Core Viewpoint - The recent increase in the hot-rolled coil and rebar price spread (referred to as the "coil-rebar spread") is attributed to various factors, with the fundamental pressure on rebar being the primary reason for the widening spread [1] Group 1: Market Dynamics - As of September 12, the coil-rebar spread for the 2510 contract reached 360 CNY/ton, and for the 2601 contract, it was 237 CNY/ton, both hitting historical highs for the same period [1] - The coil-rebar spread has increased by 175 CNY/ton and 101 CNY/ton respectively since July 31 [1] - Rebar production has been under pressure due to a significant drop in prices following the switch to new national standards last August, leading to a decrease in production amid steel mills' losses [1] Group 2: Inventory and Delivery Pressure - The increase in rebar inventory has been notable, with total inventory rising by 19.69% since early August, while hot-rolled coil inventory only increased by 7.29% [1] - In major delivery regions, rebar social inventory reached 1.3522 million tons, a historical high, while hot-rolled coil inventory stood at 330,100 tons, remaining low compared to the past five years [2] - The number of rebar warehouse receipts reached 252,200 tons, the highest since its listing, while hot-rolled coil receipts were at 58,800 tons, also low compared to historical levels [2] Group 3: Future Outlook and Arbitrage Opportunities - The 2601 contract's price spread is less affected by delivery pressures due to the distance from the delivery month, suggesting that arbitrage activities may influence its strength [3] - The potential for narrowing the 2510 contract spread is limited due to ongoing delivery pressures, while the 2601 contract's future movements will depend on rebar production adjustments and demand improvements in the second half of the year [3] - The production of major home appliances has seen a year-on-year decline of 7.2% in September, indicating potential weakness in hot-rolled coil demand moving forward [3]

Group 1: Report Overview - The report is the Baocheng Futures Variety Arbitrage Data Daily Report for September 12, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Group 2: Thermal Coal - The table shows the basis, 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of thermal coal from September 5 to September 11, 2025. The basis on September 11 was - 126.4 yuan/ton, and the spreads were all 0.0 [2] Group 3: Energy Chemicals Energy Commodities - Data on the basis of fuel oil, crude oil, and asphalt, and the ratio of crude oil to asphalt are presented from September 5 to September 11, 2025. For example, on September 11, the basis of INE crude oil was 16.42 yuan/ton, and the ratio of crude oil to asphalt was 0.1413 [7] Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from September 5 to September 11, 2025 is provided. For instance, on September 11, the basis of rubber was - 1005 yuan/ton [9] - **Inter - delivery spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month minus 1 - month spread of rubber was 30 yuan/ton [10] - **Inter - commodity spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 5 to September 11, 2025 are shown. On September 11, the LLDPE - PVC spread was 2352 yuan/ton [10] Group 4: Black Metals Inter - delivery spreads - The 5 - month minus 1 - month, 9 - month(10) minus 1 - month, and 9 - month(10) minus 5 - month spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month minus 1 - month spread of rebar was 49.0 yuan/ton [19] Inter - commodity spreads - The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar minus hot - rolled coil from September 5 to September 11, 2025 are given. On September 11, the ratio of rebar to iron ore was 3.88 [19] Basis - The basis of rebar, iron ore, coke, and coking coal from September 5 to September 11, 2025 is provided. On September 11, the basis of rebar was 118.0 yuan/ton [20] Group 5: Non - Ferrous Metals Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from September 5 to September 11, 2025 is shown. On September 11, the basis of copper was 10 yuan/ton [27] London Market - Data on LME non - ferrous metals including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss for copper, aluminum, zinc, lead, nickel, and tin on September 11, 2025 are presented. For example, the LME premium/discount of copper was (61.54) [34] Group 6: Agricultural Products Basis - The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from September 5 to September 11, 2025 is provided. On September 11, the basis of soybeans No.1 was 115 yuan/ton [39] Inter - delivery spreads - The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of various agricultural products are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 47 yuan/ton [39] Inter - commodity spreads - The ratios and spreads such as soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, soybean meal minus rapeseed meal, soybean oil minus palm oil, rapeseed oil minus soybean oil, and corn minus corn starch from September 5 to September 11, 2025 are shown. On September 11, the ratio of soybeans No.1 to corn was 1.79 [39] Group 7: Stock Index Futures Basis - The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 5 to September 11, 2025 is provided. On September 11, the basis of CSI 300 was - 13.97 [51] Inter - delivery spreads - The spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month minus current - month spread of CSI 300 was - 53.8 [53]

Report Summary Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents cross - market, cross - period, and spot - futures arbitrage tracking data for multiple non - ferrous metals on September 5, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors understand the price differences and profit situations in different trading modes [1][3] Summary by Category Cross - Market Arbitrage - **Copper**: The domestic spot price is 80080, the LME price is 9843, and the spot import equilibrium ratio is 8.13 with a profit of - 163.54 [1] - **Zinc**: The domestic spot price is 21990, the LME price is 2873, and the spot import equilibrium ratio is 8.60 with a profit of - 2715.72 [1] - **Aluminum**: The domestic spot price is 20610, the LME price is 2600, and the spot import equilibrium ratio is 8.42 with a profit of - 1279.10 [1] - **Nickel**: The domestic spot price is 119900, the LME price is 15001, and the spot import equilibrium ratio is 8.21 with a profit of - 1709.79 [1] - **Lead**: The domestic spot price is 16675, the LME price is 1946, and the spot import equilibrium ratio is 8.85 with a profit of - 504.01 [3] Cross - Period Arbitrage - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 300, - 330, - 390, and - 420 respectively, while the theoretical spreads are 502, 903, 1312, and 1721 [3] - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 110, - 110, - 105, and - 90 respectively, while the theoretical spreads are 214, 334, 454, and 575 [3] - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 95, - 100, - 100, and - 135 respectively, while the theoretical spreads are 215, 330, 446, and 561 [3] - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 40, 50, 75, and 70 respectively, while the theoretical spreads are 209, 314, 419, and 524 [3] Spot - Futures Arbitrage - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 15 and - 315 respectively, while the theoretical spreads are 228 and 628 [3] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 240 and 130 respectively, while the theoretical spreads are 131 and 260 [3] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 145 and 185 respectively, while the theoretical spreads are 134 and 246 [3] Cross - Variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai market (three - continuous) are 3.60, 3.87, 4.73, 0.93, 1.22, and 0.76 respectively, and in the LME market (three - continuous) are 3.48, 3.82, 4.99, 0.91, 1.31, and 0.70 respectively [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily report on futures variety arbitrage data from Baocheng Futures on September 5, 2025, presenting the basis, inter - period, and inter - variety data of various futures varieties including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Related Catalogs 3.1 Thermal Coal - The basis data of thermal coal from August 29, 2025, to September 4, 2025, are - 111.4, - 113.4, - 117.4, - 120.4, - 121.4 yuan/ton respectively, and the 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads are all 0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from August 29, 2025, to September 4, 2025, are presented, such as the basis of INE crude oil on September 4 is 142.49 yuan/ton, and the ratio of crude oil to asphalt is 0.1382 [7]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 29, 2025, to September 4, 2025, are provided. For example, the basis of rubber on September 4 is - 910 yuan/ton [9]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month spread of rubber is 75 yuan/ton [11]. - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 29, 2025, to September 4, 2025, are presented. For example, on September 4, LLDPE - PVC is 2354 yuan/ton [11]. 3.3 Black Metals - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 month spread of rebar is 48.0 yuan/ton [21]. - **Inter - variety**: The inter - variety data such as the ratio of rebar to iron ore, rebar to coke, coke to coking coal, and rebar - hot rolled coil from August 29, 2025, to September 4, 2025, are presented. For example, on September 4, the ratio of rebar to iron ore is 3.97 [21]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 29, 2025, to September 4, 2025, are given. For example, the basis of rebar on September 4 is 93.0 yuan/ton [22]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 29, 2025, to September 4, 2025, are presented. For example, the basis of copper on September 4 is 250 yuan/ton [29]. 3.4.2 London Market - The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of copper, aluminum, zinc, lead, nickel, and tin on September 4, 2025, are provided. For example, the LME premium/discount of copper is (67.16) [35]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 29, 2025, to September 4, 2025, are given. For example, the basis of soybeans No.1 on September 4 is 95 yuan/ton [42]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of various agricultural products are presented. For example, the 5 - 1 month spread of soybeans No.1 is 46 yuan/ton [42]. - **Inter - variety**: The inter - variety data such as the ratio of soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, etc. from August 29, 2025, to September 4, 2025, are provided. For example, on September 4, the ratio of soybeans No.1 to corn is 1.80 [42]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 29, 2025, to September 4, 2025, are presented. For example, the basis of CSI 300 on September 4 is 15.81 [54]. - **Inter - period**: The spreads of the next - month minus the current - month and the next - quarter minus the current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month minus the current - month spread of CSI 300 is - 9.4 [54].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report is a daily report on futures arbitrage data from Baocheng Futures on September 4, 2025, presenting the basis, inter - period spreads, and inter - commodity spreads of various futures products including power coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][41][53]. 3. Summary by Category Power Coal - Basis data from August 28 to September 3, 2025, shows the basis values are all negative and gradually decreasing, with values of - 109.4, - 111.4, - 113.4, - 117.4, - 120.4 respectively. The spreads of 5 - 1, 9 - 1, and 9 - 5 are all 0 [2]. Energy and Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from August 28 to September 3, 2025, are presented, along with the basis values of energy products and some ratio data [7]. - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 28 to September 3, 2025, are provided [9]. - Inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, including 5 - 1, 9 - 1, and 9 - 5 spreads [10]. - Inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 28 to September 3, 2025, are presented [10]. Black Metals - **Inter - period Spreads**: The inter - period spreads of rebar, iron ore, coke, and coking coal are provided, including 5 - 1, 9(10) - 1, and 9(10) - 5 spreads [20]. - **Inter - commodity Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the difference between rebar and hot - rolled coil from August 28 to September 3, 2025, are presented [20]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 28 to September 3, 2025, are provided [21]. Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 28 to September 3, 2025, are presented [28]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on September 3, 2025, are provided [36]. Agricultural Products - **Basis**: The basis data of soybeans 1, soybeans 2, soybean meal, soybean oil, corn, etc. from August 28 to September 3, 2025, are presented [42]. - **Inter - period Spreads**: The inter - period spreads of soybeans 1, soybeans 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided, including 5 - 1, 9 - 1, and 9 - 5 spreads [42]. - **Inter - commodity Spreads**: The ratios of soybeans 1 to corn, soybeans 2 to corn, soybean oil to soybean meal, the difference between soybean meal and rapeseed meal, the difference between soybean oil and palm oil, the difference between rapeseed oil and soybean oil, and the difference between corn and corn starch from August 28 to September 3, 2025, are presented [42]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 28 to September 3, 2025, are presented [54]. - **Inter - period Spreads**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including the spreads of next month - current month and next quarter - current quarter, are provided [54].

Group 1: Report Industry Investment Ratings - Aluminum: Cautiously bullish [8] - Alumina: Neutral [8] - Aluminum alloy: Cautiously bullish [8] Group 2: Core Views of the Report - The supply of electrolytic aluminum remains unchanged, consumption shows positive signs, and the spot discount is slightly repaired. The social inventory is expected to decline, and the macro - situation is favorable [6]. - The alumina price is neutrally treated due to factors such as ore - end disturbances, winter storage expectations, and the Guinea election event. The supply - demand balance is slightly in surplus [7]. - The production profit of aluminum alloy is significantly repaired, indicating actual consumption recovery. Attention can be paid to the spread arbitrage of the 11 - contract [7]. Group 3: Summary by Related Catalogs 1. Important Data Aluminum Spot - East China A00 aluminum price is 20,710 yuan/ton, with a change of 90 yuan/ton from the previous trading day. The spot premium/discount is - 20 yuan/ton, with a change of 10 yuan/ton [1]. - Central China A00 aluminum price is 20,570 yuan/ton, and the spot premium/discount is - 160 yuan/ton, with no change from the previous trading day [1]. - Foshan A00 aluminum price is 20,650 yuan/ton, with a change of 80 yuan/ton from the previous trading day. The spot premium/discount is - 75 yuan/ton, with no change [1]. Aluminum Futures - On September 2, 2025, the main Shanghai aluminum contract opened at 20,650 yuan/ton, closed at 20,720 yuan/ton, a change of 50 yuan/ton from the previous trading day. The highest price was 20,755 yuan/ton, and the lowest was 20,640 yuan/ton. The trading volume was 103,466 lots, and the position was 213,947 lots [2]. Inventory - As of September 2, 2025, the domestic social inventory of electrolytic aluminum ingots was 623,000 tons, a change of 0.3 tons from the previous period. The warrant inventory was 58,654 tons, a change of 125 tons from the previous trading day. The LME aluminum inventory was 479,600 tons, a change of - 1,450 tons from the previous trading day [2]. Alumina Spot Price - On September 2, 2025, the SMM alumina price in Shanxi was 3,165 yuan/ton, in Shandong was 3,135 yuan/ton, in Henan was 3,180 yuan/ton, in Guangxi was 3,290 yuan/ton, in Guizhou was 3,290 yuan/ton, and the FOB price of Australian alumina was 368 US dollars/ton [2]. Alumina Futures - On September 2, 2025, the main alumina contract opened at 3,015 yuan/ton, closed at 3,022 yuan/ton, a change of 13 yuan/ton (0.43%) from the previous trading day's closing price. The highest price was 3,046 yuan/ton, and the lowest was 2,994 yuan/ton. The trading volume was 310,480 lots, and the position was 242,297 lots [2]. Aluminum Alloy Price - On September 2, 2025, the procurement price of Baotai civil - use scrap aluminum was 15,700 yuan/ton, and the mechanical scrap aluminum was 15,900 yuan/ton, a change of 200 yuan/ton from the previous day. The Baotai ADC12 quotation was 20,300 yuan/ton, with no change from the previous day [3]. Aluminum Alloy Inventory - The social inventory of aluminum alloy was 54,600 tons, and the in - factory inventory was 61,200 tons [4]. Aluminum Alloy Cost - Profit - The theoretical total cost was 20,027 yuan/ton, and the theoretical profit was 373 yuan/ton [5] 2. Market Analysis Electrolytic Aluminum - The supply side remains unchanged, consumption shows positive signs, and the spot discount is slightly repaired. The downstream processing enterprises' production and operating rates are increasing, showing signs of a transition from the off - season to the peak season. The social inventory accumulation has slowed down, and de - stocking is expected. The macro - situation is favorable, and overseas consumption remains strong [6]. Alumina - In Guangxi, 5,000 tons of alumina were traded at a spot - cash price of 3,180 yuan/ton. The rainy season affects the import of Guinea ore and domestic ore mining. The alumina price lacks the driving force to fall further due to potential cost increases. The supply - demand balance remains slightly in surplus, and inventories are increasing. The alumina price is neutrally treated [6][7]. Aluminum Alloy - The supply of scrap aluminum is tight, but the production profit is significantly repaired, and the price difference between the spot price and aluminum ingots shows a seasonal repair trend, indicating actual consumption recovery. The increase in social inventory is mainly due to the transformation of invisible inventory to visible inventory. Attention can be paid to the spread arbitrage of the AD2511 - AL2511 contract [7]. 3. Strategy Unilateral - Aluminum: Cautiously bullish; Alumina: Neutral; Aluminum alloy: Cautiously bullish [8] Arbitrage - Shanghai aluminum positive spread arbitrage; Long AD11 and short AL11 [8]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily arbitrage data report for various futures varieties of Baocheng Futures on September 3, 2025, presenting the basis, inter - period, and inter - variety data of different commodities including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Commodity Category Power Coal - Basis data from August 27 to September 2, 2025, shows that the basis has been negative and gradually decreasing, from - 108.4 yuan/ton on August 27 to - 117.4 yuan/ton on September 2. The 5 - 1, 9 - 1, and 9 - 5 spreads are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and crude oil/asphalt from August 27 to September 2, 2025, along with their ratios are presented. For example, on September 2, the basis of INE crude oil is 21.11 yuan/ton, and the ratio of crude oil/asphalt is 0.1378 [7] - **Chemical Commodities** - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 27 to September 2, 2025, are provided. For instance, the basis of rubber on September 2 is - 870 yuan/ton [9] - **Inter - period**: Inter - period spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber is 100 yuan/ton [10] - **Inter - variety**: Inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 27 to September 2, 2025, are shown. On September 2, the LLDPE - PVC spread is 2369 yuan/ton [10] Black Metals - **Inter - period**: Inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar is 52.0 yuan/ton [19] - **Inter - variety**: Inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 27 to September 2, 2025, are provided. On September 2, the rebar/iron ore ratio is 4.04 [19] - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from August 27 to September 2, 2025, are given. On September 2, the basis of rebar is 103.0 yuan/ton [20] Non - Ferrous Metals - **Domestic Market**: Basis data of copper, aluminum, zinc, lead, nickel, and tin from August 27 to September 2, 2025, are provided. On September 2, the basis of copper is 410 yuan/ton [26][27] - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on September 2, 2025, are presented. For example, the LME spread of copper is (69.58) [35] Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from August 27 to September 2, 2025, are given. On September 2, the basis of soybeans No.1 is 90 yuan/ton [41] - **Inter - period**: Inter - period spreads (5 - 1, 9 - 1, 9 - 5) of various agricultural products are provided. For example, the 5 - 1 spread of soybeans No.1 is 47 yuan/ton [41] - **Inter - variety**: Inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from August 27 to September 2, 2025, are shown. On September 2, the soybean oil/soybean meal ratio is 2.74 [41] Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 27 to September 2, 2025, are presented. On September 2, the basis of CSI 300 is 9.25 [53] - **Inter - period**: Inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next month - current month spread of CSI 300 is - 6.2 [53]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 3, 2025, aiming to help investors find potential arbitrage opportunities [1][4][5]. 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 80140, LME price is 9818, and the ratio is 8.15; March price in China is 79600, LME price is 9888, and the ratio is 8.08. The equilibrium ratio for spot import is 8.13, with a profit of - 38.94, and the profit for spot export is - 423.72 [1]. - **Zinc**: Spot price in China is 22150, LME price is 2872, and the ratio is 7.71; March price in China is 22315, LME price is 2852, and the ratio is 5.91. The equilibrium ratio for spot import is 8.60, with a profit of - 2542.17 [1]. - **Aluminum**: Spot price in China is 20710, LME price is 2624, and the ratio is 7.89; March price in China is 20710, LME price is 2619, and the ratio is 7.92. The equilibrium ratio for spot import is 8.41, with a profit of - 1369.16 [1]. - **Nickel**: Spot price in China is 122000, LME price is 15185, and the ratio is 8.03. The equilibrium ratio for spot import is 8.20, with a profit of - 1683.11 [1]. - **Lead**: Spot price in China is 16650, LME price is 1953, and the ratio is 8.56; March price in China is 16865, LME price is 1996, and the ratio is 11.16. The equilibrium ratio for spot import is 8.85, with a profit of - 555.67 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of next - month, March, April, and May minus the spot month are - 110, - 170, - 180, and - 220 respectively, while the theoretical spreads are 501, 900, 1308, and 1715 [4]. - **Zinc**: The spreads of next - month, March, April, and May minus the spot month are 175, 165, 165, and 165 respectively, and the theoretical spreads are 214, 334, 453, and 573 [4]. - **Aluminum**: The spreads of next - month, March, April, and May minus the spot month are 60, 50, 35, and 20 respectively, and the theoretical spreads are 214, 330, 445, and 560 [4]. - **Lead**: The spreads of next - month, March, April, and May minus the spot month are 40, 55, 55, and 85 respectively, and the theoretical spreads are 209, 314, 419, and 524 [4]. - **Nickel**: The spreads of next - month, March, April, and May minus the spot month are - 690, - 490, - 340, and - 190 respectively [4]. - **Tin**: The 5 - 1 spread is 640, and the theoretical spread is 5672 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 305 and - 415 respectively, and the theoretical spreads are 205 and 633 [4]. - **Zinc**: The spreads of the current - month and next - month contracts minus the spot are 0 and 175 respectively, and the theoretical spreads are 147 and 276 [4]. - **Lead**: The spreads of the current - month and next - month contracts minus the spot are 160 and 200 respectively, and the theoretical spreads are 144 and 255 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 3.57, 3.84, 4.72, 0.93, 1.23, and 0.76 respectively, and in London (three - continuous) are 3.48, 3.81, 5.01, 0.91, 1.31, and 0.70 respectively [5].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - The methanol market has a loose supply situation, with high domestic methanol开工率 and increasing imports. Port inventories are at a record high, while downstream demand is relatively stable. Against this backdrop, the strategy is to short at high prices rather than chase short positions [5][6]. 3. Summary by Directory Market Review - **Futures Market**: The futures price fluctuated and closed at 2372 (+13/+0.55%) [3]. - **Spot Market**: Different regions have different spot prices. For example, in production areas, Inner Mongolia's southern line is priced at 2040 yuan/ton, and the northern line at 2030 yuan/ton. In consumption areas, the market price in southern Shandong is 2250 yuan/ton [3]. Important Information - From August 23 - 29, 2025, the international methanol (excluding China) production was 1,066,107 tons, an increase of 17,400 tons from the previous week. The device capacity utilization rate was 73.08%, a 1.19% increase from the previous week. During this period, Iranian plants were operating normally, while some plants in other regions had different operating conditions [4]. Logical Analysis - **Supply**: The coal - producing areas in the northwest have increased coal mine开工率 and falling coal prices. The coal - to - methanol profit is around 650 yuan/ton, and the domestic supply is loose. Import prices decreased slightly last week, and the import profit margin expanded. Iranian plants are mostly operating normally, and non - Iranian plants have stable operations [5]. - **Demand**: Traditional downstream industries are in the off - season with a decline in开工率, while the MTO device开工率 has rebounded. Some MTO plants have different operating loads [5]. - **Inventory**: Port inventories are increasing due to more imports, and the basis is strong. Inland enterprise inventories fluctuate slightly [5]. Trading Strategies - **Single - side**: Short at high prices, do not chase short positions [6]. - **Arbitrage**: Wait and see [9]. - **Options**: Sell call options [9].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report is a daily report on futures variety arbitrage data from Baocheng Futures on September 2, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period data of power coal from August 26 to September 1, 2025. The basis was - 105.4 yuan/ton on August 26, gradually decreasing to - 113.4 yuan/ton on September 1, while the 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 [1][2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - It provides the basis data of fuel oil, crude oil/asphalt, and INE crude oil from August 26 to September 1, 2025, along with some ratio data such as the comparison between crude oil and asphalt [7] 3.2.2 Chemical Commodities - **Basis Data**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 26 to September 1, 2025 are presented. For example, the basis of rubber was - 935 yuan/ton on August 26 and - 910 yuan/ton on September 1 [9] - **Inter - period Data**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 inter - period spread of rubber is 90 yuan/ton [10] - **Inter - variety Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 26 to September 1, 2025 are provided [10] 3.3 Black Metals - **Inter - period Data**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 inter - period spread of rebar is 43.0 yuan/ton [20] - **Inter - variety Data**: The inter - variety spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 26 to September 1, 2025 are given [20] - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from August 26 to September 1, 2025 are shown. For example, the basis of rebar was 177.0 yuan/ton on August 26 and 125.0 yuan/ton on September 1 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 26 to September 1, 2025 are provided. For example, the basis of copper was 310 yuan/ton on August 26 and 100 yuan/ton on September 1 [28] 3.4.2 London Market - On September 1, 2025, the LME forward premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, and tin) are presented. For example, the LME forward premium/discount of copper is (86.27) [35] 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from August 26 to September 1, 2025 are shown. For example, the basis of soybeans No.1 was 86 yuan/ton on August 26 and 95 yuan/ton on September 1 [41] - **Inter - period Data**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of multiple agricultural products such as soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [41] - **Inter - variety Data**: The inter - variety spreads such as 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 August 26 to September 1, 2025 are provided [41] 3.6 Stock Index Futures - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 26 to September 1, 2025 are presented. For example, the basis of CSI 300 was 3.59 on August 26 and 13.11 on September 1 [53] - **Inter - period Data**: The inter - period spreads of the next - month - current - month and next - quarter - current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [55]