1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Recently, the domestic chemical coal market has shown a range - bound trend, and the cost of coal - to - methanol has stabilized. Due to the conflict between Iran and Israel, there are concerns about a reduction in methanol imports. With high and stable methanol - to - olefin operating rates, good demand, low port inventories, and high basis, and driven by a sharp rise in crude oil, methanol prices have rebounded significantly. However, after methanol prices reach a high level, there is an expectation of increased domestic production, and downstream profits have deteriorated, putting pressure on downstream demand. Therefore, methanol is likely to fluctuate strongly. The recommended strategy is to operate within a range and sell straddle options [7]. 3. Summary According to Relevant Catalogs 3.1 Methanol Supply and Demand Overview - **Inventory**: China's methanol sample production enterprise inventory is expected to continue to decline slightly. Port methanol inventory is expected to increase. It is necessary to pay attention to the unloading speed of foreign vessels [7]. - **Supply**: This week, China's methanol production and capacity utilization are expected to increase. The estimated arrival plan of imported methanol samples is 26.31 tons, and the domestic trade volume is estimated to be around 2.5 - 3.0 tons [7]. - **Demand**: With the ongoing maintenance of olefin plants in Zhongmei Mengda and the expected load reduction of olefin enterprises in East China, the operating rate of the olefin industry has continued to decline passively. The operating rates of dimethyl ether, chlorides, and acetic acid have increased, while the operating rate of formaldehyde has decreased [7]. - **Industrial Chain Profits**: The import profit is inverted at - 29 yuan/ton. The profit of coal - to - methanol in Inner Mongolia has increased to 174 yuan/ton, while downstream profits are in large losses. The loss of MTO profit in East China has expanded to - 1934 yuan/ton [7]. - **Coal Price**: Recently, due to rising temperatures, coal prices have stabilized and are showing an upward trend. However, due to abundant supply of imported and domestic coal, high - level inventories, the weakening of thermal power demand due to the substitution effect of clean energy, and the slower - than - expected terminal inventory reduction speed, coal prices are still under pressure [7]. 3.2 Weekly View and Strategy - **MA Unilateral Strategy**: Short MA509. As of June 19, the price of MA509 was 2543 yuan/ton. The cost side has stabilized, inventory accumulation is less than expected, the conflict between Iran and Israel has worsened, and there are concerns about a reduction in imports. The recommended operation is to operate within a range [10]. - **PP - 3MA Strategy**: Short the PP - 3MA spread. As of June 19, the spread of the September contract was - 355 yuan/ton. The pressure of new PP production capacity is greater than that of methanol, and MTO profits are under pressure. The recommended operation is to short on rallies and wait and see for the time being [11]. 3.3 Futures and Spot Prices - **Spot Price and Basis**: As of June 19, the spot price of methanol in Jiangsu Taicang was 2765 yuan/ton, and the basis relative to the September contract was 222 yuan/ton [15]. - **Domestic Spreads and Freight**: Relevant data on the spreads between Taicang and Inner Mongolia and between Inner Mongolia and Dongying, as well as freight rates, are presented in the form of charts [16]. - **International Methanol and Natural Gas Prices**: The international prices of methanol and natural gas are presented in the form of charts [20]. - **Inter - contract Spreads**: The spreads between different methanol contracts (9 - 1, 1 - 5, 5 - 9) are presented in the form of charts [22][24]. - **Related Product Ratios**: The ratios of methanol to urea and methanol to liquefied gas are presented in the form of charts [31]. 3.4 Industrial Chain Profits - **Import Profit and Trade Gross Margin**: The import profit is inverted, and the trade gross margin from Inner Mongolia to East China is presented in the form of charts [34]. - **Coal - to - Methanol Production Profit**: The production profits of coal - to - methanol in Inner Mongolia and Shanxi are presented in the form of charts [39]. - **Natural Gas and Coke Oven Gas - to - Methanol Production Profit**: The production profits of natural gas - to - methanol in Chongqing and coke oven gas - to - methanol in Hebei are presented in the form of charts [42]. - **Methanol - to - Olefin Profit**: The production profits of methanol - to - olefin in East China and Shandong, as well as the disk MTO profit, are presented in the form of charts [46]. - **Methanol Traditional Downstream Profits**: The production profits of traditional downstream products such as formaldehyde, glacial acetic acid, MTBE, and dimethyl ether are presented in the form of charts [52][55]. 3.5 Supply Side - **Capacity Utilization and Production**: Last week, China's methanol production was 1,997,846 tons, a week - on - week increase of 15,190 tons, and the plant capacity utilization was 88.65%, a week - on - week increase of 0.76% [64]. - **International Operating Rate and Imports**: As of June 18, 2025, the port inventory data shows that the weekly arrival volume of methanol in China was 25.7 tons. The import volume in May was 1.2943 million tons, and the import volume in June 2025 is expected to be around 1.3 - 1.35 million tons [69]. - **New Methanol Production Capacity in 2025**: In 2025, China's new methanol production capacity is about 8.6 million tons, with a capacity increase of about 8.4%. Most of the new plants are equipped with downstream facilities such as MTO, acetic acid, and BDO. Overseas, the new methanol production capacity is expected to be 5.05 million tons [71][73]. 3.6 Demand Side - **Methanol Apparent Consumption**: From January to April, the apparent consumption of methanol was 26.58 million tons, an increase of 4.5% [77]. - **Methanol - to - Olefin Operating Rate and Production**: Last week, the MTO operating rate was 88.97%, a week - on - week decrease of 0.54%. Due to planned maintenance in Zhongmei Mengda and a slight reduction in the load of enterprises in East China, the weekly average operating rate of the olefin industry has decreased [81]. - **Traditional Downstream Operating Rates**: The operating rates of traditional downstream products such as formaldehyde, glacial acetic acid, MTBE, and dimethyl ether are presented in the form of charts [82][85]. - **Downstream Purchasing Volume**: The purchasing volumes of methanol - to - olefin manufacturers and traditional downstream manufacturers are presented in the form of charts [89]. - **Production Enterprise Order Volume**: As of June 18, 2025, the pending orders of sample enterprises were 273,800 tons, a decrease of 28,300 tons from the previous period, a week - on - week decrease of 9.37% [96]. - **New Downstream Production Capacity of Methanol**: In 2024, there was only one new olefin downstream plant. In 2025, new methanol downstream production capacity is mainly concentrated in the olefin field, with an expected new olefin production capacity of 2.36 million tons and a theoretical new methanol demand of 6.6 million tons. For traditional downstream products, new production capacity is mainly in acetic acid, MTBE, etc., with a theoretical new methanol demand of 5.87 million tons [98]. 3.7 Inventory - **Enterprise Inventory**: As of June 18, 2025, the inventory of China's methanol sample production enterprises was 367,400 tons, a decrease of 11,800 tons from the previous period, a week - on - week decrease of 3.10% [102]. - **Port Inventory**: As of June 18, 2025, the inventory of China's methanol port samples was 586,400 tons, a decrease of 65,800 tons from the previous period, a week - on - week decrease of 10.09%. The port inventory has decreased as expected [105]. - **Port Floating Storage**: The floating storage in East China and South China ports is presented in the form of charts [108].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View - Pulp lacks clear driving factors in the short - term, and a 7 - 9 reverse spread strategy is recommended [1]. 3. Summary by Relevant Catalogs Price Data - **Futures Prices**: On June 19, 2025, SP2601 was 5266 with a daily increase of 0.61% and a weekly increase of 0.42%; SP2507 was 5250 with a daily increase of 0.19% and a weekly decrease of 0.27%; SP2509 was 5254 with a daily increase of 0.50% and a weekly increase of 0.77% [1]. - **Spot Prices**: Coniferous pulp Silver Star was 6050 with no daily change and a weekly decrease of 1.63%; Knitted Coniferous was 5250 with no daily change and a weekly decrease of 1.87%; Broad - leaf pulp Goldfish was 4100 with no daily change and a weekly decrease of 0.49% [1]. - **Outer - Disk Quotes**: Chilean Silver Star was 740 dollars, Chilean Star was 560 dollars, and Chilean Venus was 620 dollars, all with no monthly change [1]. - **Import Costs**: Chilean Silver Star was 6046, Chilean Star was 4587, and Chilean Venus was 5073, all with no monthly change [1]. Fundamental Data - **Supply**: In April 2025, coniferous pulp imports were 75.8 tons (month - on - month - 5.01%), broad - leaf pulp imports were 119.9 tons (month - on - month - 18.44%); the pulp shipment volume to China in April 2025 was 1353 tons (month - on - month - 30.80%). The domestic production of broad - leaf pulp on June 19, 2025, was 20.9 tons, and that of chemimechanical pulp was 19.9 tons [1]. - **Inventory**: As of June 19, 2025, the pulp port inventory was 220.8 tons (a 2.3 - ton increase from the previous period, a 1.1% week - on - week increase); the delivery warehouse inventory was 23.53 tons [1]. - **Demand**: This week, the production of major finished paper decreased, and the finished paper prices remained low, providing weak support for pulp [1]. Valuation Data - **Basis**: The Russian coniferous basis was - 4 with a quantile level of 0.693; the Silver Star basis was 796 with a quantile level of 0.954 [1]. - **Import Profit**: The import profit of coniferous pulp Silver Star was 4 with a quantile level of 0.619; that of broad - leaf pulp Goldfish was - 487 with a quantile level of 0.204 [1].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the high - sulfur cracking fluctuated, with crude oil rising significantly. High - sulfur fuel oil showed good performance in oil product profits due to a large proportion of Iranian supply. The 380 - month spread fluctuated, with a 7 - 8 - month spread of $11.5, and the basis strengthened. The domestic FU showed a differentiation between near and far months, with 07 dropping to around -$5 (it is expected that there will be a relatively large amount of delivery goods), and 09 fluctuating at $9. The Singapore 0.5 cracking declined, while the month - spread and basis strengthened. [5][6] - This week, Singapore's on - shore inventory continued to accumulate, high - sulfur floating storage accumulated, low - sulfur floating storage fluctuated at a low level, ARA slightly reduced inventory, floating storage inventory fluctuated, Fujairah's on - shore inventory accumulated, and floating storage significantly accumulated. Saudi Arabia's shipments increased significantly, while Russia's shipments decreased month - on - month. Iran and Iraq account for about 15% - 20% of Singapore's high - sulfur imports, mainly affecting some bunkering and refinery feedstock in the Asia - Pacific region and cannot participate in physical delivery on the futures market. It is expected that Iran's shipments will decline in the future due to US sanctions, and if the risk events in the Strait of Hormuz escalate, the impact will be greater. [6] - Currently, high - sulfur fuel oil is still in the peak power - generation season, suppressing the near - month contracts of domestic and foreign FU, with low valuation and continued gaming. In the future, attention should be paid to the shipping situation in the Middle East, and the significant downward driving force at home and abroad has decreased. The domestic LU production increased month - on - month. [6] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From June 13 to June 19, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by $24.82, Rotterdam 0.5% VLS FO swap M1 increased by $21.27, Rotterdam HSFO - Brent M1 increased by $0.57, Rotterdam 10ppm Gasoil swap M1 increased by $57.41, Rotterdam VLSFO - GO M1 decreased by $36.14, LGO - Brent M1 increased by $5.23, and Rotterdam VLSFO - HSFO M1 decreased by $3.55. [3] Singapore Fuel Oil Swap Data - During the same period, the price of Singapore 380cst M1 increased by $1.57, Singapore 180cst M1 increased by $2.99, Singapore VLSFO M1 increased by $4.04, Singapore GO M1 increased by $3.35, Singapore 380cst - Brent M1 decreased by $1.25, and Singapore VLSFO - GO M1 decreased by $20.75. [3] Singapore Fuel Oil Spot Data - From June 13 to June 19, 2025, the FOB 380cst price decreased by $1.59, FOB VLSFO increased by $2.64, the 380 - basis decreased by $2.90, the high - sulfur domestic - foreign price difference decreased by $1.7, and the low - sulfur domestic - foreign price difference increased by $0.4. [4] Domestic FU Data - During this period, FU 01 increased by 35, FU 05 increased by 24, FU 09 increased by 36, FU 01 - 05 increased by 11, FU 05 - 09 decreased by 12, and FU 09 - 01 increased by 1. [4] Domestic LU Data - From June 13 to June 19, 2025, LU 01 increased by 54, LU 05 increased by 143, LU 09 increased by 62, LU 01 - 05 decreased by 89, LU 05 - 09 increased by 81, and LU 09 - 01 increased by 8. [5]

Report Information - Report Name: Asphalt Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: June 20, 2025 [3] 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - No core view is explicitly stated in the provided content. 3. Summary by Relevant Catalog Futures Contracts - **Prices**: The BU main contract price increased from 3519 on May 21 to 3738 on June 19, with a daily change of 43 and a weekly change of 277. Other contracts like BU06, BU09, BU12, and BU03 also showed various price changes during the period [4]. - **Volume and Open Interest**: The trading volume on June 19 was 412,737, with a daily increase of 53,393 and a weekly increase of 110,941. The open interest on June 19 was 549,599, with a daily increase of 4,534 and a weekly increase of 67,306 [4]. Spot Market - **Prices**: Low - end prices in different regions such as Shandong, East China, South China, North China, and Northeast China all showed upward trends. For example, the Shandong market low - end price rose from 3450 on May 21 to 3620 on June 19, with a daily increase of 20 and a weekly increase of 130 [4]. - **Price Differentials**: The price differentials between regions (e.g., Shandong - East China, Shandong - Northeast, East China - South China) also changed. For instance, the Shandong - East China differential increased from - 70 on May 21 to - 60 on June 19, with a daily increase of 20 and a weekly increase of 30 [4]. Basis and Calendar Spreads - **Basis**: The basis values for different regions (Shandong, East China, South China) changed over time. For example, the Shandong basis decreased from - 69 on May 21 to - 118 on June 19, with a daily decrease of 23 and a weekly decrease of 147 [4]. - **Calendar Spreads**: The spreads between different contract months (03 - 06, 06 - 09, 09 - 12, 12 - 03) also had fluctuations. For example, the 03 - 06 spread increased from - 288 on May 21 to 31 on June 19, with a daily increase of 13 and a weekly increase of 310 [4]. Crack Spreads and Profits - **Crack Spreads and Profits**: The asphalt Brent crack spread decreased from 12 on May 21 to - 405 on June 19, with a daily increase of 7 and a weekly decrease of 260. The asphalt Marrow profit decreased from - 55 on May 21 to - 436 on June 19, with a daily increase of 6 and a weekly decrease of 237. The ordinary refinery's comprehensive profit decreased from 431 on May 21 to 158 on June 19, with a daily decrease of 4 and a weekly decrease of 145 [4]. Related Prices - **Related Commodity Prices**: Brent crude oil price increased from 65.4 on May 21 to 76.7 on June 19, with a daily increase of 0.3 and a weekly increase of 7.3. The gasoline market price in Shandong increased from 7405 on May 21 to 7947 on June 19, with a daily increase of 6 and a weekly increase of 401 [4].

Report Summary 1) Report Industry Investment Rating - No relevant information provided. 2) Core Viewpoint of the Report - The fundamentals of the LPG market are improving marginally but still face pressure, with significant geopolitical risks. It is recommended to operate with caution [1]. 3) Summary According to Relevant Catalogs - **Price and Basis Information**: - The cheapest deliverable is Shandong civil gas at 4,550 yuan. The PP price has risen, and PDH production profit has improved, while FEI production profit is lower than CP. The PG futures price has increased significantly, and the 07 - 09 spread has changed from -11 to 103. The US - Far East arbitrage window is closed [1]. - Civil gas prices have risen significantly, and the cheapest deliverable is East China civil gas at 4,603 yuan. Shandong shows signs of stabilization; East China is generally weak due to the expected commissioning of Zhenhai Phase II but has marginally improved due to the postponed commissioning of Daxie; South China's spot prices have rebounded due to the impact of typhoons on ship arrivals. The PG futures is strongly running, the basis of the 07 contract has weakened to 221 (-130), and the 07 - 09 spread is now 195 (+10) [1]. - **External Market and Spread Information**: - External market prices have strengthened significantly, mainly affected by geopolitical factors. In terms of spreads, PG - CP has reached 18 US dollars (+27), and FEI - CP is -19 (+31). Freight rates have increased, and the waiting time for VLGCs at the Panama Canal has decreased [1]. - Among product spreads, PDH production profit has worsened, FEI production profit is lower than CP; the profitability of alkylated oil has decreased significantly; MTBE gas - fractionation etherification profit has increased, while isomerization etherification profit has decreased; FEI - MOPJ and naphtha cracking spreads have declined [1]. - **Fundamental Information**: - Both port inventories and factory inventories have decreased. Arrivals and out - shipments have declined, and it is expected that out - shipments will increase and arrivals will decrease in the future [1]. - Chemical demand has generally improved. The PDH operating rate has increased to 64.3%, the alkylation operating rate has increased to 48.18%, and MTBE production has also increased significantly. A large number of MTBE export orders support the price. With rising temperatures, combustion demand is expected to decline [1]. - The number of registered warehouse receipts is 9,005 lots (-335) [1].

1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - The report presents the arbitrage data of various futures varieties on June 20, 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 [1][5][14][22][38][47] 3. Summary by Directory 3.1 Power Coal - Basis data from June 13 - 19, 2025 shows a constant basis of - 192.4 yuan/ton, and 0.0 for 5 - 1/9 - 1/9 - 5 spreads [2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Crude oil, fuel oil basis data and the ratio of crude oil to asphalt are presented, with specific values varying from June 13 - 19, 2025. For example, the ratio of crude oil to asphalt on June 19, 2025 was 0.1484 [9] 3.2.2 Chemical Commodities - Basis data for multiple chemicals (e.g., natural rubber, methanol, PTA) from June 13 - 19, 2025 are provided. For instance, the basis of natural rubber on June 19 was - 80 yuan/ton [10] - Inter - period spreads (5 - 1/9 - 1/9 - 5) for various chemicals are given, such as the 5 - 1 spread of natural rubber being 35 yuan/ton [10] - Inter - variety spreads (e.g., LLDPE - PVC, LLDPE - PP) from June 13 - 19, 2025 are presented. For example, the LLDPE - PVC spread on June 19 was 2554 yuan/ton [10] 3.3 Black Metals - Basis data for black metals (e.g., rebar, iron ore, coke, coking coal) from June 13 - 19, 2025 are shown. For example, the basis of rebar on June 19 was 84.0 yuan/ton [15] - Inter - period spreads for rebar (5 - 1/10 - 1/10 - 5) and other black metals (e.g., 5 - 1/9 - 1/9 - 5 for iron ore) are provided [15] - Inter - variety spreads (e.g., rebar/iron ore, rebar/coke) from June 13 - 19, 2025 are presented. For example, the rebar/iron ore ratio on June 19 was 4.28 [15] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data for non - ferrous metals (e.g., copper, aluminum, zinc) from June 13 - 19, 2025 are given. For example, the basis of copper on June 19 was 460 yuan/ton [23] - LME related data (LME premium/discount, Shanghai - London ratio, CIF, domestic spot, import profit and loss) for non - ferrous metals on June 19, 2025 are presented. For example, the LME premium of copper was 133.36 [30] 3.4.2 London Market - LME basis, Shanghai - London ratio, and import profit and loss data are presented, but specific numerical details are not fully elaborated in the summary [30][32][33] 3.5 Agricultural Products - Basis data for agricultural products (e.g., soybeans, soybean meal, soybean oil) from June 13 - 19, 2025 are provided. For example, the basis of soybean No.1 on June 19 was - 153 yuan/ton [40] - Inter - period spreads (5 - 1/9 - 1/9 - 5) for various agricultural products are given, such as the 5 - 1 spread of soybean No.1 being 15 yuan/ton [38] - Inter - variety spreads (e.g., soybean No.1/corn, soybean oil/soybean meal) from June 13 - 19, 2025 are presented. For example, the soybean No.1/corn ratio on June 19 was 1.76 [38] 3.6 Stock Index Futures - Basis data for stock index futures (e.g., CSI 300, SSE 50, CSI 500, CSI 1000) from June 13 - 19, 2025 are shown. For example, the basis of CSI 300 on June 19 was 2.69 [48] - Inter - period spreads (e.g., next month - current month, current quarter - current month) for various stock index futures are provided [48]

Report Overview - The report focuses on the fundamental analysis of palm oil, soybean oil, and rapeseed oil, including price trends, trading volume, positions, and macro - industry news [1][2][4] Core Views - For palm oil, the near - term fundamental improvement in the producing areas is limited, and a reverse spread strategy is recommended [1] - For soybean oil, there is a risk of a price pull - back due to potential geopolitical easing [1] Industry News - ITS reported that Indonesia's palm oil exports in May increased by 43.3% or 59.9 million tons month - on - month to 1.983 billion tons [2] - The USDA predicted that the total cost of producing soybeans in the US in 2025 would be $639.15 per acre, and in 2026 it would be $650.34 per acre [4] - As of the week ending June 17, about 13% of US soybean planting areas were affected by drought, the same as the previous week and 2% last year [4] - Analysts noted that rainfall in the Canadian prairies is expected to ease the drought, where about 40% of the area is currently experiencing drought. The Canadian Statistics Bureau will release a sowing area report on June 27, and its March report showed that the rapeseed planting area was 21.6 million acres, a 1.7% decrease from the 2024/25 season [4] Futures Market Data Price and Price Change | Variety | Day - session Closing Price (yuan/ton) | Day - session Price Change (%) | Night - session Closing Price (yuan/ton) | Night - session Price Change (%) | | --- | --- | --- | --- | --- | | Palm Oil Main Contract | 8,538 | 0.23% | 8,596 | 0.68% | | Soybean Oil Main Contract | 8,152 | 0.84% | 8,196 | 0.54% | | Rapeseed Oil Main Contract | 9,691 | - 0.12% | 9,737 | 0.47% | | Malaysian Palm Oil Main Contract (ringgit/ton) | 4,102 | 0.02% | 4,143 | 0.95% | [1] Trading Volume and Position | Variety | Previous Trading Volume (lots) | Trading Volume Change | Previous Position (lots) | Position Change | | --- | --- | --- | --- | --- | | Palm Oil Main Contract | 605,854 | - 49,717 | 505,691 | - 6,669 | | Soybean Oil Main Contract | 463,250 | 35,939 | 615,911 | 30,527 | | Rapeseed Oil Main Contract | 314,433 | - 118,096 | 390,919 | 2,081 | [1] Spot Price and Price Change | Variety | Spot Price (yuan/ton) | Price Change | | --- | --- | --- | | 24 - degree Palm Oil (Guangdong) | 8,800 | 0 | | First - grade Soybean Oil (Guangdong) | 8,360 | 70 | | Fourth - grade Imported Rapeseed Oil (Guangxi) | 9,760 | 10 | | Malaysian Palm Oil FOB (Continuous Contract, US dollars/ton) | 1,005 | 10 | [1] Basis and Spread | Variety | Basis (yuan/ton) | Spread (yuan/ton) | | --- | --- | --- | | Palm Oil (Guangdong) | 262 | Palm Oil 9 - 1 Spread: 30 (Previous: 42) | | Soybean Oil (Guangdong) | 208 | Soybean Oil 9 - 1 Spread: 76 (Previous: 70) | | Rapeseed Oil (Guangxi) | 69 | Rapeseed Oil 9 - 1 Spread: 115 (Previous: 130) | | Rapeseed - Palm Oil Futures Main Contract Spread | 1,153 (Previous: 1,185) | | | Soybean - Palm Oil Futures Main Contract Spread | - 386 (Previous: - 434) | | [1] Trend Intensity - The trend intensity of palm oil is - 1, and that of soybean oil is - 1, with the range of trend intensity being integers in the [- 2,2] interval [5]

1. Report Industry Investment Rating - No relevant content provided 2. Report's Core View - The report presents the arbitrage data of various futures varieties on June 19, 2025, including power coal, energy - chemical products, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][4][13][21][39][46] 3. Summary by Directory 3.1 Power Coal - **Basis Data**: From June 12 to June 18, 2025, the basis of power coal remained at - 192.4 yuan/ton, and the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0 [2] 3.2 Energy - Chemical 3.2.1 Energy Commodities - **Basis Charts**: There are basis charts for crude oil, fuel oil, and the ratio chart of crude oil to asphalt, showing the relationship between spot prices and futures prices [5][6][8] 3.2.2 Chemical Commodities - **Basis Data**: From June 12 to June 18, 2025, the basis data of various chemical products such as natural rubber, methanol, PTA, etc. are presented, with different values and trends [9] - **Inter - period Spread Data**: The inter - period spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for multiple chemical products are provided, including natural rubber, methanol, PTA, etc. [9] - **Inter - variety Spread Data**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc. are given from June 12 to June 18, 2025 [9] 3.3 Black Metals - **Basis Data**: From June 12 to June 18, 2025, the basis data of black metals including rebar, iron ore, coke, and coking coal are presented, with different values and trends [14] - **Inter - period Spread Data**: The inter - period spreads of rebar (5 - 1 month, 10 - 1 month, 10 - 5 month) and those of iron ore, coke, and coking coal (5 - 1 month, 9 - 1 month, 9 - 5 month) are provided [14] - **Inter - variety Spread Data**: The inter - variety spreads such as rebar/iron ore, rebar/coke, etc. are given from June 12 to June 18, 2025 [14] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - **Basis Data**: From June 12 to June 18, 2025, the domestic basis data of non - ferrous metals including copper, aluminum, zinc, etc. are presented, with different values and trends [22] - **LME - related Data**: On June 18, 2025, data such as LME forward premiums/discounts, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss for non - ferrous metals are provided [29] 3.4.2 London Market - **Relevant Charts**: There are LME basis charts, Shanghai - London ratio charts, and import profit/loss charts for non - ferrous metals [31][32][33] 3.5 Agricultural Products - **Basis Data**: From June 12 to June 18, 2025, the basis data of agricultural products including soybeans, soybean meal, soybean oil, etc. are presented, with different values and trends [39] - **Inter - period Spread Data**: The inter - period spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month for multiple agricultural products are provided, including soybeans, soybean meal, soybean oil, etc. [37][39] - **Inter - variety Spread Data**: The inter - variety spreads such as soybean 1/corn, soybean 2/corn, etc. are given from June 12 to June 18, 2025 [37] 3.6 Stock Index Futures - **Basis Data**: From June 12 to June 18, 2025, the basis data of stock index futures including CSI 300, SSE 50, CSI 500, and CSI 1000 are presented, with different values and trends [47] - **Inter - period Spread Data**: The inter - period spreads of multiple contracts (next month - current month, current quarter - current month, etc.) for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [47]

| 股指期货价差日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | 2025年6月19日 | | | | 叶倩宁 | Z0016628 | | 价差 | 品种 | 服新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | | | F期现价差 | -2.77 | -0.99 | 59.8096 | 53.20% | | 期现价差 | H期现价差 | -2.52 | 0.63 | 42.20% | 45.60% | | | IC期现价差 | -7.87 | -5.36 | 81.90% | 72.30% | | | IM期现价差 | -11.19 | 0.28 | 90.00% | 63.40% | | | 次月-当月 | -41.00 | 0.00 | 1.20% | 6.70% | | | 季月-崇月 | -70.60 | -1.20 | 10.6096 | 14.30% | | | 远月-当月 | -99.20 | 2.00 | 17.20% | 19.00% ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking was volatile. Crude oil prices rose significantly. High - sulfur oil with a large proportion of Iranian supply performed well in oil product profits. The 380 - month spread was volatile, the 7 - 8 spread was $11.5, the basis strengthened, and the FU internal and external near - and far - month contracts were differentiated. The Singapore 0.5 cracking declined, the month spread strengthened month - on - month, and the basis strengthened. Singapore's on - shore inventory continued to accumulate, high - sulfur floating storage accumulated, low - sulfur floating storage fluctuated at a low level, ARA slightly reduced inventory, floating storage inventory fluctuated, Fujairah's on - shore inventory accumulated, and floating storage increased significantly. Saudi Arabia's shipments increased significantly, and Russia's shipments decreased month - on - month. It is expected that Iran's shipments will decline in the future due to US sanctions. High - sulfur oil is still in the peak power - generation season, the near - month contracts of FU are under pressure, the valuation is low, and the game continues. The subsequent focus is on Middle - East shipments, and the large downward drive inside and outside has decreased. LU production increased month - on - month [4][5] Group 3: Summary by Related Catalogs Rotterdam Fuel Oil Data - From June 12 to June 18, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by -$0.69, Rotterdam 0.5% VLS FO swap M1 changed by -$3.04, Rotterdam HSFO - Brent M1 changed by $0.15, Rotterdam 10ppm Gasoil swap M1 changed by $2.86, Rotterdam VLSFO - GO M1 changed by -$5.90, LGO - Brent M1 changed by -$0.02, and Rotterdam VLSFO - HSFO M1 changed by -$2.35 [2] Singapore Fuel Oil Data Swap Data - From June 12 to June 18, 2025, the price of Singapore 380cst M1 changed by $3.70, Singapore 180cst M1 changed by $3.47, Singapore VLSFO M1 changed by $8.86, Singapore GO M1 changed by $2.67, Singapore 380cst - Brent M1 changed by -$1.17, and Singapore VLSFO - GO M1 changed by -$10.90 [2] Spot Data - From June 12 to June 18, 2025, the FOB 380cst price in Singapore changed by $1.91, FOB VLSFO changed by $9.11, the 380 basis changed by -$0.48, the high - sulfur internal - external spread changed by -$1.3, and the low - sulfur internal - external spread changed by $1.4 [3] Domestic FU Data - From June 12 to June 18, 2025, FU 01 changed by 91, FU 05 changed by 80, FU 09 changed by 86, FU 01 - 05 changed by 11, FU 05 - 09 changed by -6, and FU 09 - 01 changed by -5 [3] Domestic LU Data - From June 12 to June 18, 2025, LU 01 changed by 90, LU 05 changed by -44, LU 09 changed by 124, LU 01 - 05 changed by 134, LU 05 - 09 changed by -168, and LU 09 - 01 changed by 34 [4]