Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 | | 名称 | 交易代码 | 主力基差率 | 较昨日増减 | 当月基差 | 次月基差 | 再次月基差 | 录自导科 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 铜 | CU | 0.21% | 0.86% | 215 | 115 | 165 | 101870 | 101970 | 101920 | 102085 | SMM 1#电解铜 | | | 指 | AL | 0.04% | 1.23% | 10 | -15 | -60 | 23990 | 24015 | 24060 | 24000 | SMM A00铝 | | | 锌 | ZN | 0.52% | 0.54% | 125 | 80 | 40 | 24045 | 24090 | 24130 | 2417 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2026 年 1 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 | | 2026/01/08 | -104.4 | 0.0 | 0.0 | 0.0 | | 2026/01/07 | -108.4 | 0.0 | 0.0 | 0.0 | | 2026/01/06 | -113.4 | 0.0 | 0.0 | 0.0 | | 2026/01/05 | -116.4 | 0.0 | 0.0 | 0.0 | | 2025/12/31 | -123.4 | 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 期货研究报告 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 2026/01/08 2026/01/07 2026/01/06 2026/01/05 2025/12 ...

中国金融期货交易所的金融期货期权成交量为2,742.7万手，占全国市场的2.88%；成交额为23.87万亿 元，占全国市场的26.29%。成交金额排名前三的品种分别是中证1000股指期货、中证500股指期货、30 年期国债期货。 截至2025年12月底，我国共上市期货期权品种164个。 期货日报网讯中国期货业协会最新统计资料表明，以单边计算，12月全国期货市场成交量为9.51亿手,成 交额为90.81万亿元，同比分别增长45.17%和58.55%。1-12月全国期货市场累计成交量为90.74亿手，累 计成交额为766.25万亿元，同比分别增长17.4%和23.74%。 其中，12月，按照成交额统计，排名各商品期货交易所前三的品种分别为上期所的白银、黄金、铜，郑 商所的PTA、烧碱、玻璃，大商所的焦煤、棕榈油、豆粕，广期所的碳酸锂期货、多晶硅期货、铂期 货；按照成交量统计，排名各交易所前三的品种分别为上期所的白银、螺纹钢、白银期权，郑商所的玻 璃、PTA、甲醇，大商所的豆粕、聚氯乙烯、焦煤，广期所的碳酸锂期货、碳酸锂期权、工业硅期货。 ...

中国金融期货交易所的金融期货期权成交量为2742.7万手，占全国市场的2.88%；成交额为23.87万亿 元，占全国市场的26.29%。成交金额排名前三的品种分别是中证1000股指期货、中证500股指期货、30 年期国债期货。（记者刘开雄） 中国期货业协会1月8日发布数据显示，2025年1月至12月，全国期货市场累计成交量为90.74亿手，累计 成交额为766.25万亿元，同比分别增长17.4%和23.74%。 其中，按照成交额统计，各商品期货交易所排名前三的品种分别为上海期货交易所的白银、黄金、铜， 郑州商品交易所的PTA（精对苯二甲酸）、烧碱、玻璃，大连商品交易所的焦煤、棕榈油、豆粕，广州 期货交易所的碳酸锂期货、多晶硅期货、铂期货。 【纠错】 【责任编辑:谷玥】 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report is a daily data report on futures variety arbitrage from Baocheng Futures, covering multiple futures varieties including thermal coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. It provides data on basis, inter - month spreads, and inter - commodity spreads for different trading dates [1][2][8][10][18][19][20][28][31][38][49]. 3. Summary by Directory 3.1 Thermal Coal - The report presents the basis and inter - month spreads (5 - 1, 9 - 1, 9 - 5) of thermal coal from December 30, 2025, to January 7, 2026. During this period, the basis gradually increased from - 131.4 yuan/ton to - 108.4 yuan/ton, while the inter - month spreads remained at 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - It provides basis data for fuel oil, crude oil/asphalt, and INE crude oil from December 30, 2025, to January 7, 2026, along with price ratios for some commodities [6]. 3.2.2 Chemical Commodities - **Basis**: The report shows the basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from December 30, 2025, to January 7, 2026. For example, the basis of rubber decreased from - 370 yuan/ton to - 430 yuan/ton [8]. - **Inter - month Spreads**: It presents the inter - month spreads (5 - 1, 9 - 1, 9 - 5) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol [10]. - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) for different dates from December 30, 2025, to January 7, 2026, are provided [10]. 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from December 30, 2025, to January 7, 2026, are given. For example, the basis of rebar decreased from 186.0 yuan/ton to 153.0 yuan/ton [20]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) for rebar, iron ore, coke, and coking coal are presented. Note that the main contract months of rebar are January, May, and October [19]. - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) for different dates from December 30, 2025, to January 7, 2026, are provided [19]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 30, 2025, to January 7, 2026, are shown. For example, the basis of copper increased from - 1600 yuan/ton to 480 yuan/ton on January 7, 2026 [28]. 3.4.2 London Market - The report provides data on LME spreads, Shanghai - London ratios, CIF, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin on January 7, 2026 [31]. 3.5 Agricultural Products - **Basis**: The basis data for soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from December 30, 2025, to January 7, 2026, are presented. For example, the basis of soybeans No. 1 decreased from - 204 yuan/ton to - 324 yuan/ton [38]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) for multiple agricultural products such as soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [38]. - **Inter - commodity Spreads**: The inter - commodity spreads (soybeans No. 1/corn, soybeans No. 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) for different dates from December 30, 2025, to January 7, 2026, are provided [38]. 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 30, 2025, to January 7, 2026, are shown. For example, the basis of CSI 300 increased from 12.69 to 23.67 on January 7, 2026 [49]. - **Inter - month Spreads**: The inter - month spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented [49].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market is strong, with the Shanghai Composite Index hitting a record-long winning streak, and the stock index futures can be considered for trend-following operations [9][13]. - The bond market is under pressure, and the strategy for treasury bond futures is to maintain a flattening yield curve [15]. - Steel is expected to maintain a sideways trend, and iron ore is recommended to be shorted on rallies [17][18]. - The prices of coking coal and coke may rise sideways in the short term, and attention should be paid to the disturbances from coal mine production and safety inspections [19]. - For ferroalloys, it is recommended to short on rallies in the medium term, paying attention to position management [21]. - For soda ash, it is advisable to wait and see; for glass, try to go long after the market sentiment stabilizes [22]. - The short-term price of lithium carbonate will be strong, but beware of significant fluctuations [24]. - For industrial silicon, pay attention to the opportunity to sell out-of-the-money call options on rallies; for polysilicon, hold the previous long positions and continue to look for opportunities to buy on dips [25][26]. - For cotton, operate by buying on dips and rolling; for sugar, trade short-term in the low range [28][30]. - The near-term contracts of eggs are expected to have limited upside space, while the far-term contracts are supported by strong expectations but also have limited upside [32][33]. - The apple futures may be strong, and the corn futures will be sideways to strong in the short term [34]. - The jujube market will maintain a sideways trend, and the short-term spot price of live pigs is likely to decline [36][38]. - The oil price will be sideways without new events, and the prices of fuel oil and plastics will follow the oil price [40][42][43]. - The rubber futures will be sideways, and it is advisable to go long on dips; the synthetic rubber may be strong in the short term, and it is advisable to wait and see if there are no positions [45][46]. - For methanol, consider a slightly long allocation for the far-term contracts; for caustic soda, maintain a long position [47][48]. - The asphalt price is expected to fluctuate more significantly, and pay attention to the price bottom after the winter storage game [49]. - The polyester industry chain prices will follow the cost, and consider the PX and PTA 5 - 9 inter - month positive spreads [51]. - The LPG price has support, but the upside space is limited; the pulp futures are advisable to wait and see; the urea market will be strong in the short term [52][53][55]. Summary by Relevant Catalogs Macro Information - On January 6, the Shanghai Composite Index rose 1.5% to 4083.67 points, achieving a 13 - day winning streak and hitting a new high in over 10 years [9]. - The 2026 International Consumer Electronics Show (CES 2026) kicked off on January 6. NVIDIA announced the full production of the new - generation AI chip platform Vera Rubin, and launched the world's first open - source VLA autonomous driving inference model Alpamayo [9]. - The People's Bank of China deployed key tasks for 2026, including using various monetary policy tools flexibly and efficiently, and strengthening financial market supervision [9]. - China decided to ban the export of all dual - use items to Japanese military users and military purposes [10]. - Four departments jointly issued a document to promote employees' cultural and sports consumption [10]. - Regulatory authorities surveyed some wealth management companies to address the bottlenecks for medium - and long - term funds to enter the market [10]. - As of January 5, over 280 Hong Kong - listed companies released their 2025 fiscal year performance forecasts. The performance of non - ferrous metal and innovative drug companies was generally good, while some traditional industries faced pressure [10]. - The China Securities Index Company announced index adjustments, which will take effect after the market closes on January 9 [11]. - More than a dozen small and medium - sized banks adjusted their deposit interest rates, showing a differentiated pattern [11]. - Boston Dynamics under Hyundai Motor plans to produce 30,000 Atlas humanoid robots annually in the US starting in 2028 [11]. - A US senior official said that Trump's team is discussing various options to acquire Greenland [11]. - A large number of US military planes flew to Europe recently, and Iran's armed forces are on high alert [12]. - The US Secret Service launched a large - scale recruitment campaign to prepare for major events in 2028 [12]. Stock Index Futures - The A - share market continued to rise with enlarged trading volume. The three major PMI indexes all rose to the expansion range, indicating an overall recovery of China's economic prosperity. It is recommended to consider trend - following operations [13][14]. Treasury Bond Futures - The capital market is balanced and slightly loose, and the stock index is strong, putting pressure on the bond market. The strategy is to flatten the yield curve [15]. Black Metals Steel and Iron Ore - Policy has little impact on steel production. The demand for building materials is weak, while the demand for coils is okay. The supply of steel mills is stable, and the inventory is high. The valuation of iron ore is reasonable, and the supply is strong while the demand is stable. Steel is expected to be sideways, and iron ore is recommended to be shorted on rallies [17][18]. Coking Coal and Coke - The prices of coking coal and coke may rise sideways in the short term. The supply of coking coal may shrink, and the potential negative feedback risk restricts the price increase. The inventory of upstream enterprises is increasing, and the downstream replenishment is slow [19][20]. Ferroalloys - The market is affected by emotions, and it is not recommended to chase the rise. It is advisable to short on rallies in the medium term, paying attention to position management [21]. Soda Ash and Glass - For soda ash, wait and see; for glass, try to go long after the market sentiment stabilizes. The supply of soda ash is at a high level, and new capacity may be put into production. The market expects cold - repair of glass production lines, and attention should be paid to the implementation of cold - repair [22]. Non - ferrous Metals and New Materials Lithium Carbonate - The short - term price will be strong, but beware of significant fluctuations. The fundamentals are slightly weak, but the mine disturbances reduce the复产 expectation, and the long - term demand is good [24]. Industrial Silicon and Polysilicon - For industrial silicon, pay attention to the opportunity to sell out - of - the - money call options on rallies. For polysilicon, hold the previous long positions and continue to look for opportunities to buy on dips. The supply and demand of industrial silicon are in a loose balance, and the supply and demand of polysilicon are stable, with the anti -内卷 policy dominating the market [25][26]. Agricultural Products Cotton - The short - term supply is loose, but the long - term supply is expected to shrink. It is advisable to buy on dips and roll. The international cotton price is affected by the planting area and export, and the domestic cotton price is affected by the pre - holiday replenishment and the decline in production before the Spring Festival [28][29]. Sugar - The domestic sugar market is in a season of strong supply and demand. It is recommended to trade short - term in the low range. The global sugar supply is in surplus, but some institutions have lowered the surplus forecast [30][31]. Eggs - The spot price of eggs is rising seasonally before the Spring Festival, but the supply - demand pattern is still loose. The upside space of the near - term contracts is limited, and the far - term contracts are supported by expectations but also have limited upside [32][33]. Apples - The futures price may be strong. The出库 of apples is slightly lower than last year, the sales in the sales area are weak, and attention should be paid to the price changes in the sales area [34]. Corn - The short - term futures price will be sideways to strong. The price is affected by the farmers' selling sentiment and policy - related grain auctions [34][35]. Jujubes - The market will maintain a sideways trend. The prices in the production and sales areas are stable, and attention should be paid to the sales in the peak consumption season [36][37]. Live Pigs - The spot price is expected to decline in the middle of January. The futures main contract is recommended to be shorted on rallies. The second - fattening entry is active, and the supply pressure before the Spring Festival is increasing [38]. Energy and Chemicals Crude Oil - The geopolitical trading is over, and the market focuses on fundamentals. The oil price is facing a serious supply surplus, and it will be sideways without new events. Attention should be paid to the situation in Iran [40]. Fuel Oil - The price follows the oil price. The supply is loose, and the demand is weak. The geopolitical situation in Iran affects the oil price, and the inventory is increasing [42]. Plastics - The supply pressure of polyolefins is large, and the demand is weak. The upstream is in heavy losses, which may support a small rebound. It is advisable to take a sideways view and beware of callback risks [43][44]. Rubber - The price will be sideways, and it is advisable to go long on dips. The raw material price in Thailand is rising, and the fundamentals have no obvious contradictions [45]. Synthetic Rubber - The price may be strong in the short term, and it is advisable to wait and see if there are no positions. The price is driven by cost and market sentiment, and attention should be paid to the downstream procurement sentiment [46]. Methanol - The fundamentals are improving in the medium - long term. The far - term contracts can be considered for a slightly long allocation. The supply may be affected by the situation in Iran, and attention should be paid to the port inventory [47]. Caustic Soda - Maintain a long position. The impact of fundamentals on the futures is weak, and the spot price in Shandong is stable or declining [48]. Asphalt - The price is expected to fluctuate more significantly, and attention should be paid to the price bottom after the winter storage game. The supply of raw materials is uncertain due to geopolitics [49][50]. Polyester Industry Chain - The prices follow the cost. Consider the PX and PTA 5 - 9 inter - month positive spreads. The supply and demand of PX and PTA are expected to weaken, and the market for ethylene glycol and short - fiber will be sideways [51]. Liquefied Petroleum Gas - The price has support, but the upside space is limited. The supply in the Middle East is tight, but the global supply is abundant. The demand in winter is strong, but the chemical end is under pressure [52]. Paper Pulp - It is advisable to wait and see. The spot trading is weak, the port inventory is increasing, and the valuation does not provide a good opportunity [53]. Logs - The fundamentals are slightly weak, and the price will be sideways. The domestic spot market is stable, and the port inventory is increasing [54]. Urea - The spot and futures markets are expected to be strong in the short term. The spot price is rising, and the futures price is also strong [55][56].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a daily report on futures variety arbitrage data from Baocheng Futures on January 7, 2026, presenting the basis, inter - period, and inter - variety data of various futures products including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory 3.1 Thermal Coal - The basis data of thermal coal from December 29, 2025, to January 6, 2026, are - 131.4, - 131.4, - 123.4, - 116.4, - 113.4 yuan/ton respectively, and the 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads are all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 29, 2025, to January 6, 2026, are presented, such as the basis of INE crude oil being - 5.19 yuan/ton on January 6, 2026 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from December 29, 2025, to January 6, 2026, are provided. For example, the basis of rubber on January 6, 2026, is - 400 yuan/ton [8] - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 month spread of rubber is 35 yuan/ton [9] - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, LLDPE - PVC is 1648 yuan/ton [9] 3.3 Black Metals - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - 1 month spread of rebar is 33.0 yuan/ton [18] - **Inter - variety**: The inter - variety data such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, rebar/iron ore is 3.89 [18] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 29, 2025, to January 6, 2026, are given. For example, the basis of rebar on January 6, 2026, is 159.0 yuan/ton [19] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 29, 2025, to January 6, 2026, are presented. For example, the basis of copper on January 6, 2026, is - 1600 yuan/ton [28] 3.4.2 London Market - The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on January 6, 2026, are provided. For example, the LME premium/discount of copper is 2.98 [31] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 29, 2025, to January 6, 2026, are presented. For example, the basis of soybeans No.1 on January 6, 2026, is - 196 yuan/ton [37] - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, the 5 - 1 month spread of soybeans No.1 is 61 [37] - **Inter - variety**: The inter - variety data such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 29, 2025, to January 6, 2026, are presented. For example, on January 6, 2026, soybeans No.1/corn is 1.92 [37] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 29, 2025, to January 6, 2026, are presented. For example, the basis of CSI 300 on January 6, 2026, is 12.69 [48] - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month - current - month spread of CSI 300 is - 10.6 [48]

Core Viewpoint - The article highlights the recent capital inflows and outflows in commodity futures, indicating a mixed market sentiment with specific focus on metals and agricultural products [1]. Group 1: Capital Inflows - Major inflows were observed in silver (¥2.289 billion), copper (¥0.690 billion), rubber (¥0.278 billion), platinum (¥0.269 billion), and iron ore (¥0.193 billion) [1]. - The black and non-ferrous metal sectors showed a positive inflow trend, particularly in silver, copper, platinum, iron ore, and lithium carbonate [1]. - Financial futures, specifically the CSI 500 index futures and 30-year treasury futures, are highlighted as areas of interest for capital inflows [1]. Group 2: Capital Outflows - Significant outflows were noted in cotton (¥1.154 billion), PTA (¥0.587 billion), white sugar (¥0.422 billion), vegetable oil (¥0.270 billion), and rapeseed meal (¥0.270 billion) [1]. - The chemical and agricultural sectors are experiencing outflows, with particular attention to cotton, PTA, white sugar, vegetable oil, methanol, and paraxylene [1]. - Conversely, rubber and PVC are noted for their unexpected inflows despite the overall outflow trend in the chemical and agricultural sectors [1].

1. Report Industry Investment Rating - No relevant information provided in the given content. 2. Core View of the Report - This is a futures research report from Baocheng Futures, presenting daily arbitrage data for various futures varieties on January 6, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary by Related Catalogs 3.1 Power Coal - The report shows the basis of power coal from December 26, 2025, to January 5, 2026, with the basis on January 5, 2026, being - 116.4 yuan/ton. The spreads between May - January, September - January, and September - May contracts are all 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - For fuel oil, crude oil, and asphalt, data such as basis, ratio, and other indicators are presented from December 26, 2025, to January 5, 2026. For example, on January 5, 2026, the basis of INE crude oil is 26.43 yuan/ton [6]. 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from December 26, 2025, to January 5, 2026, are provided. For instance, on January 5, 2026, the basis of rubber is - 240 yuan/ton [8]. - **Inter - period Spreads**: The spreads between May - January, September - January, and September - May contracts of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the May - January spread of rubber is 35 yuan/ton [9]. - **Inter - commodity Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the LLDPE - PVC spread is 1736 yuan/ton [9]. 3.3 Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from December 26, 2025, to January 5, 2026, are shown. On January 5, 2026, the basis of rebar is 166.0 yuan/ton [19]. - **Inter - period Spreads**: The spreads between May - January, September(10) - January, and September(10) - May contracts of rebar, iron ore, coke, and coking coal are provided. The May - January spread of rebar is 23.0 yuan/ton [18]. - **Inter - commodity Spreads**: The spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the rebar/iron ore ratio is 3.91 [18]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from December 26, 2025, to January 5, 2026, are given. On January 5, 2026, the basis of copper is - 770 yuan/ton [28]. 3.4.2 London Market - Data such as LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on January 5, 2026, are presented. For example, the LME premium of copper is 38.60, and the import profit/loss is (1543.51) [31]. 3.5 Agricultural Products - **Basis**: The basis data of soybeans - 1, soybeans - 2, soybean meal, soybean oil, and corn from December 26, 2025, to January 5, 2026, are provided. On January 5, 2026, the basis of soybeans - 1 is - 163 yuan/ton [37]. - **Inter - period Spreads**: The spreads between May - January, September - January, and September - May contracts of soybeans - 1, soybeans - 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. The May - January spread of soybeans - 1 is 56 yuan/ton [37]. - **Inter - commodity Spreads**: The spreads of soybeans - 1/corn, soybeans - 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from December 26, 2025, to January 5, 2026, are presented. On January 5, 2026, the soybeans - 1/corn ratio is 1.92 [37]. 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 26, 2025, to January 5, 2026, are shown. On January 5, 2026, the basis of CSI 300 is 20.75 [48]. - **Inter - period Spreads**: The spreads of next - month - current - month and next - quarter - current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. The next - month - current - month spread of CSI 300 is - 10.6 [48].

单品种看，昨日资金主要流入的商品期货（主连合约）品种有铜、白银、碳酸锂、20号胶和铝，分别流入16.12 亿元、8.16 亿元、7.29 亿元、4.77 亿元和 4.53 亿元；主要流出的品种有黄金、铂、PTA、钯和苯乙烯，分别流出3.79 亿元、3.15 亿元、1.14 亿元、1.05 亿元和0.27 亿元。从主力合约看，黑色、农产 品、化工、有色金属和金融板块均呈流入状态。 整体看，昨日商品期货（主连合约）资金呈大幅流入状态。有色金属和化工板块流入较多，重点关注流入较多的铜、白银、碳酸锂、20号胶、铝和原油，同 时关注逆势流出的黄金、铂、PTA、钯和苯乙烯。农产品和黑色板块呈小幅流入状态，重点关注流入较多的铁矿石、棉花和鸡蛋，同时关注逆势流出的玉 米、生猪和红枣。金融板块重点关注中证500股指期货和10年期国债期货。（徽商期货 方正） 图为商品期货资金流入前十名（亿元） 图为商品期货主连合约资金流向（亿元） 图为板块资金流入额（亿元） 图为金融期货主连合约资金流向（亿元） 图为商品期货资金流出前十名（亿元） ...