Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View The current Sino - US talks results lack detailed reports, causing the market to fluctuate with unconfirmed news. Fundamentally, the traditional off - season has arrived, leading to a weakening of some steel demand. However, steel mills maintain production through variety switching due to decent orders and profits. The raw material supply remains abundant, so the fundamental drive for a market rebound is weak. Market macro - sentiment fluctuations may cause the market to oscillate, and the pressure of a weakening off - season fundamental situation is gradually emerging [2]. 3. Summary by Relevant Content 3.1 Price Forecast - The predicted monthly price range for rebar is 2800 - 3100 with a current volatility of 11.25% and a volatility percentile of 14.0%. For hot - rolled coils, it is 2900 - 3200 with a current volatility of 11.37% and a volatility percentile of 9.74% [1]. 3.2 Risk Management Strategies - **High finished - product inventory**: To prevent inventory losses, enterprises can short rebar or hot - rolled coil futures according to their inventory. For example, sell RB2510 with a 40% hedging ratio at 3000 - 3100 and HC2510 with a 40% ratio at 3120 - 3200. Also, sell call options like RB2510C3200 with a 50% ratio at 30 - 40 to reduce capital costs [1]. - **Low procurement inventory**: To avoid rising procurement costs, buy rebar or hot - rolled coil futures. For instance, buy RB2510 with a 20% ratio at 2850 - 2920 and 2950 - 3030. Sell put options such as RB2510P2700 with a 20% ratio at 30 - 40 to reduce procurement costs [1]. 3.3 Market Situation Analysis - **Positive factors**: Total steel inventory is not high, and there are no obvious signs of a significant reduction in hot metal production [3]. - **Negative factors**: The recent rebar delivery volume in Hangzhou has decreased significantly; hot - rolled coils have accumulated inventory in many places; steel mills plan a fourth round of coke price cuts; iron ore shipments have increased in the past two weeks; and coal mine inventories remain high [4][5]. 3.4 Price Data - **Futures prices**: On June 13, 2025, the closing prices of rebar and hot - rolled coil futures contracts showed little daily change but some weekly changes. For example, the rebar 10 - contract closing price was 2968, unchanged daily but down 7 weekly [5]. - **Spot prices**: On June 12, 2025, the rebar and hot - rolled coil spot prices in different regions had various daily and weekly changes. For example, the Shanghai rebar summary price was 3090, down 20 daily and 10 weekly [5]. 3.5 Other Data - **Hot - rolled coil overseas data**: The FOB export prices and CFR import prices of hot - rolled coils in different countries had different weekly changes on June 12, 2025. For example, the Japanese FOB export price dropped from 510 to 495 [6]. - **Basis data**: The basis of rebar and hot - rolled coils in Shanghai showed certain daily and weekly changes on June 12, 2025. For example, the 01 rebar basis in Shanghai was 128, up 3 daily and down 21 weekly [6]. - **Spread data**: The month - spreads, roll - rebar spreads, rebar - iron ore ratios, and rebar - coke ratios of rebar and hot - rolled coils had different changes on June 13, 2025. For example, the 01 roll - rebar spread was 117, down 7 weekly [7][8][9].

新能源及有色金属日报 | 2025-06-12 工业硅仓单持续减少，近期盘面向上修复较多 工业硅： 市场分析 2025-06-11，工业硅期货价格反弹，主力合约2507开于7365元/吨，最后收于7560元/吨，较前一日结算变化（165） 元/吨，变化（2.23）%。截止收盘，2507主力合约持仓147036手，2025-06-11仓单总数为58674手，较前一日变化-578 手。 供应端：工业硅现货价格持稳。据SMM数据，昨日华东通氧553#硅在8000-8300（0）元/吨；421#硅在8400-9000 （0）元/吨，新疆通氧553价格7500-7700（0）元/吨，99硅价格在7500-7700（0）元/吨。现货价格企稳，近期工业 硅仓单持续减少，目前仓单数量较4月中旬最高点已降低57855吨，前段时间盘面不断回落，使得期现贸易商仓单 与非标货性价比提升，较硅厂出货更加流畅，仓单流出较多，但近几日盘面反弹后，基差收窄，后续仓单注销速 度或明显放缓。 消费端：据SMM统计，有机硅DMC报价10700-11500（0）元/吨。据SMM统计，5月国内有机硅产量环比4月上升 6.48%，开工率增至62.37% ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, the high-sulfur crack spread declined, the 380-month spread decreased, and the basis strengthened. The low-sulfur crack spread weakened in a volatile manner, the near-term month spread slightly weakened, and the basis weakened. This week, inventories in Singapore continued to accumulate, inventories in ARA ports continued to accumulate, and US residual oil inventories decreased slightly. Recently, the low-sulfur valuation has shown that there is room for downward correction in the crack spread and the inter-month spread after the supply recovers. The high-sulfur crack spread has started to loosen, and the game in the overseas market remains strong. This year, affected by the consumption tax deduction and tariff adjustment in China, the feedstock demand of fuel oil refineries has declined significantly. In terms of marine fuel, the global high-sulfur marine fuel from January to March increased by 2% year-on-year, and Singapore remained basically flat. The total marine fuel was weaker year-on-year. Pay attention to the impact of tariffs on global trade activities in the future. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. High-sulfur fuel oil is still in the peak season. Pay attention to the opportunity for the high-sulfur crack spread to decline in the medium term. The domestic production schedule is relatively high, and the idea of shorting LU at high levels both domestically and overseas remains unchanged. [3][8] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From June 5th to June 11th, the price of Rotterdam 3.5% HSFO swap M1 increased from 397.00 to 416.62, with a change of 9.39; the price of Rotterdam 0.5% VLSFO swap M1 increased from 450.35 to 469.90, with a change of 11.94; the Rotterdam HSFO-Brent M1 decreased from -2.45 to -3.10, with a change of -0.14; the price of Rotterdam 10ppm Gasoil swap M1 increased from 599.39 to 628.77, with a change of 12.17; the Rotterdam VLSFO-GO M1 decreased from -149.04 to -158.87, with a change of -0.23; the LGO-Brent M1 remained unchanged at 17.90; the Rotterdam VLSFO-HSFO M1 increased from 53.35 to 53.28, with a change of 2.55 [1] Singapore Fuel Oil Swap Data - From June 5th to June 11th, the price of Singapore 380cst M1 increased from 412.03 to 430.99, with a change of 10.92; the price of Singapore 180cst M1 increased from 418.53 to 431.27, with a change of 4.30; the price of Singapore VLSFO M1 increased from 478.40 to 501.76, with a change of 15.62; the price of Singapore GO M1 increased from 79.75 to 84.48, with a change of 2.50; the Singapore 380cst-Brent M1 decreased from 0.57 to -0.91, with a change of -0.63; the Singapore VLSFO-GO M1 decreased from -111.75 to -123.39, with a change of -2.88 [1] Singapore Fuel Oil Spot Data - From June 5th to June 11th, the FOB 380cst decreased from 435.70 to 435.55, with a change of -5.55; the FOB VLSFO increased from 489.42 to 499.42, with a change of 2.64; the 380 basis increased from 10.50 to 12.95, with a change of 0.70; the high-sulfur domestic and overseas price difference decreased from 6.7 to 6.8, with a change of -0.2; the low-sulfur domestic and overseas price difference increased from 18.4 to 17.6, with a change of 1.1 [2] Domestic FU Data - From June 5th to June 11th, the FU 01 remained unchanged at 2780; the FU 05 increased from 2657 to 2727, with a change of 10; the FU 09 decreased from 2853 to 2912, with a change of -12; the FU 01-05 decreased from 55 to 53, with a change of -10; the FU 05-09 increased from -196 to -185, with a change of 22; the FU 09-01 decreased from 141 to 132, with a change of -12 [2] Domestic LU Data - From June 5th to June 11th, the LU 01 decreased from 3356 to 3414, with a change of -17; the LU 05 decreased from 3280 to 3348, with a change of -10; the LU 09 increased from 3450 to 3524, with a change of 6; the LU 01-05 decreased from 76 to 66, with a change of -7; the LU 05-09 decreased from -170 to -176, with a change of -16; the LU 09-01 increased from 94 to 110, with a change of 23 [3]

| | 20250612申万期货有色金属基差日报 | | | --- | --- | --- | | | 铜： 可能短期宽幅波动 | | | | 锌： 可能短期宽幅波动 | | | 摘要 | 铝： 短期内或以震荡为主。 | | | | 镍： 短期内或以震荡偏强。 | | | 品种 | 观点 | 策略方向 | | | 铜：夜盘铜价收低。目前精矿加工费总体低位以及低铜价，考验冶炼产量。 | | | | 根据国家统计局数据来看，国内下游需求总体稳定向好，电力行业延续正增 | 可能短期宽 | | 铜 | 长；汽车产销正增长；家电产量增速趋缓；地产持续疲弱。多空因素交织， | 幅波动 | | | 铜价可能区间波动。关注美国关税进展，以及美元、铜冶炼和家电产量等因 | | | | 素变化。 | | | | 锌：夜盘锌价收低。近期精矿加工费持续回升。由国家统计局数据来看，国 | | | 锌 | 内汽车产销正增长，基建稳定增长，家电产量增速趋缓，地产持续疲弱。市 | 可能短期宽 | | | 场预期今年精矿供应明显改善，冶炼供应可能恢复。短期锌价可能宽幅波 | 幅波动 | | | 动，关注美国关税进展，以及美元、锌冶炼和家电产 ...

Report Overview - Report Title: "Stock Index Futures Morning Report - June 12, 2025" - Report Author: Dushufang from the Investment Consulting Department of Dayue Futures - Date of Report: June 12, 2025 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The domestic index is in an oscillating upward trend, but the upward pressure has increased. It is recommended to reduce holdings on significant intraday rallies and add positions on significant declines, and avoid intraday chasing [4]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Index Futures Basis and Spread**: - For the Shanghai Composite 50 index futures, the IH2506 contract had a basis of -9.74 points, with an annualized basis of -14.73%. The basis and spread of other contracts showed different degrees of deviation [5]. - For the CSI 300 index futures, the IF2506 contract had a basis of -15.83 points, with an annualized basis of -16.55% [5]. - For the CSI 500 index futures, the IC2506 contract had a basis of -31.75 points, with an annualized basis of -22.35% [5]. - For the CSI 1000 index futures, the IM2506 contract had a basis of -42.51 points, with an annualized basis of -28.06% [5]. - **Analysis of Index Futures Trends**: - The IM, IC, and IF were above the 20 - day moving average, showing a bullish signal, while the IH was below the 20 - day moving average, showing a bearish signal [3]. - The basis of IH2506 and IF2506 was neutral, while the basis of IC2506 and IM2506 indicated a bearish bias [3]. - The long positions of the IH and IC main contracts decreased, while the long positions of the IF main contract increased, showing a bullish signal overall [4]. 3.2 Spot Market - **Daily Returns of Major Indexes**: Different major indexes such as the Shanghai Composite Index, Shanghai Composite 50, CSI 300, etc., showed varying degrees of daily returns, with the Shanghai Composite Index standing above the 3400 mark [3][14]. - **Daily Returns of Style Indexes**: Style indexes such as the 300 - Cycle, 300 - Non - Cycle, and Low - P/E Index also showed different daily returns [17][20]. 3.3 Market Structure - **AH - Share Premium**: The Hang Seng AH Premium Index showed a certain trend over time [23]. - **Price - to - Earnings Ratio (PE) and Price - to - Book Ratio (PB)**: The historical trends of the PE and PB of the Shanghai Composite 50, CSI 300, CSI 500, and ChiNext Index were presented [26][28]. 3.4 Market Fundamentals - **Stock Market Fund Inflows**: The A - share market showed different levels of net fund inflows over time [30]. - **Margin Trading Balance**: The margin trading balance showed a certain trend in relation to the CSI 300 [32]. - **Northbound Capital Flows**: The net inflows of the Shanghai - Hong Kong Stock Connect and Shenzhen - Hong Kong Stock Connect showed fluctuations [34]. - **Fund Costs**: The SHIBOR overnight, one - week, and two - week rates showed changes over time [40]. 3.5 Market Sentiment - **Trading Activity**: The turnover rates of the Shanghai Composite 50, CSI 300, CSI 500, and ChiNext Index (based on free - floating market capitalization) showed different trends [43][46]. - **Positions of Public - Offering Hybrid Funds**: The positions of public - offering hybrid funds showed a certain trend [48]. 3.6 Other Indicators - **Dividend Yield and Treasury Bond Yield**: The dividend yields of index futures and the yield of the 10 - year treasury bond were presented [52]. - **Exchange Rate**: The exchange rate of the US dollar against the Chinese yuan showed a certain trend [54]. - **New Account Openings and Index Tracking**: The relationship between new account openings and the Shanghai Composite Index was tracked [55]. - **New Fund Establishment Scale**: The changes in the new establishment scales of stock - type, hybrid, and bond - type funds were presented [57][59][61].

| 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12日 | | | | 叶倩宁 | Z0016628 | | 价差 | 品种 | 最新值 | 较前一日变化 | 历史1年分位数 | 全历史分位数 | | | F期现价差 | -15.83 | 8.64 | 29.90% | 26.60% | | 期现价差 | H期现价差 | -9.74 | 6.66 | 26.60% | 23.10% | | | IC期现价差 | -31.75 | 8.05 | 38.10% | 39.20% | | | IM期现价差 | -42.51 | 5.38 | 90.00% | 29.00% | | | 次月-当月 | -39.40 | -2.60 | 2.80% | 7.40% | | | 季月-当月 | -66.60 | 0.60 | 13.10% | 16.30% | | | 远月-当月 | -93.00 | 2.80 | 16.80% | 20.50% | | ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints There are no explicit core viewpoints presented in the given text. It mainly provides a comprehensive list of various commodity futures and related data, including spot prices, historical quantiles, basis, and futures prices. 3. Summary by Categories Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 5478, futures price is 5184, basis is 294, basis rate is 5.67%, and historical quantile is 89.20% [1]. - **Silicon Manganese (SM509)**: Spot price is 5700, futures price is 5486, basis rate is 3.90%, and historical quantile is 59.40% [1]. - **Rebar (RB2510)**: Spot price is 3110, futures price is 2991, basis rate is 3.98%, and historical quantile is 54.60% [1]. - **Hot - Rolled Coil (HC2510)**: Spot price is 3200, futures price is 3108, basis rate is 2.96%, and historical quantile is 54.30% [1]. - **Iron Ore (I2509)**: Spot price (converted price of 62.5% Brazilian blended powder) is 759, futures price is 707, basis rate is 7.33%, and historical quantile is 42.60% [1]. - **Coke (J2509)**: Spot price is 1357, futures price is 1356, basis rate is 0.08%, and historical quantile is 45.89% [1]. - **Coking Coal (JM2509)**: Spot price (converted price of S1.3 G75 main coking coal) is 828, futures price is 784, basis rate is 5.68%, and historical quantile is 30.20% [1]. Non - Ferrous Metals - **Copper (CU2507)**: Spot price is 79310, futures price is 79290, basis rate is 0.03%, and historical quantile is 44.16% [1]. - **Aluminum (AL2507)**: Spot price is 20400, futures price is 20250, basis rate is 0.74%, and historical quantile is 83.33% [1]. - **Zinc (ZN2507)**: Spot price is 22230, futures price is 22140, basis rate is 0.41%, and historical quantile is 56.45% [1]. - **Tin (SN2507)**: Spot price is 265800, futures price is 265530, basis rate is 0.10%, and historical quantile is 55.20% [1]. - **Nickel (NI2507)**: Spot price is 121700, futures price is 121790, basis rate is - 0.07%, and historical quantile is 49.58% [1]. - **Stainless Steel (SS2508)**: Spot price is 12970, futures price is 12600, basis rate is 2.94%, and historical quantile is 77.25% [1]. Precious Metals - **Gold (AU2508)**: Spot price is 777.5, futures price is 774.5, basis rate is - 0.39%, and historical quantile is 19.50% [1]. - **Silver (AG2508)**: Spot price is 8882.0, futures price is 8902.0, basis rate is - 0.22%, and historical quantile is 37.40% [1]. Agricultural Products - **Soybean Meal (M2509)**: Spot price is 3047.0, futures price is 2840, basis rate is - 6.79%, and historical quantile is 24.10% [1]. - **Soybean Oil (Y2509)**: Spot price is 7880, futures price is 7694.0, basis rate is 2.42% [1]. - **Palm Oil (P2509)**: Spot price is 8330, futures price is 7970.0, basis rate is 4.52%, and historical quantile is 64.50% [1]. - **Rapeseed Meal (RM509)**: Spot price is 2638.0, futures price is 2530, basis rate is - 4.09%, and historical quantile is 15.70% [1]. - **Rapeseed Oil (O1509)**: Spot price is 9330, futures price is 9149.0, basis rate is 1.98%, and historical quantile is 58.20% [1]. - **Corn (C2507)**: Spot price is 2390, futures price is 2374.0, basis rate is 0.67%, and historical quantile is 56.70% [1]. - **Corn Starch (CS2507)**: Spot price is 2709.0, futures price is 2700, basis rate is - 0.33%, and historical quantile is 9.70% [1]. - **Live Hogs (LH2509)**: Spot price is 14050, futures price is 13600.0, basis rate is 3.31%, and historical quantile is 52.00% [1]. - **Eggs (JD2508)**: Spot price is 3515.0, futures price is 2620, basis rate is - 25.46% [1]. - **Cotton (CF509)**: Spot price is 14702, futures price is 13540.0, basis rate is 8.58%, and historical quantile is 81.70% [1]. - **Sugar (SR509)**: Spot price is 6150, futures price is 5668.0, basis rate is 8.50%, and historical quantile is 85.70% [1]. - **Apples (AP510)**: Spot price is 8600, futures price is 7551.0, basis rate is 13.89%, and historical quantile is 16.20% [1]. - **Red Dates (CJ509)**: Spot price is 8925.0, futures price is 8300, basis rate is - 7.00%, and historical quantile is 31.10% [1]. Energy and Chemicals - **Para - Xylene (PX509)**: Spot price is 6725.0, futures price is 6528.0, basis rate is 3.02%, and historical quantile is 82.90% [1]. - **PTA (TA509)**: Spot price is 4840.0, futures price is 4620.0, basis rate is 4.76%, and historical quantile is 82.90% [1]. - **Ethylene Glycol (EG2509)**: Spot price is 4370.0, futures price is 4285.0, basis rate is 1.98%, and historical quantile is 88.20% [1]. - **Polyester Staple Fiber (PF507)**: Spot price is 6490.0, futures price is 6414.0, basis rate is 1.18%, and historical quantile is 66.40% [1]. - **Styrene (EB2507)**: Spot price is 7760.0, futures price is 7349.0, basis rate is 5.59%, and historical quantile is 85.20% [1]. - **Methanol (MA509)**: Spot price is 2368.0, futures price is 2282.0, basis rate is 3.77%, and historical quantile is 71.90% [1]. - **Urea (UR509)**: Spot price is 1750.0, futures price is 1667.0, basis rate is 4.98%, and historical quantile is 37.50% [1]. - **LLDPE (L2509)**: Spot price is 7165.0, futures price is 7102.0, basis rate is 0.89%, and historical quantile is 36.20% [1]. - **PP (PP2509)**: Spot price is 7130.0, futures price is 6960.0, basis rate is 2.44%, and historical quantile is 64.40% [1]. - **PVC (V2509)**: Spot price is 4832.0, futures price is 4720.0, basis rate is - 2.32%, and historical quantile is 48.90% [1]. - **LPG (PG2507)**: Spot price is 4598.0, futures price is 4130.0, basis rate is 11.33%, and historical quantile is 64.30% [1]. - **Asphalt (BU2509)**: Spot price is 3720.0, futures price is 3461.0, basis rate is 7.48%, and historical quantile is 87.10% [1]. - **Butadiene Rubber (BR2507)**: Spot price is 11600.0, futures price is 11225.0, basis rate is 3.34%, and historical quantile is 68.30% [1]. - **Glass (FG509)**: Spot price is 1032.0, futures price is 998.0, basis rate is 3.29%, and historical quantile is 75.42% [1]. - **Soda Ash (SA509)**: Spot price is 1246.0, futures price is 1202.0, basis rate is 3.53%, and historical quantile is 86.66% [1]. - **Natural Rubber (RU2509)**: Spot price is 13890.0, futures price is 13750.0, basis rate is - 1.02% [1]. Financial Futures - **CSI 300 Index Futures (IF2506)**: Spot price is 3894.6, futures price is 3878.8, basis rate is - 0.41%, and historical quantile is 26.60% [1]. - **SSE 50 Index Futures (IH2506)**: Spot price is 2692.1, futures price is 2682.4, basis rate is - 0.36% [1]. - **CSI 500 Index Futures (IC2506)**: Spot price is 5792.9, futures price is 5761.2, basis rate is - 0.55%, and historical quantile is 39.20% [1]. - **CSI 1000 Index Futures (IM2506)**: Spot price is 6186.5, futures price is 6144.0, basis rate is - 0.69%, and historical quantile is 29.00% [1]. - **2 - Year Treasury Bond Futures (TS2509)**: Spot price is 102.45, futures price is 100.30, basis rate is - 0.06%, and historical quantile is 11.20% [1]. - **5 - Year Treasury Bond Futures (TF2509)**: Spot price is 106.17, futures price is 101.07, basis rate is - 0.02%, and historical quantile is 24.20% [1]. - **10 - Year Treasury Bond Futures (T2509)**: Spot price is 109.04, futures price is 107.64, basis rate is 0.16%, and historical quantile is 36.70% [1]. - **30 - Year Treasury Bond Futures (TL2509)**: Spot price is 136.22, futures price is 120.40, basis rate is 0.35%, and historical quantile is 61.30% [1].

Report Overview - The report is a data daily report on agricultural products by ITG Guomao Futures, written by Huang Xianglan from the Agricultural Products Research Center on June 11, 2025 [2][3] Core Viewpoints - The domestic soybean inventory continues to accumulate and is currently at a relatively high level compared to the same period. The soybean meal inventory is also increasing but remains at a low level. With the significant recovery of the oil mills' operation rate, it is expected that the soybean meal inventory will accumulate more rapidly in mid - to late June [6] - The soybean meal is expected to accumulate inventory, and the domestic basis is under pressure. As domestic ship - buying progresses, the M09 contract is expected to move in a volatile manner. Attention should be paid to the progress of the China - US economic and trade talks [6] Data Summary Basis Data - On June 10, the 43% soybean meal spot basis in Dalian was - 51, down 12; in Rizhao it was - 171, down 32; in Tianjin it was - 91, down 12; in Zhangjiagang it was - 151, down 32; in Dongguan it was - 181, down 22; in Zhanjiang it was - 141, down 22; and in Fangcheng it was - 151, down 32. The rapeseed meal spot basis in Guangdong was - 199, down 15 [4] Spread Data - The spot spread between soybean meal and rapeseed meal in Guangdong was 420, down 10; the futures spread of the main contract was 402, down 3 [5] International and Inventory Data - The US dollar to RMB exchange rate was 7.1367, up 2. The Brazilian soybean CNF premium was 177 cents per bushel. The domestic soybean inventory at ports and in major oil mills, as well as the soybean meal inventory and feed enterprises' soybean meal inventory days, showed different trends over different time periods. The operation rate and soybean crushing volume of major oil mills also had their own trends [5] Supply and Demand Analysis Supply - The expected arrival volume of Brazilian soybeans in China in May, June, and July is over 10 million tons each month. The short - term planting weather of US soybeans shows no obvious abnormalities. However, in the US production area, Nebraska has had less precipitation recently, but there is no high - temperature combination, which needs further observation [5][6] Demand - Based on the inventory situation, the supply of live pigs is expected to increase steadily before September, and the poultry inventory remains at a high level. The cost - effectiveness of soybean meal has significantly improved, and downstream pick - up has improved [6]

Report Summary Core View The report presents the basis, spot prices, futures prices, basis rates, and historical quantiles of various commodities and financial futures on June 11, 2025, covering multiple sectors such as ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemicals, and stock index futures [1]. Summary by Category Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 5528, futures price is 5174, basis is 354, basis rate is 6.84%, and historical quantile is 92.20% [1]. - **Silicon Manganese (SM509)**: Spot price is 5700, futures price is 5542, basis is 158, basis rate is 2.85%, and historical quantile is 51.70% [1]. - **Rebar (RB2510)**: Spot price is 3190, futures price is 3110, basis is 80, basis rate is 2.57%, and historical quantile is 59.60% [1]. - **Hot - Rolled Coil (HC2510)**: Spot price is 3089, futures price is 3033, basis is 56, basis rate is 1.85%, and historical quantile is 56.70% [1]. - **Iron Ore (I2509)**: Spot price (converted price of 62.5% Brazilian mixed powder) is 753, futures price is 745, basis is 8, basis rate is 1.07%, and historical quantile is 45.30% [1]. - **Coke (J2509)**: Spot price (converted price of quasi - first - grade metallurgical coke) is 1357, futures price is 1349, basis is 8, basis rate is 0.60%, and historical quantile is 50.63% [1]. - **Coking Coal (JM2509)**: Spot price (converted price of S1.3 G75 main coking coal) is 838, futures price is 785, basis is 53, basis rate is 6.75%, and historical quantile is 34.50% [1]. Non - Ferrous Metals - **Copper (CU2507)**: Spot price is 79275, futures price is 78880, basis is 395, basis rate is 0.50%, and historical quantile is 77.70% [1]. - **Aluminum (AL2507)**: Spot price is 20160, futures price is 19980, basis is 180, basis rate is 0.90%, and historical quantile is 86.66% [1]. - **Alumina (AO2509)**: Spot price is 3262, futures price is 2886, basis is 376, basis rate is 13.04%, and historical quantile is 90.74% [1]. - **Zinc (ZN2507)**: Spot price is 22090, futures price is 21845, basis is 245, basis rate is 1.12%, and historical quantile is 80.62% [1]. - **Tin (SN2507)**: Spot price is 264800, futures price is 263420, basis is 1380, basis rate is 0.52%, and historical quantile is 82.29% [1]. - **Nickel (NISE07)**: Spot price is 121600, futures price is 121390, basis is 210, basis rate is 0.17%, and historical quantile is 63.54% [1]. - **Stainless Steel (SS2508)**: Spot price is 12870, futures price is 12460, basis is 410, basis rate is 3.29%, and historical quantile is 80.90% [1]. Precious Metals - **Gold (AU2508)**: Spot price is 775.1, futures price is 772.8, basis is - 2.2, basis rate is - 0.29%, and historical quantile is 36.20% [1]. - **Silver (AG2508)**: Spot price is 8887.0, futures price is 8882.0, basis is 5.0, basis rate is 0.06%, and historical quantile is 74.30% [1]. Agricultural Products - **Soybean Meal (M2509)**: Spot price is 3031.0, futures price is 2830, basis is 201.0, basis rate is 7.10%, and historical quantile is 79.60% [1]. - **Soybean Oil (Y2509)**: Spot price is 7960, futures price is 7758.0, basis is 202.0, basis rate is 2.60%, and historical quantile is 26.70% [1]. - **Palm Oil (P2509)**: Spot price is 8490, futures price is 8116.0, basis is 374.0, basis rate is 4.61%, and historical quantile is 65.50% [1]. - **Rapeseed Meal (RM509)**: Spot price is 2629.0, futures price is 2500, basis is 129.0, basis rate is 5.16%, and historical quantile is 11.90% [1]. - **Rapeseed Oil (O1509)**: Spot price is 9380, futures price is 9188.0, basis is 192.0, basis rate is 2.09%, and historical quantile is 59.80% [1]. - **Corn (C2507)**: Spot price is 2380, futures price is 2379.0, basis is 1.0, basis rate is 0.04%, and historical quantile is 48.20% [1]. - **Corn Starch (CS2507)**: Spot price is 2711.0, futures price is 2700, basis is - 11.0, basis rate is - 0.41%, and historical quantile is 9.20% [1]. - **Live Hogs (LH2509)**: Spot price is 14050, futures price is 13595.0, basis is 455.0, basis rate is 3.35%, and historical quantile is 52.30% [1]. - **Eggs (JD2507)**: Spot price is 2833.0, futures price is 2650, basis is 183.0, basis rate is 6.46%, and historical quantile is 15.90% [1]. - **Cotton (CF509)**: Spot price is 14644, futures price is 13520.0, basis is 1124.0, basis rate is 8.31%, and historical quantile is 78.50% [1]. - **Sugar (SR509)**: Spot price is 6170, futures price is 5717.0, basis is 453.0, basis rate is 7.92%, and historical quantile is 82.60% [1]. - **Apples (AP510)**: Spot price is 8600, futures price is 7523.0, basis is 1077.0, basis rate is 14.32%, and historical quantile is 74.80% [1]. - **Red Dates (CJ509)**: Spot price is 8995.0, futures price is 8300, basis is - 695.0, basis rate is - 7.73%, and historical quantile is 65.50% [1]. Energy and Chemicals - **Para - Xylene (PX509)**: Spot price is 6777.2, futures price is 6502.0, basis is 275.2, basis rate is 4.23%, and historical quantile is 93.30% [1]. - **PTA (TA509)**: Spot price is 4865.0, futures price is 4612.0, basis is 253.0, basis rate is 5.49%, and historical quantile is 84.30% [1]. - **Ethylene Glycol (EG2509)**: Spot price is 4365.0, futures price is 4269.0, basis is 96.0, basis rate is 2.25%, and historical quantile is 89.90% [1]. - **Polyester Staple Fiber (PF507)**: Spot price is 6500.0, futures price is 6358.0, basis is 142.0, basis rate is 2.23%, and historical quantile is 77.40% [1]. - **Styrene (EB2507)**: Spot price is 7505.0, futures price is 7346.0, basis is 159.0, basis rate is 2.16%, and historical quantile is 58.90% [1]. - **Methanol (MA509)**: Spot price is 2380.0, futures price is 2276.0, basis is 104.0, basis rate is 4.57%, and historical quantile is 79.30% [1]. - **Urea (UR509)**: Spot price is 1760.0, futures price is 1678.0, basis is 82.0, basis rate is 4.89%, and historical quantile is 37.00% [1]. - **LLDPE (L2509)**: Spot price is 7175.0, futures price is 7106.0, basis is 69.0, basis rate is 0.97%, and historical quantile is 38.20% [1]. - **PP (PP2509)**: Spot price is 7130.0, futures price is 6941.0, basis is 189.0, basis rate is 2.72%, and historical quantile is 67.80% [1]. - **PVC (V2509)**: Spot price is 4810.0, futures price is 4700.0, basis is 110.0, basis rate is 2.29%, and historical quantile is 49.90% [1]. - **Caustic Soda (SH509)**: Spot price is 2750.0, futures price is 2324.0, basis is 426.0, basis rate is 18.33%, and historical quantile is 88.20% [1]. - **LPG (PG2507)**: Spot price is 4548.0, futures price is 4119.0, basis is 429.0, basis rate is 10.42%, and historical quantile is 61.10% [1]. - **Asphalt (BU2509)**: Spot price is 3710.0, futures price is 3483.0, basis is 227.0, basis rate is 6.52%, and historical quantile is 85.40% [1]. - **Butadiene Rubber (BR2507)**: Spot price is 11600.0, futures price is 11230.0, basis is 370.0, basis rate is 3.29%, and historical quantile is 68.30% [1]. - **Glass (FG509)**: Spot price is 1032.0, futures price is 995.0, basis is 37.0, basis rate is 3.59%, and historical quantile is 76.00% [1]. - **Soda Ash (SA509)**: Spot price is 1254.0, futures price is 1208.0, basis is 46.0, basis rate is 3.67%, and historical quantile is 44.84% [1]. - **Natural Rubber (RU2509)**: Spot price is 13850.0, futures price is 13805.0, basis is 45.0, basis rate is 0.32%, and historical quantile is 97.95% [1]. Stock Index Futures - **IF2506.CFE**: Spot price (implied) is 3865.5, futures price is 3841.0, basis is - 24.5, basis rate is - 0.64%, and historical quantile is 11.90% [1]. - **IH2506.CFE**: Spot price (implied) is 2676.4, futures price is 2660.0, basis is - 16.4, basis rate is - 0.62%, and historical quantile is 30.20% [1]. - **IC2506.CFE**: Spot price (implied) is 5758.0, futures price is 5718.2, basis is - 39.8, basis rate is - 0.70%, and historical quantile is 10.00% [1]. - **IM2506.CFE**: Spot price (implied) is 6161.7, futures price is 6113.8, basis is - 47.9, basis rate is - 0.78%, and historical quantile is 26.00% [1]. - **TS2509**: Spot price (implied) is 102.44, futures price is 100.28, basis is - 0.07, basis rate is - 0.07%, and historical quantile is 24.30% [1]. - **TF2509**: Spot price (implied) is 106.12, futures price is 101.02, basis is - 0.02, basis rate is - 0.02%, and historical quantile is 40.70% [1]. - **T2509**: Spot price (implied) is 108.98, futures price is 107.61, basis is 0.20, basis rate is 0.19%, and historical quantile is 55.20% [1]. - **TL2509**: Spot price (implied) is 135.91, futures price is 120.16, basis is 0.39, basis rate is 0.32%, and historical quantile is 55.20% [1]. Industry Investment Rating No industry investment rating is provided in the report.

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on June 11, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide investors with data for potential arbitrage opportunities [1]. 3. Summary by Category Power Coal - **Base Difference**: From June 4 to June 10, 2025, the base difference was - 192.4 yuan/ton, and the 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month spreads were all 0 [2]. Energy Chemicals - **Energy Commodities** - **Base Difference**: For INE crude oil on June 10, 2025, the base difference was - 14.42 yuan/ton; for fuel oil, it was 191.19 yuan/ton. The ratio of crude oil to asphalt was 0.1328 [10]. - **Chemical Commodities** - **Base Difference**: On June 10, 2025, the base differences of natural rubber, methanol, PTA, LLDPE, and PP were 45, 119, 243, 144, and 609 yuan/ton respectively [11]. - **Inter - period Spreads**: For example, the 5 - month - 1 - month spread of natural rubber was 35 yuan/ton, and the 9 - month - 1 - month spread was - 890 yuan/ton [11]. - **Inter - variety Spreads**: On June 10, 2025, the LLDPE - PVC spread was 2294 yuan/ton, and the LLDPE - PP spread was 158 yuan/ton [11]. Black Metals - **Base Difference**: On June 10, 2025, the base differences of rebar, iron ore, coke, and coking coal were 126, 104, - 11.8, and 46 yuan/ton respectively [16]. - **Inter - period Spreads**: For rebar, the 5 - month - 1 - month spread was 3 yuan/ton, and the 10 - month - 1 - month spread was 4 yuan/ton [16]. - **Inter - variety Spreads**: On June 10, 2025, the rebar/iron ore ratio was 4.26, and the rebar/coke ratio was 2.2046 [16]. Non - ferrous Metals - **Domestic Market** - **Base Difference**: On June 10, 2025, the base differences of copper, aluminum, zinc, lead, nickel, and tin were 510, 160, 295, - 50, 1590, and 1390 yuan/ton respectively [24]. - **London Market** - **LME Premiums and Discounts**: On June 10, 2025, the LME premiums and discounts of copper, aluminum, zinc, lead, nickel, and tin were 84.10, 7.37, - 33.05, - 27.55, - 194.17, and 5.00 respectively [31]. - **Shanghai - London Ratio**: The Shanghai - London ratios of copper, aluminum, zinc, lead, nickel, and tin were 8.11, 8.09, 8.27, 8.48, 7.91, and 8.10 respectively [31]. - **Import Profit and Loss**: The import profit and loss of copper, aluminum, zinc, lead, nickel, and tin were - 1172.72, - 1399.92, - 536.36, 313.62, - 1058.35, and - 21434.71 yuan/ton respectively [31]. Agricultural Products - **Base Difference**: On June 10, 2025, the base differences of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn were - 119, 0, - 51, 332, and 1 yuan/ton respectively [40]. - **Inter - period Spreads**: For soybeans No.1, the 5 - month - 1 - month spread was 9 yuan/ton, and the 9 - month - 1 - month spread was 110 yuan/ton [40]. - **Inter - variety Spreads**: On June 10, 2025, the soybean No.1/corn ratio was 1.77, and the soybean oil/soybean meal ratio was 2.56 [40]. Stock Index Futures - **Base Difference**: On June 10, 2025, the base differences of CSI 300, SSE 50, CSI 500, and CSI 1000 were 24.47, 16.40, 39.79, and 47.89 respectively [48]. - **Inter - period Spreads**: For CSI 300, the next - month - current - month spread was - 38.2, and the current - quarter - current - month spread was - 67.6 [48].