Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View No explicit core view presented in the given content. The report mainly provides detailed data on the basis of various commodities. 3. Summary by Commodity Category Macro - On October 24, 2025, the spot price of IF was 4661 with a change of 55, the basis was 26 corresponding to the 2512 contract, and the basis deviation was 0.62 [2] - The spot price of IH was 3046 with a change of 19, the basis was -3 corresponding to the 2512 contract, and the basis deviation was -0.41 [2] - The spot price of IC was 7259 with a change of 116, the basis was 99 corresponding to the 2512 contract, and the basis deviation was 0.81 [2] Black - In Shanghai on October 24, 2025, the spot price of rebar was 3200 with a change of -20, the basis was 154 corresponding to the 2601 contract, and the basis deviation was 0.83 [3] - In Beijing, the spot price of rebar was 3190 with a change of 10, the basis was 144 corresponding to the 2601 contract, and the basis deviation was 0.12 [3] - In Shanghai, the spot price of hot - rolled coil was 3290 with no change, the basis was 40 corresponding to the 2601 contract, and the basis deviation was 0.63 [3] - In Shandong, the spot price of ore was 825 with a change of -6, the basis was 54, and the basis deviation was 0.46 [3] - At Tianjin Port, the spot price of coke was 1656 with no change, the basis was -102 corresponding to the 2601 contract, and the basis deviation was -0.64 [3] - For port warehouse receipts of coking coal, the spot price was 1617 with a change of 3, the basis was 369 corresponding to the 2601 contract, and the basis deviation was 0.80 [3] - At Qinhuangdao Port, the spot price of steam coal was 769 with a change of 2, the basis was -32 corresponding to the 2511 contract, and the basis deviation was -0.17 [3] - For low - price glass in Shahe, the spot price was 1104 with no change, the basis was 12 corresponding to the 2601 contract, and the basis deviation was 0.14 [3] - For low - price glass in Hubei, the spot price was 1070 with no change, the basis was -22 corresponding to the 2601 contract, and the basis deviation was 0.15 [3] - In Yinchuan, the spot price of ferrosilicon was 5600 with a change of 20, the basis was -62 corresponding to the 2601 contract, and the basis deviation was -0.58 [3] - In Inner Mongolia, the spot price of ferromanganese was 6050 with no change, the basis was 208 corresponding to the 2601 contract, and the basis deviation was 0.74 [3] Energy and Chemicals - For port methanol on October 24, 2025, the spot price was 2232 with no change, the basis was -40, and the basis deviation was -0.87 [3] - In Henan, the spot price of methanol was 2350 with no change, the basis was 78 corresponding to the 2601 contract, and the basis deviation was 0.40 [3] - In southern Shandong, the spot price of methanol was 2485 with no change, the basis was 213 corresponding to the 2601 contract, and the basis deviation was 0.55 [3] - In Hebei, the spot price of methanol was 2785 with no change, the basis was 513 corresponding to the 2601 contract, and the basis deviation was 0.97 [3] - In East China, the spot price of PTA was 4436 with a change of 13, the basis was -82, and the basis deviation was -0.83 [3] - In East China, the spot price of PP was 6575 with a change of 15, the basis was -87, and the basis deviation was -0.67 [3] - In North China, the spot price of LLDPE was 6910 with a change of -10, the basis was -59, and the basis deviation was -0.20 [3] - For high - end PVC, the spot price was 4625 with no change, the basis was -90, and the basis deviation was 0.64 [3] - For low - end PVC, the spot price was 4555 with no change, the basis was -160, and the basis deviation was 0.72 [3] - In East China, the spot price of asphalt was 3500 with no change, the basis was 201 corresponding to the 2601 contract, and the basis deviation was 0.22 [3] - In Shandong, the spot price of asphalt was 3350 with a change of 20, the basis was 131 corresponding to the 2601 contract, and the basis deviation was 0.09 [3] - In South China, the spot price of asphalt was 3500 with no change, the basis was 201 corresponding to the 2601 contract, and the basis deviation was 0.49 [3] - For domestic ethylene glycol, the spot price was 4172 with a change of -13, the basis was 95, and the basis deviation was 0.87 [3] - The spot price of soda ash was 1150 with no change, the basis was -79 corresponding to the 2601 contract, and the basis deviation was -0.57 [3] - In Shandong, the spot price of pulp was 4990 with a change of -10, the basis was -250 corresponding to the 2601 contract, and the basis deviation was -0.92 [3] - In East China, the spot price of staple fiber was 6180 with a change of 30, the basis was 40 corresponding to the 2512 contract, and the basis deviation was 0.49 [3] - The spot price of urea was 1490 with no change, the basis was -152 corresponding to the 2601 contract, and the basis deviation was -0.96 [3] - In Shanghai, the spot price of natural rubber was 14960 with a change of 80, the basis was -375 corresponding to the 2601 contract, and the basis deviation was 0.63 [3] - For whole latex natural rubber, the spot price was 14635 with a change of 90, the basis was -700 corresponding to the 2601 contract, and the basis deviation was 0.56 [3] - In Qingdao, the spot price of 20 - number rubber was 1855 with a change of 25, the basis was 707 corresponding to the 2512 contract, and the basis deviation was 0.96 [3] - The spot price of styrene was 6515 with a change of -45, the basis was -24 corresponding to the 2512 contract, and the basis deviation was -0.98 [3] Non - ferrous Metals - On October 24, 2025, the spot price of copper was 86475 with a change of 975, the basis was 10, and the basis deviation was -0.18 [4] - The spot price of international copper was 76775 with a change of 1080, the basis was -1385 corresponding to the 2511 contract, and the basis deviation was -0.76 [4] - The spot price of aluminum was 21110 with a change of 70, the basis was -30, and the basis deviation was -0.22 [4] - The spot price of zinc was 22190 with a change of 90, the basis was -60, and the basis deviation was -0.82 [4] - The spot price of lead was 17300 with a change of 175, the basis was -215, and the basis deviation was -0.43 [4] - The spot price of nickel was 122050 with a change of 750, the basis was 400, and the basis deviation was 0.76 [4] - The spot price of tin was 281900 with a change of 1900, the basis was -2400, and the basis deviation was -0.85 [4] Agricultural Products - In Jiangsu on October 24, 2025, the spot price of 43% soybean meal was 2910 with no change, the basis was -23 corresponding to the 2601 contract, and the basis deviation was -0.07 [5] - In Jiangsu, the spot price of first - grade soybean oil was 8440 with a change of 30, the basis was 246 corresponding to the 2601 contract, and the basis deviation was -0.10 [5] - The average spot price of 36% rapeseed meal in Guangdong was 2460 with a change of -10, the basis was 135 corresponding to the 2601 contract, and the basis deviation was 0.90 [5] - The market average spot price of rapeseed oil was 10283 with no change, the basis was 522 corresponding to the 2601 contract, and the basis deviation was 0.98 [5] - In Guangzhou, the spot price of 24° palm oil was 9050 with a change of 50, the basis was -72 corresponding to the 2601 contract, and the basis deviation was -0.88 [5] - The national spot price of cotton was 14555 with a change of -20, the basis was 1015 corresponding to the 2601 contract, and the basis deviation was 0.57 [5] - In Guangxi, the spot price of white sugar was 5750 with no change, the basis was 304 corresponding to the 2601 contract, and the basis deviation was 0.06 [5] - In Yunnan, the spot price of white sugar was 5830 with no change, the basis was 384 corresponding to the 2601 contract, and the basis deviation was 0.50 [5] - In Shijiazhuang, Hebei, the spot price of fresh eggs was 2960 with a change of 90, the basis was -126 corresponding to the 2512 contract, and the basis deviation was -0.47 [5] - In Dalian, Liaoning, the spot price of fresh eggs was 2890 with a change of 90, the basis was -196 corresponding to the 2512 contract, and the basis deviation was -0.54 [5] - In Dezhou, Shandong, the spot price of fresh eggs was 2750 with a change of 100, the basis was -336 corresponding to the 2512 contract, and the basis deviation was -0.68 [5] - In Shangqiu, Henan, the spot price of fresh eggs was 2800 with a change of 100, the basis was -286 corresponding to the 2512 contract, and the basis deviation was -0.70 [5] - In Bei'an, the spot price of soybeans was 4060 with no change, the basis was -44 corresponding to the 2601 contract, and the basis deviation was -0.80 [5] - In Jiamusi, the spot price of soybeans was 4140 with no change, the basis was 36 corresponding to the 2601 contract, and the basis deviation was -0.45 [5] - In Changchun, the spot price of corn was 2240 with no change, the basis was 107 corresponding to the 2601 contract, and the basis deviation was 0.47 [5] - In Weifang, the spot price of corn was 2360 with no change, the basis was 227 corresponding to the 2601 contract, and the basis deviation was 0.48 [5] - In Changchun, the spot price of starch was 2580 with no change, the basis was 109 corresponding to the 2601 contract, and the basis deviation was 0.12 [5] - In Weifang, the spot price of starch was 2605 with no change, the basis was 174 corresponding to the 2601 contract, and the basis deviation was 0.60 [5] - In Kaifeng, Henan, the spot price of live pigs was 11850 with a change of -80, the basis was -325 corresponding to the 2601 contract, and the basis deviation was -0.92 [5] - In Hebei, the spot price of red dates was 9600 with no change, the basis was -1150 corresponding to the 2601 contract, and the basis deviation was -0.55 [5] - In Shandong, the spot price of apples was 6400 with no change, the basis was -2450 corresponding to the 2601 contract, and the basis deviation was -0.98 [5]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - Not provided in the content Summary by Category Macro - On October 23, 2025, the spot price of IF was 4606 with a change of 13, the basis was 26, the corresponding contract was 2512, and the basis deviation was 0.62 [2] - The spot price of IH was 3027 with a change of 17, the basis was 3, the corresponding contract was 2512, and the basis deviation was 0.34 [2] - The spot price of IC was 7143 with a change of 15, the basis was 103, the corresponding contract was 2512, and the basis deviation was 0.84 [2] Black - For Shanghai's rebar on October 23, 2025, the spot price was 3220 with a change of 10, the basis was 149, the corresponding contract was 2601, and the basis deviation was 0.78 [3] - Beijing's rebar had a spot price of 3200 with a change of -10, the basis was 129, the corresponding contract was 2601, and the basis deviation was -0.06 [3] - Shanghai's hot - rolled coil had a spot price of 3300 with no change, the basis was 44, the corresponding contract was 2601, and the basis deviation was 0.70 [3] - Shandong's ore had a spot price of 831 with a change of 3, the basis was 54, the corresponding contract was provided by a third - party, and the basis deviation was 0.45 [3] - Tianjin Port's coke had a spot price of 1656 with no change, the basis was -112, the corresponding contract was 2601, and the basis deviation was -0.69 [3] - Port warehouse receipts of coking coal had a spot price of 1614 with a change of 36, the basis was 355, the corresponding contract was 2601, and the basis deviation was 0.70 [3] - Qinhuangdao Port's thermal coal had a spot price of 767 with a change of 3, the basis was -34, the corresponding contract was 2511, and the basis deviation was -0.17 [3] - Shahe's low - price glass had a spot price of 1104 with no change, the basis was -4, the corresponding contract was 2601, and the basis deviation was -0.01 [3] - Hubei's low - price glass had a spot price of 1070 with no change, the basis was -38, the corresponding contract was 2601, and the basis deviation was 0.00 [3] - Yinchuan's ferrosilicon had a spot price of 5580 with no change, the basis was -114, the corresponding contract was 2601, and the basis deviation was -0.80 [3] - Inner Mongolia's ferromanganese had a spot price of 6050 with no change, the basis was 162, the corresponding contract was 2601, and the basis deviation was 0.57 [3] Energy and Chemicals - Port methanol on October 23, 2025, had a spot price of 2250 with no change, the basis was -42, the corresponding contract was provided by a third - party, and the basis deviation was -0.88 [3] - Henan's methanol had a spot price of 2350 with a change of 25, the basis was 58, the corresponding contract was 2601, and the basis deviation was 0.24 [3] - Southern Shandong's methanol had a spot price of 2485 with no change, the basis was 193, the corresponding contract was 2601, and the basis deviation was 0.43 [3] - Hebei's methanol had a spot price of 2785 with no change, the basis was 493, the corresponding contract was 2601, and the basis deviation was 0.97 [3] - East China's PTA had a spot price of 4423 with a change of 29, the basis was -85, the corresponding contract was provided by a third - party, and the basis deviation was -0.87 [3] - East China's PP had a spot price of 6560 with a change of 40, the basis was -131, the corresponding contract was provided by a third - party, and the basis deviation was -0.93 [3] - North China's LLDPE had a spot price of 6920 with a change of 60, the basis was -79, the corresponding contract was provided by a third - party, and the basis deviation was -0.40 [3] - High - end PVC had a spot price of 4625 with a change of 5, the basis was -90, the corresponding contract was provided by a third - party, and the basis deviation was 0.64 [3] - Low - end PVC had a spot price of 4555 with a change of 5, the basis was -160, the corresponding contract was provided by a third - party, and the basis deviation was 0.72 [3] - East China's asphalt had a spot price of 3500 with no change, the basis was 223, the corresponding contract was 2601, and the basis deviation was 0.30 [3] - Shandong's asphalt had a spot price of 3330 with a change of 20, the basis was 133, the corresponding contract was 2601, and the basis deviation was 0.10 [3] - South China's asphalt had a spot price of 3500 with no change, the basis was 223, the corresponding contract was 2601, and the basis deviation was 0.56 [3] - Domestic ethylene glycol had a spot price of 4185 with a change of 55, the basis was 90, the corresponding contract was provided by a third - party, and the basis deviation was 0.84 [3] - Soda ash had a spot price of 1150 with a change of 20, the basis was -85, the corresponding contract was 2601, and the basis deviation was -0.62 [3] - Shandong's pulp had a spot price of 5000 with a change of 5, the basis was -250, the corresponding contract was 2601, and the basis deviation was -0.92 [3] - East China's staple fiber had a spot price of 6150 with a change of 30, the basis was -10, the corresponding contract was 2512, and the basis deviation was -0.22 [3] - Urea had a spot price of 1490 with no change, the basis was -148, the corresponding contract was 2601, and the basis deviation was -0.95 [3] - Shanghai's natural rubber had a spot price of 14880 with a change of 80, the basis was -365, the corresponding contract was 2601, and the basis deviation was 0.64 [3] - Whole latex natural rubber had a spot price of 14545 with a change of 95, the basis was -700, the corresponding contract was 2601, and the basis deviation was 0.56 [3] - Qingdao's 20 - number rubber had a spot price of 1830 with a change of 5, the basis was 606, the corresponding contract was 2512, and the basis deviation was 0.93 [3] - Styrene had a spot price of 6560 with no change, the basis was 15, the corresponding contract was 2511, and the basis deviation was -0.81 [3] Non - ferrous - On October 23, 2025, copper had a spot price of 85500 with a change of 520, the basis was 20, the corresponding contract was provided by a third - party, and the basis deviation was -0.07 [4] - International copper had a spot price of 75695 with a change of 670, the basis was -965, the corresponding contract was 2511, and the basis deviation was -0.35 [4] - Aluminum had a spot price of 21040 with a change of 60, the basis was -10, the corresponding contract was provided by a third - party, and the basis deviation was 0.12 [4] - Zinc had a spot price of 22100 with a change of 200, the basis was -60, the corresponding contract was provided by a third - party, and the basis deviation was -0.82 [4] - Lead had a spot price of 17125 with a change of 125, the basis was -205, the corresponding contract was provided by a third - party, and the basis deviation was -0.36 [4] - Nickel had a spot price of 121300 with a change of 50, the basis was 400, the corresponding contract was provided by a third - party, and the basis deviation was 0.76 [4] - Tin had a spot price of 280000 with a change of -1000, the basis was -1230, the corresponding contract was provided by a third - party, and the basis deviation was -0.67 [4] Agricultural Products - On October 23, 2025, 43% soybean meal in Jiangsu had a spot price of 2910 with a change of 50, the basis was -28, the corresponding contract was 2601, and the basis deviation was -0.09 [5] - First - grade soybean oil in Jiangsu had a spot price of 8410 with a change of -70, the basis was 222, the corresponding contract was 2601, and the basis deviation was -0.20 [5] - 36% rapeseed meal in Guangdong had a spot price of 2470 with a change of 30, the basis was 131, the corresponding contract was 2601, and the basis deviation was 0.88 [5] - Rapeseed oil at the market average price had a spot price of 10283 with a change of -100, the basis was 526, the corresponding contract was 2601, and the basis deviation was 0.99 [5] - 24° palm oil in Guangzhou had a spot price of 9000 with a change of -140, the basis was -132, the corresponding contract was 2601, and the basis deviation was -0.97 [5] - National cotton had a spot price of 14575 with a change of 15, the basis was 1000, the corresponding contract was 2601, and the basis deviation was 0.53 [5] - Guangxi's sugar had a spot price of 5750 with no change, the basis was 293, the corresponding contract was 2601, and the basis deviation was -0.02 [5] - Yunnan's sugar had a spot price of 5830 with no change, the basis was 373, the corresponding contract was 2601, and the basis deviation was 0.49 [5] - Fresh eggs in Shijiazhuang, Hebei had a spot price of 2870 with a change of 90, the basis was -157, the corresponding contract was 2512, and the basis deviation was -0.50 [5] - Fresh eggs in Dalian, Liaoning had a spot price of 2800 with a change of 90, the basis was -227, the corresponding contract was 2512, and the basis deviation was -0.57 [5] - Fresh eggs in Dezhou, Shandong had a spot price of 2650 with no change, the basis was -377, the corresponding contract was 2512, and the basis deviation was -0.70 [5] - Fresh eggs in Shangqiu, Henan had a spot price of 2700 with no change, the basis was -327, the corresponding contract was 2512, and the basis deviation was -0.72 [5] - Beian's soybean had a spot price of 4060 with no change, the basis was -53, the corresponding contract was 2601, and the basis deviation was -0.82 [5] - Jiamusi's soybean had a spot price of 4140 with no change, the basis was 27, the corresponding contract was 2601, and the basis deviation was -0.49 [5] - Changchun's corn had a spot price of 2240 with no change, the basis was 100, the corresponding contract was 2601, and the basis deviation was 0.43 [5] - Weifang's corn had a spot price of 2360 with no change, the basis was 220, the corresponding contract was 2601, and the basis deviation was 0.45 [5] - Changchun's starch had a spot price of 2580 with no change, the basis was 100, the corresponding contract was 2601, and the basis deviation was -0.03 [5] - Weifang's starch had a spot price of 2605 with no change, the basis was 165, the corresponding contract was 2601, and the basis deviation was 0.54 [5] - Pigs in Kaifeng, Henan had a spot price of 11930 with a change of 240, the basis was -270, the corresponding contract was 2601, and the basis deviation was -0.89 [5] - Hebei's jujube had a spot price of 9600 with no change, the basis was -1565, the corresponding contract was 2601, and the basis deviation was -0.68 [5] - Shandong's apples had a spot price of 6400 with no change, the basis was -2430, the corresponding contract was 2601, and the basis deviation was -0.98 [5]

Report Information - The report is the Yong'an Basis Morning Report released by the Research Center on October 22, 2025 [1] Industry Investment Rating - Not provided in the report Core View - Not provided in the report Summary by Category Macro - IF had a spot price of 4608, a change of 70, a basis of 30, a corresponding contract of 2512, and a basis deviation of 0.74 on October 21, 2025 [2] - IH had a spot price of 3007, a change of 32, a basis of 2, a corresponding contract of 2512, and a basis deviation of 0.28 on October 21, 2025 [2] - IC had a spot price of 7186, a change of 116, a basis of 133, a corresponding contract of 2512, and a basis deviation of 0.92 on October 21, 2025 [2] Black - In Shanghai, rebar had a spot price of 3200, no change, a basis of 153, a corresponding contract of 2601, and a basis deviation of 0.83 on October 21, 2025 [3] - In Beijing, rebar had a spot price of 3190, no change, a basis of 143, a corresponding contract of 2601, and a basis deviation of 0.09 on October 21, 2025 [3] - In Shanghai, hot-rolled coil had a spot price of 3270, no change, a basis of 51, a corresponding contract of 2601, and a basis deviation of 0.77 on October 21, 2025 [3] - In Shandong, ore had a spot price of 824, no change, a basis of 54, a corresponding contract provided by a third - party, and a basis deviation of 0.46 on October 21, 2025 [3] - At Tianjin Port, coke had a spot price of 1656, no change, a basis of - 16, a corresponding contract of 2601, and a basis deviation of - 0.12 on October 21, 2025 [3] - For port warehouse receipts, coking coal had a spot price of 1583, a change of - 17, a basis of 406, a corresponding contract of 2601, and a basis deviation of 0.98 on October 21, 2025 [3] - At Qinhuangdao Port, thermal coal had a spot price of 759, a change of 6, a basis of - 42, a corresponding contract of 2511, and a basis deviation of - 0.25 on October 21, 2025 [3] - For low - price glass in Shahe, it had a spot price of 1111, a change of - 24, a basis of 24, a corresponding contract of 2601, and a basis deviation of 0.24 on October 21, 2025 [3] - For low - price glass in Hubei, it had a spot price of 1070, a change of - 20, a basis of - 17, a corresponding contract of 2601, and a basis deviation of 0.17 on October 21, 2025 [3] - In Yinchuan, ferrosilicon had a spot price of 5530, no change, a basis of - 64, a corresponding contract of 2601, and a basis deviation of - 0.60 on October 21, 2025 [3] - In Inner Mongolia, silicomanganese had a spot price of 6050, no change, a basis of 234, a corresponding contract of 2601, and a basis deviation of 0.84 on October 21, 2025 [3] Energy and Chemicals - At the port, methanol had a spot price of 2263, no change, a basis of - 5, a corresponding contract provided by a third - party, and a basis deviation of - 0.48 on October 21, 2025 [3] - In Henan, methanol had a spot price of 2325, a change of - 25, a basis of 57, a corresponding contract of 2601, and a basis deviation of 0.23 on October 21, 2025 [3] - In southern Shandong, methanol had a spot price of 2485, a change of - 15, a basis of 217, a corresponding contract of 2601, and a basis deviation of 0.59 on October 21, 2025 [3] - In Hebei, methanol had a spot price of 2785, a change of 155, a basis of 517, a corresponding contract of 2601, and a basis deviation of 0.98 on October 21, 2025 [3] - In East China, PTA had a spot price of 4327, a change of 28, a basis of - 87, a corresponding contract provided by a third - party, and a basis deviation of - 0.89 on October 21, 2025 [3] - In East China, PP had a spot price of 6510, a change of 20, a basis of - 73, a corresponding contract provided by a third - party, and a basis deviation of - 0.57 on October 21, 2025 [3] - In North China, LLDPE had a spot price of 6840, no change, a basis of - 43, a corresponding contract provided by a third - party, and a basis deviation of - 0.13 on October 21, 2025 [3] - For high - end PVC, it had a spot price of 4615, a change of - 15, a basis of - 90, a corresponding contract provided by a third - party, and a basis deviation of 0.65 on October 21, 2025 [3] - For low - end PVC, it had a spot price of 4545, a change of - 15, a basis of - 160, a corresponding contract provided by a third - party, and a basis deviation of 0.72 on October 21, 2025 [3] - In East China, asphalt had a spot price of 3500, a change of - 50, a basis of 343, a corresponding contract of 2601, and a basis deviation of 0.76 on October 21, 2025 [3] - In Shandong, asphalt had a spot price of 3320, a change of - 10, a basis of 243, a corresponding contract of 2601, and a basis deviation of 0.66 on October 21, 2025 [3] - In South China, asphalt had a spot price of 3500, no change, a basis of 343, a corresponding contract of 2601, and a basis deviation of 0.86 on October 21, 2025 [3] - For the domestic market of ethylene glycol, it had a spot price of 4078, a change of 1, a basis of 74, a corresponding contract provided by a third - party, and a basis deviation of 0.69 on October 21, 2025 [3] - For soda ash, it had a spot price of 1120, a change of - 10, a basis of - 90, a corresponding contract of 2601, and a basis deviation of - 0.67 on October 21, 2025 [3] - In Shandong, pulp had a spot price of 4970, a change of 10, a basis of - 200, a corresponding contract of 2601, and a basis deviation of - 0.76 on October 21, 2025 [3] - In East China, staple fiber had a spot price of 6105, a change of 30, a basis of 35, a corresponding contract of 2512, and a basis deviation of 0.46 on October 21, 2025 [3] - For urea, it had a spot price of 1490, no change, a basis of - 119, a corresponding contract of 2601, and a basis deviation of - 0.90 on October 21, 2025 [3] - In Shanghai, natural rubber had a spot price of 14800, a change of 290, a basis of - 350, a corresponding contract of 2601, and a basis deviation of 0.68 on October 21, 2025 [3] - For whole latex natural rubber, it had a spot price of 14450, a change of 340, a basis of - 700, a corresponding contract of 2601, and a basis deviation of 0.57 on October 21, 2025 [3] - In Qingdao, 20 - number rubber had a spot price of 1845, a change of 20, a basis of 780, a corresponding contract of 2512, and a basis deviation of 1.00 on October 21, 2025 [3] - For styrene, it had a spot price of 6445, a change of 75, a basis of 7, a corresponding contract of 2511, and a basis deviation of - 0.87 on October 21, 2025 [3] Non - ferrous Metals - On October 21, 2025, copper had a spot price of 85720, a change of 70, a basis of 60, a corresponding contract provided by a third - party, and a basis deviation of 0.22 [4] - On October 21, 2025, international copper had a spot price of 75910, a change of 120, a basis of - 50, a corresponding contract of 2511, and a basis deviation of 0.72 [4] - On October 21, 2025, aluminum had a spot price of 20970, a change of 40, a basis of 10, a corresponding contract provided by a third - party, and a basis deviation of 0.45 [4] - On October 21, 2025, zinc had a spot price of 21940, a change of 70, a basis of - 40, a corresponding contract provided by a third - party, and a basis deviation of - 0.60 [4] - On October 21, 2025, lead had a spot price of 17000, a change of 75, a basis of - 195, a corresponding contract provided by a third - party, and a basis deviation of - 0.25 [4] - On October 21, 2025, nickel had a spot price of 121700, a change of 400, a basis of 400, a corresponding contract provided by a third - party, and a basis deviation of 0.77 [4] - On October 21, 2025, tin had a spot price of 281300, a change of 1300, a basis of 430, a corresponding contract provided by a third - party, and a basis deviation of 0.25 [4] Agricultural Products - In Jiangsu, 43% soybean meal had a spot price of 2870, no change, a basis of - 19, a corresponding contract of 2601, and a basis deviation of - 0.06 on October 21, 2025 [5] - In Jiangsu, first - grade soybean oil had a spot price of 8550, a change of 10, a basis of 256, a corresponding contract of 2601, and a basis deviation of - 0.09 on October 21, 2025 [5] - The average price of 36% rapeseed meal in Guangdong had a spot price of 2450, a change of - 30, a basis of 129, a corresponding contract of 2601, and a basis deviation of 0.88 on October 21, 2025 [5] - The market average price of rapeseed oil had a spot price of 10400, a change of - 20, a basis of 536, a corresponding contract of 2601, and a basis deviation of 1.00 on October 21, 2025 [5] - In Guangzhou, 24° palm oil had a spot price of 9290, no change, a basis of - 4, a corresponding contract of 2601, and a basis deviation of - 0.66 on October 21, 2025 [5] - Nationwide, cotton had a spot price of 14530, a change of 50, a basis of 990, a corresponding contract of 2601, and a basis deviation of 0.51 on October 21, 2025 [5] - In Guangxi, white sugar had a spot price of 5770, no change, a basis of 332, a corresponding contract of 2601, and a basis deviation of 0.22 on October 21, 2025 [5] - In Yunnan, white sugar had a spot price of 5840, no change, a basis of 402, a corresponding contract of 2601, and a basis deviation of 0.55 on October 21, 2025 [5] - In Shijiazhuang, Hebei, fresh eggs had a spot price of 2780, a change of - 110, a basis of - 166, a corresponding contract of 2512, and a basis deviation of - 0.51 on October 21, 2025 [5] - In Dalian, Liaoning, fresh eggs had a spot price of 2710, a change of - 110, a basis of - 236, a corresponding contract of 2512, and a basis deviation of - 0.59 on October 21, 2025 [5] - In Dezhou, Shandong, fresh eggs had a spot price of 2650, a change of - 100, a basis of - 296, a corresponding contract of 2512, and a basis deviation of - 0.66 on October 21, 2025 [5] - In Shangqiu, Henan, fresh eggs had a spot price of 2700, a change of - 100, a basis of - 246, a corresponding contract of 2512, and a basis deviation of - 0.70 on October 21, 2025 [5] - In Bei'an, soybeans had a spot price of 4050, no change, a basis of - 11, a corresponding contract of 2601, and a basis deviation of - 0.68 on October 21, 2025 [5] - In Jiamusi, soybeans had a spot price of 4120, no change, a basis of 59, a corresponding contract of 2601, and a basis deviation of - 0.34 on October 21, 2025 [5] - In Changchun, corn had a spot price of 2240, no change, a basis of 96, a corresponding contract of 2601, and a basis deviation of 0.40 on October 21, 2025 [5] - In Weifang, corn had a spot price of 2360, no change, a basis of 216, a corresponding contract of 2601, and a basis deviation of 0.45 on October 21, 2025 [5] - In Changchun, starch had a spot price of 2580, no change, a basis of 121, a corresponding contract of 2601, and a basis deviation of 0.24 on October 21, 2025 [5] - In Weifang, starch had a spot price of 2605, no change,

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report The report presents the basis data of various futures varieties on October 20, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products. It shows the spot price, spot price change, basis, basis - corresponding contract, and basis deviation degree of each variety [2][3][4][5]. 3. Summary by Category Macro - The spot price of IF on October 20, 2025, was 4538, with a change of 24, a basis of 31, a basis - corresponding contract of 2512, and a basis deviation degree of 0.76 [2]. - The spot price of IH was 2975, with a change of 7, a basis of 4, a basis - corresponding contract of 2512, and a basis deviation degree of 0.44 [2]. - The spot price of IC was 7070, with a change of 54, a basis of 160, a basis - corresponding contract of 2512, and a basis deviation degree of 0.96 [2]. Black - For Shanghai's rebar, the spot price on October 20, 2025, was 3200, with no change, a basis of 155, a basis - corresponding contract of 2601, and a basis deviation degree of 0.84 [3]. - Beijing's rebar had a spot price of 3190, a change of - 10, a basis of 145, a basis - corresponding contract of 2601, and a basis deviation degree of 0.14 [3]. - Shanghai's hot - rolled coil had a spot price of 3270, no change, a basis of 55, a basis - corresponding contract of 2601, and a basis deviation degree of 0.80 [3]. - Shandong's iron ore had a spot price of 824, no change, a basis of 57, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.46 [3]. - Tianjin Port's coke had a spot price of 1656, no change, a basis of - 54, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.40 [3]. - Port - warehouse receipt coking coal had a spot price of 1600, a change of 72, a basis of 312, a basis - corresponding contract of 2601, and a basis deviation degree of 0.32 [3]. - Qinhuangdao Port's thermal coal had a spot price of 753, a change of 9, a basis of - 48, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.26 [3]. - Shahe's low - price glass had a spot price of 1135, a change of - 15, a basis of 44, a basis - corresponding contract of 2601, and a basis deviation degree of 0.36 [3]. - Hubei's low - price glass had a spot price of 1090, a change of - 20, a basis of - 1, a basis - corresponding contract of 2601, and a basis deviation degree of 0.28 [3]. - Yinchuan's ferrosilicon had a spot price of 5530, no change, a basis of - 26, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.34 [3]. - Inner Mongolia's ferromanganese had a spot price of 6050, no change, a basis of 262, a basis - corresponding contract of 2601, and a basis deviation degree of 0.91 [3]. Energy - Chemical - Port methanol had a spot price of 2256, no change, a basis of - 10, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.59 [3]. - Henan methanol had a spot price of 2350, no change, a basis of 84, a basis - corresponding contract of 2601, and a basis deviation degree of 0.47 [3]. - Lunan methanol had a spot price of 2500, no change, a basis of 234, a basis - corresponding contract of 2601, and a basis deviation degree of 0.70 [3]. - Hebei methanol had a spot price of 2630, no change, a basis of 364, a basis - corresponding contract of 2601, and a basis deviation degree of 0.86 [3]. - East China PTA had a spot price of 4299, a change of - 18, a basis of - 85, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.88 [3]. - East China PP had a spot price of 6490, a change of 20, a basis of - 75, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.59 [3]. - North China LLDPE had a spot price of 6840, a change of 10, a basis of - 39, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.10 [3]. - High - end PVC had a spot price of 4630, a change of 15, a basis of - 90, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.65 [3]. - Low - end PVC had a spot price of 4560, a change of 45, a basis of - 160, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.72 [3]. - East China asphalt had a spot price of 3550, no change, a basis of 409, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [3]. - Shandong asphalt had a spot price of 3330, a change of - 30, a basis of 269, a basis - corresponding contract of 2601, and a basis deviation degree of 0.72 [3]. - South China asphalt had a spot price of 3500, no change, a basis of 359, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [3]. - Inner - market ethylene glycol had a spot price of 4077, no change, a basis of 74, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.70 [3]. - Soda ash had a spot price of 1130, a change of 10, a basis of - 89, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.67 [3]. - Shandong pulp had a spot price of 4960, a change of 10, a basis of - 196, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.74 [3]. - East China short - fiber had a spot price of 6075, a change of - 25, a basis of 47, a basis - corresponding contract of 2512, and a basis deviation degree of 0.56 [3]. - Urea had a spot price of 1490, no change, a basis of - 110, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.88 [3]. - Shanghai natural rubber had a spot price of 14510, a change of 30, a basis of - 300, a basis - corresponding contract of 2601, and a basis deviation degree of 0.74 [3]. - Whole - latex natural rubber had a spot price of 13810, a change of 115, a basis of - 1000, a basis - corresponding contract of 2601, and a basis deviation degree of 0.04 [3]. - Qingdao 20 - number rubber had a spot price of 1825, a change of 10, a basis of 773, a basis - corresponding contract of 2512, and a basis deviation degree of 1.00 [3]. - Styrene had a spot price of 6370, a change of - 115, a basis of 5, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.90 [3]. Non - Ferrous - Copper had a spot price of 85650, a change of 875, a basis of 75, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.30 [4]. - International copper had a spot price of 75790, a change of 710, a basis of - 80, a basis - corresponding contract of 2511, and a basis deviation degree of 0.69 [4]. - Aluminum had a spot price of 20930, a change of - 20, a basis of 10, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.45 [4]. - Zinc had a spot price of 21870, a change of 20, a basis of - 40, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.60 [4]. - Lead had a spot price of 16925, a change of 25, a basis of - 200, a basis - corresponding contract provided by a third - party, and a basis deviation degree of - 0.31 [4]. - Nickel had a spot price of 121300, a change of - 250, a basis of 400, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.78 [4]. - Tin had a spot price of 280000, a change of - 1000, a basis of 660, a basis - corresponding contract provided by a third - party, and a basis deviation degree of 0.35 [4]. Agricultural Products - 43% Jiangsu soybean meal had a spot price of 2870, no change, a basis of - 25, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.08 [5]. - Jiangsu first - grade soybean oil had a spot price of 8540, a change of 50, a basis of 242, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.12 [5]. - Guangdong average - price 36% rapeseed meal had a spot price of 2480, a change of 40, a basis of 130, a basis - corresponding contract of 2601, and a basis deviation degree of 0.88 [5]. - Market average - price rapeseed oil had a spot price of 10420, a change of 77, a basis of 502, a basis - corresponding contract of 2601, and a basis deviation degree of 1.00 [5]. - Guangzhou 24° palm oil had a spot price of 9290, a change of 80, a basis of - 28, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.75 [5]. - National cotton had a spot price of 14480, a change of 45, a basis of 1015, a basis - corresponding contract of 2601, and a basis deviation degree of 0.58 [5]. - Guangxi white sugar had a spot price of 5770, a change of - 20, a basis of 342, a basis - corresponding contract of 2601, and a basis deviation degree of 0.26 [5]. - Yunnan white sugar had a spot price of 5840, a change of - 20, a basis of 412, a basis - corresponding contract of 2601, and a basis deviation degree of 0.58 [5]. - Hebei Shijiazhuang fresh eggs had a spot price of 2890, a change of - 110, a basis of 120, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.05 [5]. - Liaoning Dalian fresh eggs had a spot price of 2820, a change of - 110, a basis of 50, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.16 [5]. - Shandong Dezhou fresh eggs had a spot price of 2750, a change of - 100, a basis of - 20, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.24 [5]. - Henan Shangqiu fresh eggs had a spot price of 2800, a change of - 100, a basis of 30, a basis - corresponding contract of 2511, and a basis deviation degree of - 0.36 [5]. - Bei'an soybeans had a spot price of 4050, no change, a basis of - 36, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.78 [5]. - Jiamusi soybeans had a spot price of 4120, no change, a basis of 34, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.45 [5]. - Changchun corn had a spot price of 2240, no change, a basis of 102, a basis - corresponding contract of 2601, and a basis deviation degree of 0.44 [5]. - Weifang corn had a spot price of 2360, no change, a basis of 222, a basis - corresponding contract of 2601, and a basis deviation degree of 0.45 [5]. - Changchun starch had a spot price of 2580, no change, a basis of 170, a basis - corresponding contract of 2511, and a basis deviation degree of 0.67 [5]. - Weifang starch had a spot price of 2605, no change, a basis of 225, a basis - corresponding contract of 2511, and a basis deviation degree of 0.88 [5]. - Henan Kaifeng pigs had a spot price of 11400, a change of 160, a basis of - 755, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.94 [5]. - Hebei jujubes had a spot price of 9600, no change, a basis of - 1785, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.84 [5]. - Shandong apples had a spot price of 6400, a change of - 1000, a basis of - 2465, a basis - corresponding contract of 2601, and a basis deviation degree of - 0.98 [5].