全品种价差日报-20251226

Report Overview - The report is a daily spread report for all varieties dated December 26, 2025, with investment consulting business qualification (Certificate of Approval [2011] No. 1292) [3] Commodity Analysis Black Series - Silicon Iron: The price of 72 silicon iron qualified blocks in Inner Mongolia - Tianjin warehouse receipts is 5695, down 64, with a change of -1.12%, and the historical quantile is 49.30% [1] - Silicon Manganese: The price of 6517 silicon manganese in Inner Mongolia - Hubei warehouse receipts is 5840, with a change of -0.10% [1] - Rebar: The price of HRB400 20mm in Shanghai is 3310, up 183 from 3127, with a change of 5.89%, and the historical quantile is 69.40% [1] - Hot - Rolled Coil: The price of Q235B 4.75mm in Shanghai is 3280 [1] - Iron Ore: The converted price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 846, down 16, with a change of -0.90%, and the historical quantile is 52.50% [1] - Coke: The converted price of quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port is 1723, down 16 from 1739, with a change of -0.90%, and the historical quantile is 56.15% [1] - Coking Coal: The converted price of S1.3 G75 main coking coal (Mongolian No. 5) at Shaheyi is 1156, up 32, with a change of 2.89%, and the historical quantile is 34.50% [1] Non - ferrous Metals - Copper: The spot price of SMM 1 electrolytic copper is 94760, the futures price is 96210, the basis is - 1450, the basis rate is 0.62%, and the historical quantile is - 1.5% [1] - Aluminum: The spot price of SMM A00 aluminum is 21980, the futures price is 22275, the basis is - 295, the basis rate is 1.87%, and the historical quantile is - 1.3% [1] - Alumina: The spot price of SMM heavy alumina index is 2646, the futures price is 2729, the basis is - 83, the basis rate is 3.12%, and the historical quantile is 47.79% [1] - Zinc: The spot price of SMM 1 zinc ingot is 23010, the futures price is 23065, the basis is - 55, the basis rate is - 0.24%, and the historical quantile is 51.45% [1] - Tin: The spot price of SMM 1 tin is 332750, the futures price is 335880, the basis is - 3130, the basis rate is 7.08%, and the historical quantile is - 0.93% [1] - Nickel: The spot price of SMM 1 imported nickel is 125410, the futures price is 124150, the basis is 1260, the basis rate is 1.00%, and the historical quantile is 10.41% [1] - Stainless Steel: The spot price of 304/2B:21240C in Wuxi Hongwang (including trimming fee) is 13170, the futures price is 12990, the basis is 180, the basis rate is 1.39%, and the historical quantile is 31.75% [1] - Lithium Carbonate: The spot price of SMM battery - grade lithium carbonate is 104900, the futures price is 123520, the basis is - 18620, the basis rate is - 15.07%, and the historical quantile is 0.88% [1] - Industrial Silicon: The spot price of SMM un - fluxed 215530 is 8832, the futures price is 9250, the basis is - 418, the basis rate is 4.70%, and the historical quantile is 24.95% [1] Precious Metals - Gold: The spot price of Shanghai Gold Exchange's gold (AU (T + D)) is 1003.0, the futures price is 1008.8, the basis is - 5.8, the basis rate is - 0.57%, and the historical quantile is 1.20% [1] - Silver: The spot price of Shanghai Gold Exchange's silver (AG (T + D)) is 17414.0, the futures price is 17397.0, the basis is 17.0, the basis rate is 0.10%, and the historical quantile is 96.40% [1] Agricultural Products - Soybean Meal: The spot price of ordinary protein soybean meal at the Jiangsu Zhangjiagang factory is 3020, the futures price is 2760.0, the basis is 260.0, the basis rate is 9.42%, and the historical quantile is 66.30% [1] - Soybean Oil: The spot price of grade - four soybean oil at the Jiangsu Zhangjiagang factory is 8200, the futures price is 7824.0, the basis is 376.0, the basis rate is 4.81%, and the historical quantile is 67.00% [1] - Palm Oil: The delivery price of palm oil at Huangpu Port is 8520, the futures price is 8542.0, the basis is - 22.0, the basis rate is - 0.26%, and the historical quantile is 19.70% [1] - Rapeseed Meal: The spot price of ordinary rapeseed meal at the Guangdong Zhanjiang factory is 2520, the futures price is 2352.0, the basis is 168.0, the basis rate is 7.14%, and the historical quantile is 79.60% [1] - Rapeseed Oil: The spot price of grade - four rapeseed oil at the Jiangsu Nantong factory is 9640, the futures price is 8981.0, the basis is 659.0, the basis rate is 7.34%, and the historical quantile is 93.60% [1] - Corn: 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: The spot price of corn starch at the Jilin Changchun factory is 2620, the futures price is 2484.0, the basis is 136.0, the basis rate is 5.48%, and the historical quantile is 70.60% [1] - Live Pigs: The spot price of live pigs (external ternary) at the Henan factory exit is 11800, the futures price is 11460.0, the basis is 340.0, the basis rate is 2.97%, and the historical quantile is 56.30% [1] - Eggs: The average price of eggs in Shijiazhuang, Hebei is 2946.0, the futures price is 2820, the basis is 126.0, the basis rate is 4.42%, and the historical quantile is 27.70% [1] - Cotton: The arrival price of cotton (3128B) in Xinjiang is 15086, the futures price is 14255.0, the basis is 831.0, the basis rate is 5.83%, and the historical quantile is 35.90% [1] - Sugar: The spot price of white sugar at Liuzhou Station is 5420, the futures price is 5269.0, the basis is 151.0, the basis rate is 2.87%, and the historical quantile is 25.20% [1] - Apples: The theoretical delivery price of apples is 9208.0, the futures price is 9000, the basis is 208.0, the basis rate is - 2.26%, and the historical quantile is 14.80% [1] - Red Dates: The wholesale price of first - grade grey dates in Hebei is 8905.0, the futures price is 8400, the basis is - 505.0, the basis rate is - 5.67%, and the historical quantile is 68.90% [1] Energy and Chemicals - Para - xylene: The spot price of para - xylene at the main Chinese ports (CFR, converted to RMB) is 7276.0, the futures price is 7358.0, the basis is - 82.0, the basis rate is - 1.11%, and the historical quantile is 12.80% [1] - PTA: The market price (middle price) of purified terephthalic acid (PTA) in East China is 5152.0, the futures price is 5070.0, the basis is 82.0, the basis rate is - 1.59%, and the historical quantile is 22.70% [1] - Ethylene Glycol: The market price (middle price) of ethylene glycol (MEG) in East China is 3818.0, the futures price is 3650.0, the basis is 168.0, the basis rate is - 4.40%, and the historical quantile is 4.20% [1] - Short Fibre: The market price (mainstream price) of polyester short fibre (1.4D*38mm (direct - spun)) in the East China market is 6540.0, the futures price is 6490.0, the basis is 50.0, the basis rate is - 0.75%, and the historical quantile is 28.20% [1] - Styrene: The market price (spot benchmark price) of styrene in East China, China is 6710.0, the futures price is 6638.0, the basis is 72.0, the basis rate is 1.08%, and the historical quantile is 45.20% [1] - Methanol: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2162.0, the futures price is 2145.0, the basis is 17.0, the basis rate is - 0.70%, and the historical quantile is 26.30% [1] - Urea: The market price (mainstream price) of small - particle urea in Shandong is 1740.0, the futures price is 1730.0, the basis is 10.0, the basis rate is - 0.57%, and the historical quantile is 13.00% [1] - LLDPE: The duty - paid self - pick - up price (middle price) of linear low - density polyethylene LLDPE (film - grade) in Shandong is 6390.0, the futures price is 6325.0, the basis is 65.0, the basis rate is - 1.0%, and the historical quantile is 7.10% [1] - PP: The duty - paid self - pick - up price (middle price) of polypropylene PP (wire - drawing grade, melt index 2 - 4) in Zhejiang is 6266.0, the futures price is 6250.0, the basis is 16.0, the basis rate is - 0.26%, and the historical quantile is 20.80% [1] - PVC: The market price (mainstream price) of polyvinyl chloride (SG - 5) in the Changzhou market, China is 4757.0, the futures price is 4480.0, the basis is 277.0, the basis rate is - 5.82%, and the historical quantile is 9.80% [1] - Caustic Soda: The market price (mainstream price) of 32% ion - membrane caustic soda in the Shandong market (converted to 100%) is 2234.4, the futures price is 2233.0, the basis is 1.4, the basis rate is 0.06%, and the historical quantile is 43.10% [1] - LPG: The market price of liquefied petroleum gas in the Guangzhou area is 4528.0, the futures price is 4076.0, the basis is 452.0, the basis rate is 11.09%, and the historical quantile is 64.10% [1] - Asphalt: The market price (mainstream price) of heavy - traffic asphalt in Shandong is 2995.0, the futures price is 2920.0, the basis is 75.0, the basis rate is - 2.50%, and the historical quantile is 35.40% [1] - Butadiene Rubber: The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 11285.0, the futures price is 11100.0, the basis is 185.0, the basis rate is - 1.64%, and the historical quantile is 12.60% [1] - Float Glass: The market price of 5mm float glass in the Shahe Great Wall Glass (daily) is 1047.0, the futures price is 924.0, the basis is 123.0, the basis rate is - 13.31%, and the historical quantile is 21.21% [1] - Soda Ash: The market price of soda ash in Chongqing (daily) is 1184.0, the futures price is 1135.0, the basis is 49.0, the basis rate is - 4.32%, and the historical quantile is 24.78% [1] - Natural Rubber: The market price of natural rubber (Yunnan state - owned whole - latex) in Shanghai is 15730.0, the futures price is 15200.0, the basis is 530.0, the basis rate is - 3.49%, and the historical quantile is 63.06% [1] Financial Products - Stock Index Futures - IF2603.CFF: The spot price is 4642.5, the futures price is 4610.6, the basis is - 31.9, the basis rate is - 0.69%, and the historical quantile is 11.50% [1] - IH2603.CFE: The spot price is 3032.8, the futures price is 3034.0, the basis is - 1.2, the basis rate is 0.04%, and the historical quantile is 63.30% [1] - IC2603.CFE: The spot price is 7410.7, the futures price is 7320.6, the basis is - 90.1, the basis rate is - 1.21%, and the historical quantile is 4.80% [1] - IM2603.CFE: The spot price is 7579.4, the futures price is 7419.0, the basis is - 160.4, the basis rate is - 2.16%, and the historical quantile is 7.40% [1] - **Treasury Bond