1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents the latest variety arbitrage data of futures on December 9, 2025, covering multiple sectors including thermal coal, energy and chemical, black metals, non - ferrous metals, agricultural products, and stock index futures [1][4][19][25][38][49] 3. Summary by Directory 3.1 Thermal Coal - The report shows the basis and spread data of thermal coal from December 2 to December 8, 2025. The basis decreased from 1.6 yuan/ton on December 2 to - 22.4 yuan/ton on December 8, while the spreads (5 - 1, 9 - 1, 9 - 5) remained at 0.0 yuan/ton during this period [1][2] 3.2 Energy and Chemical 3.2.1 Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 2 to December 8, 2025 are presented. For example, the basis of fuel oil was 3.31 yuan/ton on December 8 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 2 to December 8, 2025 are shown. For instance, the basis of rubber was - 365 yuan/ton on December 8 [8] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For example, the 5 - 1 spread of rubber was - 15 yuan/ton [9] - **Inter - variety Spread**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 2 to December 8, 2025 are given. For example, the LLDPE - PVC spread was 2236 yuan/ton on December 8 [9] 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 2 to December 8, 2025 are presented. For example, the basis of rebar was 137.0 yuan/ton on December 8 [19] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 spread of rebar was 12.0 yuan/ton [18] - **Inter - variety Spread**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 2 to December 8, 2025 are given. For example, the rebar/iron ore ratio was 4.00 on December 8 [18] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 2 to December 8, 2025 are shown. For example, the basis of copper was - 590 yuan/ton on December 8 [26] 3.4.2 London Market - The LME spread, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on December 8, 2025 are provided. For example, the LME spread of copper was 8.19 [32] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from December 2 to December 8, 2025 are presented. For example, the basis of soybeans No.1 was - 65 yuan/ton on December 8 [39] - **Inter - period Spread**: The inter - period spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are provided. For example, the 5 - 1 spread of soybeans No.1 was 35 yuan/ton [39] - **Inter - variety Spread**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from December 2 to December 8, 2025 are given. For example, the soybeans No.1/corn ratio was 1.80 on December 8 [39] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 2 to December 8, 2025 are shown. For example, the basis of CSI 300 was 8.55 on December 8 [50] - **Inter - period Spread**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next month - current month spread of CSI 300 was - 14.4 [50]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - This is a daily report on futures variety arbitrage data of Baocheng Futures, covering multiple sectors such as thermal coal, energy and chemical, black metals, non - ferrous metals, agricultural products, and stock index futures, providing various data on basis, inter - period spreads, and inter - variety spreads [1] 3. Summary by Directory 3.1 Thermal Coal - Basis data from December 1 to December 5, 2025: December 1st was 66.0 yuan/ton, December 2nd was 16.0 yuan/ton, December 3rd was - 3.4 yuan/ton, December 4th was - 10 yuan/ton, and December 5th was - 16 yuan/ton. The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads were all 0.0 yuan/ton during this period [1][2] 3.2 Energy and Chemical 3.2.1 Energy Commodities - Basis data for fuel oil, crude oil/asphalt, and INE crude oil from December 1 to December 5, 2025 are provided, along with corresponding price ratios [7] 3.2.2 Chemical Commodities - Inter - period spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month to 1 - month spread of rubber was - 45 yuan/ton, and that of methanol was 95 yuan/ton. - Inter - variety spreads data for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 1 to December 5, 2025 are provided. For example, on December 5th, LLDPE - PVC was 2258 yuan/ton, and LLDPE - PP was 400 yuan/ton. - Basis data for rubber, methanol, PTA, LLDPE, PVC, PP from December 1 to December 5, 2025 are given [9][10] 3.3 Black Metals - Inter - period spreads data for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month to 1 - month spread of rebar was 20 yuan/ton, and that of iron ore was - 16.0 yuan/ton. - Inter - variety spreads data for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 1 to December 5, 2025 are presented. For example, on December 5th, rebar/iron ore was 4.02, and rebar/coke was 19393.1. - Basis data for rebar, iron ore, coke, and coking coal from December 1 to December 5, 2025 are given [20][21] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of copper was - 790 yuan/ton, and that of aluminum was - 195 yuan/ton [30] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on December 5, 2025 are presented. For example, the LME spread of copper was 23.05, and the Shanghai - London ratio was 7.94 [33] 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of soybeans No.1 was - 55 yuan/ton, and that of soybeans No.2 was 84.38 yuan/ton. - Inter - period spreads data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. - Inter - variety spreads data 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 on December 5, 2025 are given [37] 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of CSI 300 was 10.14, and that of SSE 50 was 4.61. - Inter - period spreads data for the next - month to current - month and next - quarter to current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month to current - month spread of CSI 300 was - 190 [48]

跨期套利跟踪 2025/12/08 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1820 1860 1840 1760 理论价差 557 1012 1475 1939 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 485 495 515 505 理论价差 217 340 463 586 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 290 345 360 375 理论价差 221 344 466 588 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 70 85 110 120 理论价差 211 318 425 532 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 450 610 860 1100 锡 5-1 价差 530 理论价差 6540 期现套利跟踪 2025/12/08 铜 当月合约-现货 次月合约-现货 价差 -565 1255 理论价差 138 909 锌 当月合约-现货 次月合约-现货 价差 -300 185 理论价差 137 272 免责声明: 锌 当月合约-现货 次月合约-现货 价差 -30 ...

有色套利早报 研究中心有色团队 2025/12/05 铜：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 91250 11526 7.75 三月 91020 11476 7.94 均衡比价 盈利 现货进口 8.03 -1611.35 现货出口 - 锌：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 22980 3302 6.96 三月 22905 3060 5.63 均衡比价 盈利 现货进口 8.43 -4870.73 铝：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 22010 2868 7.68 三月 22115 2899 7.63 均衡比价 盈利 现货进口 8.32 -1844.30 镍：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 120300 14694 8.19 均衡比价 盈利 现货进口 8.13 -1266.98 铅：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 17150 1966 8.70 三月 17235 2005 11.43 均衡比价 盈利 现货进口 8.68 39.38 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report presents the arbitrage data of various futures varieties on December 5, 2025, including basis, inter - month spreads, and inter - commodity spreads of different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][5][7][9][10][19][20][26][29][34][40][50][51] 3. Summary of Each Section Thermal Coal - The table shows the basis and inter - month spreads (5 - 1, 9 - 1, 9 - 5) of thermal coal from November 28 to December 4, 2025. For example, on December 4, 2025, the basis was - 10 yuan/ton [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of INE crude oil was 5.07 yuan/ton, and the ratio of crude oil to asphalt was 0.1538 [7] - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 28 to December 4, 2025 are presented. For example, on December 4, 2025, the basis of rubber was - 390 yuan/ton [9] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, for rubber, the 5 - 1 spread was - 60 yuan/ton [10] - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol) from November 28 to December 4, 2025 are shown. For example, on December 4, 2025, the LLDPE - PVC spread was 2280 yuan/ton [10] Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of rebar was 145.0 yuan/ton [20] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, for rebar, the 5 - 1 spread was 24 yuan/ton [19] - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) from November 28 to December 4, 2025 are shown. For example, on December 4, 2025, the rebar/iron ore ratio was 3.98 [19] Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of copper was - 10 yuan/ton [29] - **London Market**: On December 4, 2025, data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are presented. For example, the LME spread of copper was 50.44, and the import loss of copper was 1669.73 yuan [34] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of soybeans No.1 was - 85 yuan/ton [40] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, for soybeans No.1, the 5 - 1 spread was 48 yuan/ton [40] - **Inter - commodity Spreads**: The report mentions inter - commodity 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, but specific data is not fully presented [40] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of CSI 300 was 15.97 [51] - **Inter - month Spreads**: The inter - month spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, for CSI 300, the next - month - current - month spread was - 178 [51]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the arbitrage data of various futures products on December 4, 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 - commodity spreads. 3. Summary by Directory 3.1 Power Coal - The basis data for power coal from November 27 to December 3, 2025, shows a decreasing trend, from 16.6 yuan/ton on November 27 to - 3.4 yuan/ton on December 3. The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are all 0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - For energy commodities, the basis data of fuel oil, INE crude oil, and crude oil/asphalt from November 27 to December 3, 2025, are presented, along with their price ratios and changes [7]. 3.2.2 Chemical Commodities - In the chemical sector, inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided, as well as inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 27 to December 3, 2025 [9]. 3.3 Black Metals - Inter - period spreads for rebar, iron ore, coke, and coking coal are given, including 5 - month minus 1 - month, 9(10) - month minus 1 - month, and 9(10) - month minus 5 - month. Inter - commodity spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 27 to December 3, 2025, are also presented. The basis data for rebar, iron ore, coke, and coking coal from November 27 to December 3, 2025, are shown [18][20]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from November 27 to December 3, 2025, are provided [29]. 3.4.2 London Market - For the London market, LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on December 3, 2025, are presented [34]. 3.5 Agricultural Products - The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 27 to December 3, 2025, are given. Inter - period spreads for multiple agricultural products, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton, are provided, as well as inter - commodity 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 November 27 to December 3, 2025 [40][41]. 3.6 Stock Index Futures - The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from November 27 to December 3, 2025, are presented. Inter - period spreads such as next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are also provided [52].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on December 3, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory 3.1 Power Coal - Basis data for power coal from November 26 to December 2, 2025, is presented, but specific numerical values in the table are incomplete [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 26 to December 2, 2025, are provided, including specific numerical values such as basis and ratio [7] 3.2.2 Chemical Commodities - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 26 to December 2, 2025, are given [9] - Inter - period spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads [10] - Inter - variety spreads data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 26 to December 2, 2025, are provided [10] 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal from November 26 to December 2, 2025, are presented [20] - Inter - period spreads data of rebar, iron ore, coke, and coking coal are given, including 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month spreads [19] - Inter - variety spreads data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 26 to December 2, 2025, are provided [19] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 26 to December 2, 2025, are presented [29] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on December 2, 2025, are provided [34] 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 26 to December 2, 2025, are presented [42] - Inter - period spreads data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given, including 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads [42] - Inter - variety spreads data of 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 November 26 to December 2, 2025, are provided [41] 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 26 to December 2, 2025, are presented [53] - Inter - period spreads data of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month minus current - month and next - quarter minus current - quarter spreads, are given [53]

Report Industry Investment Ratings - Cotton: ★☆★ [1] - Pulp: ★★★ [1] - Sugar: ★★★ [1] - Apple: ★★★ [1] - Timber: ☆☆☆ [1] - Natural Rubber: ★☆☆ [1] - 20 - number Rubber: ★☆☆ [1] - Butadiene Rubber: ★☆☆ [1] Core Views - The market for soft commodities shows diverse trends. Some products like cotton and pulp have specific price - related and supply - demand factors influencing their market conditions, and different investment suggestions are given for each commodity based on their unique situations [2][3][4][5][6][7] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton futures continued to rise, breaking through the shock range. Although new cotton production increased significantly this year, commercial inventory is not high and the sales progress is fast, providing strong support to the market. Currently in the off - season, overall demand remains stable. The market has certain positive expectations for the new - year planting in China. As of November 27th, the cumulative processed lint cotton was 528.5 million tons, a year - on - year increase of 79.1 million tons. As of November 15th, the cotton commercial inventory was 363.97 million tons, a year - on - year decrease of 20.43 million tons. The price of pure cotton yarn remained stable overall, with insufficient new orders. After the breakthrough of Zhengzhou cotton, the industry can consider hedging opportunities, and the operation should be to wait and see or go long with a light position on dips [2] Sugar - Overnight, the US sugar price pulled back. In Brazil, although the sugarcane crushing volume and sugar yield decreased this year, the sugar - making ratio increased, compensating for the loss of sugar production, and the sugar production will remain at a high level. In the Northern Hemisphere, India and Thailand started sugarcane crushing, and due to good weather conditions, the sugar production is expected to increase year - on - year. In China, Zhengzhou sugar futures were weak. In October, the import volume of syrup decreased year - on - year, but sugar imports were relatively high, and there is still some pressure on the supply side. The market's trading focus has shifted to the output estimate of the next sugar - making season. The sugar price is expected to remain weak [3] Apple - The futures price was strong. In the spot market, transactions in Shandong were mainly for small and medium - sized apples, and other apple sources had few transactions. In the northwest region, merchants packed their own apple sources and sent them to the market, and the mainstream price remained stable. As of November 28th, the national cold - storage apple inventory in the new season was 729.35 million tons, a year - on - year decrease of 13.21%. The market's trading logic has shifted from cold - storage inventory volume to sales expectations. There is a high divergence between bulls and bears, and attention should be paid to the inventory - reduction situation [4] 20 - number Rubber, Natural Rubber & Synthetic Rubber - Today, the futures prices of natural rubber (RU) and 20 - number rubber (NR) rose slightly, and the futures price of butadiene rubber (BR) rose sharply. The domestic natural rubber spot price was stable, and the synthetic rubber spot price increased. The global natural rubber supply will shift from the high - yield period to the low - yield period, and the Yunnan production area in China has entered the suspension - cutting period first. The operating rate of domestic butadiene rubber plants dropped significantly last week. The demand for rubber showed average performance. Natural rubber continued to accumulate inventory, while synthetic rubber started to reduce inventory. The cost support was stable, and market sentiment improved. The strategy is to go long on rebounds and pay attention to cross - variety arbitrage opportunities [5] Pulp - Today, pulp futures rose significantly, and the 01 contract significantly reduced its positions. The spot price followed the futures price up. As of November 27th, 2025, the inventory of the mainstream sample ports of Chinese pulp was 217.2 million tons, a decrease of 0.1 million tons from the previous period, a month - on - month decrease of 0.05%. The domestic port inventory is still at a high level, the supply is still relatively loose, and the pulp demand continues to be weak. The pulp price rebounded significantly after falling near the previous low, and the medium - term trend may still be range - bound. The operation should be to wait and see or conduct short - term operations [6] Logs - The futures price fluctuated. In the spot market, the price quoted at Taicang Port decreased by 10 yuan. The external price quote is still high, and the domestic spot price remains weak. It is expected that imports will not increase significantly in the short term, and the domestic supply may continue to remain at a low level. The port delivery volume is maintained above 60,000 cubic meters, and the demand supports the price. The total log inventory is low, and the inventory pressure is relatively small. The low inventory provides certain support to the price, and the operation should be to wait and see [7]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - This is a futures research report from Baocheng Futures, presenting variety arbitrage data on December 2, 2025, covering multiple sectors such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Summary by Directory 1. Thermal Coal - The report shows the basis data of thermal coal from November 25 to December 1, 2025. The basis on December 1 was 6.6 yuan/ton, showing a decreasing trend compared to previous days. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] 2. Energy Chemicals (1) Energy Commodities - It provides basis and price ratio data of fuel oil, INE crude oil, and crude oil/asphalt from November 25 to December 1, 2025. For example, the basis of INE crude oil on December 1 was 3.54 yuan/ton [6] (2) Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 25 to December 1, 2025 are presented. For instance, the basis of rubber on December 1 was - 450 yuan/ton [8] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for rubber, methanol, PTA, etc. are given. For example, the 5 - month vs 1 - month spread of rubber was 30 yuan/ton [10] - **Inter - commodity Spread**: The inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. from November 25 to December 1, 2025 are shown. For example, the LLDPE - PVC spread on December 1 was 2238 yuan/ton [10] 3. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 25 to December 1, 2025 are provided. For example, the basis of rebar on December 1 was 176.0 yuan/ton [20] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month(10) vs 1 - month, and 9 - month(10) vs 5 - month for rebar, iron ore, etc. are presented. For example, the 5 - month vs 1 - month spread of rebar was 22.0 yuan/ton [19] - **Inter - commodity Spread**: The inter - commodity spreads such as rebar/iron ore, rebar/coke, etc. from November 25 to December 1, 2025 are given. For example, the rebar/iron ore ratio on December 1 was 3.92 [19] 4. Non - ferrous Metals (1) Domestic Market - The domestic basis data of copper, aluminum, zinc, etc. from November 25 to December 1, 2025 are shown. For example, the basis of copper on December 1 was - 70 yuan/ton [27] (2) London Market - Data including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for LME non - ferrous metals on December 1, 2025 are provided. For example, the LME spread of copper was 69.10, and the import loss was (1359.37) [33] 5. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, etc. from November 25 to December 1, 2025 are presented. For example, the basis of soybeans No.1 on December 1 was - 106 yuan/ton [40] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for soybeans No.1, soybeans No.2, etc. are given. For example, the 5 - month vs 1 - month spread of soybeans No.1 was 41 yuan/ton [40] - **Inter - commodity Spread**: The inter - commodity spreads such as soybeans No.1/corn, soybeans No.2/corn, etc. from November 25 to December 1, 2025 are shown. For example, the soybeans No.1/corn ratio on December 1 was 1.84 [40] 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 25 to December 1, 2025 are provided. For example, the basis of CSI 300 on December 1 was 21.09 [51] - **Inter - period Spread**: The inter - period spreads of the next - month vs current - month and next - quarter vs current - quarter for CSI 300, SSE 50, etc. are presented. For example, the next - month vs current - month spread of CSI 300 was - 16.0 [51]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - 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 December 2, 2025 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 2, 2025, the domestic spot price was 89280, the LME spot price was 11311, and the spot ratio was 7.74. The equilibrium ratio for spot import was 8.03, with a profit of - 1332.99. The domestic March price was 89320, the LME March price was 11242, and the ratio was 7.93 [1] - **Zinc**: The domestic spot price was 22550, the LME spot price was 3334, and the spot ratio was 6.76. The equilibrium ratio for spot import was 8.43, with a profit of - 5558.00. The domestic March price was 22620, the LME March price was 3066, and the ratio was 5.55 [1] - **Aluminum**: The domestic spot price was 21730, the LME spot price was 2852, and the spot ratio was 7.61. The equilibrium ratio for spot import was 8.30, with a profit of - 1955.44. The domestic March price was 21900, the LME March price was 2880, and the ratio was 7.58 [1] - **Nickel**: The domestic spot price was 119850, the LME spot price was 14698, and the spot ratio was 8.15. The equilibrium ratio for spot import was 8.13, with a profit of - 1597.05 [1] - **Lead**: The domestic spot price was 16975, the LME spot price was 1941, and the spot ratio was 8.75. The equilibrium ratio for spot import was 8.69, with a profit of 117.55. The domestic March price was 17055, the LME March price was 1983, and the ratio was 11.37 [3] Cross - Period Arbitrage Tracking - **Copper**: On December 2, 2025, the spreads of the next - month, March, April, and May contracts relative to the spot month were 1810, 1850, 1820, and 1710 respectively, and the theoretical spreads were 539, 977, 1423, and 1869 respectively [4] - **Zinc**: The spreads were 205, 235, 250, and 270 respectively, and the theoretical spreads were 215, 336, 457, and 578 respectively [4] - **Aluminum**: The spreads were 265, 300, 310, and 320 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4] - **Lead**: The spreads were 20, 0, 25, and 25 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 1120, 1330, 1510, and 1800 respectively [4] - **Tin**: The spread of the 5 - 1 contract was 330, and the theoretical spread was 6322 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 1725 and 85 respectively, and the theoretical spreads were 36 and 792 respectively [4] - **Zinc**: The spreads were - 165 and 40 respectively, and the theoretical spreads were 132 and 264 respectively [4] - **Lead**: The spreads were 80 and 100 respectively, and the theoretical spreads were 137 and 250 respectively [5] Cross - Variety Arbitrage Tracking - On December 2, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.95, 4.08, 5.24, 0.97, 1.28, and 0.75 respectively, and in the London (three - continuous) market were 3.63, 3.89, 5.62, 0.93, 1.45, and 0.65 respectively [5]