Report Date - The report is dated March 26, 2026 [3] Data Sources - The data sources include Wind, Mysteel, and GF Futures Research Institute [3] Commodity Market Information Ferrous Metals - **Silicon Iron (SF603)**: The futures price is 6088, down 110 from the previous value, with a historical quantile of 46.50%. The spot price of 72 silicon iron qualified blocks (Inner Mongolia - Tianjin warehouse receipt) is 5978, down 1.11% or 72 [1] - **Silicon Manganese (SM603)**: The futures price is 6492, and the spot price of 6517 silicon manganese (Inner Mongolia - Hubei warehouse receipt) is 6420, with a historical quantile of 14.60% [1] - **Rebar (RB2605)**: The futures price is 3230, with a historical quantile of 46.70%. The spot price of HRB400 20mm in Shanghai is 3290, down 0.09% or 23 [1] - **Hot - Rolled Coil (HC2605)**: The futures price is 3313 [1] - **Iron Ore (12605)**: The futures price is 1776, down 9 or 0.93%. The spot price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 855, up 6.01% from 807, with a historical quantile of 40.60% [1] - **Coke (J2605)**: The futures price is 1767, with a historical quantile of 61.67%. The spot price of quasi - first - grade metallurgical coke (A13, S0.7, CSR60, MT7) at Rizhao Port is 1767 [1] - **Coking Coal (JM2605)**: The futures price is related to the spot price of S1.3 G75 main coking coal (Meng 5) at Shaheyi, which is 1333, up 7.41% from 1241, with a historical quantile of 50.30% [1] Non - Ferrous Metals - **Copper (CUSEOS)**: The spot price is 95590, and the futures price is also 95590, with a historical quantile of 48.54% [1] - **Aluminum (AL2605)**: The futures price is 23860, and the SMM A00 aluminum average price is 23760, down 100, with a historical quantile of 32.29% [1] - **Alumina (AO2605)**: The futures price is 2963, and the SMM heavy - duty aluminum index average price is 2769, down 194, with a historical quantile of 8.14% [1] - **Zinc (ZN2605)**: The futures price is 22935, and the SMM 1 zinc ingot average price is 22850, down 82, with a historical quantile of 42.29% [1] - **Tin (SN2604)**: The futures price is 352430, and the SMM 1 tin average price is 357600, with a historical quantile of 94.37% [1] - **Nickel (MISEOR)**: The futures price is 136130, and the SMM 1 imported nickel average price is 134700, down 1430, with a historical quantile of 9.79% [1] - **Stainless Steel (SS2605)**: The futures price is 14500, and the price of 304/2B:2*1240*C: Wuxi Hongwang (including trimming fee) is 14490, up 180 [1] - **Lithium Carbonate (LC2605)**: The futures price is 159120, and the SMM battery - grade lithium carbonate average price is 152500, down 6620, with a historical quantile of 5.72% [1] - **Industrial Silicon (SIS605)**: The SMM Huannian Tongyang 215530 average price is 8770, up 430 or 4.90%, with a historical quantile of 25.31% [1] Precious Metals - **Gold (AU2606)**: The futures price is 1014.4, and the Shanghai Gold Exchange gold spot AU (T + D) price is 1013.96, with a historical quantile of 96.10% [1] - **Silver (AG2606)**: The futures price is 18111.0, and the Shanghai Gold Exchange silver spot AG (T + D) price is 18121.0, with a historical quantile of 90.30% [1] Agricultural Products - **Soybean Meal (M2605)**: The futures price is 3190, and the factory price of ordinary protein soybean meal in Zhangjiagang, Jiangsu is 2932, with a historical quantile of 67.90% [1] - **Soybean Oil (ASEO2)**: The futures price is related to the factory price of fourth - grade soybean oil in Zhangjiagang, Jiangsu, which is 8550, with a historical quantile of 54.50% [1] - **Palm Oil (P2605)**: The futures price is 9500, and the delivery price of 24 - degree palm oil at Huangpu Port is 9510, down 10, with a historical quantile of 24.70% [1] - **Rapeseed Meal (RM605)**: The futures price is 2340, and the factory price of rapeseed meal in Zhanjiang, Guangdong is 2339, with a historical quantile of 47.20% [1] - **Rapeseed Oil (01605)**: The futures price is 10220, and the factory price of fourth - grade rapeseed oil in Nantong, Jiangsu is 9707, with a historical quantile of 91.60% [1]. - **Corn (C2605)**: The futures price is 2400, and the flat - hatch price of corn at Jinzhou Port is 2376, up 24, with a historical quantile of 46.00% [1] - **Corn Starch (CS2605)**: The futures price is 2900, and the factory price of corn starch in Changchun, Jilin is 2763, down 137, with a historical quantile of 71.20% [1] - **Live Pigs (H2605)**: The futures price is 9650, and the ex - factory price of live pigs (external ternary) in Henan is 9980, down 330, with a historical quantile of 30.60% [1] - **Eggs (JD2605)**: The futures price is 3180, and the ex - factory price of eggs in Shijiazhuang, Hebei is 3410, down 230, with a historical quantile of 19.70% [1] - **Cotton (CF605)**: The futures price is 15340, and the market price of cotton in Xinjiang is 16600, up 1260, with a historical quantile of 86.40% [1] - **Sugar (SR605)**: The futures price is 5480, and the spot price of white sugar at Liuzhou Station (origin: Guangxi) is 5429, down 51, with a historical quantile of 7.90% [1] - **Apples (AP605)**: The futures price is 9978, and the delivery theoretical price of apples is 9800, with a historical quantile of 16.40% [1] - **Red Dates (CJ605)**: The futures price is related to the wholesale price of first - grade grey dates in Hebei, which is 7900, and the futures price is 8890, down 990, with a historical quantile of 41.40% [1] Energy and Chemicals - **Para - Xylene (PX605)**: The futures price is 9502, and the spot price of para - xylene at the Chinese main port (CFR, converted to RMB) is 9590, with a historical quantile of 55.80% [1] - **PTA (TA605)**: The futures price is 6592, and the market price (intermediate price) of PTA in East China is 6490, down 102, with a historical quantile of 16.70% [1] - **Ethylene Glycol (EG2605)**: The futures price is 5060, and the market price (intermediate price) of ethylene glycol in East China is 5036, up 24, with a historical quantile of 65.50% [1] - **Polyester Staple Fiber (PF606)**: The futures price is related to the market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market, which is 8060, with a historical quantile of 28.30% [1] - **Styrene (EB2605)**: The futures price is 10175, and the market price (spot benchmark price) of styrene in East China is 10105, with a historical quantile of 43.10% [1] - **Methanol (MA605)**: The futures price is 3045, and the market price (spot benchmark price) of methanol in Taicang, Jiangsu is 3089, down 44, with a historical quantile of 13.30% [1] - **Urea (UR605)**: The futures price is 1863, and the market price (mainstream price) of urea (small particles) in Shandong is 1890, up 27, with a historical quantile of 25.60% [1] - **LLDPE (L2605)**: The futures price is 8715, and the duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 8500, down 215, with a historical quantile of 0.50% [1] - **PP (PP2605)**: The futures price is 8950, and the duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 8975, down 25, with a historical quantile of 20.60% [1] - **PVC (V2605)**: The futures price is 5500, and the market price (mainstream price) of PVC (SG - 5) in the Changzhou market is 5703, down 203, with a historical quantile of 28.60% [1] - **Caustic Soda (SH605)**: The futures price is 2274, and the market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong (converted to 100%) is 2502, down 228, with a historical quantile of 21.70% [1] - **LPG (PG2605)**: The futures price is 7198, and the market price of LPG in Guangzhou is 6550, up 648, with a historical quantile of 80.80% [1] - **Asphalt (BU2606)**: The futures price is 4410, and the market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong is 4280, down 130, with a historical quantile of 25.00% [1] - **Butadiene Rubber (BR2605)**: The futures price is 18500, and the distribution price of cis - butadiene rubber (Daqing, BR9000) in East China is 17720, up 780, with a historical quantile of 96.80% [1] - **Float Glass (FG605)**: The futures price is 960, and the market price of 5mm float glass in Shahe (Shahe Great Wall Glass) is 1057, down 97, with a historical quantile of 40.75% [1] - **Soda Ash (SA605)**: The futures price is 1244, and the market price of soda ash in Chongqing (Shahe) is 1224, down 20, with a historical quantile of 46.84% [1] - **Pure Benzene (BZ2605)**: The futures price is 8313, and the market price (intermediate price) of pure benzene in East China is 8245, down 68, with a historical quantile of 70.60% [1] - **Propylene (PL2605)**: The futures price is 8985, and the market price of propylene in East China is 8752, up 233, with a historical quantile of 82.90% [1] - **Bottle Chips (PR2605)**: The futures price is 8236, and the spot leading price of bottle chips is 8108, up 128, with a historical quantile of 96.20% [1] - **Natural Rubber (RU2605)**: The futures price is 16300, and the market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 16430, down 130, with a historical quantile of 84.06% [1] Financial Futures - **Stock Index Futures** - **IF2606.CFE**: The futures price is 4450, and the basis is - 87.4656, with a historical quantile of 2.00% [1] - **IH2606.CFE**: The futures price is 2830, and the basis is - 29.5345, with a historical quantile of 2.50% [1] - **IC2606.CFE**: The futures price is 7767.6654, and the basis is - 237.6654, with a historical quantile of 16% [1] - **IM2606.CFE**: The futures price is 7751.1809, and the basis is - 273.7809, with a historical quantile of 0.20% [1] - **Treasury Bond Futures** - **2 - year Treasury Bond (TS2606)**: The futures price is 102.49, and the basis is calculated with a conversion factor of 0.9762, with a historical quantile of 43.30% [1] - **5 - year Treasury Bond (TF2606)**: The futures price is 105.90, and the basis is calculated with a conversion factor of 0.9450, with a historical quantile of 44.00% [1] - **10 - year Treasury Bond (T2606)**: The futures price is 108.16, and the basis is calculated with a conversion factor of 0.9219, with a historical quantile of 31.90% [1] - **30 - year Treasury Bond (TL2606)**: The futures price is 111.19, and the basis is calculated with a conversion factor of 1.0935, with a historical quantile of 84.70% [1]

Report Information - Report Date: March 16, 2026 [2] - Report Author: Ye Qianning [2] - Author's Qualification Number: Z0016628 [2] - Investment Consulting Business Qualification: CSRC License [2011] No. 1292 [2] Commodity Information Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5928, futures price is 5888, basis is 40, basis rate is 0.68%, historical quantile is 60.40% [1] - **Silicon Manganese (SM603)**: Spot price is 6170, futures price is 6176, basis is -6, basis rate is -0.10%, historical quantile is 23.80% [1] - **Rebar (RB2605)**: Spot price is 3250, futures price is 3142, basis is 108, basis rate is 3.44%, historical quantile is 50.10% [1] - **Hot Rolled Coil (HC2605)**: Spot price is 3270, futures price is 3505, basis is -25, basis rate is -0.76%, historical quantile is 9.10% [1] - **Iron Ore (I2605)**: Spot price is 850, futures price is 812, basis is 38, basis rate is 4.69%, historical quantile is 31.20% [1] - **Coke (J2605)**: Spot price is 1734, futures price is 1738, basis is -3, basis rate is -0.19%, historical quantile is 63.24% [1] - **Coking Coal (JM2605)**: Spot price is 1243, futures price is 1178, basis is 65, basis rate is 5.52%, historical quantile is 40.70% [1] Non - Ferrous Metals - **Copper (CU2604)**: Spot price is 100515, futures price is 100310, basis is 205, basis rate is 0.20%, historical quantile is 74.79% [1] - **Aluminum (AL2604)**: Spot price is 25120, futures price is 24960, basis is 160, basis rate is 0.64%, historical quantile is 90.62% [1] - **Alumina (AO2605)**: Spot price is 2695, futures price is 2956, basis is -261, basis rate is -8.81%, historical quantile is 2.86% [1] - **Zinc (ZN2604)**: Spot price is 24010, futures price is 24140, basis is -130, basis rate is -0.54%, historical quantile is 29.79% [1] - **Tin (SN2604)**: Spot price is 386600, futures price is 374110, basis is 12490, basis rate is 3.34%, historical quantile is 98.75% [1] - **Nickel (NISEOF)**: Spot price is 137950, futures price is 136930, basis is 1020, basis rate is 0.74%, historical quantile is 91.45% [1] - **Stainless Steel (SS2605)**: Spot price is 14450, futures price is 14190, basis is 430, basis rate is 3.03%, historical quantile is 76.39% [1] - **Lithium Carbonate (LC2605)**: Spot price is 159000, futures price is 152080, basis is 6920, basis rate is 4.55%, historical quantile is 98.45% [1] - **Industrial Silicon (SISEOF)**: Spot price is 9200, futures price is 8675, basis is 525, basis rate is 6.05%, historical quantile is 33.86% [1] Precious Metals - **Gold (AU2604)**: Spot price is 1131.3, futures price is 1133.00, basis is -1.8, basis rate is -0.15%, historical quantile is 48.20% [1] - **Silver (AG2606)**: Spot price is 20887.0, futures price is 20923.0, basis is -36.0, basis rate is -0.17%, historical quantile is 28.40% [1] Agricultural Products - **Palm Oil (P2605)**: Spot price is 9750, futures price is 9768.0, basis is -18.0, basis rate is -0.18%, historical quantile is 21.40% [3] - **Rapeseed Meal (RM605)**: Spot price is 2630, futures price is 2591.0, basis is 39.0, basis rate is 1.51%, historical quantile is 53.00% [3] - **Rapeseed Oil (Oleos)**: Spot price is 10540, futures price is 9821.0, basis is 719.0, basis rate is 7.32%, historical quantile is 95.60% [3] - **Corn (C2605)**: Spot price is 2430, futures price is 2386.0, basis is 44.0, basis rate is 1.84%, historical quantile is 57.90% [3] - **Corn Starch (CS2605)**: Spot price is 2800, futures price is 2729.0, basis is 71.0, basis rate is 2.60%, historical quantile is 30.20% [3] - **Live Hogs (LH2605)**: Spot price is 10150, futures price is 11150.0, basis is -1000.0, basis rate is -8.97%, historical quantile is 18.20% [3] - **Eggs (JD2605)**: Spot price is 3000, futures price is 3433.0, basis is -433.0, basis rate is -12.61%, historical quantile is 11.50% [3] - **Cotton (CF605)**: Spot price is 16650, futures price is 15415.0, basis is 1235.0, basis rate is 8.01%, historical quantile is 85.50% [3] - **White Sugar (SR605)**: Spot price is 5500, futures price is 5447.0, basis is 53.0, basis rate is 0.97%, historical quantile is 7.80% [3] - **Apples (AP605)**: Spot price is 9800, futures price is 9998.0, basis is -198.0, basis rate is -1.98%, historical quantile is 14.90% [3] - **Jujubes (C1605)**: Spot price is 7900, futures price is 9095.0, basis is -1195.0, basis rate is -13.14%, historical quantile is 36.60% [3] - **Soybean Meal (M2605)**: Spot price is 3390, futures price is 3128.0, basis is 262.0, basis rate is 8.38%, historical quantile is 68.50% [5] - **Soybean Oil (V2605)**: Spot price is 8900, futures price is 8690.0, basis is 210.0, basis rate is 2.42%, historical quantile is 44.00% [5] Energy and Chemicals - **Para - Xylene (PX605)**: Spot price is 10128.5, futures price is 10018.0, basis is 110.5, basis rate is 1.10%, historical quantile is 62.90% [3] - **PTA (TA605)**: Spot price is 6930.0, futures price is 6934.0, basis is -4.0, basis rate is -0.06%, historical quantile is 57.30% [3] - **Ethylene Glycol (EG2605)**: Spot price is 4560.0, futures price is 4729.0, basis is -169.0, basis rate is -3.57%, historical quantile is 3.90% [3] - **Polyester Staple Fiber (PF604)**: Spot price is 8400.0, futures price is 8382.0, basis is 18.0, basis rate is 0.21%, historical quantile is 48.70% [3] - **Styrene (EB2604)**: Spot price is 9865.0, futures price is 10000.0, basis is -135.0, basis rate is -1.35%, historical quantile is 9.80% [3] - **Methanol (MA605)**: Spot price is 2825.0, futures price is 2805.0, basis is 20.0, basis rate is 0.71%, historical quantile is 56.70% [3] - **Urea (UR605)**: Spot price is 1900.0, futures price is 1889.0, basis is 11.0, basis rate is 0.58%, historical quantile is 20.60% [3] - **LLDPE (L2605)**: Spot price is 8275.0, futures price is 8416.0, basis is -141.0, basis rate is -1.68%, historical quantile is 2.30% [3] - **PP (PP2605)**: Spot price is 8700.0, futures price is 8603.0, basis is 97.0, basis rate is 1.13%, historical quantile is 54.90% [3] - **PVC (V2605)**: Spot price is 5670.0, futures price is 5724.0, basis is -54.0, basis rate is -0.94%, historical quantile is 70.30% [3] - **Caustic Soda (SH605)**: Spot price is 2093.8, futures price is 2604.0, basis is -510.3, basis rate is -19.59%, historical quantile is 0.50% [3] - **LPG (PG2604)**: Spot price is 6148.0, futures price is 5734.0, basis is 414.0, basis rate is 7.22%, historical quantile is 58.40% [3] - **Asphalt (BU2604)**: Spot price is 3970.0, futures price is 4089.0, basis is -119.0, basis rate is -2.91%, historical quantile is 26.80% [3] - **Butadiene Rubber (BR2604)**: Spot price is 15600.0, futures price is 15725.0, basis is -125.0, basis rate is -0.79%, historical quantile is 18.90% [3] - **Glass (FG605)**: Spot price is 976.0, futures price is 1135.0, basis is -159.0, basis rate is -16.29%, historical quantile is 9.05% [3] - **Soda Ash (SA605)**: Spot price is 1257.0, futures price is 1277.0, basis is -20.0, basis rate is -1.59%, historical quantile is 46.94% [3] - **Pure Benzene (BZ2604)**: Spot price is 8270.0, futures price is 8288.0, basis is -18.0, basis rate is -0.22%, historical quantile is 86.10% [3] - **Propylene (PL2605)**: Spot price is 8050.0, futures price is 8342.0, basis is -292.0, basis rate is -3.50%, historical quantile is 6.40% [3] - **Bottle Chips (PR2605)**: Spot price is 8950.0, futures price is 8306.0, basis is 644.0, basis rate is 7.75%, historical quantile is 99.40% [3] - **Natural Rubber (RU2605)**: Spot price is 16900.0, futures price is 16765.0, basis is 135.0, basis rate is 0.80%, historical quantile is 98.32% [3] Financial Futures - **Stock Index Futures**: - **IF2603.CFF**: Spot price is 4669.1400, futures price is 4658.0, basis is -11.1400, basis rate is -0.24%, historical quantile is 36.70% [3] - **IH2603.CFE**: Spot price is 2956.8468, futures price is 2957.0, basis is 0.1532, basis rate is 0.01%, historical quantile is 56.20% [3] - **IC2603.CFE**: Spot price is 8239.7980, futures price is 8213.8, basis is -25.9980, basis rate is -0.32%, historical quantile is 44.70% [3] - **IM2603.CFE**: Spot price is 8214.2926, futures price is 8187.0, basis is -27.2926, basis rate is -0.33%, historical quantile is 50.70% [3] - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2606)**: Spot price is 100.03, futures price is 102.47, basis is 0.00, basis rate is 0.00%, historical quantile is 29.80%, conversion factor is 0.9762 [3] - **5 - Year Treasury Bond (TF2606)**: Spot price is 100.17, futures price is 105.97, basis is 0.03, basis rate is 0.03%, historical quantile is 33.60%, conversion factor is 0.9450 [3] - **10 - Year Treasury Bond (T2606)**: Spot price is 99.85, futures price is 108.24, basis is 0.07, basis rate is 0.07%, historical quantile is 26.20%, conversion factor is 0.9219 [3] - **30 - Year Treasury Bond (TL2606)**: Spot price is 121.90, futures price is 111.11, basis is 0.40, basis rate is 0.36%, historical quantile is 58.00%, conversion factor is 1.0935 [3] Data Source - Wind, Mysteel, GF Futures Research Institute [3] Historical Quantile Calculation - Based on the basis levels of each variety in the

1. Report's Industry Investment Rating - Not available in the provided content 2. Core View of the Report - The report presents the daily price difference data of various commodities on January 22, 2026, including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy chemicals, and financial products. It provides information on spot prices, futures prices, basis, basis rates, and historical quantiles for each commodity [1] 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5628, futures price is 72, basis is 5556, basis rate is 7716.67%, and historical quantile is 64.50% [1] - **Silicon Manganese (SM603)**: Spot price is 5950, futures price is 164, basis is 5786, basis rate is 3528.05%, and historical quantile is 57.10% [1] - **Rebar (RB2605)**: Spot price is 3270, futures price is 3117, basis is 153, basis rate is 4.91%, and historical quantile is 63.40% [1] - **Hot - Rolled Coil (HC2605)**: Spot price is 3286, futures price is 12.30% of an unknown value (incomplete data), basis and other data are incomplete [1] - **Iron Ore (I2605)**: Spot price of 62.5% Brazilian mixed powder at Rizhao Port is 1713, futures price is not clearly presented, basis is 842, basis rate is 7.35%, and historical quantile is 45.90% [1] - **Coke (J2605)**: Spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1684, futures price is not clearly presented, basis is 29, basis rate is 1.73%, and historical quantile is 78.86% [1] - **Coking Coal (JM2605)**: Spot price of S1.3 G75 main coking coal at Shaheyi is 1156, futures price is 1129, basis is 27, basis rate is 2.39%, and historical quantile is 35.00% [1] Non - Ferrous Metals - **Copper (CU2603)**: Spot price is 100060, futures price is 101280, basis is - 1220, basis rate is - 1.20%, and historical quantile is 1.90% [1] - **Aluminum (AL2603)**: Spot price is 23710, futures price is 24155, basis is - 445, basis rate is - 1.84%, and historical quantile is 0.60% [1] - **Alumina (AO2605)**: Spot price is 2672, futures price is 2634, basis is 38, basis rate is 1.44%, and historical quantile is 22.20% [1] - **Zinc (ZN2603)**: Spot price is 24140, futures price is 24350, basis is - 210, basis rate is - 0.86%, and historical quantile is 12.50% [1] - **Tin (SN2602)**: Spot price is 395750, futures price is 418420, basis is - 22670, basis rate is - 5.42%, and historical quantile is 0.20% [1] - **Nickel (NI2603)**: Spot price is 143060, futures price is 140550, basis is 2510, basis rate is 1.79%, and historical quantile is 1.00% [1] - **Stainless Steel (225603)**: Spot price is 14720, futures price is 14670, basis is 50, basis rate is 0.34%, and historical quantile is 6.20% [1] - **Lithium Carbonate (LC2605)**: Spot price is 158500, futures price is 166740, basis is - 8240, basis rate is - 4.94%, and historical quantile is 3.30% [1] - **Industrial Silicon (SI2605)**: Spot price is 9250, futures price is 8780, basis is 470, basis rate is 5.35%, and historical quantile is 28.52% [1] Precious Metals - **Gold (AU2604)**: Spot price is 1085.9, futures price is 1092.3, basis is - 6.4, basis rate is - 0.60%, and historical quantile is 0.70% [1] - **Silver (AG2604)**: Spot price is 23131.0, futures price is 23228.0, basis is - 97.0, basis rate is - 0.42%, and historical quantile is 98.50% [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price is 335.0, futures price is 3060, basis is - 2725.0, basis rate is - 81.34%, and historical quantile is 73.60% [1] - **Soybean Oil (Y2605)**: Spot price is 8500, futures price is 8044.0, basis is 456.0, basis rate is 5.67%, and historical quantile is 79.60% [1] - **Palm Oil (P2605)**: Spot price is 8832.0, futures price is 8780, basis is 52.0, basis rate is 0.59%, and historical quantile is 11.20% [1] - **Rapeseed Meal (RM605)**: Spot price is 2410, futures price is 2228.0, basis is 182.0, basis rate is 8.17%, and historical quantile is 81.70% [1] - **Rapeseed Oil (Oleos)**: Spot price is 9770, futures price is 8947.0, basis is 823.0, basis rate is 9.64%, and historical quantile is 3.15% [1] - **Corn (C2603)**: Spot price is 2355, futures price is 2283.0, basis is 72.0, basis rate is 3.15%, and historical quantile is 71.40% [1] - **Corn Starch (CS2603)**: Spot price is 2630, futures price is 2551.0, basis is 79.0, basis rate is 3.10%, and historical quantile is 35.00% [1] - **Live Pigs (H2603)**: Spot price is 13100, futures price is 11470.0, basis is 1630.0, basis rate is 14.21%, and historical quantile is 87.60% [1] - **Eggs (JD2603)**: Spot price is 3510, futures price is 3035.0, basis is 475.0, basis rate is 15.65%, and historical quantile is 74.10% [1] - **Cotton (CF605)**: Spot price is 15550, futures price is 14535.0, basis is 1015.0, basis rate is 6.98%, and historical quantile is 58.20% [1] - **Sugar (SR605)**: Spot price is 5144.0, futures price is 5350, basis is - 206.0, basis rate is - 3.85%, and historical quantile is 34.40% [1] - **Apples (AP605)**: Spot price is 9400, futures price is 9418.0, basis is - 18.0, basis rate is - 0.19%, and historical quantile is 23.60% [1] - **Red Dates (CJ605)**: Spot price is 8000, futures price is 8740.0, basis is - 740.0, basis rate is - 8.47%, and historical quantile is 57.00% [1] Energy Chemicals - **Para - Xylene (PX603)**: Spot price is 7206.0, futures price is 7129.0, basis is 77.0, basis rate is 1.08%, and historical quantile is 14.20% [1] - **PTA (TA605)**: Spot price is 5075.0, futures price is 5154.0, basis is - 79.0, basis rate is - 1.53%, and historical quantile is 24.10% [1] - **Ethylene Glycol (EG2605)**: Spot price is 3689.0, futures price is 3580.0, basis is 109.0, basis rate is 2.95%, and historical quantile is 15.90% [1] - **Polyester Staple Fiber (PF603)**: Spot price is 6480.0, futures price is 6496.0, basis is - 16.0, basis rate is - 0.25%, and historical quantile is 36.90% [1] - **Styrene (EB2603)**: Spot price is 7308.0, futures price is 7475.0, basis is - 167.0, basis rate is - 2.29%, and historical quantile is 62.30% [1] - **Methanol (MA605)**: Spot price is 2215.0, futures price is 2209.0, basis is 6.0, basis rate is 0.27%, and historical quantile is 47.60% [1] - **Urea (UR605)**: Spot price is 1750.0, futures price is 1779.0, basis is - 29.0, basis rate is - 1.63%, and historical quantile is 9.00% [1] - **LLDPE (L2605)**: Spot price is 6575.0, futures price is 6666.0, basis is - 91.0, basis rate is - 1.37%, and historical quantile is 4.60% [1] - **PP (PP2605)**: Spot price is 6575.0, futures price is 6485.0, basis is 90.0, basis rate is 1.37%, and historical quantile is 51.50% [1] - **PVC (V2605)**: Spot price is 4743.0, futures price is 4500.0, basis is 243.0, basis rate is 5.12%, and historical quantile is 19.30% [1] - **Caustic Soda (SH603)**: Spot price is 1946.9, futures price is 1939.0, basis is 7.9, basis rate is 0.41%, and historical quantile is 45.50% [1] - **LPG (PG2603)**: Spot price is 4848.0, futures price is 4069.0, basis is 779.0, basis rate is 19.14%, and historical quantile is 88.60% [1] - **Asphalt (BU2603)**: Spot price is 3070.0, futures price is 3157.0, basis is - 87.0, basis rate is - 2.76%, and historical quantile is 32.70% [1] - **Butadiene Rubber (BR2603)**: Spot price is 11700.0, futures price is 11915.0, basis is - 215.0, basis rate is - 1.84%, and historical quantile is 11.10% [1] - **Float Glass (FG605)**: Spot price is 1039.0, futures price is 928.0, basis is 111.0, basis rate is 11.96%, and historical quantile is 28.42% [1] - **Soda Ash (SA605)**: Spot price is 1128.0, futures price is 1163.0, basis is - 35.0, basis rate is - 3.10%, and historical quantile is 32.84% [1] - **Natural Rubber (RU2605)**: Spot price is 15745.0, futures price is 15400.0, basis is 345.0, basis rate is 2.20%, and historical quantile is 74.89% [1] Financial Products - **Stock Index Futures (IF2603.CFF)**: Spot price is 4723.1, futures price is 4722.8, basis is - 0.3, basis rate is - 0.01%, and historical quantile is 63.30% [1] - **Stock Index Futures (IH2603.CFE)**: Spot price is 3073.6, futures price is 3067.2, basis is 6.4, basis rate is 0.21%, and historical quantile is 88.50% [1] - **Stock Index Futures (IC2603.CFE)**: Spot price is 8371.0, futures price is 8340.1, basis is 30.9, basis rate is 0.37%, and historical quantile is 99.30% [1] - **Stock Index Futures (IM2603.CFE)**: Spot price is 8231.0, futures price is 8182.8, basis is 48.2, basis rate is 0.59%, and historical quantile is 99.50% [1] - **2 - year Treasury Bond Futures (TS2603)**: Spot price is 102.43, futures price is 100.10, basis is - 0.02, basis rate is - 0.02%, and historical quantile is 22.20% [1] - **5 - year Treasury Bond Futures (TF2603)**: Spot price is 108.21, futures price is 105.88, basis is 0.01, basis rate is 0.01%, and historical quantile is 24.40% [1] - **10 - year Treasury Bond Futures (T2603)**: Spot price is 112.25, futures price is 100.51, basis is 0.19, basis rate is 0.17%, and historical quantile is 26.00% [1] - **30 - year Treasury Bond Futures (TL2603)**: Spot price is 126.62, futures price is 112.25, basis is 0.19, basis rate is 0.17%, and historical quantile is 26.00% [1]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Not mentioned in the provided content 3. Summary by Related Catalogs Metals and Minerals - **Ferroalloys**: The price of 72-silicon ferroalloy qualified blocks in Inner Mongolia - Tianjin warehouse receipts increased by 2.56% to 5728, and its historical quantile is 54.50%. The price of 6517-silicon manganese in Inner Mongolia - Hubei warehouse receipts is 6517 [1]. - **Steel Products**: The price of HRB400 20mm in Shanghai increased by 4.11% to 3160, and the price of Q235B 4.75mm in Shanghai decreased by 0.151% to 3307. The price of rebar (RB2605) is 3290, and the price of hot - rolled coil (HC2605) is 3290 [1]. - **Iron Ore**: The price of iron ore (I2605) increased by 7.49% to 874, and the historical quantile is 47.70%. The converted price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1745, with a historical quantile of 65.45% [1]. - **Coke and Coking Coal**: The price of coke (J2605) and the converted price of quasi - first - grade metallurgical coke at Rizhao Port are provided, and the price of coking coal (JM2605) is 1156, and the converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1188 [1]. - **Non - ferrous Metals**: The price of copper (CU2603) is 102575, the price of aluminum (AL2603) decreased by 0.76% to 24375, and the price of zinc (ZN2603) is 25090. The price of tin (SN2602) decreased by 7000, and the price of nickel is 146500. The price of stainless steel (SS2603) is 14570, the price of lithium carbonate (LC2605) decreased by 2.59% to 163220, and the price of industrial silicon (SISEOF) increased by 5.96% to 8730 [1]. - **Precious Metals**: The price of gold (AU2602) is 1035.2, and the price of silver (AG2604) is 22684.0 [1]. Agricultural Products - The price of soybean meal (M2605) is 3090, the price of soybean oil (Y2605) is 7938.0, the price of palm oil (P2605) is 8540, the price of rapeseed meal (RM605) is 2460, the price of rapeseed oil (Oleos) is 9670, the price of corn (C2603) is 2355, the price of corn starch (CS2603) is 2565.0, the price of live pigs (H2603) is 11950.0, the price of eggs (JD2603) is 3066.0, the price of cotton (CF605) is 15700, the price of sugar (SR605) is 5390, the price of apples (AP605) is 9807.0, and the price of red dates (CJ605) is - 840.0 [1]. Energy and Chemicals - The price of p - xylene (PX603) is 7130.0, the price of PTA (TA605) is 5048.0, the price of ethylene glycol (EG2605) is 3675.0, the price of polyester staple fiber (PF603) is 6394.0, the price of styrene (EB2602) is 7235.0, the price of methanol (MA605) is 2273.0, the price of urea (UR605) is 1801.0, the price of LLDPE (L2605) is 6785.0, the price of PP (PP2605) is 6592.0, the price of PVC (V2605) is 4868.0, the price of caustic soda (SH603) is 2056.0, the price of LPG (PG2603) is 4233.0, the price of asphalt (BU2603) is 3167.0, the price of butadiene rubber (BR2603) is 12100.0, the price of float glass (FG605) is 936.0, the price of soda ash (SA605) is 1193.0, and the price of natural rubber (RU2605) is 15995.0 [1]. Financial Futures - The price of IF2603.CFE is 4751.4, the price of IH2603.CFE is 3105.6, the price of IC2603.CFE is 8206.8, the price of IM2603.CFE is 8195.4, the price of 2 - year bond (TS2603) is 100.07, the price of 5 - year bond (TF2603) is 105.76, the price of 10 - year bond (T2603) is 108.05, and the price of 30 - year bond (TL2603) is 111.26 [1].

Report Information - The report is a daily spread report for all varieties, dated January 15, 2026, with investment consulting business qualification of CSRC License [2011] 1292. The data sources are Wind, Mysteel, and GF Futures Research Institute [3] Core View - The report presents the spot prices, futures prices, basis, basis rates, and historical quantiles of various commodities and financial instruments across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemicals, and financials [1] Sector - by - Sector Summary Ferrous Metals - **Silicon Iron (SF603)**: The spot price is 5690, the futures price is 5920, the basis rate is 45.70%, and the historical quantile is 59.50% [1] - **Silicon Manganese (SM603)**: The spot price is 6020, the futures price is 5920, the basis rate is 1.69%, and the historical quantile is 59.00% [1] - **Rebar (RB2605)**: The spot price is 3300, the futures price is 3162, the basis rate is 4.36%, and the historical quantile is 59.00% [1] - **Hot - Rolled Coil (HC2605)**: The spot price is 3306, the futures price is 3270, the basis rate is - 1.09%, and the historical quantile is 6.70% [1] - **Iron Ore (I2605)**: The spot price is 885, the futures price is 821, the basis rate is 7.75%, and the historical quantile is 49.40% [1] - **Coke (J2605)**: The spot price is 1756, the futures price is 1739, the basis rate is 1.00%, and the historical quantile is 74.44% [1] - **Coking Coal (JM2605)**: The spot price is 1197, the futures price is 1156, the basis rate is 3.38%, and the historical quantile is 24.40% [1] Non - Ferrous Metals - **Copper (CU2603)**: The spot price is 104120, the futures price is 103915, the basis rate is - 0.20%, and the historical quantile is 76.45% [1] - **Aluminum (AL2603)**: The spot price is 24670, the futures price is 24595, the basis rate is 0.30%, and the historical quantile is 36.04% [1] - **Alumina (AO2605)**: The spot price is 2800, the futures price is 2655, the basis rate is - 5.19%, and the historical quantile is 11.67% [1] - **Zinc (ZN2603)**: The spot price is 24500, the futures price is 24475, the basis rate is 0.10%, and the historical quantile is 66.04% [1] - **Tin (SN2602)**: The spot price is 413170, the futures price is 405500, the basis rate is - 1.86%, and the historical quantile is 76.25% [1] - **Nickel (NI2603)**: The spot price is 142400, the futures price is 140940, the basis rate is 1.04%, and the historical quantile is 98.95% [1] - **Stainless Steel (SS2603)**: The spot price is 14070, the futures price is 13925, the basis rate is 1.04%, and the historical quantile is 25.53% [1] - **Lithium Carbonate (LC2605)**: The spot price is 163000, the futures price is 161940, the basis rate is 0.65%, and the historical quantile is 74.88% [1] - **Industrial Silicon (SI2605)**: The spot price is 9250, the futures price is 8755, the basis rate is 5.65%, and the historical quantile is 30.65% [1] Precious Metals - **Gold (AU2602)**: The spot price is 1037.6, the futures price is 1040.6, the basis rate is - 0.80%, and the historical quantile is 22.90% [1] - **Silver (AG2604)**: The spot price is 22763.0, the futures price is 22765.0, the basis rate is 0.00%, and the historical quantile is 87.20% [1] Agricultural Products - **Soybean Meal (M2605)**: The spot price is 3090, the futures price is 2751.0, the basis rate is 12.32%, and the historical quantile is 73.70% [1] - **Soybean Oil (Y2605)**: The spot price is 8750, the futures price is 8440, the basis rate is 3.67%, and the historical quantile is 76.20% [1] - **Palm Oil (P2605)**: The spot price is 8748.0, the futures price is 8308.0, the basis rate is 5.29%, and the historical quantile is 26.50% [1] - **Rapeseed Meal (RM605)**: The spot price is 2480, the futures price is 2289.0, the basis rate is 8.34%, and the historical quantile is 82.40% [1] - **Rapeseed Oil (OI2605)**: The spot price is 9790, the futures price is 8949.0, the basis rate is 9.40%, and the historical quantile is 96.40% [1] - **Corn (C2603)**: The spot price is 2272.0, the futures price is 2189.0, the basis rate is 3.65%, and the historical quantile is 76.20% [1] - **Corn Starch (CS2603)**: The spot price is 2620, the futures price is 2543.0, the basis rate is 3.03%, and the historical quantile is 33.70% [1] - **Live Hogs (H2603)**: The spot price is [13000], the futures price is 12010.0, the basis rate is 8.24%, and the historical quantile is 76.20% [1] - **Eggs (JD2603)**: The spot price is 3330, the futures price is 3007.0, the basis rate is 10.74%, and the historical quantile is 64.60% [1] - **Cotton (CF605)**: The spot price is 15500, the futures price is 14810.0, the basis rate is 4.66%, and the historical quantile is 26.00% [1] - **Sugar (SR605)**: The spot price is 5390, the futures price is 5299.0, the basis rate is 1.72%, and the historical quantile is 14.10% [1] - **Apples (AP605)**: The spot price is 9934.0, the futures price is 9400, the basis rate is - 5.88%, and the historical quantile is 6.10% [1] - **Jujubes (CJ605)**: The spot price is 9130.0, the futures price is 8200, the basis rate is - 10.19%, and the historical quantile is 46.90% [1] Energy and Chemicals - **Para - Xylene (PX603)**: The spot price is 7262.0, the futures price is 7210.0, the basis rate is - 0.72%, and the historical quantile is 17.80% [1] - **PTA (TA605)**: The spot price is 5116.0, the futures price is 5060.0, the basis rate is - 1.09%, and the historical quantile is 35.80% [1] - **Ethylene Glycol (EG2605)**: The spot price is 3867.0, the futures price is 3720.0, the basis rate is 3.80%, and the historical quantile is 7.00% [1] - **Polyester Staple Fiber (PF603)**: The spot price is 6510.0, the futures price is 6470.0, the basis rate is 0.62%, and the historical quantile is 52.90% [1] - **Styrene (EB2602)**: The spot price is 7250.0, the futures price is 7116.0, the basis rate is 1.88%, and the historical quantile is 55.30% [1] - **Methanol (MA605)**: The spot price is 2288.0, the futures price is 2257.0, the basis rate is - 1.85%, and the historical quantile is 18.80% [1] - **Urea (UR605)**: The spot price is 1814.0, the futures price is 1740.0, the basis rate is - 4.08%, and the historical quantile is 2.30% [1] - **LLDPE (L2605)**: The spot price is 6850.0, the futures price is 6820.0, the basis rate is 0.44%, and the historical quantile is 31.80% [1] - **PP (PP2605)**: The spot price is 6590.0, the futures price is 6525.0, the basis rate is - 0.99%, and the historical quantile is 10.60% [1] - **PVC (V2605)**: The spot price is 4878.0, the futures price is 4660.0, the basis rate is - 4.47%, and the historical quantile is 23.40% [1] - **Caustic Soda (SH603)**: The spot price is 2100.0, the futures price is 2093.0, the basis rate is 0.33%, and the historical quantile is 45.00% [1] - **LPG (PG2603)**: The spot price is 5048.0, the futures price is 4225.0, the basis rate is 19.48%, and the historical quantile is 91.10% [1] - **Asphalt (BU2603)**: The spot price is 3168.0, the futures price is 3100.0, the basis rate is - 2.15%, and the historical quantile is 37.90% [1] - **Butadiene Rubber (BR2603)**: The spot price is 12250.0, the futures price is 12100.0, the basis rate is - 1.22%, and the historical quantile is 14.70% [1] - **Glass (FG605)**: The spot price is 1096.0, the futures price is 940.0, the basis rate is 16.60%, and the historical quantile is 9.47% [1] - **Soda Ash (SA605)**: The spot price is 1222.0, the futures price is 1162.0, the basis rate is - 5.16%, and the historical quantile is 18.52% [1] - **Natural Rubber (RU2605)**: The spot price is 16160.0, the futures price is 15850.0, the basis rate is - 1.96%, and the historical quantile is 77.34% [1] Financials - **Stock Index Futures**: - **IF2603.CFF**: The spot price is 4741.9, the futures price is 4740.0, the basis rate is - 0.04%, and the historical quantile is 58.50% [1] - **IH2603.CFE**: The spot price is 3112.1, the futures price is 3114.0, the basis rate is 0.06%, and the historical quantile is 67.50% [1] - **IC2603.CFE**: The spot price is 8227.7, the futures price is 8197.8, the basis rate is - 0.36%, and the historical quantile is 40.90% [1] - **IM2603.CFE**: The spot price is 8257.2, the futures price is 8156.0, the basis rate is - 1.24%, and the historical quantile is 16.80% [1] - **Treasury Bond Futures**: - **2 - year Treasury Bond (TS2603)**: The spot price is 102.34, the futures price is 100.04, the basis rate is 0.02%, and the historical quantile is 35.50% [1] - **5 - year Treasury Bond (TF2603)**: The spot price is 105.66, the futures price is 99.44, the basis rate is 0.00%, and the historical quantile is 27.50% [1] - **10 - year Treasury Bond (T2603)**: The spot price is 107.92, the futures price is 100.32, the basis rate is 0.07%, and the historical quantile is 26.40% [1] - **30 - year Treasury Bond (TL2603)**: The spot price is 125.64, the futures price is 111.28, the basis rate is 0.28%, and the historical quantile is 43.20% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report presents the spot prices, futures prices, basis, basis rates, historical quantiles, and other data of various commodities on January 6, 2026, covering ferrous metals, non - ferrous metals, precious metals, agricultural products, energy chemicals, and financial products. 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5624, futures price is 5638, basis is 14, basis rate is 0.25%, and historical quantile is 56.90% [1] - **Silicon Manganese (SM603)**: Spot price is 5920, historical quantile is 35.00% [1] - **Rebar (RB2605)**: Spot price of HRB400 20mm in Shanghai is 3104, futures price is 3290, basis is 186, basis rate is 5.99%, and historical quantile is 69.90% [1] - **Hot - Rolled Coil (HC2605)**: Spot price of Q235B 4.75mm in Shanghai is 3248, futures price is 3250, basis is 2, basis rate is 0.06%, and historical quantile is 19.60% [1] - **Iron Ore (I2605)**: Spot price of 62.5% Brazilian mixed powder (BRBF) at Rizhao Port is 1649, futures price is 1702, basis is 53, basis rate is 3.23%, and historical quantile is 56.90% [1] - **Coke (J2605)**: Spot price of quasi - first - grade metallurgical coke at Rizhao Port is 797, futures price is 871, basis is 74, basis rate is 8.55%, and historical quantile is 85.48% [1] - **Coking Coal (JM2605)**: Spot price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1081, futures price is 1156, basis is 76, basis rate is 6.99%, and historical quantile is 45.90% [1] Non - Ferrous Metals - **Copper (CU2602)**: Spot price is 100575, futures price is 101350, basis is - 775, basis rate is - 0.76%, and historical quantile is 6.25% [1] - **Aluminum (AL2602)**: Spot price of SMM A00 aluminum average is 23310, futures price is 23645, basis is - 335, basis rate is - 1.42%, and historical quantile is 1.45% [1] - **Alumina (AO2605)**: Spot price of SMM alumina index average is 2697, futures price is 2770, basis is - 73, basis rate is - 2.65%, and historical quantile is 14.31% [1] - **Zinc (ZN2602)**: Spot price of SMM 1 zinc ingot average is 23820, futures price is 23900, basis is 80, basis rate is 0.34%, and historical quantile is 71.04% [1] - **Tin (SN2602)**: Spot price of SMM 1 tin average is 331600, futures price is 334370, basis is - 2770, basis rate is - 0.83%, and historical quantile is 9.79% [1] - **Nickel (NI2602)**: Spot price of SMM 1 imported nickel average is 134100, futures price is 134750, basis is 650, basis rate is 0.48%, and historical quantile is 84.79% [1] - **Stainless Steel (SS2602)**: Spot price of 304/2B 2*1240*C in Wuxi Hongwang (including trimming fee) is 13075, futures price is 13370, basis is - 295, basis rate is - 2.21%, and historical quantile is 54.07% [1] - **Lithium Carbonate (LC2605)**: Spot price of SMM battery - grade lithium carbonate average is 129980, futures price is 119500, basis is 10480, basis rate is 8.06%, and historical quantile is 2.42% [1] - **Industrial Silicon (SI2605)**: Spot price is 9250, futures price is 8730, basis is 520, basis rate is 5.96%, and historical quantile is 31.90% [1] Precious Metals - **Gold (AU2602)**: Spot price of Shanghai Gold Exchange gold spot AU (T + D) is 992.6, futures price is 995.0, basis is 2.4, basis rate is 0.24%, and historical quantile is 35.50% [1] - **Silver (AG2604)**: Spot price of Shanghai Gold Exchange silver spot AG (T + D) is 18319.0, futures price is 18247.0, basis is 72.0, basis rate is 0.39%, and historical quantile is 98.50% [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price of common protein soybean meal at Zhangjiagang, Jiangsu is 3050, futures price is 2754.0, basis is 296.0, basis rate is 10.75%, and historical quantile is 69.90% [1] - **Soybean Oil (Y2605)**: Spot price of fourth - grade soybean oil at Zhangjiagang, Jiangsu is 8290, futures price is 7856.0, basis is 434.0, basis rate is 5.52%, and historical quantile is 74.70% [1] - **Palm Oil (P2605)**: Spot price at Huangpu Port is 8488.0, futures price is 8430, basis is - 58.0, basis rate is - 0.68%, and historical quantile is 11.10% [1] - **Rapeseed Meal (RM605)**: Spot price of common rapeseed meal at Zhanjiang, Guangdong is 2530, futures price is 2361.0, basis is 169.0, basis rate is 7.16%, and historical quantile is 79.60% [1] - **Rapeseed Oil (Oleos)**: Spot price of fourth - grade rapeseed oil at Nantong, Jiangsu is 9780, futures price is 9044.0, basis is 736.0, basis rate is 8.14%, and historical quantile is 94.90% [1] - **Corn (C2603)**: Spot price at Jinzhou Port is 2310, futures price is 2224.0, basis is 86.0, basis rate is 3.87%, and historical quantile is 83.30% [1] - **Corn Starch (CS2603)**: Spot price at Changchun, Jilin is 2620, futures price is 2509.0, basis is 111.0, basis rate is 4.42%, and historical quantile is 54.90% [1] - **Live Pigs (H2603)**: Spot price at Henan is 12850, futures price is 11660.0, basis is 1190.0, basis rate is 10.21%, and historical quantile is 82.50% [1] - **Eggs (JD2603)**: Spot price at Shijiazhuang, Hebei is 2992.0, futures price is 2910, basis is 82.0, basis rate is 2.74%, and historical quantile is 32.50% [1] - **Cotton (CF605)**: Spot price at Xinjiang is 15442, futures price is 14655.0, basis is 787.0, basis rate is 5.37%, and historical quantile is 31.80% [1] - **Sugar (SR605)**: Spot price at Liuzhou Station is 5370, futures price is 5257.0, basis is 113.0, basis rate is 2.15%, and historical quantile is 16.80% [1] - **Apples (AP605)**: Spot price (theoretical delivery price) is 9547.0, futures price is 9200, basis is - 347.0, basis rate is - 3.63%, and historical quantile is 10.30% [1] - **Red Dates (CJ605)**: Spot price of first - grade grey dates at Hebei is 8955.0, futures price is 8200, basis is - 755.0, basis rate is - 8.43%, and historical quantile is 56.50% [1] Energy Chemicals - **Paraxylene (PX603)**: Spot price at Chinese main ports is 7210.0, futures price is 7113.0, basis is - 97.0, basis rate is - 1.35%, and historical quantile is 10.60% [1] - **PTA (TA605)**: Spot price in East China is 5046.0, futures price is 5000.0, basis is - 46.0, basis rate is - 0.91%, and historical quantile is 39.20% [1] - **Ethylene Glycol (EG2605)**: Spot price in East China is 3732.0, futures price is 3605.0, basis is - 127.0, basis rate is - 3.40%, and historical quantile is 12.20% [1] - **Polyester Staple Fiber (PF602)**: Spot price in East China market is 6515.0, futures price is 6462.0, basis is 53.0, basis rate is 0.82%, and historical quantile is 56.30% [1] - **Styrene (EB2602)**: Spot price in East China is 6835.0, futures price is 6739.0, basis is 96.0, basis rate is 1.42%, and historical quantile is 49.00% [1] - **Methanol (MA605)**: Spot price in Jiangsu, Taicang is 2220.0, futures price is 2215.0, basis is 5.0, basis rate is 0.23%, and historical quantile is 46.80% [1] - **Urea (UR605)**: Spot price in Shandong is 1768.0, futures price is 1720.0, basis is 48.0, basis rate is 2.78%, and historical quantile is 4.80% [1] - **LLDPE (L2605)**: Spot price in Shandong is 6449.0, futures price is 6435.0, basis is 14.0, basis rate is 0.22%, and historical quantile is 18.60% [1] - **PP (PP2605)**: Spot price in Zhejiang is 6330.0, futures price is 6300.0, basis is 30.0, basis rate is 0.48%, and historical quantile is 18.50% [1] - **PVC (V2605)**: Spot price in Changzhou is 4764.0, futures price is 4480.0, basis is 284.0, basis rate is 6.36%, and historical quantile is 9.00% [1] - **Caustic Soda (SH603)**: Spot price in Shandong is 2164.0, futures price is 2156.3, basis is 7.7, basis rate is 0.36%, and historical quantile is 42.50% [1] - **LPG (PG2602)**: Spot price in Guangzhou is 4858.0, futures price is 4136.0, basis is 722.0, basis rate is 17.46%, and historical quantile is 85.70% [1] - **Asphalt (BU2602)**: Spot price in Shandong is 3133.0, futures price is 3070.0, basis is 63.0, basis rate is 2.01%, and historical quantile is 39.40% [1] - **Butadiene Rubber (BR2602)**: Spot price in East China is 11645.0, futures price is 11500.0, basis is - 145.0, basis rate is - 1.25%, and historical quantile is 15.10% [1] - **Glass (FG605)**: Spot price in Shahe is 1081.0, futures price is 900.0, basis is 181.0, basis rate is 20.11%, and historical quantile is 4.63% [1] - **Soda Ash (SA605)**: Spot price in Shahe is 1177.0, futures price is 1137.0, basis is 40.0, basis rate is 3.52%, and historical quantile is 28.84% [1] - **Natural Rubber (RU2605)**: Spot price in Shanghai is 15605.0, futures price is 15250.0, basis is 355.0, basis rate is 2.33%, and historical quantile is 0.00% [1] Financial Products - **Stock Index Futures**: - **IF2603.CFE**: Spot price is 4697.0, futures price is 4717.7, basis is 20.7, basis rate is 0.44%, and historical quantile is 23.10% [1] - **IH2603.CFE**: Spot price is 3098.8, futures price is 3099.7, basis is - 0.9, basis rate is - 0.03%, and historical quantile is 50.60% [1] - **IC2603.CFE**: Spot price is 7651.2, futures price is 7596.0, basis is - 55.2, basis rate is - 0.73%, and historical quantile is 16.40% [1] - **IM2603.CFE**: Spot price is 7639.0, futures price is 7753.9, basis is - 114.9, basis rate is - 1.50%, and historical quantile is 14.30% [1] - **Treasury Bond Futures**: - **TS2603**: Spot price is 100.10, futures price is 102.42, basis is - 2.32, basis rate is - 2.32%, and historical quantile is 29.20% [1] - **TF2603**: Spot price is 99.44, futures price is 105.69, basis is - 6.25, basis rate is - 6.29%, and historical quantile is 23.00% [1] - **T2603**: Spot price is 100.25, futures price is 107.84, basis is - 7.59, basis rate is - 7.57%, and historical quantile

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report presents the price data of various commodities including metals, agricultural products, energy and chemical products, and stock index futures on January 5, 2026, including spot prices, futures prices, basis, basis rates, and historical quantiles. 3. Summary by Commodity Category Metals - **Ferrous Metals**: For silicon iron (SF603), the spot price is 5678, the futures price is 5672, and the basis rate is 0.11%. For silicon manganese (SM603), the spot price is 5920. For HRB400 20mm rebar in Shanghai, the spot price is 3300, the futures price is 3122, and the basis rate is 5.70%. For hot - rolled coil (HC2605), the spot price and futures price are both 3270. For iron ore (I2605), the spot price is 871, the futures price is 790, and the basis rate is 10.28%. For coke (J2605), the spot price is 1713, the futures price is 1693, and the basis rate is 1.16%. For coking coal (JM2605), the spot price is 1156, the futures price is 1115, and the basis rate is 3.68% [1]. - **Non - ferrous Metals**: For copper (CU2602), the spot price is 98820, the futures price is 98240, and the basis rate is 0.59%. For aluminum (AL2602), the spot price is 22925, the futures price is 22460, and the basis rate is - 2.01%. For zinc (ZN2602), the spot price is 23250, the futures price is 23275, and the basis rate is - 0.11%. For tin (SN2602), the spot price is 326450, the futures price is 322920, and the basis rate is 0.90%. For nickel (NI2602), the spot price is 134050, the futures price is 132820, and the basis rate is 0.90%. For stainless steel (SS2602), the spot price is 13320, the futures price is 13125, and the basis rate is 1.49%. For lithium carbonate (LC2605), the spot price is 121580, the futures price is 118500, and the basis rate is - 2.5%. For industrial silicon (SIS605), the spot price is 9250, the futures price is 8860, and the basis rate is 4.40% [1]. - **Precious Metals**: For gold (AU2602), the spot price is 977.6, the futures price is 974.4, and the basis rate is - 0.32%. For silver (AG2604), the spot price is 17074.0, the futures price is 17059.0, and the basis rate is - 0.09% [1]. Agricultural Products - For soybean meal (M2605), the spot price is 3050, the futures price is 2749.0, and the basis rate is 10.95%. For soybean oil (Y2605), the spot price is 8300, the futures price is 7862.0, and the basis rate is 5.57%. For palm oil (P2605), the spot price is 8584.0, the futures price is 8560, and the basis rate is - 0.28%. For rapeseed meal (RM605), the spot price is 2530, the futures price is 2365.0, and the basis rate is 7.96%. For rapeseed oil (Oleos), the spot price is 9810, the futures price is 9087.0, and the basis rate is 7.96%. For corn (C2603), the spot price is 2330, the futures price is 2226.0, and the basis rate is 4.17%. For corn starch (CS2603), the spot price is 2620, the futures price is 2515.0, and the basis rate is 4.17%. For live pigs (H2603), the spot price is 13400, the futures price is 11795.0, and the basis rate is 13.61%. For eggs (JD2603), the spot price is 2933.0, the futures price is 2910, and the basis rate is - 0.78%. For cotton (CF605), the spot price is 15392, the futures price is 14585.0, and the basis rate is 5.53%. For sugar (SR605), the spot price is 5410, the futures price is 5251.0, and the basis rate is 3.03%. For apples (AP605), the spot price is 9200, the futures price is 9120.0, and the basis rate is 0.88%. For red dates (CJ605), the spot price is 8965.0, the futures price is 8200, and the basis rate is - 8.53% [1]. Energy and Chemical Products - For p - xylene (PX603), the spot price is 7260.0, the futures price is 7188.2, and the basis rate is - 0.99%. For PTA (TA605), the spot price is 5080.0, the futures price is 5110.0, and the basis rate is - 0.59%. For ethylene glycol (EG2605), the spot price is 3665.0, the futures price is 3803.0, and the basis rate is - 3.63%. For polyester staple fiber (PF602), the spot price is 6535.0, the futures price is 6514.0, and the basis rate is 0.32%. For styrene (EB2602), the spot price is 6870.0, the futures price is 6791.0, and the basis rate is 1.16%. For methanol (MA605), the spot price is 2216.0, the futures price is 2202.0, and the basis rate is - 0.63%. For urea (UR605), the spot price is 1749.0, the futures price is 1710.0, and the basis rate is 6.60%. For LLDPE (L2605), the spot price is 6472.0, the futures price is 6375.0, and the basis rate is - 1.50%. For PP (PP2605), the spot price is 6348.0, the futures price is 6275.0, and the basis rate is - 1.15%. For PVC (V2605), the spot price is 4805.0, the futures price is 4500.0, and the basis rate is - 6.35%. For caustic soda (SH603), the spot price is 2242.0, the futures price is 2196.9, and the basis rate is - 2.0%. For LPG (PG2602), the spot price is 4608.0, the futures price is 4132.0, and the basis rate is 11.52%. For asphalt (BU2602), the spot price is 3022.0, the futures price is 2950.0, and the basis rate is - 2.38%. For butadiene rubber (BR2602), the spot price is 11500.0, the futures price is 11520.0, and the basis rate is - 0.17%. For glass (FG605), the spot price is 1087.0, the futures price is 896.0, and the basis rate is 3.15%. For soda ash (SA605), the spot price is 1209.0, the futures price is 1122.0, and the basis rate is - 7.75%. For natural rubber (RU2605), the spot price is 15605.0, the futures price is 15250.0, and the basis rate is 2.3% [1]. Stock Index Futures - For IF2603.CFE, the spot price is 4629.9, the futures price is 4599.8, and the basis rate is - 0.66%. For IH2603.CFE, the spot price is 3031.1, the futures price is 3025.0, and the basis rate is - 0.20%. For IC2603.CFE, the spot price is 7465.6, the futures price is 7362.8, and the basis rate is - 1.40%. For IM2603.CFE, the spot price is 7595.3, the futures price is 7436.2, and the basis rate is - 2.14%. For 2 - year bond futures (TS2603), the spot price is 102.45, the futures price is 100.12, and the basis rate is - 0.00%. For 5 - year bond futures (TF2603), the spot price is 105.73, the futures price is 100.31, and the basis rate is 0.16%. For 10 - year bond futures (T2603), the spot price is 107.83, the futures price is 100.31, and the basis rate is 0.15%. For 30 - year bond futures (TL2603), the spot price is 126.27, the futures price is 111.38, and the basis rate is 0.83% [1].

Report Overview - The report is a daily spread report for all varieties on December 30, 2025, providing price information on various commodities and financial futures [3] Commodity and Futures Information Ferrous Metals - **Silicon Iron (SF603)**: Spot price 5676, futures price 5628, basis -48, basis rate -0.85%, historical quantile 50.50% [1] - **Silicon Manganese (SM603)**: Spot price 5862, futures price 5860, basis 2, basis rate 0.03%, historical quantile 24.60% [1] - **Rebar (RB2605)**: Spot price 3300, futures price 3280, basis 20, basis rate 0.61%, historical quantile 67.20% [1] - **Hot - Rolled Coil (HC2605)**: Spot price 3287, futures price 3130, basis 157, basis rate 5.02%, historical quantile 15.30% [1] - **Iron Ore (I2605)**: Spot price 858, futures price 797, basis 61, basis rate 7.69%, historical quantile 48.00% [1] - **Coke (J2605)**: Spot price 1713, futures price 1681, basis 32, basis rate 1.91%, historical quantile 79.17% [1] - **Coking Coal (JM2605)**: Spot price 1156, futures price 1088, basis 68, basis rate 6.25%, historical quantile 42.50% [1] Non - Ferrous Metals - **Copper (CU2602)**: Spot price 100740, futures price 99790, basis 950, basis rate 0.95%, historical quantile 99.79% [1] - **Aluminum (AL2602)**: Spot price 22570, futures price 22490, basis 80, basis rate 0.36%, historical quantile 32.91% [1] - **Zinc (ZN2602)**: Spot price 23370, futures price 23255, basis 115, basis rate 0.49%, historical quantile 74.37% [1] - **Tin (SN2602)**: Spot price 343500, futures price 334590, basis 8910, basis rate 2.66%, historical quantile 99.37% [1] - **Nickel (NI2602)**: Spot price 128600, futures price 125710, basis 2890, basis rate 2.30%, historical quantile 99.58% [1] - **Stainless Steel (SS2602)**: Spot price 13220, futures price 12910, basis 310, basis rate 2.40%, historical quantile 56.65% [1] - **Lithium Carbonate (LC2605)**: Spot price 118820, futures price 118000, basis 820, basis rate 0.69%, historical quantile 43.83% [1] - **Industrial Silicon (SI2605)**: Spot price 9250, futures price 8715, basis 535, basis rate 6.14%, historical quantile 32.79% [1] Precious Metals - **Gold (AU2602)**: Spot price 1007.2, futures price 1004.9, basis 2.3, basis rate 0.23%, historical quantile 38.00% [1] - **Silver (AG2602)**: Spot price 18797.0, futures price 18205.0, basis 592.0, basis rate 3.25%, historical quantile 99.50% [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price 3060, futures price 2774.0, basis 286.0, basis rate 10.31%, historical quantile 68.50% [1] - **Soybean Oil (Y2605)**: Spot price 8250, futures price 7818.0, basis 432.0, basis rate 5.53%, historical quantile 74.30% [1] - **Palm Oil (P2605)**: Spot price 8512.0, futures price 8510, basis 2.0, basis rate 0.02%, historical quantile 25.90% [1] - **Rapeseed Meal (RM605)**: Spot price 2570, futures price 2387.0, basis 183.0, basis rate 7.67%, historical quantile 81.50% [1] - **Rapeseed Oil (OI605)**: Spot price 9750, futures price 9040.0, basis 710.0, basis rate 7.85%, historical quantile 94.00% [1] - **Corn (C2603)**: Spot price 2330, futures price 2249.0, basis 81.0, basis rate 3.60%, historical quantile 82.20% [1] - **Corn Starch (CS2603)**: Spot price 2620, futures price 2535.0, basis 85.0, basis rate 3.35%, historical quantile 39.60% [1] - **Live Pigs (H2603)**: Spot price 12450, futures price 11715.0, basis 735.0, basis rate 6.27%, historical quantile 69.50% [1] - **Eggs (JD2602)**: Spot price 2941.0, futures price 2910, basis - 31.0, basis rate - 1.05%, historical quantile 36.60% [1] - **Cotton (CF605)**: Spot price 15385, futures price 14435.0, basis 950.0, basis rate 6.58%, historical quantile 48.70% [1] - **Sugar (SR605)**: Spot price 5420, futures price 5253.0, basis 167.0, basis rate 3.18%, historical quantile 28.50% [1] - **Apples (AP605)**: Spot price 9200, futures price 9163.0, basis 37.0, basis rate 0.40%, historical quantile 24.70% [1] - **Red Dates (CJ605)**: Spot price 8970.0, futures price 8300, basis - 670.0, basis rate - 7.47%, historical quantile 61.60% [1] Energy and Chemicals - **Para - Xylene (PX603)**: Spot price 7270.0, futures price 7199.0, basis 71.0, basis rate 0.98%, historical quantile 14.20% [1] - **PTA (TA605)**: Spot price 5122.0, futures price 5060.0, basis 62.0, basis rate 1.21%, historical quantile 32.80% [1] - **Ethylene Glycol (EG2605)**: Spot price 3817.0, futures price 3690.0, basis 127.0, basis rate 3.33%, historical quantile 12.20% [1] - **Polyester Staple Fiber (PF602)**: Spot price 6540.0, futures price 6530.0, basis 10.0, basis rate 0.15%, historical quantile 39.60% [1] - **Styrene (EB2602)**: Spot price 6815.0, futures price 6737.0, basis 78.0, basis rate 1.16%, historical quantile 46.20% [1] - **Methanol (MA605)**: Spot price 2161.0, futures price 2150.0, basis 11.0, basis rate 0.51%, historical quantile 31.00% [1] - **Urea (UR605)**: Spot price 1735.0, futures price 1710.0, basis 25.0, basis rate 1.44%, historical quantile 9.40% [1] - **LLDPE (L2605)**: Spot price 6453.0, futures price 6340.0, basis 113.0, basis rate 1.75%, historical quantile 2.60% [1] - **PP (PP2605)**: Spot price 6274.0, futures price 6240.0, basis 34.0, basis rate 0.54%, historical quantile 17.50% [1] - **PVC (V2605)**: Spot price 4777.0, futures price 4520.0, basis 257.0, basis rate 5.38%, historical quantile 14.90% [1] - **Caustic Soda (SH603)**: Spot price 2232.0, futures price 2212.5, basis 19.5, basis rate 0.81%, historical quantile 40.40% [1] - **LPG (PG2602)**: Spot price 4528.0, futures price 4046.0, basis 482.0, basis rate 11.91%, historical quantile 67.30% [1] - **Asphalt (BU2602)**: Spot price 3008.0, futures price 2920.0, basis 88.0, basis rate 2.93%, historical quantile 32.40% [1] - **Butadiene Rubber (BR2602)**: Spot price 11600.0, futures price 11300.0, basis 300.0, basis rate 2.99%, historical quantile 7.30% [1] - **Float Glass (FG605)**: Spot price 1051.0, futures price 896.0, basis 155.0, basis rate 17.30%, historical quantile 8.19% [1] - **Soda Ash (SA605)**: Spot price 1181.0, futures price 1122.0, basis 59.0, basis rate 5.26%, historical quantile 18.69% [1] - **Natural Rubber (RU2605)**: Spot price 15665.0, futures price 15250.0, basis 415.0, basis rate 2.72%, historical quantile 69.38% [1] Financial Futures - **Stock Index Futures** - **IF2603.CFF**: Spot price 4639.4, futures price 4610.2, basis - 29.2, basis rate - 0.63%, historical quantile 14.10% [1] - **IH2603.CFE**: Spot price 3038.0, futures price 3034.6, basis 3.4, basis rate 0.11%, historical quantile 76.10% [1] - **IC2603.CFE**: Spot price 7430.6, futures price 7336.6, basis - 94.0, basis rate - 1.28%, historical quantile 4.20% [1] - **IM2603.CFE**: Spot price 7594.2, futures price 7439.0, basis - 155.2, basis rate - 2.09%, historical quantile 7.80% [1] - **Treasury Bond Futures** - **2 - year Treasury Bond (TS2603)**: Spot price 102.48, futures price 100.15, basis - 0.01, basis rate - 0.01%, historical quantile 23.90%, conversion factor 0.9774 [1] - **5 - year Treasury Bond (TF2603)**: Spot price 105.83, futures price 99.56, basis - 0.04, basis rate - 0.04%, historical quantile 22.10%, conversion factor 0.9412 [1] - **10 - year Treasury Bond (T2603)**: Spot price 107.97, futures price 100.37, basis 0.09, basis rate 0.09%, historical quantile 28.10%, conversion factor 0.9288 [1] - **30 - year Treasury Bond (TL2603)**: Spot price 126.22, futures price 111.64, basis 0.48, basis rate 0.43%, historical quantile 71.10%, conversion factor 1.1263 [1]