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

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

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

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report No core view is presented in the provided content. The document mainly lists the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities and financial instruments. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 6110, futures price is 5928, basis is -182, and basis rate is -2.98% [1]. - **Silicon Manganese (SM509)**: Spot price is 6070, futures price is 6212, basis is -142, and basis rate is -2.29% [1]. - **Rebar (RB2510)**: Spot price is 3430, futures price is 3490, basis is -60, and basis rate is -1.72% (calculated). - **Hot - Rolled Coil (HC2510)**: Spot price is 3503, futures price is 3503, basis is 0, and basis rate is 0% [1]. - **Iron Ore (I2509)**: Spot price is 817, futures price is 798, basis is 19, and basis rate is 2.37% [1]. - **Coke (J2509)**: Spot price is 1538, futures price is 1633, basis is -95, and basis rate is -5.84% [1]. - **Coking Coal (JM2509)**: Spot price is 1155, futures price is 1121, basis is 34, and basis rate is 3.08% [1]. Non - Ferrous Metals - **Copper (CU2509)**: Spot price is 79025, futures price is 78840, basis is 185, and basis rate is 0.23% [1]. - **Aluminum (AL2509)**: Spot price is 20620, futures price is 20605, basis is 15, and basis rate is 0.07% [1]. - **Heavy - Melt Aluminum (AO2509)**: Spot price is 3245, futures price is 3307, basis is -62, and basis rate is -1.88% [1]. - **Zinc (ZN2509)**: Spot price is 22655, futures price is 22500, basis is 155, and basis rate is 0.68% [1]. - **Tin (SN2509)**: Spot price is 266660, futures price is 266100, basis is 560, and basis rate is 0.21% [1]. - **Nickel (NI5509)**: Spot price is 121800, futures price is 121750, basis is 50, and basis rate is 0.04% [1]. - **Stainless Steel (22509)**: Spot price is 13070, futures price is 12920, basis is 150, and basis rate is 1.16% [1]. - **Lithium Carbonate (LC2509)**: Spot price is 73150, futures price is 70840, basis is 2310, and basis rate is 3.26% [1]. - **Industrial Silicon (SI2509)**: Spot price is 9800, futures price is 9350, basis is 450, and basis rate is 4.81% [1]. Precious Metals - **Gold (AU2510)**: Spot price is 771.4, futures price is 767.2, basis is 4.2, and basis rate is 0.54% (calculated) [1]. - **Silver (AG2510)**: Spot price is 9195.0, futures price is 9163.0, basis is 32.0, and basis rate is 0.35% [1]. Agricultural Products - **Soybean Meal (M2509)**: Spot price is 2983.0, futures price is 2860, basis is 123.0, and basis rate is 4.12% [1]. - **Soybean Oil (Y15209)**: Spot price is 8270, futures price is 8226.0, basis is 44.0, and basis rate is 0.53% [1]. - **Palm Oil (P2509)**: Spot price is 8970, futures price is 8970.0, basis is 0.0, and basis rate is 0.00% [1]. - **Rapeseed Meal (RM509)**: Spot price is 2660.0, futures price is 2510, basis is 150.0, and basis rate is 5.64% [1]. - **Rapeseed Oil (O1509)**: Spot price is 9560, futures price is 9492.0, basis is 68.0, and basis rate is 0.72% [1]. - **Corn (C2509)**: Spot price is 2350, futures price is 2302.0, basis is 48.0, and basis rate is 2.09% [1]. - **Corn Starch (CS2509)**: Spot price is 2720, futures price is 2666.0, basis is 54.0, and basis rate is 2.03% [1]. - **Live Hogs (LH2509)**: Spot price is 14150.0, futures price is 13880, basis is 270.0, and basis rate is 1.91% [1]. - **Eggs (JD2509)**: Spot price is 3576.0, futures price is 3040, basis is 536.0, and basis rate is 17.63% (calculated) [1]. - **Cotton (CF509)**: Spot price is 15431, futures price is 13925.0, basis is 1506.0, and basis rate is 10.82% [1]. - **Sugar (SR509)**: Spot price is 6120, futures price is 5867.0, basis is 253.0, and basis rate is 4.31% [1]. - **Apples (AP510)**: Spot price is 8600, futures price is 7908.0, basis is 692.0, and basis rate is 8.75% [1]. - **Red Dates (CJ601)**: Spot price is 10790.0, futures price is 8300, basis is 2490.0, and basis rate is 23.08% [1]. Energy and Chemicals - **Para - Xylene (PX509)**: Spot price is 7055.5, futures price is 6942.0, basis is 113.5, and basis rate is 1.63% [1]. - **PTA (TA509)**: Spot price is 4840.0, futures price is 4838.0, basis is 2.0, and basis rate is 0.04% [1]. - **Ethylene Glycol (EG2509)**: Spot price is 4530.0, futures price is 4467.0, basis is 63.0, and basis rate is 1.41% [1]. - **Polyester Fiber (PF509)**: Spot price is 6605.0, futures price is 6500.0, basis is 105.0, and basis rate is 1.62% [1]. - **Styrene (EB2509)**: Spot price is 7374.0, futures price is 7355.0, basis is 19.0, and basis rate is 0.26% [1]. - **Methanol (MA509)**: Spot price is 2434.0, futures price is 2405.0, basis is 29.0, and basis rate is 1.19% [1]. - **Urea (UR509)**: Spot price is 1760.0, futures price is 1744.0, basis is 16.0, and basis rate is 0.92% [1]. - **LLDPE (L2509)**: Spot price is 7385.0, futures price is 7325.0, basis is 60.0, and basis rate is 0.81% [1]. - **PP (PP2509)**: Spot price is 7160.0, futures price is 7160.0, basis is 0.0, and basis rate is 0.00% [1]. - **PVC (V2509)**: Spot price is 5192.0, futures price is 5020.0, basis is 172.0, and basis rate is 3.31% [1]. - **Caustic Soda (SH209)**: Spot price is 2642.0, futures price is 2593.8, basis is 48.2, and basis rate is 1.83% [1]. - **LPG (PG2509)**: Spot price is 4448.0, futures price is 4028.0, basis is 420.0, and basis rate is 9.50% [1]. - **Asphalt (BU2509)**: Spot price is 3775.0, futures price is 3619.0, basis is 156.0, and basis rate is 4.31% [1]. - **Butadiene Rubber (BR2509)**: Spot price is 12100.0, futures price is 11835.0, basis is 265.0, and basis rate is 2.24% [1]. - **Glass (FG509)**: Spot price is 1188.0, futures price is 1168.0, basis is 20.0, and basis rate is 1.68% [1]. - **Soda Ash (SA509)**: Spot price is 1318.0, futures price is 1303.0, basis is 15.0, and basis rate is 1.15% [1]. - **Natural Rubber (RU2509)**: Spot price is 15010.0, futures price is 14900.0, basis is 110.0, and basis rate is 0.74% [1]. Financial Futures - **IF2509.CFE**: Spot price is 4152.0, futures price is 4141.4, basis is 10.6, and basis rate is 0.26% [1]. - **IH2509.CFE**: Spot price is 2814.0, futures price is 2808.6, basis is 5.4, and basis rate is 0.19% [1]. - **IC2509.CFE**: Spot price is 6356.1, futures price is 6263.0, basis is 93.1, and basis rate is 1.49% [1]. - **IM2509.CFE**: Spot price is 6773.9, futures price is 6662.0, basis is 111.9, and basis rate is 1.68% [1]. - **2 - Year Bond (TS2509)**: Spot price is 102.30, futures price is 100.23, basis is 2.07, and basis rate is 2.06% (calculated) [1]. - **5 - Year Bond (TF2509)**: Spot price is 105.55, futures price is 100.52, basis is 5.03, and basis rate is 4.89% (calculated) [1]. - **10 - Year Bond (T2509)**: Spot price is 108.14, futures price is 106.74, basis is 1.4, and basis rate is 1.29% (calculated) [1]. - **30 - Year Bond (TL2509)**: Spot price is 133.24, futures price is 117.89, basis is 15.35, and basis rate is 12.47% (calculated) [1].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and spot references of various commodities on July 29, 2025, covering multiple sectors such as ferrous metals, non - ferrous metals, energy chemicals, and agricultural products. 3. Summary by Commodity Sectors Ferrous Metals - Iron ore (12509): Spot price is 813, futures price is 786, basis is 27, basis rate is 3.39%, historical quantile is not provided, and the reference is the converted price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port [1]. - Coke (J2509): Data incomplete. - Coking coal (JM2509): Spot price is 1260, futures price is 1101, basis is 160, basis rate is 14.49%, historical quantile is 69.30%, and the reference is the converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi [1]. Non - Ferrous Metals - Copper (CU2509): Spot price is 79075, futures price is 79000, basis is 75, basis rate is 0.09%, historical quantile is 50.20%, and the reference is the SMM 1 electrolytic copper average price [1]. - Aluminum (AL2509): Spot price is 20660, futures price is 20615, basis is 45, basis rate is 0.22%, historical quantile is 61.87%, and the reference is the SMM A00 aluminum average price [1]. - Zinc (ZN2509): Data incomplete. - Tin (SN2509): Spot price is 268800, futures price is 267880, basis is 920, basis rate is 0.34%, historical quantile is 71.66%, and the reference is the SMM 1 tin average price [1]. - Lithium carbonate (LC2509): Spot price is 73900, futures price is 73120, basis is 780, basis rate is 1.07%, historical quantile is 62.77%, and the reference is the SMM battery - grade lithium carbonate average price [1]. - Industrial silicon (SI2509): Spot price is 9950, futures price is 8915, basis is 1035, basis rate is 11.61%, historical quantile is not provided, and the reference is the SMM flux 215530 average price [1]. Precious Metals - Gold (AU2510): Spot price is 771.6, futures price is 774.8, basis is - 3.2, basis rate is - 0.41%, historical quantile is 18.60%, and the reference is the Shanghai Gold Exchange gold spot AU (T + D) [1]. - Silver (AG2510): Spot price is 9186.0, futures price is 9212.0, basis is - 26.0, basis rate is - 0.28%, historical quantile is 32.70%, and the reference is the Shanghai Gold Exchange silver spot AG (T + D) [1]. Agricultural Products - Rapeseed meal (RM509): Spot price is 2540, futures price is 2660.0, basis is - 120.0, historical quantile is 15.90%, and the reference is the ex - factory price of ordinary rapeseed meal in Zhanjiang, Guangdong [1]. - Rapeseed oil (OI509): Spot price is 9490, futures price is 9406.0, basis is 84.0, basis rate is 0.89%, historical quantile is 36.50%, and the reference is the ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu [1]. - Corn (C2509): Spot price is 2350, futures price is 2319.0, basis is 31.0, basis rate is 1.34%, historical quantile is 63.30%, and the reference is the f.o.b. price of corn at Xizhou Port [1]. - Corn starch (CS2509): Partially incomplete data, with the price in Changchun, Jilin being 2740 for spot and 2683.0 for futures, basis is 57.0, basis rate is 2.12%, historical quantile is 26.00% [1]. - Live pigs (LH2509): Spot price is 14080, futures price is 14125.0, basis is - 45.0, basis rate is - 0.32%, historical quantile is 41.30%, and the reference is the ex - factory price of live pigs (outside ternary) in Henan [1]. - Eggs (JD2509): Spot price is 3040, futures price is 3576.0, basis is - 536.0, basis rate is - 14.99%, historical quantile is 5.90%, and the reference is the average price of eggs in Shijiazhuang, Hebei [1]. - PTA (TA509): Spot price is 4800.0, futures price is 4812.0, basis is - 12.0, basis rate is - 0.29%, historical quantile is 47.10%, and the reference is the market price (mid - price) of purified terephthalic acid (PTA) in East China [1]. - Ethylene glycol (EG2509): Spot price is 4500.0, futures price is 4436.0, basis is 64.0, basis rate is 1.44%, historical quantile is 83.00%, and the reference is the market price (mid - price) of ethylene glycol (MEG) in East China [1]. - Polyester staple fiber (PF509): Spot price is 6610.0, futures price is 6482.0, basis is 128.0, basis rate is 1.97%, historical quantile is 73.60%, and the reference is the market price (dominant price) of polyester staple fiber (1.4D*38mm (direct - spun)) in the East China market [1]. - Styrene (EB2509): Spot price is 7370.0, futures price is 7358.0, basis is 12.0, basis rate is 0.16%, historical quantile is 28.90%, and the reference is the market price (spot benchmark price) of styrene in East China, China [1]. - LLDPE (L2509): Spot price is 7340.0, futures price is 7335.0, basis is 5.0, basis rate is 0.07%, historical quantile is 21.10%, and the reference is the duty - paid self - pick - up price (mid - price) of linear low - density polyethylene LLDPE (film - grade) in Shandong [1]. - PP (PP2509): Spot price is 7165.0, futures price is 7130.0, basis is 35.0, basis rate is 0.49%, historical quantile is 31.40%, and the reference is the duty - paid self - pick - up price (mid - price) of polypropylene PP (drawn - grade, melt index 2 - 4) in Zhejiang [1]. - Caustic soda (SH509): Spot price is 2593.8, futures price is 2593.0, basis is 0.8, basis rate is 0.03%, historical quantile is 48.00%, and the reference is the market price (dominant price) of caustic soda (32% ion - membrane caustic soda) in the Shandong market, converted to 100% [1]. - LPG (PG2509): Spot price is 4448.0, futures price is 3992.0, basis is 456.0, basis rate is 11.42%, historical quantile is 62.90%, and the reference is the market price of liquefied petroleum gas in the Guangzhou area [1]. - Asphalt (BU2509): Spot price is 3775.0, futures price is 3569.0, basis is 206.0, basis rate is 5.77%, historical quantile is 82.70%, and the reference is the market price (dominant price) of asphalt (heavy - traffic asphalt) in the Shandong area [1]. - Glass (FG509): Spot price is 1200.0, futures price is 1223.0, basis is - 23.0, basis rate is - 1.98%, historical quantile is 57.77%, and the reference is the market price of 5mm large - plate glass in Shahe, from Shahe Great Wall Glass (daily) [1]. - Soda ash (SA509): Spot price is 1320.0, futures price is 1316.0, basis is 4.0, basis rate is 0.30%, historical quantile is 33.61%, and the reference is the market price of heavy - quality soda ash in Shahe (daily) [1]. - Cotton (CF509): Spot price is 15473, futures price is 14075.0, basis is 1398.0, basis rate is 9.93%, and the reference is the factory - arrival price of cotton 3128B in Xinjiang [1]. - Apples (AP510): Spot price is 8600, futures price is 8052.0, basis is 548.0, basis rate is 6.81%, historical quantile is 43.40%, and the reference is the theoretical delivery price of apples (daily/Steel Union) [1]. - Red dates (CJ601): Spot price is 8300, futures price is 10695.0, basis is - 2395.0, basis rate is - 22.39%, historical quantile is 6.50%, and the reference is the wholesale price of first - grade grey dates in Hebei (Steel Union) [1]. Energy and Chemicals - Urea (UR509): Spot price is 1780.0, futures price is 1738.0, basis is 42.0, basis rate is 2.42%, historical quantile is 24.00%, and the reference is the market price (dominant price) of urea (small - particle) in the Shandong area [1]. - Methanol (MA509): Spot price is 2392.5, futures price is 2404.0, basis is - 11.5, basis rate is - 0.48%, historical quantile is 27.30%, and the reference is the market price (spot benchmark price) of methanol in Taicang, Jiangsu, China [1]. - PVC (V2509): Spot price is 5100.0, futures price is 5149.0, basis is - 49.0, basis rate is - 0.99%, historical quantile is 67.80%, and the reference is the market price (dominant price) of polyvinyl chloride (SG - 5) in the Changzhou market, China [1]. - Natural rubber (RU2509): Spot price is 15100.0, futures price is 15065.0, basis is 35.0, basis rate is 0.23%, historical quantile is 96.87%, and the reference is the Shanghai market price of natural rubber (Yunnan state - owned full - latex) [1]. Others - Alumina (AO2509): Spot price is 3244, futures price is 3243, basis rate is 0.03%, historical quantile is 33.48%, and the reference is the SMM alumina index average price [1]. - Nickel (NI2509): Spot price is 122500, futures price is 121620, basis is 880, basis rate is 0.72%, historical quantile is 85.62%, and the reference is the SMM 1 imported nickel average price [1]. - Stainless steel (SS2509): Spot price is 13070, futures price is 12840, basis is 230, basis rate is 1.79%, historical quantile is 44.42%, and the reference is 304/2B:2*1240*C from Wuxi Hongwang (including trimming fee) [1]. - Silicon iron (SF509): Spot price is 5878, futures price is 5840, basis is 38, basis rate is 0.65%, historical quantile is 63.00%, and the reference is the converted price of 72 - silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts [1]. - Silicon manganese (SM509): Spot price is 5970, futures price is 6028, basis is - 58, basis rate is - 0.96%, historical quantile is 17.80%, and the reference is the converted price of 6517 silicon manganese from Inner Mongolia to Hubei warehouse receipts [1]. - Rebar (RB2510): Spot price is 3390, futures price is 3248, basis is 142, basis rate is 4.37%, and the reference is HRB400 20mm in Shanghai [1]. - Hot - rolled coil (HC2510): Spot price is 3440, futures price is 3397, basis is 43, basis rate is 1.27%, and the reference is Q235B: 4.75mm in Shanghai [1].

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Viewpoint of the Report There is no clear core viewpoint presented in the given content. It mainly provides a comprehensive list of various commodity futures and their corresponding spot prices, futures prices, basis, basis rates, historical quantiles, and spot references. 3) Summary by Categories Metals - **Iron Ore (12509)**: Spot price not clear, futures price 813, basis 27, basis rate 3.39%, historical quantile not provided, reference: 62.5% BRBF (Vale) at Rizhao Port [1] - **Coke (J2509)**: No data provided [1] - **Coking Coal (JM2509)**: Spot price 1260, futures price 1101, basis 160, basis rate 14.49%, historical quantile 69.30%, reference: S1.3 G75 Main Coking Coal (Meng 5) at Shaheyi [1] - **Copper (CU2509)**: Spot price 79075, futures price 79000, basis 75, basis rate 0.09%, historical quantile 50.20%, reference: SMM 1 Electrolytic Copper Average Price [1] - **Aluminum (AL2509)**: Spot price 20660, futures price 20615, basis 45, basis rate 0.22%, historical quantile 61.87%, reference: SMM A00 Aluminum Average Price [1] - **Zinc (ZN2509)**: No data provided [1] - **Tin (SN2509)**: Spot price 268800, futures price 267880, basis 920, basis rate 0.34%, historical quantile 71.66%, reference: SMM 1 Tin Average Price [1] - **Gold (AU2510)**: Spot price 771.6, futures price 774.8, basis -3.2, basis rate -0.41%, historical quantile 18.60%, reference: Shanghai Gold Exchange Gold Spot AU (T+D) [1] - **Silver (AG2510)**: Spot price 9186.0, futures price 9212.0, basis -26.0, basis rate -0.28%, historical quantile 32.70%, reference: Shanghai Gold Exchange Silver Spot AG (T+D) [1] - **Alumina (AO2509)**: Spot price 3244, futures price 3243, basis not clear, basis rate 0.03%, historical quantile 33.48%, reference: SMM Alumina Index Average Price [1] - **Nickel (NISE09)**: Spot price 122500, futures price 121620, basis 880, basis rate 0.72%, historical quantile 85.62%, reference: SMM 1 Imported Nickel Average Price [1] - **Stainless Steel (SS2509)**: Spot price 13070, futures price 12840, basis 230, basis rate 1.79%, historical quantile 44.42%, reference: 304/2B:2*1240*C: Wuxi Hongwang (Including Trimming Fee) [1] - **Silicon Iron (SF509)**: Spot price 5878, futures price 5840, basis 38, basis rate 0.65%, historical quantile 63.00%, reference: Converted Price: 72 Silicon Iron Qualified Blocks: Inner Mongolia - Tianjin Warehouse Receipt [1] - **Silicon Manganese (SM509)**: Spot price 5970, futures price 6028, basis -58, basis rate -0.96%, historical quantile 17.80%, reference: Converted Price: 6517 Silicon Manganese: Inner Mongolia - Hubei Warehouse Receipt [1] - **Rebar (RB2510)**: Spot price 3390, futures price 3248, basis 142, basis rate 4.37%, reference: HRB400 20mm: Shanghai [1] - **Hot Rolled Coil (HC2510)**: Spot price 3440, futures price 3397, basis 43, basis rate 1.27%, reference: Q235B: 4.75mm: Shanghai [1] Chemicals and Energy - **Carbonate Lithium (LC2509)**: Spot price 73900, futures price 73120, basis 780, basis rate 1.07%, historical quantile 62.77%, reference: SMM Battery - Grade Carbonate Lithium Average Price [1] - **Industrial Silicon (SI2509)**: Spot price 9950, futures price 8915, basis 1035, basis rate 11.61%, reference: SMM Annual Flux 215530 Average Price [1] - **PTA (TA509)**: Spot price 4800.0, futures price 4812.0, basis -12.0, basis rate -0.29%, historical quantile 47.10%, reference: Market Price (Middle Price): Purified Terephthalic Acid (PTA): East China Region [1] - **Ethylene Glycol (EG2509)**: Spot price 4500.0, futures price 4436.0, basis 64.0, basis rate 1.44%, historical quantile 83.00%, reference: Market Price (Middle Price): Ethylene Glycol (MEG): East China Region [1] - **Polyester Staple Fiber (PF509)**: Spot price 6610.0, futures price 6482.0, basis 128.0, basis rate 1.97%, historical quantile 73.60%, reference: Market Price (Mainstream Price): Polyester Staple Fiber (1.4D*38mm (Direct Spinning)): East China Market [1] - **Styrene (EB2509)**: Spot price 7370.0, futures price 7358.0, basis 12.0, basis rate 0.16%, historical quantile 28.90%, reference: China: East China: Market Price (Spot Benchmark Price): Styrene [1] - **LLDPE (L2509)**: Spot price 7340.0, futures price 7335.0, basis 5.0, basis rate 0.07%, historical quantile 21.10%, reference: Duty - Paid Self - Pick - up Price (Middle Price): Linear Low - Density Polyethylene LLDPE (Film Grade): Shandong [1] - **PP (PP2509)**: Spot price 7165.0, futures price 7130.0, basis 35.0, basis rate 0.49%, historical quantile 31.40%, reference: Duty - Paid Self - Pick - up Price (Middle Price): Polypropylene PP (Drawing Grade, Melt Index 2 - 4): Zhejiang [1] - **Caustic Soda (SH509)**: Spot price 2593.8, futures price 2593.0, basis 0.8, basis rate 0.03%, historical quantile 48.00%, reference: Market Price (Mainstream Price) Caustic Soda (32% Ion - Membrane Caustic Soda): Shandong Market: Converted to 100% [1] - **LPG (PG2509)**: Spot price 4448.0, futures price 3992.0, basis 456.0, basis rate 11.42%, historical quantile 62.90%, reference: Market Price: Liquefied Petroleum Gas: Guangzhou Region [1] - **Asphalt (BU2509)**: Spot price 3775.0, futures price 3569.0, basis 206.0, basis rate 5.77%, historical quantile 82.70%, reference: Market Price (Mainstream Price): Asphalt (Heavy - Traffic Asphalt): Shandong Region [1] - **Butadiene Rubber (BR2509)**: No data provided [1] - **Glass (FG509)**: Spot price 1200.0, futures price 1223.0, basis -23.0, basis rate -1.98%, historical quantile 57.77%, reference: Float Glass: 5mm: Large Plate: Market Price: Shahe: Shahe Great Wall Glass (Daily) [1] - **Soda Ash (SA509)**: Spot price 1320.0, futures price 1316.0, basis 4.0, basis rate 0.30%, historical quantile 33.61%, reference: Soda Ash: Heavy - Duty: Market Price: Shahe (Daily) [1] - **Urea (UR509)**: Spot price 1780.0, futures price 1738.0, basis 42.0, basis rate 2.42%, historical quantile 24.00%, reference: Market Price (Mainstream Price): Urea (Small Granules): Shandong Region [1] - **Methanol (MA509)**: Spot price 2392.5, futures price 2404.0, basis -11.5, basis rate -0.48%, historical quantile 27.30%, reference: China: Jiangsu Taicang: Market Price (Spot Benchmark Price): Methanol [1] - **PVC (V2509)**: Spot price 5100.0, futures price 5149.0, basis -49.0, basis rate -0.99%, historical quantile 67.80%, reference: China: Changzhou Market: Market Price (Mainstream Price): Polyvinyl Chloride (SG - 5) [1] - **Butadiene Rubber (BR9000)**: Spot price 12100.0, futures price 11955.0, basis 145.0, basis rate 1.21%, historical quantile 44.10%, reference: China: Distribution Price: Butadiene Rubber (Daqing, BR9000): PetroChina East China [1] - **Natural Rubber (RU2509)**: Spot price 15100.0, futures price 15065.0, basis 35.0, basis rate 0.23%, historical quantile 96.87%, reference: Shanghai Market Price: Natural Rubber (Yunnan State - Owned Full - Latex) [1] Agricultural Products - **Rapeseed Meal (RM509)**: Spot price 2540, futures price 2660.0, basis -120.0, historical quantile 15.90%, reference: Guangdong Zhanjiang Factory Price: Common Rapeseed Meal [1] - **Rapeseed Oil (O1509)**: Spot price 9490, futures price 9406.0, basis 84.0, basis rate 0.89%, historical quantile 36.50%, reference: Jiangsu: Nantong: Factory Price: Fourth - Grade Rapeseed Oil [1] - **Corn (C2509)**: Spot price 2350, futures price 2319.0, basis 31.0, basis rate 1.34%, historical quantile 63.30%, reference: FOB Price: Corn: Xizhou Port [1] - **Corn Starch (CS2509)**: Some data missing, reference: Jilin: Changchun: Factory Price: Corn Starch [1] - **Live Hogs (LH2509)**: Spot price 14080, futures price 14125.0, basis -45.0, basis rate -0.32%, historical quantile 41.30%, reference: Henan Factory Price: Live Hogs (External Ternary) [1] - **Eggs (JD2509)**: Spot price 3040, futures price 3576.0, basis -536.0, basis rate -14.99%, historical quantile 5.90%, reference: Hebei: Shijiazhuang: Average Price: Eggs [1] - **Cotton (CF509)**: Spot price 15473, futures price 14075.0, basis 1398.0, basis rate 9.93%, reference: Xinjiang: Factory - Arrival Price: Cotton: 3128B [1] - **Apples (AP510)**: Spot price 8600, futures price 8052.0, basis 548.0, basis rate 6.81%, historical quantile 43.40%, reference: Apples: Delivery Theoretical Price (Daily/Steel Union) [1] - **Jujubes (CJ601)**: Spot price 8300, futures price 10695.0, basis -2395.0, basis rate -22.39%, historical quantile 6.50%, reference: Grey Jujubes: First - Grade: Wholesale Price: Hebei (Steel Union) [1] - **Soybean Meal (M2509)**: Spot price 2860, futures price 2990.0, basis -130.0, basis rate -4.35%, historical quantile 15.30%, reference: Jiangsu·Zhangjiagang: Factory Price: Common Protein Soybean Meal [1] - **Soybean Oil (Y2509)**: Spot price 8180, futures price 8120.0, basis 60.0, basis rate 0.74%, historical quantile 4.30%, reference: Jiangsu: Zhangjiagang: Factory Price: Fourth - Grade Soybean Oil [1] - **Palm Oil (P2509)**: Spot price 8940, futures price 8946.0, basis -6.0, basis rate -0.07%, historical quantile 15.20%, reference: Delivery Price: Palm Oil: Huangpu Port [1] - **Sugar (SR509)**: Spot price 6120, futures price 5845.0, basis 275.0, basis rate 4.70%, historical quantile 53.80%, reference: Spot Price: White Sugar: Liuzhou Platform [1] - **Paraxylene (PX509)**: Spot price 7018.2, futures price 6890.0, basis 128.2, basis rate 1.86%, historical quantile 61.40%, reference: China Main Port: Spot Price (CFR): Paraxylene: Converted to RMB [1] Financial Futures - **IF2509.CFF**: Spot price 4135.8, futures price 4122.0, basis -13.8, basis rate -0.34%, historical quantile 30.10% [1] - **IC2509.CFE**: Some data missing [1] - **IM2509.CFE**: Spot price 6730.0, futures price 6602.0, basis -128.0, basis rate -1.94%, historical quantile 9.60% [1] - **2 - Year Treasury Bond (TS2509)**: Spot price 100.27, futures price 102.36, basis 0.00, historical quantile 25.50%, conversion factor 0.9796 [1] - **10 - Year Treasury Bond (T2509)**: Spot price 100.79, futures price 108.40, basis 0.05, basis rate 0.04%, historical quantile 20.80%, conversion factor provided [1] - **5 - Year Treasury Bond (TF2509)**: Spot price 100.71, futures price 105.72, basis 0.04, basis rate 0.04%, historical quantile 32.50%, conversion factor 0.9522 [1] - **30 - Year Treasury Bond (TL2509)**: Spot price 134.26, futures price 118.80, basis 0.26, basis rate 0.22%, historical quantile 35.20%, conversion factor 1.12

Group 1: Metals Ferrous Metals - The spot price of 72-silicon ferroalloy qualified block in Inner Mongolia - Tianjin warehouse receipt is 5,878, with a basis of 124 and a historical quantile of 0.03%. The futures price is 5,754 [1]. - The spot price of 65-silicon manganese in Inner Mongolia - Hubei warehouse receipt is 2,950, with a basis of 25.60%. The futures price is 5,948, and the converted price is 6,517 [1]. - The spot price of HRB400 20mm rebar in Shanghai is 3,380, with a basis of 86 and a historical quantile of 45.20%. The futures price is 3,294 [1]. - The spot price of Q235B 4.75mm hot-rolled coil in Shanghai is 3,470, with a basis of 14 and a historical quantile of 23.40%. The futures price is 3,456 [1]. - The spot price of 62.5% Brazilian blended powder (BRBF) from Vale at Rizhao Port is 839, with a basis of 25.50%. The futures price is 811, and the converted price is based on the corresponding standard [1]. - The spot price of quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port is 1,735, with a basis of - 11.28%. The futures price is 1,539 [1]. - The spot price of S1.3 G75 main coking coal (Mongolian 5) at Shaheyi is 1,199, with a basis of - 5.88%. The futures price is 1,134 [1]. Non - ferrous Metals - The spot price of SMM 1 electrolytic copper is 79,795, with a basis of - 95 and a historical quantile of 32.91%. The futures price is 79,890 [1]. - The spot price of SMM A00 aluminum is 20,720, with a basis of - 40 and a historical quantile of 39.37%. The futures price is 20,760 [1]. - The spot price of SMM alumina index is 3,427, with a basis of - 184 and a historical quantile of 6.82%. The futures price is 3,243 [1]. - The spot price of SMM 1 zinc ingot is 22,810, with a basis of - 15 and a historical quantile of 10.41%. The futures price is 23,015 [1]. - The spot price of SMM 1 tin is 272,400, with a basis of 1,550 and a historical quantile of 13.75%. The futures price is 273,950 [1]. - The spot price of SMM 1 imported nickel is 124,360, with a basis of - 260 and a historical quantile of 42.29%. The futures price is 124,100 [1]. - The spot price of 304/2B:2*1240*C stainless steel from Wuxi Hongwang (including trimming fee) is 13,070, with a basis of 135 and a historical quantile of 33.04%. The futures price is 12,935 [1]. - The spot price of SMM battery - grade lithium carbonate is 76,680, with a basis of - 6,130 and a historical quantile of 4.40%. The futures price is 70,550 [1]. - The spot price of SMM industrial silicon is 10,000, with a basis of 475 and a historical quantile of 35.29%. The futures price is not clearly presented in a comparable way [1]. Precious Metals - The spot price of Shanghai Gold Exchange's gold AU (T + D) is 778.7, with a basis of - 3.6 and a historical quantile of 14.30%. The futures price is 775.1 [1]. - The spot price of Shanghai Gold Exchange's silver AG (T + D) is 9,386.0, with a basis of - 35.0 and a historical quantile of 17.80%. The futures price is 9,351.0 [1]. Group 2: Agricultural Products - The spot price of common soybean meal in Jiangsu Zhangjiagang is 2,860, with a basis of - 165.0 and a historical quantile of 9.20%. The futures price is 3,025.0 [1]. - The spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8,200, with a basis of 34.0 and a historical quantile of 2.10%. The futures price is 8,166.0 [1]. - The spot price of palm oil at Huangpu Port is 9,104.0, with a basis of - 44.0 and a historical quantile of 8.60%. The futures price is 9,060 [1]. - The spot price of common rapeseed meal in Guangdong Zhanjiang is 2,682.0, with a basis of - 122.0 and a historical quantile of 15.20%. The futures price is 2,560 [1]. - The spot price of fourth - grade rapeseed oil in Jiangsu Nantong is 9,540, with a basis of 48.0 and a historical quantile of 24.00%. The futures price is 9,492.0 [1]. - The spot price of corn at Jinzhou Port is 2,360, with a basis of 42.0 and a historical quantile of 67.80%. The futures price is 2,318.0 [1]. - The spot price of corn starch in Jilin Changchun is 2,740, with a basis of 71.0 and a historical quantile of 32.50%. The futures price is 2,669.0 [1]. - The spot price of live pigs (outer ternary) in Henan is 14,200, with a basis of - 165.0 and a historical quantile of 39.60%. The futures price is 14,365.0 [1]. - The spot price of eggs in Hebei Shijiazhuang is 3,636.0, with a basis of - 416.0 and a historical quantile of 8.90%. The futures price is 3,220 [1]. - The spot price of cotton (3128B) in Xinjiang is 15,431, with a basis of - 1,271.0 and a historical quantile of 8.98%. The futures price is 14,160.0 [1]. - The spot price of white sugar at Liuzhou Station is 6,120, with a basis of 254.0 and a historical quantile of 51.90%. The futures price is 5,866.0 [1]. - The theoretical delivery price of apples is 8,600, with a basis of 631.0 and a historical quantile of 50.40%. The futures price is 7,969.0 [1]. - The wholesale price of first - grade grey dates in Hebei is 10,515.0, with a basis of - 2,215.0 and a historical quantile of 8.60%. The futures price is 8,300 [1]. Group 3: Energy and Chemicals - The spot price of paraxylene at the Chinese main port (CFR) converted to RMB is 7,043.0, with a basis of 87.0 and a historical quantile of 52.90%. The futures price is 6,956.0 [1]. - The spot price of purified terephthalic acid (PTA) in the East China region is 4,850.0, with a basis of - 30.0 and a historical quantile of 41.30%. The futures price is 4,820.0 [1]. - The spot price of ethylene glycol in the East China region is 4,540.0, with a basis of 55.0 and a historical quantile of 81.10%. The futures price is 4,485.0 [1]. - The spot price of polyester fiber in the East China market is 6,605.0, with a basis of 85.0 and a historical quantile of 66.60%. The futures price is 6,520.0 [1]. - The spot price of styrene in East China is 7,450.0, with a basis of 10.0 and a historical quantile of 28.60%. The futures price is 7,440.0 [1]. - The spot price of methanol in Jiangsu Taicang is 2,480.0, with a basis of - 17.5 and a historical quantile of 23.10%. The futures price is 2,462.5 [1]. - The spot price of urea in Shandong is 1,810.0, with a basis of 25.0 and a historical quantile of 18.70%. The futures price is 1,785.0 [1]. - The spot price of linear low - density polyethylene (LLDPE) in Shandong is 7,385.0, with a basis of - 105.0 and a historical quantile of 2.90%. The futures price is 7,280.0 [1]. - The spot price of polypropylene (PP) in Zhejiang is 7,181.0, with a basis of - 41.0 and a historical quantile of 14.50%. The futures price is 7,140.0 [1]. - The spot price of polyvinyl chloride (SG - 5) in the Changzhou market is 5,238.0, with a basis of - 148.0 and a historical quantile of 38.50%. The futures price is 5,090.0 [1]. - The spot price of caustic soda (32% ion - membrane caustic soda) in Shandong is 2,675.0, with a basis of - 81.3 and a historical quantile of 37.00%. The futures price is 2,593.8 [1]. - The spot price of liquefied petroleum gas in Guangzhou is 4,548.0, with a basis of 525.0 and a historical quantile of 69.80%. The futures price is 4,023.0 [1]. - The spot price of asphalt in Shandong is 3,785.0, with a basis of 183.0 and a historical quantile of 80.60%. The futures price is 3,602.0 [1]. - The spot price of butadiene rubber in China is 12,285.0, with a basis of - 85.0 and a historical quantile of - 0.69%. The futures price is 12,200.0 [1]. - The spot price of glass in Shahe is 1,307.0, with a basis of - 131.0 and a historical quantile of 17.85%. The futures price is 1,176.0 [1]. - The spot price of heavy - quality soda ash in Shahe is 1,408.0, with a basis of - 10.0 and a historical quantile of 26.68%. The futures price is 1,398.0 [1]. - The spot price of natural rubber in Shanghai is 15,245.0, with a basis of - 245.0 and a historical quantile of 81.66%. The futures price is 15,000.0 [1]. Group 4: Financial Futures Stock Index Futures - For IF2509.CFE, the spot price is 4,149.0, with a basis of - 7.8 and a historical quantile of 40.60%. The futures price is 4,141.2 [1]. - For IH2509.CFE, the spot price is 2,816.6, with a basis of 4.2 and a historical quantile of 80.90%. The futures price is 2,812.4 [1]. - For IC2509.CFE, the spot price is 6,293.6, with a basis of - 67.6 and a historical quantile of 9.70%. The futures price is 6,226.0 [1]. - For IM2509.CFE, the spot price is 6,701.1, with a basis of - 82.5 and a historical quantile of 15.10%. The futures price is 6,618.6 [1]. Bond Futures - For 2 - year bond (TS2509), the spot price is 102.31, with a basis of 0.00 and a historical quantile of 27.00%. The futures price is 100.23, and the conversion factor is 0.9796 [1]. - For 5 - year bond (TF2509), the spot price is 105.61, with a basis of 0.02 and a historical quantile of 30.70%. The futures price is 100.59, and the conversion factor is 0.9522 [1]. - For 10 - year bond (T2509), the spot price is 108.26, with a basis of 0.01 and a historical quantile of 17.10%. The futures price is 100.63, and the conversion factor is 0.9294 [1]. - For 30 - year bond (TL2509), the spot price is 133.85, with a basis of 0.17 and a historical quantile of 23.80%. The futures price is 118.52, and the conversion factor is 1.1279 [1].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View - The report presents the basis rate, changes compared to the previous day, current - month basis, next - month basis, subsequent - month basis, contract prices, and spot prices of various futures on July 22, 2025, including non - ferrous metals, precious metals, industrial products, agricultural products, and financial futures [4]. 3. Summary by Commodity Category Non - Ferrous Metals - Copper (CU): Basis rate is 0.41%, down 0.04% from yesterday, current - month basis is 325, spot price is 79,555 [4]. - Aluminum (AL): Basis rate is 0.70%, down 0.25% from yesterday, current - month basis is 110, spot price is 20,890 [4]. - Zinc (ZN): Basis rate is 0.15%, up 0.06% from yesterday, current - month basis is 70, spot price is 22,820 [4]. - Tin (SN): Basis rate is 0.61%, up 0.01% from yesterday, current - month basis is 1,630, spot price is 267,200 [4]. - Nickel (NI): Basis rate is 0.95%, down 0.09% from yesterday, current - month basis is 1,160, spot price is 122,850 [4]. - Industrial Silicon: Basis rate is 4.28%, down 1.73% from yesterday, current - month basis is 415, spot price is 9,500 [4]. - Lithium Carbonate (LC): Basis rate is - 4.14%, down 0.04% from yesterday, current - month basis is - 2,880, spot price is 68,020 [4]. Precious Metals - Gold (AU): Basis rate is - 0.60%, down 0.13% from yesterday, current - month basis is - 2.32, spot price is 777.00 [4]. - Silver (AG): Basis rate is - 0.49%, up 0.18% from yesterday, current - month basis is - 16, spot price is 9,226 [4]. Industrial Products - Rebar (RB): Basis rate is 3.29%, down 0.62% from yesterday, current - month basis is 106, spot price is 3,330 [4]. - Hot - Rolled Coil (HC): Basis rate is 1.06%, down 0.45% from yesterday, current - month basis is 36, spot price is 3,430 [4]. - Iron Ore: Basis rate is 4.64%, unchanged from yesterday, current - month basis is 36.5, spot price is 821.5 [4]. - Coke: Basis rate is - 7.93%, down 0.20% from yesterday, current - month basis is - 127.1, spot price is 1,476 [4]. - Coking Coal (JIM): Basis rate is 9.34%, down 9.45% from yesterday, current - month basis is 94.0, spot price is 1,100 [4]. - Power Coal (ZC): Basis rate is 20.14%, up 0.25% from yesterday, current - month basis is - 161.4, spot price is 640 [4]. - Ferrosilicon (SF): Basis rate is - 6.32%, down 1.63% from yesterday, current - month basis is - 358, spot price is 5,310 [4]. - Ferromanganese (SM): Basis rate is - 1.08%, down 1.87% from yesterday, current - month basis is - 64, spot price is 5,850 [4]. - Stainless Steel: Basis rate is - 0.43%, down 0.62% from yesterday, current - month basis is - 25, spot price is 12,850 [4]. - Glass (FG): Basis rate is 0.60%, down 6.71% from yesterday, current - month basis is 7, spot price is 1,180 [4]. Grains and Oils - Soybeans: Basis rate is - 5.69%, down 0.23% from yesterday, current - month basis is - 239, spot price is 3,960 [4]. - Soybean Meal (M): Basis rate is - 5.83%, down 0.40% from yesterday, current - month basis is - 179, spot price is 2,890 [4]. - Rapeseed Meal (RM): Basis rate is - 3.19%, up 0.19% from yesterday, current - month basis is - 87, spot price is 2,640 [4]. - Soybean Oil (V): Basis rate is 3.19%, up 0.86% from yesterday, current - month basis is 258, spot price is 8,350 [4]. - Rapeseed Oil (Ol): Basis rate is 0.77%, unchanged from yesterday, current - month basis is 74, spot price is 9,660 [4]. - Peanuts: Basis rate is 9.68%, up 0.21% from yesterday, current - month basis is 794, spot price is 9,000 [4]. - Palm Oil: Basis rate is 0.67%, up 0.61% from yesterday, current - month basis is 60, spot price is 8,970 [4]. - Corn: Basis rate is 0.00%, down 0.26% from yesterday, current - month basis is 0, spot price is 2,320 [4]. - Corn Starch (CS): Basis rate is 0.60%, down 0.23% from yesterday, current - month basis is 16, spot price is 2,680 [4]. Agricultural and Sideline Products - Apples (AP): Basis rate is - 1.55%, down 0.50% from yesterday, current - month basis is - 123, spot price is 7,800 [4]. - Eggs (JD): Basis rate is - 12.54%, down 1.00% from yesterday, current - month basis is - 456, spot price is 3,180 [4]. - Hogs (LH): Basis rate is 0.24%, down 1.63% from yesterday, current - month basis is 0, spot price is 14,400 [4]. - Cotton (CF): Basis rate is 9.90%, up 1.22% from yesterday, current - month basis is 1,404, spot price is 15,589 [4]. Soft Commodities - Sugar (SR): Basis rate is 4.81%, down 0.23% from yesterday, current - month basis is 281, spot price is 6,120 [4]. - Methanol (MA): Basis rate is 0.89%, down 0.80% from yesterday, current - month basis is 22, spot price is 2,433 [4]. - Ethanol (EG): Basis rate is 1.47%, up 0.13% from yesterday, current - month basis is 65, spot price is 4,475 [4]. - PTA (TA): Basis rate is 0.21%, down 0.34% from yesterday, current - month basis is 10, spot price is 4,790 [4]. - Polypropylene (PP): Basis rate is 3.23%, down 1.15% from yesterday, current - month basis is 229, spot price is 7,320 [4]. - Styrene (EB): Basis rate is 0.91%, down 0.36% from yesterday, current - month basis is 137, spot price is 7,560 [4]. - Short - Fiber (PF): Basis rate is 3.39%, down 0.97% from yesterday, current - month basis is 218, spot price is 6,650 [4]. - Plastic: Basis rate is - 0.55%, down 1.02% from yesterday, current - month basis is - 40, spot price is 7,250 [4]. - PVC (V): Basis rate is 5.61%, down 3.87% from yesterday, current - month basis is 287, spot price is 5,405 [4]. - Rubber (RU): Basis rate is - 0.30%, down 0.23% from yesterday, current - month basis is - 45, spot price is 14,850 [4]. - 20 - Number Rubber (NR): Basis rate is 1.31%, down 0.36% from yesterday, current - month basis is 167, spot price is 12,917 [4]. - Soda Ash (SA): Basis rate is - 0.77%, up 0.05% from yesterday, current - month basis is - 10, spot price is 1,285 [4]. - Urea (UR): Basis rate is 1.55%, down 2.18% from yesterday, current - month basis is 28, spot price is 1,840 [4]. - Pulp (SP): Basis rate is 11.78%, down 0.89% from yesterday, current - month basis is 629, spot price is 5,963 [4]. Energy and Chemicals - Crude Oil (SC): Basis rate is - 5.41%, up 3.12% from yesterday, current - month basis is - 27.7, spot price is 484.6 [4]. - Fuel Oil (EU): Basis rate is 4.30%, down 0.72% from yesterday, current - month basis is 126, spot price is 3,050 [4]. - Asphalt (BU): Basis rate is 5.41%, up 0.90% from yesterday, current - month basis is 198, spot price is 3,855 [4]. - Low - Sulfur Fuel Oil (LU): Basis rate is 2.30%, up 1.65% from yesterday, current - month basis is 82, spot price is 3,685 [4]. - LPG (PG): Basis rate is 10.14%, down 0.84% from yesterday, current - month basis is 464, spot price is 4,498 [4]. Stock Index Futures - CSI 300 (IF): Basis rate is 0.51%, up 0.10% from yesterday, current - month basis is 11.0, spot price is 4,085.6 [4]. - SSE 50 (IH): Basis rate is 0.04%, up 0.13% from yesterday, current - month basis is 1.2, spot price is 2,772.2 [4]. - CSI 500 (IC): Basis rate is 1.75%, up 0.10% from yesterday, current - month basis is 54.7, spot price is 6,161.3 [4].

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The report presents a detailed table of the basis rate statistics for various futures on July 22, 2025, including the basis rate, change from the previous day, monthly basis, and contract prices for different commodities across multiple sectors such as non - ferrous metals, precious metals, energy chemicals, and agricultural products. 3. Summary by Related Categories Non - Ferrous Metals - Copper (CU): Basis rate is 0.41%, down 0.04% from the previous day, with a current month basis of 325 and a spot price of 79,555 [4]. - Aluminum (AL): Basis rate is 0.70%, down 0.25% from the previous day, current month basis is 110, and spot price is 20,890 [4]. - Zinc (ZN): Basis rate is 0.15%, up 0.06% from the previous day, current month basis is 70, and spot price is 22,820 [4]. - Tin (SN): Basis rate is 0.61%, up 0.01% from the previous day, current month basis is 1630, and spot price is 267,200 [4]. - Nickel (NI): Basis rate is 0.95%, down 0.09% from the previous day, current month basis is 1160, and spot price is 122,850 [4]. - Industrial Silicon: Basis rate is 4.28%, down 1.73% from the previous day, current month basis is 415, and spot price is 9500 [4]. - Lithium Carbonate (LC): Basis rate is - 4.14%, down 0.04% from the previous day, current month basis is - 2880, and spot price is 68,020 [4]. Precious Metals - Gold (AU): Basis rate is - 0.60%, down 0.13% from the previous day, current month basis is - 2.32, and spot price is 777.00 [4]. - Silver (AG): Basis rate is - 0.49%, up 0.18% from the previous day, current month basis is - 16, and spot price is 9226 [4]. Energy Chemicals - Crude Oil (SC): Basis rate is - 5.41%, up 3.12% from the previous day, current month basis is - 27.7, and spot price is 484.6 [4]. - Fuel Oil (EU): Basis rate is 4.30%, down 0.72% from the previous day, current month basis is 126, and spot price is 3050 [4]. - Asphalt (BU): Basis rate is 5.41%, up 0.90% from the previous day, current month basis is 198, and spot price is 3855 [4]. - Low - Sulfur Fuel Oil (LU): Basis rate is 2.30%, up 1.65% from the previous day, current month basis is 82, and spot price is 3685 [4]. - LPG (PG): Basis rate is 10.14%, down 0.84% from the previous day, current month basis is 464, and spot price is 4498 [4]. Agricultural Products - Soybean: Basis rate is - 5.69%, down 0.23% from the previous day, current month basis is - 239, and spot price is 3960 [4]. - Bean Meal (M): Basis rate is - 5.83%, down 0.40% from the previous day, current month basis is - 179, and spot price is 2890 [4]. - Rapeseed Meal (RM): Basis rate is - 3.19%, up 0.19% from the previous day, current month basis is - 87, and spot price is 2640 [4]. - Corn: Basis rate is 0.00%, down 0.26% from the previous day, current month basis is 0, and spot price is 2320 [4]. - Corn Starch (CS): Basis rate is 0.60%, down 0.23% from the previous day, current month basis is 16, and spot price is 2680 [4]. - Apple (AP): Basis rate is - 1.55%, down 0.50% from the previous day, current month basis is - 123, and spot price is 7800 [4]. - Eggs (JD): Basis rate is - 12.54%, down 1.00% from the previous day, current month basis is - 456, and spot price is 3180 [4]. - Live Pigs (LH): Basis rate is 0.24%, down 1.63% from the previous day, current month basis is not clear, and spot price is 14,400 [4]. - Cotton (CF): Basis rate is 9.90%, up 1.22% from the previous day, current month basis is 1404, and spot price is 15,589 [4]. - Sugar (SR): Basis rate is 4.81%, down 0.23% from the previous day, current month basis is 281, and spot price is 6120 [4]. Others - Rebar (RB): Basis rate is 3.29%, down 0.62% from the previous day, current month basis is 106, and spot price is 3330 [4]. - Hot - Rolled Coil (HC): Basis rate is 1.06%, down 0.45% from the previous day, current month basis is 36, and spot price is 3430 [4]. - Iron Ore: Basis rate is 4.64%, unchanged from the previous day, current month basis is 36.5, and spot price is 821.5 [4]. - Coke: Basis rate is - 7.93%, down 0.20% from the previous day, current month basis is - 127.1, and spot price is 1476 [4]. - Coking Coal (JIM): Basis rate is 9.34%, down 9.45% from the previous day, current month basis is 94.0, and spot price is 1100.0 [4]. - Silicon Iron (SF): Basis rate is - 6.32%, down 1.63% from the previous day, current month basis is - 358, and spot price is 5310 [4]. - Manganese Ore (SM): Basis rate is - 1.08%, down 1.87% from the previous day, current month basis is - 64, and spot price is 5850 [4]. - Stainless Steel: Basis rate is - 0.43%, down 0.62% from the previous day, current month basis is - 25, and spot price is 12,850 [4]. - Glass (FG): Basis rate is 0.60%, down 6.71% from the previous day, current month basis is 7, and spot price is 1180 [4]. - Methanol (MA): Basis rate is 0.89%, down 0.80% from the previous day, current month basis is 22, and spot price is 2433 [4]. - Ethanol (EG): Basis rate is 1.47%, up 0.13% from the previous day, current month basis is 65, and spot price is 4475 [4]. - PTA (TA): Basis rate is 0.21%, down 0.34% from the previous day, current month basis is 10, and spot price is 4790 [4]. - Polypropylene (PP): Basis rate is 3.23%, down 1.15% from the previous day, current month basis is 229, and spot price is 7320 [4]. - Styrene (EB): Basis rate is 0.91%, down 0.36% from the previous day, current month basis is 137, and spot price is 7560 [4]. - Short - Fiber (PF): Basis rate is 3.39%, down 0.97% from the previous day, current month basis is 218, and spot price is 6650 [4]. - Plastic: Basis rate is - 0.55%, down 1.02% from the previous day, current month basis is - 40, and spot price is 7250 [4]. - PVC (V): Basis rate is 5.61%, down 3.87% from the previous day, current month basis is 287, and spot price is 5405 [4]. - Rubber (RU): Basis rate is - 0.30%, down 0.23% from the previous day, current month basis is - 45, and spot price is 14,850 [4]. - 20 - Numbered Rubber (NR): Basis rate is 1.31%, down 0.36% from the previous day, current month basis is 167, and spot price is 12,917 [4]. - Soda Ash (SA): Basis rate is - 0.77%, up 0.05% from the previous day, current month basis is - 10, and spot price is 1285 [4]. - Urea (UR): Basis rate is 1.55%, down 2.18% from the previous day, current month basis is 28, and spot price is 1840 [4]. - Pulp (SP): Basis rate is 11.78%, down 0.89% from the previous day, current month basis is 629, and spot price is 5963 [4]. Stock Index Futures - CSI 300 (IF): Basis rate is 0.51%, up 0.10% from the previous day, current month basis is 11.0, and spot price is 4085.6 [4]. - SSE 50 (IH): Basis rate is 0.04%, up 0.13% from the previous day, current month basis is 1.2, and spot price is 2772.2 [4]. - CSI 500 (IC): Basis rate is 1.75%, up 0.10% from the previous day, current month basis is 54.7, and spot price is 6161.3 [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints provided in the given content. The report mainly presents the price, basis, basis rate, and historical quantile data of various futures and spot products across different industries. 3. Summary by Related Catalogs Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 5428, futures price is 5264, basis is 164, basis rate is 3.12%, and historical quantile is 79.10% [1] - **Silicon Manganese (SM509)**: Spot price is 5720, futures price is 5536, basis is 184, basis rate is 3.32%, and historical quantile is 55.60% [1] - **Rebar (RB2510)**: Spot price is 3090, futures price is 2981, basis is 109, basis rate is 3.66%, and historical quantile is 51.80% [1] - **Hot - Rolled Coil (HC2510)**: Spot price is 3190, futures price is 3093, basis is 97, basis rate is 3.14%, and historical quantile is 55.60% [1] - **Iron Ore (I2509)**: Spot price is 766, futures price is 700, basis is 67, basis rate is 9.64%, and historical quantile is 52.30% [1] - **Coke (J2509)**: Spot price is 1347, futures price is 1366, basis is - 19, basis rate is - 1.36%, and historical quantile is 35.17% [1] - **Coking Coal (JM2509)**: Spot price is 833, futures price is 790, basis is 44, basis rate is 5.51%, and historical quantile is 30.20% [1] Non - Ferrous Metals - **Copper (CU2507)**: Spot price is 78715, futures price is 78570, basis is 145, basis rate is 0.18%, and historical quantile is 56.04% [1] - **Aluminum (AL2507)**: Spot price is 20620, futures price is 20460, basis is 160, basis rate is 0.78%, and historical quantile is 84.58% [1] - **Alumina (AO2509)**: Spot price is 3213, futures price is 2860, basis is 353, basis rate is 12.34%, and historical quantile is 88.54% [1] - **Zinc (ZN2507)**: Spot price is 21940, futures price is 21905, basis is 35, basis rate is 0.16%, and historical quantile is 50.41% [1] - **Tin (SN2507)**: Spot price is 264000, futures price is 263730, basis is 270, basis rate is 0.10%, and historical quantile is 54.79% [1] - **Nickel (NI2507)**: Spot price is 118675, futures price is 118570, basis is 105, basis rate is 0.09%, and historical quantile is 59.58% [1] - **Stainless Steel (SS2508)**: Spot price is 12870, futures price is 12480, basis is 390, basis rate is 3.13%, and historical quantile is 78.75% [1] - **Lithium Carbonate (LC2509)**: Spot price is 60450, futures price is 29860, basis is 590, basis rate is 0.99%, and historical quantile is 54.40% [1] - **Industrial Silicon (SI2509)**: Spot price is 8150, futures price is 7360, basis is 790, basis rate is 10.73%, and historical quantile is 54.01% [1] Precious Metals - **Gold (AU2508)**: Spot price is 782.9, futures price is 785.1, basis is - 2.1, basis rate is - 0.27%, and historical quantile is 38.30% [1] - **Silver (AG2508)**: Spot price is 8831.0, futures price is 8864.0, basis is - 33.0, basis rate is - 0.37%, and historical quantile is 17.80% [1] Agricultural Products - **Soybean Meal (M2509)**: Spot price is 2890, futures price is 3074.0, basis is - 184.0, basis rate is - 5.99%, and historical quantile is 2.80% [1] - **Soybean Oil (Y2509)**: Spot price is 8150, futures price is 7972.0, basis is 178.0, basis rate is 2.23%, and historical quantile is 23.40% [1] - **Palm Oil (P2509)**: Spot price is 8730, futures price is 8446.0, basis is 284.0, basis rate is 3.36%, and historical quantile is 61.40% [1] - **Rapeseed Meal (RM509)**: Spot price is 2570, futures price is 2682.0, basis is - 112.0, basis rate is - 4.18%, and historical quantile is 15.60% [1] - **Rapeseed Oil (OI509)**: Spot price is 9780, futures price is 9583.0, basis is 197.0, basis rate is 2.06%, and historical quantile is 60.80% [1] - **Corn (C2507)**: Spot price is 2370, futures price is 2364.0, basis is 6.0, basis rate is 0.25%, and historical quantile is 50.20% [1] - **Corn Starch (CS2507)**: Spot price is 2700, futures price is 2685.0, basis is 15.0, basis rate is 0.56%, and historical quantile is 15.10% [1] - **Live Hogs (LH2509)**: Spot price is 14250, futures price is 13815.0, basis is 435.0, basis rate is 3.15%, and historical quantile is 51.60% [1] - **Eggs (JD2508)**: Spot price is 2670, futures price is 3545.0, basis is - 875.0, basis rate is - 24.68%, and historical quantile is 0.60% [1] - **Cotton (CF509)**: Spot price is 14762, futures price is 13525.0, basis is 1237.0, basis rate is 9.15%, and historical quantile is 86.90% [1] - **Sugar (SR509)**: Spot price is 6130, futures price is 5691.0, basis is 439.0, basis rate is 7.71%, and historical quantile is 79.90% [1] - **Apples (AP510)**: Spot price is 8600, futures price is 7652.0, basis is 948.0, basis rate is 12.39%, and historical quantile is 69.60% [1] - **Red Dates (CJ509)**: Spot price is 8300, futures price is 8895.0, basis is - 595.0, basis rate is - 6.69%, and historical quantile is 69.70% [1] Energy and Chemicals - **Para - Xylene (PX509)**: Spot price is 7133.8, futures price is 6776.0, basis is 357.8, basis rate is 5.28%, and historical quantile is 98.00% [1] - **PTA (TA509)**: Spot price is 5030.0, futures price is 4782.0, basis is 248.0, basis rate is 5.19%, and historical quantile is 84.10% [1] - **Ethylene Glycol (EG2509)**: Spot price is 4455.0, futures price is 4400.0, basis is 55.0, basis rate is 1.25%, and historical quantile is 82.50% [1] - **Polyester Staple Fiber (PF508)**: Spot price is 6640.0, futures price is 6546.0, basis is 94.0, basis rate is 1.44%, and historical quantile is 69.30% [1] - **Styrene (EB2507)**: Spot price is 7920.0, futures price is 7474.0, basis is 446.0, basis rate is 5.97%, and historical quantile is 87.10% [1] - **Methanol (MA509)**: Spot price is 2590.0, futures price is 2455.0, basis is 135.0, basis rate is 5.50%, and historical quantile is 88.10% [1] - **Urea (UR509)**: Spot price is 1810.0, futures price is 1774.0, basis is 36.0, basis rate is 2.03%, and historical quantile is 22.00% [1] - **LLDPE (L2509)**: Spot price is 7350.0, futures price is 7317.0, basis is 33.0, basis rate is 0.45%, and historical quantile is 28.20% [1] - **PP (PP2509)**: Spot price is 7200.0, futures price is 7125.0, basis is 75.0, basis rate is 1.05%, and historical quantile is 42.40% [1] - **PVC (V2509)**: Spot price is 4750.0, futures price is 4833.0, basis is - 83.0, basis rate is - 1.72%, and historical quantile is 58.90% [1] - **Caustic Soda (SH209)**: Spot price is 2593.8, futures price is 2273.0, basis is 320.8, basis rate is 14.11%, and historical quantile is 83.30% [1] - **LPG (PG2507)**: Spot price is 4698.0, futures price is 4382.0, basis is 316.0, basis rate is 7.21%, and historical quantile is 51.60% [1] - **Asphalt (BU2509)**: Spot price is 3800.0, futures price is 3644.0, basis is 156.0, basis rate is 4.28%, and historical quantile is 79.10% [1] - **Butadiene Rubber (BR2507)**: Spot price is 11800.0, futures price is 11485.0, basis is 315.0, basis rate is 2.74%, and historical quantile is 61.10% [1] - **Glass (FG509)**: Spot price is 1024.0, futures price is 974.0, basis is 50.0, basis rate is 4.88%, and historical quantile is 80.67% [1] - **Soda Ash (SA509)**: Spot price is 1201.0, futures price is 1159.0, basis is 42.0, basis rate is 3.50%, and historical quantile is 43.90% [1] - **Natural Rubber (RU2509)**: Spot price is 13850.0, futures price is 13870.0, basis is - 20.0, basis rate is - 0.14%, and historical quantile is 95.62% [1] Financial Futures - **CSI 300 (IF2506)**: Spot price is 3870.4, futures price is 3868.6, basis is - 1.8, basis rate is - 0.05%, and historical quantile is 55.90% [1] - **SSE 50 (IH2506)**: Spot price is 2684.0, futures price is 2680.8, basis is - 3.2, basis rate is - 0.12%, and historical quantile is 42.70% [1] - **CSI 500 (IC2506)**: Spot price is 5750.9, futures price is 5748.4, basis is - 2.5, basis rate is - 0.04%, and historical quantile is 81.10% [1] - **CSI 1000 (IM2506)**: Spot price is 6141.5, futures price is 6130.0, basis is - 11.5, basis rate is - 0.19%, and historical quantile is 62.70% [1] - **2 - Year Treasury Bond (TS2509)**: Spot price is 100.38, futures price is 102.54, basis is - 0.07, basis rate is - 0.07%, and historical quantile is 11.00% [1] - **5 - Year Treasury Bond (TF2509)**: Spot price is 101.17, futures price is 106.30, basis is - 0.04, basis rate is - 0.04%, and historical quantile is 21.90% [1] - **10 - Year Treasury Bond (T2509)**: Spot price is 101.42, futures price is 109.15, basis is - 0.02, basis rate is - 0.02%, and historical quantile is 13.10% [1] - **30 - Year Treasury Bond (TL2509)**: Spot price is 136.63, futures price is 120.79, basis is 0.39, basis rate is 0.32%, and historical quantile is 55.60% [1]