Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated October 30, 2025, focusing on iron ore futures contract spreads, basis, and variety spreads [1] 1. Contract Spreads - **Price Changes**: I05 closed at 781.5 yuan/ton, up 13 yuan from the previous day; I09 closed at 760 yuan/ton, up 13 yuan; I01 closed at 804.5 yuan/ton, up 12 yuan [3] - **Spread Changes**: The I05 - I09 spread remained unchanged at 21.5 yuan/ton; the I09 - I01 spread increased by 1 yuan to -44.5 yuan/ton; the I01 - I05 spread decreased by 1 yuan to 23 yuan/ton [3] 2. Basis 2.1 Basis Data - **Price Changes**: Most iron ore varieties saw price increases, with the largest increase of 11 yuan for Wugang Standard Powder, and some remaining unchanged [5] - **Basis Changes**: All varieties' basis decreased, with the largest decrease of 12 yuan for Ansteel Concentrate, Benxi Concentrate, Taigang Concentrate, and Magang Concentrate [5] 2.2 Basis Charts - Basis charts are provided for different types of iron ore including Brazilian powder, Australian medium - grade powder, Australian low - grade powder, domestic ore, etc [7][8][9] 3. Variety Spreads 3.1 Variety Spread Data - **Spread Changes**: Some spreads decreased, such as PB Block - PB Powder by 1 yuan; some increased, like the spread between Carajás Fines and Newman Powder increased by 5 yuan [12] 3.2 Variety Spread Charts - Charts are presented for various variety spreads including block - powder spreads, high - medium grade powder spreads, medium - low grade powder spreads, etc [14][16][18][20] Regulatory Changes - Since December 2, the main iron ore contract is I2205. Four new deliverable varieties (Benxi Concentrate, IOC6, KUMBA, Ukrainian Concentrate) are added with brand premiums of 0 starting from the I2202 contract. New rules adjust brand premiums and quality differentials and premiums [10] - Four more varieties (Taigang Concentrate, Magang Concentrate, Wugang Standard Powder, SP10 Powder) are added as deliverable brands with brand premiums of 0 for I2312 and subsequent contracts [10] Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, with rich industry experience and professional qualifications [23]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The price of lithium carbonate is expected to fluctuate strongly but face pressure at the upper level. The driving factors for the upward breakthrough of lithium carbonate prices mainly come from three aspects: strong energy storage demand that can last until the first quarter of next year, continuous warehouse receipt cancellation, high apparent consumption and high destocking, and the fact that the resumption of mines is less than expected and one - time fees need to be paid, which falsifies the previous upper - level suppression. The price of the futures main contract is expected to range from 75,000 to 85,000 yuan/ton. It is not recommended for inter - period trading, and it is suggested to increase the proportion of selling hedging and build positions in a pyramid shape [3][4]. Summary by Relevant Catalogs 1. This Week's Price Trend - The price of lithium carbonate futures contracts was strong, breaking through 80,000 yuan/ton. The 2511 contract closed at 78,920 yuan/ton, up 3,220 yuan/ton week - on - week, and the 2601 contract closed at 79,520 yuan/ton, up 3,740 yuan/ton week - on - week. The spot price rose 2,050 yuan/ton week - on - week to 75,400 yuan/ton. The SMM spot - futures basis (2511 contract) fell 1,170 yuan/ton to - 3,520 yuan/ton, and the Fubao trader premium/discount quote was - 340 yuan/ton, down 150 yuan/ton week - on - week. The spread between the 2511 - 2601 contracts was - 600 yuan/ton, 520 yuan/ton weaker than the previous week [1]. 2. Supply and Demand Fundamentals Inventory - Lithium carbonate inventory decreased by 2,292 tons compared with last week to 130,366 tons. The destocking speed increased in October, and the apparent consumption was in a growing state. The speed of futures warehouse receipt inventory slowed down significantly, and the expected recipient changed from downstream to traders [2]. Supply - The weekly output and operating rate of lithium carbonate reached new highs again. The weekly output reached 21,308 tons, and the operating rate was 55.2%. The biggest variable this week was that the market expectation of the resumption of production at Jianxiaowo was lower than expected [2]. Demand - The energy storage market expectation was strong. Downstream cathode and battery manufacturers had high enthusiasm for spot procurement, and the willingness for physical delivery on the futures market was low. The price of 6F continued to rise to 93,000 yuan/ton, and the prices of cathode materials and batteries continued to rise [2]. 3. Outlook Unilateral - The price is expected to fluctuate strongly, but there is pressure at the upper level. The price of the futures main contract is expected to range from 75,000 to 85,000 yuan/ton [3]. Inter - period - Not recommended. The upward movement of the unilateral price weakens the basis, but the inventory is expected to continue to be destocked [4]. Hedging - It is recommended to increase the proportion of selling hedging and build positions in a pyramid shape [4].

Group 1: Report Information - Report Title: Urea Futures Basis Report [2] - Report Date: October 24, 2025 [3] Group 2: Price Information - Urea Futures Prices: The main urea contract stabilized and rebounded. The January contract increased by 34 yuan/ton week-on-week to 1638 yuan/ton; the May contract increased by 35 yuan/ton week-on-week to 1710 yuan/ton; the September contract increased by 36 yuan/ton week-on-week to 1740 yuan/ton [4]. - Spot Prices: The overall weekly change in spot prices was between -20 and 20 yuan/ton. With the improvement of weather, agricultural demand gradually started, terminal sales improved, downstream factories started to purchase, the operating load of compound fertilizer factories rebounded, and the autumn fertilizer cleanup was in progress. However, the continuity of agricultural demand is expected to be short, and there is currently no significant upward driving force, limiting the upside of the futures market [4]. Group 3: Basis Information - Basis Weakening: The futures price increase was greater than the spot price increase, and the basis of the main contract weakened weekly. Taking Shandong as the benchmark, the basis of the 01 contract decreased by 44 yuan/ton weekly to -88 yuan/ton, the basis of the 05 contract decreased by 45 yuan/ton weekly to -160 yuan/ton, and the basis of the 09 contract decreased by 46 yuan/ton weekly to -190 yuan/ton [4]. - Regional Basis Data: The report also provides the basis data for different regions (Shandong, Henan, Hebei, Anhui, Jiangsu, Hubei), including the latest basis, historical maximum, minimum, and average values [3]. Group 4: Spread Information - Term Structure: Urea maintained a contango structure with near-term contracts weaker than far-term contracts. The 1 - 5 spread was -72 yuan/ton, increasing by 1 yuan/ton weekly [4].

Report Date - The report is dated October 24, 2025 [3] Commodity Price Information Ferrous Metals - 72-silicon iron qualified blocks (Inner Mongolia - Tianjin warehouse receipt) have a conversion price of 5574, a change of 0.07%, and a historical quantile of 57.70%. The futures price of silicon iron (SF601) is 5578, with a change of 4 and a change rate of 2.27% [1] - The conversion price of 6517-silicon manganese (Inner Mongolia - Hubei warehouse receipt) is up 49.60%. The futures price of silicon manganese (SM601) is 5950, and the spot price is 5818 [1] - HRB400 20mm rebar in Shanghai has a spot price of 3220, a change of 4.85%, and a historical quantile of 63.10%. The futures price of rebar (RB2601) is 3071, with a basis of 149 and a basis rate of 4.85% [1] - Q235B 4.75mm hot-rolled coil in Shanghai has a spot price of 3300, a change of 1.35%, and a historical quantile of 37.30%. The futures price of hot-rolled coil (HC2601) is 3256, with a basis of 44 and a basis rate of 1.35% [1] - The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 777, a change of 7.90%, and a historical quantile of 49.70%. The futures price of iron ore (I2601) is 838, with a change of -122 and a change rate of -6.91% [1] - The conversion price of quasi-primary metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is up 5.83%. The futures price of coke (J2601) is 1646, and the spot price is 1768, with a basis of -122 and a basis rate of -6.91% [1] - The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is up 4.73%. The futures price of coking coal (JM2601) is 1318, and the spot price is 1259, with a basis of 59 and a basis rate of 4.73% [1] Non-ferrous Metals - The SMM average price of copper has a change of -0.67%. The futures price of copper (CU2512) is 86070, and the spot price is 85490, with a basis of 580 and a basis rate of 0.68% [1] - The SMM average price of A00 aluminum has a change of -125 (-0.59%). The futures price of aluminum (AL2512) is 21165, and the spot price is 21040, with a basis of -125 and a basis rate of -0.59% [1] - The SMM average price of alumina has a change of -315 (-1.41%). The futures price of alumina (AO2601) is 22345, and the spot price is 22030, with a basis of 315 and a basis rate of 1.43% [1] - The SMM average price of 1 zinc ingot has a change of -55 (-0.44%). The futures price of zinc (ZN2512) is 22345, and the spot price is 22030, with a basis of 315 and a basis rate of 1.41% [1] - The SMM average price of 1 tin has a change of 300. The futures price of tin (SN2512) is 281230, and the spot price is 280000, with a basis of -1230 and a basis rate of -0.44% [1] - The SMM average price of 1 imported nickel has a change of -0.07%. The futures price of nickel (NI2512) is 121380, and the spot price is 121300, with a basis of 80 and a basis rate of 0.07% [1] - The price of 304/2B stainless steel (2*1240*C, including trimming fee) in Wuxi Hongwang has a change of 405. The futures price of stainless steel (SS2512) is 13170, and the spot price is 12765, with a basis of 405 and a basis rate of 3.17% [1] - The price of battery-grade lithium carbonate has a change of -5140 (-6.48%). The futures price of lithium carbonate (LC2601) is 74800, and the spot price is 79940, with a basis of -5140 and a basis rate of -6.48% [1] Precious Metals - The price of gold (AU2512) has a change of -2.1 (-0.28%). The futures price is 942.3, and the spot price of Shanghai Gold Exchange's gold (T+D) is 940.1, with a basis of -2.2 and a basis rate of -0.23% [1] - The price of silver (AG2512) has a change of -4.0. The futures price is 11467.0, and the spot price of Shanghai Gold Exchange's silver (T+D) is 11463.0, with a basis of -4.0 and a basis rate of -0.04% [1] Agricultural Products - The price of soybean meal (M2601) has a change of -1.97%. The futures price is 2880, and the spot price of ordinary protein soybean meal in Jiangsu Zhangjiagang is 2938.0, with a basis of 58.0 and a basis rate of 1.98% [1] - The price of soybean oil (Y2601) has a change of -1.34%. The futures price is 8340, and the spot price of fourth-grade soybean oil in Jiangsu Zhangjiagang is 8188.0, with a basis of -152.0 and a basis rate of -1.82% [1] - The price of palm oil (P2601) has a change of -122.0. The futures price is 9010, and the spot price of palm oil at Huangpu Port is 9132.0, with a basis of -122.0 and a basis rate of -1.34% [1] - The price of rapeseed meal (RM601) has a change of 3.11%. The futures price is 2339.0, and the spot price of ordinary rapeseed meal in Guangdong Zhanjiang is 2470, with a basis of 131.0 and a basis rate of 5.52% [1] - The price of rapeseed oil (OI601) has a change of 303.0. The futures price is 10060, and the spot price of fourth-grade rapeseed oil in Jiangsu Nantong is 9757.0, with a basis of 303.0 and a basis rate of 3.11% [1] - The price of corn (C2601) has a change of 20.0. The futures price is 2140.0, and the spot price of corn at Jinzhou Port is 2160, with a basis of 20.0 and a basis rate of 0.93% [1] - The price of corn starch (CS2601) has a change of 100.0. The futures price is 2450.0, and the spot price of corn starch in Jilin Changchun is 2550, with a basis of 100.0 and a basis rate of 4.08% [1] - The price of live pigs (LH2601) has a change of -350.0. The futures price is 11850, and the spot price of live pigs (outer ternary) in Henan is 12200.0, with a basis of -350.0 and a basis rate of -2.87% [1] - The price of eggs (JD2512) has a change of -157.0. The futures price is 2870, and the spot price of eggs in Hebei Shijiazhuang is 3027.0, with a basis of -157.0 and a basis rate of -5.19% [1] - The price of cotton (CF601) has a change of 1077.0. The futures price is 14652, and the spot price of cotton (3128B) in Xinjiang is 13575.0, with a basis of 1077.0 and a basis rate of 7.93% [1] - The price of white sugar (SR601) has a change of 333.0. The futures price is 5457.0, and the spot price of white sugar at Liuzhou Station is 5790, with a basis of 333.0 and a basis rate of 6.10% [1] - The price of apples (AP601) has a change of 10.0. The futures price is 8840, and the spot price of apples (delivery theoretical price) is 8830.0, with a basis of 10.0 and a basis rate of 0.11% [1] - The price of red dates (CJ601) has a change of -1565.0. The futures price is 9600, and the spot price of first-grade grey dates in Hebei is 11165.0, with a basis of -1565.0 and a basis rate of -14.02% [1] Energy and Chemicals - The price of paraxylene (PX601) has a change of 161.0. The futures price is 6657.0, and the spot price of paraxylene at Chinese main ports (CFR, converted to RMB) is 6496.0, with a basis of 161.0 and a basis rate of 2.48% [1] - The price of purified terephthalic acid (PTA) (TA601) has a change of -78.0. The futures price is 4430.0, and the spot price of PTA in East China is 4508.0, with a basis of -78.0 and a basis rate of -1.73% [1] - The price of ethylene glycol (EG2601) has a change of 100.0. The futures price is 4195.0, and the spot price of ethylene glycol in East China is 4095.0, with a basis of 100.0 and a basis rate of 2.44% [1] - The price of polyester staple fiber (PF512) has a change of 155.0. The futures price is 6160.0, and the spot price of polyester staple fiber (1.4D*38mm, direct spinning) in East China is 6315.0, with a basis of 155.0 and a basis rate of 2.45% [1] - The price of styrene (EB2512) has a change of 40.0. The futures price is 6545.0, and the spot price of styrene in East China is 6585.0, with a basis of -40.0 and a basis rate of -0.61% [1] - The price of methanol (MA601) has a change of -42.0. The futures price is 2292.0, and the spot price of methanol in Jiangsu Taicang is 2250.0, with a basis of 42.0 and a basis rate of 1.87% [1] - The price of urea (UR601) has a change of -88.0. The futures price is 1550.0, and the spot price of urea (small granules) in Shandong is 1638.0, with a basis of -88.0 and a basis rate of -5.37% [1] - The price of linear low-density polyethylene (LLDPE) (L2601) has a change of 1.0. The futures price is 6999.0, and the spot price of LLDPE (film grade) in Shandong is 7000.0, with a basis of 1.0 and a basis rate of 0.01% [1] - The price of polypropylene (PP) (PP2601) has a change of -101.0. The futures price is 6691.0, and the spot price of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6590.0, with a basis of 101.0 and a basis rate of 1.53% [1] - The price of polyvinyl chloride (PVC) (V2601) has a change of -120.0. The futures price is 4610.0, and the spot price of PVC (SG - 5) in Changzhou is 4730.0, with a basis of -120.0 and a basis rate of -2.54% [1] - The price of caustic soda (SH601) has a change of 178.0. The futures price is 2385.0, and the spot price of caustic soda (32% ion - membrane caustic soda, converted to 100%) in Shandong is 2563.0, with a basis of 178.0 and a basis rate of 7.47% [1] - The price of liquefied petroleum gas (LPG) (PG2512) has a change of 162.0. The futures price is 4236.0, and the spot price of LPG in Guangzhou is 4398.0, with a basis of -162.0 and a basis rate of -3.68% [1] - The price of asphalt (BU2601) has a change of 63.0. The futures price is 3277.0, and the spot price of asphalt (heavy - traffic asphalt) in Shandong is 3340.0, with a basis of 63.0 and a basis rate of 1.92% [1] - The price of butadiene rubber (BR2512) has a change of 80.0. The futures price is 11200.0, and the spot price of butadiene rubber (Daqing, BR9000) in China is 11120.0, with a basis of 80.0 and a basis rate of 0.72% [1] - The price of float glass (FG601) has a change of -68.0. The futures price is 1040.0, and the spot price of 5mm float glass in Shahe is 1108.0, with a basis of -68.0 and a basis rate of -6.14% [1] - The price of soda ash (SA601) has a change of -50.0. The futures price is 1185.0, and the spot price of heavy - quality soda ash in Shahe is 1235.0, with a basis of -50.0 and a basis rate of -4.05% [1] - The price of natural rubber (RU2601) has a change of -695.0. The futures price is 14550.0, and the spot price of natural rubber (Yunnan state - owned full - latex) in Shanghai is 15245.0, with a basis of -695.0 and a basis rate of -4.56% [1] Stock Index Futures and Bond Futures - The price of IF2512.CFE has a change of -25.5 (-0.55%). The futures price is 4606.3, and the basis is -3.1, with a basis rate of -0.10% [1] - The price of IH2512.CFE has a change

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on October 23, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Category Power Coal - Basis data from October 16 - 22, 2025, shows that the basis on October 22 was - 39.4 yuan/ton, gradually increasing from - 60.4 yuan/ton on October 16 [2]. - The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads were all 0 during this period [2]. Energy Chemicals Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 16 - 22, 2025, are presented, with values such as - 45.52 yuan/ton for fuel oil on October 22 [7]. - The ratio data for these commodities are also provided, e.g., the ratio of INE crude oil was 0.1397 on October 22 [7]. Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from October 16 - 22, 2025, are given. For example, the basis of rubber was - 750 yuan/ton on October 22 [9]. - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For instance, the 5 - month minus 1 - month spread of rubber was - 10 yuan/ton [10]. - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from October 16 - 22, 2025, are shown. For example, the LLDPE - PVC spread was 2208 yuan/ton on October 22 [10]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from October 16 - 22, 2025, are presented. For example, the basis of rebar was 162.0 yuan/ton on October 22 [20]. - Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month minus 1 - month spread of rebar was 53 yuan/ton [19]. - Inter - variety spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from October 16 - 22, 2025, are shown. For example, the rebar/iron ore ratio was 3.95 on October 22 [19]. Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from October 16 - 22, 2025, are given. For example, the basis of copper was - 450 yuan/ton on October 22 [28]. London Market - LME data for copper, aluminum, zinc, lead, nickel, and tin on October 22, 2025, including LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss, are presented. For example, the LME premium/discount of copper was (6.36) [31]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 16 - 22, 2025, are provided. For example, the basis of soybeans No.1 was - 77 yuan/ton on October 22 [39]. - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 42 yuan/ton [38]. - Inter - variety spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from October 16 - 22, 2025, are shown. For example, the soybeans No.1/corn ratio was 1.90 on October 22 [38]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from October 16 - 22, 2025, are presented. For example, the basis of CSI 300 was 29.17 on October 22 [50]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month minus current - month and next - quarter minus current - quarter, are provided. For example, the next - month minus current - month spread of CSI 300 was - 37.8 [52].

Report Overview - The report is a daily spread report for all varieties on October 23, 2025, with data from Wind, Mysteel, and GF Futures Research Institute [2] Commodity Market Analysis Ferrous Metals - For silicon iron (SF601), the futures price is 5578, the spot price is 5538, the basis is 40, and the historical quantile is 61.20% [1] - For silicon manganese (SM601), the futures price is 5810, the spot price is 5950, the basis is -140, and the historical quantile is 50.80% [1] - For rebar (RB2601), the futures price is 3068, the spot price is 3210, the basis is 142, and the historical quantile is 61.40% [1] - For hot - rolled coil (HC2601), the futures price is 3247, the spot price is 3280, the basis is 33, and the historical quantile is 31.80% [1] - For iron ore (I2601), the futures price is 838, the spot price is 774, the basis is 64, and the historical quantile is 51.30% [1] - For coke (J2601), the futures price is 1624, the spot price is 1710, the basis is -86, and the historical quantile is 19.55% [1] - For coking coal (JM2601), the futures price is 1293, the spot price is 1210, the basis is 83, and the historical quantile is 46.90% [1] Non - ferrous Metals - For copper (CU2512), the futures price is 85420, the spot price is 84955, the basis is -465, and the historical quantile is 12.50% [1] - For aluminum (AL2512), the futures price is 20980, the spot price is 21045, the basis is -65, and the historical quantile is 31.87% [1] - For zinc (ZN2512), the futures price is 21830, the spot price is 22000, the basis is -170, and the historical quantile is 17.50% [1] - For tin (SN2511), the futures price is 281000, the spot price is 281680, the basis is -680, and the historical quantile is 28.12% [1] - For nickel (NI2512), the futures price is 121380, the spot price is 121250, the basis is -130, and the historical quantile is 46.25% [1] - For stainless steel (SS2512), the futures price is 12710, the spot price is 13170, the basis is 460, and the historical quantile is 85.40% [1] - For industrial silicon (SI2511), the futures price is 9350, the spot price is 8485, the basis is 865, and the historical quantile is 58.64% [1] Precious Metals - For gold (AU2512), the futures price is 948.8, the spot price is 952.6, the basis is -3.8, and the historical quantile is 14.60% [1] - For silver (AG2512), the futures price is 11381.0, the spot price is 11404.0, the basis is -23.0, and the historical quantile is 40.90% [1] Agricultural Products - For soybean meal (M2601), the futures price is 2885.0, the spot price is 2850, the basis is -35.0, and the historical quantile is 30.40% [1] - For soybean oil (Y2601), the futures price is 8238.0, the spot price is 8380, the basis is 142.0, and the historical quantile is 28.70% [1] - For palm oil (P2601), the futures price is 9164.0, the spot price is 9090, the basis is -74.0, and the historical quantile is 7.40% [1] - For rapeseed meal (RM601), the futures price is 2307.0, the spot price is 2450, the basis is 143.0, and the historical quantile is 71.90% [1] - For rapeseed oil (OI601), the futures price is 9834.0, the spot price is 10160, the basis is 326.0, and the historical quantile is 82.60% [1] - For corn (C2601), the futures price is 2133.0, the spot price is 2180, the basis is 47.0, and the historical quantile is 64.90% [1] - For corn starch (CS2601), the futures price is 2426.0, the spot price is 2550, the basis is 124.0, and the historical quantile is 63.30% [1] - For live pigs (LH2601), the futures price is 11950, the spot price is 12220.0, the basis is -270.0, and the historical quantile is 35.70% [1] - For eggs (JD2512), the futures price is 2925.0, the spot price is 2780, the basis is -145.0, and the historical quantile is 22.50% [1] - For cotton (CF601), the futures price is 13535.0, the spot price is 14643, the basis is 1108.0, and the historical quantile is 73.30% [1] - For white sugar (SR601), the futures price is 5426.0, the spot price is 5800, the basis is 374.0, and the historical quantile is 64.50% [1] - For apples (AP601), the futures price is 8840, the spot price is 8794.0, the basis is -46.0, and the historical quantile is 24.10% [1] - For red dates (CJ601), the futures price is 11265.0, the spot price is 9600, the basis is -1665.0, and the historical quantile is 27.10% [1] Energy and Chemicals - For paraxylene (PX601), the futures price is 6553.0, the spot price is 6450.0, the basis is -103.0, and the historical quantile is 12.30% [1] - For PTA (TA601), the futures price is 4390.0, the spot price is 4482.0, the basis is -92.0, and the historical quantile is 20.00% [1] - For ethylene glycol (EG2601), the futures price is 4135.0, the spot price is 4051.0, the basis is 84.0, and the historical quantile is 75.00% [1] - For polyester staple fiber (PF512), the futures price is 6136.0, the spot price is 6300.0, the basis is 164.0, and the historical quantile is 74.20% [1] - For styrene (EB2511), the futures price is 6538.0, the spot price is 6510.0, the basis is -28.0, and the historical quantile is 75.20% [1] - For methanol (MA601), the futures price is 2242.0, the spot price is 2261.0, the basis is -19.0, and the historical quantile is 54.10% [1] - For urea (UR601), the futures price is 1621.0, the spot price is 1540.0, the basis is -81.0, and the historical quantile is 5.40% [1] - For LLDPE (L2601), the futures price is 6936.0, the spot price is 6970.0, the basis is 34.0, and the historical quantile is 57.00% [1] - For PP (PP2601), the futures price is 6540.0, the spot price is 6619.0, the basis is -79.0, and the historical quantile is 48.30% [1] - For PVC (V2601), the futures price is 4600.0, the spot price is 4719.0, the basis is -119.0, and the historical quantile is 32.80% [1] - For caustic soda (SH601), the futures price is 2562.5, the spot price is 2380.0, the basis is 182.5, and the historical quantile is 70.90% [1] - For LPG (PG2512), the futures price is 4398.0, the spot price is 4174.0, the basis is 224.0, and the historical quantile is 47.90% [1] - For asphalt (BU2601), the futures price is 3330.0, the spot price is 3249.0, the basis is 81.0, and the historical quantile is 93.40% [1] - For butadiene rubber (BR2512), the futures price is 11050.0, the spot price is 11200.0, the basis is 150.0, and the historical quantile is 61.70% [1] - For glass (FG601), the futures price is 1040.0, the spot price is 1094.0, the basis is -54.0, and the historical quantile is 56.51% [1] - For soda ash (SA601), the futures price is 1223.0, the spot price is 1173.0, the basis is -50.0, and the historical quantile is 20.79% [1] - For natural rubber (RU2601), the futures price is 15150.0, the spot price is 14400.0, the basis is -750.0, and the historical quantile is 50.00% [1] Financial Futures - For IF2512.CFE, the futures price is 4563.4, the spot price is 4592.6, the basis is -29.2, and the historical quantile is 13.80% [1] - For IH2512.CFE, the futures price is 3005.6, the spot price is 3010.1, the basis is -4.5, and the historical quantile is 36.00% [1] - For IC2512.CFE, the futures price is 7011.6, the spot price is 7128.5, the basis is -116.9, and the historical quantile is 1.80% [1] - For IM2512.CFE, the futures price is 7163.2, the spot price is 7312.2, the basis is -149.0, and the historical quantile is 10.10% [1] - For 2 - year bond (TS2512), the futures price is 99.94, the spot price is 102.37, the basis is -0.02, and the historical quantile is 20.00% [1] - For 5 - year bond (TF2512), the futures price is 99.39, the spot price is 105.72, the basis is -0.04, and the historical quantile is 21.80% [1] - For 10 - year bond (T2512), the futures price is 100.19, the spot price is 108.10, the basis is 0.05, and the historical quantile is 21.10% [1] - For 30 - year bond (TL2512), the futures price is 129.31, the spot price is 114.48, the basis is 0.28, and the historical quantile is 37.50% [1]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Report Core View The report presents the basis, spot price, futures price, basis rate, historical quantile, and spot reference of various commodities across different sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemicals, and financial futures on October 22, 2025 [1][3]. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF601)**: The conversion price of 72 - silicon iron qualified blocks in Inner Mongolia - Tianjin warehouse receipts is 5528, the previous price was 5474, with a change of 0.99% and a historical quantile of 62.50% [1]. - **Silicon Manganese (SM601)**: The price is 5950, the previous price was 5746, a change of 3.59% and a historical quantile of 61.30%. The conversion price is 6517 for silicon manganese in Inner Mongolia - Hubei warehouse receipts [1]. - **Rebar (RB2601)**: The price is 3200, the previous price was 3047, a change of 5.02% and a historical quantile of 64.10%. The reference is HRB400 20mm in Shanghai [1]. - **Hot - Rolled Coil (HC2601)**: The price is 3270, the previous price was 3219, a change of 1.58% and a historical quantile of 40.50%. The reference is Q235B 4.75mm in Shanghai [1]. - **Iron Ore (I2601)**: The price is 835, the previous price was 770, a change of 8.54% and a historical quantile of 52.30%. The conversion price is for 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port [1]. - **Coke (J2601)**: The price is 1603, the previous price was 1672, a change of - 4.15% and a historical quantile of 27.76%. The conversion price is for quasi - first - grade metallurgical coke at Rizhao Port [1]. - **Coking Coal (JM2601)**: The price is 1277, the previous price was 1177, a change of 8.50% and a historical quantile of 51.20%. The conversion price is for S1.3 G75 main coking coal (Mongolian 5) at Shaheyi [1]. Non - Ferrous Metals - **Copper (CU2512)**: The spot price is 85730, the futures price is 85400, the basis is 330, the basis rate is 0.39%, and the historical quantile is 78.33%. The reference is the SMM 1 computer copper average price [1]. - **Aluminum (AL2512)**: The spot price is 20970, the futures price is 20965, the basis is 5, the basis rate is 0.02%, and the historical quantile is 60.00%. The reference is the SMM A00 aluminum average price [1]. - **Alumina (AO2601)**: The spot price is 2900, the futures price is 2810, the basis is 90, the basis rate is 3.21%, and the historical quantile is 50.66%. The reference is the SMM alumina average price [1]. - **Zinc (ZN2512)**: The spot price is 21870, the futures price is 21970, the basis is - 100, the basis rate is - 0.46%, and the historical quantile is 33.33%. The reference is the SMM 1 zinc ingot average price [1]. - **Tin (SN2511)**: The spot price is 281300, the futures price is 280870, the basis is 430, the basis rate is 0.15%, and the historical quantile is 63.12%. The reference is the SMM 1 tin average price [1]. - **Nickel (NISE12)**: The spot price is 121700, the futures price is 121180, the basis is 520, the basis rate is 0.43%, and the historical quantile is 82.08%. The reference is the SMM 1 imported nickel average price [1]. - **Stainless Steel (SS2512)**: The spot price is 13170, the futures price is 12665, the basis is 505, the basis rate is 3.99%, and the historical quantile is 89.91%. The reference is 304/2B 2*1240*C from Wuxi Hongwang (including trimming fees) [1]. - **Lithium Carbonate (LC2601)**: The spot price is 74100, the futures price is 75980, the basis is - 1880, the basis rate is - 2.47%, and the historical quantile is 27.53%. The reference is the SMM battery - grade lithium carbonate average price [1]. - **Industrial Silicon (SI2511)**: The spot price is 9350, the futures price is 8505, the basis is 845, the basis rate is 9.94%, and the historical quantile is 57.93%. The reference is the SMM average price [1]. Precious Metals - **Gold (AU2512)**: The spot price is 986.9, the futures price is 994.1, the basis is - 7.2, the basis rate is - 0.72%, and the historical quantile is 0.20%. The reference is the Shanghai Gold Exchange gold spot AU (T + D) [1]. - **Silver (AG2512)**: The spot price is 11759.0, the futures price is 11805.0, the basis is - 46.0, the basis rate is - 0.39%, and the historical quantile is 11.00%. The reference is the Shanghai Gold Exchange silver spot AG (T + D) [1]. Agricultural Products - **Soybean Meal (M2601)**: The spot price is 2870, the futures price is 2889.0, the basis is - 19.0, the basis rate is - 0.66%, and the historical quantile is 32.20%. The reference is the ex - factory price of ordinary protein soybean meal in Jiangsu Zhangjiagang [1]. - **Soybean Oil (Y2601)**: The spot price is 8460, the futures price is 8294.0, the basis is 166.0, the basis rate is 2.00%, and the historical quantile is 34.00%. The reference is the ex - factory price of grade - four soybean oil in Jiangsu Zhangjiagang [1]. - **Palm Oil (P2601)**: The spot price is 9260, the futures price is 9294.0, the basis is - 34.0, the basis rate is - 0.37%, and the historical quantile is 13.80%. The reference is the delivery price of palm oil at Huangpu Port [1]. - **Rapeseed Meal (RM601)**: The spot price is 2480, the futures price is 2321.0, the basis is 159.0, the basis rate is 6.85%, and the historical quantile is 73.40%. The reference is the ex - factory price of ordinary rapeseed meal in Guangdong Zhanjiang [1]. - **Rapeseed Oil (OI601)**: The spot price is 10210, the futures price is 9864.0, the basis is 346.0, the basis rate is 3.51%, and the historical quantile is 82.60%. The reference is the ex - factory price of grade - four rapeseed oil in Jiangsu Nantong [1]. - **Corn (C2601)**: The spot price is 2180, the futures price is 2144.0, the basis is 36.0, the basis rate is 1.68%, and the historical quantile is 57.90%. The reference is the flat - hatch price of corn at Xizhou Port [1]. - **Corn Starch (CS2601)**: The spot price is 2550, the futures price is 2429.0, the basis is 121.0, the basis rate is 4.98%, and the historical quantile is 61.50%. The reference is the ex - factory price of corn starch in Jilin Changchun [1]. - **Live Hogs (LH2601)**: The spot price is 11450, the futures price is 12235.0, the basis is - 785.0, the basis rate is - 6.42%, and the historical quantile is 22.50%. The reference is the ex - factory price of live hogs (outer ternary) in Henan [1]. - **Eggs (JD2512)**: The spot price is 2780, the futures price is 2946.0, the basis is - 166.0, the basis rate is - 5.63%, and the historical quantile is 21.10%. The reference is the average price of eggs in Hebei Shijiazhuang [1]. - **Cotton (CF601)**: The spot price is 14586, the futures price is 13540.0, the basis is 1046.0, the basis rate is 7.73%, and the historical quantile is 63.70%. The reference is the arrival price of cotton 3128B in Xinjiang [1]. - **Sugar (SR601)**: The spot price is 5810, the futures price is 5438.0, the basis is 372.0, the basis rate is 6.84%, and the historical quantile is 63.80%. The reference is the spot price of white sugar at Liuzhou Station [1]. - **Apples (AP601)**: The spot price is 8840, the futures price is 8850.0, the basis is - 10.0, the basis rate is - 0.11%, and the historical quantile is 17.10%. The reference is the delivery theoretical price of apples [1]. - **Jujubes (CJ601)**: The spot price is 9600, the futures price is 11380.0, the basis is - 1780.0, the basis rate is - 15.64%, and the historical quantile is 22.30%. The reference is the wholesale price of first - grade grey jujubes in Hebei [1]. Energy and Chemicals - **Para - Xylene (PX601)**: The spot price is 6431.0, the futures price is 6332.0, the basis is 99.0, the basis rate is 1.60%, and the historical quantile is 12.30%. The reference is the spot price (CFR) of para - xylene at Chinese main ports converted into RMB [1]. - **PTA (TA601)**: The spot price is 4330.0, the futures price is 4414.0, the basis is - 84.0, the basis rate is - 2.04%, and the historical quantile is 20.00%. The reference is the market price (mid - price) of purified terephthalic acid (PTA) in East China [1]. - **Ethylene Glycol (EG2601)**: The spot price is 4100.0, the futures price is 4004.0, the basis is 96.0, the basis rate is 1.05%, and the historical quantile is 75.00%. The reference is the market price (mid - price) of ethylene glycol (MEG) in East China [1]. - **Polyester Staple Fiber (PF512)**: The spot price is 6285.0, the futures price is 6070.0, the basis is 215.0, the basis rate is 2.19%, and the historical quantile is 74.20%. The reference is the market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spun)) in the East China market [1]. - **Styrene (EB2511)**: The spot price is 6465.0, the futures price is 6438.0, the basis is 27.0, the basis rate is 4.64%, and the historical quantile is 75.20%. The reference is the market price (spot benchmark price) of styrene in East China, China [1]. - **Methanol (MA601)**: The spot price is 2262.0, the futures price is 2268.0, the basis is - 6.0, the basis rate is - 0.27%, and the historical quantile is 54.00%. The reference is the market price (spot benchmark price) of methanol in Jiangsu Taicang, China [1]. - **Urea (UR601)**: The spot price is 1540.0, the futures price is 1609.0, the basis is - 69.0, the basis rate is - 2.24%, and the historical quantile is 5.40%. The reference is the market price (mainstream price) of small - particle urea in Shandong [1]. - **LLDPE (L2601)**: The spot price is 6945.0, the futures price is 6883.0, the basis is 62.0, the basis rate is 1.86%, and the historical quantile is 56.90%. The reference is the duty - paid self - pick - up price (mid - price) of linear low - density polyethylene LLDPE (film grade) in Shandong [1]. - **PP (PP2601)**: The spot price is 6540.0, the futures price is 6583.0, the basis is - 43.0, the basis rate is - 0.66%, and the historical quantile is 48.20%. The reference is the duty - paid self - pick - up price (mid - price) of polypropylene PP (拉丝级, melt index 2 - 4) in Zhejiang [1]. - **PVC (V2601)**: The spot price is 4600.0, the futures price is 4699.0, the basis is - 99.0, the basis rate is - 3.7%, and the historical quantile is 32.70%. The reference is the market price (mainstream price) of polyvinyl chloride (SG - 5) in the Changzhou market, China [1]. - **Caustic Soda (SH601)**: The spot price is 2562.5, the futures price is 2375.0, the basis is 187.5, the basis rate is 5.34%, and the historical quantile is 71.00%. The reference is the market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in the Shandong market converted to 100% [1]. - **LPG (PG2512)**: The spot price is 4448.0, the futures price is 4091.0, the basis is 357.0, the basis rate is 6.40%, and the historical quantile is 47.80%. The reference is the market price of liquefied petroleum gas in the Guangzhou area [1]. - **Asphalt (BU2601)**: The spot price is 3340.0, the futures price is 3157.0, the basis is 183.0, the basis rate is 11.40%, and the historical quantile is 93.40%. The reference is the market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong [1]. - **Butadiene Rubber (BR2512)**: The spot price is 11000.0, the futures price

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The supply of live pigs is postponed, and the price center continues to move down [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The spot price of live pigs in Henan is 11,280 yuan/ton, in Sichuan is 10,800 yuan/ton, and in Guangdong is 11,460 yuan/ton, with year - on - year increases of 150 yuan/ton, 150 yuan/ton, and 100 yuan/ton respectively [1]. - **Futures Prices**: The prices of live pig futures contracts 2511, 2601, and 2603 are 11,165 yuan/ton, 11,905 yuan/ton, and 11,540 yuan/ton respectively, with year - on - year decreases of 235 yuan/ton, 290 yuan/ton, and 125 yuan/ton respectively [1]. - **Trading Volume and Open Interest**: The trading volume of live pig futures contract 2511 is 33,489 lots, a decrease of 9,492 lots from the previous day, with an open interest of 41,232 lots, a decrease of 3,573 lots. The trading volume of contract 2601 is 80,026 lots, an increase of 28,549 lots, with an open interest of 105,012 lots, an increase of 14,112 lots. The trading volume of contract 2603 is 16,872 lots, an increase of 951 lots, with an open interest of 77,419 lots, an increase of 1,948 lots [1]. 3.2 Market Information - Shennong's Yunnan and Guangxi warehouses registered 90 lots of warehouse receipts, and Guizhou Zhenfeng Fuyuan registered 21 lots of warehouse receipts [2]. 3.3 Trend Intensity - The trend intensity is - 2, indicating the most bearish view [3]. 3.4 Futures Research - **Basis**: The basis of live pig futures contracts 2511, 2601, and 2603 are 55 yuan/ton, 365 yuan/ton, and - 165 yuan/ton respectively, with year - on - year changes of 115 yuan/ton, 385 yuan/ton, and - 625 yuan/ton [4]. - **Spreads**: The spreads of live pig futures contracts 11 - 1 and 1 - 3 are 440 yuan/ton and - 260 yuan/ton respectively, with year - on - year changes of 275 yuan/ton and - 740 yuan/ton [4].

Report Title - Palm Oil: Tax Increase Supports B50, Focus on Downward Support for Palm Oil; Soybean Oil: Range-Bound, Monitor China-US Economic and Trade Relations [1] Report Date - October 17, 2025 [1] Industry Investment Rating - Not provided Core Views - Palm oil is supported by tax increase for B50, and attention should be paid to its downward support; soybean oil is expected to trade within a range, and the China-US economic and trade relations should be monitored [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing prices and price changes of palm oil, soybean oil, rapeseed oil, Malaysian palm oil, and CBOT soybean oil futures are presented, along with trading volume and open interest changes [1] - **Spot Data**: Spot prices and price changes of palm oil, soybean oil, rapeseed oil, and Malaysian palm oil are provided, as well as spot basis data [1] - **Spread Data**: Futures spreads between different oil varieties and spreads within the same variety are given, including changes compared to previous trading days [1] Macro and Industry News - From October 1 - 15, 2025, Malaysian palm oil yield per unit area increased by 5.76% month-on-month, oil extraction rate increased by 0.21% month-on-month, and production increased by 6.86% month-on-month, according to SPPOMA data [2] - On Thursday, CBOT soybean futures closed higher, with the benchmark contract up 0.5% due to strong domestic demand offsetting trade concerns [3] - China has not completed most of its soybean procurement for December and January shipments due to high Brazilian soybean premiums [4] - Speculative funds net bought 3500 lots of soybeans on Thursday, compared to 4000 lots on Wednesday [4] - The NOPA's September soybean crushing volume was 197.863 million bushels, a 4.24% increase from the previous month and an 11.6% increase year-on-year, setting the fourth-highest monthly record and the highest for the same period in history [4] - The US urged South Korea to increase soybean imports [5] Trend Intensity - The trend intensity of palm oil and soybean oil is both rated as 1, indicating a neutral outlook [6]

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated October 16, 2025, provided by Guangqi Research [1] Report Industry Investment Rating - No investment rating is provided in the report Core Viewpoints - The report presents daily monitoring data on iron ore futures contracts, basis, and variety spreads, along with relevant policy adjustments to the iron ore futures contract delivery rules [3][5][10] Summary by Directory Futures Contracts and Spreads - **Contract Prices**: I05 closed at 754.0 yuan/ton, down 7.0 yuan from the previous day; I09 closed at 733.0 yuan/ton, down 6.5 yuan; I01 closed at 776.5 yuan/ton, down 5.5 yuan [3] - **Contract Spreads**: The I05 - I09 spread was 21.0 yuan/ton, down 0.5 yuan; the I09 - I01 spread was -43.5 yuan/ton, down 1.0 yuan; the I01 - I05 spread was 22.5 yuan/ton, up 1.5 yuan [3] Basis - **Basis Data**: The basis of various iron ore varieties showed different changes. For example, the basis of BRBF increased by 2 yuan to 60 yuan/ton, and the basis of super special powder increased by 3 yuan to 148 yuan/ton [5] - **Basis Policy Adjustments**: Starting from December 2nd, the main iron ore contract is I2205. The delivery rules have been adjusted, including adding 4 deliverable varieties, adjusting brand premiums and discounts, and modifying substitute quality differences and quality premiums and discounts [10] Variety Spreads - **Spread Data**: The PB block - PB powder spread was 131.0 yuan/ton, up 1.0 yuan; the PB powder - super special powder spread was 72.0 yuan/ton, down 3.0 yuan [12] - **Spread Charts**: The report provides multiple spread charts to visually display the changes in spreads over time [13][17]