1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents the price, basis, basis rate, historical quantile, and other data of various futures and spot commodities on November 21, 2025, including ferrous metals, non - ferrous metals, agricultural products, energy and chemical products, and financial futures [1]. 3. Summary According to Related Catalogs Ferrous Metals - **Silicon Iron (SF603)**: The conversion price of 72 - grade silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5446, with a change of 2.06% [1]. - **Silicon Manganese (SM601)**: The conversion price of 6517 - grade silicon manganese from Inner Mongolia to Hubei warehouse receipts is 5614 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3050, and the futures price is 3210, with a basis rate of 5.25% [1]. - **Hot - Rolled Coil (HC2601)**: The futures price is 3270, with a change of 0.09% [1]. - **Iron Ore (I2601)**: The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1634, with a change of 0.75% [1]. - **Coke (J2601)**: The conversion price of quasi - first - grade metallurgical coke at Rizhao Port is 1646, with a historical quantile of 70.18% [1]. - **Coking Coal (JM2601)**: The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1114, with a change of 9.83% [1]. Non - Ferrous Metals - **Copper (CU2601)**: The SMM 1 copper average price is 86435, and the futures price is 86130, with a basis of 305 and a historical quantile of 79.79% [1]. - **Aluminum (AL2601)**: The SMM A00 aluminum average price is 21570, and the futures price is 21530, with a basis rate of 0.19% [1]. - **Alumina (AO2601)**: The SMM alumina index average price is 2836 [1]. - **Zinc (ZN2512)**: The SMM 1 zinc ingot average price is 22360, and the futures price is 22380, with a basis of - 20 [1]. - **Tin (SN2512)**: The SMM 1 tin average price is 291500, and the futures price is 292030, with a change of - 0.18% [1]. - **Nickel (NISE01)**: The SMM 1 imported nickel average price is 116600, and the futures price is 115380, with a basis of 1220 [1]. - **Stainless Steel (SS2601)**: The price of 304/2B: 2*1240*C: Wuxi Hongwang (including trimming fee) is 12820, and the futures price is 12285, with a change of 4.35% [1]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu is 2980, and the futures price is 3017, with a basis rate of - 1.23% [1]. - **Soybean Oil (Y2601)**: The ex - factory price of grade - four soybean oil in Zhangjiagang, Jiangsu is 8224, and the futures price is 8420, with a basis of 196 [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 8630, and the futures price is 8646, with a basis of - 16 [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of common rapeseed meal in Zhanjiang, Guangdong is 2412, and the futures price is 2500, with a basis rate of - 0.19% [1]. - **Rapeseed Oil (Ol601)**: The ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu is 9779, and the futures price is 10100, with a basis of 321 [1]. - **Corn (C2601)**: The flat - hatch price of corn at Jinzhou Port is 2220, and the futures price is 2168, with a basis rate of 3.28% [1]. - **Corn Starch (CS2601)**: The ex - factory price of corn starch in Changchun, Jilin is 2550, and the futures price is 2473, with a basis of 77 [1]. - **Live Pigs (LH2601)**: The ex - factory price of live pigs (external ternary) in Henan is 11750, and the futures price is 11440, with a basis of 310 [1]. - **Eggs (JD2601)**: The average price of eggs in Shijiazhuang, Hebei is 3238, and the futures price is 2710, with a basis rate of - 16.31% [1]. - **Cotton (CF601)**: The arrival price of cotton 3128B in Xinjiang is 14563, and the futures price is 13465, with a basis of 1098 [1]. - **Sugar (SR601)**: The spot price of white sugar at Liuzhou Station is 5760, and the futures price is 5366, with a basis of 394 [1]. - **Apples (AP601)**: The delivery theoretical price of apples is 9496, and the futures price is 8840, with a basis of - 656 [1]. - **Red Dates (C1601)**: The wholesale price of first - grade grey dates in Hebei is 9300, and the futures price is 8800, with a basis of - 500 [1]. Energy and Chemical Products - **Para - Xylene (PX601)**: The spot price of para - xylene at the main Chinese port (CFR) converted into RMB is 6830, and the futures price is 6833, with a basis rate of 0.04% [1]. - **PTA (TA601)**: The market price (intermediate price) of PTA in the East China region is 4630, and the futures price is 4696, with a basis of - 66 [1]. - **Ethylene Glycol (EG2601)**: The market price (intermediate price) of ethylene glycol in the East China region is 3935, and the futures price is 3822, with a basis of 113 [1]. - **Polyester Staple Fiber (PF602)**: The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market is 6220, and the futures price is 6305, with a basis of 85 [1]. - **Styrene (EB2601)**: The market price (spot benchmark price) of styrene in East China, China is 6625, and the futures price is 6595, with a basis of 30 [1]. - **Methanol (MA601)**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2000, and the futures price is 2016, with a basis of - 16 [1]. - **Urea (UR601)**: The market price (mainstream price) of urea (small - particle) in Shandong region is 1640, and the futures price is 1665, with a basis of - 25 [1]. - **LLDPE (L2601)**: The duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 6855, and the futures price is 6835, with a basis of 20 [1]. - **PP (PP2601)**: The duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6400, and the futures price is 6500, with a basis of 100 [1]. - **PVC (V2601)**: The market price (mainstream price) of PVC (SG - 5) in the Changzhou market, China is 4456, and the futures price is 4420, with a basis of - 36 [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong market converted to 100% is 2437.5, and the futures price is 2261, with a basis of 176.5 [1]. - **LPG (PG2512)**: The market price of LPG in Guangzhou region is 4397, and the futures price is 4348, with a basis of - 49 [1]. - **Asphalt (BU2601)**: The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong region is 3030, and the futures price is 3058, with a basis of 28 [1]. - **Butadiene Rubber (BR2601)**: The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 10700, and the futures price is 10520, with a basis of 180 [1]. - **Glass (FG601)**: The market price of Fufa glass 5mm large board in Shahe, Shahe Great Wall Glass (daily) is 988, and the futures price is 989, with a basis of - 1 [1]. - **Soda Ash (SA601)**: The market price of heavy - grade soda ash in Shahe (daily) is 1158, and the futures price is 1128, with a basis of - 30 [1]. - **Natural Rubber (RU2601)**: The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 15250, and the futures price is 14850, with a basis of 400 [1]. Financial Futures - **Stock Index Futures**: - IF2512.CFE: The futures price is 4564.9, and the basis is - 25.7, with a basis rate of - 0.57% [1]. - IH2512.CFE: The futures price is 3002.6, and the basis is - 5.7, with a basis rate of - 0.19% [1]. - IC2512.CFE: The futures price is 7061.9, and the basis is - 61.9, with a basis rate of - 0.88% [1]. - IM2512.CFE: The futures price is 7340.4, and the basis is - 76.8, with a basis rate of - 1.00% [1]. - **Treasury Bond Futures**: - TS2512: The futures price is 100.04, and the basis is - 0.01, with a basis rate of - 0.01% [1]. - TF2512: The futures price is 105.92, and the basis is 0.00, with a basis rate of 0.00% [1]. - T2512: The futures price is 108.48, and the basis is 0.08, with a basis rate of 0.08% [1]. - TL2512: The futures price is 115.93, and the basis is 0.16, with a basis rate of 0.14% [1].

| -0.14% | 55.30% | 硅铁(SF601) | 5566 | -8 | 折算价:72硅铁合格块:内蒙-天津仓单 | ટર્ટક | 78 | 5870 | 5792 | 1.35% | 折算价:6517硅锰:内蒙-湖北仓单 | 硅锰(SM601) | 40.20% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 123 | 3.97% | 3220 | 55.60% | HRB40020mm:上海 | 螺纹钢 (RB2601) | 3097 | Q235B: 4.75mm: 上海 | 8 | 21.00% | 热卷 (HC2601) | 3310 | 3302 | 0.24% | | | | | | 62 | 850 | 7.83% | 折算价: 62.5%巴混粉(BRBF)：淡水河谷:日照港 | 铁矿石 (12601) | 789 | 49.20% | -1.2 % | -21 | 焦炭 (J260 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF601)**: The conversion price of 72 - silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5490, with a change of 64 and a change rate of 1.24%, and a historical quantile of 64.00% [1]. - **Silicon Manganese (SM601)**: The price is 5870, with a change of 122 and a change rate of 2.12%, and a historical quantile of 48.40%. The conversion price of silicon manganese from Inner Mongolia to Hubei warehouse receipts is 6517 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3053 [1]. - **Hot - Rolled Coil (HC2601)**: The price is 3260, with a change of 4 and a change rate of 0.12%, and a historical quantile of 19.40%. The reference is Q235B 4.75mm in Shanghai [1]. - **Iron Ore (I2601)**: The price is 843, with a change of 70 and a change rate of 9.09%, and a historical quantile of 55.20%. The conversion price is for 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port [1]. - **Coke (J2601)**: The price is 1689, with a change of 20, and a historical quantile of 72.08%. The conversion price is for quasi - first - class metallurgical coke at Rizhao Port [1]. - **Coking Coal (JM2601)**: The price is 1301, with a change of 109 and a change rate of 9.14%, and a historical quantile of 54.40%. The conversion price is for S1.3 G75 main coking coal (Meng 5) at Shaheyi [1]. Non - Ferrous Metals - **Copper (CU2512)**: The spot price is 87095, the futures price is 86900, the basis is 195, the basis rate is 0.22%, and the historical quantile is 69.58% [1]. - **Aluminum (AL2601)**: The spot price is 21910, the futures price is 21840, the basis is 70, the basis rate is 0.32%, and the historical quantile is 76.45% [1]. - **Alumina (AO2601)**: The spot price is 2847, the futures price is 2822, the basis is 25, the basis rate is 0.90%, and the historical quantile is 30.61% [1]. - **Zinc (ZN2512)**: The spot price is 22420, the futures price is 22425, the basis is - 5, the basis rate is - 0.02%, and the historical quantile is 59.16% [1]. - **Tin (SN2512)**: The spot price is 1 1 1 0 00, 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View The report presents the price information of various futures and spot commodities, including black series, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as the basis, basis rate, and historical quantile of these products. It aims to provide investors with a comprehensive view of the market price differences between futures and spot commodities. 3. Summary by Related Catalogs Black Series - **Silicon - based Alloys**: For silicon iron (SF601), the spot price is 5500, the futures price is 2658, and the historical quantile is 73.00%. For silicon manganese (SM601), the spot price is 3199%, the futures price is 3230, and the historical quantile is 54.10% [1]. - **Steel Products**: The spot price of HRB400 20mm in Shanghai is not provided, and the futures price of rebar (RB2601) is not given either. For hot - rolled coil (HC2601), the historical quantile is 26.60%. The spot price of Q235B 4.75mm in Shanghai is 3308 [1]. - **Iron Ore**: The spot price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port is 864, the futures price of iron ore (I2601) is not provided, and the historical quantile is 51.00% [1]. - **Coking Coal and Coke**: For coke (J2601), the spot price is 1777, the futures price is 1721, and the historical quantile is 35.17%. For coking coal (JM2601), the spot price is 1286, and the historical quantile is 49.70% [1]. Non - Ferrous Metals - **Copper**: The spot price of copper (CU2512) is 87570, the futures price is 87010, the basis is 560, the basis rate is 0.64%, and the historical quantile is 89.37% [1]. - **Aluminum**: The spot price of aluminum (AL2512) is 21300, the futures price is 21280, the basis is - 20, the basis rate is - 0.109%, and the historical quantile is 51.66% [1]. - **Other Non - Ferrous Metals**: Information on zinc, alumina, tin, etc. is also provided, including their spot prices, futures prices, basis, basis rates, and historical quantiles [1]. Precious Metals - **Gold**: The spot price of gold (AU2512) is 921.0, the futures price is 6126, the basis is - 0.10%, the basis rate is - 0.9, and the historical quantile is 75.10% [1]. - **Silver**: The spot price of silver (AG2512) is 11410.0, the futures price is 11441.0, the basis is - 31.0, the basis rate is - 0.27%, and the historical quantile is 28.20% [1]. Agricultural Products - **Oilseeds and Oils**: Information on soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, etc. is presented, including their spot prices, futures prices, basis, basis rates, and historical quantiles [1]. - **Grains and Livestock**: For corn, corn starch, pork, eggs, etc., relevant price and quantile information is provided [1]. Energy Chemicals - **Petrochemicals**: For para - xylene (PX601), PTA (TA601), ethylene glycol (EG2601), etc., the report shows their spot prices, futures prices, basis, basis rates, and historical quantiles [1]. - **Other Chemicals**: Information on styrene, methanol, urea, etc. is also included, with details of their price differences and quantiles [1].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Report Core View The report presents the daily price spreads of various futures and spot commodities across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals on October 28, 2025. It includes data such as futures prices, spot prices, basis, basis rates, and historical quantiles for each commodity. [1] 3. Summary by Commodity Sectors Ferrous Metals - **Silicon - based Alloys**: For silicon iron (SF601), the futures price is 2598 with a 2.55% change, the spot price is 5950, and the basis is 3352 with a basis rate of 52.10%. For silicon manganese (SM601), the futures price is not fully shown, the spot price is 5802, and the basis is 148 with a basis rate of 2.55%. [1] - **Steel Products**: The futures price of rebar (RB2601) is 3210 with a 3.55% change, the spot price of HRB400 20mm in Shanghai is 3100, and the basis is - 110 with a basis rate of - 3.43%. The futures price of hot - rolled coil (HC2601) is 3299, and the spot price of Q235B 4.75mm in Shanghai is 3330, with a basis of 31 and a basis rate of 0.94%. [1] - **Iron Ore and Coking Coal**: The futures price of iron ore (I2601) is - 134 with a - 7.51% change, the spot price of 62.5% Brazilian mixed powder at Rizhao Port is 1780, and the basis is 1914 with a basis rate of 107.53%. The futures price of coke (J2601) is 1646, the spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1780, and the basis is 134 with a basis rate of 8.14%. The futures price of coking coal (JM2601) is 1329, the spot price of S1.3 G75 main coking coal at Shaheyi is 1264, and the basis is - 65 with a basis rate of - 4.9%. [1] Non - Ferrous Metals - **Copper**: The futures price of copper (CU2512) is 88215 with a - 0.18% change, the spot price of 1 electrolytic copper is 88370, and the basis is 155 with a basis rate of 0.18%. [1] - **Aluminum and Alumina**: The futures price of aluminum (AL2512) is 21160 with a - 0.94% change, the spot price of SMM A00 aluminum is 21360, and the basis is 200 with a basis rate of 0.94%. The futures price of alumina (AO2601) is 2829, the spot price of SMM alumina index is 2881, and the basis is 52 with a basis rate of 1.84%. [1] - **Other Non - Ferrous Metals**: For zinc (ZN2512), the futures price is 22140 with a - 1.01% change, the spot price of 1 zinc ingot is 22365, and the basis is 225 with a basis rate of 1.01%. For tin (SN2512), the futures price is 283500 with a - 1.13% change, the spot price of 1 tin is 286720, and the basis is 3220 with a basis rate of 1.13%. [1] Precious Metals - **Gold and Silver**: The futures price of gold (AU2512) is 930.3 with a - 0.41% change, the spot price of Shanghai Gold Exchange gold (T + D) is 934.1, and the basis is 3.8 with a basis rate of 0.41%. The futures price of silver (AG2512) is 11345 with a - 0.43% change, the spot price of Shanghai Gold Exchange silver (T + D) is 11394, and the basis is 49 with a basis rate of 0.43%. [1] Agricultural Products - **Oilseeds and Oils**: The futures price of soybean meal (M2601) is 2932 with a - 1.09% change, the spot price of common protein soybean meal in Jiangsu Zhangjiagang is 2900, and the basis is - 32 with a basis rate of - 1.09%. The futures price of soybean oil (V2601) is 8390 with a 1.89% change, the spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8234, and the basis is - 156 with a basis rate of - 1.86%. [1] - **Other Agricultural Products**: For palm oil (P2601), the futures price is 9010 with a - 0.99% change, the spot price at Huangpu Port is 9100, and the basis is 90 with a basis rate of 1.0%. For rapeseed meal (RM601), the futures price is 2335 with a 5.78% change, the spot price in Guangdong Zhanjiang is 2470, and the basis is 135 with a basis rate of 5.78%. [1] Energy Chemicals - **Petrochemicals**: The futures price of paraxylene (PX601) is 6626 with a - 1.61% change, the spot price at Chinese main ports is 6729, and the basis is 103 with a basis rate of 1.55%. The futures price of PTA (TA601) is 4520 with a 1.95% change, the spot price in East China is 4616, and the basis is 96 with a basis rate of 2.13%. [1] - **Other Chemicals**: For methanol (MA601), the futures price is 2230 with a 0.97% change, the spot price in Jiangsu Taicang is 2268, and the basis is 38 with a basis rate of 1.7%. For urea (UR601), the futures price is 1610 with a - 2.2% change, the spot price in Shandong is 1640, and the basis is 30 with a basis rate of 1.83%. [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report presents the latest price and basis data of various futures and spot commodities, including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as stock index futures and bond futures, to provide a reference for market participants [1]. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF51)**: The spot price is 5758, the futures price is 5786, the basis is - 28, and the basis rate is 0.54%. The historical quantile is 55.30% [1]. - **Silicon Manganese (SM601)**: The spot price is 5970, the futures price is 2038, the basis is 3932, and the basis rate is 31.20% [1]. - **Rebar (RB2601)**: The spot price of HRB400 20mm in Shanghai is 3167, the futures price is 3290, the basis is - 123, and the basis rate is 3.88%. The historical quantile is 56.60% [1]. - **Hot - Rolled Coil (HC2601)**: The spot price of Q235B 4.75mm in Shanghai is 3358, the futures price is 3400, the basis is - 42, and the basis rate is 1.25%. The historical quantile is 36.50% [1]. - **Iron Ore (12601)**: The spot price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port is 806, the futures price is 853, the basis is - 47, and the basis rate is - 5.51%. The historical quantile is 40.40% [1]. - **Coke (J2601)**: The spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1646, the futures price is 1760, the basis is - 114, and the basis rate is - 6.49%. The historical quantile is 8.35% [1]. - **Coking Coal (JM2601)**: The spot price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1235, the futures price is 1185, the basis is 50, and the basis rate is 4.22%. The historical quantile is 15.00% [1]. Non - Ferrous Metals - **Copper (CU2511)**: The SMM electrolytic copper average price is 82505, the futures price is 82710, the basis is - 205, and the basis rate is - 0.25%. The historical quantile is 25.41% [1]. - **Aluminum (AL2511)**: The SMM A00 aluminum average price is 20770, the futures price is 20765, the basis is 5, and the basis rate is 0.02%. The historical quantile is 59.16% [1]. - **Alumina (AO2601)**: The SMM heavy - alumina modulus average price is 3001, the futures price is 2942, the basis is 59, and the basis rate is 2.00%. The historical quantile is 42.95% [1]. - **Zinc (ZN2511)**: The SMM 1 zinc ingot average price is 21800, the futures price is 22045, the basis is - 245, and the basis rate is - 1.11%. The historical quantile is 7.08% [1]. - **Tin (SN2511)**: The SMM 1 tin average price is 273700, the futures price is 273710, the basis is - 10, and the basis rate is 0.00%. The historical quantile is 47.70% [1]. - **Nickel (NISEJI)**: The SMM 1 imported nickel average price is 123225, the futures price is 122990, the basis is 235, and the basis rate is 0.19%. The historical quantile is 70.20% [1]. - **Stainless Steel (SS2511)**: The price of 304/2B:2*1240*C at Wuxi Hongwang (including trimming fee) is 13370, the futures price is 12930, the basis is 440, and the basis rate is 3.40%. The historical quantile is 84.54% [1]. - **Lithium Carbonate (LC2511)**: The SMM battery - grade lithium carbonate average price is 73750, the futures price is 74040, the basis is - 290, and the basis rate is - 0.39%. The historical quantile is 51.10% [1]. - **Industrial Silicon (SI2511)**: The SMM industrial silicon average price is 9500, the futures price is 9055, the basis is 445, and the basis rate is 4.91%. The historical quantile is 32.79% [1]. Precious Metals - **Gold (AU2512)**: The Shanghai Gold Exchange gold spot AU (T + D) price is 854.7, the futures price is 852.0, the basis is 2.7, and the basis rate is 0.32%. The historical quantile is 26.50% [1]. - **Silver (AG2512)**: The Shanghai Gold Exchange silver spot AG (T + D) price is 10411.0, the futures price is 10353.0, the basis is 58.0, and the basis rate is 0.56%. The historical quantile is 26.50% [1]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of ordinary soybean meal in Zhangjiagang, Jiangsu is 2900, the futures price is 2967.0, the basis is - 67.0, and the basis rate is - 2.26%. The historical quantile is 26.50% [1]. - **Soybean Oil (V2601)**: The ex - factory price of grade 4 soybean oil in Zhangjiagang, Jiangsu is 8350, the futures price is 8192.0, the basis is 158.0, and the basis rate is 1.93%. The historical quantile is 31.50% [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 9222.0, the futures price is 9150, the basis is 72.0, and the basis rate is 0.79%. The historical quantile is 6.40% [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of ordinary rapeseed meal in Zhanjiang, Guangdong is 2444.0, the futures price is 2530, the basis is - 86.0, and the basis rate is - 3.40%. The historical quantile is 62.30% [1]. - **Rapeseed Oil (Ol601)**: The ex - factory price of grade 4 rapeseed oil in Nantong, Jiangsu is 10142.0, the futures price is 10330, the basis is - 188.0, and the basis rate is - 1.82%. The historical quantile is 67.70% [1]. - **Corn (C2511)**: The f.o.b. price of corn at Jinzhou Port is 2310, the futures price is 2165.0, the basis is 145.0, and the basis rate is 6.70%. The historical quantile is 96.00% [1]. - **Corn Starch (CS2511)**: The ex - factory price of corn starch in Changchun, Jilin is 2600, the futures price is 2474.0, the basis is 126.0, and the basis rate is 5.09%. The historical quantile is 63.40% [1]. - **Live Hogs (H251)**: The ex - factory price of live hogs (external ternary) in Henan is 12550, the futures price is 12685.0, the basis is - 135.0, and the basis rate is - 1.06%. The historical quantile is 38.50% [1]. - **Eggs (JD2511)**: The average price of eggs in Shijiazhuang, Hebei is 414.0, the futures price is 3490, the basis is 65.0, and the basis rate is 1.86%. The historical quantile is 13.46% [1]. - **Cotton (CF601)**: The arrival price of cotton 3128B in Xinjiang is 15030, the futures price is 13530.0, the basis is 1500.0, and the basis rate is 11.09%. The historical quantile is 94.00% [1]. - **Sugar (SR601)**: The spot price of white sugar at Liuzhou Station is 5890, the futures price is 5485.0, the basis is 405.0, and the basis rate is 7.38%. The historical quantile is 73.30% [1]. - **Apples (AP601)**: The theoretical delivery price of apples is 8600, the futures price is 8446.0, the basis is 154.0, and the basis rate is 1.82%. The historical quantile is 27.40% [1]. - **Red Dates (CJ601)**: The wholesale price of first - grade grey dates in Hebei is 10970.0, the futures price is 9500, the basis is 1470.0, and the basis rate is 15.42%. The historical quantile is 32.50% [1]. Energy Chemicals - **Para - Xylene (PX511)**: The spot price (CFR) of para - xylene at the main port in China, converted to RMB, is 6594.0, the futures price is 6686.8, the basis is - 92.8, and the basis rate is - 1.41%. The historical quantile is 50.90% [1]. - **PTA (TA601)**: The market price (mid - price) of purified terephthalic acid (PTA) in East China is 4530.0, the futures price is 4604.0, the basis is - 74.0, and the basis rate is - 1.61%. The historical quantile is 24.80% [1]. - **Ethylene Glycol (EG2601)**: The market price (mid - price) of ethylene glycol in East China is 4345.0, the futures price is 4257.0, the basis is 88.0, and the basis rate is 2.07%. The historical quantile is 88.60% [1]. - **Polyester Staple Fiber (PF511)**: The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spun)) in the East China market is 6284.0, the futures price is 6425.0, the basis is - 141.0, and the basis rate is - 2.24%. The historical quantile is 76.70% [1]. - **Styrene (EB2511)**: The market price (spot benchmark price) of styrene in East China, China is 7030.0, the futures price is 6992.0, the basis is 38.0, and the basis rate is 0.54%. The historical quantile is 35.10% [1]. - **Methanol (MA601)**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2361.0, the futures price is 2250.0, the basis is 111.0, and the basis rate is 4.70%. The historical quantile is 10.80% [1]. - **Urea (UR601)**: The market price (mainstream price) of small - particle urea in Shandong is 1640.0, the futures price is 1661.0, the basis is - 21.0, and the basis rate is - 1.28%. The historical quantile is 8.20% [1]. - **LLDPE (L2601)**: The duty - paid self - pick - up price (mid - price) of linear low - density polyethylene LLDPE (film grade) in Shandong is 7190.0, the futures price is 7169.0, the basis is 21.0, and the basis rate is 0.29%. The historical quantile is 28.30% [1]. - **PP (PP2601)**: The duty - paid self - pick - up price (mid - price) of polypropylene PP (wire - drawing grade, melt index 2 - 4) in Zhejiang is 6860.0, the futures price is 6914.0, the basis is - 54.0, and the basis rate is - 0.79%. The historical quantile is 11.90% [1]. - **PVC (V2601)**: The market price (mainstream price) of polyvinyl chloride (SG - 5) in the Changzhou market, China is 4780.0, the futures price is 4950.0, the basis is - 170.0, and the basis rate is - 3.43%. The historical quantile is 34.10% [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong, converted to 100%, is 2641.0, the futures price is 2500.0, the basis is 141.0, and the basis rate is 5.64%. The historical quantile is 29.40% [1]. - **LPG (PG2511)**: The market price of liquefied petroleum gas in Guangzhou is 4548.0, the futures price is 4360.0, the basis is 188.0, and the basis rate is 4.31%. The historical quantile is 42.10% [1]. - **Asphalt (BU2511)**: The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong is 3520.0, the futures price is 3421.0, the basis is 99.0, and the basis rate is 2.81%. The historical quantile is 71.80% [1]. - **Butadiene Rubber (BR2511)**: The Chinese distribution price of cis - butadiene rubber (Daqing, BR9000) in North China is 11445.0, the futures price is 11700.0, the basis is - 255.0, and the basis rate is - 2.23%. The historical quantile is 56.80% [1]. - **Glass (FG601)**: The market price of 5mm large - plate float glass in Shahe is 1128.0, the futures price is 1270.0, the basis is - 142.0, and the basis rate is - 11.18%. The historical quantile is 16.94% [1]. - **Soda Ash (SA601)**: The market price of heavy - soda ash in Shahe is 1225.0, the futures price is 1315.0, the basis is - 90.0, and the basis rate is - 6.86%. The historical quantile is 10.04% [1

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the basis, basis rate, spot reference, spot price, futures price, historical quantile, and other data of various commodities on September 1, 2025, including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as stock index futures and bond futures [1][3]. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF51)**: The basis is 112, the basis rate is 2.01%, the spot price is 5678, and the futures price is 5566 [1]. - **Silicon Manganese (SM601)**: The basis information for the 6517 silicon - manganese (Inner Mongolia - Hubei warehouse receipt) shows a spot price of 5970 and a futures - related rate of 56.10% [1]. - **Rebar (RB2601)**: The basis is 180, the basis rate is 5.83%, the spot price is 3270, and the futures price is 3090 [1]. - **Hot - Rolled Coil (HC2601)**: The spot price is 3380, with a change rate of 1.02% [1]. - **Iron Ore (I2601)**: The basis is - 8, the basis rate is - 0.49%, the spot price is 1635, and the futures price is 1643 [1]. - **Coke (J2601)**: Information about the quasi - first - grade metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is presented [1]. - **Coking Coal (JM2601)**: The basis is - 6, the basis rate is - 0.52%, the spot price is 1145, and the futures price is 1151 [1]. Non - Ferrous Metals - **Copper (CU2510)**: The basis is - 20, the basis rate is - 0.03%, the spot price is 79390, and the futures price is 79410 [1]. - **Aluminum (AL2510)**: The basis is - 10, the basis rate is - 0.05%, the spot price is 20730, and the futures price is 20740 [1]. - **Zinc (ZN2510)**: The basis is - 30, the basis rate is - 0.90%, the spot price is 22140 [1]. - **Tin (SN2510)**: The basis is - 5750, the basis rate is - 2.06%, the spot price is 272900, and the futures price is 278650 [1]. - **Nickel (NI2510)**: The basis is - 100, the basis rate is - 0.08%, the spot price is 121600, and the futures price is 121700 [1]. - **Stainless Steel (SS2510)**: The basis is 455, the basis rate is 3.55%, the spot price is 13270, and the futures price is 12815 [1]. Precious Metals - **Gold (AU2510)**: The basis is - 3.4, the basis rate is - 0.44%, the spot price is 781.7, and the futures price is 785.1 [1]. - **Silver (AG2510)**: The basis is - 21.0, the basis rate is - 0.22%, the spot price is 9365.0, and the futures price is 9386.0 [1]. Agricultural Products - **Soybean Meal (M2601)**: The basis is - 75.0, the basis rate is - 2.45%, the spot price is 2980, and the futures price is 3055.0 [1]. - **Soybean Oil (Y2601)**: The basis is 132.0, the basis rate is 1.58%, the spot price is 8490, and the futures price is 8358.0 [1]. - **Palm Oil (P2601)**: The basis is - 36.0, the basis rate is - 0.39%, the spot price is 9280, and the futures price is 9316.0 [1]. - **Rapeseed Meal (RM601)**: The basis is 57.0, the basis rate is 2.27%, the spot price is 2570, and the futures price is 2513.0 [1]. - **Rapeseed Oil (Ol601)**: The basis is 81.0, the basis rate is 0.83%, the spot price is 9870, and the futures price is 9789.0 [1]. - **Corn (C2511)**: The basis is 79.0, the basis rate is 3.61%, the spot price is 2270, and the futures price is 2191.0 [1]. - **Corn Starch (CS2511)**: The basis is 159.0, the basis rate is 6.36%, the spot price is 2660, and the futures price is 2501.0 [1]. - **Live Pigs (H251)**: The basis is 195.0, the basis rate is 1.44%, the spot price is 13750, and the futures price is 13555.0 [1]. - **Eggs (JD2510)**: The basis is 331.0, the basis rate is 11.26%, the spot price is 3270, and the futures price is 2939.0 [1]. - **Cotton (CF601)**: The basis is 1003.0, the basis rate is 7.04%, the spot price is 15243, and the futures price is 14240.0 [1]. - **Sugar (SR601)**: The basis is 396.0, the basis rate is 7.07%, the spot price is 6000, and the futures price is 5604.0 [1]. - **Apples (AP510)**: The basis is 212.0, the basis rate is 2.53%, the spot price is 8600 [1]. - **Red Dates (CJ601)**: The basis is - 3210.0, the basis rate is - 27.89%, the spot price is 8300, and the futures price is 11510.0 [1]. Energy Chemicals - **Paraxylene (PX511)**: The basis is 96.7, the basis rate is 1.40%, the spot price is 6982.7, and the futures price is 6886.0 [1]. - **PTA (TA601)**: The basis is - 22.0, the basis rate is - 0.46%, the spot price is 4770.0, and the futures price is 4792.0 [1]. - **Ethylene Glycol (EG2601)**: The basis is 65.0, the basis rate is 1.46%, the spot price is 4530.0, and the futures price is 4465.0 [1]. - **Polyester Staple Fiber (PF510)**: The basis is 29.0, the basis rate is 0.44%, the spot price is 6555.0, and the futures price is 6526.0 [1]. - **Styrene (EB2510)**: The basis is 21.0, the basis rate is 0.29%, the spot price is 7185.0, and the futures price is 7164.0 [1]. - **Methanol (MA601)**: The basis is - 143.0, the basis rate is - 6.0%, the spot price is 2230.0, and the futures price is 2373.0 [1]. - **Urea (UR601)**: The basis is - 43.0, the basis rate is 4.20%, the spot price is 1710.0, and the futures price is 1753.0 [1]. - **LLDPE (L2601)**: The basis is - 43.0, the basis rate is - 0.58%, the spot price is 7315.0, and the futures price is 7358.0 [1]. - **PP (PP2601)**: The basis is 30.0, the basis rate is 0.43%, the spot price is 7050.0, and the futures price is 7020.0 [1]. - **PVC (V2601)**: The basis is - 246.0, the basis rate is - 4.97%, the spot price is 4700.0, and the futures price is 4946.0 [1]. - **Caustic Soda (SH601)**: The basis is 26.8, the basis rate is 0.99%, the spot price is 2718.8 [1]. - **LPG (PG2510)**: The basis is 199.0, the basis rate is 4.51%, the spot price is 4608.0, and the futures price is 4409.0 [1]. - **Asphalt (BU2510)**: The basis is - 7.0, the basis rate is - 0.20%, the spot price is 3510.0, and the futures price is 3517.0 [1]. - **Butadiene Rubber (BR2510)**: The basis is 120.0, the basis rate is 1.00%, the spot price is 12100.0, and the futures price is 11980.0 [1]. - **Glass (FG601)**: The basis is - 142.0, the basis rate is - 13.65%, the spot price is 1040.0, and the futures price is 1200.0 [1]. - **Soda Ash (SA601)**: The basis is - 96.0, the basis rate is - 8.00%, the spot price is 1200.0, and the futures price is 1296.0 [1]. - **Natural Rubber (RU2601)**: The basis is - 960.0, the basis rate is - 6.44%, the spot price is 14900.0, and the futures price is 15860.0 [1]. Stock Index Futures and Bond Futures - **IF2509**: The basis is 9.4, the basis rate is 0.21%, the spot price is 4496.8, and the futures price is 4506.2 [1]. - **IH2509**: The basis is 3.5, the basis rate is 0.12%, the spot price is 2976.5, and the futures price is 2980.0 [1]. - **IC2509**: The basis is - 47.1, the basis rate is - 0.67%, the spot price is 7043.9, and the futures price is 6996.8 [1]. - **IM2509**: The basis is - 72.1, the basis rate is - 0.98%, the spot price is 7438.7, and the futures price is 7366.6 [1]. - **TS2512**: The basis is - 0.04, the basis rate is - 0.04%, the spot price is 99.97, and the futures price is 102.42 [1]. - **TF2512**: The basis is 0.05, the basis rate is 0.05%, the spot price is 99.29, and the futures price is 105.52 [1]. - **T2512**: The basis is 0.44, the basis rate is 0.41%, the spot price is 106.25, and the futures price is 107.82 [1]. - **TL2512**: The basis is 0.72, the basis rate is 0.61%, the spot price is 132.09, and the futures price is 116.56 [1].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summaries by Related Catalogs Ferrous Metals - **Silicon Iron (SF51)**: The spot price is 5728, the futures price is 5622, the basis is 106, and the basis rate is 1.89% with a historical quantile of 70.60% [1] - **Silicon Manganese (SM601)**: The spot price is 6020, the futures price is 5836, the basis is 184, and the basis rate is 3.15% with a historical quantile of 56.80% [1] - **Rebar (RB2510)**: The spot price is 3402, the futures price is 3290, the basis is 112, and the basis rate is 5.04% with a historical quantile of 65.70% [1] - **Hot - Rolled Coil (HC2510)**: The spot price is 3430, the futures price is 3402, the basis is 28, and the basis rate is 0.82% with a historical quantile of 29.10% [1] - **Iron Ore (I2601)**: The spot price is 826, the futures price is 769, the basis is 57, and the basis rate is 7.35% with a historical quantile of 47.10% [1] - **Coke (J2601)**: The spot price is 1678, the futures price is 1624, the basis is 54, and the basis rate is 3.21% with a historical quantile of 32.64% [1] - **Coking Coal (JM2601)**: The spot price is 1175, the futures price is 1163, the basis is 12, and the basis rate is 1.03% with a historical quantile of 27.90% [1] Non - Ferrous Metals - **Copper (CU2509)**: The spot price is 79100, the futures price is 78890, the basis is 210, and the basis rate is 0.27% with a historical quantile of 67.29% [1] - **Aluminum (AL2510)**: The spot price is 20590, the futures price is 20545, the basis is 45, and the basis rate is 0.22% with a historical quantile of 63.12% [1] - **Alumina (AO2601)**: The spot price is 3245, the futures price is 3120, the basis is 125, and the basis rate is 4.01% with a historical quantile of 66.07% [1] - **Zinc (ZN2510)**: The spot price is 22205, the futures price is 22130, the basis is 75, and the basis rate is 0.34% with a historical quantile of 33.95% [1] - **Tin (SN2509)**: The spot price is 268090, the futures price is 266200, the basis is 1890, and the basis rate is 0.70% with a historical quantile of 10.41% [1] - **Nickel (NI2510)**: The spot price is 120825, the futures price is 120330, the basis is 495, and the basis rate is 0.41% with a historical quantile of 80.00% [1] - **Stainless Steel (SS2510)**: The spot price is 13270, the futures price is 12885, the basis is 385, and the basis rate is 2.99% with a historical quantile of 77.68% [1] - **Lithium Carbonate (LC2511)**: The spot price is 87540, the futures price is 85700, the basis is 1840, and the basis rate is 2.10% with a historical quantile of 27.31% [1] - **Industrial Silicon (212511)**: The spot price is 9250, the futures price is 8390, the basis is 860, and the basis rate is 10.25% with a historical quantile of 57.57% [1] Precious Metals - **Gold (AU2510)**: The spot price is 772.7, the futures price is 769.8, the basis is 2.9, and the basis rate is 0.37% with a historical quantile of 24.00% [1] - **Silver (AG2510)**: The spot price is 9042.0, the futures price is 9022.0, the basis is 20.0, and the basis rate is 0.22% with a historical quantile of 42.80% [1] Agricultural Products - **Soybean Meal (M2601)**: The spot price is 3160.0, the futures price is 2980, the basis is 180.0, and the basis rate is 5.70% with a historical quantile of 4.20% [1] - **Soybean Oil (Y2601)**: The spot price is 8500, the futures price is 8414.0, the basis is 86.0, and the basis rate is 1.02% with a historical quantile of 10.70% [1] - **Palm Oil (P2601)**: The spot price is 9554.0, the futures price is 9500, the basis is 54.0, and the basis rate is 0.57% with a historical quantile of 7.50% [1] - **Rapeseed Meal (RM601)**: The spot price is 2627.0, the futures price is 2610, the basis is 17.0, and the basis rate is 0.65% with a historical quantile of 44.50% [1] - **Rapeseed Oil (Ol601)**: The spot price is 9950, the futures price is 9828.0, the basis is 122.0, and the basis rate is 1.24% with a historical quantile of 49.40% [1] - **Corn (C2511)**: The spot price is 2260, the futures price is 2170.0, the basis is 90.0, and the basis rate is 4.15% with a historical quantile of 86.80% [1] - **Corn Starch (CS2511)**: The spot price is 2730, the futures price is 2489.0, the basis is 241.0, and the basis rate is 9.68% with a historical quantile of 94.60% [1] - **Live Hogs (H251)**: The spot price is 13850, the futures price is 13775.0, the basis is 75.0, and the basis rate is 0.54% with a historical quantile of 44.00% [1] - **Eggs (JD2510)**: The spot price is 3310, the futures price is 3072.0, the basis is 238.0, and the basis rate is 7.75% with a historical quantile of 51.20% [1] - **Cotton (CF601)**: The spot price is 15080, the futures price is 14055.0, the basis is 1025.0, and the basis rate is 7.29% with a historical quantile of 62.50% [1] - **Sugar (SR601)**: The spot price is 6030, the futures price is 5676.0, the basis is 354.0, and the basis rate is 6.24% with a historical quantile of 6.65% [1] - **Apples (AP510)**: The spot price is 8600, the futures price is 8064.0, the basis is 536.0, and the basis rate is 6.24% with a historical quantile of 42.00% [1] - **Jujubes (CJ601)**: The spot price is 11530.0, the futures price is 8300, the basis is 3230.0, and the basis rate is 28.01% with a historical quantile of 3.00% [1] Energy and Chemicals - **Paraxylene (PX511)**: The spot price is 6894.8, the futures price is 6844.0, the basis is 50.8, and the basis rate is 0.74% with a historical quantile of 40.20% [1] - **PTA (TA601)**: The spot price is 4778.0, the futures price is 4705.0, the basis is 73.0, and the basis rate is 1.53% with a historical quantile of 25.40% [1] - **Ethylene Glycol (EG2601)**: The spot price is 4515.0, the futures price is 4477.0, the basis is 38.0, and the basis rate is 0.85% with a historical quantile of 72.90% [1] - **Polyester Staple Fiber (PF510)**: The spot price is 6504.0, the futures price is 6490.0, the basis is 14.0, and the basis rate is 0.22% with a historical quantile of 40.20% [1] - **Styrene (EB2510)**: The spot price is 7285.0, the futures price is 7275.0, the basis is 10.0, and the basis rate is 0.14% with a historical quantile of 24.80% [1] - **Methanol (MA601)**: The spot price is 2424.0, the futures price is 2300.0, the basis is 124.0, and the basis rate is 5.12% with a historical quantile of 7.40% [1] - **Urea (UR601)**: The spot price is 1776.0, the futures price is 1770.0, the basis is - 6.0, and the basis rate is 0.34% with a historical quantile of 10.70% [1] - **LLDPE (L2601)**: The spot price is 7347.0, the futures price is 7255.0, the basis is 92.0, and the basis rate is 1.25% with a historical quantile of 4.00% [1] - **PP (PP2601)**: The spot price is 7056.0, the futures price is 7050.0, the basis is 6.0, and the basis rate is 0.09% with a historical quantile of 21.60% [1] - **PVC (V2601)**: The spot price is 5008.0, the futures price is 4720.0, the basis is 288.0, and the basis rate is 5.75% with a historical quantile of 8.70% [1] - **Caustic Soda (SH601)**: The spot price is 2655.0, the futures price is 2625.0, the basis is 30.0, and the basis rate is 1.13% with a historical quantile of 43.60% [1] - **LPG (PG2510)**: The spot price is 4478.0, the futures price is 4354.0, the basis is 124.0, and the basis rate is 2.85% with a historical quantile of 37.80% [1] - **Asphalt (BU2510)**: The spot price is 3530.0, the futures price is 3454.0, the basis is 76.0, and the basis rate is 2.20% with a historical quantile of 66.80% [1] - **Butadiene Rubber (BR2510)**: The spot price is 11900.0, the futures price is 11715.0, the basis is 185.0, and the basis rate is 1.58% with a historical quantile of 49.60% [1] - **Glass (FG601)**: The spot price is 1162.0, the futures price is 1072.0, the basis is 90.0, and the basis rate is 8.40% with a historical quantile of 34.03% [1] - **Soda Ash (SA601)**: The spot price is 1209.0, the futures price is 1309.0, the basis is - 100.0, and the basis rate is 8.27% with a historical quantile of 5.88% [1] - **Natural Rubber (RU2601)**: The spot price is 15675.0, the futures price is 14600.0, the basis is 1075.0, and the basis rate is 7.36% with a historical quantile of 23.75% [1] Stock Index Futures - **IF2509.CFF**: The spot price is 4271.4, the futures price is 4270.0, the basis is - 1.4, and the basis rate is 0.03% with a historical quantile of 58.30% [1] - **IH2509.CFE**: The spot price is 2851.2, the futures price is 2847.0, the basis is 4.2, and the basis rate is 0.15% with a historical quantile of 80.70% [1] - **IC2509.CFE**: The spot price is 6728.1, the futures price is 6695.2, the basis is - 32.9, and the basis rate is 0.49% with a historical quantile of 37.40% [1] - **IM2509.CFE**: The spot price is 7305.5, the futures price is 7276.0, the basis is - 29.5, and the basis rate is 0.40% with a historical quantile of 46.90% [1] Treasury Bond Futures - **2 - Year Treasury Bond (TS2509)**: The spot price is 102.32, the futures price is 100.26, the basis is 0.02, and the basis rate is 0.02% with a historical quantile of 34.10% [1] - **5 - Year Treasury Bond (TF2509)**: The spot price is 105.45, the futures price is 100.48, the basis is 0.06, and the basis rate is 0.06% with a historical quantile of 36.80% [1] - **10 - Year Treasury Bond (T2509)**: The spot price is 107.94, the futures price is 100.37, the basis is 0.05, and the basis rate is 0.05% with a historical quantile of 21.70% [1] - **30 - Year Treasury Bond (TL2509)**: The spot price is 131.12, the futures price is 116.24, the basis is 0.01, and the basis rate is

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report No explicit core view is presented in the given content. The report mainly provides price and related data of various futures and spot commodities. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF509)**: The spot price is 5878, the futures price is 5834, the basis is 44, and the basis rate is 0.75%. The historical quantile is 63.40% [1]. - **Silicon Manganese (SM509)**: The spot price is 6090, the futures price is 6064, the basis is 26, and the basis rate is 0.43% [1]. - **Rebar (RB2510)**: The spot price is 3360, the futures price is 3231, the basis is 129, and the basis rate is 3.99%. The historical quantile is 58.60% [1]. - **Hot - Rolled Coil (HC2510)**: The spot price is 3460, the futures price is 3440, the basis is 20, and the basis rate is 0.58%. The historical quantile is 25.20% [1]. - **Iron Ore (I2509)**: The spot price is 793, the futures price has a 5.84% decrease in the converted price of 62.5% Brazilian mixed powder. The historical quantile is 26.50% [1]. - **Coke (J2509)**: The spot price is 1668, the futures price is 1570, the basis is 97, and the basis rate is 6.19%. The historical quantile is 13.09% [1]. - **Coking Coal (JM2601)**: The spot price is 1230, the futures price is 1134, the basis is 96, and the basis rate is 8.44%. The historical quantile is 14.40% [1]. Non - Ferrous Metals - **Copper (CU2509)**: The spot price is 78500, the futures price is 78460, the basis is 40, and the basis rate is 0.05%. The historical quantile is 47.29% [1]. - **Aluminum (AL2509)**: The spot price is 20750, the futures price is 20690, the basis is 60, and the basis rate is 0.29%. The historical quantile is 33.95% [1]. - **Alumina (AO2509)**: The spot price is 3251, the futures price is 3211, the basis is 40, and the basis rate is 1.23%. The historical quantile is 42.29% [1]. - **Zinc (ZN2509)**: The spot price is 22580, the futures price is 22440, the basis is 140, and the basis rate is 0.62%. The historical quantile is 19.16% [1]. - **Tin (SN2509)**: The spot price is 267940, the futures price is 267200, the basis is 740, and the basis rate is 0.28%. The historical quantile is 25.00% [1]. - **Nickel (NI2509)**: The spot price is 121850, the futures price is 121350, the basis is 500, and the basis rate is 0.41%. The historical quantile is 31.04% [1]. - **Stainless Steel (SS2509)**: The spot price is 13220, the futures price is 13000, the basis is 220, and the basis rate is 1.69%. The historical quantile is 49.57% [1]. - **Lithium Carbonate (LC2511)**: The spot price is 72300, the futures price is 71100, the basis is 1200, and the basis rate is 1.66%. The historical quantile is 31.71% [1]. - **Industrial Silicon (SI2511)**: The spot price is 9250, the futures price is 8655, the basis and basis rate are not clearly presented. The historical quantile is 40.64% [1]. Precious Metals - **Gold (AU2510)**: The spot price is 785.0, the futures price is 782.0, the basis is 3.0, and the basis rate is 0.38%. The historical quantile is 21.00% [1]. - **Silver (AG2510)**: The spot price is 9258.0, the futures price is 9224.0, the basis is 34.0, and the basis rate is 0.37%. The historical quantile is 20.20% [1]. Agricultural Products - **Soybean Meal (M2509)**: The spot price is 3031.0, the futures price is 2920, the basis is 111.0, and the basis rate is 3.66%. The historical quantile is 16.80% [1]. - **Soybean Oil (Y2601)**: The spot price is 8500, the futures price is 8378.0, the basis is 122.0, and the basis rate is 1.46%. The historical quantile is 12.70% [1]. - **Palm Oil (P2509)**: The spot price is 8960, the futures price is 8950.0, the basis is 10.0, and the basis rate is 0.11%. The historical quantile is 18.50% [1]. - **Rapeseed Meal (RM509)**: The spot price is 2739.0, the futures price is 2590, the basis is 149.0, and the basis rate is 5.44%. The historical quantile is 7.00% [1]. - **Rapeseed Oil (OI509)**: The spot price is 9580, the futures price is 9496.0, the basis is 84.0, and the basis rate is 0.88%. The historical quantile is 37.00% [1]. - **Corn (C2509)**: The spot price is 2300, the futures price is 2267.0, the basis is 33.0, and the basis rate is 1.46%. The historical quantile is 63.10% [1]. - **Corn Starch (CS2509)**: The spot price is 2750, the futures price is 2660.0, the basis is 90.0, and the basis rate is 3.38%. The historical quantile is 41.70% [1]. - **Live Hogs (LH2501)**: The spot price is 13950, the futures price is 14100.0, the basis is - 150.0, and the basis rate is 1.06%. The historical quantile is 40.10% [1]. - **Eggs (JD2509)**: The spot price is 3391.0, the futures price is 2870, the basis is 521.0, and the basis rate is 15.36%. The historical quantile is 6.40% [1]. - **Cotton (CF509)**: The spot price is 15089, the futures price is 13670.0, the basis is 1419.0, and the basis rate is 9.24%. The historical quantile is 10.38% [1]. - **Sugar (SR601)**: The spot price is 6030, the futures price is 5585.0, the basis is 445.0, and the basis rate is 7.97%. The historical quantile is 67.70% [1]. - **Apples (AP510)**: The spot price is 8280, the futures price is 7940.0, the basis is 340.0, and the basis rate is 4.28%. The historical quantile is 36.20% [1]. - **Red Dates (CJ601)**: The spot price is 8300, the futures price is 11115.0, the basis is - 2815.0, and the basis rate is 25.33%. The historical quantile is 4.50% [1]. Energy and Chemicals - **Para - Xylene (PX509)**: The spot price is 6907.5, the futures price is 6756.0, the basis is 151.5, and the basis rate is 2.24%. The historical quantile is 66.10% [1]. - **PTA (TA509)**: The spot price is 4688.0, the futures price is 4675.0, the basis is 13.0, and the basis rate is 0.28%. The historical quantile is 47.00% [1]. - **Ethylene Glycol (EG2509)**: The spot price is 4465.0, the futures price is 4396.0, the basis is 69.0, and the basis rate is 1.57%. The historical quantile is 84.50% [1]. - **Polyester Staple Fiber (PF510)**: The spot price is 6490.0, the futures price is 6392.0, the basis is 98.0, and the basis rate is 1.53%. The historical quantile is 68.50% [1]. - **Styrene (EB2509)**: The spot price is 7345.0, the futures price is 7296.0, the basis is 49.0, and the basis rate is 0.67%. The historical quantile is 36.90% [1]. - **Methanol (MA509)**: The spot price is 2388.0, the futures price is 2382.5, the basis is 5.5, and the basis rate is 0.23%. The historical quantile is 32.70% [1]. - **Urea (UR509)**: The spot price is 1780.0, the futures price is 1737.0, the basis is 43.0, and the basis rate is 2.48%. The historical quantile is 24.60% [1]. - **LLDPE (L2509)**: The spot price is 7300.0, the futures price is 7297.0, the basis is 3.0, and the basis rate is 0.04%. The historical quantile is 21.30% [1]. - **PP (PP2509)**: The spot price is 7120.0, the futures price is 7075.0, the basis is 45.0, and the basis rate is 0.64%. The historical quantile is 35.00% [1]. - **PVC (V2509)**: The spot price is 5046.0, the futures price is 4910.0, the basis is 136.0, and the basis rate is 2.70%. The historical quantile is 41.60% [1]. - **Caustic Soda (SH509)**: The spot price is 2500.0, the futures price is 2413.0, the basis is 87.0, and the basis rate is 3.61%. The historical quantile is 64.80% [1]. - **LPG (PG2509)**: The spot price is 4348.0, the futures price is 3823.0, the basis is 525.0, and the basis rate is 13.73%. The historical quantile is 70.00% [1]. - **Asphalt (BU2510)**: The spot price is 3760.0, the futures price is 3528.0, the basis is 232.0, and the basis rate is 6.58%. The historical quantile is 84.60% [1]. - **Butadiene Rubber (BR2509)**: The spot price is 11535.0, the futures price is 11500.0, the basis is 35.0, and the basis rate is 0.30%. The historical quantile is not clearly presented [1]. - **Glass (FG509)**: The spot price is 1104.0, the futures price is 1076.0, the basis is 28.0, and the basis rate is 2.54%. The historical quantile is 72.05% [1]. - **Soda Ash (SA601)**: The spot price is 1357.0, the futures price is 1257.0, the basis is 100.0, and the basis rate is 7.96%. The historical quantile is 4.41% [1]. - **Natural Rubber (RU2601)**: The spot price is 15525.0, the futures price is 14400.0, the basis is 1125.0, and the basis rate is not clearly presented. The historical quantile is 20.41% [1]. Financial Futures - **Stock Index Futures**: - **IF2509.CFF**: The spot price is 4114.7, the futures price is 4092.6, the basis is 22.1, and the basis rate is 0.54%. The historical quantile is 20.10% [1]. - **IH2509.CFE**: The spot price is 2798.3, the futures price is 2797.8, the basis is 0.5, and the basis rate is 0.02%. The historical quantile is 55.20% [1]. - **IC2509.CFE**: The spot price is 6337.5, the futures price is 6226.4, the basis is 111.1, and the basis rate is 1.79%. The historical quantile is 1.70% [1]. - **IM2509.CFE**: The spot price is 6862.1, the futures price is 6750.0, the basis is 112.1, and the basis rate is 1.66%. The historical quantile is 11.50% [1]. - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2509)**: The spot price is 102.37, the futures price is 100.30, the basis is 0.01, and the basis rate is 0.01%. The historical quantile is 30.40% [1]. - **5 - Year Treasury Bond (TF2509)**: The spot price is 105.82, the futures price is 101.01, the basis is 0.05, and the basis rate is 0.04%. The historical quantile is 33.50% [1]. - **10 - Year Treasury Bond (T2509)**: The spot price is 108.61, the futures price is not clearly presented, the basis is 0.07, and the basis rate is 0.06%. The historical quantile is 23.80% [1]. - **30 - Year Treasury Bond (TL2509)**: The spot price is 134.87, the futures price is 119.34, the basis is 0.27, and the basis rate is 0.22%. The historical quantile is 35.40% [1].

Report Summary Core View The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemical products, and financial futures [1]. Summary by Commodity Sectors Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 6028, futures price is 6008, basis is 20, basis rate is 0.33%, and historical quantile is 35.20% [1]. - **Silicon Manganese (SM509)**: Spot price is 6070, futures price is 6116, basis is - 46, basis rate is - 0.75%, and historical quantile is 19.10% [1]. - **Rebar (RB2510)**: Spot price is 3440, futures price is 3315, basis is 125, basis rate is 3.77%, and historical quantile is 57.30% [1]. - **Hot - Rolled Coil (HC2510)**: Spot price is 3500, futures price is 3483, basis is 17, basis rate is 0.49%, and historical quantile is 24.30% [1]. - **Iron Ore (I2509)**: Spot price is 823, futures price is 789, basis is 34, basis rate is 4.36%, and historical quantile is 30.50% [1]. - **Coke (J2509)**: Spot price is 1570, futures price is 1677, basis is - 106, basis rate is - 6.34%, and historical quantile is 10.56% [1]. - **Coking Coal (JM2509)**: Spot price is 1155, futures price is 1117, basis is 38, basis rate is 3.40%, and historical quantile is 36.60% [1]. Non - Ferrous Metals - **Copper (CU2509)**: Spot price is 79285, futures price is 78930, basis is 355, basis rate is 0.45%, and historical quantile is 77.50% [1]. - **Aluminum (AL2509)**: Spot price is 20670, futures price is 20625, basis is 45, basis rate is 0.22%, and historical quantile is 61.66% [1]. - **Alumina (AO2509)**: Spot price is 3248, futures price is 3326, basis is - 78, basis rate is - 2.33%, and historical quantile is 20.26% [1]. - **Zinc (ZN2509)**: Spot price is 22610, futures price is 22670, basis is - 60, basis rate is - 0.26%, and historical quantile is 37.50% [1]. - **Tin (SN2509)**: Spot price is 268100, futures price is 267870, basis is 230, basis rate is 0.09%, and historical quantile is 54.37% [1]. - **Nickel (NISE09)**: Spot price is 122350, futures price is 121720, basis is 630, basis rate is 0.52%, and historical quantile is 81.04% [1]. - **Stainless Steel (SS2509)**: Spot price is 13120, futures price is 12920, basis is 200, basis rate is 1.55%, and historical quantile is 44.42% [1]. - **Lithium Carbonate (LC2509)**: Spot price is 72950, futures price is 70600, basis is 2350, basis rate is 3.33%, and historical quantile is 79.29% [1]. - **Industrial Silicon (SI2509)**: Spot price is 10000, futures price is 9285, basis is 715, basis rate is 7.70%, and historical quantile is 49.37% [1]. Precious Metals - **Gold (AU2510)**: Spot price is 769.5, futures price is 773.8, basis is - 4.3, basis rate is - 0.56%, and historical quantile is 8.90% [1]. - **Silver (AG2510)**: Spot price is 9166.0, futures price is 9192.0, basis is - 26.0, basis rate is - 0.28%, and historical quantile is 32.90% [1]. Agricultural Products - **Soybean Meal (M2509)**: Spot price is 2880, futures price is 3010.0, basis is - 130.0, basis rate is - 4.32%, and historical quantile is 15.30% [1]. - **Soybean Oil (Y2509)**: Spot price is 8330, futures price is 8240.0, basis is 90.0, basis rate is 1.09%, and historical quantile is 11.40% [1]. - **Palm Oil (P2509)**: Spot price is 9010, futures price is 8982.0, basis is 28.0, basis rate is 0.31%, and historical quantile is 20.60% [1]. - **Rapeseed Meal (RM509)**: Spot price is 2590, futures price is 2735.0, basis is - 145.0, basis rate is - 5.30%, and historical quantile is 7.60% [1]. - **Rapeseed Oil (OI509)**: Spot price is 9696, futures price is 9621.0, basis is 69.0, basis rate is 0.72%, and historical quantile is 32.00% [1]. - **Corn (C2509)**: Spot price is 2350, futures price is 2312.0, basis is 38.0, basis rate is 1.64%, and historical quantile is 65.70% [1]. - **Corn Starch (CS2509)**: Spot price is 2800, futures price is 2683.0, basis is 117.0, basis rate is 4.36%, and historical quantile is 58.50% [1]. - **Live Pigs (LH2509)**: Spot price is 13930, futures price is 14075.0, basis is - 145.0, basis rate is - 1.03%, and historical quantile is 40.20% [1]. - **Eggs (JD2509)**: Spot price is 3040, futures price is 3570.0, basis is - 530.0, basis rate is 14.85%, and historical quantile is 6.30% [1]. - **Cotton (CF509)**: Spot price is 15343, futures price is 13755.0, basis is 1588.0, basis rate is 11.54%, and historical quantile is 94.90% [1]. - **Sugar (SR509)**: Spot price is 6120, futures price is 5804.0, basis is 316.0, basis rate is 5.44%, and historical quantile is 59.00% [1]. - **Apples (AP510)**: Spot price is 8600, futures price is 7915.0, basis is 685.0, basis rate is 8.65%, and historical quantile is 53.40% [1]. - **Jujubes (CJ601)**: Spot price is 8300, futures price is 10805.0, basis is - 2505.0, basis rate is - 23.18%, and historical quantile is 5.20% [1]. Energy and Chemical Products - **Para - Xylene (PX509)**: Spot price is 7122.7, futures price is 6984.0, basis is 138.7, basis rate is 1.99%, and historical quantile is 64.00% [1]. - **PTA (TA509)**: Spot price is 4850.0, futures price is 4856.0, basis is - 6.0, basis rate is - 0.12%, and historical quantile is 49.20% [1]. - **Ethylene Glycol (EG2509)**: Spot price is 4515.0, futures price is 4450.0, basis is 65.0, basis rate is 1.46%, and historical quantile is 83.40% [1]. - **Polyester Staple Fiber (PF509)**: Spot price is 6615.0, futures price is 6500.0, basis is 115.0, basis rate is 1.77%, and historical quantile is 72.10% [1]. - **Styrene (EB2509)**: Spot price is 7415.0, futures price is 7387.0, basis is 28.0, basis rate is 0.38%, and historical quantile is 32.80% [1]. - **Methanol (MA509)**: Spot price is 2405.0, futures price is 2419.0, basis is - 14.0, basis rate is - 0.58%, and historical quantile is 25.20% [1]. - **Urea (UR509)**: Spot price is 1770.0, futures price is 1742.0, basis is 28.0, basis rate is 1.61%, and historical quantile is 19.30% [1]. - **LLDPE (L2509)**: Spot price is 7350.0, futures price is 7387.0, basis is - 37.0, basis rate is - 0.50%, and historical quantile is 11.10% [1]. - **PP (PP2509)**: Spot price is 7160.0, futures price is 7145.0, basis is 15.0, basis rate is 0.21%, and historical quantile is 27.20% [1]. - **PVC (V2509)**: Spot price is 5060.0, futures price is 5159.0, basis is - 99.0, basis rate is - 1.92%, and historical quantile is 54.60% [1]. - **Caustic Soda (SH509)**: Spot price is 2593.8, futures price is 2613.0, basis is - 19.3, basis rate is - 0.74%, and historical quantile is 46.40% [1]. - **LPG (PG2509)**: Spot price is 4448.0, futures price is 4052.0, basis is 396.0, basis rate is 9.77%, and historical quantile is 56.70% [1]. - **Asphalt (BU2509)**: Spot price is 3785.0, futures price is 3650.0, basis is 135.0, basis rate is 3.70%, and historical quantile is 76.00% [1]. - **Butadiene Rubber (BR2509)**: Spot price is 12100.0, futures price is 11775.0, basis is 325.0, basis rate is 2.76%, and historical quantile is 61.90% [1]. - **Glass (FG509)**: Spot price is 1176.0, futures price is 1191.0, basis is - 15.0, basis rate is - 1.28%, and historical quantile is 60.71% [1]. - **Soda Ash (SA509)**: Spot price is 1301.0, futures price is 1311.0, basis is - 10.0, basis rate is - 0.77%, and historical quantile is 26.89% [1]. - **Natural Rubber (RU2509)**: Spot price is 15000.0, futures price is 14945.0, basis is 55.0, basis rate is 0.37%, and historical quantile is 97.91% [1]. Financial Futures - **Stock Index Futures**: - **IF2509.CFE**: Spot price is 4151.2, futures price is 4136.4, basis is - 14.8, basis rate is - 0.36%, and historical quantile is 28.70% [1]. - **IH2509.CFE**: Spot price is 2819.4, futures price is 2820.0, basis is 0.6, basis rate is 0.02%, and historical quantile is 61.40% [1]. - **IC2509.CFE**: Spot price is 6314.7, futures price is 6215.4, basis is - 99.3, basis rate is - 1.60%, and historical quantile is 2.70% [1]. - **IM2509.CFE**: Spot price is 6718.5, futures price is 6604.2, basis is - 114.3, basis rate is - 1.73%, and historical quantile is 11.00% [1]. - **Bond Futures**: - **2 - year Bond (TS2509)**: Spot price is 100.26, futures price is 102.34, basis is 0.01, basis rate is 0.01%, and historical quantile is 27.60% [1]. - **5 - year Bond (TF2509)**: Spot price is 100.62, futures price is 105.64, basis is 0.03, basis rate is 0.03%, and historical quantile is 31.80% [1]. - **10 - year Bond (T2509)**: Spot price is 106.91, futures price is 108.31, basis is 0.16, basis rate is 0.15%, and historical quantile is 35.50% [1]. - **30 - year Bond (TL2509)**: Spot price is 134.07, futures price is 118.44, basis is 0.48, basis rate is 0.41%, and historical quantile is 72.10% [1].