iron ore was 33.0 yuan/ton, coke was 113.5 yuan/ton, and coking coal was 135.0 yuan/ton [20]. - Black Metal Inter - period Spreads: For the 5 - 1 inter - period, rebar was - 10.0 yuan/ton, iron ore was - 20.0 yuan/ton, etc.; for the 9(10) - 1 inter - period, rebar was 22.0 yuan/ton, iron ore was - 43.5 yuan/ton, etc.; for the 9(10) - 5 inter - period, rebar was 32.0 yuan/ton, iron ore was - 23.5 yuan/ton, etc. [19]. - Black Metal Inter - variety Spreads: On December 11, 2025, the ratio of rebar to iron ore was 4.05, the ratio of rebar to coke was 2.0289, etc. [19]. 3.4 Non - ferrous Metals - Domestic Market Basis: On December 11, 2025, the domestic basis of copper was 170 yuan/ton, aluminum was - 80 yuan/ton, zinc was 125 yuan/ton, lead was 5 yuan/ton, nickel was 3350 yuan/ton, and tin was - 600 yuan/ton [29]. - London Market Data: On December 11, 2025, the LME copper premium/discount was 24.76, aluminum was (26.68), etc.; the Shanghai - London ratio of copper was 7.93, aluminum was 7.65, etc.; the CIF price of copper was 94072.03, aluminum was 23768.13, etc.; the domestic spot price of copper was 92950.00, aluminum was 21910.00, etc.; the import profit/loss of copper was (1122.03), aluminum was (1858.13), etc. [34]. 3.5 Agricultural Products - Agricultural Product Basis: On December 11, 2025, the basis of soybeans No.1 was - 153 yuan/ton, soybeans No.2 was - 60.11 yuan/ton, soybean meal was 310 yuan/ton, soybean oil was 534 yuan/ton, and corn was 37 yuan/ton [42]. - Agricultural Product Inter - period Spreads: For soybeans No.1, the 5 - 1 inter - period was 11 yuan/ton, 9 - 1 was 14 yuan/ton, 9 - 5 was 38 yuan/ton; for other products, similar data are provided [42]. - Agricultural Product Inter - variety Spreads: On December 11, 2025, the ratio of soybeans No.1 to corn was 1.86, soybeans No.2 to corn was 1.69, etc. [41]. 3.6 Stock Index Futures - Stock Index Futures Basis: On December 11, 2025, the basis of CSI 300 was 12.58, SSE 50 was 7.23, CSI 500 was 8.49, and CSI 1000 was 7.40 [53]. - Stock Index Futures Inter - period Spreads: For the CSI 300, the next - month minus current - month was - 16.0, the next - quarter minus current - quarter was - 43.6; for other indices, similar data are provided [53].