一、动力煤：宝城期货品种套利数据日报（2025年12月15日）-20251215

Report Overview This is a futures research report from Baocheng Futures, providing daily arbitrage data for various commodities on December 15, 2025. It covers multiple sectors including thermal coal, energy and chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View The report presents detailed historical data on the basis, inter - period spreads, and inter - commodity spreads of different futures commodities, aiming to offer reference for market participants in analyzing price relationships and potential arbitrage opportunities among various futures contracts. 3. Summary by Commodity Category Thermal Coal - Basis Data: From December 8 to December 12, 2025, the basis of thermal coal was -22.4, -32.4, -40.4, -48.4, -56.4 yuan/ton respectively [2]. Energy and Chemicals - Energy Commodities: Data on basis, price ratios, and other indicators for fuel oil, crude oil, and asphalt are provided, such as the basis of INE crude oil on December 8, 2025, being 9.43 yuan/ton [7]. - Chemical Commodities - Basis: From December 8 to December 12, 2025, the basis of rubber was -365, -285, -365, -285, -280 yuan/ton respectively; for methanol, it was 11, 29, 42, 51, 40.5 yuan/ton respectively [9]. - Inter - period Spreads: For example, the 5 - month minus 1 - month spread of rubber was -20 yuan/ton, and the 9 - month minus 1 - month spread was -40 yuan/ton [10]. - Inter - commodity Spreads: On December 12, 2025, the LLDPE - PVC spread was 2276 yuan/ton, and the LLDPE - PP spread was 375 yuan/ton [10]. Black Metals - Inter - period Spreads: For example, the 5 - month minus 1 - month spread of rebar was -13 yuan/ton, and the 9 - month (10) minus 1 - month spread was 20 yuan/ton [19]. - Inter - commodity Spreads: On December 12, 2025, the rebar/iron ore ratio was 4.04, and the rebar/coke ratio was 20480 [19]. - Basis: From December 8 to December 12, 2025, the basis of rebar was 137, 161, 183, 181, 190 yuan/ton respectively [20]. Non - ferrous Metals - Domestic Market Basis: From December 8 to December 12, 2025, the basis of copper was -590, 730, -10, 170, -620 yuan/ton respectively [28]. - London Market: On December 12, 2025, the LME copper premium/discount was 20.69, and the Shanghai - London ratio was 7.92 [33]. Agricultural Products - Basis: From December 8 to December 12, 2025, the basis of soybean No.1 was -65, -69, -141, -153, -118 yuan/ton respectively [38]. - Inter - period Spreads: For example, the 5 - month minus 1 - month spread of soybean No.1 was 25 yuan/ton, and the 9 - month minus 1 - month spread was 32 yuan/ton [38]. - Inter - commodity Spreads: On December 12, 2025, the soybean No.1/corn ratio was 1.85, and the soybean oil/soybean meal ratio was 2.89 [38]. Stock Index Futures - Basis: On December 12, 2025, the basis of CSI 300 was 6.95, and the basis of SSE 50 was 7.84 [49]. - Inter - period Spreads: The next - month minus current - month spread of CSI 300 was -172, and the next - quarter minus current - quarter spread was -440 [49].