Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core View The report presents the daily arbitrage data of various futures varieties on May 14, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to help investors understand the market situation through the analysis of basis, inter - period spread, and inter - variety spread. 3. Summary by Category 3.1 Power Coal - **Basis**: On May 13, 2025, the basis was - 182.4 yuan/ton, showing a continuous negative value trend in recent days [2]. 3.2 Energy Chemicals - **Energy Commodities** - **Basis**: The basis data of INE crude oil, fuel oil, and the ratio of crude oil to asphalt are presented, with the basis of INE crude oil and fuel oil fluctuating in recent days [6]. - **Chemical Commodities** - **Basis**: The basis data of natural rubber, methanol, PTA, LLDPE, PP, etc. are provided, with significant fluctuations in the basis of natural rubber in recent days [7]. - **Inter - period Spread**: The inter - period spreads of natural rubber, methanol, PTA, etc. are given, such as the 5 - 1 month spread of natural rubber being - 1045 yuan/ton [7]. - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, etc. are presented, with the LLDPE - PVC spread being 2309 yuan/ton on May 13, 2025 [7]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal are provided, with the basis of rebar showing an upward trend in recent days [12]. - **Inter - period Spread**: The inter - period spreads of rebar, iron ore, coke, and coking coal are given, such as the 5 - 1 month spread of rebar being - 69.0 yuan/ton [12]. - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, etc. are presented, with the rebar/iron ore ratio being 4.31 on May 13, 2025 [12]. 3.4 Non - ferrous Metals - **Domestic Market** - **Basis**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin are provided, with significant fluctuations in the basis of copper in recent days [20]. - **Import and Export Data**: The LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss of various non - ferrous metals are presented, with all non - ferrous metals showing import losses except lead [26]. - **London Market**: The LME basis, Shanghai - London ratio, and import profit and loss data of non - ferrous metals are presented [26]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc. are provided, with the basis of soybeans showing a negative value in recent days [36]. - **Inter - period Spread**: The inter - period spreads of soybeans, soybean meal, soybean oil, etc. are given, such as the 5 - 1 month spread of soybeans being 48 yuan/ton [36]. - **Inter - variety Spread**: The inter - variety spreads of soybean/corn, soybean oil/soybean meal, etc. are presented, with the soybean/corn ratio being 1.77 on May 13, 2025 [34]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided, with the basis of all indices showing positive values on May 13, 2025 [44]. - **Inter - period Spread**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are given, such as the next - month - current - month spread of CSI 300 being - 40.8 [44].

Report Summary 1. Report Industry Investment Rating No investment rating information was provided in the report. 2. Core View The report is a daily data report on commodity arbitrage from Baocheng Futures on May 12, 2025, presenting the basis, spreads, and other data of various commodities including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, helping investors understand market conditions. 3. Summary by Category 3.1 Thermal Coal - Basis data from April 30 to May 9, 2025, showed a continuous decline in the basis, reaching - 171.4 yuan/ton on May 9 [2]. - Spreads such as 5 - 1, 9 - 1, and 9 - 5 were all 0 during the period [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - For INE crude oil, the basis on May 9 was - 35.58 yuan/ton; for fuel oil, the ratio was 0.1369, and the basis was 33.60 yuan/ton [6]. 3.2.2 Chemical Commodities - Basis data for various chemicals from April 30 to May 9, 2025, showed fluctuations. For example, the basis of natural rubber on May 9 was - 20 yuan/ton [9]. - Spread data included information on different months (5 - 1, 9 - 1, 9 - 5) for various chemicals, such as the 5 - 1 spread of natural rubber being - 1065 yuan/ton [9]. - Cross - commodity spread data, like LLDPE - PVC being 2191 yuan/ton on May 9 [9]. 3.3 Black Metals - Basis data from April 30 to May 9, 2025, for black metals such as rebar, iron ore, coke, and coking coal showed changes. For example, the basis of rebar on May 9 was 128.0 yuan/ton [14]. - Spread data included different months for rebar (5 - 1, 10 - 1, 10 - 5) and other black metals (5 - 1, 9 - 1, 9 - 5) [14]. - Cross - commodity data such as the ratio of rebar to iron ore being 4.34 on May 9 [14]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Basis data from April 30 to May 9, 2025, for domestic non - ferrous metals like copper, aluminum, zinc, etc., showed fluctuations. For example, the basis of copper on May 9 was 930 yuan/ton [22]. 3.4.2 London Market - Data on LME non - ferrous metals on May 9, 2025, included LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss. For example, the LME spread of copper was 49.19, and the Shanghai - London ratio was 8.28 [28]. 3.5 Agricultural Products - Basis data from April 30 to May 9, 2025, for agricultural products such as soybeans, corn, etc., showed changes. For example, the basis of soybean No. 1 on May 9 was - 213 yuan/ton [37]. - Spread data included different months (5 - 1, 9 - 1, 9 - 5) for various agricultural products, such as the 5 - 1 spread of soybean No. 1 being 26 yuan/ton [35]. - Cross - commodity data such as the ratio of soybean No. 1 to corn being 1.75 on May 9 [35]. 3.6 Stock Index Futures - Basis data from April 30 to May 9, 2025, for stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 showed fluctuations. For example, the basis of CSI 300 on May 9 was 37.56 [45]. - Spread data for different months (next month - current month, current quarter - current month, etc.) for various stock index futures, such as the next month - current month spread of CSI 300 being - 33.2 [45].

Report Industry Investment Rating - Unilateral: Neutral - Arbitrage: Suspended - Option: short put@74,000 yuan/ton [6] Core Viewpoints - In April, domestic copper inventories decreased significantly due to a high premium in the Comex market, leading to a global inventory flow to the US, reduced domestic imports, increased domestic maintenance, and significant copper concentrate interference. However, high uncertainties in macro factors and domestic demand outlook caused copper prices to weaken at the end of April. In May, copper prices may remain in a volatile range of approximately 73,500 yuan/ton to 79,800 yuan/ton [6] Summary by Relevant Catalogs Market News and Important Data - **Futures Quotes**: On May 8, 2025, the main contract of Shanghai copper opened at 77,620 yuan/ton and closed at 77,330 yuan/ton, down 0.59% from the previous trading day's close. The night session opened at 73,810 yuan/ton and closed at 74,060 yuan/ton, up 0.47% from the afternoon close [1] - **Spot Situation**: On the day, due to the widening of the monthly spread, spot arbitrageurs actively sold goods at low prices. The Shanghai electrolytic copper shipment sentiment index was 3.07, and the procurement sentiment was 3.61, up 0.14 and 0.07 respectively from the previous day. The morning quotation for some copper types was at a premium of 220 - 280 yuan/ton, and the price decreased during the second trading session [2] Important Information Summary - **Macro and Geopolitical**: The UK and the US reached a trade agreement, retaining a 10% benchmark tariff on the UK, expanding market access, canceling steel and aluminum tariffs, implementing a 0% tariff on US agricultural products, and a stepped tariff on UK automobile imports. The US may take enforcement actions on imported services, and the UK agreed to a $10 billion Boeing aircraft purchase agreement. The Bank of England cut interest rates by 25 basis points with a divided vote, and Trump criticized Powell [3] - **Mine End**: JCHX Mining Management plans to acquire a 5% stake in CMH and gain control for a consideration of $10 million and a contingent consideration of $4.4 million or $15.4 million. After the transaction, it will hold 55% of CMH's shares through its subsidiary and lead the development of the Alacran copper-gold-silver mine [3] - **Smelting and Import**: As of the end of 2024, Reko Diq's possible reserves include 7.3 million tons of copper and 13 million ounces of gold. Once fully operational, it is expected to produce 240,000 tons/year of copper and 297,000 ounces/year of gold in the first stage, and increase to 460,000 tons/year of copper and 520,000 ounces/year of gold in the second stage's first decade [4] - **Consumption**: In April 2025, the actual output of domestic refined copper rods was 1.0396 million tons, a month-on-month increase of 6.87% and a year-on-year increase of 19.34%. In May, the estimated output is 996,200 tons, a month-on-month increase of 1.38% and a year-on-year decrease of 4.18%. The cumulative estimated output from January to May is 4.5265 million tons, a year-on-year increase of 12.85%. The capacity utilization rate in April was 67.82%, up 6.41% month-on-month and 8.61% year-on-year [4] - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 1,675 tons to 194,275 tons, SHFE warehouse receipts decreased by 2,001 tons to 19,540 tons, and the domestic electrolytic copper spot inventory on May 6 was 120,100 tons, a decrease of 8,400 tons from the previous week [5] Strategy - **Unilateral**: Neutral. Copper prices may remain volatile in May, ranging from 73,500 yuan/ton to 79,800 yuan/ton [6] - **Arbitrage**: Suspended - **Option**: short put@74,000 yuan/ton [6]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report presents the arbitrage data of various futures varieties on May 9, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][5][13][21][38][45] Summary by Directory 1. Power Coal - **Basis Data**: From April 29 to May 8, 2025, the basis values were - 149.4, - 151.4, - 153.4, - 161.4, - 166.4 yuan/ton respectively, showing a downward trend. The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0 [2] 2. Energy Chemicals (1) Energy Commodities - **Basis and Ratio Data**: For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, relevant basis and ratio data are presented from April 29 to May 8, 2025. For example, the basis of INE crude oil on May 8 was - 35.28 yuan/ton [6] (2) Chemical Commodities - **Basis Data**: From April 29 to May 8, 2025, the basis of various chemical products such as natural rubber, methanol, PTA, LLDPE, and PP changed. For example, the basis of natural rubber on May 8 was - 160 yuan/ton [9] - **Inter - period Spread Data**: The inter - period spreads of different chemical products (5 - 1 month, 9 - 1 month, 9 - 5 month) are provided. For example, the 5 - 1 month spread of natural rubber was - 1030 yuan/ton [9] - **Inter - variety Spread Data**: The inter - variety spreads of chemical products like LLDPE - PVC, LLDPE - PP, and PP - PVC are presented. For example, the LLDPE - PVC spread on May 8 was 2169 yuan/ton [9] 3. Black Metals - **Basis Data**: From April 29 to May 8, 2025, the basis of black metal products such as rebar, iron ore, coke, and coking coal changed. For example, the basis of rebar on May 8 was 138.0 yuan/ton [14] - **Inter - period Spread Data**: The inter - period spreads of black metal products (5 - 1 month, 9 - 1 month, 9 - 5 month) are given. For example, the 5 - 1 month spread of coke was 88.0 yuan/ton [14] - **Inter - variety Spread Data**: The inter - variety spreads of black metal products such as rebar/iron ore, rebar/coke, and coke/coking coal are presented. For example, the rebar/iron ore ratio on May 8 was 4.40 [14] 4. Non - ferrous Metals (1) Domestic Market - **Basis Data**: From April 29 to May 8, 2025, the basis of domestic non - ferrous metals such as copper, aluminum, zinc, and lead changed. For example, the basis of copper on May 8 was 1220 yuan/ton [22] (2) London Market - **LME Premium/Discount, Shanghai - London Ratio, etc.**: On May 7, 2025, the LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss of LME non - ferrous metals such as copper, aluminum, and zinc are provided. For example, the LME premium of copper was 21.65 [28] 5. Agricultural Products - **Basis Data**: From April 29 to May 8, 2025, the basis of agricultural products such as soybeans, soybean meal, and corn changed. For example, the basis of soybean No.1 on May 8 was - 214 [38] - **Inter - period Spread Data**: The inter - period spreads of agricultural products (5 - 1 month, 9 - 1 month, 9 - 5 month) are presented. For example, the 5 - 1 month spread of soybean No.1 was 18 yuan/ton [36] - **Inter - variety Spread Data**: The inter - variety spreads of agricultural products such as soybean No.1/corn, soybean oil/soybean meal are provided. For example, the soybean No.1/corn ratio on May 8 was 1.76 [36] 6. Stock Index Futures - **Basis Data**: From April 29 to May 8, 2025, the basis of stock index futures such as CSI 300, SSE 50, CSI 500, and CSI 1000 changed. For example, the basis of CSI 300 on May 8 was 36.90 [46] - **Inter - period Spread Data**: The inter - period spreads of stock index futures (next month - current month, current quarter - current month, next quarter - current month, etc.) are given. For example, the next month - current month spread of CSI 300 was - 30.2 [46]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents the basis, inter - period, and inter - variety data of various commodities on different dates, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, which can help investors analyze the price relationships and trends of these commodities [2][8][13]. Summary by Relevant Catalogs 1. Power Coal - Basis data from April 25 to May 6, 2025, shows that the basis values are negative and gradually decreasing, with values of - 146.4, - 147.4, - 149.4, - 151.4, - 153.4 respectively. The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads are all 0 [2]. 2. Energy Chemicals (1) Energy Commodities - For INE crude oil, fuel oil, and the crude oil/bitumen ratio, basis and ratio data from April 25 to May 6, 2025, are presented. For example, the INE crude oil basis on May 6 is - 40.14 [6]. (2) Chemical Commodities - **Basis**: From April 25 to May 6, 2025, basis data for natural rubber, methanol, PTA, LLDPE, and PP are provided. For instance, the natural rubber basis on May 6 is - 115 [8]. - **Inter - period**: Inter - period spreads for different chemicals are given, such as the 5 - 1, 9 - 1, and 9 - 5 spreads for natural rubber, methanol, etc. The 5 - 1 spread of natural rubber is - 930 [8]. - **Inter - variety**: Inter - variety spreads like LLDPE - PVC, LLDPE - PP, etc., are presented for different dates [8]. 3. Black Metals - **Basis**: Basis data for rebar, iron ore, coke, and coking coal from April 25 to May 6, 2025, are shown. For example, the rebar basis on May 6 is 113.0 [13]. - **Inter - period**: Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. The 5 - 1 spread of rebar is - 78.0 [13]. - **Inter - variety**: Inter - variety relationships such as rebar/iron ore, rebar/coke, etc., are presented for different dates [13]. 4. Non - ferrous Metals (1) Domestic Market - Basis data for copper, aluminum, zinc, lead, nickel, and tin from April 25 to May 6, 2025, are given. The copper basis on May 6 is 770 [22]. (2) London Market - Data on LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin are presented. For example, the LME copper spread on April 30 is 20.23 [29]. 5. Agricultural Products - **Basis**: Basis data for soybeans, soybean meal, soybean oil, corn, etc., from April 25 to May 6, 2025, are provided. The soybean basis on May 6 is - 269 [37]. - **Inter - period**: Inter - period spreads for various agricultural products are given. The 5 - 1 spread of soybean is 23 [37]. - **Inter - variety**: Inter - variety relationships such as soybean/corn, soybean oil/soybean meal, etc., are presented for different dates [37]. 6. Stock Index Futures - **Basis**: Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from April 25 to May 6, 2025, are shown. The CSI 300 basis on May 6 is 42.34 [45]. - **Inter - period**: Inter - period spreads for different stock index futures are provided. The next - month - current - month spread of CSI 300 is - 30.6 [45].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The spot price of copper is firm, which supports the copper price. The copper market shows certain price fluctuations and supply - demand characteristics, and is also affected by macro and micro news [1]. 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai Copper main contract was 77,600 with a daily increase of 0.49%, and the night - session closing price was 78,320 with a night - session increase of 0.93%. The LME Copper 3M electronic disk closed at 9,520 with a daily increase of 4.32% [1]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper main contract was 83,514, a decrease of 6,040 from the previous day, and the open interest was 172,625, an increase of 4,071. The trading volume of the LME Copper 3M electronic disk was 10,860, an increase of 69, and the open interest was 289,000, an increase of 584 [1]. - **Futures Inventory**: The Shanghai Copper inventory was 24,922, a decrease of 3,244 from the previous day, and the LME Copper inventory was 195,625, a decrease of 1,675. The LME Copper注销仓单比 was 44.45%, a decrease of 0.45% [1]. - **Spreads**: There were various changes in different spreads, such as the LME copper ascension and premium, the spot - to - futures near - month spread, etc. For example, the spot - to - futures near - month spread increased by 55 to 285 [1]. 3.2 Macro and Industry News - **Macro News**: The EU plans to expand counter - measures and may impose tariffs on 100 billion euros of US goods if negotiations fail. The Fed may delay interest rate cuts due to concerns about inflation. China's Caixin Services PMI in April was 50.7 with a slowdown in new order growth [1]. - **Micro News**: Peru's Antamina Mining Company shut down its mine due to a safety accident. The 2025 - 2026 global refined copper market is expected to have a supply surplus, with 289,000 tons in 2025 and 209,000 tons in 2026. In the first quarter of this year, Codelco's output was 296,000 tons, a 0.3% increase year - on - year. Chile's copper output in March was 477,049 tons, a 9.1% increase year - on - year, and Zambia's copper output in the first quarter increased by 30% to about 224,000 tons [1][3]. 3.3 Industry Data - From January to March 2025, the non - ferrous metal smelting and rolling processing industry achieved an operating income of 2,135.65 billion yuan, a year - on - year increase of 19.5%; the operating cost was 2,015.61 billion yuan, a year - on - year increase of 19.7%; and the total profit was 65.77 billion yuan, a year - on - year increase of 33.6% [3]. 3.4 Trend Intensity - The copper trend intensity is 1, indicating a relatively neutral to slightly positive trend [3].

分析师：何慧 【策略】 单边策略：目前主力09合约关注20日均线压制情况，短期1380成为多空分水岭，盘面围绕联碱成本在1230-1320运行。 套利策略：目前纯碱9-1价差在-10附近，几乎平水，考虑到夏季季节性检修，以及年底天然碱新增产能投产计划，9-1正套参与。 FG-SA09合约价差为-270左右，4月中旬玻璃-纯碱价差走弱，目前仍未止跌迹象，在-320至-360之间再尝试参与多玻璃空纯碱操作。 套保策略：目前碱厂库存绝对高位，上游企业可依据自身库存情况关注09合约在盘面大幅升水现货时，在1400-1450附近卖出套保 机会。下游玻璃企业刚需补库，可在盘面低于现货交割成本时买入套保。 【风险】检修超预期（上行风险）、煤炭及相关燃料走强（上行风险）、重回累库（下行风险）、宏观政策不及预期（下行风险） 能源化工团队 郭建锋 F03126846 何 慧 Z0011420 郭艳鹏 Z0021323 李 倩 F03134406 中辉期货研究院 时间：2025.04.30 【观点】4月在中美关税政策冲击下，商品市场弱势运行，叠加碱厂检修装置复产，纯碱期现价格联动下行。供应方面，碱厂5月检 修计划增多，市场存供应缩 ...

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 4 月 30 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 | | 2025/04/29 | -149.4 | 0.0 | 0.0 | 0.0 | | 2025/04/28 | -147.4 | 0.0 | 0.0 | 0.0 | | 2025/04/25 | -146.4 | 0.0 | 0.0 | 0.0 | | 2025/04/24 | -144.4 | 0.0 | 0.0 | 0.0 | | 2025/04/23 | -143.4 | 0.0 | 0.0 | 0.0 | -200 -150 -100 -50 0 50 100 150 200 450 550 650 750 850 950 1050 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 杭州市求是路8号公元大厦东南裙楼 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - The report presents the arbitrage data of various futures varieties on April 29, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - **Basis Data**: From April 22 to April 28, 2025, the basis of power coal was - 141.4, - 143.4, - 144.4, - 146.4, - 147.4 yuan/ton respectively, showing a downward trend. The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - **Basis Data**: For crude oil, fuel oil, and the ratio of crude oil to asphalt, relevant basis and ratio data are presented. For example, on April 28, 2025, the basis of INE crude oil was - 40.24 yuan/ton, and the ratio of crude oil to asphalt was 0.1469 [9]. 3.2.2 Chemical Commodities - **Basis Data**: For commodities like natural rubber, methanol, PTA, LLDPE, PP, etc., basis data from April 22 to April 28, 2025 are provided. For example, the basis of natural rubber on April 28 was - 180 yuan/ton [10]. - **Inter - period Spreads**: Inter - period spreads for multiple chemical commodities are given, such as the 5 - month to 1 - month spread of natural rubber being - 985 yuan/ton [10]. - **Inter - variety Spreads**: Inter - variety spreads like LLDPE - PVC, LLDPE - PP, etc. are presented. For example, on April 28, 2025, the LLDPE - PVC spread was 2170 yuan/ton [10]. 3.3 Black Metals - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from April 22 to April 28, 2025 are shown. For example, the basis of rebar on April 28 was 121.0 yuan/ton [15]. - **Inter - period Spreads**: Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month to 1 - month spread of rebar was - 97.0 yuan/ton [15]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of rebar to iron ore, rebar to coke, etc. are presented. For example, on April 28, 2025, the ratio of rebar to iron ore was 4.40 [15]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis Data**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from April 22 to April 28, 2025 are given. For example, the basis of copper on April 28 was - 40 yuan/ton [24]. 3.4.2 London Market - **LME Data**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on April 28, 2025 are presented. For example, the LME spread of copper was 28.60, and the Shanghai - London ratio was 8.27 [30]. 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from April 22 to April 28, 2025 are provided. For example, the basis of soybeans No.1 on April 28 was - 265 yuan/ton [39]. - **Inter - period Spreads**: Inter - period spreads for multiple agricultural products are given, such as the 5 - month to 1 - month spread of soybeans No.1 being 8 yuan/ton [37]. - **Inter - variety Spreads**: Inter - variety spreads like the ratio of soybeans No.1 to corn, soybean oil to soybean meal, etc. are presented. For example, on April 28, 2025, the ratio of soybeans No.1 to corn was 1.79 [37]. 3.6 Stock Index Futures - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from April 22 to April 28, 2025 are shown. For example, the basis of CSI 300 on April 28 was 51.02 [47]. - **Inter - period Spreads**: Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month to current - month spread of CSI 300 was - 32.8 [47].

www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 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 4 月 28 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 | | 2025/04/25 | -146.4 | 0.0 | 0.0 | 0.0 | | 2025/04/24 | -144.4 | 0.0 | 0.0 | 0.0 | | 2025/04/23 | -143.4 | 0.0 | 0.0 | 0.0 | | 2025/04/22 | -141.4 | 0.0 | 0.0 | 0.0 | | 2025/04/21 | -140.4 | 0.0 | 0.0 | 0.0 | -200 -150 -100 -50 0 50 100 150 200 450 550 650 750 850 950 1050 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) ...