Report Overview - **Report Date**: October 10, 2025 [2] - **Data Sources**: Wind, MySteel, GF Futures Research Institute [2] Commodity Market Analysis Ferrous Metals - **Silicon Manganese (SM601)**: Spot price is 5950, futures price is 5768, basis is 182, basis rate is 4.65%, and historical quantile is 62.00% [1] - **Rebar (RB2601)**: Spot price is 3096 [1] - **Hot Rolled Coil (HC2601)**: Spot price is 3350, futures price is 3286, basis rate is 1.95%, and historical quantile is 45.30% [1] - **Iron Ore (I2601)**: Spot price (converted price of 62.5% Brazilian mixed powder) is 839, futures price is 791, basis is 49, basis rate is 6.20%, and historical quantile is 41.20% [1] - **Coke (J2601)**: Spot price (converted price of quasi - first - class metallurgical coke) is 1654, futures price is 1613, basis is - 41, basis rate is - 2.46%, and historical quantile is 40.37% [1] - **Coking Coal (JM2601)**: Spot price (converted price of S1.3 G75 main coking coal) is 1164, futures price is 1160, basis is - 4, basis rate is - 0.34%, and historical quantile is 22.30% [1] Non - ferrous Metals - **Copper (CU2511)**: Spot price (SMM 1 electrolytic copper average price) is 86750, futures price is 85740, basis is - 1010, basis rate is - 1.16%, and historical quantile is 2.29% [1] - **Aluminum (AL2511)**: Spot price (SMM A00 aluminum average price) is 20960, futures price is 21090, basis is - 130, basis rate is - 0.62%, and historical quantile is 15.62% [1] - **Alumina (AO2601)**: Spot price is 2968, futures price is 2875, basis rate is 3.23%, and historical quantile is 53.30% [1] - **Zinc (ZN2511)**: Spot price (SMM 1 zinc ingot average price) is 22315, futures price is 22070, basis is - 245, basis rate is - 1.10%, and historical quantile is 7.08% [1] - **Tin (SN2511)**: Spot price (SMM 1 tin average price) is 287090, futures price is 284200, basis is - 2890, basis rate is - 1.01%, and historical quantile is 6.04% [1] - **Nickel (NI2511)**: Spot price (SMM 1 imported nickel average price) is 124480, futures price is 122800, basis is 1680, basis rate is 1.35%, and historical quantile is 5.20% [1] - **Stainless Steel (SS2511)**: Spot price is 13320, futures price is 12860, basis is 460, basis rate is 3.58%, and historical quantile is 87.12% [1] - **Industrial Silicon (SI2511)**: Spot price (SMM annual average price of oxygen - containing 215530) is 9450, futures price is 8640, basis is 810, basis rate is 9.38%, and historical quantile is 55.61% [1] Precious Metals - **Gold (AU2512)**: Spot price (Shanghai Gold Exchange gold spot AU (T + D)) is 914.3, futures price is 911.4, basis is - 2.9, basis rate is - 0.32%, and historical quantile is 22.50% [1] - **Silver (AG2512)**: Spot price (Shanghai Gold Exchange silver spot AG (T + D)) is 11169.0, futures price is 11176.0, basis is 7.0, basis rate is 0.06%, and historical quantile is 92.70% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price (Jiangsu Zhangjiagang ex - factory price of ordinary protein soybean meal) is 2939.0, futures price is 2910, basis is - 29.0, basis rate is - 0.99%, and historical quantile is 30.70% [1] - **Soybean Oil (Y2601)**: Spot price (Jiangsu Zhangjiagang ex - factory price of grade four soybean oil) is 8480, futures price is 8332.0, basis is 148.0, basis rate is 1.78%, and historical quantile is 29.80% [1] - **Palm Oil (P2601)**: Spot price (Delivery price of palm oil at Huangpu Port) is 9570.0, futures price is 9480, basis is - 90.0, basis rate is - 0.94%, and historical quantile is 5.30% [1] - **Rapeseed Meal (RM601)**: Spot price (Guangdong Zhanjiang ex - factory price of ordinary rapeseed meal) is 2540, futures price is 2435.0, basis is 105.0, basis rate is 4.31%, and historical quantile is 65.30% [1] - **Rapeseed Oil (OI601)**: Spot price (Jiangsu Nantong ex - factory price of grade four rapeseed oil) is 10480, futures price is 10248.0, basis is 232.0, basis rate is 2.26%, and historical quantile is 75.00% [1] - **Corn (C2511)**: Spot price (FAS price of corn at Jinzhou Port) is 2180, futures price is 2138.0, basis is 42.0, basis rate is 1.96%, and historical quantile is 62.60% [1] - **Corn Starch (CS2511)**: Spot price (Jilin Changchun ex - factory price of corn starch) is 2560, futures price is 2430.0, basis is 130.0, basis rate is 5.35%, and historical quantile is 65.70% [1] - **Live Hogs (H2511)**: Spot price (Henan ex - factory price of live hogs (external ternary)) is 11595.0, futures price is 11220, basis is 375.0, basis rate is 3.23%, and historical quantile is 31.70% [1] - **Eggs (JD2511)**: Spot price (Average price of eggs in Shijiazhuang, Hebei) is 3000, futures price is 2871.0, basis is 129.0, basis rate is 4.49%, and historical quantile is 42.50% [1] - **Cotton (CF601)**: Spot price (Xinjiang arrival price of cotton 3128B) is 14755, futures price is 13295.0, basis is 1460.0, basis rate is 10.98%, and historical quantile is 93.10% [1] - **Sugar (SR601)**: Spot price (Spot price of white sugar at Liuzhou Station) is 5870, futures price is 5528.0, basis is 342.0, basis rate is 6.19%, and historical quantile is 58.70% [1] - **Apples (AP601)**: Spot price (Delivery theoretical price of apples) is 8633.0, futures price is 8600, basis is - 33.0, basis rate is - 0.38%, and historical quantile is 15.20% [1] - **Red Dates (CJ601)**: Spot price (Wholesale price of first - grade grey dates in Hebei) is 10960.0, futures price is 9500, basis is - 1460.0, basis rate is - 13.32%, and historical quantile is 32.90% [1] Energy and Chemicals - **Paraxylene (PX511)**: Spot price (CFR spot price at Chinese main ports, converted to RMB) is 6613.5, futures price is 6586.0, basis is 27.5, basis rate is 0.42%, and historical quantile is 31.90% [1] - **PTA (TA601)**: Spot price (Market price (mid - price) of purified terephthalic acid (PTA) in East China) is 4584.0, futures price is 4510.0, basis is - 74.0, basis rate is - 1.61%, and historical quantile is 25.00% [1] - **Ethylene Glycol (EG2601)**: Spot price (Market price (mid - price) of ethylene glycol (MEG) in East China) is 4230.0, futures price is 4158.0, basis is 72.0, basis rate is 1.73%, and historical quantile is 84.30% [1] - **Polyester Staple Fiber (PF511)**: Spot price (Market price (mainstream price) of polyester staple fiber (1.4D * 38mm (direct - spun)) in East China market) is 6405.0, futures price is 6292.0, basis is 113.0, basis rate is 1.80%, and historical quantile is 71.50% [1] - **Styrene (EB2511)**: Spot price (Market price in East China, China (spot benchmark price)) is 6818.0, futures price is 6790.0, basis is - 28.0, basis rate is - 0.41%, and historical quantile is 21.50% [1] - **Methanol (MA601)**: Spot price (Market price in Jiangsu Taicang, China (spot benchmark price)) is 2290.0, futures price is 2212.5, basis is 77.5, basis rate is 3.38%, and historical quantile is 19.30% [1] - **Urea (UR601)**: Spot price (Market price (mainstream price) of urea (small particles) in Shandong) is 1609.0, futures price is 1570.0, basis is - 39.0, basis rate is - 2.42%, and historical quantile is 5.30% [1] - **LLDPE (L2601)**: Spot price (Duty - paid self - pick - up price (mid - price) of linear low - density polyethylene LLDPE (film grade) in Shandong) is 7203.0, futures price is 7077.0, basis is 126.0, basis rate is 1.78%, and historical quantile is 57.50% [1] - **PP (PP2601)**: Spot price (Duty - paid self - pick - up price (mid - price) of polypropylene PP (拉丝级, melt index 2 - 4) in Zhejiang) is 6745.0, futures price is 6733.0, basis is - 12.0, basis rate is - 0.18%, and historical quantile is 21.10% [1] - **PVC (V2601)**: Spot price (Market price (mainstream price) in Changzhou market, China) is 4769.0, futures price is 4640.0, basis is - 129.0, basis rate is - 2.70%, and historical quantile is 45.50% [1] - **Caustic Soda (SH601)**: Spot price (Market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong market, converted to 100%) is 2500.0, futures price is 2450.0, basis is 50, basis rate is 2.04%, and historical quantile is 56.50% [1] - **LPG (PG2511)**: Spot price (Market price of liquefied petroleum gas in Guangzhou) is 4548.0, futures price is 4072.0, basis is 476.0, basis rate is 11.69%, and historical quantile is 65.20% [1] - **Asphalt (BU2511)**: Spot price (Market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong) is 3490.0, futures price is 3375.0, basis is 115.0, basis rate is 3.41%, and historical quantile is 75.00% [1] - **Butadiene Rubber (BR2511)**: Spot price (Distribution price in East China, China) is 11500.0, futures price is 11325.0, basis is 175.0, basis rate is 1.55%, and historical quantile is 47.20% [1] - **Glass (FG601)**: Spot price (Market price of 5mm large - plate glass in Shahe, Shahe Great Wall Glass) is 1218.0, futures price is 1128.0, basis is - 90.0, basis rate is - 7.98%, and historical quantile is 39.83% [1] - **Soda Ash (SA601)**: Spot price (Market price of heavy - quality soda ash in Shahe) is 1250.0, futures price is 1170.0, basis is - 80.0, basis rate is - 6.84%, and historical quantile is 14.04% [1] - **Natural Rubber (RU2601)**: Spot price (Market price in Shanghai of natural rubber (Yunnan state - owned whole - latex)) is 15415.0, futures price is 14650.0, basis is - 765.0, basis rate is - 5.22%, and historical quantile is 48.54% [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Spot price is 4689.2, futures price is 4709.5, basis is - 20.3, basis rate is - 0.43%, and historical quantile is 22.30% [1] - **IH2512.CFE**: Spot price is 3026.0, futures price is 3020.6, basis is 5.4, basis rate is 0.18%, and historical quantile is 85.30% [1] - **IC2512.CFE**: Spot price is 7548.9, futures price is 7415.8, basis is - 133.1, basis rate is - 1.80%, and historical quantile is 0.60% [1] - **IM2512.CFE**: Spot price is 7648.1, futures price is 7449.6, basis is - 198.5, basis rate is - 2.66%, and historical quantile is 3.70% [1] - **Treasury Bond Futures**: - **TS2512**: Spot price is 102.41, futures price is 99.96, basis is - 0.

Report Overview - The report presents the spot prices, futures prices, basis, basis rates, and historical quantiles of various commodities and financial futures on September 23, 2025 [1]. Commodity Details Ferrous Metals - **Silicon Iron (SF51)**: Spot price is 5728, futures price is 5648, basis is 80, basis rate is 1.42%, and historical quantile is 66.50% [1]. - **Silicon Manganese (SM601)**: Spot price is 6000, futures price is 5870, basis is 130, basis rate is 2.21%, and historical quantile is 49.10% [1]. - **Rebar (RB2601)**: Spot price is 3185, futures price is 3135, basis is 50, basis rate is 1.59%, and historical quantile is 39.90% [1]. - **Hot - Rolled Coil (HC2601)**: Spot price is 3430, futures price is 3380, basis is 50, basis rate is 1.48% [1]. - **Iron Ore (I2601)**: Spot price is 808, futures price is 747, basis is 61, basis rate is 8.17%, and historical quantile is 29.33% [1]. - **Coke (J2601)**: Data on spot price, futures price, etc., is incomplete [1]. - **Coking Coal (JM2601)**: Spot price is 1218, futures price is 1140, basis is 78, basis rate is 6.84%, and historical quantile is 12.20% [1]. Non - Ferrous Metals - **Copper (CU2511)**: Spot price is 80225, futures price is 80160, basis is 65, basis rate is 0.08%, and historical quantile is 50.41% [1]. - **Aluminum (AL2511)**: Spot price is 20750, futures price is 20745, basis is 5, basis rate is 0.02%, and historical quantile is 58.75% [1]. - **Alumina (AO2601)**: Spot price is 3033, futures price is 2934, basis is 99, basis rate is 3.37%, and historical quantile is 56.16% [1]. - **Zinc (ZN2511)**: Spot price is 21880, futures price is 22090, basis is - 210, basis rate is - 0.95%, and historical quantile is 10.20% [1]. - **Tin (SN2510)**: Spot price is 272000, futures price is 272510, basis is - 510, basis rate is - 0.19%, and historical quantile is 32.08% [1]. - **Nickel (NI2510)**: Spot price is 121850, futures price is 121400, basis is 450, basis rate is 0.37%, and historical quantile is 79.79% [1]. - **Stainless Steel (SS2511)**: Spot price is 13270, futures price is 12910, basis is 360, basis rate is 2.79%, and historical quantile is 73.17% [1]. - **Lithium Carbonate (LC2511)**: Spot price is 73850, futures price is 73420, basis is 430, basis rate is 0.59%, and historical quantile is 61.23% [1]. - **Industrial Silicon (SI2511)**: Spot price is 9500, futures price is 8950, basis is 550, basis rate is 6.15%, and historical quantile is 37.61% [1]. Precious Metals - **Gold (AU2512)**: Spot price is 846.5, futures price is 839.9, basis is 6.6, basis rate is 0.78%, and historical quantile is 0.20% [1]. - **Silver (AG2512)**: Spot price is 10317, futures price is 10243, basis is 74, basis rate is 0.72%, and historical quantile is 0.40% [1]. Agricultural Products - **Soybean Meal (M2601)**: Spot price is 3034, futures price is 2950, basis is 84, basis rate is 2.85%, and historical quantile is 23.30% [1]. - **Soybean Oil (Y2601)**: Spot price is 8500, futures price is 8366, basis is 134, basis rate is 1.60%, and historical quantile is 25.00% [1]. - **Palm Oil (P2601)**: Spot price is 9360, futures price is 9300, basis is 60, basis rate is 0.64%, and historical quantile is 7.50% [1]. - **Rapeseed Meal (RM601)**: Spot price is 2630, futures price is 2528, basis is 102, basis rate is 4.03%, and historical quantile is 64.10% [1]. - **Rapeseed Oil (OI601)**: Spot price is 10370, futures price is 10143, basis is 227, basis rate is 2.24%, and historical quantile is 73.70% [1]. - **Corn (C2511)**: Spot price is 2300, futures price is 2147, basis is 153, basis rate is 7.13%, and historical quantile is 96.80% [1]. - **Corn Starch (CS2511)**: Spot price is 2431, futures price is 2600, basis is - 169, basis rate is - 6.95%, and historical quantile is 79.60% [1]. - **Live Hogs (LH2511)**: Spot price is 12700, futures price is 12795, basis is - 95, basis rate is - 0.74%, and historical quantile is 39.20% [1]. - **Eggs (JD2511)**: Spot price is 3530, futures price is 3075, basis is 455, basis rate is 14.80%, and historical quantile is 65.10% [1]. - **Cotton (CF601)**: Spot price is 15146, futures price is 13610, basis is 1536, basis rate is 11.29%, and historical quantile is 94.70% [1]. - **Sugar (SR601)**: Spot price is 5900, futures price is 5452, basis is 448, basis rate is 8.22%, and historical quantile is 80.90% [1]. - **Apples (AP601)**: Spot price is 9500, futures price is 8600, basis is 900, basis rate is 10.47%, and historical quantile is - 11.50% [1]. - **Red Dates (CJ601)**: Spot price is 10735, futures price is 9500, basis is 1235, basis rate is 13.00%, and historical quantile is 64.00% [1]. Energy and Chemicals - **Para - Xylene (PX511)**: Spot price is 6622.1, futures price is 6592, basis is 30.1, basis rate is 0.46%, and historical quantile is 32.40% [1]. - **PTA (TA601)**: Spot price is 4586, futures price is 4510, basis is 76, basis rate is 1.66%, and historical quantile is 24.30% [1]. - **Ethylene Glycol (EG2601)**: Spot price is 4335, futures price is 4240, basis is 95, basis rate is 2.24%, and historical quantile is 89.80% [1]. - **Polyester Staple Fiber (PF511)**: Spot price is 6425, futures price is 6274, basis is 151, basis rate is 2.41%, and historical quantile is 78.10% [1]. - **Styrene (EB2511)**: Spot price is 6970, futures price is 6928, basis is 42, basis rate is 0.61%, and historical quantile is 36.50% [1]. - **Methanol (MA601)**: Spot price is 2348, futures price is 2250, basis is 98, basis rate is 4.17%, and historical quantile is 13.80% [1]. - **Urea (UR601)**: Spot price is 1660, futures price is 1620, basis is 40, basis rate is 2.41%, and historical quantile is 4.60% [1]. - **LLDPE (L2601)**: Spot price is 7175, futures price is 7130, basis is 45, basis rate is 0.63%, and historical quantile is 35.00% [1]. - **PP (PP2601)**: Spot price is 6873, futures price is 6838, basis is 35, basis rate is 0.51%, and historical quantile is 16.20% [1]. - **PVC (V2601)**: Spot price is 4938, futures price is 4780, basis is 158, basis rate is 3.20%, and historical quantile is 36.90% [1]. - **Caustic Soda (SH601)**: Spot price is 2604, futures price is 2500, basis is 104, basis rate is 4.17%, and historical quantile is 32.80% [1]. - **LPG (PG2511)**: Spot price is 4548, futures price is 4274, basis is 274, basis rate is 6.41%, and historical quantile is 48.50% [1]. - **Asphalt (BU2511)**: Spot price is 3510, futures price is 3401, basis is 109, basis rate is 3.20%, and historical quantile is 73.40% [1]. - **Butadiene Rubber (BR2511)**: Spot price is 11700, futures price is 11505, basis is 195, basis rate is 1.69%, and historical quantile is 49.40% [1]. - **Glass (FG601)**: Spot price is 1293, futures price is 1203, basis is 90, basis rate is 7.48%, and historical quantile is 20.92% [1]. - **Soda Ash (SA601)**: Spot price is 1293, futures price is 1203, basis is 90, basis rate is 7.48%, and historical quantile is 10.04% [1]. - **Natural Rubber (RU2601)**: Spot price is 15615, futures price is 14700, basis is 915, basis rate is 6.22%, and historical quantile is 34.51% [1]. Financial Futures - **Stock Index Futures**: - **IF2509.CFE**: Spot price is 4522.6, futures price is 4484, basis is - 38.6, basis rate is - 0.86%, and historical quantile is 61.40% [1]. - **IH2509.CFE**: Spot price is 2923, futures price is 2922.2, basis is 0.8, basis rate is 0.03%, and historical quantile is 7.90% [1]. - **IC2509.CFE**: Spot price is 7225.1, futures price is 7013.2, basis is - 211.9, basis rate is - 3.02%, and historical quantile is 0.00% [1]. - **IM2509.CFE**: Spot price is 7489.5, futures price is 7230.2, basis is - 259.3, basis rate is - 3.59%, and historical quantile is 0.10% [1]. - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2512)**: Spot price is 102.4, futures price is 99.94, basis is - 0.05, basis rate is - 0.05%, and historical quantile is 14.90% [1]. - **5 - Year Treasury Bond (TF2512)**: Spot price is 105.76, futures price is 99.41, basis is - 0.05, basis rate is - 0.05%, and historical quantile is 20.20% [1]. - **10 - Year Treasury Bond (T2512)**: Spot price is 107.95, futures price is 100.02, basis is 0.01, basis rate is 0.01%, and historical quantile is 17.30% [1]. - **30 - Year Treasury Bond (TL2512)**: Spot price is 115.09, futures price is 102.4, basis is 0.62, basis rate is 0.94%, and historical quantile is 85.30% [1].