宝城期货品种套利数据日报（2025 年 12 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 | | 2025/12/23 | -114.4 | 0.0 | 0.0 | 0.0 | | 2025/12/22 | -106.4 | 0.0 | 0.0 | 0.0 | | 2025/12/19 | -98.4 | 0.0 | 0.0 | 0.0 | | 2025/12/18 | -90.4 | 0.0 | 0.0 | 0.0 | | 2025/12/17 | -83.4 | 0.0 | 0.0 | 0.0 | 期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 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 3 杭州市求是路8号公元大厦东南裙楼1-5层 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2025/12/23 202 ...

期货研究报告 宝城期货品种套利数据日报（2025 年 12 月 22 日） 投资咨询业务资格：证监许可【2011】1778 号 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 | | 2025/12/19 | -98 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/18 | -90 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/17 | -83 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/16 | -74 . | 4 | 0 | 0 . | 0 | 0 . | 0 0 . | | 2025/12/15 | -64 . | 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 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View No relevant information provided. 3. Summary by Category a. Metals - Copper (CU): The main contract basis rate is -0.54%, down 0.28% from yesterday. The spot price is 92,240 [3]. - Aluminum (AL): The main contract basis rate is -1.18%, down 0.50% from yesterday. The spot price is 21,730 [3]. - Zinc (ZN): The main contract basis rate is 0.46%, down 0.02% from yesterday. The spot price is 23,130 [3]. - Lead (PB): The main contract basis rate is -0.51%, down 0.39% from yesterday. The spot price is 16,725 [3]. - Nickel (NI): The main contract basis rate is 2.66%, up 0.38% from yesterday. The spot price is 116,600 [3]. - Industrial Silicon: The main contract basis rate is 6.73%, down 1.38% from yesterday. The spot price is 9,200 [3]. - Lithium Carbonate (LC): The main contract basis rate is -9.03%, up 0.24% from yesterday. The spot price is 97,570 [3]. - Gold (AU): The main contract basis rate is -0.59%, up 0.10% from yesterday. The spot price is 974.68 [3]. - Silver (AG): The main contract basis rate is -0.37%, down 0.01% from yesterday. The spot price is 15,463 [3]. b. Steel and Iron Ore - Rebar (RB): The main contract basis rate is 6.24%, down 0.44% from yesterday. The spot price is 3,320 [3]. - Hot Rolled Coil (HC): The main contract basis rate is 0.70%, down 0.38% from yesterday. The spot price is 3,300 [3]. - Iron Ore: The main contract basis rate is 6.92%, down 0.47% from yesterday. The spot price is 831.3 [3]. c. Coal and Coke - Coke: The main contract basis rate is 0.72%, down 1.54% from yesterday. The spot price is 1,615 [3]. - Coking Coal (JIM): The main contract basis rate is -0.80%, down 6.02% from yesterday. The spot price is 1,117.5 [3]. - Thermal Coal (ZC): The main contract basis rate is -9.78%, down 1.12% from yesterday. The spot price is 723.0 [3]. d. Grains and Oils - Soybean (A): The main contract basis rate is -2.5%, up 1.17% from yesterday. The spot price is 3,940 [3]. - Soybean Meal (M): The main contract basis rate is 10.67%, unchanged from yesterday. The spot price is 3,040 [3]. - Rapeseed Meal (RM): The main contract basis rate is 7.26%, down 0.84% from yesterday. The spot price is 2,510 [3]. - Rapeseed Oil (Ol): The main contract basis rate is 6.20%, down 0.72% from yesterday. The spot price is 9,500 [3]. - Peanut (PK): The main contract basis rate is 17.56%, up 0.26% from yesterday. The spot price is 9,400 [3]. - Palm Oil (P): The main contract basis rate is 0.38%, down 0.07% from yesterday. The spot price is 8,400 [3]. - Corn (C): The main contract basis rate is 4.57%, up 0.76% from yesterday. The spot price is 2,290 [3]. - Corn Starch (CS): The main contract basis rate is 2.84%, down 0.26% from yesterday. The spot price is 2,570 [3]. e. Agricultural and Sideline Products - Apple (AP): The main contract basis rate is 13.98%, up 0.51% from yesterday. The spot price is 7,800 [3]. - Egg (JD): The main contract basis rate is 6.31%, up 6.05% from yesterday. The spot price is 3,100 [3]. - Live Pig: The main contract basis rate is 4.64%, up 1.88% from yesterday. The spot price is 11,850 [3]. - Cotton (CF): The main contract basis rate is 8.45%, down 0.31% from yesterday. The spot price is 15,139 [3]. - Sugar (SR): The main contract basis rate is 5.64%, up 0.37% from yesterday. The spot price is 5,390 [3]. f. Chemicals - Methanol (MA): The main contract basis rate is -0.07%, up 0.21% from yesterday. The spot price is 2,173 [3]. - Ethanol (EG): The main contract basis rate is -3.24%, down 0.23% from yesterday. The spot price is 3,645 [3]. - PTA (TA): The main contract basis rate is -1.22%, up 0.14% from yesterday. The spot price is 4,690 [3]. - Polypropylene (PP): The main contract basis rate is 8.30%, down 0.43% from yesterday. The spot price is 6,800 [3]. - Styrene (EB): The main contract basis rate is 1.64%, down 0.40% from yesterday. The spot price is 6,490 [3]. - Short - Fiber (PF): The main contract basis rate is 2.24%, down 0.90% from yesterday. The spot price is 6,310 [3]. - Plastic: The main contract basis rate is 8.09%, up 0.05% from yesterday. The spot price is 7,000 [3]. - PVC (V): The main contract basis rate is 14.80%, down 7.40% from yesterday. The spot price is 5,405 [3]. - Rubber (RU): The main contract basis rate is -1.76%, up 0.45% from yesterday. The spot price is 15,050 [3]. - 20 - Number Rubber (NR): The main contract basis rate is 4.30%, up 0.60% from yesterday. The spot price is 12,991 [3]. - Soda Ash (SA): The main contract basis rate is -3.86%, down 1.04% from yesterday. The spot price is 1,147 [3]. - Urea (UR): The main contract basis rate is -1.64%, down 3.10% from yesterday. The spot price is 1,680 [3]. - Pulp (SP): The main contract basis rate is 0.45%, up 0.11% from yesterday. The spot price is 5,525 [3]. g. Energy - Crude Oil (SC): The main contract basis rate is -8.2%, up 0.13% from yesterday. The spot price is 394.5 [3]. - Fuel Oil (FU): The main contract basis rate is 7.68%, up 0.32% from yesterday. The spot price is 2,626 [3]. - Asphalt (BU): The main contract basis rate is -1.42%, up 1.96% from yesterday. The spot price is 2,910 [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.54%, down 0.97% from yesterday. The spot price is 2,947 [3]. - LPG (PG): The main contract basis rate is 10.20%, up 3.31% from yesterday. The spot price is 4,528 [3]. h. Stock Index Futures - CSI 300 (IF): The main contract basis rate is 0.05%, up 0.02% from yesterday. The spot price is 4,552.8 [3]. - SSE 50 (IH): The main contract basis rate is 0.12%, down 0.03% from yesterday. The spot price is 2,998.5 [3]. - CSI 500 (IC): The main contract basis rate is 0.00%, up 0.12% from yesterday. The spot price is 7,100.8 [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary by Related Catalog Metals - Copper (CU): The main contract basis rate is -0.54%, down 0.28% from yesterday. The spot price is 92,240 yuan [3]. - Aluminum (AL): The main contract basis rate is -1.18%, down 0.50% from yesterday. The spot price is 21,730 yuan [3]. - Zinc (ZN): The main contract basis rate is 0.46%, down 0.02% from yesterday. The spot price is 23,130 yuan [3]. - Lead (PB): The main contract basis rate is -0.51%, down 0.39% from yesterday. The spot price is 16,725 yuan [3]. - Nickel (NI): The main contract basis rate is 2.66%, up 0.38% from yesterday. The spot price is 116,600 yuan [3]. - Industrial Silicon (SI): The main contract basis rate is 6.73%, down 1.38% from yesterday. The spot price is 9,200 yuan [3]. - Carbonate Lithium (LC): The main contract basis rate is -9.03%, up 0.24% from yesterday. The spot price is 97,570 yuan [3]. - Gold (AU): The main contract basis rate is -0.59%, up 0.10% from yesterday. The spot price is 974.68 yuan [3]. - Silver (AG): The main contract basis rate is -0.37%, down 0.01% from yesterday. The spot price is 15,463 yuan [3]. Building Materials and Energy - Rebar (RB): The main contract basis rate is 6.24%, down 0.44% from yesterday. The spot price is 3,320 yuan [3]. - Hot Rolled Coil (HC): The main contract basis rate is 0.70%, down 0.38% from yesterday. The spot price is 3,300 yuan [3]. - Iron Ore: The main contract basis rate is 6.92%, down 0.47% from yesterday. The spot price is 831.3 yuan [3]. - Coke: The main contract basis rate is 0.72%, down 1.54% from yesterday. The spot price is 1,615 yuan [3]. - Coking Coal (JIM): The main contract basis rate is -0.80%, down 6.02% from yesterday. The spot price is 1,117.5 yuan [3]. - Thermal Coal (ZC): The main contract basis rate is -9.78%, down 1.12% from yesterday. The spot price is 723.0 yuan [3]. - Ferrosilicon (SF): The main contract basis rate is -7.01%, down 0.59% from yesterday. The spot price is 5,200 yuan [3]. - Silicomanganese (SM): The main contract basis rate is -0.17%, down 0.38% from yesterday. The spot price is 5,770 yuan [3]. - Stainless Steel: The main contract basis rate is 2.25%, up 0.07% from yesterday. The spot price is 12,700 yuan [3]. - Glass (FG): The main contract basis rate is -3.0%, down 3.2% from yesterday. The spot price is 1,030 yuan [3]. Agricultural Products - Soybeans (A): The main contract basis rate is -2.5%, up 1.17% from yesterday. The spot price is 3,940 yuan [3]. - Soybean Meal (M): The main contract basis rate is 10.67%, unchanged from yesterday. The spot price is 3,040 yuan [3]. - Rapeseed Meal (RM): The main contract basis rate is 7.26%, down 0.84% from yesterday. The spot price is 2,510 yuan [3]. - Rapeseed Oil (OI): The main contract basis rate is 6.20%, down 0.72% from yesterday. The spot price is 9,500 yuan [3]. - Peanuts (PK): The main contract basis rate is 17.56%, up 0.26% from yesterday. The spot price is 9,400 yuan [3]. - Palm Oil (P): The main contract basis rate is 0.38%, down 0.07% from yesterday. The spot price is 8,400 yuan [3]. - Corn (C): The main contract basis rate is 4.57%, up 0.76% from yesterday. The spot price is 2,290 yuan [3]. - Corn Starch (CS): The main contract basis rate is 2.84%, down 0.26% from yesterday. The spot price is 2,570 yuan [3]. - Apples (AP): The main contract basis rate is 13.98%, up 0.51% from yesterday. The spot price is 7,800 yuan [3]. - Eggs (JD): The main contract basis rate is 6.31%, up 6.05% from yesterday. The spot price is 3,100 yuan [3]. - Hogs (LH): The main contract basis rate is 4.64%, up 1.88% from yesterday. The spot price is 11,850 yuan [3]. - Cotton (CF): The main contract basis rate is 8.45%, down 0.31% from yesterday. The spot price is 15,139 yuan [3]. - Sugar (SR): The main contract basis rate is 5.64%, up 0.37% from yesterday. The spot price is 5,390 yuan [3]. Chemicals - Methanol (MA): The main contract basis rate is -0.07%, up 0.21% from yesterday. The spot price is 2,173 yuan [3]. - Ethanol (EG): The main contract basis rate is -3.24%, down 0.23% from yesterday. The spot price is 3,645 yuan [3]. - PTA (TA): The main contract basis rate is -1.22%, up 0.14% from yesterday. The spot price is 4,690 yuan [3]. - Polypropylene (PP): The main contract basis rate is 8.30%, down 0.43% from yesterday. The spot price is 6,800 yuan [3]. - Styrene (EB): The main contract basis rate is 1.64%, down 0.40% from yesterday. The spot price is 6,490 yuan [3]. - Short - Fiber (PF): The main contract basis rate is 2.24%, down 0.90% from yesterday. The spot price is 6,310 yuan [3]. - Plastic: The main contract basis rate is 8.09%, up 0.05% from yesterday. The spot price is 7,000 yuan [3]. - PVC (V): The main contract basis rate is 14.80%, down 7.40% from yesterday. The spot price is 5,405 yuan [3]. - Rubber (RU): The main contract basis rate is -1.76%, up 0.45% from yesterday. The spot price is 15,050 yuan [3]. - 20 - Numbered Rubber (NR): The main contract basis rate is 4.30%, up 0.60% from yesterday. The spot price is 12,991 yuan [3]. - Soda Ash (SA): The main contract basis rate is -3.86%, down 1.04% from yesterday. The spot price is 1,147 yuan [3]. - Urea (UR): The main contract basis rate is -1.64%, down 3.10% from yesterday. The spot price is 1,680 yuan [3]. - Pulp (SP): The main contract basis rate is 0.45%, up 0.11% from yesterday. The spot price is 5,525 yuan [3]. Energy - Crude Oil (SC): The main contract basis rate is -8.2%, up 0.13% from yesterday. The spot price is 394.5 yuan [3]. - Fuel Oil (FU): The main contract basis rate is 7.68%, up 0.32% from yesterday. The spot price is 2,626 yuan [3]. - Asphalt (BU): The main contract basis rate is -1.42%, up 1.96% from yesterday. The spot price is 2,910 yuan [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.54%, down 0.97% from yesterday. The spot price is 2,947 yuan [3]. - LPG (PG): The main contract basis rate is 10.20%, up 3.31% from yesterday. The spot price is 4,528 yuan [3]. Stock Index Futures - CSI 300 (IF): The main contract basis rate is 0.05%, up 0.02% from yesterday. The spot price is 4,552.8 [3]. - SSE 50 (IH): The main contract basis rate is 0.12%, down 0.03% from yesterday. The spot price is 2,998.5 [3]. - CSI 500 (IC): The main contract basis rate is 0.00%, up 0.12% from yesterday. The spot price is 7,100.8 [3].

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（2025 年 12 月 19 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 | | | 2025/12/18 | -90 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/12/17 | -83 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/12/16 | -74 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/12/15 | -64 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | | 2025/12/12 | -56 . | 4 | 0 | 0 . | 0 | 0 . | 0 . | 0 | www.bcqhgs.com 1 杭州市求是路8 ...

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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（2025 年 12 月 18 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 | | | 2025/12/17 | -83 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/16 | -74 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/15 | -64 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/12 | -56 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | | 2025/12/11 | -48 . | 4 | 0 | 0 . | | 0 | 0 . | 0 . | 0 | www. ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The report presents the arbitrage data of various futures varieties on December 17, 2025, including basis, inter - period spreads, and inter - variety spreads of different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][9][19] Summary by Relevant Catalogs 1. Thermal Coal - The report shows the basis of thermal coal from December 10 to December 16, 2025, and the basis values are - 40.4, - 48.4, - 56.4, - 64.4, - 74.4 respectively. The inter - period spreads of 5 - 1, 9 - 1, and 9 - 5 months are all 0 [2] 2. Energy Chemicals - **Energy Commodities**: It provides the basis data of fuel oil, INE crude oil, and the ratio data of crude oil / asphalt from December 10 to December 16, 2025 [7] - **Chemical Commodities**: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, as well as the inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol. Also, the basis data of these chemicals from December 10 to December 16, 2025 are presented [9][10] 3. Black Metals - The basis data of rebar, iron ore, coke, and coking coal from December 10 to December 16, 2025 are provided. The inter - period spreads of rebar, iron ore, coke, and coking coal, and the inter - variety spreads of rebar / iron ore, rebar / coke, coke / coking coal, rebar - hot rolled coil are also shown [19][20] 4. Non - Ferrous Metals - **Domestic Market**: The basis data of copper, aluminum, zinc, lead, nickel, and tin in the domestic market from December 10 to December 16, 2025 are presented [28] - **London Market**: On December 16, 2025, the LME spreads, LME / Shanghai ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin in the London market are given [33] 5. Agricultural Products - The basis data of soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from December 10 to December 16, 2025 are provided. The inter - period spreads and inter - variety spreads of multiple agricultural products are also shown [39] 6. Stock Index Futures - The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from December 10 to December 16, 2025 are presented. The inter - period spreads of these stock index futures are also given [50][53]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View The report presents the daily arbitrage data of various futures varieties on December 16, 2025, 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 Directory Power Coal - Basis data from December 9 to December 15, 2025 shows that the basis on December 15 was - 64.4 yuan/ton, gradually decreasing from - 32.4 yuan/ton on December 9 [2]. Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from December 9 to December 15, 2025 are provided. For example, the basis of INE crude oil on December 15 was 55.24 yuan/ton [7]. - **Chemical Commodities**: Inter - month spreads and inter - commodity spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For instance, the 5 - month minus 1 - month spread of LLDPE is 36 yuan/ton, and on December 15, the LLDPE - PVC spread was 2270 yuan/ton [9]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from December 9 to December 15, 2025 are given. For example, the basis of rebar on December 15 was 176.0 yuan/ton [20]. - Inter - month spreads and inter - commodity spreads data are also provided. For example, the 5 - month minus 1 - month spread of rebar is - 15.0 yuan/ton, and on December 15, the rebar/iron ore ratio was 407 [19]. Non - Ferrous Metals - **Domestic Market**: Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 9 to December 15, 2025 are shown. For example, the basis of copper on December 15 was - 180 yuan/ton [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for LME non - ferrous metals on December 15, 2025 are provided. For example, the LME spread of copper was (4.39), and the import loss was (1202.68) yuan/ton [33]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 9 to December 15, 2025 are presented. For example, the basis of soybeans No.1 on December 15 was - 110 yuan/ton [42]. - Inter - month spreads data for multiple agricultural products are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 is 38 yuan/ton. - Inter - commodity spreads data such as soybeans No.1/corn, soybean oil/soybean meal are provided. On December 15, the soybeans No.1/corn ratio was 1.85 [42]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 9 to December 15, 2025 are provided. For example, the basis of CSI 300 on December 15 was 6.46 [53]. - Inter - month spreads data for the next - month minus the current - month and the next - quarter minus the current - quarter of the above - mentioned stock indices are given. For example, the next - month minus the current - month spread of CSI 300 is - 160 [53].

Report Overview This is a futures research report from Baocheng Futures, providing daily arbitrage data for various commodities on December 15, 2025. It covers multiple sectors including thermal coal, energy and chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View The report presents detailed historical data on the basis, inter - period spreads, and inter - commodity spreads of different futures commodities, aiming to offer reference for market participants in analyzing price relationships and potential arbitrage opportunities among various futures contracts. 3. Summary by Commodity Category Thermal Coal - **Basis Data**: From December 8 to December 12, 2025, the basis of thermal coal was -22.4, -32.4, -40.4, -48.4, -56.4 yuan/ton respectively [2]. Energy and Chemicals - **Energy Commodities**: Data on basis, price ratios, and other indicators for fuel oil, crude oil, and asphalt are provided, such as the basis of INE crude oil on December 8, 2025, being 9.43 yuan/ton [7]. - **Chemical Commodities** - **Basis**: From December 8 to December 12, 2025, the basis of rubber was -365, -285, -365, -285, -280 yuan/ton respectively; for methanol, it was 11, 29, 42, 51, 40.5 yuan/ton respectively [9]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rubber was -20 yuan/ton, and the 9 - month minus 1 - month spread was -40 yuan/ton [10]. - **Inter - commodity Spreads**: On December 12, 2025, the LLDPE - PVC spread was 2276 yuan/ton, and the LLDPE - PP spread was 375 yuan/ton [10]. Black Metals - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rebar was -13 yuan/ton, and the 9 - month (10) minus 1 - month spread was 20 yuan/ton [19]. - **Inter - commodity Spreads**: On December 12, 2025, the rebar/iron ore ratio was 4.04, and the rebar/coke ratio was 20480 [19]. - **Basis**: From December 8 to December 12, 2025, the basis of rebar was 137, 161, 183, 181, 190 yuan/ton respectively [20]. Non - ferrous Metals - **Domestic Market Basis**: From December 8 to December 12, 2025, the basis of copper was -590, 730, -10, 170, -620 yuan/ton respectively [28]. - **London Market**: On December 12, 2025, the LME copper premium/discount was 20.69, and the Shanghai - London ratio was 7.92 [33]. Agricultural Products - **Basis**: From December 8 to December 12, 2025, the basis of soybean No.1 was -65, -69, -141, -153, -118 yuan/ton respectively [38]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of soybean No.1 was 25 yuan/ton, and the 9 - month minus 1 - month spread was 32 yuan/ton [38]. - **Inter - commodity Spreads**: On December 12, 2025, the soybean No.1/corn ratio was 1.85, and the soybean oil/soybean meal ratio was 2.89 [38]. Stock Index Futures - **Basis**: On December 12, 2025, the basis of CSI 300 was 6.95, and the basis of SSE 50 was 7.84 [49]. - **Inter - period Spreads**: The next - month minus current - month spread of CSI 300 was -172, and the next - quarter minus current - quarter spread was -440 [49].