投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 10 月 9 日） 一、动力煤 | 商品 | | 动力煤 | （元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/09/30 | -102.4 | 0.0 | 0.0 | 0.0 | | 2025/09/29 | -102.4 | 0.0 | 0.0 | 0.0 | | 2025/09/26 | -100.4 | 0.0 | 0.0 | 0.0 | | 2025/09/25 | -95.4 | 0.0 | 0.0 | 0.0 | | 2025/09/24 | -95.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 运筹帷幄 决胜千里 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/09/30 2025/09/29 2025/09/26 2025/09/25 20 ...

跨期套利跟踪 2025/09/30 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -100 -110 -150 -130 理论价差 514 927 1348 1769 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -150 -120 -75 -40 理论价差 213 332 450 569 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -25 -30 -20 -25 理论价差 215 331 446 562 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -215 -185 -165 -150 理论价差 210 317 423 529 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 0 170 340 620 锡 5-1 价差 1010 理论价差 5645 期现套利跟踪 2025/09/30 铜 当月合约-现货 次月合约-现货 价差 295 195 理论价差 346 787 锌 当月合约-现货 次月合约-现货 价差 330 180 理论价差 159 285 铅：跨市套利跟踪 2025/09/30 国内价格 LME ...

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report The report provides daily arbitrage data for various futures commodities on September 29, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, showing the basis, inter - period spreads, and inter - commodity spreads of these commodities. 3. Summary by Directory Power Coal - The basis for power coal on September 26, 2025, was - 100.4 yuan/ton, compared to - 95.4 yuan/ton on September 25, 24, and 23, and - 96.4 yuan/ton on September 22. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [2]. Energy Chemicals Energy Commodities - For energy commodities, the basis data for fuel oil, INE crude oil, and crude oil/asphalt from September 22 to 26, 2025, are presented, along with the price ratios. For example, on September 26, the basis of INE crude oil was 13.13 yuan/ton, and the price ratio was 0.1417 [7]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from September 22 to 26, 2025, are provided. For instance, on September 26, the basis of rubber was - 770 yuan/ton [9]. - **Inter - period Spreads**: The inter - period spreads (5 - month vs 1 - month, 9 - month vs 1 - month, 9 - month vs 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month vs 1 - month spread of rubber was - 30 yuan/ton [11]. - **Inter - commodity Spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 22 to 26, 2025, are shown. On September 26, the LLDPE - PVC spread was 2261 yuan/ton [11]. Black Metals - **Inter - period Spreads**: The inter - period spreads of rebar, iron ore, coke, and coking coal (5 - month vs 1 - month, 9 - month(10) vs 1 - month, 9 - month(10) vs 5 - month) are presented. For example, the 5 - month vs 1 - month spread of rebar was 58.0 yuan/ton [20]. - **Inter - commodity Spreads**: The inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 22 to 26, 2025, are provided. On September 26, the rebar/iron ore ratio was 3.94 [20]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from September 22 to 26, 2025, are given. On September 26, the basis of rebar was 126.0 yuan/ton [21]. Non - ferrous Metals Domestic Market - The basis data of copper, aluminum, zinc, lead, nickel, and tin in the domestic market from September 22 to 26, 2025, are presented. On September 26, the basis of copper was 40 yuan/ton [28]. London Market - For LME non - ferrous metals on September 26, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin are provided. For example, the LME spread of copper was (38.91), and the import profit and loss was (452.74) [33]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from September 22 to 26, 2025, are given. On September 26, the basis of soybeans No.1 was 125 yuan/ton [39]. - **Inter - period Spreads**: The inter - period spreads of various agricultural products (5 - month vs 1 - month, 9 - month vs 1 - month, 9 - month vs 5 - month) are presented. For example, the 5 - month vs 1 - month spread of soybeans No.1 was 33 yuan/ton [39]. - **Inter - commodity Spreads**: The inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from September 22 to 26, 2025, are shown. On September 26, the soybeans No.1/corn ratio was 1.81 [39]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 22 to 26, 2025, are provided. On September 26, the basis of CSI 300 was 25.05 [50]. - **Inter - period Spreads**: The inter - period spreads (next - month vs current - month, next - quarter vs current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month vs current - month spread of CSI 300 was - 14.0 [50].

Report Overview - This is the Baocheng Futures variety arbitrage data daily report for September 26, 2025, covering multiple commodity sectors including thermal coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures [1] 1. Thermal Coal - **Base Price Data**: From September 19 - 25, 2025, the base price of thermal coal remained at -95.4 yuan/ton (except -96.4 yuan/ton on September 22 and -97.4 yuan/ton on September 19), and the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 yuan/ton [2] 2. Energy Chemicals (1) Energy Commodities - **Base Price**: Base price data for fuel oil, crude oil/asphalt, INE crude oil from September 19 - 25, 2025 are provided, with specific values varying each day [7] (2) Chemical Commodities - **Base Price**: Base price data for rubber, methanol, PTA, LLDPE, V, PP from September 19 - 25, 2025 are provided, with values changing daily [9] - **Inter - period Spreads**: Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [11] - **Inter - commodity Spreads**: Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol from September 19 - 25, 2025 are provided [11] 3. Black Metals - **Base Price**: Base price data for rebar, iron ore, coke, and coking coal from September 19 - 25, 2025 are provided [21] - **Inter - period Spreads**: Inter - period spreads for rebar, iron ore, coke, and coking coal are presented, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [20] - **Inter - commodity Spreads**: Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 19 - 25, 2025 are provided [20] 4. Non - ferrous Metals (1) Domestic Market - **Domestic Base Price**: Domestic base price data for copper, aluminum, zinc, lead, nickel, and tin from September 19 - 25, 2025 are provided [28] (2) London Market - **LME Data**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on September 25, 2025 are provided [32] 5. Agricultural Products - **Base Price**: Base price data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from September 19 - 25, 2025 are provided [36] - **Inter - period Spreads**: Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [36] - **Inter - commodity Spreads**: Inter - commodity spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from September 19 - 25, 2025 are provided [36] 6. Stock Index Futures - **Base Price**: Base price data for CSI 300, SSE 50, CSI 500, and CSI 1000 from September 19 - 25, 2025 are provided [47] - **Inter - period Spreads**: Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next month - current month and next quarter - current quarter spreads, are presented [47]

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on September 25, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, spreads, and price ratios. 3. Summary by Directory Power Coal - The basis data from September 18 to September 24, 2025, shows that the basis on September 18 was - 102.4 yuan/ton, gradually increasing to - 95.4 yuan/ton on September 24. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: For fuel oil, INE crude oil, and other energy products, basis data from September 18 to September 24, 2025, and price ratio data of crude oil to asphalt are provided. For example, the basis of INE crude oil on September 24 was 135.72 yuan/ton [7] - **Chemical Commodities**: The basis data of chemical products such as rubber, methanol, PTA, LLDPE, V, and PP from September 18 to September 24, 2025, are presented. For instance, the basis of rubber on September 24 was - 820 yuan/ton. Also, spread and price ratio data for cross - period and cross - variety are given, like the LLDPE - PVC spread on September 24 was 2232 yuan/ton [9][11] Black Metals - **Cross - period**: The cross - period spreads of rebar, iron ore, coke, and coking coal are shown. For example, the 5 - month vs 1 - month spread of rebar was 60.0 yuan/ton [20] - **Cross - variety**: The cross - variety price ratios and spreads of black metals from September 18 to September 24, 2025, are given. For example, the rebar/iron ore price ratio on September 24 was 3.93, and the rebar - hot rolled coil spread was - 193.0 yuan/ton [20] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from September 18 to September 24, 2025, are provided. For example, the basis of rebar on September 24 was 126.0 yuan/ton [21] Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from September 18 to September 24, 2025, are presented. For example, the basis of copper on September 24 was 90 yuan/ton [28] - **London Market**: The LME spreads, Shanghai - London price ratios, CIF prices, domestic spot prices, and import profit and loss data of non - ferrous metals on September 24, 2025, are given. For example, the LME spread of copper was (31.37) [34] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from September 18 to September 24, 2025, are provided. For example, the basis of soybeans No.1 on September 24 was 153 yuan/ton [38] - **Cross - period**: The cross - period spreads of agricultural products are shown, such as the 5 - month vs 1 - month spread of soybeans No.1 was 50 [38] - **Cross - variety**: The cross - variety price ratios and spreads of agricultural products from September 18 to September 24, 2025, are given. For example, the soybean oil/soybean meal price ratio on September 24 was 2.77 [38] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 18 to September 24, 2025, are presented. For example, the basis of CSI 300 on September 24 was 36.07 [49] - **Cross - period**: The cross - period spreads of stock index futures are shown, such as the next - month vs current - month spread of CSI 300 was - 18.4 [49]

宝城期货品种套利数据日报（2025 年 9 月 24 日） 一、动力煤 | 商品 | | 动力煤 （元/吨） | | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/09/23 | -96.4 | 0.0 | 0.0 | 0.0 | | 2025/09/22 | -97.4 | 0.0 | 0.0 | 0.0 | | 2025/09/19 | -102.4 | 0.0 | 0.0 | 0.0 | | 2025/09/18 | -108.4 | 0.0 | 0.0 | 0.0 | | 2025/09/17 | -113.4 | 0.0 | 0.0 | 0.0 | 投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 运筹帷幄 决胜千里 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/09/23 2025/09/22 2025/09/19 2025/09/18 2025/09/17 99.63 0.1418 14.42 0.1444 燃料油 ...

大宗商品研究所 航运研发报告 航运日报 2025 年 09 月 23 日 | 研究员：贾瑞林 | 第一部分 | 集装箱航运——集运指数（欧线） | | --- | --- | --- | | 期货从业证号： | | | | F3084078 | | | | 投资咨询证号： | | | | Z0018656 | | | | 联系方式： | | | | :jiaruilin_qh@chinastock.com.cn | | | 期货从业证号： F3084078 投资咨询证号： Z0018656 联系方式： :jiaruilin_qh@chinastock.com.cn 1 / 11 航运日报 现货运价方面，部分船司开始调涨 10 月运价，后续现货下跌速率有望放缓。具体 来看，MSK 近期放出 WK40 和 WK41 周上海-鹿特丹开舱价 1400 美金/FEU，环比上周 下调 150 美金。HPL10 月上半月线上报价 1435，下半月报价 2035;CMA9 月下旬至 10 月上半月线上 1620 附近，10 月下半月放出部分价格 2500 部分调回 1620；OOCL9 月下 旬至 10 月上半月线下降至 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on September 23, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Catalog Power Coal - The basis data from September 16 to 22, 2025, shows that the basis on September 22 was - 96.4 yuan/ton, gradually increasing from - 113.4 yuan/ton on September 16. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and crude oil/asphalt from September 16 to 22, 2025, and their price ratios and basis values are presented. For example, on September 22, the basis of INE crude oil was 84.22 yuan/ton [7] - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from September 16 to 22, 2025, are provided. For instance, the basis of rubber on September 22 was - 915 yuan/ton [9] - **Inter - period Spreads**: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol for 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month are given. For example, the 5 - month vs 1 - month spread of rubber was - 20 yuan/ton [11] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 16 to 22, 2025, are presented. For example, on September 22, the LLDPE - PVC spread was 2198 yuan/ton [11] Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from September 16 to 22, 2025, are shown. For example, the basis of rebar on September 22 was 105.0 yuan/ton [21] - **Inter - period Spreads**: The inter - period spreads of rebar, iron ore, coke, and coking coal for 5 - month vs 1 - month, 9(10) - month vs 1 - month, and 9(10) - month vs 5 - month are provided. For example, the 5 - month vs 1 - month spread of rebar was 58.0 yuan/ton [20] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 16 to 22, 2025, are presented. For example, on September 22, the rebar/iron ore ratio was 3.92 [20] Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from September 16 to 22, 2025, are given. For example, the basis of copper on September 22 was - 30 yuan/ton [28] - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on September 22, 2025, are presented. For example, the LME spread of copper was (72.44) [34] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from September 16 to 22, 2025, are provided. For example, the basis of soybeans No.1 on September 22 was 148 yuan/ton [40] - **Inter - period Spreads**: The inter - period spreads of various agricultural products for 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month are given. For example, the 5 - month vs 1 - month spread of soybeans No.1 was 41 yuan/ton [40] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from September 16 to 22, 2025, are presented. For example, on September 22, the soybeans No.1/corn ratio was 1.81 [40] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 16 to 22, 2025, are shown. For example, the basis of CSI 300 on September 22 was 38.61 [51] - **Inter - period Spreads**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 for next - month vs current - month and next - quarter vs current - quarter are provided. For example, the next - month vs current - month spread of CSI 300 was - 15.6 [51]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Category 1. Power Coal - Recorded the daily basis and spread data of power coal from September 15 - 19, 2025, with the basis gradually increasing from -115.4 yuan/ton to -97.4 yuan/ton, and the spreads of 5 - 1, 9 - 1, and 9 - 5 remaining at 0.0 [1][2] 2. Energy and Chemicals (1) Energy Commodities - Presented the basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from September 15 - 19, 2025, including the basis of fuel oil and INE crude oil, and the ratio of crude oil to asphalt [7] (2) Chemical Commodities - Showed the basis, inter - period spreads, and inter - commodity spreads of chemical products. The basis data of rubber, methanol, PTA, LLDPE, V, and PP from September 15 - 19, 2025 were given, as well as the inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for multiple chemicals and the inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. [9][11] 3. Black Metals - Displayed the inter - period spreads and inter - commodity spreads of black metals. The inter - period spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal were provided, along with the inter - commodity spreads like the ratio of rebar to iron ore, rebar to coke, etc. from September 15 - 19, 2025 [20] 4. Non - ferrous Metals (1) Domestic Market - Recorded the basis data of copper, aluminum, zinc, lead, nickel, and tin in the domestic market from September 15 - 19, 2025 [28] (2) London Market - Presented the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals on September 19, 2025 [34] 5. Agricultural Products - Provided the basis, inter - period spreads, and inter - commodity spreads of agricultural products. The basis data of soybeans, soybean meal, soybean oil, etc. from September 15 - 19, 2025 were shown, as well as the inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products and the inter - commodity spreads such as the ratio of soybeans to corn, soybean oil to soybean meal, etc. [40] 6. Stock Index Futures - Recorded the basis and inter - period spreads of stock index futures. The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 15 - 19, 2025 were presented, along with the inter - period spreads of the next month - current month and next quarter - current quarter for different stock indices [51]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures products on September 19, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads. 3. Summary by Directory Power Coal - The basis data for power coal from September 12 to September 18, 2025, is presented. On September 18, the basis was - 102.4 yuan/ton, showing a narrowing trend compared to previous days [1][2]. Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from September 12 to September 18, 2025, are provided. For example, on September 18, the basis of INE crude oil was 5.25 yuan/ton [7]. - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from September 12 to September 18, 2025, are given. For instance, on September 18, the basis of rubber was - 770 yuan/ton [9]. - Inter - period spreads for rubber, methanol, PTA, etc., and inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from September 12 to September 18, 2025, are presented [10]. Black Metals - **Inter - period Spreads**: Inter - period spreads for rebar, iron ore, coke, and coking coal are provided, including 5 - month minus 1 - month, 9(10) - month minus 1 - month, and 9(10) - month minus 5 - month spreads [20]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of rebar to iron ore, rebar to coke, and coke to coking coal, as well as the difference between rebar and hot - rolled coil from September 12 to September 18, 2025, are shown [20]. - **Basis**: Basis data for rebar, iron ore, coke, and coking coal from September 12 to September 18, 2025, are presented [21]. Non - ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin in the domestic market from September 12 to September 18, 2025, are provided [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on September 18, 2025, are presented [33]. Agricultural Products - **Basis**: Basis data for soybeans, soybean meal, soybean oil, corn, etc., from September 12 to September 18, 2025, are given [38]. - **Inter - period Spreads**: Inter - period spreads for various agricultural products, including soybeans, soybean meal, soybean oil, etc., are provided [38]. - **Inter - variety Spreads**: Inter - variety spreads such as the ratio of soybeans to corn, soybean oil to soybean meal, and the difference between soybean meal and rapeseed meal from September 12 to September 18, 2025, are presented [38]. Stock Index Futures - **Basis**: Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from September 12 to September 18, 2025, are provided [50]. - **Inter - period Spreads**: Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including the difference between the next - month contract and the current - month contract and the next - quarter contract and the current - quarter contract, are presented [50].