gtaxinstitute@essence.com.cn 综合晨报 2025年12月03日 (原油) API 数据显示美国成品油及原油库存增加。外盘油价周二下跌逾1%，市场在俄乌冲突局势与供应过 剩之间，俄罗斯里海管道联盟表示自11月中旬起进行维护的SPM-3预计将在未来七天内恢复运行， 恢复进度快于原计划。消息面对油价更多是阶段性提振，基本面供需盈余扩大仍决定油价中枢存下 行压力。 【贵金属】 隔夜贵金属震荡，盘中波动较大。白银刷新历史新高后涨势趋缓,黄金突破前高阳力前贵金属整体 仍以震荡对待谨慎追高。铂年内供应存缺口,把供需预期紧平衡,走势上铂强于肥。关注今晚美国 ADP就业和ISM非制造业PMI数据。 【铜】 隔夜伦铜震荡收跌，逐渐靠向短期均线，LME现货升水持平68美元。沪铜在前期成交密集区8.83- 8.85万有一定韧性。国内现铜昨报88660元，上海铜升水扩至120元，洋山铜溢价扩至38美元。多单 依托MA5日均线持有。 【铝】 隔夜沪铝高位震荡。过去两日主要地区铝锭社库连续两日小幅增加，现货贴水略有扩大。铝市基本 面矛盾有限，季节性库存表现中性，需求缺少亮点但具备韧性。沪铝震荡测试前高22000 ...

Report Information - Report date: October 20, 2025 [3] - Report title: Full Variety Spread Daily Report [3] Core Data Summary Ferrous Metals - **Silicon Iron (SF601)**: Spot price 5558, futures price 5430, basis 128, basis rate 2.36%, historical quantile 73.10% [1] - **Silicon Manganese (SM601)**: Spot price 5718, historical quantile 65.20% [1] - **Rebar (RB2601)**: Spot price 3200, futures price 3037, basis 66, basis rate 2.06%, historical quantile 66.70% [1] - **Hot - Rolled Coil (HC2601)**: Spot price 3270, futures price 3204, historical quantile 46.10% [1] - **Iron Ore (I2601)**: Spot price (equivalent price) 832, futures price 771, basis 61, basis rate 7.91%, historical quantile 49.60% [1] - **Coke (J2601)**: Spot price (equivalent price) 1676, futures price 1603, basis - 73, basis rate - 4.38%, historical quantile 26.49% [1] - **Coking Coal (JM2601)**: Spot price (equivalent price) 1257, futures price 1179, basis 78, basis rate 6.62%, historical quantile 45.50% [1] Non - Ferrous Metals - **Copper (CU2512)**: Spot price 84775, futures price 84390, basis 385, basis rate 0.46%, historical quantile 82.08% [1] - **Aluminum (AL2512)**: Spot price 20950, futures price 20910, basis 40, basis rate 0.19%, historical quantile 68.12% [1] - **Alumina (AO2601)**: Spot price 2921, futures price 2800, basis 121, historical quantile 60.13% [1] - **Zinc (ZN2511)**: Spot price 21815, futures price 21780, basis - 35, basis rate - 0.16%, historical quantile 52.29% [1] - **Tin (SN2511)**: Spot price 281000, futures price 280750, basis 250, basis rate 0.09%, historical quantile 57.70% [1] - **Nickel (NI251)**: Spot price 121550, futures price 121160, basis 390, basis rate 0.32%, historical quantile 76.87% [1] - **Stainless Steel (SS2512)**: Spot price 13170, futures price 12630, basis 540, basis rate 4.28%, historical quantile 92.25% [1] - **Lithium Carbonate (LC2511)**: Spot price 75700, futures price 73350, basis - 2350, basis rate - 3.10%, historical quantile 23.12% [1] - **Industrial Silicon (SI2511)**: Spot price 9350, futures price 920, historical quantile 61.14% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price 2870, futures price 2868, basis 2, basis rate 0.07%, historical quantile 35.00% [1] - **Soybean Oil (Y2601)**: Spot price 8410, futures price 8256, basis 154, basis rate 1.87%, historical quantile 32.10% [1] - **Palm Oil (P2601)**: Spot price 9308, futures price 9230, basis - 78, basis rate - 0.84%, historical quantile 7.00% [1] - **Rapeseed Meal (RM601)**: Spot price 2470, futures price 2306, basis 164, basis rate 7.11%, historical quantile 74.00% [1] - **Rapeseed Oil (Ol601)**: Spot price 10160, futures price 9861, basis 299, basis rate 3.03%, historical quantile 80.30% [1] - **Corn (C2601)**: Spot price 2130, futures price 2117, basis 13, basis rate 0.61%, historical quantile 49.80% [1] - **Corn Starch (CS2511)**: Spot price 2550, futures price 2374, basis 176, basis rate 7.41%, historical quantile 83.10% [1] - **Live Hogs (LH2601)**: Spot price 11670, futures price 11250, basis - 420, basis rate - 3.60%, historical quantile 30.90% [1] - **Eggs (JD2511)**: Spot price 3000, futures price 2805, basis 195, basis rate 6.95%, historical quantile 48.00% [1] - **Cotton (CF601)**: Spot price 13335, futures price 1182, basis 14517, basis rate 8.86%, historical quantile 79.80% [1] - **Sugar (SR601)**: Spot price 5810, futures price 5412, basis 398, basis rate 7.35%, historical quantile 70.60% [1] - **Apples (AP601)**: Spot price 8625, futures price 8600, basis - 25, basis rate - 0.29%, historical quantile 16.20% [1] - **Red Dates (CJ601)**: Spot price 11420, futures price 9600, basis - 1820, basis rate - 15.94%, historical quantile 19.30% [1] Energy and Chemicals - **Paraxylene (PX601)**: Spot price 6432, futures price 6292, basis 140, basis rate 2.20%, historical quantile 12.40% [1] - **PTA (TA601)**: Spot price 4402, futures price 4330, basis - 72, basis rate - 2.04%, historical quantile 20.00% [1] - **Ethylene Glycol (EG2601)**: Spot price 4075, futures price 4003, basis 72, basis rate 1.05%, historical quantile 75.10% [1] - **Polyester Staple Fiber (PF512)**: Spot price 6290, futures price 6036, basis 254, basis rate 2.20%, historical quantile 74.10% [1] - **Styrene (EB2511)**: Spot price 6495, futures price 6483, basis 12, basis rate 0.97%, historical quantile 75.10% [1] - **Methanol (MA601)**: Spot price 2272, futures price 2272, basis 0, basis rate 0.0%, historical quantile 53.90% [1] - **Urea (UR601)**: Spot price 1602, futures price 1560, basis - 42, basis rate - 2.25%, historical quantile 5.40% [1] - **LLDPE (L2601)**: Spot price 6975, futures price 6874, basis 101, basis rate 1.86%, historical quantile 56.80% [1] - **PP (PP2601)**: Spot price 6565, futures price 6551, basis 14, basis rate 0.21%, historical quantile 48.10% [1] - **PVC (V2601)**: Spot price 4688, futures price 4600, basis 88, basis rate 1.88%, historical quantile 32.50% [1] - **Caustic Soda (SH601)**: Spot price 2593.8, futures price 2344, basis 249.8, basis rate 5.41%, historical quantile 70.90% [1] - **LPG (PG2512)**: Spot price 4498, futures price 4220, basis 278, basis rate 6.21%, historical quantile 47.80% [1] - **Asphalt (BU2601)**: Spot price 3380, futures price 3135, basis 245, basis rate 7.25%, historical quantile 93.40% [1] - **Butadiene Rubber (BR2512)**: Spot price 11000, futures price 10925, basis 75, basis rate 0.68%, historical quantile 61.40% [1] - **Glass (FG601)**: Spot price 1095, futures price 1072, basis 23, basis rate 2.10%, historical quantile 66.59% [1] - **Soda Ash (SA601)**: Spot price 1209, futures price 1154, basis 55, basis rate 4.77%, historical quantile 18.90% [1] - **Natural Rubber (RU2601)**: Spot price 14695, futures price 14250, basis - 445, basis rate - 3.12%, historical quantile 73.33% [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Spot price 4514.2, futures price 4485.2, basis - 29, basis rate - 0.65%, historical quantile 13.90% [1] - **IH2512.CFE**: Spot price 2967.8, futures price 2963, basis - 4.8, basis rate - 0.16%, historical quantile 35.10% [1] - **IC2512.CFE**: Spot price 6863.2, futures price 7016.1, basis - 152.9, basis rate - 2.23%, historical quantile 0.50% [1] - **IM2512.CFE**: Spot price 7020.8, futures price 7185.5, basis - 164.7, basis rate - 2.35%, historical quantile 7.80% [1] - **Treasury Bond Futures**: - **2 - year Treasury Bond (TS2512)**: Spot price 102.37, futures price 99.94, basis - 0.02, basis rate - 0.02%, historical quantile 20.00% [1] - **5 - year Treasury Bond (TF2512)**: Spot price 105.72, futures price 99.39, basis - 0.04, basis rate - 0.04%, historical quantile 21.80% [1] - **10 - year Treasury Bond (T2512)**: Spot price 108.10, futures price 100.19, basis 0.05, basis rate 0.09%, historical quantile 21.10% [1] - **30 - year Treasury Bond (TL2512)**: Spot price 129.31, futures price 114.48, basis 0.28, basis rate 0.25%, historical quantile 37.50% [1]