I. Report Summary 1. Core View The report presents the basis rate, month - on - month basis, and related price data of various futures and spot commodities, including non - ferrous metals, precious metals, steel products, agricultural products, energy and chemical products, and stock index futures, providing information for investors to understand the market basis situation [4]. 2. Content Summary by Category Non - ferrous Metals - Copper (CU): The basis rate is 0.24%, with a month - on - month increase of 0.39%. The spot price is 79,990 yuan, and the prices of the current, next, and second - next month contracts are 79,800 yuan, 79,780 yuan, and 79,760 yuan respectively [4]. - Aluminum (AL): The basis rate is - 0.07%, with a month - on - month increase of 0.29%. The spot price is 20,780 yuan, and the prices of the current, next, and second - next month contracts are 20,775 yuan, 20,795 yuan, and 20,790 yuan respectively [4]. - Zinc (ZN): The basis rate is - 0.29%, with a month - on - month increase of 0.24%. The spot price is 22,010 yuan, and the prices of the current, next, and second - next month contracts are 22,075 yuan, 22,085 yuan, and 22,115 yuan respectively [4]. - Lead (PB): The basis rate is - 0.79%. The spot price is 16,975 yuan, and the prices of the current, next, and second - next month contracts are 17,110 yuan, 17,130 yuan, and 17,135 yuan respectively [4]. - Tin (SN): The basis rate is - 0.01%, with a month - on - month decrease of 0.03%. The spot price is 270,200 yuan, and the prices of the current, next, and second - next month contracts are 270,240 yuan, 270,460 yuan, and 270,420 yuan respectively [4]. - Nickel (NI): The basis rate is 0.93%, with a month - on - month increase of 0.30%. The spot price is 122,700 yuan, and the prices of the current, next, and second - next month contracts are 121,570 yuan, 121,700 yuan, and 121,890 yuan respectively [4]. - Industrial Silicon: The basis rate is 4.12%, with a month - on - month decrease of 0.64%. The spot price is 9,035 yuan, and the prices of the current, next, and second - next month contracts are 8,940 yuan, 8,980 yuan, and 7,932 yuan respectively [4]. - Lithium Carbonate (LC): The basis rate is 0.95%, with a month - on - month increase of 1.29%. The spot price is 73,470 yuan, and the prices of the current, next, and second - next month contracts are 72,620 yuan, 72,780 yuan, and 72,840 yuan respectively [4]. Precious Metals - Gold (AU): The basis rate is 0.05%, with a month - on - month increase of 0.63%. The spot price is 824.53 yuan, and the prices of the current, next, and second - next month contracts are 824.10 yuan, 826.82 yuan, and 829.22 yuan respectively [4]. - Silver (AG): The basis rate is - 0.24%, with a month - on - month increase of 0.06%. The spot price is 9,811 yuan, and the prices of the current, next, and second - next month contracts are 9,808 yuan, 9,835 yuan, and 9,859 yuan respectively [4]. Steel Products - Rebar (RB): The basis rate is 2.64%, with a month - on - month increase of 0.36%. The spot price is 3,230 yuan, and the prices of the current, next, and second - next month contracts are 3,054 yuan, 3,147 yuan, and 3,204 yuan respectively [4]. - Hot - Rolled Coil (HC): The basis rate is 0.78%, with a month - on - month increase of 0.48%. The spot price is 3,380 yuan, and the prices of the current, next, and second - next month contracts are 3,397 yuan, 3,354 yuan, and 3,367 yuan respectively [4]. - Iron Ore: The basis rate is 5.41%, with a month - on - month increase of 1.27%. The spot price is 843.3 yuan, and the prices of the current, next, and second - next month contracts are 800.0 yuan, 778.5 yuan, and 759.0 yuan respectively [4]. - Coke: The basis rate is - 3.58%, with a month - on - month increase of 2.66%. The spot price is 1,648 yuan, and the prices of the current, next, and second - next month contracts are 1,709.0 yuan, 1,848.0 yuan, and 1,893.5 yuan respectively [4]. - Coking Coal (JIM): The basis rate is 5.53%, with a month - on - month increase of 2.52%. The spot price is 1,270.0 yuan, and the prices of the current, next, and second - next month contracts are 1,203.5 yuan, 1,295.5 yuan, and 1,356.5 yuan respectively [4]. - Thermal Coal (ZC): The basis rate is 12.65%, with a month - on - month increase of 0.50%. The spot price is 700.0 yuan, and the prices of the current, next, and second - next month contracts are all 801.4 yuan [4]. - Ferrosilicon (SF): The basis rate is - 6.36%, with a month - on - month increase of 0.51%. The spot price is 5,390 yuan, and the prices of the current, next, and second - next month contracts are 5,744 yuan, 5,850 yuan, and 5,930 yuan respectively [4]. - Silicomanganese (SM): The basis rate is - 0.34%, with a month - on - month increase of 0.33%. The spot price is 5,950 yuan, and the prices of the current, next, and second - next month contracts are 5,970 yuan, 6,014 yuan, and 6,032 yuan respectively [4]. - Stainless Steel: The basis rate is 2.14%, with a month - on - month increase of 0.47%. The spot price is 13,150 yuan, and the prices of the current, next, and second - next month contracts are 12,990 yuan, 13,235 yuan, and 13,470 yuan respectively [4]. - Glass (FG): The basis rate is - 4.80%, with a month - on - month increase of 2.01%. The spot price is 1,150 yuan, and the prices of the current, next, and second - next month contracts are 1,208 yuan, 1,328 yuan, and 1,387 yuan respectively [4]. Agricultural Products - Soybeans: The basis rate is 1.95%, with a month - on - month decrease of 0.24%. The spot price is 3,980 yuan, and the prices of the current, next, and second - next month contracts are 3,898 yuan, 3,947 yuan, and 3,962 yuan respectively [4]. - Soybean Meal (M): The basis rate is - 2.4%, with a month - on - month decrease of 0.37%. The spot price is 2,920 yuan, and the prices of the current, next, and second - next month contracts are 2,993 yuan, 2,765 yuan, and 2,882 yuan respectively [4]. - Rapeseed Meal (RM): The basis rate is 5.26%, with a month - on - month decrease of 0.43%. The spot price is 2,600 yuan, and the prices of the current, next, and second - next month contracts are 2,470 yuan, 2,357 yuan, and 2,435 yuan respectively [4]. - Soybean Oil (Y): The basis rate is 3.09%, with a month - on - month decrease of 0.78%. The spot price is 8,540 yuan, and the prices of the current, next, and second - next month contracts are 8,284 yuan, 8,022 yuan, and 7,946 yuan respectively [4]. - Rapeseed Oil (Ol): The basis rate is 0.76%, with a month - on - month decrease of 0.35%. The spot price is 10,060 yuan, and the prices of the current, next, and second - next month contracts are 9,984 yuan, 9,495 yuan, and 9,415 yuan respectively [4]. - Peanuts (PK): The basis rate is 4.35%, with a month - on - month decrease of 0.48%. The spot price is 8,200 yuan, and the prices of the current, next, and second - next month contracts are 7,844 yuan, 7,838 yuan, and 7,870 yuan respectively [4]. - Palm Oil (P): The basis rate is - 0.37%, with a month - on - month decrease of 0.64%. The spot price is 9,270 yuan, and the prices of the current, next, and second - next month contracts are 9,304 yuan, 9,108 yuan, and 8,784 yuan respectively [4]. - Corn (C): The basis rate is 6.57%, with a month - on - month decrease of 0.79%. The spot price is 2,320 yuan, and the prices of the current, next, and second - next month contracts are 2,164 yuan, 2,231 yuan, and 2,255 yuan respectively [4]. - Corn Starch (CS): The basis rate is 3.60%, with a month - on - month decrease of 0.76%. The spot price is 2,560 yuan, and the prices of the current, next, and second - next month contracts are 2,487 yuan, 2,574 yuan, and 2,596 yuan respectively [4]. - Apples (AP): The basis rate is - 5.81%, with a month - on - month decrease of 0.10%. The spot price is 7,800 yuan, and the prices of the current, next, and second - next month contracts are 8,430 yuan, 8,281 yuan, and 8,237 yuan respectively [4]. - Eggs (JD): The basis rate is 16.54%. The spot price is 3,650 yuan, and the prices of the current, next, and second - next month contracts are 3,418 yuan, 3,450 yuan, and 3,066 yuan respectively [4]. - Live Pigs: The basis rate is 0.55%, with a month - on - month increase of 0.93%. The spot price is 12,900 yuan, and the prices of the current, next, and second - next month contracts are 13,765 yuan, 13,385 yuan, and 13,905 yuan respectively [4]. - Cotton (CF): The basis rate is 11.29%, with a month - on - month increase of 1.07%. The spot price is 15,319 yuan, and the prices of the current, next, and second - next month contracts are 13,725 yuan, 13,385 yuan, and 13,905 yuan respectively [4]. Chemical Products - Sugar (SR): The basis rate is 8.88%, with a month - on - month increase of 0.90%. The spot price is 5,960 yuan, and the prices of the current, next, and second - next month contracts are 5,474 yuan, 5,456 yuan, and 5,474 yuan respectively [4]. - Methanol (MA): The basis rate is - 3.24%, with a month - on - month decrease of 0.15%. The spot price is 2,270 yuan, and the prices of the current, next, and second - next month contracts are 2,346 yuan, 2,385 yuan, and 2,359 yuan respectively [4]. - Ethanol (EG): The basis rate is 1.80%, with a month - on - month decrease of 0.13%. The spot price is 4,345 yuan, and the prices of the current, next, and second - next month contracts are 4,268 yuan, 4,330 yuan, and 4,338 yuan respectively [4]. - PTA (TA): The basis rate is - 1.41%, with a month - on - month increase of 0.11%. The spot price is 4,600 yuan, and the prices of the current, next, and second - next month contracts are 4,666 yuan, 4,704 yuan, and 4,740 yuan respectively [4]. - Polypropylene (PP): The basis rate is 1.79%, with a month - on - month increase of 0.82%. The spot price is 7,050 yuan, and the prices of the current, next, and second - next month contracts are 6,926 yuan, 6,963 yuan, and 6,931 yuan respectively [4]. - Styrene (EB): The basis rate is 0.54%, with a month - on - month decrease of 0.05%. The spot price is 7,100 yuan, and the prices of the current, next, and second - next month contracts are 7,111 yuan, 7,202 yuan, and 6,789 yuan respectively [4]. - Short - Fiber (PF): The basis rate is 2.46%, with a month - on - month increase of 0.93%. The spot price is 6,500 yuan, and the prices of the current, next, and second - next month contracts are 6,368 yuan, 6,454 yuan, and 6,546 yuan respectively [4]. - Plastic: The basis rate is 1.56%, with a month - on - month increase of 0.38%. The spot price is 7,300 yuan, and the prices of the current, next, and second - next month contracts are 7,188 yuan, 7,233 yuan, and 7,280 yuan respectively [4]. - PVC (V): The basis rate is 9.79%, with a month - on - month increase of 1.10%. The spot price is 5,405 yuan, and the prices of the current, next, and second - next month contracts are 4,923 yuan, 5,228 yuan, and 5,347 yuan respectively [4]. - Rubber (RU): The basis rate is - 4.95%, with a month - on - month increase of 0.28%. The spot price is 14,800 yuan, and the prices of the current, next, and second - next month contracts are 15,570 yuan, 15,555 yuan, and 15,600 yuan respectively [4]. - 20 - Numbered Rubber (NR): The basis rate is 5.77%, with a month - on - month increase of 0.74%. The spot price is 13,009 yuan, and the prices of the current, next, and second - next month contracts are 12,380 yuan, 12,475 yuan, and 12,440 yuan respectively [4]. - Soda Ash (SA): The basis rate is - 6.89%, with a month - on - month increase of 0.23%. The spot price is 1,216 yuan, and the prices of the current, next, and second - next month contracts are 1,306 yuan, 1,40

Group 1: Stock Index Futures Market Overview - The four major index futures contracts experienced an overall increase last week, with the CSI 500 index futures showing the largest gain of 3.83%, while the SSE 50 index futures had the smallest increase of 1.00% [3][11] - The average trading volume for all contracts decreased compared to the previous week, with the IH contract seeing the largest decline of 24.59% and the IC contract the smallest at 5.41% [3][11] - As of last Friday's close, the annualized basis rates for the IF, IC, IM, and IH contracts were -2.18%, -8.76%, -13.22%, and 0.11% respectively, indicating a deepening of the discount for IF and IM, while IC's discount narrowed and IH turned to a premium [3][11][12] Group 2: Market Expectations and Strategies - In the absence of changes to index futures trading rules, the correlation between basis changes and dividend impacts, as well as investor trading sentiment, remains high [4][13] - The market sentiment is generally optimistic, with 12 brokerage firms believing that the A-share market is still in a bull or slow bull phase, and 9 firms indicating that expectations of Federal Reserve rate cuts and foreign capital inflows will improve liquidity [5][30] - There is a consensus among 12 brokerage firms regarding the positive outlook for the AI industry chain, non-bank financials, and gold sectors, while some firms express differing views on market styles and cycles [5][31] Group 3: Dividend Forecasts and Impacts - Following September, dividends are expected to taper off, having a minimal impact on the four major index futures [4][12] - The estimated impact of dividends on the main contracts for the CSI 300, CSI 500, SSE 50, and CSI 1000 indices for September is projected to be zero, with a slight impact of 0.04 on the CSI 500 quarterly contract [4][12] Group 4: Arbitrage Opportunities - The report indicates that currently, there are no arbitrage opportunities for the IF main contract, as the required basis rates for both long and short positions do not meet the necessary thresholds [4][12] - The cross-period price difference for the contracts is within historical normal ranges, suggesting a stable market environment for potential arbitrage strategies [12][13]

Report Summary 1. Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - A-shares are experiencing a volatile rebound with the technology sector leading. After a significant increase, A-shares may enter a high-level volatile pattern. The direction of monetary policy in the second half of September is crucial for the equity market. [3] - The bond market sentiment is weak, with continued capital convergence and falling bond futures. There is a possibility of over - selling in the bond market, and the 10 - year bond yield may continue to rise. [3] - Precious metals are in a high - level volatile state after digesting geopolitical events and interest - rate cut expectations. [3] - Various commodities have different trends and trading suggestions based on their supply - demand fundamentals, cost factors, and market sentiment. 3. Summary by Categories Financial - **Equity Index Futures**: The basis rates of IF, IH, IC, and IM's main contracts are 0.29%, - 0.06%, - 0.99%, and - 1.10% respectively. A-shares are in a volatile rebound, and after a large increase, they may enter a high - level volatile pattern. Wait for volatility to converge before entering the market. [3] - **Treasury Bond Futures**: The bond market sentiment is weak, and the 10 - year bond yield has not stabilized at 1.8%. T2512 has broken through the previous low. Suggest investors to wait and see, and pay attention to changes in the capital market, equity market, and fundamentals in the short term. [3] - **Precious Metals**: Gold can be bought cautiously at low levels, or short - sell out - of - the - money options to capture volatility decline. Silver can be traded in the range of $40 - 42, and also sell out - of - the - money options. [3] - **Container Shipping Index (European Line)**: The main contract of EC is weakly volatile. Consider 12 - 10 spread arbitrage. [3] Black Metals - **Steel**: Steel prices remain weak. Pay attention to the support levels of 3100 for rebar and 3300 for hot - rolled coils. Long positions should exit and wait. [3] - **Iron Ore**: Shipments have dropped significantly from the high level, arrivals have decreased, and port clearance has slightly declined. The iron ore price is running strongly. Buy the 2601 contract at low levels in the range of 780 - 830, and reduce the long - iron - ore short - coking - coal arbitrage position. [3] - **Coking Coal**: Spot prices are weakly volatile, coal mines are resuming production and destocking. Short positions should take profit in the range of 1070 - 1170, and reduce the long - iron - ore short - coking - coal arbitrage position. [3] - **Coke**: The first round of coke price cuts has been implemented, compressing coking profits with more room for cuts. Short positions should take profit in the range of 1550 - 1650, and reduce the long - iron - ore short - coke arbitrage position. [3] Non - ferrous Metals - **Copper**: Weak US PPI boosts interest - rate cut expectations. Pay attention to Thursday's inflation data. The main contract reference range is 79000 - 81000. [3] - **Alumina**: The futures price is close to the mainstream cost range, and the short - term downward space is limited. It is weakly volatile, with the main contract reference range of 2900 - 3200. [3] - **Aluminum**: The weekly start - up rate of processed products is continuously recovering. Pay attention to the fulfillment of peak - season demand. The main contract reference range is 20400 - 21000. [3] - **Other Non - ferrous Metals**: Each metal has its own reference price range and trading suggestions based on their fundamentals and market sentiment. [3] Chemicals - **Crude Oil**: Geopolitical risk premiums support the oil price rebound, but the loose supply - demand fundamentals limit the upside. It is recommended to wait and see. For options, wait for volatility to increase for spread - widening opportunities. [3] - **Other Chemicals**: Each chemical product has different supply - demand expectations, and corresponding trading suggestions are provided, such as range trading, short - selling, or waiting and seeing. [3] Agricultural Products - **Grains and Oils**: There is a bearish outlook for palm oil due to inventory growth and weak exports. Pay attention to the support levels of various agricultural products such as soybeans, corn, and sugar. [3] - **Livestock and Poultry**: The pig market has limited supply - demand contradictions. The corn market has limited upward potential in the short term. [3] Special Commodities - **Glass**: News about production lines in Shahe has driven up the futures price. Pay attention to the actual progress. [3] - **Rubber**: After the macro - sentiment fades, the rubber price is falling in a volatile manner. Wait and see. [3] New Energy - **Industrial Silicon and Polysilicon**: Pay attention to the Silicon Industry Conference. Due to news - related disturbances, the futures prices are falling. The main price fluctuation range is expected to be 8000 - 9500 yuan/ton. Wait and see. [3] - **Lithium Carbonate**: Driven by news, the sentiment in the market has weakened significantly, but the fundamentals remain in a tight - balance state. Wait and see, and pay attention to the performance around 72,000. [3]

Report Summary 1. Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views - The equity market may enter a high - level oscillation pattern after significant gains, and the direction of monetary policy in the second half of September is crucial. The bond market sentiment is weak, and the 10 - year Treasury bond rate may oscillate in the 1.74% - 1.8% range [3]. - Geopolitical risks in the Middle East have reignited, causing precious metals to rise and then fall. The steel market is weak, while the iron ore market is strong. The copper market is trading on interest - rate cut expectations [3]. - The energy and chemical markets show various trends. For example, oil prices are supported by geopolitical risks but limited by a loose supply - demand situation. The agricultural product market is influenced by factors such as supply expectations and reports [3]. 3. Summary by Categories Financial - **Equity Index Futures**: The basis rates of IF, IH, IC, and IM's main contracts are 0.23%, - 0.11%, - 0.81%, and - 0.83% respectively. The market is supported by pro - cyclical factors and continues to oscillate [3]. - **Treasury Bond Futures**: Due to tight funds and concerns about increased fund redemption fees, the sentiment in the bond futures market is weak. The 10 - year Treasury bond rate may oscillate between 1.74% - 1.8% [3]. - **Precious Metals**: Geopolitical risks in the Middle East have reignited. Gold should be bought cautiously at low prices, and silver should be traded in the $40 - 42 range [3]. - **Shipping Index (European Line)**: The main contract of the container shipping index (European Line) is weakly oscillating, and 12 - 10 spread arbitrage can be considered [3]. Black Metals - **Steel**: Steel prices have weakened. Long positions should be closed and wait for further observation. The support levels for rebar and hot - rolled coil are around 3100 and 3300 respectively [3]. - **Iron Ore**: Shipments have dropped significantly from the high level, arrivals have decreased, and the price is strong. Long positions can be taken at low prices in the 780 - 830 range [3]. - **Coking Coal**: The spot market is weakly oscillating. Short positions can be taken at high prices, and an arbitrage strategy of long iron ore and short coking coal can be used [3]. - **Coke**: The first round of price cuts for coke has been implemented. Short positions can be taken at high prices, and an arbitrage strategy of long iron ore and short coke can be used [3]. Non - ferrous Metals - **Copper**: The market is trading on interest - rate cut expectations, and attention should be paid to inflation data on Thursday. The main contract is expected to trade between 78500 - 80500 [3]. - **Aluminum and Its Alloys**: The processing industry's weekly operating rate is recovering. The main contracts of aluminum, aluminum alloy, etc. have their respective expected trading ranges [3]. - **Other Non - ferrous Metals**: Zinc, tin, nickel, and stainless steel also have their expected price ranges and corresponding market trends [3]. Energy and Chemicals - **Crude Oil**: Geopolitical risks support the rebound of oil prices, but the loose supply - demand situation limits the upside. It is recommended to wait and see on the long - short side, and look for opportunities to expand the spread on the options side [3]. - **Urea**: The consumption in industry and agriculture is not obvious, and the market is expected to continue to be weak in the short term. A short - selling strategy can be considered, and the implied volatility can be reduced at high levels on the options side [3]. - **PX, PTA, and Related Products**: PX and PTA have different supply - demand expectations in September. They should be traded within their respective price ranges, and some spread arbitrage strategies can be used [3]. - **Other Chemical Products**: Ethanol, caustic soda, PVC, etc. also have their own market trends and corresponding trading suggestions [3]. Agricultural Products - **Soybeans and Related Products**: The expected high yield of US soybeans suppresses the market, but the domestic market has a bullish expectation. Long positions can be taken for the 01 contract in the long term [3]. - **Livestock and Grains**: The supply pressure of pigs is realized, and the corn market has limited rebound. Palm oil may be strong, and sugar is expected to be weak [3]. - **Other Agricultural Products**: Cotton, eggs, apples, etc. also have their own market characteristics and trading suggestions [3]. Special Commodities - **Glass**: News about production lines in Shahe has driven up the market. Wait and see the actual progress [3]. - **Rubber**: The macro - sentiment has faded, and the rubber price is oscillating downward. Wait and see [3]. - **Industrial Silicon**: Affected by polysilicon, the price has weakened at the end of the session. The price may fluctuate between 8000 - 9500 yuan/ton [3]. New Energy - **Polysilicon**: Affected by news, the market has declined. Wait and see [3]. - **Lithium Carbonate**: Due to increased news interference, the market is expected to be weak. A short - selling strategy can be considered [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the basis, basis rate, spot reference, spot price, futures price, historical quantile, and other data of various commodities on September 1, 2025, including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as stock index futures and bond futures [1][3]. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF51)**: The basis is 112, the basis rate is 2.01%, the spot price is 5678, and the futures price is 5566 [1]. - **Silicon Manganese (SM601)**: The basis information for the 6517 silicon - manganese (Inner Mongolia - Hubei warehouse receipt) shows a spot price of 5970 and a futures - related rate of 56.10% [1]. - **Rebar (RB2601)**: The basis is 180, the basis rate is 5.83%, the spot price is 3270, and the futures price is 3090 [1]. - **Hot - Rolled Coil (HC2601)**: The spot price is 3380, with a change rate of 1.02% [1]. - **Iron Ore (I2601)**: The basis is - 8, the basis rate is - 0.49%, the spot price is 1635, and the futures price is 1643 [1]. - **Coke (J2601)**: Information about the quasi - first - grade metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is presented [1]. - **Coking Coal (JM2601)**: The basis is - 6, the basis rate is - 0.52%, the spot price is 1145, and the futures price is 1151 [1]. Non - Ferrous Metals - **Copper (CU2510)**: The basis is - 20, the basis rate is - 0.03%, the spot price is 79390, and the futures price is 79410 [1]. - **Aluminum (AL2510)**: The basis is - 10, the basis rate is - 0.05%, the spot price is 20730, and the futures price is 20740 [1]. - **Zinc (ZN2510)**: The basis is - 30, the basis rate is - 0.90%, the spot price is 22140 [1]. - **Tin (SN2510)**: The basis is - 5750, the basis rate is - 2.06%, the spot price is 272900, and the futures price is 278650 [1]. - **Nickel (NI2510)**: The basis is - 100, the basis rate is - 0.08%, the spot price is 121600, and the futures price is 121700 [1]. - **Stainless Steel (SS2510)**: The basis is 455, the basis rate is 3.55%, the spot price is 13270, and the futures price is 12815 [1]. Precious Metals - **Gold (AU2510)**: The basis is - 3.4, the basis rate is - 0.44%, the spot price is 781.7, and the futures price is 785.1 [1]. - **Silver (AG2510)**: The basis is - 21.0, the basis rate is - 0.22%, the spot price is 9365.0, and the futures price is 9386.0 [1]. Agricultural Products - **Soybean Meal (M2601)**: The basis is - 75.0, the basis rate is - 2.45%, the spot price is 2980, and the futures price is 3055.0 [1]. - **Soybean Oil (Y2601)**: The basis is 132.0, the basis rate is 1.58%, the spot price is 8490, and the futures price is 8358.0 [1]. - **Palm Oil (P2601)**: The basis is - 36.0, the basis rate is - 0.39%, the spot price is 9280, and the futures price is 9316.0 [1]. - **Rapeseed Meal (RM601)**: The basis is 57.0, the basis rate is 2.27%, the spot price is 2570, and the futures price is 2513.0 [1]. - **Rapeseed Oil (Ol601)**: The basis is 81.0, the basis rate is 0.83%, the spot price is 9870, and the futures price is 9789.0 [1]. - **Corn (C2511)**: The basis is 79.0, the basis rate is 3.61%, the spot price is 2270, and the futures price is 2191.0 [1]. - **Corn Starch (CS2511)**: The basis is 159.0, the basis rate is 6.36%, the spot price is 2660, and the futures price is 2501.0 [1]. - **Live Pigs (H251)**: The basis is 195.0, the basis rate is 1.44%, the spot price is 13750, and the futures price is 13555.0 [1]. - **Eggs (JD2510)**: The basis is 331.0, the basis rate is 11.26%, the spot price is 3270, and the futures price is 2939.0 [1]. - **Cotton (CF601)**: The basis is 1003.0, the basis rate is 7.04%, the spot price is 15243, and the futures price is 14240.0 [1]. - **Sugar (SR601)**: The basis is 396.0, the basis rate is 7.07%, the spot price is 6000, and the futures price is 5604.0 [1]. - **Apples (AP510)**: The basis is 212.0, the basis rate is 2.53%, the spot price is 8600 [1]. - **Red Dates (CJ601)**: The basis is - 3210.0, the basis rate is - 27.89%, the spot price is 8300, and the futures price is 11510.0 [1]. Energy Chemicals - **Paraxylene (PX511)**: The basis is 96.7, the basis rate is 1.40%, the spot price is 6982.7, and the futures price is 6886.0 [1]. - **PTA (TA601)**: The basis is - 22.0, the basis rate is - 0.46%, the spot price is 4770.0, and the futures price is 4792.0 [1]. - **Ethylene Glycol (EG2601)**: The basis is 65.0, the basis rate is 1.46%, the spot price is 4530.0, and the futures price is 4465.0 [1]. - **Polyester Staple Fiber (PF510)**: The basis is 29.0, the basis rate is 0.44%, the spot price is 6555.0, and the futures price is 6526.0 [1]. - **Styrene (EB2510)**: The basis is 21.0, the basis rate is 0.29%, the spot price is 7185.0, and the futures price is 7164.0 [1]. - **Methanol (MA601)**: The basis is - 143.0, the basis rate is - 6.0%, the spot price is 2230.0, and the futures price is 2373.0 [1]. - **Urea (UR601)**: The basis is - 43.0, the basis rate is 4.20%, the spot price is 1710.0, and the futures price is 1753.0 [1]. - **LLDPE (L2601)**: The basis is - 43.0, the basis rate is - 0.58%, the spot price is 7315.0, and the futures price is 7358.0 [1]. - **PP (PP2601)**: The basis is 30.0, the basis rate is 0.43%, the spot price is 7050.0, and the futures price is 7020.0 [1]. - **PVC (V2601)**: The basis is - 246.0, the basis rate is - 4.97%, the spot price is 4700.0, and the futures price is 4946.0 [1]. - **Caustic Soda (SH601)**: The basis is 26.8, the basis rate is 0.99%, the spot price is 2718.8 [1]. - **LPG (PG2510)**: The basis is 199.0, the basis rate is 4.51%, the spot price is 4608.0, and the futures price is 4409.0 [1]. - **Asphalt (BU2510)**: The basis is - 7.0, the basis rate is - 0.20%, the spot price is 3510.0, and the futures price is 3517.0 [1]. - **Butadiene Rubber (BR2510)**: The basis is 120.0, the basis rate is 1.00%, the spot price is 12100.0, and the futures price is 11980.0 [1]. - **Glass (FG601)**: The basis is - 142.0, the basis rate is - 13.65%, the spot price is 1040.0, and the futures price is 1200.0 [1]. - **Soda Ash (SA601)**: The basis is - 96.0, the basis rate is - 8.00%, the spot price is 1200.0, and the futures price is 1296.0 [1]. - **Natural Rubber (RU2601)**: The basis is - 960.0, the basis rate is - 6.44%, the spot price is 14900.0, and the futures price is 15860.0 [1]. Stock Index Futures and Bond Futures - **IF2509**: The basis is 9.4, the basis rate is 0.21%, the spot price is 4496.8, and the futures price is 4506.2 [1]. - **IH2509**: The basis is 3.5, the basis rate is 0.12%, the spot price is 2976.5, and the futures price is 2980.0 [1]. - **IC2509**: The basis is - 47.1, the basis rate is - 0.67%, the spot price is 7043.9, and the futures price is 6996.8 [1]. - **IM2509**: The basis is - 72.1, the basis rate is - 0.98%, the spot price is 7438.7, and the futures price is 7366.6 [1]. - **TS2512**: The basis is - 0.04, the basis rate is - 0.04%, the spot price is 99.97, and the futures price is 102.42 [1]. - **TF2512**: The basis is 0.05, the basis rate is 0.05%, the spot price is 99.29, and the futures price is 105.52 [1]. - **T2512**: The basis is 0.44, the basis rate is 0.41%, the spot price is 106.25, and the futures price is 107.82 [1]. - **TL2512**: The basis is 0.72, the basis rate is 0.61%, the spot price is 132.09, and the futures price is 116.56 [1].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summaries by Related Catalogs Ferrous Metals - **Silicon Iron (SF51)**: The spot price is 5728, the futures price is 5622, the basis is 106, and the basis rate is 1.89% with a historical quantile of 70.60% [1] - **Silicon Manganese (SM601)**: The spot price is 6020, the futures price is 5836, the basis is 184, and the basis rate is 3.15% with a historical quantile of 56.80% [1] - **Rebar (RB2510)**: The spot price is 3402, the futures price is 3290, the basis is 112, and the basis rate is 5.04% with a historical quantile of 65.70% [1] - **Hot - Rolled Coil (HC2510)**: The spot price is 3430, the futures price is 3402, the basis is 28, and the basis rate is 0.82% with a historical quantile of 29.10% [1] - **Iron Ore (I2601)**: The spot price is 826, the futures price is 769, the basis is 57, and the basis rate is 7.35% with a historical quantile of 47.10% [1] - **Coke (J2601)**: The spot price is 1678, the futures price is 1624, the basis is 54, and the basis rate is 3.21% with a historical quantile of 32.64% [1] - **Coking Coal (JM2601)**: The spot price is 1175, the futures price is 1163, the basis is 12, and the basis rate is 1.03% with a historical quantile of 27.90% [1] Non - Ferrous Metals - **Copper (CU2509)**: The spot price is 79100, the futures price is 78890, the basis is 210, and the basis rate is 0.27% with a historical quantile of 67.29% [1] - **Aluminum (AL2510)**: The spot price is 20590, the futures price is 20545, the basis is 45, and the basis rate is 0.22% with a historical quantile of 63.12% [1] - **Alumina (AO2601)**: The spot price is 3245, the futures price is 3120, the basis is 125, and the basis rate is 4.01% with a historical quantile of 66.07% [1] - **Zinc (ZN2510)**: The spot price is 22205, the futures price is 22130, the basis is 75, and the basis rate is 0.34% with a historical quantile of 33.95% [1] - **Tin (SN2509)**: The spot price is 268090, the futures price is 266200, the basis is 1890, and the basis rate is 0.70% with a historical quantile of 10.41% [1] - **Nickel (NI2510)**: The spot price is 120825, the futures price is 120330, the basis is 495, and the basis rate is 0.41% with a historical quantile of 80.00% [1] - **Stainless Steel (SS2510)**: The spot price is 13270, the futures price is 12885, the basis is 385, and the basis rate is 2.99% with a historical quantile of 77.68% [1] - **Lithium Carbonate (LC2511)**: The spot price is 87540, the futures price is 85700, the basis is 1840, and the basis rate is 2.10% with a historical quantile of 27.31% [1] - **Industrial Silicon (212511)**: The spot price is 9250, the futures price is 8390, the basis is 860, and the basis rate is 10.25% with a historical quantile of 57.57% [1] Precious Metals - **Gold (AU2510)**: The spot price is 772.7, the futures price is 769.8, the basis is 2.9, and the basis rate is 0.37% with a historical quantile of 24.00% [1] - **Silver (AG2510)**: The spot price is 9042.0, the futures price is 9022.0, the basis is 20.0, and the basis rate is 0.22% with a historical quantile of 42.80% [1] Agricultural Products - **Soybean Meal (M2601)**: The spot price is 3160.0, the futures price is 2980, the basis is 180.0, and the basis rate is 5.70% with a historical quantile of 4.20% [1] - **Soybean Oil (Y2601)**: The spot price is 8500, the futures price is 8414.0, the basis is 86.0, and the basis rate is 1.02% with a historical quantile of 10.70% [1] - **Palm Oil (P2601)**: The spot price is 9554.0, the futures price is 9500, the basis is 54.0, and the basis rate is 0.57% with a historical quantile of 7.50% [1] - **Rapeseed Meal (RM601)**: The spot price is 2627.0, the futures price is 2610, the basis is 17.0, and the basis rate is 0.65% with a historical quantile of 44.50% [1] - **Rapeseed Oil (Ol601)**: The spot price is 9950, the futures price is 9828.0, the basis is 122.0, and the basis rate is 1.24% with a historical quantile of 49.40% [1] - **Corn (C2511)**: The spot price is 2260, the futures price is 2170.0, the basis is 90.0, and the basis rate is 4.15% with a historical quantile of 86.80% [1] - **Corn Starch (CS2511)**: The spot price is 2730, the futures price is 2489.0, the basis is 241.0, and the basis rate is 9.68% with a historical quantile of 94.60% [1] - **Live Hogs (H251)**: The spot price is 13850, the futures price is 13775.0, the basis is 75.0, and the basis rate is 0.54% with a historical quantile of 44.00% [1] - **Eggs (JD2510)**: The spot price is 3310, the futures price is 3072.0, the basis is 238.0, and the basis rate is 7.75% with a historical quantile of 51.20% [1] - **Cotton (CF601)**: The spot price is 15080, the futures price is 14055.0, the basis is 1025.0, and the basis rate is 7.29% with a historical quantile of 62.50% [1] - **Sugar (SR601)**: The spot price is 6030, the futures price is 5676.0, the basis is 354.0, and the basis rate is 6.24% with a historical quantile of 6.65% [1] - **Apples (AP510)**: The spot price is 8600, the futures price is 8064.0, the basis is 536.0, and the basis rate is 6.24% with a historical quantile of 42.00% [1] - **Jujubes (CJ601)**: The spot price is 11530.0, the futures price is 8300, the basis is 3230.0, and the basis rate is 28.01% with a historical quantile of 3.00% [1] Energy and Chemicals - **Paraxylene (PX511)**: The spot price is 6894.8, the futures price is 6844.0, the basis is 50.8, and the basis rate is 0.74% with a historical quantile of 40.20% [1] - **PTA (TA601)**: The spot price is 4778.0, the futures price is 4705.0, the basis is 73.0, and the basis rate is 1.53% with a historical quantile of 25.40% [1] - **Ethylene Glycol (EG2601)**: The spot price is 4515.0, the futures price is 4477.0, the basis is 38.0, and the basis rate is 0.85% with a historical quantile of 72.90% [1] - **Polyester Staple Fiber (PF510)**: The spot price is 6504.0, the futures price is 6490.0, the basis is 14.0, and the basis rate is 0.22% with a historical quantile of 40.20% [1] - **Styrene (EB2510)**: The spot price is 7285.0, the futures price is 7275.0, the basis is 10.0, and the basis rate is 0.14% with a historical quantile of 24.80% [1] - **Methanol (MA601)**: The spot price is 2424.0, the futures price is 2300.0, the basis is 124.0, and the basis rate is 5.12% with a historical quantile of 7.40% [1] - **Urea (UR601)**: The spot price is 1776.0, the futures price is 1770.0, the basis is - 6.0, and the basis rate is 0.34% with a historical quantile of 10.70% [1] - **LLDPE (L2601)**: The spot price is 7347.0, the futures price is 7255.0, the basis is 92.0, and the basis rate is 1.25% with a historical quantile of 4.00% [1] - **PP (PP2601)**: The spot price is 7056.0, the futures price is 7050.0, the basis is 6.0, and the basis rate is 0.09% with a historical quantile of 21.60% [1] - **PVC (V2601)**: The spot price is 5008.0, the futures price is 4720.0, the basis is 288.0, and the basis rate is 5.75% with a historical quantile of 8.70% [1] - **Caustic Soda (SH601)**: The spot price is 2655.0, the futures price is 2625.0, the basis is 30.0, and the basis rate is 1.13% with a historical quantile of 43.60% [1] - **LPG (PG2510)**: The spot price is 4478.0, the futures price is 4354.0, the basis is 124.0, and the basis rate is 2.85% with a historical quantile of 37.80% [1] - **Asphalt (BU2510)**: The spot price is 3530.0, the futures price is 3454.0, the basis is 76.0, and the basis rate is 2.20% with a historical quantile of 66.80% [1] - **Butadiene Rubber (BR2510)**: The spot price is 11900.0, the futures price is 11715.0, the basis is 185.0, and the basis rate is 1.58% with a historical quantile of 49.60% [1] - **Glass (FG601)**: The spot price is 1162.0, the futures price is 1072.0, the basis is 90.0, and the basis rate is 8.40% with a historical quantile of 34.03% [1] - **Soda Ash (SA601)**: The spot price is 1209.0, the futures price is 1309.0, the basis is - 100.0, and the basis rate is 8.27% with a historical quantile of 5.88% [1] - **Natural Rubber (RU2601)**: The spot price is 15675.0, the futures price is 14600.0, the basis is 1075.0, and the basis rate is 7.36% with a historical quantile of 23.75% [1] Stock Index Futures - **IF2509.CFF**: The spot price is 4271.4, the futures price is 4270.0, the basis is - 1.4, and the basis rate is 0.03% with a historical quantile of 58.30% [1] - **IH2509.CFE**: The spot price is 2851.2, the futures price is 2847.0, the basis is 4.2, and the basis rate is 0.15% with a historical quantile of 80.70% [1] - **IC2509.CFE**: The spot price is 6728.1, the futures price is 6695.2, the basis is - 32.9, and the basis rate is 0.49% with a historical quantile of 37.40% [1] - **IM2509.CFE**: The spot price is 7305.5, the futures price is 7276.0, the basis is - 29.5, and the basis rate is 0.40% with a historical quantile of 46.90% [1] Treasury Bond Futures - **2 - Year Treasury Bond (TS2509)**: The spot price is 102.32, the futures price is 100.26, the basis is 0.02, and the basis rate is 0.02% with a historical quantile of 34.10% [1] - **5 - Year Treasury Bond (TF2509)**: The spot price is 105.45, the futures price is 100.48, the basis is 0.06, and the basis rate is 0.06% with a historical quantile of 36.80% [1] - **10 - Year Treasury Bond (T2509)**: The spot price is 107.94, the futures price is 100.37, the basis is 0.05, and the basis rate is 0.05% with a historical quantile of 21.70% [1] - **30 - Year Treasury Bond (TL2509)**: The spot price is 131.12, the futures price is 116.24, the basis is 0.01, and the basis rate is

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report No explicit core view is presented in the given content. The report mainly provides price and related data of various futures and spot commodities. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF509)**: The spot price is 5878, the futures price is 5834, the basis is 44, and the basis rate is 0.75%. The historical quantile is 63.40% [1]. - **Silicon Manganese (SM509)**: The spot price is 6090, the futures price is 6064, the basis is 26, and the basis rate is 0.43% [1]. - **Rebar (RB2510)**: The spot price is 3360, the futures price is 3231, the basis is 129, and the basis rate is 3.99%. The historical quantile is 58.60% [1]. - **Hot - Rolled Coil (HC2510)**: The spot price is 3460, the futures price is 3440, the basis is 20, and the basis rate is 0.58%. The historical quantile is 25.20% [1]. - **Iron Ore (I2509)**: The spot price is 793, the futures price has a 5.84% decrease in the converted price of 62.5% Brazilian mixed powder. The historical quantile is 26.50% [1]. - **Coke (J2509)**: The spot price is 1668, the futures price is 1570, the basis is 97, and the basis rate is 6.19%. The historical quantile is 13.09% [1]. - **Coking Coal (JM2601)**: The spot price is 1230, the futures price is 1134, the basis is 96, and the basis rate is 8.44%. The historical quantile is 14.40% [1]. Non - Ferrous Metals - **Copper (CU2509)**: The spot price is 78500, the futures price is 78460, the basis is 40, and the basis rate is 0.05%. The historical quantile is 47.29% [1]. - **Aluminum (AL2509)**: The spot price is 20750, the futures price is 20690, the basis is 60, and the basis rate is 0.29%. The historical quantile is 33.95% [1]. - **Alumina (AO2509)**: The spot price is 3251, the futures price is 3211, the basis is 40, and the basis rate is 1.23%. The historical quantile is 42.29% [1]. - **Zinc (ZN2509)**: The spot price is 22580, the futures price is 22440, the basis is 140, and the basis rate is 0.62%. The historical quantile is 19.16% [1]. - **Tin (SN2509)**: The spot price is 267940, the futures price is 267200, the basis is 740, and the basis rate is 0.28%. The historical quantile is 25.00% [1]. - **Nickel (NI2509)**: The spot price is 121850, the futures price is 121350, the basis is 500, and the basis rate is 0.41%. The historical quantile is 31.04% [1]. - **Stainless Steel (SS2509)**: The spot price is 13220, the futures price is 13000, the basis is 220, and the basis rate is 1.69%. The historical quantile is 49.57% [1]. - **Lithium Carbonate (LC2511)**: The spot price is 72300, the futures price is 71100, the basis is 1200, and the basis rate is 1.66%. The historical quantile is 31.71% [1]. - **Industrial Silicon (SI2511)**: The spot price is 9250, the futures price is 8655, the basis and basis rate are not clearly presented. The historical quantile is 40.64% [1]. Precious Metals - **Gold (AU2510)**: The spot price is 785.0, the futures price is 782.0, the basis is 3.0, and the basis rate is 0.38%. The historical quantile is 21.00% [1]. - **Silver (AG2510)**: The spot price is 9258.0, the futures price is 9224.0, the basis is 34.0, and the basis rate is 0.37%. The historical quantile is 20.20% [1]. Agricultural Products - **Soybean Meal (M2509)**: The spot price is 3031.0, the futures price is 2920, the basis is 111.0, and the basis rate is 3.66%. The historical quantile is 16.80% [1]. - **Soybean Oil (Y2601)**: The spot price is 8500, the futures price is 8378.0, the basis is 122.0, and the basis rate is 1.46%. The historical quantile is 12.70% [1]. - **Palm Oil (P2509)**: The spot price is 8960, the futures price is 8950.0, the basis is 10.0, and the basis rate is 0.11%. The historical quantile is 18.50% [1]. - **Rapeseed Meal (RM509)**: The spot price is 2739.0, the futures price is 2590, the basis is 149.0, and the basis rate is 5.44%. The historical quantile is 7.00% [1]. - **Rapeseed Oil (OI509)**: The spot price is 9580, the futures price is 9496.0, the basis is 84.0, and the basis rate is 0.88%. The historical quantile is 37.00% [1]. - **Corn (C2509)**: The spot price is 2300, the futures price is 2267.0, the basis is 33.0, and the basis rate is 1.46%. The historical quantile is 63.10% [1]. - **Corn Starch (CS2509)**: The spot price is 2750, the futures price is 2660.0, the basis is 90.0, and the basis rate is 3.38%. The historical quantile is 41.70% [1]. - **Live Hogs (LH2501)**: The spot price is 13950, the futures price is 14100.0, the basis is - 150.0, and the basis rate is 1.06%. The historical quantile is 40.10% [1]. - **Eggs (JD2509)**: The spot price is 3391.0, the futures price is 2870, the basis is 521.0, and the basis rate is 15.36%. The historical quantile is 6.40% [1]. - **Cotton (CF509)**: The spot price is 15089, the futures price is 13670.0, the basis is 1419.0, and the basis rate is 9.24%. The historical quantile is 10.38% [1]. - **Sugar (SR601)**: The spot price is 6030, the futures price is 5585.0, the basis is 445.0, and the basis rate is 7.97%. The historical quantile is 67.70% [1]. - **Apples (AP510)**: The spot price is 8280, the futures price is 7940.0, the basis is 340.0, and the basis rate is 4.28%. The historical quantile is 36.20% [1]. - **Red Dates (CJ601)**: The spot price is 8300, the futures price is 11115.0, the basis is - 2815.0, and the basis rate is 25.33%. The historical quantile is 4.50% [1]. Energy and Chemicals - **Para - Xylene (PX509)**: The spot price is 6907.5, the futures price is 6756.0, the basis is 151.5, and the basis rate is 2.24%. The historical quantile is 66.10% [1]. - **PTA (TA509)**: The spot price is 4688.0, the futures price is 4675.0, the basis is 13.0, and the basis rate is 0.28%. The historical quantile is 47.00% [1]. - **Ethylene Glycol (EG2509)**: The spot price is 4465.0, the futures price is 4396.0, the basis is 69.0, and the basis rate is 1.57%. The historical quantile is 84.50% [1]. - **Polyester Staple Fiber (PF510)**: The spot price is 6490.0, the futures price is 6392.0, the basis is 98.0, and the basis rate is 1.53%. The historical quantile is 68.50% [1]. - **Styrene (EB2509)**: The spot price is 7345.0, the futures price is 7296.0, the basis is 49.0, and the basis rate is 0.67%. The historical quantile is 36.90% [1]. - **Methanol (MA509)**: The spot price is 2388.0, the futures price is 2382.5, the basis is 5.5, and the basis rate is 0.23%. The historical quantile is 32.70% [1]. - **Urea (UR509)**: The spot price is 1780.0, the futures price is 1737.0, the basis is 43.0, and the basis rate is 2.48%. The historical quantile is 24.60% [1]. - **LLDPE (L2509)**: The spot price is 7300.0, the futures price is 7297.0, the basis is 3.0, and the basis rate is 0.04%. The historical quantile is 21.30% [1]. - **PP (PP2509)**: The spot price is 7120.0, the futures price is 7075.0, the basis is 45.0, and the basis rate is 0.64%. The historical quantile is 35.00% [1]. - **PVC (V2509)**: The spot price is 5046.0, the futures price is 4910.0, the basis is 136.0, and the basis rate is 2.70%. The historical quantile is 41.60% [1]. - **Caustic Soda (SH509)**: The spot price is 2500.0, the futures price is 2413.0, the basis is 87.0, and the basis rate is 3.61%. The historical quantile is 64.80% [1]. - **LPG (PG2509)**: The spot price is 4348.0, the futures price is 3823.0, the basis is 525.0, and the basis rate is 13.73%. The historical quantile is 70.00% [1]. - **Asphalt (BU2510)**: The spot price is 3760.0, the futures price is 3528.0, the basis is 232.0, and the basis rate is 6.58%. The historical quantile is 84.60% [1]. - **Butadiene Rubber (BR2509)**: The spot price is 11535.0, the futures price is 11500.0, the basis is 35.0, and the basis rate is 0.30%. The historical quantile is not clearly presented [1]. - **Glass (FG509)**: The spot price is 1104.0, the futures price is 1076.0, the basis is 28.0, and the basis rate is 2.54%. The historical quantile is 72.05% [1]. - **Soda Ash (SA601)**: The spot price is 1357.0, the futures price is 1257.0, the basis is 100.0, and the basis rate is 7.96%. The historical quantile is 4.41% [1]. - **Natural Rubber (RU2601)**: The spot price is 15525.0, the futures price is 14400.0, the basis is 1125.0, and the basis rate is not clearly presented. The historical quantile is 20.41% [1]. Financial Futures - **Stock Index Futures**: - **IF2509.CFF**: The spot price is 4114.7, the futures price is 4092.6, the basis is 22.1, and the basis rate is 0.54%. The historical quantile is 20.10% [1]. - **IH2509.CFE**: The spot price is 2798.3, the futures price is 2797.8, the basis is 0.5, and the basis rate is 0.02%. The historical quantile is 55.20% [1]. - **IC2509.CFE**: The spot price is 6337.5, the futures price is 6226.4, the basis is 111.1, and the basis rate is 1.79%. The historical quantile is 1.70% [1]. - **IM2509.CFE**: The spot price is 6862.1, the futures price is 6750.0, the basis is 112.1, and the basis rate is 1.66%. The historical quantile is 11.50% [1]. - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2509)**: The spot price is 102.37, the futures price is 100.30, the basis is 0.01, and the basis rate is 0.01%. The historical quantile is 30.40% [1]. - **5 - Year Treasury Bond (TF2509)**: The spot price is 105.82, the futures price is 101.01, the basis is 0.05, and the basis rate is 0.04%. The historical quantile is 33.50% [1]. - **10 - Year Treasury Bond (T2509)**: The spot price is 108.61, the futures price is not clearly presented, the basis is 0.07, and the basis rate is 0.06%. The historical quantile is 23.80% [1]. - **30 - Year Treasury Bond (TL2509)**: The spot price is 134.87, the futures price is 119.34, the basis is 0.27, and the basis rate is 0.22%. The historical quantile is 35.40% [1].

Report Summary Core View The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemical products, and financial futures [1]. Summary by Commodity Sectors Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 6028, futures price is 6008, basis is 20, basis rate is 0.33%, and historical quantile is 35.20% [1]. - **Silicon Manganese (SM509)**: Spot price is 6070, futures price is 6116, basis is - 46, basis rate is - 0.75%, and historical quantile is 19.10% [1]. - **Rebar (RB2510)**: Spot price is 3440, futures price is 3315, basis is 125, basis rate is 3.77%, and historical quantile is 57.30% [1]. - **Hot - Rolled Coil (HC2510)**: Spot price is 3500, futures price is 3483, basis is 17, basis rate is 0.49%, and historical quantile is 24.30% [1]. - **Iron Ore (I2509)**: Spot price is 823, futures price is 789, basis is 34, basis rate is 4.36%, and historical quantile is 30.50% [1]. - **Coke (J2509)**: Spot price is 1570, futures price is 1677, basis is - 106, basis rate is - 6.34%, and historical quantile is 10.56% [1]. - **Coking Coal (JM2509)**: Spot price is 1155, futures price is 1117, basis is 38, basis rate is 3.40%, and historical quantile is 36.60% [1]. Non - Ferrous Metals - **Copper (CU2509)**: Spot price is 79285, futures price is 78930, basis is 355, basis rate is 0.45%, and historical quantile is 77.50% [1]. - **Aluminum (AL2509)**: Spot price is 20670, futures price is 20625, basis is 45, basis rate is 0.22%, and historical quantile is 61.66% [1]. - **Alumina (AO2509)**: Spot price is 3248, futures price is 3326, basis is - 78, basis rate is - 2.33%, and historical quantile is 20.26% [1]. - **Zinc (ZN2509)**: Spot price is 22610, futures price is 22670, basis is - 60, basis rate is - 0.26%, and historical quantile is 37.50% [1]. - **Tin (SN2509)**: Spot price is 268100, futures price is 267870, basis is 230, basis rate is 0.09%, and historical quantile is 54.37% [1]. - **Nickel (NISE09)**: Spot price is 122350, futures price is 121720, basis is 630, basis rate is 0.52%, and historical quantile is 81.04% [1]. - **Stainless Steel (SS2509)**: Spot price is 13120, futures price is 12920, basis is 200, basis rate is 1.55%, and historical quantile is 44.42% [1]. - **Lithium Carbonate (LC2509)**: Spot price is 72950, futures price is 70600, basis is 2350, basis rate is 3.33%, and historical quantile is 79.29% [1]. - **Industrial Silicon (SI2509)**: Spot price is 10000, futures price is 9285, basis is 715, basis rate is 7.70%, and historical quantile is 49.37% [1]. Precious Metals - **Gold (AU2510)**: Spot price is 769.5, futures price is 773.8, basis is - 4.3, basis rate is - 0.56%, and historical quantile is 8.90% [1]. - **Silver (AG2510)**: Spot price is 9166.0, futures price is 9192.0, basis is - 26.0, basis rate is - 0.28%, and historical quantile is 32.90% [1]. Agricultural Products - **Soybean Meal (M2509)**: Spot price is 2880, futures price is 3010.0, basis is - 130.0, basis rate is - 4.32%, and historical quantile is 15.30% [1]. - **Soybean Oil (Y2509)**: Spot price is 8330, futures price is 8240.0, basis is 90.0, basis rate is 1.09%, and historical quantile is 11.40% [1]. - **Palm Oil (P2509)**: Spot price is 9010, futures price is 8982.0, basis is 28.0, basis rate is 0.31%, and historical quantile is 20.60% [1]. - **Rapeseed Meal (RM509)**: Spot price is 2590, futures price is 2735.0, basis is - 145.0, basis rate is - 5.30%, and historical quantile is 7.60% [1]. - **Rapeseed Oil (OI509)**: Spot price is 9696, futures price is 9621.0, basis is 69.0, basis rate is 0.72%, and historical quantile is 32.00% [1]. - **Corn (C2509)**: Spot price is 2350, futures price is 2312.0, basis is 38.0, basis rate is 1.64%, and historical quantile is 65.70% [1]. - **Corn Starch (CS2509)**: Spot price is 2800, futures price is 2683.0, basis is 117.0, basis rate is 4.36%, and historical quantile is 58.50% [1]. - **Live Pigs (LH2509)**: Spot price is 13930, futures price is 14075.0, basis is - 145.0, basis rate is - 1.03%, and historical quantile is 40.20% [1]. - **Eggs (JD2509)**: Spot price is 3040, futures price is 3570.0, basis is - 530.0, basis rate is 14.85%, and historical quantile is 6.30% [1]. - **Cotton (CF509)**: Spot price is 15343, futures price is 13755.0, basis is 1588.0, basis rate is 11.54%, and historical quantile is 94.90% [1]. - **Sugar (SR509)**: Spot price is 6120, futures price is 5804.0, basis is 316.0, basis rate is 5.44%, and historical quantile is 59.00% [1]. - **Apples (AP510)**: Spot price is 8600, futures price is 7915.0, basis is 685.0, basis rate is 8.65%, and historical quantile is 53.40% [1]. - **Jujubes (CJ601)**: Spot price is 8300, futures price is 10805.0, basis is - 2505.0, basis rate is - 23.18%, and historical quantile is 5.20% [1]. Energy and Chemical Products - **Para - Xylene (PX509)**: Spot price is 7122.7, futures price is 6984.0, basis is 138.7, basis rate is 1.99%, and historical quantile is 64.00% [1]. - **PTA (TA509)**: Spot price is 4850.0, futures price is 4856.0, basis is - 6.0, basis rate is - 0.12%, and historical quantile is 49.20% [1]. - **Ethylene Glycol (EG2509)**: Spot price is 4515.0, futures price is 4450.0, basis is 65.0, basis rate is 1.46%, and historical quantile is 83.40% [1]. - **Polyester Staple Fiber (PF509)**: Spot price is 6615.0, futures price is 6500.0, basis is 115.0, basis rate is 1.77%, and historical quantile is 72.10% [1]. - **Styrene (EB2509)**: Spot price is 7415.0, futures price is 7387.0, basis is 28.0, basis rate is 0.38%, and historical quantile is 32.80% [1]. - **Methanol (MA509)**: Spot price is 2405.0, futures price is 2419.0, basis is - 14.0, basis rate is - 0.58%, and historical quantile is 25.20% [1]. - **Urea (UR509)**: Spot price is 1770.0, futures price is 1742.0, basis is 28.0, basis rate is 1.61%, and historical quantile is 19.30% [1]. - **LLDPE (L2509)**: Spot price is 7350.0, futures price is 7387.0, basis is - 37.0, basis rate is - 0.50%, and historical quantile is 11.10% [1]. - **PP (PP2509)**: Spot price is 7160.0, futures price is 7145.0, basis is 15.0, basis rate is 0.21%, and historical quantile is 27.20% [1]. - **PVC (V2509)**: Spot price is 5060.0, futures price is 5159.0, basis is - 99.0, basis rate is - 1.92%, and historical quantile is 54.60% [1]. - **Caustic Soda (SH509)**: Spot price is 2593.8, futures price is 2613.0, basis is - 19.3, basis rate is - 0.74%, and historical quantile is 46.40% [1]. - **LPG (PG2509)**: Spot price is 4448.0, futures price is 4052.0, basis is 396.0, basis rate is 9.77%, and historical quantile is 56.70% [1]. - **Asphalt (BU2509)**: Spot price is 3785.0, futures price is 3650.0, basis is 135.0, basis rate is 3.70%, and historical quantile is 76.00% [1]. - **Butadiene Rubber (BR2509)**: Spot price is 12100.0, futures price is 11775.0, basis is 325.0, basis rate is 2.76%, and historical quantile is 61.90% [1]. - **Glass (FG509)**: Spot price is 1176.0, futures price is 1191.0, basis is - 15.0, basis rate is - 1.28%, and historical quantile is 60.71% [1]. - **Soda Ash (SA509)**: Spot price is 1301.0, futures price is 1311.0, basis is - 10.0, basis rate is - 0.77%, and historical quantile is 26.89% [1]. - **Natural Rubber (RU2509)**: Spot price is 15000.0, futures price is 14945.0, basis is 55.0, basis rate is 0.37%, and historical quantile is 97.91% [1]. Financial Futures - **Stock Index Futures**: - **IF2509.CFE**: Spot price is 4151.2, futures price is 4136.4, basis is - 14.8, basis rate is - 0.36%, and historical quantile is 28.70% [1]. - **IH2509.CFE**: Spot price is 2819.4, futures price is 2820.0, basis is 0.6, basis rate is 0.02%, and historical quantile is 61.40% [1]. - **IC2509.CFE**: Spot price is 6314.7, futures price is 6215.4, basis is - 99.3, basis rate is - 1.60%, and historical quantile is 2.70% [1]. - **IM2509.CFE**: Spot price is 6718.5, futures price is 6604.2, basis is - 114.3, basis rate is - 1.73%, and historical quantile is 11.00% [1]. - **Bond Futures**: - **2 - year Bond (TS2509)**: Spot price is 100.26, futures price is 102.34, basis is 0.01, basis rate is 0.01%, and historical quantile is 27.60% [1]. - **5 - year Bond (TF2509)**: Spot price is 100.62, futures price is 105.64, basis is 0.03, basis rate is 0.03%, and historical quantile is 31.80% [1]. - **10 - year Bond (T2509)**: Spot price is 106.91, futures price is 108.31, basis is 0.16, basis rate is 0.15%, and historical quantile is 35.50% [1]. - **30 - year Bond (TL2509)**: Spot price is 134.07, futures price is 118.44, basis is 0.48, basis rate is 0.41%, and historical quantile is 72.10% [1].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report No core view is presented in the provided content. The document mainly lists the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities and financial instruments. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 6110, futures price is 5928, basis is -182, and basis rate is -2.98% [1]. - **Silicon Manganese (SM509)**: Spot price is 6070, futures price is 6212, basis is -142, and basis rate is -2.29% [1]. - **Rebar (RB2510)**: Spot price is 3430, futures price is 3490, basis is -60, and basis rate is -1.72% (calculated). - **Hot - Rolled Coil (HC2510)**: Spot price is 3503, futures price is 3503, basis is 0, and basis rate is 0% [1]. - **Iron Ore (I2509)**: Spot price is 817, futures price is 798, basis is 19, and basis rate is 2.37% [1]. - **Coke (J2509)**: Spot price is 1538, futures price is 1633, basis is -95, and basis rate is -5.84% [1]. - **Coking Coal (JM2509)**: Spot price is 1155, futures price is 1121, basis is 34, and basis rate is 3.08% [1]. Non - Ferrous Metals - **Copper (CU2509)**: Spot price is 79025, futures price is 78840, basis is 185, and basis rate is 0.23% [1]. - **Aluminum (AL2509)**: Spot price is 20620, futures price is 20605, basis is 15, and basis rate is 0.07% [1]. - **Heavy - Melt Aluminum (AO2509)**: Spot price is 3245, futures price is 3307, basis is -62, and basis rate is -1.88% [1]. - **Zinc (ZN2509)**: Spot price is 22655, futures price is 22500, basis is 155, and basis rate is 0.68% [1]. - **Tin (SN2509)**: Spot price is 266660, futures price is 266100, basis is 560, and basis rate is 0.21% [1]. - **Nickel (NI5509)**: Spot price is 121800, futures price is 121750, basis is 50, and basis rate is 0.04% [1]. - **Stainless Steel (22509)**: Spot price is 13070, futures price is 12920, basis is 150, and basis rate is 1.16% [1]. - **Lithium Carbonate (LC2509)**: Spot price is 73150, futures price is 70840, basis is 2310, and basis rate is 3.26% [1]. - **Industrial Silicon (SI2509)**: Spot price is 9800, futures price is 9350, basis is 450, and basis rate is 4.81% [1]. Precious Metals - **Gold (AU2510)**: Spot price is 771.4, futures price is 767.2, basis is 4.2, and basis rate is 0.54% (calculated) [1]. - **Silver (AG2510)**: Spot price is 9195.0, futures price is 9163.0, basis is 32.0, and basis rate is 0.35% [1]. Agricultural Products - **Soybean Meal (M2509)**: Spot price is 2983.0, futures price is 2860, basis is 123.0, and basis rate is 4.12% [1]. - **Soybean Oil (Y15209)**: Spot price is 8270, futures price is 8226.0, basis is 44.0, and basis rate is 0.53% [1]. - **Palm Oil (P2509)**: Spot price is 8970, futures price is 8970.0, basis is 0.0, and basis rate is 0.00% [1]. - **Rapeseed Meal (RM509)**: Spot price is 2660.0, futures price is 2510, basis is 150.0, and basis rate is 5.64% [1]. - **Rapeseed Oil (O1509)**: Spot price is 9560, futures price is 9492.0, basis is 68.0, and basis rate is 0.72% [1]. - **Corn (C2509)**: Spot price is 2350, futures price is 2302.0, basis is 48.0, and basis rate is 2.09% [1]. - **Corn Starch (CS2509)**: Spot price is 2720, futures price is 2666.0, basis is 54.0, and basis rate is 2.03% [1]. - **Live Hogs (LH2509)**: Spot price is 14150.0, futures price is 13880, basis is 270.0, and basis rate is 1.91% [1]. - **Eggs (JD2509)**: Spot price is 3576.0, futures price is 3040, basis is 536.0, and basis rate is 17.63% (calculated) [1]. - **Cotton (CF509)**: Spot price is 15431, futures price is 13925.0, basis is 1506.0, and basis rate is 10.82% [1]. - **Sugar (SR509)**: Spot price is 6120, futures price is 5867.0, basis is 253.0, and basis rate is 4.31% [1]. - **Apples (AP510)**: Spot price is 8600, futures price is 7908.0, basis is 692.0, and basis rate is 8.75% [1]. - **Red Dates (CJ601)**: Spot price is 10790.0, futures price is 8300, basis is 2490.0, and basis rate is 23.08% [1]. Energy and Chemicals - **Para - Xylene (PX509)**: Spot price is 7055.5, futures price is 6942.0, basis is 113.5, and basis rate is 1.63% [1]. - **PTA (TA509)**: Spot price is 4840.0, futures price is 4838.0, basis is 2.0, and basis rate is 0.04% [1]. - **Ethylene Glycol (EG2509)**: Spot price is 4530.0, futures price is 4467.0, basis is 63.0, and basis rate is 1.41% [1]. - **Polyester Fiber (PF509)**: Spot price is 6605.0, futures price is 6500.0, basis is 105.0, and basis rate is 1.62% [1]. - **Styrene (EB2509)**: Spot price is 7374.0, futures price is 7355.0, basis is 19.0, and basis rate is 0.26% [1]. - **Methanol (MA509)**: Spot price is 2434.0, futures price is 2405.0, basis is 29.0, and basis rate is 1.19% [1]. - **Urea (UR509)**: Spot price is 1760.0, futures price is 1744.0, basis is 16.0, and basis rate is 0.92% [1]. - **LLDPE (L2509)**: Spot price is 7385.0, futures price is 7325.0, basis is 60.0, and basis rate is 0.81% [1]. - **PP (PP2509)**: Spot price is 7160.0, futures price is 7160.0, basis is 0.0, and basis rate is 0.00% [1]. - **PVC (V2509)**: Spot price is 5192.0, futures price is 5020.0, basis is 172.0, and basis rate is 3.31% [1]. - **Caustic Soda (SH209)**: Spot price is 2642.0, futures price is 2593.8, basis is 48.2, and basis rate is 1.83% [1]. - **LPG (PG2509)**: Spot price is 4448.0, futures price is 4028.0, basis is 420.0, and basis rate is 9.50% [1]. - **Asphalt (BU2509)**: Spot price is 3775.0, futures price is 3619.0, basis is 156.0, and basis rate is 4.31% [1]. - **Butadiene Rubber (BR2509)**: Spot price is 12100.0, futures price is 11835.0, basis is 265.0, and basis rate is 2.24% [1]. - **Glass (FG509)**: Spot price is 1188.0, futures price is 1168.0, basis is 20.0, and basis rate is 1.68% [1]. - **Soda Ash (SA509)**: Spot price is 1318.0, futures price is 1303.0, basis is 15.0, and basis rate is 1.15% [1]. - **Natural Rubber (RU2509)**: Spot price is 15010.0, futures price is 14900.0, basis is 110.0, and basis rate is 0.74% [1]. Financial Futures - **IF2509.CFE**: Spot price is 4152.0, futures price is 4141.4, basis is 10.6, and basis rate is 0.26% [1]. - **IH2509.CFE**: Spot price is 2814.0, futures price is 2808.6, basis is 5.4, and basis rate is 0.19% [1]. - **IC2509.CFE**: Spot price is 6356.1, futures price is 6263.0, basis is 93.1, and basis rate is 1.49% [1]. - **IM2509.CFE**: Spot price is 6773.9, futures price is 6662.0, basis is 111.9, and basis rate is 1.68% [1]. - **2 - Year Bond (TS2509)**: Spot price is 102.30, futures price is 100.23, basis is 2.07, and basis rate is 2.06% (calculated) [1]. - **5 - Year Bond (TF2509)**: Spot price is 105.55, futures price is 100.52, basis is 5.03, and basis rate is 4.89% (calculated) [1]. - **10 - Year Bond (T2509)**: Spot price is 108.14, futures price is 106.74, basis is 1.4, and basis rate is 1.29% (calculated) [1]. - **30 - Year Bond (TL2509)**: Spot price is 133.24, futures price is 117.89, basis is 15.35, and basis rate is 12.47% (calculated) [1].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities on July 29, 2025, covering multiple sectors such as ferrous metals, non - ferrous metals, energy chemicals, and agricultural products. 3. Summary by Commodity Sectors Ferrous Metals - Iron ore (12509): Spot price is 813, futures price is 786, basis is 27, basis rate is 3.39%, historical quantile is not provided, and the reference is the converted price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port [1]. - Coke (J2509): Data incomplete. - Coking coal (JM2509): Spot price is 1260, futures price is 1101, basis is 160, basis rate is 14.49%, historical quantile is 69.30%, and the reference is the converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi [1]. Non - Ferrous Metals - Copper (CU2509): Spot price is 79075, futures price is 79000, basis is 75, basis rate is 0.09%, historical quantile is 50.20%, and the reference is the SMM 1 electrolytic copper average price [1]. - Aluminum (AL2509): Spot price is 20660, futures price is 20615, basis is 45, basis rate is 0.22%, historical quantile is 61.87%, and the reference is the SMM A00 aluminum average price [1]. - Zinc (ZN2509): Data incomplete. - Tin (SN2509): Spot price is 268800, futures price is 267880, basis is 920, basis rate is 0.34%, historical quantile is 71.66%, and the reference is the SMM 1 tin average price [1]. - Lithium carbonate (LC2509): Spot price is 73900, futures price is 73120, basis is 780, basis rate is 1.07%, historical quantile is 62.77%, and the reference is the SMM battery - grade lithium carbonate average price [1]. - Industrial silicon (SI2509): Spot price is 9950, futures price is 8915, basis is 1035, basis rate is 11.61%, historical quantile is not provided, and the reference is the SMM flux 215530 average price [1]. Precious Metals - Gold (AU2510): Spot price is 771.6, futures price is 774.8, basis is - 3.2, basis rate is - 0.41%, historical quantile is 18.60%, and the reference is the Shanghai Gold Exchange gold spot AU (T + D) [1]. - Silver (AG2510): Spot price is 9186.0, futures price is 9212.0, basis is - 26.0, basis rate is - 0.28%, historical quantile is 32.70%, and the reference is the Shanghai Gold Exchange silver spot AG (T + D) [1]. Agricultural Products - Rapeseed meal (RM509): Spot price is 2540, futures price is 2660.0, basis is - 120.0, historical quantile is 15.90%, and the reference is the ex - factory price of ordinary rapeseed meal in Zhanjiang, Guangdong [1]. - Rapeseed oil (OI509): Spot price is 9490, futures price is 9406.0, basis is 84.0, basis rate is 0.89%, historical quantile is 36.50%, and the reference is the ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu [1]. - Corn (C2509): Spot price is 2350, futures price is 2319.0, basis is 31.0, basis rate is 1.34%, historical quantile is 63.30%, and the reference is the f.o.b. price of corn at Xizhou Port [1]. - Corn starch (CS2509): Partially incomplete data, with the price in Changchun, Jilin being 2740 for spot and 2683.0 for futures, basis is 57.0, basis rate is 2.12%, historical quantile is 26.00% [1]. - Live pigs (LH2509): Spot price is 14080, futures price is 14125.0, basis is - 45.0, basis rate is - 0.32%, historical quantile is 41.30%, and the reference is the ex - factory price of live pigs (outside ternary) in Henan [1]. - Eggs (JD2509): Spot price is 3040, futures price is 3576.0, basis is - 536.0, basis rate is - 14.99%, historical quantile is 5.90%, and the reference is the average price of eggs in Shijiazhuang, Hebei [1]. - PTA (TA509): Spot price is 4800.0, futures price is 4812.0, basis is - 12.0, basis rate is - 0.29%, historical quantile is 47.10%, and the reference is the market price (mid - price) of purified terephthalic acid (PTA) in East China [1]. - Ethylene glycol (EG2509): Spot price is 4500.0, futures price is 4436.0, basis is 64.0, basis rate is 1.44%, historical quantile is 83.00%, and the reference is the market price (mid - price) of ethylene glycol (MEG) in East China [1]. - Polyester staple fiber (PF509): Spot price is 6610.0, futures price is 6482.0, basis is 128.0, basis rate is 1.97%, historical quantile is 73.60%, and the reference is the market price (dominant price) of polyester staple fiber (1.4D*38mm (direct - spun)) in the East China market [1]. - Styrene (EB2509): Spot price is 7370.0, futures price is 7358.0, basis is 12.0, basis rate is 0.16%, historical quantile is 28.90%, and the reference is the market price (spot benchmark price) of styrene in East China, China [1]. - LLDPE (L2509): Spot price is 7340.0, futures price is 7335.0, basis is 5.0, basis rate is 0.07%, historical quantile is 21.10%, and the reference is the duty - paid self - pick - up price (mid - price) of linear low - density polyethylene LLDPE (film - grade) in Shandong [1]. - PP (PP2509): Spot price is 7165.0, futures price is 7130.0, basis is 35.0, basis rate is 0.49%, historical quantile is 31.40%, and the reference is the duty - paid self - pick - up price (mid - price) of polypropylene PP (drawn - grade, melt index 2 - 4) in Zhejiang [1]. - Caustic soda (SH509): Spot price is 2593.8, futures price is 2593.0, basis is 0.8, basis rate is 0.03%, historical quantile is 48.00%, and the reference is the market price (dominant price) of caustic soda (32% ion - membrane caustic soda) in the Shandong market, converted to 100% [1]. - LPG (PG2509): Spot price is 4448.0, futures price is 3992.0, basis is 456.0, basis rate is 11.42%, historical quantile is 62.90%, and the reference is the market price of liquefied petroleum gas in the Guangzhou area [1]. - Asphalt (BU2509): Spot price is 3775.0, futures price is 3569.0, basis is 206.0, basis rate is 5.77%, historical quantile is 82.70%, and the reference is the market price (dominant price) of asphalt (heavy - traffic asphalt) in the Shandong area [1]. - Glass (FG509): Spot price is 1200.0, futures price is 1223.0, basis is - 23.0, basis rate is - 1.98%, historical quantile is 57.77%, and the reference is the market price of 5mm large - plate glass in Shahe, from Shahe Great Wall Glass (daily) [1]. - Soda ash (SA509): Spot price is 1320.0, futures price is 1316.0, basis is 4.0, basis rate is 0.30%, historical quantile is 33.61%, and the reference is the market price of heavy - quality soda ash in Shahe (daily) [1]. - Cotton (CF509): Spot price is 15473, futures price is 14075.0, basis is 1398.0, basis rate is 9.93%, and the reference is the factory - arrival price of cotton 3128B in Xinjiang [1]. - Apples (AP510): Spot price is 8600, futures price is 8052.0, basis is 548.0, basis rate is 6.81%, historical quantile is 43.40%, and the reference is the theoretical delivery price of apples (daily/Steel Union) [1]. - Red dates (CJ601): Spot price is 8300, futures price is 10695.0, basis is - 2395.0, basis rate is - 22.39%, historical quantile is 6.50%, and the reference is the wholesale price of first - grade grey dates in Hebei (Steel Union) [1]. Energy and Chemicals - Urea (UR509): Spot price is 1780.0, futures price is 1738.0, basis is 42.0, basis rate is 2.42%, historical quantile is 24.00%, and the reference is the market price (dominant price) of urea (small - particle) in the Shandong area [1]. - Methanol (MA509): Spot price is 2392.5, futures price is 2404.0, basis is - 11.5, basis rate is - 0.48%, historical quantile is 27.30%, and the reference is the market price (spot benchmark price) of methanol in Taicang, Jiangsu, China [1]. - PVC (V2509): Spot price is 5100.0, futures price is 5149.0, basis is - 49.0, basis rate is - 0.99%, historical quantile is 67.80%, and the reference is the market price (dominant price) of polyvinyl chloride (SG - 5) in the Changzhou market, China [1]. - Natural rubber (RU2509): Spot price is 15100.0, futures price is 15065.0, basis is 35.0, basis rate is 0.23%, historical quantile is 96.87%, and the reference is the Shanghai market price of natural rubber (Yunnan state - owned full - latex) [1]. Others - Alumina (AO2509): Spot price is 3244, futures price is 3243, basis rate is 0.03%, historical quantile is 33.48%, and the reference is the SMM alumina index average price [1]. - Nickel (NI2509): Spot price is 122500, futures price is 121620, basis is 880, basis rate is 0.72%, historical quantile is 85.62%, and the reference is the SMM 1 imported nickel average price [1]. - Stainless steel (SS2509): Spot price is 13070, futures price is 12840, basis is 230, basis rate is 1.79%, historical quantile is 44.42%, and the reference is 304/2B:2*1240*C from Wuxi Hongwang (including trimming fee) [1]. - Silicon iron (SF509): Spot price is 5878, futures price is 5840, basis is 38, basis rate is 0.65%, historical quantile is 63.00%, and the reference is the converted price of 72 - silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts [1]. - Silicon manganese (SM509): Spot price is 5970, futures price is 6028, basis is - 58, basis rate is - 0.96%, historical quantile is 17.80%, and the reference is the converted price of 6517 silicon manganese from Inner Mongolia to Hubei warehouse receipts [1]. - Rebar (RB2510): Spot price is 3390, futures price is 3248, basis is 142, basis rate is 4.37%, and the reference is HRB400 20mm in Shanghai [1]. - Hot - rolled coil (HC2510): Spot price is 3440, futures price is 3397, basis is 43, basis rate is 1.27%, and the reference is Q235B: 4.75mm in Shanghai [1].