全品种价差日报-20251224

Report Information - Report Title: All Varieties Spread Daily Report [3] - Date: December 24, 2025 [3] - Author: Ye Qianning [5] - Investment Advisory License: Securities Regulatory License [2011] 1292 [3] Industry Investment Rating - Not provided in the report. Core View - The report presents the basis, spot price, futures price, basis rate, historical quantile, and other data of various commodities including black series, non - ferrous series, precious metals, agricultural products, energy and chemical series, and financial series on December 24, 2025 [1]. Commodity Data Summary Black Series - Silicon Iron (SF603): The conversion price of 72 - silicon iron qualified block (Inner Mongolia - Tianjin warehouse receipt) is 5628, with a basis rate of - 0.39%, and the historical quantile is 53.10% [1]. - Silicon Manganese (SM603): The conversion price of 6517 silicon manganese (Inner Mongolia - Hubei warehouse receipt) is 5840, and the historical quantile is 28.10% [1]. - Rebar (RB2605): The spot price of HRB400 20mm in Shanghai is 3320, the futures price is 3281, the basis is 39, the basis rate is 1.19%, and the historical quantile is 6.14% [1]. - Hot - Rolled Coil (HC2605): The spot price of Q235B 4.75mm in Shanghai is not provided, the futures price is not provided, and the historical quantile is 13.40% [1]. - Iron Ore (I2605): The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1745, the basis is 4, the basis rate is 0.23%, and the historical quantile is 49.20% [1]. - Coke (J2605): The conversion price of quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port is 1741, and the historical quantile is 66.56% [1]. - Coking Coal (JM2605): The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1156, the basis is 30, the basis rate is 2.71%, and the historical quantile is 32.60% [1] Non - Ferrous Series - Copper (CU2602): The spot price of 5MM 1 electrolytic copper average price is 93930, the futures price is 93470, the basis is 460, the basis rate is 0.49%, and the historical quantile is 15.00% [1]. - Aluminum (AL2602): The spot price of SMM A00 aluminum average price is 22195, the futures price is 21870, the basis is 325, the basis rate is 1.49%, and the historical quantile is 9.00% [1]. - Alumina (AO2601): The SMM alumina index average price is 2520, and the historical quantile is 79.29% [1]. - Zinc (ZN2602): The spot price of SMM 1 zinc ingot average price is 23090, the futures price is 23020, the basis is 70, the basis rate is 0.30%, and the historical quantile is 46.04% [1]. - Tin (SN2602): The spot price of SMM 1 tin average price is 344750, the futures price is 339800, the basis is 4950, the basis rate is 1.46%, and the historical quantile is 2.91% [1]. - Stainless Steel (SS2602): The spot price of 304/2B: 21240C: Wuxi Hongwang (including trimming fee) is 13120, the futures price is 12905, the basis is 215, the basis rate is 1.67%, and the historical quantile is 41.20% [1]. - Lithium Carbonate (LC2605): The spot price of SMM battery - grade lithium carbonate average price is 120360, the futures price is 99500, the basis is 20860, the basis rate is 21.17%, and the historical quantile is 5.35% [1]. - Industrial Silicon (SIS605): The spot price of SMM East China oxygen - passing SI5530 average price is 9250, the futures price is 8780, the basis is 470, the basis rate is 5.35%, and the historical quantile is 29.30% [1] Precious Metals Series - Gold (AU2602): The spot price of Shanghai Gold Exchange gold spot AU (T + D) is 1006.5, the futures price is 1014.2, the basis is - 7.8, the basis rate is - 0.77%, and the historical quantile is 49.80% [1]. - Silver (AG2602): The spot price of Shanghai Gold Exchange silver spot AG (T + D) is 16441.0, the futures price is 16420.0, the basis is 21.0, the basis rate is 0.13%, and the historical quantile is not provided [1] Agricultural Products Series - Soybean Meal (MS605): The spot price of Jiangsu Zhangjiagang factory - price: ordinary protein soybean meal is 3030, the futures price is 2745.0, the basis is 285.0, the basis rate is 10.38%, and the historical quantile is 68.10% [1]. - Soybean Oil (V2605): The spot price of Jiangsu: Zhangjiagang factory - price: fourth - grade soybean oil is 8180, the futures price is 7772.0, the basis is 408.0, the basis rate is 5.25%, and the historical quantile is 70.70% [1]. - Palm Oil (P2605): The delivery price of palm oil at Huangpu Port is 8486.0, the futures price is 8430, the basis is 56.0, the basis rate is 0.66%, and the historical quantile is 12.30% [1]. - Rapeseed Meal (RM605): The spot price of Guangdong Zhanjiang factory - price: ordinary rapeseed meal is 2510, the futures price is 2349.0, the basis is 161.0, the basis rate is 6.85%, and the historical quantile is 78.70% [1]. - Rapeseed Oil (Oleos): The spot price of Jiangsu: Nantong: factory - price: fourth - grade rapeseed oil is 9420, the futures price is 8847.0, the basis is 573.0, the basis rate is 6.48%, and the historical quantile is 93.10% [1]. - Corn (C2603): The flat - hatch price of corn at Xizhou Port is 2280, the futures price is 2189.0, the basis is 91.0, the basis rate is 4.16%, and the historical quantile is 84.80% [1]. - Corn Starch (CS2603): The spot price of Jilin: Changchun: factory - price: corn starch is 2620, the futures price is 2487.0, the basis is 133.0, the basis rate is 5.35%, and the historical quantile is 68.80% [1]. - Live Pigs (LH2603): The spot price of Henan factory - price: live pigs (external ternary) is 11700, the futures price is 11415.0, the basis is 285.0, the basis rate is 2.50%, and the historical quantile is 54.50% [1]. - Eggs (JD2602): The spot price of Hebei Shijiazhuang: average price: eggs is 2960, the futures price is 2876.0, the basis is 84.0, the basis rate is 2.92%, and the historical quantile is 46.00% [1]. - Cotton (CF605): The spot price of Xinjiang: arrival - at - factory price: cotton: 3128B is 15067, the futures price is 14140.0, the basis is 927.0, the basis rate is 6.56%, and the historical quantile is 45.80% [1]. - Sugar (SR605): The spot price of sugar at Liuzhou Station is 5380, the futures price is 5155.0, the basis is 225.0, the basis rate is 4.36%, and the historical quantile is 37.00% [1]. - Apples (AP605): The theoretical delivery price of apples (daily/Steel Union) is 9230.0, the futures price is 9000, the basis is 230.0, the basis rate is - 2.49%, and the historical quantile is 14.10% [1]. - Red Dates (CJ605): The spot price of gray dates: first - grade: wholesale price: Hebei (Steel Union) is 8750.0, the futures price is 8400, the basis is 350.0, the basis rate is - 4.00%, and the historical quantile is 74.10% [1] Energy and Chemical Series - Paraxylene (PX603): The spot price of China's main port: spot price (CFR): paraxylene: converted to RMB is 7302.0, the futures price is 7257.0, the basis is 45.0, the basis rate is 0.62%, and the historical quantile is 17.50% [1]. - PTA (TA605): The market price (intermediate price) of purified terephthalic acid (PTA) in the East China region is 5082.0, the futures price is 4990.0, the basis is 92.0, the basis rate is 1.85%, and the historical quantile is 19.10% [1]. - Ethylene Glycol (EG2605): The market price (intermediate price) of ethylene glycol (EG) in the East China region is 3623.0, the futures price is 3500.0, the basis is 123.0, the basis rate is 3.51%, and the historical quantile is 13.00% [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 6452.0, the futures price is 6410.0, the basis is 42.0, the basis rate is 0.65%, and the historical quantile is 30.60% [1]. - Styrene (EB2602): The market price (spot benchmark price) of styrene in East China, China is 6570.0, the futures price is 6509.0, the basis is 61.0, the basis rate is 0.94%, and the historical quantile is 42.50% [1]. - Methanol (MA605): The market price (spot benchmark price) of methanol in Jiangsu Taicang, China is 2132.0, the futures price is 2156.0, the basis is - 24.0, the basis rate is - 1.12%, and the historical quantile is 23.40% [1]. - Urea (UR605): The market price (mainstream price) of urea (small particles) in Shandong region is 1721.0, the futures price is 1720.0, the basis is 1.0, the basis rate is 0.06%, and the historical quantile is 15.10% [1]. - LLDPE (L2605): The duty - paid self - pick - up price (intermediate price) of linear low - density polyethylene LLDPE (film grade) in Shandong is 6296.0, the futures price is 6250.0, the basis is 46.0, the basis rate is 0.73%, and the historical quantile is 10.30% [1]. - PP (PP2605): The duty - paid self - pick - up price (intermediate price) of polypropylene PP (拉丝 grade, melt index 2 - 4) in Zhejiang is 6240.0, the futures price is 6158.0, the basis is 82.0, the basis rate is 1.33%, and the historical quantile is 49.70% [1]. - PVC (V2605): The market price (mainstream price) of polyvinyl chloride (SG - 5) in Changzhou market, China is 4738.0, the futures price is 4420.0, the basis is 318.0, the basis rate is 7.19%, and the historical quantile is 5.10% [1]. - Caustic Soda (SH603): The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong market: converted to 100% is 2250.0, the futures price is 2219.0, the basis is 31.0, the basis rate is 1.40%, and the historical quantile is 48.50% [1]. - LPG (PG2602): The market price of liquefied petroleum gas in Guangzhou region is 4478.0, the futures price is 447.0, the basis is 4031.0, the basis rate is 11.09%, and the historical quantile is 63.90% [1]. - Asphalt (BU2602): The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong region is 2977.0, the futures price is 2920.0, the basis is 57.0, the basis rate is 1.91%, and the historical quantile is 40.00% [1]. - Butadiene Rubber (BR2602): The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 10700.0, the futures price is 11175.0, the basis is - 475.0, the basis rate is - 4.25%, and the historical quantile is 2.90% [1]. - Glass (FG605): The market price of float glass: 5mm: large plate: in Shahe: Shahe Great Wall Glass (daily) is 1028.0, the futures price is 928.0, the basis is 100.0, the basis rate is 10.78%, and the historical quantile is 29.83% [1]. - Soda Ash (SA605): The market price of soda ash in Chongqing: in Shahe (daily) is 1175.0, the futures price is 1137.0, the basis is 38.0, the basis rate is 3.34%, and the historical quantile is 28.57% [1]. - Natural Rubber (RU2605): The Shanghai market price of natural rubber (Yunnan state - owned whole latex) is 15290.0, the futures price is