全品种价差日报-20251229

Report Information - Report Title: All-variety Spread Daily Report [3] - Date: December 29, 2025 [3] - Author: Ye Qianning [3] - Investment Consulting Business Qualification: CSRC License [2011] 1292 [3] Core Content Black Series - Silicon Iron (SF603): Spot price 5672, futures price -44, change -0.78%, historical quantile 50.60%, conversion price: 72 Silicon Iron qualified block: Inner Mongolia - Tianjin warehouse receipt [1] - Silicon Manganese (SM603): Spot price 5860, futures price 20, change 0.34%, historical quantile 28.60%, conversion price: 6517 Silicon Manganese: Inner Mongolia - Hubei warehouse receipt [1] - Rebar (RB2605): Spot price 3290, futures price 172, change 5.52%, historical quantile 67.60%, HRB400 20mm: Shanghai [1] - Hot Rolled Coil (HC2605): Spot price 3283, futures price -13, change -0.40%, historical quantile 12.70%, Q235B: 4.75mm: Shanghai [1] - Iron Ore (I2605): Spot price 850, futures price 67, change 8.59%, historical quantile 52.30%, conversion price: 62.5% Brazilian mixed powder (BRBF): Vale: Rizhao Port [1] - Coke (J2605): Spot price 1723, futures price 3, change 0.20%, historical quantile 66.56%, conversion price: quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7: Rizhao Port [1] - Coking Coal (JM2605): Spot price 1156, futures price 41, change 3.63%, historical quantile 37.00%, conversion price: S1.3 G75 main coking coal (Meng 5) Shaheyi [1] Non - ferrous Series - Copper (CU2602): Spot price 97740, futures price -980, change -0.9%, historical quantile 3.33%, 5MM computer shaft internal instrument SMM open discount -340 [1] - Aluminum (AL2602): Spot price 22020, futures price -382, change -1.72%, historical quantile 0.41%, SMM A00 aluminum average price SMM open discount -190 [1] - Alumina (AO2605): Spot price 2708, futures price -82, change -3.06%, historical quantile 12.77%, SMM aluminum hydroxide modulus average price [1] - Zinc (ZN2602): Spot price 23130, futures price -40, change -0.17%, historical quantile 55.41%, SMM 1 zinc ingot average price SMM open discount 82 [1] - Tin (SN2602): Spot price 334750, futures price -3800, change -1.11%, historical quantile 4.37%, SMM 1 tin average price SMM open discount 500 [1] - Nickel (NI2602): Spot price 126600, futures price -150, change -0.12%, historical quantile 42.70%, SMM 1 imported nickel average price SMM open discount 400 [1] - Stainless Steel (SS2602): Spot price 13220, futures price 265, change 2.05%, historical quantile 49.14%, 304/2B: 21240C: Wuxi Hongwang (including trimming fee) [1] - Lithium Carbonate (LC2605): Spot price 111900, futures price -18620, change -14.27%, historical quantile 0.88%, SMM battery - grade lithium carbonate average price [1] - Industrial Silicon (SI2602): Spot price 9250, futures price 370, change 4.17%, historical quantile 21.56%, SMM annual flux 215530 average price [1] Precious Metals Series - Gold (AU2602): Spot price 1016.3, futures price -7.5, change -0.74%, historical quantile 0.30%, Shanghai Gold Exchange gold spot AU (T + D) [1] - Silver (AG2602): Spot price 18469.0, futures price 150.0, change 0.82%, historical quantile 99.50%, Shanghai Gold Exchange silver spot AG (T + D) [1] Agricultural Products Series - Soybean Meal (M2605): Spot price 3050, futures price 260.0, change 9.32%, historical quantile 66.30%, Jiangsu Zhangjiagang ex - factory price: ordinary protein soybean meal [1] - Soybean Oil (Y2605): Spot price 8280, futures price 444.0, change 5.67%, historical quantile 76.20%, Jiangsu: Zhangjiagang: ex - factory price: Grade 4 soybean oil [1] - Palm Oil (P2605): Spot price 8560, futures price -8.0, change -0.09%, historical quantile 24.30%, Delivery price Palm Oil Huangpu Port [1] - Rapeseed Meal (RM605): Spot price 2570, futures price 179.0, change 7.49%, historical quantile 81.10%, Guangdong · Zhanjiang · ex - factory price: ordinary rapeseed meal [1] - Rapeseed Oil (OI605): Spot price 9690, futures price 644.0, change 7.12%, historical quantile 93.60%, Jiangsu: Nantong: ex - factory price: Grade 4 rapeseed oil [1] - Corn (C2603): Spot price 2300, futures price 78.0, change 3.51%, historical quantile 80.70%, FOB price: Corn: Xizhou Port [1] - Corn Starch (CS2603): Spot price 2620, futures price 106.0, change 4.22%, historical quantile 51.20%, Jilin: Changchun: ex - factory price: corn starch [1] - Live Pigs (H2603): Spot price 12050, futures price 405.0, change 3.48%, historical quantile 57.90%, Henan ex - factory price: live pigs (ternary outside) [1] - Eggs (JD2602): Spot price 2820, futures price -137.0, change -4.63%, historical quantile 26.90%, Hebei: Shijiazhuang: average price: eggs [1] - Cotton (CF605): Spot price 15118, futures price 583.0, change 4.01%, historical quantile 19.60%, Xinjiang: arrival price: Cotton: 3128B [1] - White Sugar (SR605): Spot price 5440, futures price 155.0, change 2.93%, historical quantile 26.20%, Spot price: White Sugar: Liuzhou Station [1] - Apples (AP605): Spot price 9200, futures price -47.0, change -0.5%, historical quantile 21.50%, Apples: Delivery theoretical price (Daily/Steel Union) [1] - Red Dates (CJ605): Spot price 8400, futures price -580.0, change -6.46%, historical quantile 66.20%, Gray dates: Grade 1: Wholesale price: Hebei (Steel Union) [1] Energy and Chemical Series - Paraxylene (PX603): Spot price 7424.0, futures price -132.0, change -1.75%, historical quantile 7.00%, China main port: Spot price (CFR): Paraxylene: Converted to RMB [1] - PTA (TA605): Spot price 5280.0, futures price -120.0, change -2.27%, historical quantile 13.80%, Market price (middle price): Purified Terephthalic Acid (PTA): East China region [1] - Ethylene Glycol (EG2605): Spot price 3675.0, futures price -171.0, change -4.45%, historical quantile 3.90%, Market price (middle price): Ethylene Glycol (MEG): East China region [1] - Short - staple (PF602): Spot price 6570.0, futures price -96.0, change -1.44%, historical quantile 20.50%, Market price (mainstream price) Polyester staple fiber (1.4D*38mm (direct spinning): East China market [1] - Styrene (EB2602): Spot price 6865.0, futures price 78.0, change 1.15%, historical quantile 46.30%, China: East China: Market price (spot benchmark price): Styrene [1] - Methanol (MA605): Spot price 2135.0, futures price -26.0, change -1.20%, historical quantile 22.20%, China: Jiangsu Taicang: Market price (spot benchmark price): Methanol [1] - Urea (UR605): Spot price 1730.0, futures price -5.0, change -0.29%, historical quantile 14.50%, Market price (mainstream price) Urea (small particles) Shandong region [1] - LLDPE (L2605): Spot price 6290.0, futures price -175.0, change -2.71%, historical quantile 0.70%, Duty - paid self - pick - up price (middle price): Linear Low - Density Polyethylene LLDPE (film grade): Shandong [1] - PVC (V2605): Spot price 4500.0, futures price -332.0, change -6.87%, historical quantile 4.10%, China: Changzhou market: Market price (mainstream price) Polyvinyl Chloride (SG - 5) [1] - Caustic Soda (SH603): Spot price 2219.0, futures price -49.0, change -2.1%, historical quantile 35.00%, Market price (mainstream price): Caustic Soda (32% ion - membrane caustic soda): Shandong market: Converted to 100% [1] - LPG (PG2602): Spot price 4528.0, futures price 448.0, change 10.98%, historical quantile 63.90%, Market price: Liquefied Petroleum Gas: Guangzhou region [1] - Asphalt (BU2602): Spot price 2920.0, futures price -75.0, change -2.50%, historical quantile 35.40%, Market price (mainstream price): Asphalt (heavy - traffic asphalt): Shandong region [1] - Butadiene Rubber (BR2602): Spot price 11100.0, futures price -535.0, change -4.60%, historical quantile 2.50%, China: Distribution price: Butadiene Rubber (Daqing, BR9000): CNPC East China [1] - Glass (FG605): Spot price 920.0, futures price -137.0, change -14.89%, historical quantile 14.49%, Float glass: 5mm: Large board: Market price: Shahe: Shahe Great Wall Glass (Daily) [1] - Soda Ash (SA605): Spot price 1141.0, futures price -59.0, change -5.17%, historical quantile 18.69%, Soda Ash: Heavy - grade: Market price: Shahe (Daily) [1] - PP (PP2605): Spot price 6235.0, futures price -57.0, change -0.91%, historical quantile 11.90%, Duty - paid self - pick - up price (middle price): Polypropylene PP (wire - drawing grade, melt index 2 - 4): Zhejiang [1] Financial Series - IF2603.CFF: Spot price 4657.2, futures price -18.8, change -0.41%, historical quantile 25.00% [1] - IH2603.CFE: Spot price 3045.4, futures price 6.0, change 0.20%, historical quantile 87.10% [1] - IC2603.CFE: Spot price 7458.8, futures price -70.8, change -0.95%, historical quantile 9.10% [1] - IM2603.CFE: Spot price 7472.4, futures price -133.1, change -1.78%, historical quantile 10.90% [1] - Natural Rubber (RU2605): Spot price 15300.0, futures price -480.0, change -3.14%, historical quantile 65.91%, Shanghai market price: Natural Rubber (Yunnan state - owned whole latex) [1] - 2 - year Treasury Bond (TS2603): Spot price 100.16, futures price -0.07, change -0.07%, historical quantile 10.30%, Conversion factor 0.9774 [1] - 5 - year Treasury Bond (TF2603): Spot price 99.74, futures price -0.06, change -0.05%, historical quantile 19.70%, Conversion factor 0.9412 [1] - 30 - year Treasury Bond (TL2603): Spot price 127.56, futures price 0.46, change 0.41%, historical quantile 68.50%, Conversion factor 1.1263 [1]