投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 27 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/26 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/23 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/22 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/21 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/20 | -190.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents the daily arbitrage data of various futures products on May 26, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for investors' trading decisions [1][5][15][24][40][47] Summary by Directory 1. Power Coal - **Base Difference Data**: From May 19 to May 23, 2025, the base difference of power coal was - 189.4 yuan/ton on May 19 and - 190.4 yuan/ton from May 20 to May 23; the differences between May - January, September - January, and September - May were all 0 [2] 2. Energy Chemicals Energy Commodities - **Base Difference and Ratio Data**: From May 19 to May 23, 2025, the base difference of INE crude oil ranged from - 11.31 to - 5.39 yuan/ton; the base difference of fuel oil was 101.32 yuan/ton on May 22, and other data were not provided; the ratio of crude oil to asphalt ranged from 0.1290 to 0.1329 [6] Chemical Commodities - **Base Difference Data**: For various chemical products such as natural rubber, methanol, PTA, etc., the base differences showed different values from May 19 to May 23, 2025. For example, the base difference of natural rubber was - 5 yuan/ton on May 19 and 165 yuan/ton on May 23 [11] - **Inter - period Data**: The inter - period differences of various chemical products, such as the differences between May - January, September - January, and September - May, also had different values. For example, the difference between May - January of natural rubber was 90 yuan/ton [11] - **Inter - variety Data**: The inter - variety differences of various chemical products, such as LLDPE - PVC, LLDPE - PP, etc., also showed different values from May 19 to May 23, 2025 [11] 3. Black Metals - **Base Difference Data**: From May 19 to May 23, 2025, the base differences of rebar, iron ore, coke, and coking coal showed different values. For example, the base difference of rebar was 111.0 yuan/ton on May 19 and 114.0 yuan/ton on May 23 [16] - **Inter - period Data**: The inter - period differences of rebar, iron ore, coke, and coking coal, such as the differences between May - January, September - January, and September - May, also had different values [16] - **Inter - variety Data**: The inter - variety data such as the ratio of rebar to iron ore, rebar to coke, etc., also showed different values from May 19 to May 23, 2025 [16] 4. Non - ferrous Metals Domestic Market - **Base Difference Data**: From May 19 to May 23, 2025, the base differences of copper, aluminum, zinc, lead, nickel, and tin in the domestic market showed different values. For example, the base difference of copper was 310 yuan/ton on May 19 and 350 yuan/ton on May 23 [25] - **LME Data**: On May 23, 2025, the LME premium or discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss of various non - ferrous metals were provided [31] London Market - **LME Base Difference, Shanghai - London Ratio, and Import Profit and Loss Data**: Data on LME base difference, Shanghai - London ratio, and import profit and loss of various non - ferrous metals were presented [31] 5. Agricultural Products - **Base Difference Data**: From May 19 to May 23, 2025, the base differences of various agricultural products such as soybeans, soybean meal, and corn showed different values [40] - **Inter - period Data**: The inter - period differences of various agricultural products, such as the differences between May - January, September - January, and September - May, also had different values [40] - **Inter - variety Data**: The inter - variety data such as the ratio of soybeans to corn, soybean oil to soybean meal, etc., also showed different values from May 19 to May 23, 2025 [40] 6. Stock Index Futures - **Base Difference Data**: From May 19 to May 23, 2025, the base differences of CSI 300, SSE 50, CSI 500, and CSI 1000 showed different values. For example, the base difference of CSI 300 was 33.95 on May 19 and 36.07 on May 23 [48] - **Inter - period Data**: The inter - period differences of CSI 300, SSE 50, CSI 500, and CSI 1000, such as the differences between the next - month and the current - month, the current - quarter and the current - month, etc., also had different values [48]

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 23 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/22 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/21 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/20 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/19 | -189.4 | 0.0 | 0.0 | 0.0 | | 2025/05/16 | -187.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 22 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/21 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/20 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/19 | -189.4 | 0.0 | 0.0 | 0.0 | | 2025/05/16 | -187.4 | 0.0 | 0.0 | 0.0 | | 2025/05/15 | -187.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

期货热点追踪 美国对铜进口的调查行动引爆铜市！贸易商疯狂套利，但COMEX溢价已回落至600美元，这一波行情 是否已接近尾声？ 相关链接 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - European routes have high capacity in June, and the price of the 06 contract has risen to around $2600/FEU. As MSC has started to revise the European route prices for June, other shipping companies will likely follow suit. Attention should be paid to the final actual prices in June. The 08 contract, being in the traditional peak season, still has price increase expectations, leading to a strong game between expectations and reality. Recently, arbitrage operations are more recommended [3]. Summary by Directory 1. Futures Prices - As of May 20, 2025, the total open interest of all container shipping index European route futures contracts was 118,206 lots, and the single - day trading volume was 166,866 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1451.20, 1249.00, 1772.20, 2387.90, 1482.10, and 1625.20 respectively [4]. 2. Spot Prices - On May 16, the SCFI (Shanghai - Europe route) price was $1154/TEU, the SCFI (Shanghai - US West route) price was $3091/FEU, and the SCFI (Shanghai - US East) price was $4069/FEU. On May 19, the SCFIS (Shanghai - Europe) was 1265.30 points, and the SCFIS (Shanghai - US West) was 1446.36 points [4]. 3. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 16, 2025, 98 container ships had been delivered, with a total capacity of 762,700 TEU. Among them, 31 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 467,300 TEU, and 3 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 70,872 TEU [5]. - The monthly average weekly capacity in June was about 280,000 TEU. The weekly capacities in WEEK23/24/25/26/27 were 296,200/302,800/282,300/226,000/268,200 TEU, with an average of 277,000 TEU, a year - on - year increase of over 20%. The monthly average weekly capacity in July was 259,000 TEU. The average weekly capacity on the Shanghai - US East and West routes in June was 320,500 TEU, while in May it was 243,400 TEU, showing a rapid recovery [2]. 4. Supply Chain - Geopolitically, Israeli Prime Minister Netanyahu stated that Israel would fully control the Gaza Strip, and the Israeli Air Force attacked over 160 targets in the Gaza Strip in the past day [2]. 5. Demand and European Economy - In May, more than 10 ships on the US routes were transferred to European routes, increasing the supply - side pressure on European routes in May. Most shipping companies continuously revised down their prices in May. The price of the OA Alliance in May dropped to around $1700/FEU, the price of YML in the PA Alliance in May was $1500/FEU, and the price of Maersk in WEEK22 was over $1600/FEU [3].

Report Title - Baocheng Futures Variety Arbitrage Data Daily Report (May 20, 2025) [1] Core Content 1. Thermal Coal - **Base Price Data**: From May 13 - May 19, 2025, the base price of thermal coal was -182.4, -184.4, -187.4, -187.4, -189.4 respectively, with 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads all at 0.0 [2] 2. Energy and Chemicals Energy Commodities - **Base Price and Ratio**: From May 13 - May 19, 2025, the base price of INE crude oil, fuel oil, and the ratio of crude oil to asphalt showed different changes. For example, the base price of INE crude oil on May 19 was -14.51, and the ratio of crude oil to asphalt was 0.1386 [6] Chemical Commodities - **Base Price, Spread, and Cross - Variety Data**: For various chemical products such as natural rubber, methanol, PTA, etc., from May 13 - May 19, 2025, the base price, cross - period spreads (e.g., 5 - 1 month, 9 - 1 month, 9 - 5 month), and cross - variety spreads (e.g., LLDPE - PVC, LLDPE - PP) all had different values. For example, the base price of natural rubber on May 19 was -5 [7] 3. Black Metals - **Base Price, Spread, and Cross - Variety Data**: For products like rebar, iron ore, coke, and coking coal, from May 13 - May 19, 2025, the base price, cross - period spreads (e.g., 5 - 1 month, 9 - 1 month, 9 - 5 month for iron ore, coke, coking coal; 5 - 1 month, 10 - 1 month, 10 - 5 month for rebar), and cross - variety ratios (e.g., rebar/iron ore, rebar/coke) all had different values. For example, the base price of rebar on May 19 was 111.0 [12] 4. Non - ferrous Metals Domestic Market - **Base Price Data**: For copper, aluminum, zinc, lead, nickel, and tin, from May 13 - May 19, 2025, the domestic base prices had different values. For example, the base price of copper on May 19 was 310 [21] London Market - **LME Premium, Shanghai - London Ratio, CIF, Domestic Spot, and Import Profit/Loss**: For copper, aluminum, zinc, lead, nickel, and tin, on May 19, 2025, the LME premium, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss had different values. For example, the LME premium of copper was 15.52, and the import profit was 72.09 [27] 5. Agricultural Products - **Base Price, Spread, and Cross - Variety Data**: For products like soybeans, soybean meal, soybean oil, etc., from May 13 - May 19, 2025, the base price, cross - period spreads (e.g., 5 - 1 month, 9 - 1 month, 9 - 5 month), and cross - variety ratios (e.g., soybean/corn, soybean oil/soybean meal) all had different values. For example, the base price of soybeans on May 19 was -222 [35] 6. Stock Index Futures - **Base Price and Cross - Period Data**: For CSI 300, SSE 50, CSI 500, and CSI 1000, from May 13 - May 19, 2025, the base prices had different values, and the cross - period spreads (e.g., next month - current month, current quarter - current month) also had different values. For example, the base price of CSI 300 on May 19 was 33.95 [43]

Report Overview - The report is the Baocheng Futures Variety Arbitrage Data Daily Report for May 19, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures [1] 1. Thermal Coal - **Base Price Data**: From May 12 - 16, 2025, the base price of thermal coal showed fluctuations, starting from -171.4 yuan/ton on May 12 and reaching -187.4 yuan/ton on May 16. The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 yuan/ton during this period [2] 2. Energy Chemicals Energy Commodities - **Base Price and Ratio**: From May 12 - 16, 2025, the base price of INE crude oil changed from -14.51 yuan/ton on May 13 to -8.53 yuan/ton on May 16. The ratio of crude oil to asphalt also fluctuated, from 0.1331 on May 12 to 0.1388 on May 16 [6] Chemical Commodities - **Base Price**: For various chemical products such as natural rubber, methanol, PTA, etc., the base prices showed different trends from May 12 - 16, 2025. For example, the base price of natural rubber changed from -375 yuan/ton on May 12 to 45 yuan/ton on May 16 [7] - **Inter - period Spreads**: The inter - period spreads of different chemical products also varied. For example, the 5 - 1 month spread of natural rubber was 95 yuan/ton [7] - **Inter - commodity Spreads**: The inter - commodity spreads such as LLDPE - PVC, LLDPE - PP also had different values on different dates from May 12 - 16, 2025 [7] 3. Black Metals - **Base Price**: From May 12 - 16, 2025, the base prices of black metals including rebar, iron ore, coke, and coking coal showed fluctuations. For example, the base price of rebar changed from 158 yuan/ton on May 12 to 118 yuan/ton on May 16 [12] - **Inter - period Spreads**: The inter - period spreads of rebar and other black metals had different values. For example, the 5 - 1 month spread of rebar was 19 yuan/ton [12] - **Inter - commodity Ratios and Spreads**: The ratios such as screw/ore and spreads such as screw - hot rolled coil also changed during this period [12] 4. Non - ferrous Metals Domestic Market - **Base Price**: From May 12 - 16, 2025, the base prices of domestic non - ferrous metals including copper, aluminum, zinc, etc. showed different trends. For example, the base price of copper changed from 340 yuan/ton on May 12 to 690 yuan/ton on May 16 [20] London Market - **LME Premiums and Discounts, Shanghai - London Ratios, etc.**: On May 16, 2025, the LME premiums and discounts, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of non - ferrous metals such as copper, aluminum, and zinc were provided. For example, the LME premium of copper was 31.45, and the Shanghai - London ratio was 8.18 [26] 5. Agricultural Products - **Base Price**: From May 12 - 16, 2025, the base prices of agricultural products such as soybeans, soybean meal, and corn showed fluctuations [35] - **Inter - period Spreads**: The inter - period spreads of various agricultural products had different values. For example, the 5 - 1 month spread of soybeans was 33 yuan/ton [33] - **Inter - commodity Ratios and Spreads**: The ratios such as soybean/corn and spreads such as soybean meal - rapeseed meal also changed during this period [33] 6. Stock Index Futures - **Base Price**: From May 12 - 16, 2025, the base prices of stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 showed fluctuations. For example, the base price of CSI 300 changed from 37.61 on May 12 to 43.09 on May 16 [43] - **Inter - period Spreads**: The inter - period spreads of different stock index futures had different values. For example, the next - month minus current - month spread of CSI 300 was -40.6 [43]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Report's Core View The report is a daily data report on commodity arbitrage from Baocheng Futures on May 16, 2025, presenting the basis, inter - period spreads, and inter - commodity spreads of various commodities in multiple sectors including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory 3.1 Power Coal - The basis of power coal on May 15, 2025, was - 187.4 yuan/ton, showing a continuous decline compared to previous days [2]. - The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads were all 0.0 [2]. 3.2 Energy Chemicals - **Energy Commodities** - For crude oil, the basis is presented through a graph, with the basis calculated as the difference between the spot price of Chinese Shengli crude oil and the closing price of the active contract of INE crude oil [6]. - For fuel oil, the basis is shown as the difference between the FOB Singapore spot price and the closing price of the active contract of fuel oil [7]. - The ratio of crude oil to asphalt on May 15, 2025, was 0.1386 [9]. - **Chemical Commodities** - The basis of various chemical commodities such as natural rubber, methanol, PTA, LLDPE, and PP on different dates from May 9 to May 15, 2025, is provided. For example, the basis of natural rubber on May 15 was - 90 yuan/ton [10]. - The inter - period spreads (5 - month to 1 - month, 9 - month to 1 - month, 9 - month to 5 - month) and inter - commodity spreads (e.g., LLDPE - PVC, LLDPE - PP) of chemical commodities are also given [10]. 3.3 Black Metals - **Basis** - The basis of rebar, iron ore, coke, and coking coal on different dates from May 9 to May 15, 2025, is presented. For example, the basis of rebar on May 15 was 102.0 yuan/ton [15]. - **Inter - period Spreads** - The inter - period spreads of rebar (5 - month to 1 - month, 10 - month to 1 - month, 10 - month to 5 - month) and other black metals are provided [15]. - **Inter - commodity Ratios and Spreads** - Ratios such as rebar to iron ore, rebar to coke, coke to coking coal, and spreads like rebar - hot rolled coil on different dates are given [15]. 3.4 Non - ferrous Metals - **Domestic Market** - The basis of copper, aluminum, zinc, lead, nickel, and tin in the domestic market on different dates from May 9 to May 15, 2025, is provided. For example, the basis of copper on May 15 was 980 yuan/ton [24]. - **London Market** - Information about LME non - ferrous metals including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profits and losses for copper, aluminum, zinc, lead, nickel, and tin on May 15, 2025, is presented. For example, the LME spread of copper was 39.74, and the import loss was - 318.78 yuan/ton [30]. 3.5 Agricultural Products - **Basis** - The basis of soybeans (No. 1 and No. 2), soybean meal, soybean oil, and other agricultural products on different dates from May 9 to May 15, 2025, is given. For example, the basis of soybean No. 1 on May 15 was - 232 yuan/ton [39]. - **Inter - period Spreads** - The inter - period spreads of various agricultural products are provided, such as the 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads of soybeans, soybean meal, etc. [39]. - **Inter - commodity Spreads** - Ratios and spreads like soybean No. 1 to corn, soybean oil to soybean meal, and soybean meal - rapeseed meal on different dates are presented [37]. 3.6 Stock Index Futures - **Basis** - The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on different dates from May 9 to May 15, 2025, is provided. For example, the basis of CSI 300 on May 15 was 34.40 [47]. - **Inter - period Spreads** - The inter - period spreads (e.g., next month - current month, current quarter - current month) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given [47].

新能源及有色金属日报 | 2025-05-14 贸易商收货兴趣浓厚 铜价震荡偏强 市场要闻与重要数据 期货行情： 2025-05-13，沪铜主力合约开于 78080元/吨，收于 78090元/吨，较前一交易日收盘-0.22%，昨日夜盘沪铜主力合 约开于 77,930元/吨，收于 78,650 元/吨，较昨日午后收盘上涨0.99%。 现货情况： 据 SMM 讯，昨日日内成交活跃度较高，早盘盘初低价可注册仓单货源被大量秒收，大型贸易商收货情绪浓厚， 采购情绪指数为3.18，较昨日上升0.13；因换月前持续贴水，部分持货商不愿低价出售，宁愿作为仓单交割，故销 售情绪指数较昨日降低0.02，录得3.25。进入主流交易时段，货源如铁峰、日本、韩国、中条山PC等成交积极，后 续均被接货方加价出售。进入第二交易时段，市场出货价格上抬至贴水30元/吨附近，好铜重现升水成交。湿法铜 仅少量mook货源贴水70元/吨附近，非注册货源贴水180至贴水120元/吨均有成交。 进入交割倒计时，昨日仓单增 量较少，但贸易商收货情绪抬升预计仓单量将逐渐增加。今日现货贴水或保持坚挺。 重要资讯汇总： 宏观与地缘方面，昨日，美国消费者价格指数 ...