Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View The report presents the spot and futures prices, basis, basis rates, and historical quantiles of various commodities on November 10, 2025, including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemical products, and financial products, enabling investors to understand the market conditions of different commodities [1]. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF601)**: The spot price is 5526, the futures price is 5578, the basis is 130, and the basis rate is 0.94%, with a historical quantile of 62.10% [1]. - **Silicon Manganese (SM601)**: The spot price is 5890, the futures price is 5760, the basis is 130, and the basis rate is 2.26%, with a historical quantile of 49.60% [1]. - **Rebar (RB2601)**: The spot price in Shanghai is 3190, the futures price is 3034, the basis is 156, and the basis rate is 5.14%, with a historical quantile of 64.90% [1]. - **Hot - Rolled Coil (HC2601)**: The spot price in Shanghai is 3260, the futures price is 3245, the basis is 15, and the basis rate is 0.46%, with a historical quantile of 23.80% [1]. - **Iron Ore (I2601)**: The spot price of 62.5% Brazilian mixed powder at Rizhao Port is 836, the futures price is 812, the basis is 24, and the basis rate is - 1.38%, with a historical quantile of 58.90% [1]. - **Coke (J2601)**: The spot price is 1757, the futures price is 1732, the basis is 25, and the basis rate is 1.44%, with a historical quantile of 50.15% [1]. - **Coking Coal (JM2601)**: The spot price is 1362, the futures price is 1270, the basis is 92, and the basis rate is 7.24%, with a historical quantile of 49.10% [1]. Non - Ferrous Metals - **Copper (CU2512)**: The spot price is 86015, the futures price is 85940, the basis is 75, and the basis rate is 0.09%, with a historical quantile of 53.75% [1]. - **Aluminum (AL2601)**: The spot price is 21540, the futures price is 21625, the basis is - 85, and the basis rate is - 0.39%, with a historical quantile of 26.45% [1]. - **Alumina (AO2601)**: The spot price is 2860, the futures price is 2783, the basis is 77, and the basis rate is 2.76%, with a historical quantile of 47.57% [1]. - **Zinc (ZN2512)**: The spot price is 22720, the futures price is 22570, the basis is 150, and the basis rate is 0.66%, with a historical quantile of 23.33% [1]. - **Tin (SN2512)**: The spot price is 283700, the futures price is 283510, the basis is 190, and the basis rate is 0.07%, with a historical quantile of 56.04% [1]. - **Nickel (NI2512)**: The spot price is 119825, the futures price is 119440, the basis is 385, and the basis rate is 0.32%, with a historical quantile of 76.45% [1]. - **Stainless Steel (SS2512)**: The spot price is 12970, the futures price is 12565, the basis is 405, and the basis rate is 3.22%, with a historical quantile of 78.11% [1]. - **Lithium Carbonate (LC2601)**: The spot price is 82300, the futures price is 80400, the basis is 1900, and the basis rate is 2.31%, with a historical quantile of 28.41% [1]. - **Industrial Silicon (SI2601)**: The spot price is 9450, the futures price is 9220, the basis is 230, and the basis rate is 2.49%, with a historical quantile of 19.07% [1]. Precious Metals - **Gold (AU2512)**: The spot price is 921.3, the futures price is 917.6, the basis is - 3.6, and the basis rate is - 0.39%, with a historical quantile of 15.90% [1]. - **Silver (AG2512)**: The spot price is 11484.0, the futures price is 11480.0, the basis is - 4.0, and the basis rate is - 0.03%, with a historical quantile of 80.90% [1]. Agricultural Products - **Soybean Meal (M2601)**: The spot price in Jiangsu Zhangjiagang is 3058.0, the futures price is 2990, the basis is 68.0, and the basis rate is 2.27%, with a historical quantile of 37.50% [1]. - **Soybean Oil (Y2601)**: The spot price in Jiangsu Zhangjiagang is 8370, the futures price is 8184.0, the basis is 186.0, and the basis rate is 2.27%, with a historical quantile of 37.50% [1]. - **Palm Oil (P2601)**: The spot price at Huangpu Port is 8660.0, the futures price is 8570, the basis is 90.0, and the basis rate is 1.04%, with a historical quantile of 6.40% [1]. - **Rapeseed Meal (RM601)**: The spot price in Guangdong Zhanjiang is 2640, the futures price is 2539.0, the basis is 101.0, and the basis rate is 3.98%, with a historical quantile of 64.20% [1]. - **Rapeseed Oil (Oleo1)**: The spot price in Jiangsu Nantong is 9850, the futures price is 9533.0, the basis is 317.0, and the basis rate is 3.33%, with a historical quantile of 82.40% [1]. - **Corn (C2601)**: The spot price at Xizhou Port is 2160, the futures price is 2149.0, the basis is 11.0, and the basis rate is 0.51%, with a historical quantile of 47.80% [1]. - **Corn Starch (CS2601)**: The spot price in Jilin Changchun is 2550, the futures price is 2462.0, the basis is 88.0, and the basis rate is 3.57%, with a historical quantile of 40.90% [1]. - **Live Hogs (LH2601)**: The spot price in Henan is 11950, the futures price is 11865.0, the basis is 85.0, and the basis rate is 0.72%, with a historical quantile of 46.10% [1]. - **Eggs (JD2512)**: The spot price in Hebei Shijiazhuang is 3219.0, the futures price is 2820, the basis is - 399.0, and the basis rate is - 12.40%, with a historical quantile of 11.80% [1]. - **Cotton (CF601)**: The spot price in Xinjiang is 14678, the futures price is 13580.0, the basis is 1098.0, and the basis rate is 8.09%, with a historical quantile of 72.50% [1]. - **Sugar (SR601)**: The spot price at Liuzhou Station is 5760, the futures price is 5457.0, the basis is 303.0, and the basis rate is 5.55%, with a historical quantile of 49.40% [1]. - **Apples (AP601)**: The spot price is 9040.0, the futures price is 8840, the basis is 200.0, and the basis rate is 2.21%, with a historical quantile of 11.10% [1]. - **Red Dates (CJ601)**: The spot price in Hebei is 9590.0, the futures price is 9000, the basis is 590.0, and the basis rate is 6.15%, with a historical quantile of 69.60% [1]. Energy and Chemical Products - **Para - Xylene (PX601)**: The spot price at Chinese main ports is 6780.0, the futures price is 6756.0, the basis is 24.0, and the basis rate is 0.35%, with a historical quantile of 22.30% [1]. - **PTA (TA601)**: The spot price in East China is 4664.0, the futures price is 4590.0, the basis is 74.0, and the basis rate is 1.59%, with a historical quantile of 25.70% [1]. - **Ethylene Glycol (EG2601)**: The spot price in East China is 4010.0, the futures price is 3942.0, the basis is 68.0, and the basis rate is 1.73%, with a historical quantile of 82.20% [1]. - **Polyester Staple Fiber (PFS12)**: The spot price in East China is 6330.0, the futures price is 6214.0, the basis is 116.0, and the basis rate is 1.87%, with a historical quantile of 71.40% [1]. - **Styrene (EB2512)**: The spot price in East China is 6345.0, the futures price is 6317.0, the basis is 28.0, and the basis rate is 0.44%, with a historical quantile of 34.90% [1]. - **Methanol (MA601)**: The spot price in Jiangsu Taicang is 2112.0, the futures price is 2090.0, the basis is 22.0, and the basis rate is 1.04%, with a historical quantile of 24.30% [1]. - **Urea (UR601)**: The spot price in Shandong is 1667.0, the futures price is 1600.0, the basis is 67.0, and the basis rate is 4.02%, with a historical quantile of 2.50% [1]. - **LLDPE (L2601)**: The spot price in Shandong is 6850.0, the futures price is 6802.0, the basis is 48.0, and the basis rate is 0.71%, with a historical quantile of 36.60% [1]. - **PP (PP2601)**: The spot price in Zhejiang is 6500.0, the futures price is 6464.0, the basis is 36.0, and the basis rate is 0.56%, with a historical quantile of 35.40% [1]. - **PVC (V2601)**: The spot price in Changzhou is 4611.0, the futures price is 4520.0, the basis is 91.0, and the basis rate is 2.01%, with a historical quantile of 60.40% [1]. - **Caustic Soda (SH601)**: The spot price in Shandong is 2500.0, the futures price is 2331.0, the basis is 169.0, and the basis rate is 7.25%, with a historical quantile of 76.60% [1]. - **LPG (PG2512)**: The spot price in Guangzhou is 4448.0, the futures price is 4272.0, the basis is 176.0, and the basis rate is 4.12%, with a historical quantile of 41.50% [1]. - **Asphalt (BU2601)**: The spot price in Shandong is 3050.0, the futures price is 3048.0, the basis is 2.0, and the basis rate is 0.07%, with a historical quantile of 52.80% [1]. - **Butadiene Rubber (BR2601)**: The spot price is 10200.0, the futures price is 10190.0, the basis is 10.0, and the basis rate is 0.10%, with a historical quantile of 28.90% [1]. - **Float Glass (FG601)**: The spot price in Shahe is 1091.0, the futures price is 1048.0, the basis is 43.0, and the basis rate is 4.10%, with a historical quantile of 62.18% [1]. - **Soda Ash (SA601)**: The spot price in Shahe is 1210.0, the futures price is 1160.0, the basis is 50.0, and the basis rate is 4.31%, with a historical quantile of 21.21% [1]. - **Natural Rubber (RU2601)**: The spot price in Shanghai is 14995.0, the futures price is 14550.0, the basis is 445.0, and the basis rate is 3.06%, with a historical quantile of 72.44% [1]. Financial Products - **IF2512.CFE**: The spot price is 4678.8, the futures price is 4659.4, the basis is - 19.4, and the basis rate is - 0.42%, with a historical quantile of 23.90% [1]. - **IH2512.CFE**: The spot price is 3038.3, the futures price is 3038.2, the basis is - 0.1, and the basis rate is - 0.00%, with a historical quantile of 55.20% [1]. - **IC2512.CFE**: The spot price is 7327.9, the futures price is 7230.2, the basis is - 97.7, and the basis rate is - 1.35%, with a historical quantile of 3.70% [1]. - **IM2512.CFE**: The spot price is 7541.9, the futures price is 7412.0, the basis is - 129.9, and the basis rate is - 1.75%, with a historical quantile of 13.40% [1]. - **2 - year Treasury Bond (TS2512)**: The spot price is 102.47, the futures price is 100.04, the basis is 2.43, and the basis rate is 2.43%, with a historical quantile of 18.30% [1]. - **5 - year