1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The report presents the basis, basis rate, historical quantiles, spot price, futures price, and spot reference for various commodities including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemical products, and financial futures on February 2, 2026 [1][2] 3. Summary by Commodity Categories Ferrous Metals - For silicon iron (SF603), the basis is 18, basis rate is 0.32%, historical quantile is 57.40%, spot price is 5678, and futures price is 5660 [1] - For silicon manganese (SM603), the basis is 122, basis rate is 1.67%, historical quantile is 45.00%, spot price is 5970, and futures price is 5872 [1] - For rebar (RB2605), the basis is 3.90%, historical quantile is 54.00%, spot price is 3250, and futures price is 3128 [1] - For hot - rolled coil (HC2605), the basis is - 18, basis rate is 0.55%, historical quantile is 11.40%, spot price is 3270, and futures price is 3288 [1] - For iron ore (I2605), the basis is 46, basis rate is 5.79%, historical quantile is 83.70%, spot price is 837, and futures price is 792 [1] - For coke (J2605), the basis is 13, basis rate is 0.74%, historical quantile is 72.71%, spot price is 1734, and futures price is 1722 [1] - For coking coal (JM2605), the basis is 0, basis rate is 0.04%, historical quantile is 32.00%, spot price is 1156, and futures price is 1156 [1] Non - Ferrous Metals - For copper (CU2603), the basis is 730, basis rate is 0.70%, historical quantile is 94.37%, spot price is 104410, and futures price is 103680 [1] - For aluminum (AL2603), the basis is 100, basis rate is 0.41%, historical quantile is 85.20%, spot price is 24660, and futures price is 24560 [1] - For alumina (AO2605), the basis is - 145, basis rate is 9.91%, historical quantile is 45.25%, spot price is 2623, and futures price is 2768 [1] - For zinc (ZN2603), the basis is - 55, basis rate is 0.43%, historical quantile is 33.95%, spot price is 25835, and futures price is 25720 [1] - For tin (SN2603), the basis is 18650, basis rate is 4.80%, historical quantile is 99.79%, spot price is 428650, and futures price is 409000 [1] - For nickel (NI2603), the basis is 2700, basis rate is 1.93%, historical quantile is 98.54%, spot price is 142700, and futures price is 140000 [1] - For stainless steel (SS2603), the basis is 430, basis rate is 3.04%, historical quantile is 79.18%, spot price is 14570, and futures price is 14140 [1] - For lithium carbonate (LC2605), the basis is 12300, basis rate is 8.30%, historical quantile is 99.55%, spot price is 160500, and futures price is 148200 [1] - For industrial silicon (SISEOF), the basis is 400, basis rate is 4.52%, historical quantile is 23.35%, spot price is 9250, and futures price is 8850 [1] Precious Metals - For gold (AU2604), the basis is 2.6, basis rate is 0.20%, historical quantile is 99.80%, spot price is 1164.0, and futures price is 1161.4 [1] - For silver (AG2604), the basis is - 411.0, basis rate is - 1.50%, historical quantile is 0.40%, spot price is 27941.0, and futures price is 27530.0 [1] Agricultural Products - For soybean meal (M2605), the basis is 293.0, basis rate is 10.59%, historical quantile is 69.90%, spot price is 3060, and futures price is 2767.0 [1] - For soybean oil (V2605), the basis is 338.0, basis rate is 4.08%, historical quantile is 62.30%, spot price is 8620, and futures price is 8282.0 [1] - For palm oil (P2605), the basis is - 50.0, basis rate is 10.54%, historical quantile is 11.20%, spot price is 9190, and futures price is 9240.0 [1] - For rapeseed meal (RM605), the basis is 183.0, basis rate is 8.00%, historical quantile is 82.00%, spot price is 2470, and futures price is 2287.0 [1] - For rapeseed oil (Oleos), the basis is - 770.0, basis rate is 8.21%, historical quantile is 96.20%, spot price is 9380.0, and futures price is 10150 [1] - For corn (C2603), the basis is 69.0, basis rate is 3.04%, historical quantile is 70.30%, spot price is 2340, and futures price is 2271.0 [1] - For corn starch (CS2603), the basis is 109.0, basis rate is 4.32%, historical quantile is 53.20%, spot price is 2630, and futures price is 2521.0 [1] - For live pigs (LH2603), the basis is 1430.0, basis rate is 12.75%, historical quantile is 84.00%, spot price is 12650, and futures price is 11220.0 [1] - For eggs (JD2603), the basis is 1018.0, basis rate is 33.91%, historical quantile is 92.70%, spot price is 4020 [1] - For cotton (CF605), the basis is 1130.0, basis rate is 7.70%, historical quantile is 75.80%, spot price is 15800, and futures price is 14670.0 [1] - For sugar (SR605), the basis is 132.0, basis rate is 2.52%, historical quantile is 18.50%, spot price is 5380, and futures price is 5248.0 [1] - For apples (AP605), the basis is - 118.0, basis rate is 1.24%, historical quantile is 19.20%, spot price is 9518.0, and futures price is 9400 [1] - For red dates (C1605), the basis is - 950.0, basis rate is 10.61%, historical quantile is 44.60%, spot price is 8000, and futures price is 8950.0 [1] Energy and Chemical Products - For paraxylene (PX603), the basis is 30.0, basis rate is 0.41%, historical quantile is 37.90%, spot price is 7312.0, and futures price is 7282.0 [1] - For PTA (TA605), the basis is - 70.0, basis rate is + 1.33%, historical quantile is 29.60%, spot price is 5270.0, and futures price is 5200.0 [1] - For ethylene glycol (EG2605), the basis is - 108.0, basis rate is 16.60%, historical quantile is 42.76%, spot price is 3805.0, and futures price is 3913.0 [1] - For polyester staple fiber (PF603), the basis is 14.0, basis rate is 0.21%, historical quantile is 47.40%, spot price is 6670.0, and futures price is 6656.0 [1] - For styrene (EB2603), the basis is - 171.0, basis rate is 2.22%, historical quantile is 63.40%, spot price is 7714.0, and futures price is 7885.0 [1] - For methanol (MA605), the basis is - 50.0, basis rate is + 2.16%, historical quantile is 11.80%, spot price is 2270.0, and futures price is 2320.0 [1] - For urea (UR605), the basis is 0.0, basis rate is 0.00%, historical quantile is 16.70%, spot price is 1790.0, and futures price is 1790.0 [1] - For LLDPE (L2605), the basis is - 64.0, basis rate is + 0.91%, historical quantile is 8.30%, spot price is 7014.0, and futures price is 6950.0 [1] - For PP (PP2605), the basis is - 34.0, basis rate is 10.50%, historical quantile is 18.20%, spot price is 6824.0, and futures price is 6790.0 [1] - For PVC (V2605), the basis is - 283.0, basis rate is 9.30%, historical quantile is 45.59%, spot price is 5063.0, and futures price is 4780.0 [1] - For caustic soda (SH603), the basis is 109.0, basis rate is 13.01%, historical quantile is 27.70%, spot price is 1975.0, and futures price is 1866.0 [1] - For LPG (PG2603), the basis is 558.0, basis rate is 73.40%, historical quantile is 44.79%, spot price is 4848.0, and futures price is 4290.0 [1] - For asphalt (BU2603), the basis is - 164.0, basis rate is 12.91%, historical quantile is 17.90%, spot price is 3260.0, and futures price is 3424.0 [1] - For butadiene rubber (BR2603), the basis is - 390.0, basis rate is 4.60%, historical quantile is 12.34%, spot price is 13000.0, and futures price is 13390.0 [1] - For glass (FG605), the basis is - 116.0, basis rate is 28.51%, historical quantile is 43.44%, spot price is 1056.0, and futures price is 940.0 [1] - For soda ash (SA605), the basis is - 40.0, basis rate is 29.97%, historical quantile is 28.51%, spot price is 1204.0, and futures price is 1164.0 [1] - For natural rubber (RU2605), the basis is - 110.0, basis rate is 10.68%, historical quantile is 88.07%, spot price is 16360.0, and futures price is 16250.0 [1] Financial Futures - For IF2603.CFE, the basis is 4.7, basis rate is 0.10%, historical quantile is 77.50%, spot price is 4711.0, and futures price is 4706.3 [1] - For IH2603.CFE, the basis is 7.5, basis rate is 0.24%, historical quantile is 90.70%, spot price is 3074.0, and futures price is 3066.5 [1] - For IC2603.CFE, the basis is - 8.1, basis rate is + 0.10%, historical quantile is 71.60%, spot price is 8370.5, and futures price is 8362.4 [1] - For IM2603.CFE, the basis is 5.7, basis rate is 0.07%, historical quantile is 91.20%, spot price is 8260.6, and futures price is 8254.9 [1] - For 2 - year bond (TS2603), the basis is 0.04, basis rate is 0.03%, historical quantile is 41.70%, spot price is 102.39, and futures price is 100.11 [1] - For 5 - year bond (TF2603), the basis is 0.01, basis rate is 0.01%, historical quantile is 30.00%, spot price is 105.88, and futures price is 99.66 [1] - For 10 - year bond (T2603), the basis is 0.06, basis rate is 0.05%, historical quantile is 23.30%, spot price is 108.29, and futures price is 100.63 [1] - For 30 - year bond (TL2603), the basis is 0.61, basis rate is 0.54%, historical quantile is 84.70%, spot price is 126.60, and futures price is 111.86 [1]

1. Report's Core View - The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, spot references, and notes of various commodities on January 30, 2026, covering ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemical products, and financial futures [1]. 2. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5678, futures price is 5736, basis is - 58, basis rate is 11.01%, historical quantile is 49.90%, and the spot reference is the converted price of 72 - silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts [1]. - **Silicon Manganese (SM603)**: Spot price is 5940, futures price is 5926, basis is 14, basis rate is 0.24%, historical quantile is 27.50%, and the spot reference is the converted price of 6517 silicon manganese from Inner Mongolia to Hubei warehouse receipts [1]. - **Rebar (RB2605)**: Spot price is 3260, futures price is 3157, basis is 103, basis rate is 3.26%, historical quantile is 48.40%, and the spot reference is HRB400 20mm in Shanghai [1]. - **Hot - Rolled Coil (HC2605)**: Spot price is 3290, futures price is 3308, basis is - 18, basis rate is - 0.54%, historical quantile is 11.40%, and the spot reference is Q235B 4.75mm in Shanghai [1]. - **Iron Ore (I2605)**: Spot price is 844, futures price is 799, basis is 45, basis rate is 5.67%, historical quantile is 35.90%, and the spot reference is the converted price of 62.5% Brazilian blended powder (BRBF) from Vale at Rizhao Port [1]. - **Coke (J2605)**: Spot price is 1713, futures price is 1723, basis is - 10, basis rate is - 0.61%, historical quantile is 58.20%, and the spot reference is the converted price of quasi - first - grade metallurgical coke at Rizhao Port [1]. - **Coking Coal (JM2605)**: Spot price is 1156, futures price is 1165, basis is - 9, basis rate is - 0.77%, historical quantile is 30.50%, and the spot reference is the converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi [1]. Non - Ferrous Metals - **Copper (CU2603)**: Spot price is 104185, futures price is 109110, basis is - 4925, basis rate is - 4.51%, historical quantile is 0.20%, and the spot reference is the SMM electrolytic copper average price [1]. - **Aluminum (AL2603)**: Spot price is 24860, futures price is 25590, basis is - 730, basis rate is 2.85%, historical quantile is 0.41%, and the spot reference is the SMM A00 aluminum average price [1]. - **Alumina (AO2605)**: Spot price is 2625, futures price is 2816, basis is - 191, basis rate is - 6.77%, historical quantile is 5.94%, and the spot reference is the SMM alumina index average price [1]. - **Zinc (ZN2603)**: Spot price is 25220, futures price is 25950, basis is - 730, basis rate is 2.81%, historical quantile is 0.20%, and the spot reference is the SMM 1 zinc ingot average price [1]. - **Tin (SN2603)**: Spot price is 438600, futures price is 446130, basis is - 7530, basis rate is 1.69%, historical quantile is 1.66%, and the spot reference is the SMM 1 tin average price [1]. - **Nickel (NI2603)**: Spot price is 144650, futures price is 147470, basis is - 2820, basis rate is 1.91%, historical quantile is 1.04%, and the spot reference is the SMM 1 imported nickel average price [1]. - **Stainless Steel (SS2603)**: Spot price is 14670, futures price is 14585, basis is 85, basis rate is 0.58%, historical quantile is 18.02%, and the spot reference is 304/2B:2*1240*C from Wuxi Hongwang (including trimming fee) [1]. - **Lithium Carbonate (LC2605)**: Spot price is 168000, futures price is 164820, basis is 3180, basis rate is 1.93%, historical quantile is 94.93%, and the spot reference is the SMM battery - grade lithium carbonate average price [1]. - **Industrial Silicon (SI2605)**: Spot price is 9250, futures price is 8925, basis is 325, basis rate is 3.64%, historical quantile is 18.89%, and the spot reference is the SMM East China oxygen - passing Si5530 average price [1]. Precious Metals - **Gold (AU2604)**: Spot price is 1243.4, futures price is 1249.1, basis is - 5.7, basis rate is - 0.50%, historical quantile is 1.40%, and the spot reference is the Shanghai Gold Exchange gold spot AU (T + D) [1]. - **Silver (AG2604)**: Spot price is 29998.0, futures price is 30891.0, basis is - 893.0, basis rate is 2.90%, historical quantile is 0.20%, and the spot reference is the Shanghai Gold Exchange silver spot AG (T + D) [1]. Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3080, futures price is 2802.0, basis is 278.0, basis rate is 9.92%, historical quantile is 67.80%, and the spot reference is the ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu [1]. - **Soybean Oil (Y2605)**: Spot price is 8710, futures price is 8382.0, basis is 328.0, basis rate is 3.91%, historical quantile is 61.10%, and the spot reference is the ex - factory price of grade - four soybean oil in Zhangjiagang, Jiangsu [1]. - **Palm Oil (P2605)**: Spot price is 9290, futures price is 9362.0, basis is - 72.0, basis rate is - 0.77%, historical quantile is 6.00%, and the spot reference is the delivery price of 24 - degree palm oil at Huangpu Port [1]. - **Rapeseed Meal (RM605)**: Spot price is 2480, futures price is 2325.0, basis is 155.0, basis rate is 6.67%, historical quantile is 76.60%, and the spot reference is the ex - factory price of rapeseed meal in Zhanjiang, Guangdong [1]. - **Rapeseed Oil (OI605)**: Spot price is 10240, futures price is 9446.0, basis is 794.0, basis rate is 8.41%, historical quantile is 96.40%, and the spot reference is the ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu [1]. - **Corn (C2603)**: Spot price is 2340, futures price is 2281.0, basis is 59.0, basis rate is 2.59%, historical quantile is 63.80%, and the spot reference is the flat - hatch price of corn at Xizhou Port [1]. - **Corn Starch (CS2603)**: Spot price is 2630, futures price is 2535.0, basis is 95.0, basis rate is 3.75%, historical quantile is 43.60%, and the spot reference is the ex - factory price of corn starch in Changchun, Jilin [1]. - **Live Pigs (H2603)**: Spot price is 12650, futures price is 11165.0, basis is 1485.0, basis rate is 13.30%, historical quantile is 85.00%, and the spot reference is the ex - farm price of live pigs (outer ternary) in Henan [1]. - **Eggs (JD2603)**: Spot price is 3960, futures price is 3021.0, basis is 939.0, basis rate is 31.08%, historical quantile is 90.30%, and the spot reference is the ex - farm price of eggs in Shijiazhuang, Hebei [1]. - **Cotton (CF605)**: Spot price is 15600, futures price is 14910.0, basis is 690.0, basis rate is 4.63%, historical quantile is 24.70%, and the spot reference is the market price of cotton in Xinjiang [1]. - **Sugar (SR605)**: Spot price is 5370, futures price is 5257.0, basis is 113.0, basis rate is 2.15%, historical quantile is 15.30%, and the spot reference is the spot price of white sugar at Liuzhou Station, with the origin of Guangxi [1]. - **Apples (AP605)**: Spot price is 9400, futures price is 9642.0, basis is - 242.0, basis rate is 2.51%, historical quantile is 14.10%, and the spot reference is the apple delivery theoretical price (daily/Steel Union) [1]. - **Jujubes (CJ605)**: Spot price is 8000, futures price is 8895.0, basis is - 895.0, basis rate is - 10.06%, historical quantile is 46.00%, and the spot reference is the wholesale price of first - grade grey jujubes in Hebei (Steel Union) [1]. Energy and Chemical Products - **Para - Xylene (PX603)**: Spot price is 7373.0, futures price is 7380.0, basis is - 7.0, basis rate is - 0.09%, historical quantile is 29.40%, and the spot reference is the spot price (CFR) of para - xylene at the main Chinese port, converted into RMB [1]. - **PTA (TA605)**: Spot price is 5265.0, futures price is 5332.0, basis is - 67.0, basis rate is 1.26%, historical quantile is 31.20%, and the spot reference is the market price (mid - price) of purified terephthalic acid (PTA) in the East China region [1]. - **Ethylene Glycol (EG2605)**: Spot price is 3845.0, futures price is 3957.0, basis is - 112.0, basis rate is 2.83%, historical quantile is 15.40%, and the spot reference is the market price (mid - price) of ethylene glycol (MEG) in the East China region [1]. - **Polyester Staple Fiber (PF603)**: Spot price is 6705.0, futures price is 6720.0, basis is - 15.0, basis rate is - 0.22%, historical quantile is 37.70%, and the spot reference is the market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market [1]. - **Styrene (EB2603)**: Spot price is 8095.0, futures price is 7913.0, basis is 182.0, basis rate is 2.30%, historical quantile is 65.20%, and the spot reference is the market price (spot benchmark price) of styrene in East China, China [1]. - **Methanol (MA605)**: Spot price is 2282.0, futures price is 2352.0, basis is - 70.0, basis rate is 2.98%, historical quantile is 8.20%, and the spot reference is the market price (spot benchmark price) of methanol in Taicang, Jiangsu, China [1]. - **Urea (UR605)**: Spot price is 1780.0, futures price is 1817.0, basis is - 37.0, basis rate is 2.04%, historical quantile is 7.50%, and the spot reference is the market price (mainstream price) of small - particle urea in the Shandong region [1]. - **LLDPE (L2605)**: Spot price is 6875.0, futures price is 7049.0, basis is - 174.0, basis rate is 2.47%, historical quantile is 0.80%, and the spot reference is the duty - paid self - pick - up price (mid - price) of linear low - density polyethylene LLDPE (film grade) in Shandong [1]. - **PP (PP2605)**: Spot price is 6785.0, futures price is 6870.0, basis is - 85.0, basis rate is - 1.24%, historical quantile is 8.10%, and the spot reference is the duty - paid self - pick - up price (mid - price) of polypropylene PP (wire - drawing grade, melt index 2 - 4) in Zhejiang [1]. - **PVC (V2605)**: Spot price is 4680.0, futures price is 4895.0, basis is - 215.0, basis rate is - 4.39%, historical quantile is 24.70%, and the spot reference is the market price (mainstream price) of polyvinyl chloride (SG - 5) in the Changzhou market, China [1]. - **Caustic Soda (SH603)**: Spot price is 1869.0, futures price is 1964.0, basis is - 95.0, basis rate is - 4.85%, historical quantile is 29.20%, and the spot reference is the market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in the Shandong market, converted to 100% [1]. - **LPG (PG2603)**: Spot price is 4848.0, futures price is 4348.0, basis is 500.0, basis rate is 11.50%, historical quantile is 68.40%, and the spot reference is the market price of liquefied petroleum gas in the Guangzhou region [1]. - **Asphalt (BU2603)**: Spot price is 3210.0, futures price is 3478.0, basis is - 268.0, basis rate is - 7.71%, historical quantile is 4.30%, and the spot reference is the market price (mainstream price) of heavy - traffic asphalt in the Shandong region [1]. - **Butadiene Rubber (BR2603)**: Spot price is 13000.0, futures price is 13390.0, basis is - 390.0, basis rate is 2.91%, historical quantile is 4.60%, and the spot reference is the distribution price of cis - butadiene rubber (Daqing, BR9000) in East China by CNPC [1]. -

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5632, futures price is 5628, basis is -4, and historical quantile is 54.90% [1]. - **Silicon Manganese (SM603)**: Spot price is 5940, futures price is 2835, basis is 108, and historical quantile is 46.30% [1]. - **Rebar (RB2605)**: Spot price is 3240, futures price is 3123, and historical quantile is 52.10% [1]. - **Hot - Rolled Coil (HC2605)**: Spot price is 3270, futures price is 3280, basis is -10, and historical quantile is -0.30% [1]. - **Iron Ore (I2605)**: Historical quantile of the converted price of 62.5% Brazilian mixed powder is 78.70% [1]. - **Coke (J2605)**: Historical quantile of the converted price of quasi - first - grade metallurgical coke is 78.70% [1]. - **Coking Coal (JM2605)**: Spot price is 1156, historical quantile of the converted price of S1.3 G75 main coking coal is 35.30% [1]. Non - Ferrous Metals - **Copper (CU2603)**: Spot price is 103060, futures price is 101660, basis is -1400, and historical quantile is 1.45% [1]. - **Aluminum (AL2603)**: Spot price is 25640, futures price is 24260, basis is -1380, and historical quantile is 0.20% [1]. - **Alumina (AO2605)**: Spot price is 2811, futures price is 2626, basis is -185, and historical quantile is -6.58% [1]. - **Zinc (ZN2603)**: Information about SMM 1 zinc ingot average price is provided [1]. - **Tin (SN2603)**: Spot price is 443800, futures price is 436600, basis is -7200, and historical quantile is 1.62% [1]. - **Nickel (MISE03)**: Spot price is 142900, futures price is 144370, basis is -1470, and historical quantile is 9.58% [1]. - **Stainless Steel (SS2603)**: Spot price is 14670, futures price is 14465, basis is 505, and historical quantile is 39.48% [1]. - **Lithium Carbonate (LC2605)**: Spot price is 172000, futures price is 166280, and historical quantile is 99.11% [1]. - **Industrial Silicon (SI2605)**: Spot price is 9250, futures price is 8760, basis is 490, and historical quantile is 31.19% [1]. Precious Metals - **Gold (AU2604)**: Spot price is 1186.2, futures price is 1184.0, basis is -2.2, and historical quantile is -0.20% [1]. - **Silver (AG2604)**: Spot price is 29310.0, futures price is 29219.0, basis is 91.0, and historical quantile is 0.30% [1]. Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3070, futures price is 2782.0, and historical quantile is 69.20% [1]. - **Soybean Oil (Y2605)**: Spot price is 8690, futures price is 8326.0, basis is 364.0, and historical quantile is 65.60% [1]. - **Palm Oil (P2605)**: Spot price is 9220, futures price is 9270.0, basis is -50.0, and historical quantile is 11.40% [1]. - **Rapeseed Meal (RM605)**: Spot price is 2480, futures price is 2297.0, basis is 183.0, and historical quantile is 81.80% [1]. - **Rapeseed Oil (Oleos)**: Spot price is 10160, and historical quantile is 96.90% [1]. - **Corn (C2603)**: Spot price is 2360, futures price is 2274.0, basis is 100.0, and historical quantile is 77.60% [1]. - **Corn Starch (CS2603)**: Spot price is 2630, futures price is 2530.0, and historical quantile is 46.20% [1]. - **Live Pigs (H2603)**: Spot price is 13150, futures price is 11270.0, basis is 1880.0, and historical quantile is 90.50% [1]. - **Eggs (JD2603)**: Spot price is 3960, futures price is 3048.0, basis is 912.0, and historical quantile is 89.10% [1]. - **Cotton (CF605)**: Spot price is 15650, futures price is 14940.0, basis is 710.0, and historical quantile is 26.60% [1]. - **Sugar (SR605)**: Spot price is 5330, futures price is 5187.0, basis is 143.0, and historical quantile is 21.40% [1]. - **Apples (AP605)**: Spot price is 9532.0, futures price is 9400, basis is -132.0, and historical quantile is 17.90% [1]. - **Red Dates (CJ605)**: Spot price is 8830.0, futures price is 8000, basis is -830.0, and historical quantile is 50.90% [1]. Energy and Chemicals - **Paraxylene (PX603)**: Spot price is 7392.0, futures price is 7397.0, basis is -90.0, and historical quantile is 32.80% [1]. - **PTA (TA605)**: Spot price is 5370.0, futures price is 5280.0, and historical quantile is 20.20% [1]. - **Ethylene Glycol (EG2605)**: Spot price is 3970.0, futures price is 3845.0, basis is -125.0, and historical quantile is 13.10% [1]. - **Styrene (EB2603)**: Spot price is 7785.0, futures price is 8015.0, basis is 230.0, and historical quantile is 70.10% [1]. - **Methanol (MA605)**: Spot price is 2290.0, futures price is 2339.0, basis is -49.0, and historical quantile is 11.70% [1]. - **Urea (UR605)**: Spot price is 1760.0, futures price is 1799.0, and historical quantile is 7.00% [1]. - **LLDPE (L2605)**: Spot price is 6825.0, futures price is 6967.0, basis is -142.0, and historical quantile is 1.60% [1]. - **PP (PP2605)**: Spot price is 6778.0, futures price is 6740.0, basis is -38.0, and historical quantile is -0.56% [1]. - **PVC (V2605)**: Spot price is 4700.0, futures price is 4913.0, basis is -213.0, and historical quantile is 25.10% [1]. - **Caustic Soda (SH603)**: Spot price is 1872.0, futures price is 1969.0, basis is -97.0, and historical quantile is 29.00% [1]. - **LPG (PG2603)**: Spot price is 4848.0, futures price is 4286.0, basis is 562.0, and historical quantile is 74.10% [1]. - **Asphalt (BU2603)**: Spot price is 3210.0, futures price is 3410.0, basis is -200.0, and historical quantile is 12.50% [1]. - **Butadiene Rubber (BR2603)**: Spot price is 13000.0, futures price is 13265.0, basis is -265.0, and historical quantile is 14.48% [1]. - **Glass (FG605)**: Spot price is 932.0, futures price is 1067.0, basis is -135.0, and historical quantile is 18.48% [1]. - **Soda Ash (SA605)**: Information about the market price in Chongqing and Shahe is provided [1]. - **Natural Rubber (RU2605)**: Spot price is 15950.0, futures price is 16360.0, basis is -410.0, and historical quantile is 66.94% [1]. Financial Futures - **IF2603.CFE**: Spot price is 4732.8, futures price is 4718.0, basis is 14.8, and historical quantile is 93.60% [1]. - **IH2603.CFE**: Spot price is 3069.8, futures price is 3060.6, basis is 9.2, and historical quantile is 94.30% [1]. - **IC2603.CFE**: Spot price is 8622.0, futures price is 8601.2, basis is 20.8, and historical quantile is 98.30% [1]. - **IM2603.CFE**: Spot price is 8399.8, futures price is 8377.8, basis is -22.0, and historical quantile is 55.60% [1]. - **2 - Year Treasury Bond (TS2603)**: Spot price is 102.39, futures price is 100.09, basis is 0.01, and historical quantile is 32.10% [1]. - **5 - Year Treasury Bond (TF2603)**: Spot price is 105.86, futures price is 99.67, basis is 0.04, and historical quantile is 34.30% [1]. - **10 - Year Treasury Bond (T2603)**: Spot price is 108.19, futures price is 100.58, basis is 0.08, and historical quantile is 28.00% [1]. - **30 - Year Treasury Bond (TL2603)**: Spot price is 126.60, futures price is 112.09, basis is 0.35, and historical quantile is 51.70% [1].

Report Summary 1. Report Date and Data Sources - The report is a full - variety spread daily report dated January 28, 2026. Data sources include Wind, Mysteel, and GF Futures Research Institute [2] 2. Commodity Information Ferrous Metals - For silicon iron (SF603), the spot price is 5604, the futures price is 5628. The basis of the converted price of 72 - grade silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 24 with a basis rate of 0.43% and a historical quantile of 57.90% [1] - For silicon manganese (SM603), the spot price is 5818. The basis of the converted price of 6517 - grade silicon manganese from Inner Mongolia to Hubei warehouse receipts is 134 with a basis rate of 4.29% and a historical quantile of 51.20% [1] - For rebar (RB2605), the spot price of HRB400 20mm in Shanghai is 3280, the futures price is 3260, with a basis of - 9 and a basis rate of - 0.27% and a historical quantile of 15.00% [1] - For hot - rolled coil (HC2605), the spot price of Q235B 4.75mm in Shanghai is 3289, the futures price is 3289, with a basis of 0, a basis rate of 0%, and a historical quantile of 47.00% [1] - For iron ore (I2605), the spot price (converted price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port) is 788, with a basis rate of 3.32% and a historical quantile of 86.75% [1] - For coke (J2605), the spot price (converted price of quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port) is 1723, the futures price is 1668, with a basis of 55, a basis rate of 3.54%, and a historical quantile of 40 [1] - For coking coal (JM2605), the spot price (converted price of S1.3 G75 main coking coal (Mongolian No.5) at Shaheyi) is 1156, the futures price is 1117, with a basis of 39, a basis rate of 3.50%, and a historical quantile of 38.20% [1] Non - ferrous Metals - For copper (CU2603), the spot price (SMM electrolytic copper average) is 101370, the futures price is 102600, with a basis of - 1230, a basis rate of - 1.20%, and a historical quantile of 1.87% [1] - For aluminum (AL2603), the spot price (SMM A00 aluminum average) is 23870, the futures price is 24305, with a basis of - 435, a basis rate of - 1.79%, and a historical quantile of 0.83% [1] - For alumina (AO2605), the spot price (SMM alumina index average) is 2628, the futures price is 2734, with a basis of - 106, a basis rate of - 3.88%, and a historical quantile of 12.99% [1] - For zinc (ZN2603), the spot price (SMM 1 zinc ingot average) is 24690, the futures price is 24950, with a basis of - 260, a basis rate of - 1.04%, and a historical quantile of 7.29% [1] - For tin (SN2603), the spot price (SMM 1 tin average) is 451160, the futures price is 428400, with a basis of 22760, a basis rate of 5.31%, and a historical quantile of 0.20% [1] - For nickel (NI2603), the spot price (SMM 1 imported nickel average) is 146110, the futures price is 144950, with a basis of 1160, a basis rate of 0.79%, and a historical quantile of 13.75% [1] - For stainless steel (SS2603), the spot price (304/2B:2 * 1240 * C: Wuxi Hongwang (including trimming fee)) is 14670, the futures price is 14540, with a basis of 130, a basis rate of 0.89%, and a historical quantile of 24.67% [1] - For lithium carbonate (LC2605), the spot price (SMM battery - grade lithium carbonate average) is 179600, the futures price is 172500, with a basis of 7100, a basis rate of 3.95% [1] - For industrial silicon (SI2605), the spot price (SMM future oxygen - passing 215530 average) is 9250, the futures price is 8860, with a basis of 390, a basis rate of 4.40%, and a historical quantile of 22.10% [1] Precious Metals - For gold (AU2604), the spot price (Shanghai Gold Exchange gold spot AU (T + D)) is 1142.9, the futures price is 1148.4, with a basis of - 5.5, a basis rate of - 0.50%, and a historical quantile of 1.90% [1] - For silver (AG2604), the spot price (Shanghai Gold Exchange silver spot AG (T + D)) is 28300.0, the futures price is 28732.0, with a basis of - 432.0, a basis rate of - 1.50%, and a historical quantile of 99.20% [1] Agricultural Products - For soybean meal (M2605), the spot price (factory price of common - protein soybean meal in Zhangjiagang, Jiangsu) is 3060, the futures price is 2766.0, with a basis of 294.0, a basis rate of 10.63%, and a historical quantile of 69.70% [1] - For soybean oil (Y2605), the spot price (factory price of grade - four soybean oil in Zhangjiagang, Jiangsu) is 8620, the futures price is 8258.0, with a basis of 362.0, a basis rate of 4.38%, and a historical quantile of 65.20% [1] - For palm oil (P2605), the spot price (delivery price of 24 - degree palm oil at Huangpu Port) is 9238.0, the futures price is 9190, with a basis of 48.0, a basis rate of 0.52%, and a historical quantile of 11.90% [1] - For rapeseed meal (RM605), the spot price (factory price of rapeseed meal in Zhanjiang, Guangdong) is 2271.0, the futures price is 2199.0, with a basis of 72.0, a basis rate of 3.27%, and a historical quantile of 83.20% [1] - For rapeseed oil (Oleos), the spot price (factory price of grade - four rapeseed oil in Nantong, Jiangsu) is 10130, the futures price is 9326.0, with a basis of 804.0, a basis rate of 8.62%, and a historical quantile of 96.50% [1] - For corn (C2603), the spot price (free - on - board price of corn at Xuzhou Port) is 2360, the futures price is 2283.0, with a basis of 77.0, a basis rate of 3.37%, and a historical quantile of 74.00% [1] - For corn starch (CS2603), the spot price (factory price of corn starch in Changchun, Jilin) is 2630, the futures price is 2540.0, with a basis of 90.0, a basis rate of 3.54%, and a historical quantile of 41.30% [1] - For live pigs (LH2603), the spot price (factory price of live pigs (ex - ternary) in Henan) is 13150, the futures price is 11285.0, with a basis of 1865.0, a basis rate of 16.53%, and a historical quantile of 90.50% [1] - For eggs (JD2603), the spot price (factory price of eggs in Shijiazhuang, Hebei) is 3840, the futures price is 3047.0, with a basis of 793.0, a basis rate of 26.03%, and a historical quantile of 84.20% [1] - For cotton (CF605), the spot price (market price of cotton in Xinjiang) is 15700, the futures price is 14565.0, with a basis of 1135.0, a basis rate of 7.79%, and a historical quantile of 77.00% [1] - For sugar (SR605), the spot price (spot price of white sugar at Liuzhou Station, Guangxi) is 5330, the futures price is 5168.0, with a basis of 162.0, a basis rate of 3.13%, and a historical quantile of 26.60% [1] - For apples (AP605), the spot price (delivery theoretical price of apples (daily/Steel Union)) is 8820.0, the futures price is 8000, with a basis of 820.0, a basis rate of 10.25%, and a historical quantile of 24.10% [1] - For red dates (CJ605), the spot price (wholesale price of first - grade grey dates in Hebei (Steel Union)) is 9400, the futures price is 9504.0, with a basis of - 104.0, a basis rate of - 1.09%, and a historical quantile of 39.50% [1] Energy and Chemicals - For paraxylene (PX603), the spot price (CFR spot price at Chinese main ports, converted to RMB) is 7241.0, the futures price is 7286.0, with a basis of - 45.0, a basis rate of - 0.62%, and a historical quantile of 19.80% [1] - For PTA (TA605), the spot price (market price (middle price) of purified terephthalic acid (PTA) in East China) is 5258.0, the futures price is 5170.0, with a basis of 88.0, a basis rate of 1.67%, and a historical quantile of 20.70% [1] - For ethylene glycol (EG2605), the spot price (market price (middle price) of ethylene glycol (MEG) in East China) is 3938.0, the futures price is 3810.0, with a basis of 128.0, a basis rate of 3.25%, and a historical quantile of 12.60% [1] - For polyester staple fiber (PF603), the spot price (market price (mainstream price) of polyester staple fiber (1.4D * 38mm (direct - spinning)) in East China market) is 6662.0, the futures price is 6660.0, with a basis of 2.0, a basis rate of 0.03%, and a historical quantile of 42.20% [1] - For styrene (EB2603), the spot price (market price in East China, China (spot benchmark price)) is 7905.0, the futures price is 7649.0, with a basis of 256.0, a basis rate of 3.35%, and a historical quantile of 72.90% [1] - For methanol (MA605), the spot price (market price in Jiangsu Taicang, China (spot benchmark price)) is 2304.0, the futures price is 2267.0, with a basis of 37.0, a basis rate of 1.61%, and a historical quantile of 15.50% [1] - For urea (UR605), the spot price (market price (mainstream price) of small - particle urea in Shandong) is 1790.0, the futures price is 1760.0, with a basis of 30.0, a basis rate of 1.68%, and a historical quantile of 8.80% [1] - For LLDPE (L2605), the spot price (duty - paid self - pick - up price (middle price) of linear low - density polyethylene LLDPE (film grade) in Shandong) is 6899.0, the futures price is 6825.0, with a basis of 74.0, a basis rate of 1.07%, and a historical quantile of 6.70% [1] - For PP (PP2605), the spot price (duty - paid self - pick - up price (middle price) of polypropylene PP (wire - drawing grade, melt index 2 - 4) in Zhejiang) is 6715.0, the futures price is 6709.0, with a basis of 6.0, a basis rate of 0.09%, and a historical quantile of 26.80% [1] - For PVC (V2605), the spot price (market price (mainstream price) of polyvinyl chloride (SG - 5) in Changzhou Market, China) is 4911.0, the futures price is 4710.0, with a basis of 201.0, a basis rate of 4.27%, and a historical quantile of 27.80% [1] - For caustic soda (SH603), the spot price (market price (mainstream price) of 32% ion - membrane caustic soda in Shandong market, converted to 100%) is 1951.0, the futures price is 1884.0, with a basis of 67.0, a basis rate of 3.41%, and a historical quantile of 32.90% [1] - For LPG (PG2603), the spot price (market price of liquefied petroleum gas in Guangzhou) is 4848.0, the futures price is 4248.0, with a basis of 600.0, a basis rate of 14.12%, and a historical quantile of 76.90% [1] - For asphalt (BU2603), the spot price (market price (mainstream price) of heavy - traffic asphalt in Shandong) is 3279.0, the futures price is 3140.0, with a basis of 139.0, a basis rate of 4.24%, and a historical quantile of 22.50% [1] - For butadiene rubber (BR2603), the spot price (distribution price in China: cis - butadiene rubber (Daqing, BR9000) of PetroChina East China) is 13045.0, the futures price is 13000.0, with a basis of 45.0, a basis rate of 0.34%, and a historical quantile of 26.40% [1] - For glass (FG605), the spot price (market price of 5mm float glass, large board in Shahe: Shahe Great Wall Glass (daily)) is 1066.0, the futures price is 932.0, with a basis of 134.0, a basis rate of 14

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Not mentioned in the provided content 3. Summary by Related Catalogs Metals and Minerals - **Ferroalloys**: The price of 72-silicon ferroalloy qualified blocks in Inner Mongolia - Tianjin warehouse receipts increased by 2.56% to 5728, and its historical quantile is 54.50%. The price of 6517-silicon manganese in Inner Mongolia - Hubei warehouse receipts is 6517 [1]. - **Steel Products**: The price of HRB400 20mm in Shanghai increased by 4.11% to 3160, and the price of Q235B 4.75mm in Shanghai decreased by 0.151% to 3307. The price of rebar (RB2605) is 3290, and the price of hot - rolled coil (HC2605) is 3290 [1]. - **Iron Ore**: The price of iron ore (I2605) increased by 7.49% to 874, and the historical quantile is 47.70%. The converted price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1745, with a historical quantile of 65.45% [1]. - **Coke and Coking Coal**: The price of coke (J2605) and the converted price of quasi - first - grade metallurgical coke at Rizhao Port are provided, and the price of coking coal (JM2605) is 1156, and the converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1188 [1]. - **Non - ferrous Metals**: The price of copper (CU2603) is 102575, the price of aluminum (AL2603) decreased by 0.76% to 24375, and the price of zinc (ZN2603) is 25090. The price of tin (SN2602) decreased by 7000, and the price of nickel is 146500. The price of stainless steel (SS2603) is 14570, the price of lithium carbonate (LC2605) decreased by 2.59% to 163220, and the price of industrial silicon (SISEOF) increased by 5.96% to 8730 [1]. - **Precious Metals**: The price of gold (AU2602) is 1035.2, and the price of silver (AG2604) is 22684.0 [1]. Agricultural Products - The price of soybean meal (M2605) is 3090, the price of soybean oil (Y2605) is 7938.0, the price of palm oil (P2605) is 8540, the price of rapeseed meal (RM605) is 2460, the price of rapeseed oil (Oleos) is 9670, the price of corn (C2603) is 2355, the price of corn starch (CS2603) is 2565.0, the price of live pigs (H2603) is 11950.0, the price of eggs (JD2603) is 3066.0, the price of cotton (CF605) is 15700, the price of sugar (SR605) is 5390, the price of apples (AP605) is 9807.0, and the price of red dates (CJ605) is - 840.0 [1]. Energy and Chemicals - The price of p - xylene (PX603) is 7130.0, the price of PTA (TA605) is 5048.0, the price of ethylene glycol (EG2605) is 3675.0, the price of polyester staple fiber (PF603) is 6394.0, the price of styrene (EB2602) is 7235.0, the price of methanol (MA605) is 2273.0, the price of urea (UR605) is 1801.0, the price of LLDPE (L2605) is 6785.0, the price of PP (PP2605) is 6592.0, the price of PVC (V2605) is 4868.0, the price of caustic soda (SH603) is 2056.0, the price of LPG (PG2603) is 4233.0, the price of asphalt (BU2603) is 3167.0, the price of butadiene rubber (BR2603) is 12100.0, the price of float glass (FG605) is 936.0, the price of soda ash (SA605) is 1193.0, and the price of natural rubber (RU2605) is 15995.0 [1]. Financial Futures - The price of IF2603.CFE is 4751.4, the price of IH2603.CFE is 3105.6, the price of IC2603.CFE is 8206.8, the price of IM2603.CFE is 8195.4, the price of 2 - year bond (TS2603) is 100.07, the price of 5 - year bond (TF2603) is 105.76, the price of 10 - year bond (T2603) is 108.05, and the price of 30 - year bond (TL2603) is 111.26 [1].

Report Overview - The report is a daily spread report for all varieties dated December 26, 2025, with investment consulting business qualification (Certificate of Approval [2011] No. 1292) [3] Commodity Analysis Black Series - **Silicon Iron**: The price of 72 silicon iron qualified blocks in Inner Mongolia - Tianjin warehouse receipts is 5695, down 64, with a change of -1.12%, and the historical quantile is 49.30% [1] - **Silicon Manganese**: The price of 6517 silicon manganese in Inner Mongolia - Hubei warehouse receipts is 5840, with a change of -0.10% [1] - **Rebar**: The price of HRB400 20mm in Shanghai is 3310, up 183 from 3127, with a change of 5.89%, and the historical quantile is 69.40% [1] - **Hot - Rolled Coil**: The price of Q235B 4.75mm in Shanghai is 3280 [1] - **Iron Ore**: The converted price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 846, down 16, with a change of -0.90%, and the historical quantile is 52.50% [1] - **Coke**: The converted price of quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port is 1723, down 16 from 1739, with a change of -0.90%, and the historical quantile is 56.15% [1] - **Coking Coal**: The converted price of S1.3 G75 main coking coal (Mongolian No. 5) at Shaheyi is 1156, up 32, with a change of 2.89%, and the historical quantile is 34.50% [1] Non - ferrous Metals - **Copper**: The spot price of SMM 1 electrolytic copper is 94760, the futures price is 96210, the basis is - 1450, the basis rate is 0.62%, and the historical quantile is - 1.5% [1] - **Aluminum**: The spot price of SMM A00 aluminum is 21980, the futures price is 22275, the basis is - 295, the basis rate is 1.87%, and the historical quantile is - 1.3% [1] - **Alumina**: The spot price of SMM heavy alumina index is 2646, the futures price is 2729, the basis is - 83, the basis rate is 3.12%, and the historical quantile is 47.79% [1] - **Zinc**: The spot price of SMM 1 zinc ingot is 23010, the futures price is 23065, the basis is - 55, the basis rate is - 0.24%, and the historical quantile is 51.45% [1] - **Tin**: The spot price of SMM 1 tin is 332750, the futures price is 335880, the basis is - 3130, the basis rate is 7.08%, and the historical quantile is - 0.93% [1] - **Nickel**: The spot price of SMM 1 imported nickel is 125410, the futures price is 124150, the basis is 1260, the basis rate is 1.00%, and the historical quantile is 10.41% [1] - **Stainless Steel**: The spot price of 304/2B:2*1240*C in Wuxi Hongwang (including trimming fee) is 13170, the futures price is 12990, the basis is 180, the basis rate is 1.39%, and the historical quantile is 31.75% [1] - **Lithium Carbonate**: The spot price of SMM battery - grade lithium carbonate is 104900, the futures price is 123520, the basis is - 18620, the basis rate is - 15.07%, and the historical quantile is 0.88% [1] - **Industrial Silicon**: The spot price of SMM un - fluxed 215530 is 8832, the futures price is 9250, the basis is - 418, the basis rate is 4.70%, and the historical quantile is 24.95% [1] Precious Metals - **Gold**: The spot price of Shanghai Gold Exchange's gold (AU (T + D)) is 1003.0, the futures price is 1008.8, the basis is - 5.8, the basis rate is - 0.57%, and the historical quantile is 1.20% [1] - **Silver**: The spot price of Shanghai Gold Exchange's silver (AG (T + D)) is 17414.0, the futures price is 17397.0, the basis is 17.0, the basis rate is 0.10%, and the historical quantile is 96.40% [1] Agricultural Products - **Soybean Meal**: The spot price of ordinary protein soybean meal at the Jiangsu Zhangjiagang factory is 3020, the futures price is 2760.0, the basis is 260.0, the basis rate is 9.42%, and the historical quantile is 66.30% [1] - **Soybean Oil**: The spot price of grade - four soybean oil at the Jiangsu Zhangjiagang factory is 8200, the futures price is 7824.0, the basis is 376.0, the basis rate is 4.81%, and the historical quantile is 67.00% [1] - **Palm Oil**: The delivery price of palm oil at Huangpu Port is 8520, the futures price is 8542.0, the basis is - 22.0, the basis rate is - 0.26%, and the historical quantile is 19.70% [1] - **Rapeseed Meal**: The spot price of ordinary rapeseed meal at the Guangdong Zhanjiang factory is 2520, the futures price is 2352.0, the basis is 168.0, the basis rate is 7.14%, and the historical quantile is 79.60% [1] - **Rapeseed Oil**: The spot price of grade - four rapeseed oil at the Jiangsu Nantong factory is 9640, the futures price is 8981.0, the basis is 659.0, the basis rate is 7.34%, and the historical quantile is 93.60% [1] - **Corn**: The flat - hatch price of corn at Xizhou Port is 2280, the futures price is 2189.0, the basis is 91.0, the basis rate is 4.16%, and the historical quantile is 84.80% [1] - **Corn Starch**: The spot price of corn starch at the Jilin Changchun factory is 2620, the futures price is 2484.0, the basis is 136.0, the basis rate is 5.48%, and the historical quantile is 70.60% [1] - **Live Pigs**: The spot price of live pigs (external ternary) at the Henan factory exit is 11800, the futures price is 11460.0, the basis is 340.0, the basis rate is 2.97%, and the historical quantile is 56.30% [1] - **Eggs**: The average price of eggs in Shijiazhuang, Hebei is 2946.0, the futures price is 2820, the basis is 126.0, the basis rate is 4.42%, and the historical quantile is 27.70% [1] - **Cotton**: The arrival price of cotton (3128B) in Xinjiang is 15086, the futures price is 14255.0, the basis is 831.0, the basis rate is 5.83%, and the historical quantile is 35.90% [1] - **Sugar**: The spot price of white sugar at Liuzhou Station is 5420, the futures price is 5269.0, the basis is 151.0, the basis rate is 2.87%, and the historical quantile is 25.20% [1] - **Apples**: The theoretical delivery price of apples is 9208.0, the futures price is 9000, the basis is 208.0, the basis rate is - 2.26%, and the historical quantile is 14.80% [1] - **Red Dates**: The wholesale price of first - grade grey dates in Hebei is 8905.0, the futures price is 8400, the basis is - 505.0, the basis rate is - 5.67%, and the historical quantile is 68.90% [1] Energy and Chemicals - **Para - xylene**: The spot price of para - xylene at the main Chinese ports (CFR, converted to RMB) is 7276.0, the futures price is 7358.0, the basis is - 82.0, the basis rate is - 1.11%, and the historical quantile is 12.80% [1] - **PTA**: The market price (middle price) of purified terephthalic acid (PTA) in East China is 5152.0, the futures price is 5070.0, the basis is 82.0, the basis rate is - 1.59%, and the historical quantile is 22.70% [1] - **Ethylene Glycol**: The market price (middle price) of ethylene glycol (MEG) in East China is 3818.0, the futures price is 3650.0, the basis is 168.0, the basis rate is - 4.40%, and the historical quantile is 4.20% [1] - **Short Fibre**: The market price (mainstream price) of polyester short fibre (1.4D*38mm (direct - spun)) in the East China market is 6540.0, the futures price is 6490.0, the basis is 50.0, the basis rate is - 0.75%, and the historical quantile is 28.20% [1] - **Styrene**: The market price (spot benchmark price) of styrene in East China, China is 6710.0, the futures price is 6638.0, the basis is 72.0, the basis rate is 1.08%, and the historical quantile is 45.20% [1] - **Methanol**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2162.0, the futures price is 2145.0, the basis is 17.0, the basis rate is - 0.70%, and the historical quantile is 26.30% [1] - **Urea**: The market price (mainstream price) of small - particle urea in Shandong is 1740.0, the futures price is 1730.0, the basis is 10.0, the basis rate is - 0.57%, and the historical quantile is 13.00% [1] - **LLDPE**: The duty - paid self - pick - up price (middle price) of linear low - density polyethylene LLDPE (film - grade) in Shandong is 6390.0, the futures price is 6325.0, the basis is 65.0, the basis rate is - 1.0%, and the historical quantile is 7.10% [1] - **PP**: The duty - paid self - pick - up price (middle price) of polypropylene PP (wire - drawing grade, melt index 2 - 4) in Zhejiang is 6266.0, the futures price is 6250.0, the basis is 16.0, the basis rate is - 0.26%, and the historical quantile is 20.80% [1] - **PVC**: The market price (mainstream price) of polyvinyl chloride (SG - 5) in the Changzhou market, China is 4757.0, the futures price is 4480.0, the basis is 277.0, the basis rate is - 5.82%, and the historical quantile is 9.80% [1] - **Caustic Soda**: The market price (mainstream price) of 32% ion - membrane caustic soda in the Shandong market (converted to 100%) is 2234.4, the futures price is 2233.0, the basis is 1.4, the basis rate is 0.06%, and the historical quantile is 43.10% [1] - **LPG**: The market price of liquefied petroleum gas in the Guangzhou area is 4528.0, the futures price is 4076.0, the basis is 452.0, the basis rate is 11.09%, and the historical quantile is 64.10% [1] - **Asphalt**: The market price (mainstream price) of heavy - traffic asphalt in Shandong is 2995.0, the futures price is 2920.0, the basis is 75.0, the basis rate is - 2.50%, and the historical quantile is 35.40% [1] - **Butadiene Rubber**: The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 11285.0, the futures price is 11100.0, the basis is 185.0, the basis rate is - 1.64%, and the historical quantile is 12.60% [1] - **Float Glass**: The market price of 5mm float glass in the Shahe Great Wall Glass (daily) is 1047.0, the futures price is 924.0, the basis is 123.0, the basis rate is - 13.31%, and the historical quantile is 21.21% [1] - **Soda Ash**: The market price of soda ash in Chongqing (daily) is 1184.0, the futures price is 1135.0, the basis is 49.0, the basis rate is - 4.32%, and the historical quantile is 24.78% [1] - **Natural Rubber**: The market price of natural rubber (Yunnan state - owned whole - latex) in Shanghai is 15730.0, the futures price is 15200.0, the basis is 530.0, the basis rate is - 3.49%, and the historical quantile is 63.06% [1] Financial Products - **Stock Index Futures** - **IF2603.CFF**: The spot price is 4642.5, the futures price is 4610.6, the basis is - 31.9, the basis rate is - 0.69%, and the historical quantile is 11.50% [1] - **IH2603.CFE**: The spot price is 3032.8, the futures price is 3034.0, the basis is - 1.2, the basis rate is 0.04%, and the historical quantile is 63.30% [1] - **IC2603.CFE**: The spot price is 7410.7, the futures price is 7320.6, the basis is - 90.1, the basis rate is - 1.21%, and the historical quantile is 4.80% [1] - **IM2603.CFE**: The spot price is 7579.4, the futures price is 7419.0, the basis is - 160.4, the basis rate is - 2.16%, and the historical quantile is 7.40% [1] - **Treasury Bond

Report Overview - The report is a "All-variety Spread Daily Report" dated December 25, 2025, providing price and basis information for various futures and spot products [2]. Industry Investment Rating - Not provided in the report. Core View - Not provided in the report. Summary by Commodity Categories Black Series - **Silicon Iron (SF603)**: The basis rate is 52.30%, the spot price is 5628, and the futures price is 5656, with a change of -0.50% [1]. - **Silicon Manganese (SM603)**: The basis rate is 26.70%, the spot price is 5840, and the futures price is 5835 [1]. - **Rebar (RB2605)**: The basis rate is 69.60%, the spot price is 3320, and the futures price is 3270, with a change of -0.46% [1]. - **Hot Rolled Coil (HC2605)**: The basis rate is 12.20%, the spot price is 3285 [1]. - **Iron Ore (I2605)**: The basis rate is 46.90%, the spot price is 838, and the futures price is 837, with a change of -0.06% [1]. - **Coke (J2605)**: The basis rate is 63.56%, the spot price is 1745, and the futures price is 1746 [1]. - **Coking Coal (JM2605)**: The basis rate is 31.60%, the spot price is 1156, and the futures price is 1132, with a change of 2.12% [1]. Non-ferrous Series - **Copper (CU2602)**: The basis rate is -1.47%, the spot price is 94690, and the futures price is 96100 [1]. - **Aluminum (AL2602)**: The basis rate is -1.34%, the spot price is 22030, and the futures price is 22330, with a change of 1.45% [1]. - **Alumina (AO2605)**: The basis rate is 7.16%, the spot price is 2554 [1]. - **Zinc (ZN2602)**: The basis rate is -0.17%, the spot price is 23190, and the futures price is 23230 [1]. - **Tin (SN2602)**: The basis rate is 2.08%, the spot price is 336350, and the futures price is 341800, with a change of -1.59% [1]. - **Nickel (NI5602)**: The basis rate is -0.63%, the spot price is 127200, and the futures price is 128000 [1]. - **Stainless Steel (SS2602)**: The basis rate is 1.11%, the spot price is 13075, and the futures price is 13220 [1]. - **Lithium Carbonate (LC2605)**: The basis rate is -18.62%, the spot price is 101500, and the futures price is 124720, with a change of -23220 [1]. Precious Metals Series - **Gold (AU2602)**: The basis rate is -0.74%, the spot price is 1007.2, and the futures price is 1014.7, with a change of 0.30% [1]. - **Silver (AG2602)**: The basis rate is 0.60%, the spot price is 17714.0, and the futures price is 17609.0 [1]. Agricultural Products Series - **Soybean Meal (M2605)**: The basis rate is 11.07%, the spot price is 3030, and the futures price is 2728.0, with a change of 302.0 [1]. - **Soybean Oil (Y2605)**: The basis rate is 5.74%, the spot price is 8210, and the futures price is 7764.0, with a change of 446.0 [1]. - **Palm Oil (P2605)**: The basis rate is 0.02%, the spot price is 8490, and the futures price is 8488.0 [1]. - **Rapeseed Meal (RM605)**: The basis rate is 7.51%, the spot price is 2520, and the futures price is 2344.0, with a change of 176.0 [1]. - **Rapeseed Oil (Oleos)**: The basis rate is 6.35%, the spot price is 9550, and the futures price is 8980.0, with a change of 570.0 [1]. - **Corn (C2603)**: The basis rate is 3.83%, the spot price is 2280, and the futures price is 2196.0, with a change of 84.0 [1]. - **Corn Starch (CS2603)**: The basis rate is 5.05%, the spot price is 2620, and the futures price is 2494.0, with a change of 126.0 [1]. - **Live Hogs (H2603)**: The basis rate is 2.35%, the spot price is 11750, and the futures price is 11480.0, with a change of 270.0 [1]. - **Eggs (JD2602)**: The basis rate is -1.93%, the spot price is 2947.0, and the futures price is 2890, with a change of -57.0 [1]. - **Cotton (CF605)**: The basis rate is 6.35%, the spot price is 15081, and the futures price is 14180.0, with a change of 901.0 [1]. - **Sugar (SR605)**: The basis rate is 3.00%, the spot price is 5420, and the futures price is 5262.0, with a change of 158.0 [1]. - **Apples (AP605)**: The basis rate is -2.08%, the spot price is 9000, and the futures price is 9191.0, with a change of -191.0 [1]. - **Red Dates (CJ605)**: The basis rate is 15.10%, the spot price is 8400, and the futures price is 8890.0, with a change of -490.0 [1]. Energy and Chemical Series - **Para-xylene (PX603)**: The basis rate is -0.11%, the spot price is 7294.0, and the futures price is 7286.0 [1]. - **PTA (TA605)**: The basis rate is -1.65%, the spot price is 5094.0, and the futures price is 5010.0 [1]. - **Ethylene Glycol (EG2605)**: The basis rate is -4.53%, the spot price is 3818.0, and the futures price is 3645.0, with a change of -173.0 [1]. - **Polyester Staple Fiber (PF602)**: The basis rate is -0.52%, the spot price is 6484.0, and the futures price is 6450.0 [1]. - **Styrene (EB2602)**: The basis rate is 0.86%, the spot price is 6655.0, and the futures price is 6598.0 [1]. - **Methanol (MA605)**: The basis rate is -0.78%, the spot price is 2172.0, and the futures price is 2155.0 [1]. - **Urea (UR605)**: The basis rate is -0.29%, the spot price is 1735.0, and the futures price is 1730.0 [1]. - **LLDPE (L2605)**: The basis rate is -2.08%, the spot price is 6408.0, and the futures price is 6275.0, with a change of -133.0 [1]. - **PP (PP2605)**: The basis rate is -0.61%, the spot price is 6278.0, and the futures price is 6240.0 [1]. - **PVC (V2605)**: The basis rate is -6.30%, the spot price is 4480.0, and the futures price is 4781.0, with a change of -301.0 [1]. - **Caustic Soda (SH603)**: The basis rate is 0.00%, the spot price is 2250.0, and the futures price is 2250.0 [1]. - **LPG (PG2602)**: The basis rate is 9.70%, the spot price is 4478.0, and the futures price is 4082.0 [1]. - **Asphalt (BU2602)**: The basis rate is -2.54%, the spot price is 2920.0, and the futures price is 2996.0 [1]. - **Butadiene Rubber (BR2602)**: The basis rate is 1.30%, the spot price is 11395.0, and the futures price is 10700.0, with a change of -695.0 [1]. - **Glass (FG605)**: The basis rate is 12.93%, the spot price is 928.0, and the futures price is 1048.0, with a change of -120.0 [1]. - **Soda Ash (SA605)**: The basis rate is -4.13%, the spot price is 1184.0, and the futures price is 1137.0, with a change of -47.0 [1]. - **Natural Rubber (RU2605)**: The basis rate is -3.64%, the spot price is 15650.0, and the futures price is 15100.0 [1]. Financial Series - **IF2603.CFE**: The basis rate is -0.89%, the spot price is 4595.0, and the futures price is 4634.1 [1]. - **IH2603.CFE**: The basis rate is 0.06%, the spot price is 3025.2, and the futures price is 3027.0 [1]. - **IC2603.CFE**: The basis rate is -1.54%, the spot price is 7240.4, and the futures price is 7352.0 [1]. - **IM2603.CFE**: The basis rate is -2.4%, the spot price is 7327.6, and the futures price is 7506.4 [1]. - **2-year Treasury Bond (TS2603)**: The basis rate is -0.06%, the spot price is 100.15, and the futures price is 102.53 [1]. - **5-year Treasury Bond (TF2603)**: The basis rate is -0.05%, the spot price is 106.03, and the futures price is 108.22 [1]. - **10-year Treasury Bond (T2603)**: The basis rate is 0.03%, the spot price is 100.54, and the futures price is 100.54 [1]. - **30-year Treasury Bond (TL2603)**: The basis rate is 0.43%, the spot price is 112.78, and the futures price is 127.51 [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities, including ferrous metals, non-ferrous metals, precious metals, agricultural products, energy and chemicals, and financial futures on December 11, 2025. [1] 3. Summary by Commodity Category Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5478, futures price is 5434, basis is 44, basis rate is 0.81%, and historical quantile is 60.50%. [1] - **Silicon Manganese (SM603)**: Spot price is 5790, futures price is 5724, basis is 66, basis rate is 1.15%, and historical quantile is 38.00%. [1] - **Rebar (RB2605)**: Spot price is 3280, futures price is 3117, basis is 163, basis rate is 5.23%, and historical quantile is 66.50%. [1] - **Hot Rolled Coil (HC2605)**: Spot price is 3280, futures price is 3282, basis is -2, basis rate is -0.06%, and historical quantile is 17.60%. [1] - **Iron Ore (I2605)**: Spot price is 842, futures price is 769, basis is 73, basis rate is 9.45%, and historical quantile is 56.30%. [1] - **Coke (J2601)**: Spot price is 1603, futures price is 1527, basis is 76, basis rate is 4.95%, and historical quantile is 90.22%. [1] - **Coking Coal (JM2605)**: Spot price is 1160, futures price is 1070, basis is 90, basis rate is 8.41%, and historical quantile is 48.10%. [1] Non - Ferrous Metals - **Copper (CU2601)**: Spot price is 91700, futures price is 91850, basis is -150, basis rate is -0.16%, and historical quantile is 32.70%. [1] - **Aluminum (AL2602)**: Spot price is 21770, futures price is 21935, basis is -165, basis rate is -0.75%, and historical quantile is 9.79%. [1] - **Alumina (AO2601)**: Spot price is 2807, futures price is 2477, basis is 330, basis rate is 13.31%, and historical quantile is 87.22%. [1] - **Zinc (ZN2601)**: Spot price is 23000, futures price is 23075, basis is -75, basis rate is -0.33%, and historical quantile is 43.75%. [1] - **Tin (SN2601)**: Spot price is 316700, futures price is 322630, basis is -5930, basis rate is -1.84%, and historical quantile is 1.45%. [1] - **Nickel (NI2601)**: Spot price is 117000, futures price is 117090, basis is -90, basis rate is -0.08%, and historical quantile is 46.66%. [1] - **Stainless Steel (SS2601)**: Spot price is 12970, futures price is 12555, basis is 415, basis rate is 3.31%, and historical quantile is 75.96%. [1] - **Lithium Carbonate (LC2605)**: Spot price is 92700, futures price is 95980, basis is -3280, basis rate is -3.42%, and historical quantile is 14.09%. [1] - **Industrial Silicon (SI2601)**: Spot price is 9200, futures price is 8250, basis is 950, basis rate is 11.52%, and historical quantile is 62.38%. [1] Precious Metals - **Gold (AU2602)**: Spot price is 951.1, futures price is 956.4, basis is -5.3, basis rate is -0.55%, and historical quantile is 2.20%. [1] - **Silver (AG2602)**: Spot price is 14377.0, futures price is 14373.0, basis is 4.0, basis rate is 0.03%, and historical quantile is 91.00%. [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3040, futures price is 2754.0, basis is 286.0, basis rate is 10.38%, and historical quantile is 67.90%. [1] - **Soybean Oil (Y2605)**: Spot price is 8410, futures price is 8000.0, basis is 410.0, basis rate is 5.13%, and historical quantile is 70.10%. [1] - **Palm Oil (P2605)**: Spot price is 8530, futures price is 8528.0, basis is 2.0, basis rate is 0.02%, and historical quantile is 23.00%. [1] - **Rapeseed Meal (RM605)**: Spot price is 2450, futures price is 2329.0, basis is 121.0, basis rate is 5.20%, and historical quantile is 71.20%. [1] - **Rapeseed Oil (OI601)**: Spot price is 9680, futures price is 9443.0, basis is 237.0, basis rate is 2.51%, and historical quantile is 75.40%. [1] - **Corn (C2601)**: Spot price is 2290, futures price is 2241.0, basis is 49.0, basis rate is 2.19%, and historical quantile is 67.40%. [1] - **Corn Starch (CS2601)**: Spot price is 2650, futures price is 2532.0, basis is 118.0, basis rate is 4.66%, and historical quantile is 60.30%. [1] - **Live Hogs (LH2603)**: Spot price is 11300, futures price is 11310.0, basis is -10.0, basis rate is -0.09%, and historical quantile is 44.90%. [1] - **Eggs (JD2601)**: Spot price is 3020, futures price is 3153.0, basis is -133.0, basis rate is -4.22%, and historical quantile is 27.10%. [1] - **Cotton (CF601)**: Spot price is 14830, futures price is 13780.0, basis is 1050.0, basis rate is 7.62%, and historical quantile is 64.90%. [1] - **Sugar (SR605)**: Spot price is 5480, futures price is 5225.0, basis is 255.0, basis rate is 4.88%, and historical quantile is 26.70%. [1] - **Apples (AP605)**: Spot price is 9000, futures price is 9510.0, basis is -510.0, basis rate is -5.36%, and historical quantile is 7.00%. [1] - **Jujubes (CJ605)**: Spot price is 8600, futures price is 9290.0, basis is -690.0, basis rate is -7.43%, and historical quantile is 61.80%. [1] Energy and Chemicals - **Para - Xylene (PX603)**: Spot price is 6774.0, futures price is 6746.0, basis is 28.0, basis rate is 0.42%, and historical quantile is 33.90%. [1] - **PTA (TA601)**: Spot price is 4610.0, futures price is 4616.0, basis is -6.0, basis rate is -0.13%, and historical quantile is 54.10%. [1] - **Ethylene Glycol (EG2601)**: Spot price is 3665.0, futures price is 3682.0, basis is -17.0, basis rate is -0.46%, and historical quantile is 52.80%. [1] - **Polyester Staple Fiber (PF602)**: Spot price is 6275.0, futures price is 6114.0, basis is 161.0, basis rate is 2.63%, and historical quantile is 79.10%. [1] - **Styrene (EB2601)**: Spot price is 6645.0, futures price is 6469.0, basis is 176.0, basis rate is 2.72%, and historical quantile is 63.80%. [1] - **Methanol (MA601)**: Spot price is 2078.0, futures price is 2053.0, basis is 25.0, basis rate is 1.22%, and historical quantile is 56.60%. [1] - **Urea (UR601)**: Spot price is 1700.0, futures price is 1645.0, basis is 55.0, basis rate is 3.34%, and historical quantile is 33.20%. [1] - **LLDPE (L2601)**: Spot price is 6625.0, futures price is 6561.0, basis is 64.0, basis rate is 0.98%, and historical quantile is 42.30%. [1] - **PP (PP2601)**: Spot price is 6345.0, futures price is 6162.0, basis is 183.0, basis rate is 2.97%, and historical quantile is 72.60%. [1] - **PVC (V2601)**: Spot price is 4330.0, futures price is 4328.0, basis is 2.0, basis rate is 0.05%, and historical quantile is 81.60%. [1] - **Caustic Soda (SH603)**: Spot price is 2218.8, futures price is 2110.0, basis is 108.8, basis rate is 9.15%, and historical quantile is 64.50%. [1] - **LPG (PG2601)**: Spot price is 4498.0, futures price is 4242.0, basis is 256.0, basis rate is 6.03%, and historical quantile is 48.20%. [1] - **Asphalt (BU2602)**: Spot price is 2930.0, futures price is 2940.0, basis is -10.0, basis rate is -0.34%, and historical quantile is 50.10%. [1] - **Butadiene Rubber (BR2602)**: Spot price is 10600.0, futures price is 10605.0, basis is -5.0, basis rate is -0.05%, and historical quantile is 28.00%. [1] - **Glass (FG601)**: Spot price is 968.0, futures price is 964.0, basis is 4.0, basis rate is 0.41%, and historical quantile is 77.52%. [1] - **Soda Ash (SA601)**: Spot price is 1104.0, futures price is 1094.0, basis is 10.0, basis rate is 0.91%, and historical quantile is 53.15%. [1] - **Natural Rubber (RU2605)**: Spot price is 14850.0, futures price is 15215.0, basis is -365.0, basis rate is -2.46%, and historical quantile is 76.73%. [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Spot price is 4591.8, futures price is 4574.2, basis is -17.6, basis rate is -0.39%, and historical quantile is 26.30%. [1] - **IH2512.CFE**: Spot price is 2988.6, futures price is 2980.8, basis is -7.8, basis rate is -0.26%, and historical quantile is 26.70%. [1] - **IC2512.CFE**: Spot price is 7156.0, futures price is 7122.2, basis is -33.8, basis rate is -0.47%, and historical quantile is 37.00%. [1] - **IM2512.CFE**: Spot price is 7408.2, futures price is 7371.4, basis is -36.8, basis rate is -0.50%, and historical quantile is 50.20%. [1] - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2603)**: Spot price is 100.09, futures price is 102.46, basis is -0.05, basis rate is -0.05%, and historical quantile is 13.30%. [1] - **5 - Year Treasury Bond (TF2603)**: Spot price is 99.50, futures price is 105.81, basis is -0.09, basis rate is -0.08%, and historical quantile is 16.50%. [1] - **10 - Year Treasury Bond (T2603)**: Spot price is 100.39, futures price is 108.00, basis is 0.08, basis rate is 0.07%, and historical quantile is 26.20%. [1] - **30 - Year Treasury Bond (TL2603)**: Spot price is 127.54, futures price is 112.68, basis is 0.63, basis rate is 0.56%, and historical quantile is 86.70%. [1]

Report Title - Full Variety Spread Daily Report [4] Report Date - December 1, 2025 [3] Commodity Analysis Ferrous Metals - Silicon Iron (SF603) had a 1.63% change, with a spot price of 5478 and a futures price of 5770, and a historical quantile of 54.80% [1] - Silicon Manganese (SM601) had a spot price of 5612 [1] - HRB400 20mm in Shanghai increased by 4.50%, with a spot price of 3250 and a futures price of 3290 [1] - Rebar (RB2601) decreased by 12 points [1] - Hot - Rolled Coil (HC2601) decreased by 0.36%, with a spot price of 3302 and a futures price of 3290 [1] - Iron Ore (I2601) increased by 7.22%, with a spot price of 851 and a futures price of 794, and a historical quantile of 46.20% [1] - Coke (J2601) had a significant increase of 76.81% [1] - Coking Coal (JM2601) increased by 11.53%, with a spot price of 1190 and a futures price of 1067, and a historical quantile of 58.50% [1] Non - Ferrous Metals - Copper (CU2601) had a spot price of 87430 and a futures price of 87400, with a basis of - 30 and a historical quantile of 41.25% [1] - Aluminum (AL2601) increased by 10.20%, with a spot price of 21450 and a futures price of 21610 [1] - Alumina (AO2601) had a spot price of 2831 and a futures price of 2707, with a basis of 124 and a historical quantile of 61.67% [1] - Zinc (ZN2601) decreased by 1.65%, with a spot price of 22425 and a futures price of 22300 [1] - Tin (SN2601) decreased by 5040, with a spot price of 305040 and a futures price of 300000 [1] - Nickel (NI2601) increased by 0.40%, with a spot price of 117550 and a futures price of 117080 [1] - Stainless Steel (SS2601) had a historical quantile of 88.41% [1] - Lithium Carbonate (LC2605) decreased by 2670, with a spot price of 96420 and a futures price of 93750 [1] - Industrial Silicon (SI2601) increased by 4.60%, with a spot price of 9130 [1] Precious Metals - Gold (AU2602) decreased by 0.68%, with a spot price of 953.9 and a futures price of 947.4, and a historical quantile of 0.30% [1] - Silver (AG2602) decreased by 58.0, with a spot price of 12727.0 and a futures price of 12669.0, and a historical quantile of 3.70% [1] Agricultural Products - Soybean Meal (M2601) decreased by 1.45%, with a spot price of 3044.0 and a futures price of 3000, and a historical quantile of 32.00% [1] - Soybean Oil (Y2601) increased by 2.25%, with a spot price of 8430 and a futures price of 8244.0, and a historical quantile of 38.00% [1] - Palm Oil (P2601) decreased by 0.88%, with a spot price of 8626.0 and a futures price of 8520, and a historical quantile of 8.70% [1] - Rapeseed Meal (RM601) increased by 4.40%, with a spot price of 2560 and a futures price of 2452.0, and a historical quantile of 67.40% [1] - Rapeseed Oil (OI601) increased by 3.21%, with a spot price of 10070 and a futures price of 9757.0, and a historical quantile of 82.60% [1] - Corn (C2601) increased by 1.33%, with a spot price of 2290 and a futures price of 2244.0, and a historical quantile of 64.90% [1] - Corn Starch (CS2601) increased by 1.33%, with a spot price of 2600 and a futures price of 2566.0, and a historical quantile of 18.40% [1] - Live Hogs (LH2601) decreased by 1.00%, with a spot price of 11350 and a futures price of 11465.0, and a historical quantile of 40.90% [1] - Eggs (JD2601) decreased by 12.24%, with a spot price of 2890 and a futures price of 3293.0, and a historical quantile of 12.20% [1] - Cotton (CF601) increased by 3.98%, with a spot price of 14723 and a futures price of 13725.0, and a historical quantile of 56.70% [1] - Sugar (SR601) decreased by 4.76%, with a spot price of 5615 and a futures price of 5400.0, and a historical quantile of 36.60% [1] - Apples (AP601) decreased by 3.60%, with a spot price of 9025.0 and a futures price of 8700, and a historical quantile of 74.80% [1] Energy and Chemicals - Paraxylene (PX601) decreased by 0.12%, with a spot price of 6822.0 and a futures price of 6830.0, and a historical quantile of 25.10% [1] - PTA (TA601) decreased by 1.6%, with a spot price of 4700.0 and a futures price of 4650.0, and a historical quantile of 37.20% [1] - Ethylene Glycol (EG2601) increased by 0.13%, with a spot price of 3890.0 and a futures price of 3885.0, and a historical quantile of 61.20% [1] - Polyester Staple Fiber (PF602) increased by 0.72%, with a spot price of 6295.0 and a futures price of 6250.0, and a historical quantile of 54.20% [1] - Styrene (EB2601) increased by 1.05%, with a spot price of 6566.0 and a futures price of 6635.0, and a historical quantile of 44.40% [1] - Methanol (MA601) decreased by 1.7%, with a spot price of 2110.0 and a futures price of 2135.0, and a historical quantile of 23.00% [1] - Urea (UR601) decreased by 0.42%, with a spot price of 1670.0 and a futures price of 1677.0, and a historical quantile of 13.80% [1] - LLDPE (L2601) increased by 0.31%, with a spot price of 6810.0 and a futures price of 6789.0, and a historical quantile of 28.80% [1] - PP (PP2601) increased by 0.64%, with a spot price of 6409.0 and a futures price of 6450.0, and a historical quantile of 37.40% [1] - PVC (V2601) decreased by 1.74%, with a spot price of 4549.0 and a futures price of 4470.0, and a historical quantile of 63.20% [1] - Caustic Soda (SH601) increased by 5.38%, with a spot price of 2344.0 and a futures price of 2224.0, and a historical quantile of 66.40% [1] - LPG (PG2601) decreased by 0.32%, with a spot price of 4412.0 and a futures price of 4398.0, and a historical quantile of 28.70% [1] - Asphalt (BU2601) increased by 0.47%, with a spot price of 3010.0 and a futures price of 2996.0, and a historical quantile of 56.00% [1] - Butadiene Rubber (BR2601) decreased by 0.14%, with a spot price of 10415.0 and a futures price of 10400.0, and a historical quantile of 26.90% [1] - Glass (FG601) decreased by 5.30%, with a spot price of 1053.0 and a futures price of 1000.0, and a historical quantile of 56.30% [1] - Soda Ash (SA601) decreased by 2.17%, with a spot price of 1152.0 and a futures price of 1177.0, and a historical quantile of 33.19% [1] - Natural Rubber (RU2601) decreased by 2.73%, with a spot price of 15410.0 and a futures price of 15000.0, and a historical quantile of 73.06% [1] Financial Futures - IF2512.CFE decreased by 0.46%, with a spot price of 4505.8 and a futures price of 4526.7, and a historical quantile of 22.60% [1] - IH2512.CFE decreased by 0.22%, with a spot price of 2963.2 and a futures price of 2969.6, and a historical quantile of 30.40% [1] - IC2512.CFE decreased by 0.82%, with a spot price of 6974.2 and a futures price of 7031.6, and a historical quantile of 15.00% [1] - IM2512.CFE decreased by 1.01%, with a spot price of 7260.8 and a futures price of 7334.2, and a historical quantile of 72.00% [1] - 2 - year Treasury Bond (TS2603) increased by 0.35%, with a spot price of 129.32 and a futures price of 114.46, and a historical quantile of 60.30% [1] - 5 - year Treasury Bond (TF2603) decreased by 0.04%, with a spot price of 105.74 and a futures price of 99.48, and a historical quantile of 22.20% [1] - 10 - year Treasury Bond (T2603) decreased by 0.07%, with a spot price of 107.92 and a futures price of 100.31, and a historical quantile of 25.70% [1] - 30 - year Treasury Bond (TL2603) increased by 0.35%, with a spot price of 129.32 and a futures price of 114.46, and a historical quantile of 60.30% [1]

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].