Report Title - Full Variety Spread Daily Report [4] Report Date - December 1, 2025 [3] Commodity Analysis Ferrous Metals - Silicon Iron (SF603) had a 1.63% change, with a spot price of 5478 and a futures price of 5770, and a historical quantile of 54.80% [1] - Silicon Manganese (SM601) had a spot price of 5612 [1] - HRB400 20mm in Shanghai increased by 4.50%, with a spot price of 3250 and a futures price of 3290 [1] - Rebar (RB2601) decreased by 12 points [1] - Hot - Rolled Coil (HC2601) decreased by 0.36%, with a spot price of 3302 and a futures price of 3290 [1] - Iron Ore (I2601) increased by 7.22%, with a spot price of 851 and a futures price of 794, and a historical quantile of 46.20% [1] - Coke (J2601) had a significant increase of 76.81% [1] - Coking Coal (JM2601) increased by 11.53%, with a spot price of 1190 and a futures price of 1067, and a historical quantile of 58.50% [1] Non - Ferrous Metals - Copper (CU2601) had a spot price of 87430 and a futures price of 87400, with a basis of - 30 and a historical quantile of 41.25% [1] - Aluminum (AL2601) increased by 10.20%, with a spot price of 21450 and a futures price of 21610 [1] - Alumina (AO2601) had a spot price of 2831 and a futures price of 2707, with a basis of 124 and a historical quantile of 61.67% [1] - Zinc (ZN2601) decreased by 1.65%, with a spot price of 22425 and a futures price of 22300 [1] - Tin (SN2601) decreased by 5040, with a spot price of 305040 and a futures price of 300000 [1] - Nickel (NI2601) increased by 0.40%, with a spot price of 117550 and a futures price of 117080 [1] - Stainless Steel (SS2601) had a historical quantile of 88.41% [1] - Lithium Carbonate (LC2605) decreased by 2670, with a spot price of 96420 and a futures price of 93750 [1] - Industrial Silicon (SI2601) increased by 4.60%, with a spot price of 9130 [1] Precious Metals - Gold (AU2602) decreased by 0.68%, with a spot price of 953.9 and a futures price of 947.4, and a historical quantile of 0.30% [1] - Silver (AG2602) decreased by 58.0, with a spot price of 12727.0 and a futures price of 12669.0, and a historical quantile of 3.70% [1] Agricultural Products - Soybean Meal (M2601) decreased by 1.45%, with a spot price of 3044.0 and a futures price of 3000, and a historical quantile of 32.00% [1] - Soybean Oil (Y2601) increased by 2.25%, with a spot price of 8430 and a futures price of 8244.0, and a historical quantile of 38.00% [1] - Palm Oil (P2601) decreased by 0.88%, with a spot price of 8626.0 and a futures price of 8520, and a historical quantile of 8.70% [1] - Rapeseed Meal (RM601) increased by 4.40%, with a spot price of 2560 and a futures price of 2452.0, and a historical quantile of 67.40% [1] - Rapeseed Oil (OI601) increased by 3.21%, with a spot price of 10070 and a futures price of 9757.0, and a historical quantile of 82.60% [1] - Corn (C2601) increased by 1.33%, with a spot price of 2290 and a futures price of 2244.0, and a historical quantile of 64.90% [1] - Corn Starch (CS2601) increased by 1.33%, with a spot price of 2600 and a futures price of 2566.0, and a historical quantile of 18.40% [1] - Live Hogs (LH2601) decreased by 1.00%, with a spot price of 11350 and a futures price of 11465.0, and a historical quantile of 40.90% [1] - Eggs (JD2601) decreased by 12.24%, with a spot price of 2890 and a futures price of 3293.0, and a historical quantile of 12.20% [1] - Cotton (CF601) increased by 3.98%, with a spot price of 14723 and a futures price of 13725.0, and a historical quantile of 56.70% [1] - Sugar (SR601) decreased by 4.76%, with a spot price of 5615 and a futures price of 5400.0, and a historical quantile of 36.60% [1] - Apples (AP601) decreased by 3.60%, with a spot price of 9025.0 and a futures price of 8700, and a historical quantile of 74.80% [1] Energy and Chemicals - Paraxylene (PX601) decreased by 0.12%, with a spot price of 6822.0 and a futures price of 6830.0, and a historical quantile of 25.10% [1] - PTA (TA601) decreased by 1.6%, with a spot price of 4700.0 and a futures price of 4650.0, and a historical quantile of 37.20% [1] - Ethylene Glycol (EG2601) increased by 0.13%, with a spot price of 3890.0 and a futures price of 3885.0, and a historical quantile of 61.20% [1] - Polyester Staple Fiber (PF602) increased by 0.72%, with a spot price of 6295.0 and a futures price of 6250.0, and a historical quantile of 54.20% [1] - Styrene (EB2601) increased by 1.05%, with a spot price of 6566.0 and a futures price of 6635.0, and a historical quantile of 44.40% [1] - Methanol (MA601) decreased by 1.7%, with a spot price of 2110.0 and a futures price of 2135.0, and a historical quantile of 23.00% [1] - Urea (UR601) decreased by 0.42%, with a spot price of 1670.0 and a futures price of 1677.0, and a historical quantile of 13.80% [1] - LLDPE (L2601) increased by 0.31%, with a spot price of 6810.0 and a futures price of 6789.0, and a historical quantile of 28.80% [1] - PP (PP2601) increased by 0.64%, with a spot price of 6409.0 and a futures price of 6450.0, and a historical quantile of 37.40% [1] - PVC (V2601) decreased by 1.74%, with a spot price of 4549.0 and a futures price of 4470.0, and a historical quantile of 63.20% [1] - Caustic Soda (SH601) increased by 5.38%, with a spot price of 2344.0 and a futures price of 2224.0, and a historical quantile of 66.40% [1] - LPG (PG2601) decreased by 0.32%, with a spot price of 4412.0 and a futures price of 4398.0, and a historical quantile of 28.70% [1] - Asphalt (BU2601) increased by 0.47%, with a spot price of 3010.0 and a futures price of 2996.0, and a historical quantile of 56.00% [1] - Butadiene Rubber (BR2601) decreased by 0.14%, with a spot price of 10415.0 and a futures price of 10400.0, and a historical quantile of 26.90% [1] - Glass (FG601) decreased by 5.30%, with a spot price of 1053.0 and a futures price of 1000.0, and a historical quantile of 56.30% [1] - Soda Ash (SA601) decreased by 2.17%, with a spot price of 1152.0 and a futures price of 1177.0, and a historical quantile of 33.19% [1] - Natural Rubber (RU2601) decreased by 2.73%, with a spot price of 15410.0 and a futures price of 15000.0, and a historical quantile of 73.06% [1] Financial Futures - IF2512.CFE decreased by 0.46%, with a spot price of 4505.8 and a futures price of 4526.7, and a historical quantile of 22.60% [1] - IH2512.CFE decreased by 0.22%, with a spot price of 2963.2 and a futures price of 2969.6, and a historical quantile of 30.40% [1] - IC2512.CFE decreased by 0.82%, with a spot price of 6974.2 and a futures price of 7031.6, and a historical quantile of 15.00% [1] - IM2512.CFE decreased by 1.01%, with a spot price of 7260.8 and a futures price of 7334.2, and a historical quantile of 72.00% [1] - 2 - year Treasury Bond (TS2603) increased by 0.35%, with a spot price of 129.32 and a futures price of 114.46, and a historical quantile of 60.30% [1] - 5 - year Treasury Bond (TF2603) decreased by 0.04%, with a spot price of 105.74 and a futures price of 99.48, and a historical quantile of 22.20% [1] - 10 - year Treasury Bond (T2603) decreased by 0.07%, with a spot price of 107.92 and a futures price of 100.31, and a historical quantile of 25.70% [1] - 30 - year Treasury Bond (TL2603) increased by 0.35%, with a spot price of 129.32 and a futures price of 114.46, and a historical quantile of 60.30% [1]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents the price, basis, basis rate, historical quantile, and other data of various futures and spot commodities on November 21, 2025, including ferrous metals, non - ferrous metals, agricultural products, energy and chemical products, and financial futures [1]. 3. Summary According to Related Catalogs Ferrous Metals - **Silicon Iron (SF603)**: The conversion price of 72 - grade silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5446, with a change of 2.06% [1]. - **Silicon Manganese (SM601)**: The conversion price of 6517 - grade silicon manganese from Inner Mongolia to Hubei warehouse receipts is 5614 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3050, and the futures price is 3210, with a basis rate of 5.25% [1]. - **Hot - Rolled Coil (HC2601)**: The futures price is 3270, with a change of 0.09% [1]. - **Iron Ore (I2601)**: The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1634, with a change of 0.75% [1]. - **Coke (J2601)**: The conversion price of quasi - first - grade metallurgical coke at Rizhao Port is 1646, with a historical quantile of 70.18% [1]. - **Coking Coal (JM2601)**: The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1114, with a change of 9.83% [1]. Non - Ferrous Metals - **Copper (CU2601)**: The SMM 1 copper average price is 86435, and the futures price is 86130, with a basis of 305 and a historical quantile of 79.79% [1]. - **Aluminum (AL2601)**: The SMM A00 aluminum average price is 21570, and the futures price is 21530, with a basis rate of 0.19% [1]. - **Alumina (AO2601)**: The SMM alumina index average price is 2836 [1]. - **Zinc (ZN2512)**: The SMM 1 zinc ingot average price is 22360, and the futures price is 22380, with a basis of - 20 [1]. - **Tin (SN2512)**: The SMM 1 tin average price is 291500, and the futures price is 292030, with a change of - 0.18% [1]. - **Nickel (NISE01)**: The SMM 1 imported nickel average price is 116600, and the futures price is 115380, with a basis of 1220 [1]. - **Stainless Steel (SS2601)**: The price of 304/2B: 2*1240*C: Wuxi Hongwang (including trimming fee) is 12820, and the futures price is 12285, with a change of 4.35% [1]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu is 2980, and the futures price is 3017, with a basis rate of - 1.23% [1]. - **Soybean Oil (Y2601)**: The ex - factory price of grade - four soybean oil in Zhangjiagang, Jiangsu is 8224, and the futures price is 8420, with a basis of 196 [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 8630, and the futures price is 8646, with a basis of - 16 [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of common rapeseed meal in Zhanjiang, Guangdong is 2412, and the futures price is 2500, with a basis rate of - 0.19% [1]. - **Rapeseed Oil (Ol601)**: The ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu is 9779, and the futures price is 10100, with a basis of 321 [1]. - **Corn (C2601)**: The flat - hatch price of corn at Jinzhou Port is 2220, and the futures price is 2168, with a basis rate of 3.28% [1]. - **Corn Starch (CS2601)**: The ex - factory price of corn starch in Changchun, Jilin is 2550, and the futures price is 2473, with a basis of 77 [1]. - **Live Pigs (LH2601)**: The ex - factory price of live pigs (external ternary) in Henan is 11750, and the futures price is 11440, with a basis of 310 [1]. - **Eggs (JD2601)**: The average price of eggs in Shijiazhuang, Hebei is 3238, and the futures price is 2710, with a basis rate of - 16.31% [1]. - **Cotton (CF601)**: The arrival price of cotton 3128B in Xinjiang is 14563, and the futures price is 13465, with a basis of 1098 [1]. - **Sugar (SR601)**: The spot price of white sugar at Liuzhou Station is 5760, and the futures price is 5366, with a basis of 394 [1]. - **Apples (AP601)**: The delivery theoretical price of apples is 9496, and the futures price is 8840, with a basis of - 656 [1]. - **Red Dates (C1601)**: The wholesale price of first - grade grey dates in Hebei is 9300, and the futures price is 8800, with a basis of - 500 [1]. Energy and Chemical Products - **Para - Xylene (PX601)**: The spot price of para - xylene at the main Chinese port (CFR) converted into RMB is 6830, and the futures price is 6833, with a basis rate of 0.04% [1]. - **PTA (TA601)**: The market price (intermediate price) of PTA in the East China region is 4630, and the futures price is 4696, with a basis of - 66 [1]. - **Ethylene Glycol (EG2601)**: The market price (intermediate price) of ethylene glycol in the East China region is 3935, and the futures price is 3822, with a basis of 113 [1]. - **Polyester Staple Fiber (PF602)**: The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market is 6220, and the futures price is 6305, with a basis of 85 [1]. - **Styrene (EB2601)**: The market price (spot benchmark price) of styrene in East China, China is 6625, and the futures price is 6595, with a basis of 30 [1]. - **Methanol (MA601)**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2000, and the futures price is 2016, with a basis of - 16 [1]. - **Urea (UR601)**: The market price (mainstream price) of urea (small - particle) in Shandong region is 1640, and the futures price is 1665, with a basis of - 25 [1]. - **LLDPE (L2601)**: The duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 6855, and the futures price is 6835, with a basis of 20 [1]. - **PP (PP2601)**: The duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6400, and the futures price is 6500, with a basis of 100 [1]. - **PVC (V2601)**: The market price (mainstream price) of PVC (SG - 5) in the Changzhou market, China is 4456, and the futures price is 4420, with a basis of - 36 [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong market converted to 100% is 2437.5, and the futures price is 2261, with a basis of 176.5 [1]. - **LPG (PG2512)**: The market price of LPG in Guangzhou region is 4397, and the futures price is 4348, with a basis of - 49 [1]. - **Asphalt (BU2601)**: The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong region is 3030, and the futures price is 3058, with a basis of 28 [1]. - **Butadiene Rubber (BR2601)**: The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 10700, and the futures price is 10520, with a basis of 180 [1]. - **Glass (FG601)**: The market price of Fufa glass 5mm large board in Shahe, Shahe Great Wall Glass (daily) is 988, and the futures price is 989, with a basis of - 1 [1]. - **Soda Ash (SA601)**: The market price of heavy - grade soda ash in Shahe (daily) is 1158, and the futures price is 1128, with a basis of - 30 [1]. - **Natural Rubber (RU2601)**: The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 15250, and the futures price is 14850, with a basis of 400 [1]. Financial Futures - **Stock Index Futures**: - IF2512.CFE: The futures price is 4564.9, and the basis is - 25.7, with a basis rate of - 0.57% [1]. - IH2512.CFE: The futures price is 3002.6, and the basis is - 5.7, with a basis rate of - 0.19% [1]. - IC2512.CFE: The futures price is 7061.9, and the basis is - 61.9, with a basis rate of - 0.88% [1]. - IM2512.CFE: The futures price is 7340.4, and the basis is - 76.8, with a basis rate of - 1.00% [1]. - **Treasury Bond Futures**: - TS2512: The futures price is 100.04, and the basis is - 0.01, with a basis rate of - 0.01% [1]. - TF2512: The futures price is 105.92, and the basis is 0.00, with a basis rate of 0.00% [1]. - T2512: The futures price is 108.48, and the basis is 0.08, with a basis rate of 0.08% [1]. - TL2512: The futures price is 115.93, and the basis is 0.16, with a basis rate of 0.14% [1].

Report Information - Report Title: All-variety Spread Daily Report [3] - Date: November 18, 2025 [3] - Data Sources: Wind, Mysteel, GF Futures Research Institute [4] Core Data Summary Ferrous Metals - **Silicon Iron (SF601)**: Futures price is 5566, down 8; spot price is 5870, with a basis rate of 1.35% [1] - **Silicon Manganese (SM601)**: Futures price not fully shown; spot price related to the reference has a basis rate information, and the historical quantile is 40.20% [1] - **Rebar (RB2601)**: Futures price is 3097; spot price of HRB400 20mm in Shanghai is 3220, with a basis rate of 3.97% [1] - **Hot Rolled Coil (HC2601)**: Futures price is 3310; spot price is 3302, up 0.24% [1] - **Iron Ore (I2601)**: Futures price is 789; spot price of 62.5% Brazilian mixed powder at Rizhao Port is 850, up 7.83% [1] - **Coke (J2601)**: Futures price is 1710; spot price of quasi - first - class metallurgical coke at Rizhao Port is 1689, up 51.73% [1] - **Coking Coal (JM2601)**: Futures price is 1301; spot price of S1.3 G75 main coking coal at Shaheyi is 1210, up 7.52% [1] Non - ferrous Metals - **Copper (CU2512)**: Futures price is 86510; spot price of SMM 1 electrolytic copper is 86450, with a basis rate of 0.07% [1] - **Aluminum (AL2601)**: Futures price is 21725; spot price of SMM A00 aluminum is 21630, with a basis rate of 24.37% [1] - **Alumina (AO2601)**: Futures price is 2817; spot price of SMM alumina index is 2846, with a basis rate of 1.03% [1] - **Zinc (ZN2512)**: Futures price is 22330; spot price of SMM 1 zinc ingot is 22465, down 0.60% [1] - **Tin (SN2512)**: Futures price is 289900; spot price of SMM 1 tin is 290360, down 0.10% [1] - **Nickel (NI2512)**: Futures price is 117225; spot price of SMM 1 imported nickel is 116750, up 0.41% [1] - **Stainless Steel (SS2601)**: Futures price is 12870; spot price is 12415, up 3.66% [1] - **Lithium Carbonate (LC2601)**: Futures price is 95200; spot price of SMM battery - grade lithium carbonate is 86150, down 9.51% [1] - **Industrial Silicon (SI2601)**: Futures price is 9500; spot price of SMM silicon is 9080, up 4.63% [1] Precious Metals - **Gold (AU2512)**: Futures price is 929.5; spot price of Shanghai Gold Exchange's gold (T + D) is 930.2, with a basis rate of 0.08% [1] - **Silver (AG2602)**: Futures price is 11933.0; spot price of Shanghai Gold Exchange's silver (T + D) is 11970.0, with a basis rate of 0.31% [1] Agricultural Products - **Soybean Meal (M2601)**: Futures price is 3043.0; spot price of ordinary protein soybean meal in Zhangjiagang, Jiangsu is 2990, down 1.74% [1] - **Soybean Oil (Y2601)**: Futures price is 8490; spot price of fourth - grade soybean oil in Zhangjiagang, Jiangsu is 8282.0, up 2.51% [1] - **Palm Oil (P2601)**: Futures price is 8680.0; spot price in Huangpu Port is 8640, down 0.46% [1] - **Rapeseed Meal (RM601)**: Futures price is 2520; spot price of ordinary rapeseed meal in Zhanjiang, Guangdong is 2449.0, up 60.10% [1] - **Rapeseed Oil (OI601)**: Futures price is 10230; spot price of fourth - grade rapeseed oil in Nantong, Jiangsu is 9880.0, up 3.54% [1] - **Corn (C2601)**: Futures price is 2230; spot price at Jinzhou Port is 2182.0, up 2.45% [1] - **Corn Starch (CS2601)**: Futures price is 2550; spot price in Changchun, Jilin is 2489.0, down 0.38% [1] - **Pig (LH2601)**: Futures price is 11695.0; spot price in Henan is 11650, down 45.0 [1] - **Egg (JD2601)**: Futures price is 3229.0; spot price in Shijiazhuang, Hebei is 2840, down 12.05% [1] - **Cotton (CF601)**: Futures price is 14579; spot price of 3128B cotton in Xinjiang is 13445.0, up 5.53% [1] - **Sugar (SR601)**: Futures price is 5760; spot price at Liuzhou Station is 5458.0, up 49.00% [1] - **Apple (AP601)**: Futures price is 8840; spot price of apple's delivery theoretical price is 9438.0, down 6.34% [1] - **Red Dates (CJ601)**: Futures price is 8900; spot price of first - grade grey dates in Hebei is 9270.0, down 3.99% [1] Energy and Chemicals - **Paraxylene (PX601)**: Futures price is 6796.0; spot price at China's main ports is 6805.0, with a basis rate of 0.13% [1] - **PTA (TA601)**: Futures price is 4620.0; spot price in the East China region is 4692.0, down 1.53% [1] - **Ethylene Glycol (EG2601)**: Futures price is 3938.0; spot price in the East China region is 3975.0, with a basis rate of 0.94% [1] - **Polyester Staple Fiber (PF602)**: Futures price is 6230.0; spot price in the East China market is 6295.0, up 1.04% [1] - **Styrene (EB2512)**: Futures price is 6496.0; spot price in East China is 6535.0, with a basis rate of 0.60% [1] - **Methanol (MA601)**: Futures price is 2012.0; spot price in Taicang, Jiangsu is 2029.0, down 0.84% [1] - **Urea (UR601)**: Futures price is 1590.0; spot price in Shandong is 1662.0, up 2.30% [1] - **LLDPE (L2601)**: Futures price is 6843.0; spot price in Shandong is 6925.0, up 1.20% [1] - **PP (PP2601)**: Futures price is 6467.0; spot price in Zhejiang is 6500.0, with a basis rate of 0.51% [1] - **PVC (V2601)**: Futures price is 4601.0; spot price in Changzhou is 4510.0, down 1.98% [1] - **Caustic Soda (SH601)**: Futures price is 2291.0; spot price in Shandong is 2437.5, with a basis rate of 6.39% [1] - **LPG (PG2512)**: Futures price is 4398.0; spot price in Guangzhou is 4410.0, down 0.27% [1] - **Asphalt (BU2601)**: Futures price is 3032.0; spot price in Shandong is 3020.0, down 0.40% [1] - **Butadiene Rubber (BR2601)**: Futures price is 10455.0; spot price in East China is 10500.0, up 0.43% [1] - **Float Glass (FG601)**: Futures price is 1029.0; spot price in Shahe is 1008.0, up 70.16% [1] - **Soda Ash (SA601)**: Futures price is 1231.0; spot price in Shahe is 1181.0, down 4.23% [1] - **Natural Rubber (RU2601)**: Futures price is 15315.0; spot price in Shanghai is 14800.0, down 3.48% [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Futures price is 4598.1; basis is - 16.7, down 0.36% [1] - **IH2512.CFE**: Futures price is 3009.2; basis is - 2.9, down 0.10% [1] - **IC2512.CFE**: Futures price is 7235.4; basis is - 92.0, down 1.2% [1] - **IM2512.CFE**: Futures price is 7523.1; basis is - 128.7, down 1.74% [1] - **Treasury Bond Futures**: - **2 - year Treasury Bond (TS2512)**: Futures price is 102.48; conversion factor is 0.9765 [1] - **5 - year Treasury Bond (TF2512)**: Futures price is 105.89; conversion factor is 0.9405 [1] - **10 - year Treasury Bond (T2512)**: Futures price is 106.53; conversion factor is 0.9814 [1] - **30 - year Treasury Bond (TL2512)**: Futures price is 116.46; conversion factor is 1.1271 [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF601)**: The conversion price of 72 - silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5490, with a change of 64 and a change rate of 1.24%, and a historical quantile of 64.00% [1]. - **Silicon Manganese (SM601)**: The price is 5870, with a change of 122 and a change rate of 2.12%, and a historical quantile of 48.40%. The conversion price of silicon manganese from Inner Mongolia to Hubei warehouse receipts is 6517 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3053 [1]. - **Hot - Rolled Coil (HC2601)**: The price is 3260, with a change of 4 and a change rate of 0.12%, and a historical quantile of 19.40%. The reference is Q235B 4.75mm in Shanghai [1]. - **Iron Ore (I2601)**: The price is 843, with a change of 70 and a change rate of 9.09%, and a historical quantile of 55.20%. The conversion price is for 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port [1]. - **Coke (J2601)**: The price is 1689, with a change of 20, and a historical quantile of 72.08%. The conversion price is for quasi - first - class metallurgical coke at Rizhao Port [1]. - **Coking Coal (JM2601)**: The price is 1301, with a change of 109 and a change rate of 9.14%, and a historical quantile of 54.40%. The conversion price is for S1.3 G75 main coking coal (Meng 5) at Shaheyi [1]. Non - Ferrous Metals - **Copper (CU2512)**: The spot price is 87095, the futures price is 86900, the basis is 195, the basis rate is 0.22%, and the historical quantile is 69.58% [1]. - **Aluminum (AL2601)**: The spot price is 21910, the futures price is 21840, the basis is 70, the basis rate is 0.32%, and the historical quantile is 76.45% [1]. - **Alumina (AO2601)**: The spot price is 2847, the futures price is 2822, the basis is 25, the basis rate is 0.90%, and the historical quantile is 30.61% [1]. - **Zinc (ZN2512)**: The spot price is 22420, the futures price is 22425, the basis is - 5, the basis rate is - 0.02%, and the historical quantile is 59.16% [1]. - **Tin (SN2512)**: The spot price is 1 1 1 0 00, 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View The report presents the basis statistics of various futures on November 14, 2025, including the basis for the current month, next month, and the month after next, contract prices, spot prices, basis rates, and their changes compared to the previous day for different commodities across multiple sectors such as non - ferrous metals, ferrous metals, agricultural products, energy, and chemicals. 3. Summary by Commodity Categories Non - Ferrous Metals - Copper: The spot price is 87390, the basis rate is - 0.14%, and it decreased by - 0.21% compared to the previous day [4]. - Aluminum: For different types, the basis rates range from - 0.32% to - 1.02%, with changes from 0.12% to 0.40% compared to the previous day [4]. - Zinc: The spot price is 22655, the basis rate is - 0.11%, and it increased by 0.02% compared to the previous day [4]. - Tin: The spot price is 296000, the basis rate is - 0.24%, and it decreased by - 0.06% compared to the previous day [4]. - Nickel: The spot price is 120650, the basis rate is 1.52%, and it increased by 0.22% compared to the previous day [4]. - Industrial Silicon: The spot price is 9500, the basis rate is 3.49%, and it decreased by - 0.17% compared to the previous day [4]. - Lithium Carbonate: The spot price is 84370, the basis rate is - 4.52%, and it decreased by - 0.68% compared to the previous day [4]. Precious Metals - Gold: The spot price is 958.67, the basis rate is - 0.27%, and it decreased by - 0.11% compared to the previous day [4]. - Silver: The spot price is 12563, the basis rate is - 0.20%, and it decreased by - 0.36% compared to the previous day [4]. Ferrous Metals - Rebar: The spot price is 3139, the basis rate is 5.71%, and it increased by 0.38% compared to the previous day [4]. - Hot - Rolled Coil: The spot price is 3263, the basis rate is 0.80%, and it increased by 0.03% compared to the previous day [4]. - Iron Ore: The spot price is 821.5, the basis rate is 6.34%, and it increased by 0.21% compared to the previous day [4]. - Coke: The spot price is 1680, the basis rate is - 0.35%, and it decreased by - 0.43% compared to the previous day [4]. - Coking Coal: The spot price is 1214.0, the basis rate is 32.62%, and it increased by 0.54% compared to the previous day [4]. - Thermal Coal: The spot price is 830.0, the basis rate is 3.57%, and it increased by 0.37% compared to the previous day [4]. - Ferrosilicon: The spot price is 5160, the basis rate is - 6.28%, and it decreased by - 0.27% compared to the previous day [4]. - Silicomanganese: The spot price is 5872, the basis rate is 1.63%, and it increased by 0.11% compared to the previous day [4]. - Stainless Steel: The spot price is 12750, the basis rate is 2.20%, and it decreased by - 0.41% compared to the previous day [4]. Agricultural Products - Soybeans: The spot price is 3920, the basis rate is - 5.06%, and it decreased by - 0.05% compared to the previous day [4]. - Soybean Meal: The spot price is 3000, the basis rate is - 2.31%, and it decreased by - 0.38% compared to the previous day [4]. - Rapeseed Meal: The spot price is 2620, the basis rate is 5.14%, and it increased by 0.08% compared to the previous day [4]. - Edible Oils: For different types like soybean oil, rapeseed oil, etc., the basis rates range from 2.86% to 12.98%, with changes from - 0.35% to 11.78% compared to the previous day [4]. - Palm Oil: The spot price is 8570, the basis rate is - 2.08%, and it decreased by - 0.66% compared to the previous day [4]. - Corn: The spot price is 2205, the basis rate is 0.87%, and it increased by 0.27% compared to the previous day [4]. - Corn Starch: The spot price is 2510, the basis rate is 0.12%, and it decreased by - 0.68% compared to the previous day [4]. - Apples: The spot price is 8408, the basis rate is 17.93%, and it decreased by - 2.65% compared to the previous day [4]. - Eggs: The spot price is 2900, the basis rate is - 4.61%, and it increased by 0.72% compared to the previous day [4]. - Hogs: The spot price is 12000, the basis rate is 1.18%, and it increased by 0.71% compared to the previous day [4]. - Cotton: The spot price is 14819, the basis rate is 9.85%, and it decreased by - 0.03% compared to the previous day [4]. - Sugar: The spot price is 5760, the basis rate is 4.50%, and it decreased by - 0.65% compared to the previous day [4]. Energy and Chemicals - Methanol: The spot price is 2100, the basis rate is - 0.14%, and it decreased by - 0.14% compared to the previous day [4]. - Ethanol: The spot price is 4063, the basis rate is 1.49%, and it increased by 0.10% compared to the previous day [4]. - Crude Oil: The spot price is 421.4, the basis rate is - 6.24%, and it decreased by - 0.52% compared to the previous day [4]. - Short - Fiber: The spot price is 6360, the basis rate is 2.19%, and it increased by 0.29% compared to the previous day [4]. - PVC: The spot price is 5405, the basis rate is 17.86%, and it decreased by - 0.13% compared to the previous day [4]. - Rubber: The spot price is 14800, the basis rate is - 3.83%, and it decreased by - 0.75% compared to the previous day [4]. - 20 - Numbered Rubber: The spot price is 13212, the basis rate is 6.55%, and it decreased by - 1.58% compared to the previous day [4]. - Soda Ash: The spot price is 1194, the basis rate is - 3.63%, and it increased by 0.49% compared to the previous day [4]. - Urea: The spot price is 1610, the basis rate is - 2.90%, and it decreased by - 0.18% compared to the previous day [4]. - Pulp: The spot price is 5525, the basis rate is - 0.95%, and it decreased by - 0.16% compared to the previous day [4]. - Fuel Oil: The spot price is 2742, the basis rate is 5.66%, and it decreased by - 0.08% compared to the previous day [4]. - Asphalt: The spot price is 3010, the basis rate is - 0.63%, and it increased by 0.78% compared to the previous day [4]. - Low - Sulfur Fuel Oil: The spot price is 3170, the basis rate is 4.06%, and it increased by 5.05% compared to the previous day [4]. - Liquefied Petroleum Gas: The spot price is 4498, the basis rate is 4.02%, and it increased by 0.81% compared to the previous day [4]. - PTA: The spot price is 4585, the basis rate is - 2.45%, and it decreased by - 0.84% compared to the previous day [4]. - Polypropylene: The spot price is 6820, the basis rate is 5.25%, and it decreased by - 0.33% compared to the previous day [4]. - Styrene: The spot price is 6405, the basis rate is - 0.50%, and it decreased by - 0.48% compared to the previous day [4]. - Plastic: The spot price is 7100, the basis rate is 4.14%, and it decreased by - 0.46% compared to the previous day [4]. Financial Futures - CSI 300: The spot price is 4702.1, the basis rate is 0.54%, and it increased by 0.15% compared to the previous day [4]. - SSE 50: The spot price is 3073.7, the basis rate is 0.16%, and it increased by 0.11% compared to the previous day [4]. - China Securities 500: The spot price is 7355.3, the basis rate is 1.19%, and it decreased by - 0.04% compared to the previous day [4].

Group 1: Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The report presents a comprehensive table of basis statistics for various futures on November 14, 2025, including base prices, contract prices, basis rates, and their daily changes for multiple commodities across different sectors [4]. Group 3: Summary by Commodity Categories Non - ferrous Metals - Copper: Spot price is 87390, with a basis rate of - 0.14% and a daily change of - 0.21% [4]. - Aluminum: Spot price is 21920, basis rate is - 0.32%, and daily change is 0.12% [4]. - Zinc: Spot price is 22630, basis rate is - 0.11%, and daily change is 0.02% [4]. - Lead: Spot price is 17500, basis rate is - 1.02%, and daily change is 0.40% [4]. - Tin: Spot price is 296000, basis rate is - 0.24%, and daily change is - 0.06% [4]. - Nickel: Spot price is 120650, basis rate is 1.52%, and daily change is 0.22% [4]. - Industrial Silicon: Spot price is 9500, basis rate is 3.49%, and daily change is - 0.17% [4]. - Lithium Carbonate: Spot price is 84370, basis rate is - 4.52%, and daily change is - 0.68% [4]. Precious Metals - Gold: Spot price is 958.67, basis rate is - 0.27%, and daily change is - 0.11% [4]. - Silver: Spot price is 12563, basis rate is - 0.20%, and daily change is - 0.36% [4]. Ferrous Metals - Rebar: Spot price is 3139, basis rate is 5.71%, and daily change is 0.38% [4]. - Hot - Rolled Coil: Spot price is 3263, basis rate is 0.80%, and daily change is 0.03% [4]. - Iron Ore: Spot price is 821.5, basis rate is 6.34%, and daily change is 0.21% [4]. - Coke: Spot price is 1680, basis rate is - 0.35%, and daily change is - 0.43% [4]. - Coking Coal: Spot price is 1610, basis rate is 32.62%, and daily change is 0.54% [4]. - Thermal Coal: Spot price is 830, basis rate is 3.57%, and daily change is 0.37% [4]. - Ferrosilicon: Spot price is 5160, basis rate is - 6.28%, and daily change is - 0.27% [4]. - Silicomanganese: Spot price is 5872, basis rate is 1.63%, and daily change is 0.11% [4]. - Stainless Steel: Spot price is 12750, basis rate is 2.20%, and daily change is - 0.41% [4]. Building Materials - Glass: Spot price is 1110, basis rate is 5.11%, and daily change is - 0.70% [4]. Grains and Oils - Soybeans: Spot price is 3920, basis rate is - 5.06%, and daily change is - 0.05% [4]. - Soybean Meal: Spot price is 3000, basis rate is - 2.31%, and daily change is - 0.38% [4]. - Rapeseed Meal: Spot price is 2620, basis rate is 5.14%, and daily change is 0.08% [4]. - Soybean Oil: Spot price is 8560, basis rate is 2.93%, and daily change is - 0.35% [4]. - Rapeseed Oil: Spot price is 10260, basis rate is 2.86%, and daily change is 0.11% [4]. - Peanuts: Spot price is 9000, basis rate is 12.98%, and daily change is 11.78% [4]. - Palm Oil: Spot price is 8570, basis rate is - 2.08%, and daily change is - 0.66% [4]. Agricultural Products - Corn: Spot price is 2205, basis rate is 0.87%, and daily change is 0.27% [4]. - Corn Starch: Spot price is 2510, basis rate is 0.12%, and daily change is - 0.68% [4]. - Apples: Spot price is 8408, basis rate is 17.93%, and daily change is - 2.65% [4]. - Eggs: Spot price is 2900, basis rate is - 4.61%, and daily change is 0.72% [4]. - Hogs: Spot price is 12000, basis rate is 1.18%, and daily change is 0.71% [4]. - Cotton: Spot price is 14819, basis rate is 9.85%, and daily change is - 0.03% [4]. Soft Commodities - Sugar: Spot price is 5760, basis rate is 4.50%, and daily change is - 0.65% [4]. Energy and Chemicals - Methanol: Spot price is 2100, basis rate is 0.47%, and daily change is - 0.14% [4]. - Ethanol: Spot price is 4063, basis rate is 1.49%, and daily change is 0.10% [4]. - Crude Oil: Spot price is 421.4, basis rate is - 6.24%, and daily change is - 0.52% [4]. Financial Futures - CSI 300: Spot price is 4702.1, basis rate is 0.54%, and daily change is 0.15% [4]. - SSE 50: Spot price is 3073.7, basis rate is 0.16%, and daily change is 0.11% [4]. - Mid - Cap 500: Spot price is 7355.3, basis rate is 1.19%, and daily change is - 0.04% [4]. Chemicals - Short - Fiber: Spot price is 6360, basis rate is 2.19%, and daily change is 0.29% [4]. - PVC: Spot price is 5405, basis rate is 17.86%, and daily change is - 0.13% [4]. - Rubber: Spot price is 14800, basis rate is - 3.83%, and daily change is - 0.75% [4]. - 20 - Rubber: Spot price is 13212, basis rate is 6.55%, and daily change is - 1.58% [4]. - Soda Ash: Spot price is 1194, basis rate is - 3.63%, and daily change is 0.49% [4]. - Urea: Spot price is 1610, basis rate is - 2.90%, and daily change is - 0.18% [4]. - Pulp: Spot price is 5525, basis rate is - 0.95%, and daily change is - 0.16% [4]. - Fuel Oil: Spot price is 2742, basis rate is 5.66%, and daily change is - 0.08% [4]. - Asphalt: Spot price is 3010, basis rate is - 0.63%, and daily change is 0.78% [4]. - Low - Sulfur Fuel Oil: Spot price is 3170, basis rate is 4.06%, and daily change is 5.05% [4]. - Liquefied Petroleum Gas: Spot price is 4498, basis rate is 4.02%, and daily change is 0.81% [4]. - PTA: Spot price is 4585, basis rate is - 2.45%, and daily change is - 0.84% [4]. - Polypropylene: Spot price is 6820, basis rate is 5.25%, and daily change is - 0.33% [4]. - Styrene: Spot price is 6405, basis rate is - 0.50%, and daily change is - 0.48% [4]. - Plastic: Spot price is 7100, basis rate is 4.14%, and daily change is - 0.46% [4].

Group 1: Report Overview - The report is a Maike Futures basis statistics table dated November 7, 2025, at 9:00, sourced from Wind Financial Terminal and Steel Union Data Terminal [2][3] Group 2: Core Data Metals - Copper (CU): The basis rate is 0.03%, with a spot price from SMM 1 electrolytic copper [4] - Aluminum (AL): The basis rate is -0.70%, and the spot price is 21360 from SMM A00 aluminum [4] - Zinc (ZN): The basis rate is -0.42%, and the spot price is 22500 from SMM 0 zinc ingot [4] - Lead (PB): The basis rate is -0.26%, and the spot price is 17225 from SMM 1 lead ingot [4] - Tin (Sn): The basis rate is 0.00%, and the spot price is 282800 from SMM 1 tin [4] - Nickel (NI): The basis rate is 0.95%, and the spot price is 120500 from SMM 1 electrolytic nickel [4] - Industrial Silicon: The basis rate is 4.30%, and the spot price is 9450 from SMM Hualetong Oxygen 553 silicon [4] - Lithium Carbonate: The basis rate is 0.78%, and the spot price is 80340 from domestic 99.5% [4] - Gold (AU): The basis rate is 0.27%, and the spot price is 917.51 from AuT+D: Shanghai Gold Exchange [4] - Silver (AG): The basis rate is 0.27%, and the spot price is 11421 from Ag(T+D): Shanghai Gold Exchange [4] Building Materials - Rebar (RB): The basis rate is 0.54%, and the spot price is 3200 from HRB400: 20mm: Shanghai [4] - Hot Rolled Coil (HC): The basis rate is -0.18%, and the spot price is 3250 from Q235B: 4.75mm: Shanghai [4] - Iron Ore: The basis rate is 6.36%, and the spot price is 826.9 from PB powder: 61%: Qingdao [4] - Coke: The basis rate is -1.30%, and the spot price is 1723 from quasi - first - grade ex - warehouse price: Rizhao Port [4] - Coking Coal (JIM): The basis rate is 0.99%, and the spot price is 1610.0 from Shanxi medium - sulfur main coking coal S1.3 [4] - Steam Coal (ZC): The basis rate is 2.00%, and the spot price is 810.0 from Shanxi Q5500: Qinhuangdao Port [4] - Ferrosilicon (SF): The basis rate is 0.46%, and the spot price is 5210 from FeSi75 - B: Inner Mongolia [4] - Ferromanganese (SM): The basis rate is -0.38%, and the spot price is 5850 from FeMn68Si18: Hebei [4] - Stainless Steel: The basis rate is 1.67%, and the spot price is 12800 from B04/2B: 2.0*1219: Angang Lianzhong Wuxi [4] - Glass (FG): The basis rate is -0.37%, and the spot price is 1130 from North China 5mm float glass market price [4] Agricultural Products - Soybeans: The basis rate is -0.53%, and the spot price is 3920 from domestic third - grade soybeans: Harbin [4] - Soybean Meal (M): The basis rate is 0.81%, and the spot price is 3000 from ordinary protein soybean meal: Zhangjiagang [4] - Rapeseed Meal (RM): The basis rate is -0.49%, and the spot price is 2660 from ordinary rapeseed meal: Nantong [4] - Rapeseed Oil (Ol): The basis rate is -1.39%, and the spot price is 9780 from rapeseed oil: Jiangsu [4] - Peanuts (PK): The basis rate is 0.20%, and the spot price is 8600 from Baisha: 45% oil content, 9% water content, Changtu [4] - Palm Oil (P): The basis rate is -1.13%, and the spot price is 8540 from 24 - degree palm oil: Guangdong [4] - Corn (C): The basis rate is -0.75%, and the spot price is 2165 from second - grade national standard corn at Bayuquan Port [4] - Corn Starch (CS): The basis rate is 1.66%, and the spot price is 2510 from factory price of corn starch: Changchun [4] - Apples (AP): The basis rate is 0.21%, and the spot price is 7800 from Qixia, Luochuan paper - bagged red apples above 80 [4] - Eggs (JD): The basis rate is 2.84%, and the spot price is 2800 from eggs: Hebei Cangzhou [4] - Live Pigs (LH): The basis rate is -0.80%, and the spot price is 11850 from three - way crossbred pigs in Henan [4] - Cotton (CF): The basis rate is 0.04%, and the spot price is 14820 from cotton price index 328: Xinjiang [4] Chemicals - Sugar (SR): The basis rate is -0.14%, and the spot price is 5720 from white sugar: Liuzhou [4] - Methanol (MA): The basis rate is 0.86%, and the spot price is 2118 from methanol: East China [4] - Ethanol (EG): The basis rate is 1.94%, and the spot price is 4000 from ethanol: East China [4] - PTA: The basis rate is -1.44%, and the spot price is 4550 from PTA: East China [4] - Polypropylene (PP): The basis rate is 0.33%, and the spot price is 7000 from Hangzhou Shaoxing Sanyuan T30S market price [4] - Styrene (EB): The basis rate is 0.00%, and the spot price is 6300 from styrene: East China [4] - Short - fiber (PF): The basis rate is -1.13%, and the spot price is 6400 from Fangxiang semi - bright natural white 1.56*38mm polyester [4] - Plastic: The basis rate is 0.14%, and the spot price is 7120 from Yangzi Petrochemical DFDA - 7042: Hangzhou [4] - PVC (V): The basis rate is 0.20%, and the spot price is 5405 from calcium carbide method: East China region [4] - Rubber (RU): The basis rate is -1.25%, and the spot price is 14350 from Thai - produced: Qingdao Free Trade Zone [4] - 20 - number Rubber (NR): The basis rate is -1.22%, and the spot price is 13037 from Thai 20 standard rubber: Qingdao Free Trade Zone [4] - Soda Ash (SA): The basis rate is 0.04%, and the spot price is 1157 from Shahe Chongqing market price [4] - Urea (UR): The basis rate is -0.64%, and the spot price is 1570 from small - particle urea: Henan [4] - Pulp (SP): The basis rate is -0.15%, and the spot price is 5500 from bleached softwood pulp: Silver Star: Chile [4] Energy - Crude Oil (SC): The basis rate is -0.02%, and the spot price is 431.8 from Chinese Shengli: Pacific Rim [4] - Fuel Oil (BU): The basis rate is -0.54%, and the spot price is 2821 from bonded marine fuel oil 380CST: Zhoushan [4] - Asphalt: The basis rate is 0.53%, and the spot price is 3100 from heavy - traffic asphalt: market price: Shandong [4] - Low - Sulfur Fuel Oil (LU): The basis rate is 0.79%, and the spot price is 3281 from marine fuel oil 0.5% low - sulfur Singapore [4] - LPG (PG): The basis rate is 1.49%, and the spot price is 4448 from market price: Guangzhou [4] Stock Index Futures - CSI 300 (IF): The basis rate is 0.48%, and the spot price is 4693.4 [4] - CSI 500 (IC): The basis rate is -0.34%, and the spot price is 7345.7 [4] - SSE 50 (IH): The basis rate is -0.07%, and the spot price is 3044.7 [4]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Report Core View The report presents the daily price spreads of various futures and spot commodities across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals on October 28, 2025. It includes data such as futures prices, spot prices, basis, basis rates, and historical quantiles for each commodity. [1] 3. Summary by Commodity Sectors Ferrous Metals - **Silicon - based Alloys**: For silicon iron (SF601), the futures price is 2598 with a 2.55% change, the spot price is 5950, and the basis is 3352 with a basis rate of 52.10%. For silicon manganese (SM601), the futures price is not fully shown, the spot price is 5802, and the basis is 148 with a basis rate of 2.55%. [1] - **Steel Products**: The futures price of rebar (RB2601) is 3210 with a 3.55% change, the spot price of HRB400 20mm in Shanghai is 3100, and the basis is - 110 with a basis rate of - 3.43%. The futures price of hot - rolled coil (HC2601) is 3299, and the spot price of Q235B 4.75mm in Shanghai is 3330, with a basis of 31 and a basis rate of 0.94%. [1] - **Iron Ore and Coking Coal**: The futures price of iron ore (I2601) is - 134 with a - 7.51% change, the spot price of 62.5% Brazilian mixed powder at Rizhao Port is 1780, and the basis is 1914 with a basis rate of 107.53%. The futures price of coke (J2601) is 1646, the spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1780, and the basis is 134 with a basis rate of 8.14%. The futures price of coking coal (JM2601) is 1329, the spot price of S1.3 G75 main coking coal at Shaheyi is 1264, and the basis is - 65 with a basis rate of - 4.9%. [1] Non - Ferrous Metals - **Copper**: The futures price of copper (CU2512) is 88215 with a - 0.18% change, the spot price of 1 electrolytic copper is 88370, and the basis is 155 with a basis rate of 0.18%. [1] - **Aluminum and Alumina**: The futures price of aluminum (AL2512) is 21160 with a - 0.94% change, the spot price of SMM A00 aluminum is 21360, and the basis is 200 with a basis rate of 0.94%. The futures price of alumina (AO2601) is 2829, the spot price of SMM alumina index is 2881, and the basis is 52 with a basis rate of 1.84%. [1] - **Other Non - Ferrous Metals**: For zinc (ZN2512), the futures price is 22140 with a - 1.01% change, the spot price of 1 zinc ingot is 22365, and the basis is 225 with a basis rate of 1.01%. For tin (SN2512), the futures price is 283500 with a - 1.13% change, the spot price of 1 tin is 286720, and the basis is 3220 with a basis rate of 1.13%. [1] Precious Metals - **Gold and Silver**: The futures price of gold (AU2512) is 930.3 with a - 0.41% change, the spot price of Shanghai Gold Exchange gold (T + D) is 934.1, and the basis is 3.8 with a basis rate of 0.41%. The futures price of silver (AG2512) is 11345 with a - 0.43% change, the spot price of Shanghai Gold Exchange silver (T + D) is 11394, and the basis is 49 with a basis rate of 0.43%. [1] Agricultural Products - **Oilseeds and Oils**: The futures price of soybean meal (M2601) is 2932 with a - 1.09% change, the spot price of common protein soybean meal in Jiangsu Zhangjiagang is 2900, and the basis is - 32 with a basis rate of - 1.09%. The futures price of soybean oil (V2601) is 8390 with a 1.89% change, the spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8234, and the basis is - 156 with a basis rate of - 1.86%. [1] - **Other Agricultural Products**: For palm oil (P2601), the futures price is 9010 with a - 0.99% change, the spot price at Huangpu Port is 9100, and the basis is 90 with a basis rate of 1.0%. For rapeseed meal (RM601), the futures price is 2335 with a 5.78% change, the spot price in Guangdong Zhanjiang is 2470, and the basis is 135 with a basis rate of 5.78%. [1] Energy Chemicals - **Petrochemicals**: The futures price of paraxylene (PX601) is 6626 with a - 1.61% change, the spot price at Chinese main ports is 6729, and the basis is 103 with a basis rate of 1.55%. The futures price of PTA (TA601) is 4520 with a 1.95% change, the spot price in East China is 4616, and the basis is 96 with a basis rate of 2.13%. [1] - **Other Chemicals**: For methanol (MA601), the futures price is 2230 with a 0.97% change, the spot price in Jiangsu Taicang is 2268, and the basis is 38 with a basis rate of 1.7%. For urea (UR601), the futures price is 1610 with a - 2.2% change, the spot price in Shandong is 1640, and the basis is 30 with a basis rate of 1.83%. [1]

Report Summary 1. Report Industry Investment Rating The document does not provide an overall industry investment rating. 2. Core View The report presents a comprehensive table of futures and spot price data for various commodities, including base metals, precious metals, energy, chemicals, agricultural products, and financial futures, along with their corresponding base rates and price changes compared to the previous day. This data can be used by investors to analyze market trends and potential investment opportunities in different sectors. [4] 3. Summary by Commodity Category Base Metals - Copper (CU): The base rate is 0.16%, with a decrease of -0.16% compared to the previous day. The spot price is 85,175, and the prices of the current, next, and subsequent month contracts are 85,040, 85,060, and 85,010 respectively. [4] - Aluminum (AL): The base rate is 0.19%, with a decrease of -0.02%. The spot price is 20,950, and the contract prices vary across different months. [4] - Zinc (ZN): The base rate is -0.14%, with a decrease of -0.20%. The spot price is 22,015. [4] - Lead (PB): The base rate is -0.96%, with a decrease of -0.06%. The spot price is 16,950. [4] - Tin (SN): The base rate is 0.42%, with a decrease of -0.04%. The spot price is 281,200. [4] - Nickel (NI): The base rate is 1.02%, with a decrease of -0.04%. The spot price is 123,000. [4] - Industrial Silicon: The base rate is 9.04%, with a decrease of -0.33%. The spot price is 9,350. [4] Precious Metals - Gold (AU): The base rate is 0.09%, with an increase of 0.28%. The spot price is 971.74. [4] - Silver (AG): The base rate is -0.30%, with a decrease of -0.26%. The spot price is 11,981. [4] Energy and Chemicals - Crude Oil (SC): The base rate is -4.69%, with a decrease of -0.21%. The spot price is 449.8. [4] - Fuel Oil (FU): The base rate is 6.86%, with a decrease of -0.43%. The spot price is 2,879. [4] - Bitumen (BU): The base rate is 4.30%, with a decrease of -1.85%. The spot price is 3,420. [4] - Low - Sulfur Fuel Oil (LU): The base rate is 0.72%, with a decrease of -0.12%. The spot price is 3,182. [4] - LPG (PG): The base rate is 5.39%, with a decrease of -3.05%. The spot price is 4,498. [4] - Methanol (MA): The base rate is 4.23%, with an increase of 0.15%. The spot price is 2,323. [4] - PTA (TA): The base rate is 0.37%, with a decrease of -1.71%. The spot price is 4,380. [4] - Polypropylene (PP): The base rate is 6.53%, with a decrease of -0.87%. The spot price is 7,050. [4] - Styrene (EB): The base rate is -0.98%, with a decrease of -0.98%. The spot price is 6,535. [4] - Short - Fiber (PF): The base rate is 6.04%, with a decrease of -0.74%. The spot price is 6,460. [4] - Plastic (PE): The base rate is 3.19%, with a decrease of -0.57%. The spot price is 7,150. [4] - PVC (PVC): The base rate is 15.15%, with a decrease of -0.42%. The spot price is 5,405. [4] - Rubber (RU): The base rate is -4.03%, with an increase of 0.30%. The spot price is 14,890. [4] - 20 - Number Rubber (NR): The base rate is 7.04%, with a decrease of -0.69%. The spot price is 13,183. [4] - Soda Ash (SA): The base rate is -5.67%, with an increase of 0.01%. The spot price is 1,165. [4] - Urea (UR): The base rate is -3.37%, with an increase of 0.38%. The spot price is 1,550. [4] - Pulp (SP): The base rate is 15.06%, with no change (0.00%). The spot price is 5,258. [4] Agricultural Products - Soybeans: The base rate is -3.43%, with a decrease of -0.46%. The spot price is 3,880. [4] - Soybean Meal (M): The base rate is -0.58%, with a decrease of -0.84%. The spot price is 2,890. [4] - Rapeseed Meal (RM): The base rate is 6.60%, with an increase of 0.11%. The spot price is 2,520. [4] - Soybean Oil (Y): The base rate is 3.56%, with an increase of 0.31%. The spot price is 8,550. [4] - Rapeseed Oil (OI): The base rate is 2.37%, with an increase of 0.17%. The spot price is 9,494. [4] - Peanuts (PK): The base rate is 4.19%, with an increase of 0.24%. The spot price is 8,300. [4] - Palm Oil (P): The base rate is -0.67%, with an increase of 0.64%. The spot price is 9,250. [4] - Corn (C): The base rate is 1.85%, with an increase of 0.47%. The spot price is 2,150. [4] - Corn Starch (CS): The base rate is 5.64%, with an increase of 1.10%. The spot price is 2,510. [4] - Apples (AP): The base rate is 8.34%, with an increase of 1.64%. The spot price is 7,800. [4] - Eggs (JD): The base rate is 1.14%, with an increase of 4.81%. The spot price is 2,850. [4] - Live Hogs (LH): The base rate is -5.50%, with a decrease of -1.99%. The spot price is 11,250. [4] - Cotton (CF): The base rate is 10.09%, with a decrease of -0.49%. The spot price is 14,664. [4] - Sugar (SR): The base rate is 7.43%, with a decrease of -0.65%. The spot price is 5,810. [4] Financial Futures - CSI 300 Index Futures (IF): The base rate is -0.03%, with an increase of 0.62%. The spot price is 4,618.4. [4] - SSE 50 Index Futures (IH): The base rate is 0.01%, with a decrease of -0.13%. The spot price is 3,019.2. [4] - CSI 500 Index Futures (IC): The base rate is 2.40%, with an increase of 0.25%. The spot price is 7,225.4. [4]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core View - The report presents a comprehensive table of futures and spot market data, including base rate, changes compared to the previous day, current - month, next - month, and subsequent - month basis, contract prices, and spot prices for various commodities such as metals, agricultural products, energy, and financial futures [4]. 3. Summary by Commodity Categories Metals - **Copper (CU)**: Base rate is 0.42%, with a current - month basis of 425, spot price of 82505 (SMM 1 electrolytic copper) [4]. - **Aluminum (AL)**: Base rate is - 0.05%, decreased by - 0.02% from the previous day, current - month basis is 5, spot price of 20770 (SMM A00 aluminum) [4]. - **Zinc (ZN)**: Base rate is - 0.43%, current - month basis is - 90, spot price of 21870 (SMM 0 zinc ingot) [4]. - **Lead (PB)**: Base rate is - 0.94%, decreased by - 0.20% from the previous day, current - month basis is - 120, spot price of 16950 (SMM 1 lead ingot) [4]. - **Tin (SN)**: Base rate is 0.20%, increased by 0.26% from the previous day, current - month basis is 550, spot price of 273700 (SMM 1 tin) [4]. - **Nickel (NI)**: Base rate is 1.08%, increased by 0.44% from the previous day, current - month basis is 1660, spot price of 124050 (SMM 1 electrolytic nickel) [4]. - **Industrial Silicon**: Base rate is 5.20%, decreased by - 0.41% from the previous day, current - month basis is 480, spot price of 9500 (SMM grade 223) [4]. - **Lithium Carbonate (LC)**: Base rate is 0.20%, decreased by - 0.55% from the previous day, current - month basis is 630, spot price of 73730 (domestic 99.5% purity) [4]. - **Gold (AU)**: Base rate is 0.32%, increased by 0.11% from the previous day, current - month basis is 0.25, spot price of 851.99 (AuT + D: Shanghai Gold Exchange) [4]. - **Silver (AG)**: Base rate is - 0.56%, decreased by - 0.10% from the previous day, current - month basis is - 17, spot price of 10353 (Ag(T + D): Shanghai Gold Exchange) [4]. Ferrous Metals and Related Products - **Rebar (RB)**: Base rate is 4.20%, increased by 0.22% from the previous day, current - month basis is 226, spot price of 3300 (HRB400: 20mm: Shanghai) [4]. - **Hot - Rolled Coil (HC)**: Base rate is 1.85%, decreased by - 0.03% from the previous day, current - month basis is 0, spot price of 3420 (Q235B: 4.75mm: Shanghai) [4]. - **Iron Ore**: Base rate is 4.02%, decreased by - 0.26% from the previous day, current - month basis is 32.4, spot price of 837.9 (PB powder: 61%: Qingdao) [4]. - **Coke**: Base rate is - 6.98%, increased by 0.87% from the previous day, current - month basis is - 122.8, spot price of 1637 (quasi - first - grade ex - warehouse price: Rizhao Port) [4]. - **Power Coal**: Base rate is 11.78% (for Shanxi medium - sulfur main coking coal), decreased by - 0.84% from the previous day, current - month basis is 35.5, spot price of 1270 (Shanxi medium - sulfur main coking coal S1.3); base rate is - 0.25% (for Shanxi Q5500 at Qinhuangdao Port), current - month basis is - 94.4, spot price of 707 [4]. - **Silicon Iron (SF)**: Base rate is - 7.88%, decreased by - 1.75% from the previous day, current - month basis is - 406, spot price of 5330 (FeSi75 - B: Inner Mongolia) [4]. - **Manganese Silicon (SM)**: Base rate is 1.04%, decreased by - 0.38% from the previous day, current - month basis is 62, spot price of 6000 (FeMn68Si18: Hebei) [4]. - **Stainless Steel**: Base rate is 1.31%, decreased by - 0.27% from the previous day, current - month basis is 70, spot price of 13100 (B04/2B: 2.0*1219: Angang Lianzhong Wuxi) [4]. Agricultural Products - **Soybeans**: Base rate is 1.30%, decreased by - 0.51% from the previous day, current - month basis is 66, spot price of 3980 (domestic third - grade soybeans: Harbin) [4]. - **Soybean Meal (M)**: Base rate is - 2.25%, decreased by - 0.21% from the previous day, current - month basis is - 67, spot price of 2900 (ordinary protein soybean meal: Zhangjiagang) [4]. - **Rapeseed Meal (RM)**: Base rate is 4.75%, decreased by - 0.47% from the previous day, current - month basis is 116, spot price of 2560 (ordinary rapeseed meal: Nantong) [4]. - **Edible Oils and Oilseeds**: - **Soybean Oil (Y)**: Base rate is 3.03%, decreased by - 0.18% from the previous day, current - month basis is 248, spot price of 8440 (first - grade soybean oil: Zhangjiagang) [4]. - **Rapeseed Oil (OI)**: Base rate is - 1.0%, decreased by - 1.50% from the previous day, current - month basis is - 102, spot price of 10040 (rapeseed oil: Jiangsu) [4]. - **Peanut (PK)**: Base rate is 10.57%, decreased by - 0.23% from the previous day, current - month basis is 830, spot price of 8600 (Baisha peanuts: Changtu) [4]. - **Palm Oil**: Base rate is - 0.56%, increased by 0.60% from the previous day, current - month basis is - 52, spot price of 9170 (24 - degree palm oil: Guangdong) [4]. - **Corn**: Base rate is 6.24%, decreased by - 0.05% from the previous day, current - month basis is 167, spot price of 2300 (second - grade national standard corn at Bayuquan Port) [4]. - **Corn Starch (CS)**: Base rate is 3.48%, decreased by - 0.21% from the previous day, current - month basis is not clearly shown, spot price of 2560 (factory - price corn starch: Changchun) [4]. - **Agricultural By - products**: - **Apples (AP)**: Base rate is - 7.65%, decreased by - 1.22% from the previous day, current - month basis is - 847, spot price of 7800 (Qixia and Luochuan paper - bagged apples above 80) [4]. - **Eggs (JD)**: Base rate is 17.04%, decreased by - 0.71% from the previous day, current - month basis is 228, spot price of 3600 (eggs: Cangzhou, Hebei) [4]. - **Hogs**: Base rate is - 1.05%, decreased by - 0.44% from the previous day, current - month basis is - 760, spot price of 12550 (three - way crossbred hogs in Henan) [4]. - **Soft Commodities**: - **Cotton (CF)**: Base rate is 11.48%, increased by 0.36% from the previous day, current - month basis is 1553, spot price of 15083 (cotton price index 328: Xinjiang) [4]. - **Sugar (SR)**: Base rate is 7.38%, increased by 0.23% from the previous day, current - month basis is 405, spot price of 5890 (white sugar: Liuzhou) [4]. Chemicals - **Methanol (MA)**: Base rate is - 3.54%, decreased by - 0.31% from the previous day, current - month basis is - 84, spot price of 2273 (methanol: East China) [4]. - **Ethanol (EG)**: Base rate is 1.39%, decreased by - 0.29% from the previous day, current - month basis is not clearly shown, spot price of 4305 (ethanol: East China) [4]. - **PTA (TA)**: Base rate is - 1.45%, decreased by - 0.24% from the previous day, current - month basis is - 68, spot price of 4610 (PTA: East China) [4]. - **Polypropylene (PP)**: Base rate is 2.20%, decreased by - 0.31% from the previous day, current - month basis is 152, spot price of 7050 (Hangzhou Shaoxing Sanyuan T30S market price) [4]. - **Styrene (EB)**: Base rate is - 0.26%, decreased by - 0.22% from the previous day, current - month basis is - 50, spot price of 6940 (styrene: East China) [4]. - **Short - Fiber**: Base rate is 1.38%, decreased by - 1.22% from the previous day, current - month basis is not clearly shown, spot price of 6460 (Fangxiang semi - bright natural white 1.56*38mm polyester) [4]. - **Plastic**: Base rate is 1.55%, increased by 0.04% from the previous day, current - month basis is 111, spot price of 7280 (Yangzi Petrochemical DFDA - 7042: Hangzhou) [4]. - **PVC (V)**: Base rate is 9.52%, decreased by - 0.36% from the previous day, current - month basis is 470, spot price of 5405 (calcium carbide method: East China region) [4]. - **Rubber (RU)**: Base rate is - 4.62%, increased by 0.63% from the previous day, current - month basis is - 720, spot price of 14850 (Thai - produced: Qingdao Free Trade Zone) [4]. - **20 - Number Rubber (NR)**: Base rate is 7.19%, current - month basis is 849, spot price of 13324 (Thai 20 standard rubber: Qingdao Free Trade Zone) [4]. - **Soda Ash (SA)**: Base rate is - 6.84%, increased by 0.04% from the previous day, current - month basis is - 90, spot price of 1225 (Shahe Chongqing market price) [4]. - **Urea (UR)**: Base rate is - 3.82%, decreased by - 0.06% from the previous day, current - month basis is - 64, spot price of 1610 (small - particle urea: Henan) [4]. - **Paper Pulp (SP)**: Base rate is 13.14%, decreased by - 0.36% from the previous day, current - month basis is 411, spot price of 5725 (bleached softwood pulp: Silver Star, Chile) [4]. Energy and Chemicals - **Crude Oil (SC)**: Base rate is - 4.02%, increased by 0.13% from the previous day, current - month basis is - 20.6, spot price of 470.9 (China Shengli: Pacific Rim) [4]. - **Fuel Oil (EU)**: Base rate is 8.59%, increased by 2.29% from the previous day, current - month basis is 248, spot price of 3135 (bonded bunker fuel oil 380CST: Zhoushan) [4]. - **Asphalt (BU)**: Base rate is 1.74%, decreased by - 1.44% from the previous day, current - month basis is 115, spot price of 3500 (heavy - traffic asphalt: market price in Shandong) [4]. - **Low - Sulfur Fuel Oil (LU)**: Base rate is - 0.7%, decreased by - 0.72% from the previous day, current - month basis is - 7, spot price of 3424 (0.5% low - sulfur bunker fuel oil: Singapore) [4]. - **LPG (PG)**: Base rate is 5.41%, decreased by - 0.5% from the previous day, current - month basis is not clearly shown, spot price of 4498 (market price in Guangzhou) [4]. Financial Futures - **CSI 300 Index Futures (IF)**: Base rate is 0.69%, decreased by - 0.11% from the previous day, current - month basis is 8.5, spot price of 4593.5 [4]. - **SSE 50 Index Futures (IH)**: Base rate is - 0.03%, decreased by - 0.02% from the previous day, current - month basis is - 1.1, spot price of 2952.7 [4]. - **CSI 500 Index Futures (IC)**: Base rate is 2.44%, increased by 0.11% from the previous day, current - month basis is 48.1, spot price of 7341.3 [4].