Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Not explicitly stated in the provided content Summary by Categories Black Series - For silicon iron (SF603), the futures price is 5978, the basis is 104, the spot price is 5874, the basis rate is 1.80%, and the historical quantile of the basis rate is 71.50% [1] - For silicon manganese (SM603), the futures price is 6600, the basis is 156, the spot price is 6444, the basis rate is 2.40%, and the historical quantile of the basis rate is 57.30% [1] - For rebar (RB2605), the futures price is 3121, the basis is 99, the spot price is 3220, the basis rate is 3.20%, and the historical quantile of the basis rate is 47.10% [1] - For hot - rolled coil (HC2605), the futures price is 3280, the basis is - 14, the spot price is 3294, the basis rate is - 0.40%, and the historical quantile of the basis rate is 13.60% [1] - For iron ore (I2605), the futures price is 808, the basis is 28, the spot price is 836, the basis rate is 3.40%, and the historical quantile of the basis rate is 23.50% [1] - For coke (J2605), the futures price is 1702, the basis is 54, the spot price is 1756, the basis rate is 3.20%, and the historical quantile of the basis rate is 86.80% [1] - For main coking coal (S1.3 G75, Mongolian No.5) at Shaheyi, the futures price is 1149, the basis is 130, the spot price is 1278, the basis rate is 11.30%, and the historical quantile of the basis rate is 61.60% [1] Non - ferrous Metals - For copper (CU2605), the futures price is 95340, the basis is 260, the spot price is 95600, the basis rate is 0.27%, and the historical quantile of the basis rate is 77.70% [1] - For aluminum (AL2605), the futures price is 24610, the basis is - 265, the spot price is 24875, the basis rate is - 1.07%, and the historical quantile of the basis rate is 8.10% [1] - For alumina (AO2605), the futures price is 2788, the basis is - 39, the spot price is 2827, the basis rate is - 1.39%, and the historical quantile of the basis rate is 25.60% [1] - For zinc (ZN2605), the futures price is 23480, the basis is - 120, the spot price is 23360, the basis rate is - 0.51%, and the historical quantile of the basis rate is 32.50% [1] - For tin (SN2605), the futures price is 368000, the basis is 3550, the spot price is 371550, the basis rate is 0.96%, and the historical quantile of the basis rate is 91.90% [1] - For nickel (NI2605), the futures price is 135000, the basis is 220, the spot price is 134780, the basis rate is 0.16%, and the historical quantile of the basis rate is 65.80% [1] - For stainless steel (SS2605), the futures price is 14160, the basis is 410, the spot price is 14400, the basis rate is 2.90%, and the historical quantile of the basis rate is 70.60% [1] - For lithium carbonate (LC2605), the futures price is 157200, the basis is 5800, the spot price is 163000, the basis rate is 3.69%, and the historical quantile of the basis rate is 97.80% [1] - For industrial silicon (SI2605), the futures price is 8322, the basis is 795, the spot price is 9150, the basis rate is 9.52%, and the historical quantile of the basis rate is 53.80% [1] Precious Metals - For gold (AU2606), the futures price is 1015.7, the basis is - 4.4, the spot price is 1020.10, the basis rate is - 0.43%, and the historical quantile of the basis rate is 9.30% [1] - For silver (AG2606), the futures price is 18031.0, the basis is - 95.0, the spot price is 18126.0, the basis rate is - 0.52%, and the historical quantile of the basis rate is 7.00% [1] Agricultural Products - For soybean meal (M2605), the futures price is 2915, the basis is 205, the spot price is 3120, the basis rate is 7.03%, and the historical quantile of the basis rate is 61.90% [1] - For soybean oil (Y2605), the futures price is 8668, the basis is 262, the spot price is 8930, the basis rate is 3.02%, and the historical quantile of the basis rate is 55.40% [1] - For palm oil (P2605), the futures price is 9866, the basis is - 46, the spot price is 9820, the basis rate is - 0.47%, and the historical quantile of the basis rate is 13.30% [1] - For rapeseed meal (RM605), the futures price is 2299, the basis is 11, the spot price is 2310, the basis rate is 0.48%, and the historical quantile of the basis rate is 49.70% [1] - For rapeseed oil (OI605), the futures price is 9884, the basis is 516, the spot price is 10400, the basis rate is 5.22%, and the historical quantile of the basis rate is 91.70% [1] - For corn (C2605), the futures price is 2351, the basis is 29, the spot price is 2380, the basis rate is 1.23%, and the historical quantile of the basis rate is 49.00% [1] - For corn starch (CS2605), the futures price is 2745, the basis is 155, the spot price is 2900, the basis rate is 5.65%, and the historical quantile of the basis rate is 76.90% [1] - For live pigs (LH2605), the futures price is 9770, the basis is - 420, the spot price is 10190, the basis rate is - 4.30%, and the historical quantile of the basis rate is 28.10% [1] - For eggs (D2605), the futures price is 3400, the basis is - 40, the spot price is 3440, the basis rate is - 1.16%, and the historical quantile of the basis rate is 36.40% [1] - For cotton, the futures price is 15295, the basis is 1352, the spot price is 16650, the basis rate is 8.86%, and the historical quantile of the basis rate is 91.00% [1] - For sugar (SR605), the futures price is 5398, the basis is 62, the spot price is 5460, the basis rate is 1.15%, and the historical quantile of the basis rate is 9.70% [1] - For apples (AP605), the futures price is 9800, the basis is - 26, the spot price is 9826, the basis rate is - 0.26%, and the historical quantile of the basis rate is 23.00% [1] - For red dates (CJ605), the futures price is 7900, the basis is - 850, the spot price is 8750, the basis rate is - 9.71%, and the historical quantile of the basis rate is 48.60% [1] Energy and Chemicals - For paraxylene (PX605), the futures price is 9700.0, the basis is 268.8, the spot price is 9968.77, the basis rate is 2.77%, and the historical quantile of the basis rate is 92.30% [1] - For PTA (TA605), the futures price is 6684.0, the basis is - 44.0, the spot price is 6640.0, the basis rate is - 0.66%, and the historical quantile of the basis rate is 42.60% [1] - For ethylene glycol (MEG), the futures price is 5218.0, the basis is 147.0, the spot price is 5365.0, the basis rate is 2.82%, and the historical quantile of the basis rate is 94.50% [1] - For ethanol (EG2605), the futures price is 8246.0, the basis is 74.0, the spot price is 8320.0, the basis rate is 0.90%, and the historical quantile of the basis rate is 62.90% [1] - For styrene (EB2605), the futures price is 10597.0, the basis is 158.0, the spot price is 10755.0, the basis rate is 1.49%, and the historical quantile of the basis rate is 60.30% [1] - For methanol (MA605), the futures price is 3229.0, the basis is 116.0, the spot price is 3345.0, the basis rate is 3.59%, and the historical quantile of the basis rate is 84.10% [1] - For urea (UR605), the futures price is 1874.0, the basis is 26.0, the spot price is 1900.0, the basis rate is 1.39%, and the historical quantile of the basis rate is 25.60% [1] - For LLDPE (L2605), the futures price is 8614.0, the basis is 86.0, the spot price is 8700.0, the basis rate is 1.00%, and the historical quantile of the basis rate is 52.90% [1] - For PP (PP2605), the futures price is 9103.0, the basis is 172.0, the spot price is 9275.0, the basis rate is 1.89%, and the historical quantile of the basis rate is 72.50% [1] - For PVC (V2605), the futures price is 5353.0, the basis is - 133.0, the spot price is 5220.0, the basis rate is - 2.48%, and the historical quantile of the basis rate is 45.10% [1] - For caustic soda (SH605), the futures price is 2340.0, the basis is - 36.9, the spot price is 2303.1, the basis rate is - 1.58%, and the historical quantile of the basis rate is 41.10% [1] - For LPG (PG2605), the futures price is 6339.0, the basis is 1009.0, the spot price is 7348.0, the basis rate is 15.92%, and the historical quantile of the basis rate is 95.50% [1] - For asphalt (BU2606), the futures price is 4512.0, the basis is - 92.0, the spot price is 4420.0, the basis rate is - 2.04%, and the historical quantile of the basis rate is 32.80% [1] - For butadiene rubber (BR2605), the futures price is 17350.0, the basis is 1150.0, the spot price is 18500.0, the basis rate is 6.63%, and the historical quantile of the basis rate is 99.50% [1] - For glass (FG605), the futures price is 1019.0, the basis is - 67.0, the spot price is 952.0, the basis rate is - 7.04%, and the historical quantile of the basis rate is 56.09% [1] - For soda ash (SA605), the futures price is 1177.0, the basis is - 20.0, the spot price is 1157.0, the basis rate is - 1.73%, and the historical quantile of the basis rate is 46.84% [1] - For pure benzene (BZ2605), the futures price is 8790.0, the basis is 150.0, the spot price is 8940.0, the basis rate is 1.71%, and the historical quantile of the basis rate is 98.80% [1] - For propylene (PL2605), the futures price is 8795.0, the basis is - 45.0, the spot price is 8750.0, the basis rate is - 0.51%, and the historical quantile of the basis rate is 36.90% [1] - For bottle chips (PR2605), the futures price is 8525.0, the basis is 335.0, the spot price is 8190.0, the basis rate is 4.09%, and the historical quantile of the basis rate is 98.50% [1] - For natural rubber (RU2605), the futures price is 16345.0, the basis is - 45.0, the spot price is 16300.0, the basis rate is - 0.28%, and the historical quantile of the basis rate is 90.35% [1] Financial Assets - For IF2606.CFE, the futures price is 4450.0493, the basis is - 74.2493, the spot price is 4375.8, the basis rate is - 1.70%, and the historical quantile of the basis rate is 2.50% [1] - For IH2606.CFE, the futures price is 2837.3064, the basis is - 22.9064, the spot price is 2814.4, the basis rate is - 0.81%, and the historical quantile of the basis rate is 5.70% [1] - For IC2606.CFE, the futures price is 7753.7234, the basis is - 193.1234, the spot price is 7560.6, the basis rate is - 2.55%, and the historical quantile of the basis rate is 0.30% [1] - For IM2606.CFE, the futures price is 7619.8503, the basis is - 240.4503, the spot price is 7379.4, the basis rate

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View The report presents the futures prices, spot prices, basis, basis rates, and historical quantiles of various commodities across multiple sectors on March 31, 2026, including black, non - ferrous, precious metals, agricultural products, energy and chemical, and financial sectors, offering insights into the market conditions of these commodities. 3. Summary by Sector Black Series - **Silicon Iron (SF603)**: Futures price is 6008, spot price is 6066, basis is - 28, basis rate is - 1.00%, and historical quantile is 50.00% [1] - **Silicon Manganese (SM603)**: Futures price is 6570, spot price is 6588, basis is - 18, basis rate is - 0.80%, and historical quantile is 21.70% [1] - **Rebar (RB2605)**: Futures price is 3139, spot price is 3230, basis is 91, basis rate is 2.90%, and historical quantile is 44.70% [1] - **Hot - Rolled Coil (HC2605)**: Futures price is 3308, spot price is 3290, basis is - 18, basis rate is - 0.50%, and historical quantile is 11.80% [1] - **Iron Ore (I2605)**: Futures price is 813, spot price is 840, basis is 27, basis rate is 3.30%, and historical quantile is 23.00% [1] - **Coke (J2605)**: Futures price is 1754, spot price is 1756, basis is 2, basis rate is 0.10%, and historical quantile is 68.30% [1] - **Main Coking Coal (J5)**: Futures price is 1214, spot price is 1297, basis is 83, basis rate is 6.80%, and historical quantile is 48.00% [1] Non - Ferrous Series - **Copper (CU2605)**: Futures price is 95760, spot price is 95195, basis is - 565, basis rate is - 0.59%, and historical quantile is 14.20% [1] - **Aluminum (AL2605)**: Futures price is 24725, spot price is 24530, basis is - 195, basis rate is - 0.79%, and historical quantile is 13.50% [1] - **Alumina (AO2605)**: Futures price is 2941, spot price is 2789, basis is - 152, basis rate is - 5.17%, and historical quantile is 17.50% [1] - **Zinc (ZN2605)**: Futures price is 23540, spot price is 23350, basis is - 190, basis rate is - 0.81%, and historical quantile is - 55 [1] - **Tin (SN2605)**: Futures price is 370720, spot price is 361800, basis is - 8920, basis rate is - 2.41%, and historical quantile is 1.90% [1] - **Nickel (NI2605)**: Futures price is 137120, spot price is 135150, basis is - 1970, basis rate is - 1.44%, and historical quantile is 4.80% [1] - **Stainless Steel (SS2605)**: Futures price is 14450, spot price is 14370, basis is 250, basis rate is 1.74%, and historical quantile is 5.50% [1] - **Lithium Carbonate (LC2605)**: Futures price is 171620, spot price is 164500, basis is - 7120, basis rate is - 4.15%, and historical quantile is 48.70% [1] - **Industrial Silicon (SISE05)**: Futures price is 9200, spot price is 8480, basis is 720, basis rate is 8.49%, and historical quantile is 48.70% [1] Precious Metals Series - **Gold (AU2606)**: Futures price is 998.66, spot price is 992.5, basis is - 6.2, basis rate is - 0.62%, and historical quantile is 0.90% [1] - **Silver (AG2606)**: Futures price is 17489.0, spot price is 17467.0, basis is - 22.0, basis rate is - 0.13%, and historical quantile is 51.00% [1] Agricultural Products Series - **Soybean Meal (M2605)**: Futures price is 3120, spot price is 2937, basis is 213, basis rate is 62.70%, and historical quantile is 7.25% [1] - **Soybean Oil (Y2605)**: Futures price is 8890, spot price is 8714, basis is 176, basis rate is 2.02%, and historical quantile is 36.80% [1] - **Palm Oil (P2605)**: Futures price is 9930, spot price is 9720, basis is - 210, basis rate is - 2.11%, and historical quantile is 0.10% [1] - **Rapeseed Meal (RM605)**: Futures price is 2330, spot price is 2320, basis is 10, basis rate is 0.43%, and historical quantile is 49.50% [1] - **Rapeseed Oil (OI605)**: Futures price is 10320, spot price is 9891, basis is 429, basis rate is 4.34%, and historical quantile is 89.90% [1] - **Corn (C2605)**: Futures price is 2390, spot price is 2346, basis is 44, basis rate is 1.88%, and historical quantile is 58.50% [1] - **Corn Starch (CS2605)**: Futures price is 2900, spot price is 2737, basis is 163, basis rate is 5.96%, and historical quantile is 79.20% [1] - **Live Pigs (H2605)**: Futures price is 10005, spot price is 9350, basis is - 655, basis rate is - 6.55%, and historical quantile is 22.30% [1] - **Eggs (JD2605)**: Futures price is 3453, spot price is 3400, basis is - 53, basis rate is - 1.53%, and historical quantile is 35.50% [1] - **Cotton (CF605)**: Futures price is 16650, spot price is 15385, basis is 1265, basis rate is 8.22%, and historical quantile is 86.50% [1] - **Sugar (SR605)**: Futures price is 5480, spot price is 5441, basis is 39, basis rate is 0.72%, and historical quantile is 7.60% [1] - **Apples (AP605)**: Futures price is 9863, spot price is 9800, basis is - 63, basis rate is - 0.64%, and historical quantile is 22.30% [1] - **Jujubes (CJ605)**: Futures price is 8775, spot price is 7900, basis is - 875, basis rate is - 9.97%, and historical quantile is 46.90% [1] Energy and Chemical Series - **Para - Xylene (PX605)**: Futures price is 10167.0, spot price is 9840.0, basis is - 327.0, basis rate is - 3.30%, and historical quantile is 96.40% [1] - **PTA (TA605)**: Futures price is 6768.0, spot price is 6720.0, basis is - 48.0, basis rate is - 0.71%, and historical quantile is 41.20% [1] - **Ethylene Glycol (EG2605)**: Futures price is 5365.0, spot price is 5359.0, basis is 6.0, basis rate is 0.11%, and historical quantile is 61.40% [1] - **Polyester Staple Fiber (PF606)**: Futures price is 8470.0, spot price is 8342.0, basis is 128.0, basis rate is 1.53%, and historical quantile is 74.20% [1] - **Styrene (EB2605)**: Futures price is 10935.0, spot price is 10789.0, basis is 146.0, basis rate is 1.35%, and historical quantile is 57.30% [1] - **Methanol (MA605)**: Futures price is 3520.0, spot price is 3319.0, basis is 201.0, basis rate is 6.06%, and historical quantile is 96.20% [1] - **Urea (UR605)**: Futures price is 1900.0, spot price is 1882.0, basis is 18.0, basis rate is 0.96%, and historical quantile is 23.40% [1] - **LLDPE (L2605)**: Futures price is 8925.0, spot price is 8804.0, basis is 121.0, basis rate is 1.37%, and historical quantile is 61.90% [1] - **PP (PP2605)**: Futures price is 9400.0, spot price is 9269.0, basis is 131.0, basis rate is 1.41%, and historical quantile is 64.80% [1] - **PVC (V2605)**: Futures price is 5551.0, spot price is 5450.0, basis is - 101.0, basis rate is - 1.82%, and historical quantile is 57.10% [1] - **Caustic Soda (SH605)**: Futures price is 2353.0, spot price is 2306.0, basis is - 47.0, basis rate is - 1.99%, and historical quantile is 38.90% [1] - **LPG (PG2605)**: Futures price is 7348.0, spot price is 6606.0, basis is 742.0, basis rate is 11.23%, and historical quantile is 86.90% [1] - **Asphalt (BU2606)**: Futures price is 4513.0, spot price is 4420.0, basis is - 93.0, basis rate is - 2.06%, and historical quantile is 32.60% [1] - **Butadiene Rubber (BR2605)**: Futures price is 18500.0, spot price is 17725.0, basis is 775.0, basis rate is 4.37%, and historical quantile is 96.50% [1] - **Glass (FG605)**: Futures price is 1040.0, spot price is 952.0, basis is - 88.0, basis rate is - 9.24%, and historical quantile is 46.60% [1] - **Soda Ash (SA605)**: Futures price is 1207.0, spot price is 1187.0, basis is - 20.0, basis rate is - 1.68%, and historical quantile is 46.80% [1] - **Pure Benzene (BZ2605)**: Futures price is 9062.0, spot price is 8930.0, basis is - 132.0, basis rate is - 1.46%, and historical quantile is 28.20% [1] - **Propylene (PL2605)**: Futures price is 8944.0, spot price is 8770.0, basis is - 174.0, basis rate is - 1.95%, and historical quantile is 17.30% [3] - **Bottle Chips (PR2605)**: Futures price is 8633.0, spot price is 8326.0, basis is 307.0, basis rate is 3.69%, and historical quantile is 98.50% [3] - **Natural Rubber (RU2605)**: Futures price is 16540.0, spot price is 16350.0, basis is - 190.0, and historical quantile is not provided [3] Financial Series - **Stock Index Futures (IF2606.CFE)**: Futures price is 4414.0, spot price is 4491.9500, basis is - 77.9500, basis rate is - 1.77%, and historical quantile is 2.30% [3] - **Stock Index Futures (IH2606.CFE)**: Futures price is 2814.4, spot price is 2837.3064, basis is - 22.9064, basis rate is - 0.81%, and historical quantile is 5.70% [3] - **Stock Index Futures (IC2606.CFE)**: Futures price is 7560.6, spot price is 7753.7234, basis is - 193.1234, basis rate is - 2.55%, and historical quantile is 0.30% [3] - **Stock Index Futures (IM2606.CFE)**: Futures price is 7509.4, spot price is 7767.9301, basis is - 258.5301, basis rate is - 3.44%, and historical quantile is 0.60% [3] - **2 - Year Treasury Bonds (TS2606)**: Futures price is 102.54, spot price is 100.16, basis is 0.06, basis rate is 0.06%, and historical quantile is 50.40% [3] - **5 - Year Treasury Bonds (TF2606)**: Futures price is 106.07, spot price is 100.33, basis is 0.09, basis rate is 0.09%, and historical quantile is 43.40% [3] - **10 - Year Treasury Bonds (T2606)**: Futures price is 108.36, spot price is 99.99, basis is 0.10, basis rate is 0.09%, and historical quantile is 30.20% [3] - **30 - Year Treasury Bonds (TL2606)**: Futures price is 111.52, spot price is 122.46, basis is 0.52, basis rate is 0.46%, and historical quantile is 74.00% [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary Based on Relevant Catalog Futures Prices - DCE01 increased from 759.0 to 762.5, a rise of 3.5 [2] - DCE05 increased from 815.5 to 819.0, a rise of 3.5 [2] - DCE09 increased from 781.0 to 786.5, a rise of 5.5 [2] Spread between Contracts - I01 - I05 remained unchanged at -56.5 [2] - I05 - I09 decreased from 34.5 to 32.5, a drop of 2.0 [2] - I09 - I01 increased from 22.0 to 24.0, a rise of 2.0 [2] Spot Prices - PB powder (60.8%) increased from 787 to 794, a rise of 7 [2] - Newman powder increased from 732 to 739, a rise of 7 [2] - Mac powder increased from 778 to 780, a rise of 2 [2] Spot Price Spreads - The spread between Carajás fines and PB powder remained unchanged at 157 [2] - The spread between Newman powder and Jimbour increased from -11 to -9, a rise of 2 [2] - The spread between Carajás fines and Jimbour increased from 205 to 207, a rise of 2 [2] Import Profits - The import profit of Carajás fines increased from 13 to 15, a rise of 2 [2] - The import profit of Newman powder increased from -23 to -22, a rise of 1 [2] - The import profit of PB powder decreased from -20 to -21, a drop of 1 [2] Platts Index - Platts iron ore 61% price increased from 108.4 to 109.6, a rise of 1.1 [2] - Platts iron ore 65% price increased from 126.1 to 127.2, a rise of 1.2 [2] - Platts iron ore 58% price increased from 98.1 to 99.1, a rise of 1.0 [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01 increased from 13.2 to 14.0, a rise of 0.8 [2] - SGX main - DCE05 increased from 6.7 to 6.8, a rise of 0.1 [2] - SGX main - DCE09 increased from 10.7 to 11.1, a rise of 0.4 [2]

Report Information - Report Date: March 16, 2026 [2] - Report Author: Ye Qianning [2] - Author's Qualification Number: Z0016628 [2] - Investment Consulting Business Qualification: CSRC License [2011] No. 1292 [2] Commodity Information Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5928, futures price is 5888, basis is 40, basis rate is 0.68%, historical quantile is 60.40% [1] - **Silicon Manganese (SM603)**: Spot price is 6170, futures price is 6176, basis is -6, basis rate is -0.10%, historical quantile is 23.80% [1] - **Rebar (RB2605)**: Spot price is 3250, futures price is 3142, basis is 108, basis rate is 3.44%, historical quantile is 50.10% [1] - **Hot Rolled Coil (HC2605)**: Spot price is 3270, futures price is 3505, basis is -25, basis rate is -0.76%, historical quantile is 9.10% [1] - **Iron Ore (I2605)**: Spot price is 850, futures price is 812, basis is 38, basis rate is 4.69%, historical quantile is 31.20% [1] - **Coke (J2605)**: Spot price is 1734, futures price is 1738, basis is -3, basis rate is -0.19%, historical quantile is 63.24% [1] - **Coking Coal (JM2605)**: Spot price is 1243, futures price is 1178, basis is 65, basis rate is 5.52%, historical quantile is 40.70% [1] Non - Ferrous Metals - **Copper (CU2604)**: Spot price is 100515, futures price is 100310, basis is 205, basis rate is 0.20%, historical quantile is 74.79% [1] - **Aluminum (AL2604)**: Spot price is 25120, futures price is 24960, basis is 160, basis rate is 0.64%, historical quantile is 90.62% [1] - **Alumina (AO2605)**: Spot price is 2695, futures price is 2956, basis is -261, basis rate is -8.81%, historical quantile is 2.86% [1] - **Zinc (ZN2604)**: Spot price is 24010, futures price is 24140, basis is -130, basis rate is -0.54%, historical quantile is 29.79% [1] - **Tin (SN2604)**: Spot price is 386600, futures price is 374110, basis is 12490, basis rate is 3.34%, historical quantile is 98.75% [1] - **Nickel (NISEOF)**: Spot price is 137950, futures price is 136930, basis is 1020, basis rate is 0.74%, historical quantile is 91.45% [1] - **Stainless Steel (SS2605)**: Spot price is 14450, futures price is 14190, basis is 430, basis rate is 3.03%, historical quantile is 76.39% [1] - **Lithium Carbonate (LC2605)**: Spot price is 159000, futures price is 152080, basis is 6920, basis rate is 4.55%, historical quantile is 98.45% [1] - **Industrial Silicon (SISEOF)**: Spot price is 9200, futures price is 8675, basis is 525, basis rate is 6.05%, historical quantile is 33.86% [1] Precious Metals - **Gold (AU2604)**: Spot price is 1131.3, futures price is 1133.00, basis is -1.8, basis rate is -0.15%, historical quantile is 48.20% [1] - **Silver (AG2606)**: Spot price is 20887.0, futures price is 20923.0, basis is -36.0, basis rate is -0.17%, historical quantile is 28.40% [1] Agricultural Products - **Palm Oil (P2605)**: Spot price is 9750, futures price is 9768.0, basis is -18.0, basis rate is -0.18%, historical quantile is 21.40% [3] - **Rapeseed Meal (RM605)**: Spot price is 2630, futures price is 2591.0, basis is 39.0, basis rate is 1.51%, historical quantile is 53.00% [3] - **Rapeseed Oil (Oleos)**: Spot price is 10540, futures price is 9821.0, basis is 719.0, basis rate is 7.32%, historical quantile is 95.60% [3] - **Corn (C2605)**: Spot price is 2430, futures price is 2386.0, basis is 44.0, basis rate is 1.84%, historical quantile is 57.90% [3] - **Corn Starch (CS2605)**: Spot price is 2800, futures price is 2729.0, basis is 71.0, basis rate is 2.60%, historical quantile is 30.20% [3] - **Live Hogs (LH2605)**: Spot price is 10150, futures price is 11150.0, basis is -1000.0, basis rate is -8.97%, historical quantile is 18.20% [3] - **Eggs (JD2605)**: Spot price is 3000, futures price is 3433.0, basis is -433.0, basis rate is -12.61%, historical quantile is 11.50% [3] - **Cotton (CF605)**: Spot price is 16650, futures price is 15415.0, basis is 1235.0, basis rate is 8.01%, historical quantile is 85.50% [3] - **White Sugar (SR605)**: Spot price is 5500, futures price is 5447.0, basis is 53.0, basis rate is 0.97%, historical quantile is 7.80% [3] - **Apples (AP605)**: Spot price is 9800, futures price is 9998.0, basis is -198.0, basis rate is -1.98%, historical quantile is 14.90% [3] - **Jujubes (C1605)**: Spot price is 7900, futures price is 9095.0, basis is -1195.0, basis rate is -13.14%, historical quantile is 36.60% [3] - **Soybean Meal (M2605)**: Spot price is 3390, futures price is 3128.0, basis is 262.0, basis rate is 8.38%, historical quantile is 68.50% [5] - **Soybean Oil (V2605)**: Spot price is 8900, futures price is 8690.0, basis is 210.0, basis rate is 2.42%, historical quantile is 44.00% [5] Energy and Chemicals - **Para - Xylene (PX605)**: Spot price is 10128.5, futures price is 10018.0, basis is 110.5, basis rate is 1.10%, historical quantile is 62.90% [3] - **PTA (TA605)**: Spot price is 6930.0, futures price is 6934.0, basis is -4.0, basis rate is -0.06%, historical quantile is 57.30% [3] - **Ethylene Glycol (EG2605)**: Spot price is 4560.0, futures price is 4729.0, basis is -169.0, basis rate is -3.57%, historical quantile is 3.90% [3] - **Polyester Staple Fiber (PF604)**: Spot price is 8400.0, futures price is 8382.0, basis is 18.0, basis rate is 0.21%, historical quantile is 48.70% [3] - **Styrene (EB2604)**: Spot price is 9865.0, futures price is 10000.0, basis is -135.0, basis rate is -1.35%, historical quantile is 9.80% [3] - **Methanol (MA605)**: Spot price is 2825.0, futures price is 2805.0, basis is 20.0, basis rate is 0.71%, historical quantile is 56.70% [3] - **Urea (UR605)**: Spot price is 1900.0, futures price is 1889.0, basis is 11.0, basis rate is 0.58%, historical quantile is 20.60% [3] - **LLDPE (L2605)**: Spot price is 8275.0, futures price is 8416.0, basis is -141.0, basis rate is -1.68%, historical quantile is 2.30% [3] - **PP (PP2605)**: Spot price is 8700.0, futures price is 8603.0, basis is 97.0, basis rate is 1.13%, historical quantile is 54.90% [3] - **PVC (V2605)**: Spot price is 5670.0, futures price is 5724.0, basis is -54.0, basis rate is -0.94%, historical quantile is 70.30% [3] - **Caustic Soda (SH605)**: Spot price is 2093.8, futures price is 2604.0, basis is -510.3, basis rate is -19.59%, historical quantile is 0.50% [3] - **LPG (PG2604)**: Spot price is 6148.0, futures price is 5734.0, basis is 414.0, basis rate is 7.22%, historical quantile is 58.40% [3] - **Asphalt (BU2604)**: Spot price is 3970.0, futures price is 4089.0, basis is -119.0, basis rate is -2.91%, historical quantile is 26.80% [3] - **Butadiene Rubber (BR2604)**: Spot price is 15600.0, futures price is 15725.0, basis is -125.0, basis rate is -0.79%, historical quantile is 18.90% [3] - **Glass (FG605)**: Spot price is 976.0, futures price is 1135.0, basis is -159.0, basis rate is -16.29%, historical quantile is 9.05% [3] - **Soda Ash (SA605)**: Spot price is 1257.0, futures price is 1277.0, basis is -20.0, basis rate is -1.59%, historical quantile is 46.94% [3] - **Pure Benzene (BZ2604)**: Spot price is 8270.0, futures price is 8288.0, basis is -18.0, basis rate is -0.22%, historical quantile is 86.10% [3] - **Propylene (PL2605)**: Spot price is 8050.0, futures price is 8342.0, basis is -292.0, basis rate is -3.50%, historical quantile is 6.40% [3] - **Bottle Chips (PR2605)**: Spot price is 8950.0, futures price is 8306.0, basis is 644.0, basis rate is 7.75%, historical quantile is 99.40% [3] - **Natural Rubber (RU2605)**: Spot price is 16900.0, futures price is 16765.0, basis is 135.0, basis rate is 0.80%, historical quantile is 98.32% [3] Financial Futures - **Stock Index Futures**: - **IF2603.CFF**: Spot price is 4669.1400, futures price is 4658.0, basis is -11.1400, basis rate is -0.24%, historical quantile is 36.70% [3] - **IH2603.CFE**: Spot price is 2956.8468, futures price is 2957.0, basis is 0.1532, basis rate is 0.01%, historical quantile is 56.20% [3] - **IC2603.CFE**: Spot price is 8239.7980, futures price is 8213.8, basis is -25.9980, basis rate is -0.32%, historical quantile is 44.70% [3] - **IM2603.CFE**: Spot price is 8214.2926, futures price is 8187.0, basis is -27.2926, basis rate is -0.33%, historical quantile is 50.70% [3] - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2606)**: Spot price is 100.03, futures price is 102.47, basis is 0.00, basis rate is 0.00%, historical quantile is 29.80%, conversion factor is 0.9762 [3] - **5 - Year Treasury Bond (TF2606)**: Spot price is 100.17, futures price is 105.97, basis is 0.03, basis rate is 0.03%, historical quantile is 33.60%, conversion factor is 0.9450 [3] - **10 - Year Treasury Bond (T2606)**: Spot price is 99.85, futures price is 108.24, basis is 0.07, basis rate is 0.07%, historical quantile is 26.20%, conversion factor is 0.9219 [3] - **30 - Year Treasury Bond (TL2606)**: Spot price is 121.90, futures price is 111.11, basis is 0.40, basis rate is 0.36%, historical quantile is 58.00%, conversion factor is 1.0935 [3] Data Source - Wind, Mysteel, GF Futures Research Institute [3] Historical Quantile Calculation - Based on the basis levels of each variety in the

1. Report Industry Investment Rating - No information provided regarding the industry investment rating [1][6][22][28][41][52] 2. Core View of the Report - The report presents daily arbitrage data for various futures varieties on March 9, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][6][22][28][41][52] 3. Summary by Directory 3.1 Power Coal - The report shows the price differences for power coal on different dates from March 2 to March 6, 2026, including the basis, 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads. The basis values range from - 58.4 to - 48.4 yuan/ton, and the other spreads are all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - For energy commodities, data on basis, price ratios, and other indicators for fuel oil, INE crude oil, and other products are provided from March 2 to March 6, 2026. For example, the basis of INE crude oil on March 6 is - 6.46 yuan/ton [8] 3.2.2 Chemical Commodities - **Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from March 2 to March 6, 2026 are presented. For instance, the basis of rubber on March 6 is - 235 yuan/ton [10] - **Inter - period spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month minus 1 - month spread of rubber is - 550 yuan/ton [12] - **Inter - variety spreads**: The spreads between LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 2 to March 6, 2026 are provided. For example, the LLDPE - PVC spread on March 6 is 2338 yuan/ton [12] 3.3 Black Metals - **Inter - period spreads**: The 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month spreads for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month minus 1 - month spread of rebar is - 55.0 yuan/ton [21] - **Inter - variety spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the difference between rebar and hot - rolled coil from March 2 to March 6, 2026 are provided. For example, the rebar to iron ore ratio on March 6 is 4.01 [21] - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from March 2 to March 6, 2026 are given. For example, the basis of rebar on March 6 is 82.0 yuan/ton [22] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from March 2 to March 6, 2026 are presented. For example, the basis of copper on March 6 is - 90 yuan/ton [31] 3.4.2 London Market - Data on LME color metals including LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss for copper, aluminum, zinc, lead, nickel, and tin on March 6, 2026 are provided. For example, the LME premium/discount of copper is (44.86) [36] 3.5 Agricultural Products - **Basis**: The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 2 to March 6, 2026 are given. For example, the basis of soybeans No.1 on March 6 is - 501 yuan/ton [42] - **Inter - period spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - month minus 1 - month spread of soybeans No.1 is - 32 yuan/ton [42] - **Inter - variety spreads**: The ratios and spreads between soybeans No.1 and corn, soybeans No.2 and corn, soybean oil and soybean meal, soybean meal and rapeseed meal, soybean oil and palm oil, rapeseed oil and soybean oil, and corn and corn starch from March 2 to March 6, 2026 are provided. For example, the ratio of soybeans No.1 to corn on March 6 is 1.95 [42] 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from March 2 to March 6, 2026 are presented. For example, the basis of CSI 300 on March 6 is 14.44 [53] - **Inter - period spreads**: The spreads of the next - month minus the current - month and the next - quarter minus the current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month minus the current - month spread of CSI 300 is - 13.8 [53]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. 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 chemicals, and financial products on March 2, 2026 [1][3] 3. Summary by Commodity Sectors Ferrous Metals - **Silicon Iron (SF603)**: Spot price 5628, futures price 5726, basis - 98, basis rate - 1.71%, historical quantile 47.30% [1] - **Silicon Manganese (SM603)**: Spot price 5970, futures price 6026, basis - 56, basis rate - 0.93%, historical quantile 16.70% [1] - **Rebar (RB2605)**: Spot price 3210, futures price 3067, basis 143, basis rate 4.66%, historical quantile 60.90% [1] - **Hot - Rolled Coil (HC2605)**: Spot price 3230, futures price 3215, basis 15, basis rate 0.47%, historical quantile 26.20% [1] - **Iron Ore (12605)**: Spot price 794, futures price 751, basis 44, basis rate 5.85%, historical quantile 36.20% [1] - **Coke (J2605)**: Spot price 1734, futures price 1636, basis 98, basis rate 6.03%, historical quantile 94.32% [1] - **Coking Coal (JM2605)**: Spot price 1156, futures price 1094, basis 63, basis rate 5.72%, historical quantile 38.40% [1] Non - Ferrous Metals - **Copper (CU2604)**: Spot price 101980, futures price 103920, basis - 1940, basis rate - 1.87%, historical quantile 0.83% [1] - **Aluminum (AL2604)**: Spot price 23410, futures price 23835, basis - 425, basis rate - 1.78%, historical quantile 1.87% [1] - **Alumina (AO2605)**: Spot price 2622, futures price 2744, basis - 122, basis rate - 4.44%, historical quantile 15.85% [1] - **Zinc (ZN2604)**: Spot price 24380, futures price 24710, basis - 330, basis rate - 1.34%, historical quantile 3.54% [1] - **Tin (SN2604)**: Spot price 430000, futures price 453240, basis - 23240, basis rate - 5.13%, historical quantile 0.20% [1] - **Nickel (MISEOR)**: Spot price 138650, futures price 141560, basis - 2910, basis rate - 2.06%, historical quantile 1.04% [1] - **Stainless Steel (SS2604)**: Spot price 14350, futures price 14205, historical quantile 59.44% [1] - **Lithium Carbonate (LC2605)**: Spot price 172000, futures price 176040, basis - 4040, basis rate - 2.29%, historical quantile 12.11% [1] - **Industrial Silicon (215605)**: Spot price 9150, futures price 8392, basis 755, basis rate 8.99%, historical quantile 50.80% [1] Precious Metals - **Gold (AU2604)**: Spot price 1142.5, futures price 1147.9, basis - 5.4, basis rate - 0.50%, historical quantile 2.20% [1] - **Silver (AG2604)**: Spot price 22369.0, futures price 23019.0, basis - 650.0, basis rate - 2.80%, historical quantile 2.30% [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price 3020, futures price 2833.0, basis 187.0, basis rate 6.60%, historical quantile 59.70% [1] - **Soybean Oil (y2605)**: Spot price 8510, futures price 8226.0, basis 284.0, basis rate 3.45%, historical quantile 55.90% [1] - **Palm Oil (P2605)**: Spot price 8680, futures price 8780.0, basis - 100.0, basis rate - 1.14%, historical quantile 1.70% [1] - **Rapeseed Meal (RM605)**: Spot price 2350, futures price 2287.0, basis 63.0, basis rate 2.75%, historical quantile 58.20% [1] - **Rapeseed Oil (Oleos)**: Spot price 9820, futures price 9185.0, basis 635.0, basis rate 6.91%, historical quantile 93.60% [1] - **Corn (C2605)**: Spot price 2390, futures price 2360.0, basis 30.0, basis rate 1.27%, historical quantile 45.60% [1] - **Corn Starch (CS2605)**: Spot price 2630, futures price 2667.0, basis - 37.0, basis rate - 1.39%, historical quantile 4.30% [1] - **Live Hogs (FH5605)**: Spot price 11000, futures price 11485.0, basis - 485.0, basis rate - 4.22%, historical quantile 27.70% [1] - **Eggs (JD2604)**: Spot price 2910, futures price 3267.0, basis - 357.0, basis rate - 10.93%, historical quantile 9.40% [1] - **Cotton (CF605)**: Spot price 16600, futures price 15395.0, basis 1205.0, basis rate 7.83%, historical quantile 78.70% [1] - **Sugar (SR605)**: Spot price 5390, futures price 5324.0, basis 66.0, basis rate 1.24%, historical quantile 9.60% [1] - **Apples (AP605)**: Spot price 9400, futures price 9760.0, basis - 360.0, basis rate - 3.69%, historical quantile 9.80% [1] - **Jujubes (CJ605)**: Spot price 7900, futures price 8785.0, basis - 885.0, basis rate - 10.07%, historical quantile 46.00% [1] Energy Chemicals - **Para - Xylene (PX605)**: Spot price 7362.2, futures price 7394.0, basis - 31.8, basis rate - 0.43%, historical quantile 24.40% [1] - **PTA (TA605)**: Spot price 5160.0, futures price 5250.0, basis - 90.0, basis rate - 1.71%, historical quantile 20.20% [1] - **Ethylene Glycol (EG2605)**: Spot price 3610.0, futures price 3703.0, basis - 93.0, basis rate - 2.51%, historical quantile 21.70% [1] - **Polyester Staple Fiber (PF604)**: Spot price 6630.0, futures price 6652.0, basis - 22.0, basis rate - 0.33%, historical quantile 35.50% [1] - **Styrene (EB2604)**: Spot price 7645.0, futures price 7524.0, basis 121.0, basis rate 1.61%, historical quantile 52.30% [1] - **Methanol (MA605)**: Spot price 2152.0, futures price 2179.0, basis - 27.0, basis rate - 1.24%, historical quantile 22.20% [1] - **Urea (UR605)**: Spot price 1860.0, futures price 1847.0, basis 13.0, basis rate 0.70%, historical quantile 21.20% [1] - **LLDPE (L2605)**: Spot price 6550.0, futures price 6597.0, basis - 47.0, basis rate - 0.71%, historical quantile 11.80% [1] - **PP (PP2605)**: Spot price 6640.0, futures price 6611.0, basis 29.0, basis rate 0.44%, historical quantile 34.50% [1] - **PVC (V2605)**: Spot price 4600.0, futures price 4792.0, basis - 192.0, basis rate - 4.01%, historical quantile 30.30% [1] - **Caustic Soda (SHEOS)**: Spot price 1981.3, futures price 2125.0, basis - 143.8, basis rate - 6.76%, historical quantile 24.40% [1] - **LPG (PG2604)**: Spot price 4748.0, futures price 4519.0, basis 229.0, basis rate 5.07%, historical quantile 44.20% [1] - **Asphalt (BU2604)**: Spot price 3290.0, futures price 3346.0, basis - 56.0, basis rate - 1.67%, historical quantile 42.00% [1] - **Butadiene Rubber (BR2603)**: Spot price 13000.0, futures price 12630.0, basis 370.0, basis rate 2.93%, historical quantile 73.40% [1] - **Glass (FG605)**: Spot price 952.0, futures price 1058.0, basis - 106.0, basis rate - 11.13%, historical quantile 33.82% [1] - **Soda Ash (SA605)**: Spot price 1151.0, futures price 1191.0, basis - 40.0, basis rate - 3.48%, historical quantile 31.72% [1] - **Natural Rubber (RU2605)**: Spot price 16950.0, futures price 17155.0, basis - 205.0, basis rate - 1.21%, historical quantile 81.13% [1] Financial Products - **IF2603.CFF**: Spot price 4710.6, futures price 4713.8, basis 3.2, basis rate 0.07%, historical quantile 74.00% [1] - **IH2603.CFE**: Spot price 3039.4, futures price 3045.4, basis 6.0, basis rate 0.20%, historical quantile 86.60% [1] - **IC2603.CFE**: Spot price 8658.5, futures price 8645.4, basis - 13.1, basis rate - 0.15%, historical quantile 62.70% [1] - **IM2603.CFE**: Spot price 8560.8, futures price 8531.4, basis - 29.4, basis rate - 0.35%, historical quantile 47.90% [1] - **2 - Year Bond (TS2606)**: Spot price 100.00, futures price 102.45, basis - 0.01, basis rate - 0.01%, historical quantile 24.30%, conversion factor 0.9762 [1] - **5 - Year Bond (TF2606)**: Spot price 100.19, futures price 105.99, basis 0.03, basis rate 0.03%, historical quantile 33.80%, conversion factor 0.9450 [1] - **10 - Year Bond (T2606)**: Spot price 99.97, futures price 108.39, basis 0.04, basis rate 0.04%, historical quantile 20.80%, conversion factor 0.9219 [1] - **30 - Year Bond (TL2606)**: Spot price 123.17, futures price 112.12, basis 0.57, basis rate 0.51%, historical quantile 82.10%, conversion factor 1.0935 [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Asian high - sulfur fuel oil market structure has weakened due to sufficient supply and weak demand. The 380CST high - sulfur fuel oil spot price spread has been falling for three consecutive trading days after reaching a nearly 11 - month high in the week ending February 20. The spot spread of Singapore's 0.5% sulfur marine fuel is at a premium of $1.88 per ton, the highest since January 29. The market is expected to see the FU2605 contract trade in the range of 2890 - 2940 and the LU2605 contract in the range of 3450 - 3490. The行情 is driven by the resonance of geopolitical risks on the supply side and neutral demand [3]. 3. Summary by Directory 3.1 Daily Tips - The Asian high - sulfur fuel oil market structure is weakening due to supply and demand factors. The 380CST high - sulfur fuel oil spot price spread is falling, while the 0.5% sulfur marine fuel in Singapore has a high spot premium. The market is expected to trade within specific ranges for different contracts [3]. 3.2 Multi - Short Concerns - **Likely Positive Factors**: Iran's situation is unstable; China's import quota is issued [4]. - **Likely Negative Factors**: The optimism of the demand side remains to be verified; the upstream crude oil is under pressure [4]. - **Market Driver**: The supply side is affected by geopolitical risks, and the demand is neutral [4]. 3.3 Fundamental Data - **Supply - Demand**: Asian high - sulfur fuel oil has sufficient supply and weak demand, weakening the market structure. The 0.5% sulfur marine fuel in Singapore has a strong spot premium [3]. - **Basis**: The basis of Singapore high - sulfur fuel oil is -$19 per ton, and that of low - sulfur fuel oil is -$28 per ton, with the spot being nearly at par with the futures [3]. - **Inventory**: Singapore's fuel oil inventory in the week of February 11 was 26.379 million barrels, an increase of 0.85 million barrels [3]. - **Market Trend**: The price is above the 20 - day line, and the 20 - day line is upward [3]. - **Main Position**: High - sulfur main position is short, with short positions increasing; low - sulfur main position is short, with short positions decreasing [3]. 3.4 Spread Data - Not provided in the given content 3.5 Inventory Data - Singapore's fuel oil inventory has been increasing in recent weeks. As of February 11, 2026, it was 26.379 million barrels, an increase of 0.85 million barrels compared to the previous period [3][8].

Report Summary 1. Core View - Confirmation of off - season during peak season and the start of the release of the "reservoir" for the pig industry [1] 2. Fundamental Data - **Spot Prices**: Henan spot price is 12,430 yuan/ton, down 450 yuan; Sichuan spot price is 11,650 yuan/ton, unchanged; Guangdong spot price is 11,860 yuan/ton, down 200 yuan [2] - **Futures Prices**: The price of live - hog 2603 is 10,860 yuan/ton, down 135 yuan; live - hog 2605 is 11,625 yuan/ton, down 60 yuan; live - hog 2607 is 12,195 yuan/ton, down 50 yuan [2] - **Trading Volume and Open Interest**: For live - hog 2603, trading volume is 28,725 lots, down 8,149 lots, and open interest is 65,988 lots, down 8,876 lots; for live - hog 2605, trading volume is 48,568 lots, down 19,829 lots, and open interest is 143,321 lots, down 1,148 lots; for live - hog 2607, trading volume is 4,422 lots, down 3,540 lots, and open interest is 50,102 lots, down 154 lots [2] - **Price Spreads**: The basis of live - hog 2603 is 1,570 yuan/ton, down 315 yuan; the basis of live - hog 2605 is 805 yuan/ton, down 390 yuan; the basis of live - hog 2607 is 235 yuan/ton, down 400 yuan; the spread between live - hog 2603 and 2605 is - 765 yuan/ton, down 75 yuan; the spread between live - hog 2605 and 2607 is - 570 yuan/ton, down 10 yuan [2] 3. Market Information - Guangxi Yangxiang registered 100 lots of warehouse receipts for the March contract; Dekang registered 525 lots; Fuyuan registered 22 lots [3] 4. Trend Intensity - The trend intensity is - 2, indicating the most bearish view [4]

Report Industry Investment Rating No relevant information provided. Core View of the Report The report presents the daily arbitrage data of various futures varieties on February 9, 2026, including the basis, inter - period spreads, and inter - variety spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. Summary by Directory 1. Power Coal - **Basis and Inter - period Spreads**: The basis and inter - period spreads (5 - 1 month, 9 - 5 month, 9 - 1 month) of power coal from February 2 to February 6, 2026, are presented. For example, on February 6, 2026, the basis was - 106 yuan/ton [2]. 2. Energy Chemicals (1) Energy Commodities - **Basis and Ratios**: The basis and ratios (such as crude oil/bitumen) of fuel oil, INE crude oil, etc. from February 2 to February 6, 2026, are provided. For instance, on February 6, 2026, the basis of INE crude oil was 7.63 yuan/ton [7]. (2) Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, PVC, and PP from February 2 to February 6, 2026, is given. For example, on February 6, 2026, the basis of rubber was - 80 yuan/ton [9]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 month spread of rubber was - 535 yuan/ton [10]. - **Inter - variety Spreads**: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the LLDPE - PVC spread was 1776 yuan/ton [10]. 3. Black Metals - **Basis**: The basis of螺纹钢, iron ore, coke, and coking coal from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of螺纹钢 was 133.0 yuan/ton [21]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of螺纹钢, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month spread of螺纹钢 was - 80 yuan/ton [20]. - **Inter - variety Spreads**: The inter - variety spreads (螺/矿, 螺/焦炭, 焦炭/焦煤, 螺 - 热卷) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the 螺/矿 ratio was 4.04 [20]. 4. Non - ferrous Metals (1) Domestic Market - **Basis**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from February 2 to February 6, 2026, is given. For example, on February 6, 2026, the basis of copper was - 270 yuan/ton [29]. (2) London Market - **LME Spreads, Ratios, and Import Profits/Losses**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profits/losses of copper, aluminum, zinc, lead, nickel, and tin on February 6, 2026, are presented. For example, the LME spread of copper was (70.95) [35]. 5. Agricultural Products - **Basis**: The basis of soybeans (bean one, bean two), soybean meal, soybean oil, corn, etc. from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of bean one was - 218 yuan/ton [39]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - 1 month spread of soybeans was - 43 yuan/ton [39]. - **Inter - variety Spreads**: The inter - variety spreads (soybean one/corn, soybean two/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the soybean one/corn ratio was 1.93 [39]. 6. Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of CSI 300 was 4.70 [51]. - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next month - current month spread of CSI 300 was - 50.8 [51].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core View The report presents the daily arbitrage data of various futures commodities on February 6, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - month spreads, and inter - commodity spreads. 3. Summary by Category Power Coal - Basis data: From January 30 to February 5, 2026, the basis was - 107 to - 109 yuan/ton, and the spreads of May - January, September - January, and September - May were all 0 [1][2] Energy Chemicals - **Energy commodities**: Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from January 30 to February 5, 2026 are provided, such as the basis of INE crude oil on February 5 was 4.17 yuan/ton [7] - **Chemical commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from January 30 to February 5, 2026 are presented. For example, the basis of rubber on February 5 was - 275 yuan/ton [9] - Inter - month spreads: The inter - month spreads (May - January, September - January, September - May) of rubber, methanol, PTA, etc. are given. For instance, the May - January spread of rubber was - 560 yuan/ton [10] - Inter - commodity spreads: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, etc. from January 30 to February 5, 2026 are provided. For example, the LLDPE - PVC spread on February 5 was 1731 yuan/ton [10] Black Metals - Basis data: The basis of rebar, iron ore, coke, and coking coal from January 30 to February 5, 2026 are shown. For example, the basis of rebar on February 5 was 109.0 yuan/ton [21] - Inter - month spreads: The inter - month spreads of rebar, iron ore, coke, and coking coal are provided, including May - January, September(10) - January, and September(10) - May spreads [20] - Inter - commodity spreads: The inter - commodity spreads of rebar/iron ore, rebar/coke, etc. from January 30 to February 5, 2026 are presented. For example, the rebar/iron ore ratio on February 5 was 4.02 [20] Non - Ferrous Metals - **Domestic market**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from January 30 to February 5, 2026 are given. For example, the basis of copper on February 5 was - 460 yuan/ton [28] - **London market**: On February 5, 2026, the LME spreads (LME copper: (77.58)), LME - Shanghai ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals are provided [35] Agricultural Products - Basis data: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from January 30 to February 5, 2026 are shown. For example, the basis of soybeans No.1 on February 5 was - 222 yuan/ton [41] - Inter - month spreads: The inter - month spreads of soybeans No.1, soybeans No.2, soybean meal, etc. are provided, covering May - January, September - January, and September - May spreads [41] - Inter - commodity spreads: The inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, etc. from January 30 to February 5, 2026 are presented. For example, the soybeans No.1/corn ratio on February 5 was 1.94 [40][41] Stock Index Futures - Basis data: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from January 30 to February 5, 2026 are given. For example, the basis of CSI 300 on February 5 was 133.85 [53] - Inter - month spreads: The inter - month spreads (next - to - current month, next - quarter to current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [53]