随后，金元期货能化研究员陈婧分享了当前反内卷的格局下的PVC基本面情况以及未来发展方向，PVC新投产能如期而至，检修处于低位， 库存压力较高，房地产行业持续低迷，整个基本面压力较大，但明后年随着未来新投产能压力减轻，且出口至印度、东南亚、中亚、中东、 非洲等地区需求上升，从宏观角度当前政府逐步向市场注入流动性，促进消费等措施，PVC的价格仍未来可期。 "当前，树脂产业链正面临复杂多变的市场环境，价格波动加剧，风险管理需求日益凸显。期货工具与实体经济的深度融合，是提升产业链 韧性和稳定性的关键路径。"金元期货总经理助理金建涛致辞表示，本次会议旨在为产业链上下游企业搭建一个高规格的交流平台，共同探 讨如何运用月均结算价等创新衍生品工具，管理价格风险、优化经营模式，以此来助力产业企业把握市场脉搏，凝聚行业共识，共同构筑一 条更具竞争力和抗风险能力的树脂产业链。 日前，线型低密度聚乙烯、聚氯乙烯、聚丙烯月均价期货（下称"三个化工品月均价期货"已在大连商品交易所上市。这是大商所上市的首批 现金交割期货，也是境内商品期货市场的首批月均价期货。会议期间，大商所专家就刚上市的线型低密度聚乙烯、聚氯乙烯和聚丙烯月均价 合约进行 ...

期货日报网讯(记者刘威魁)在全球经济下行与产能过剩的双重压力持续深化的背景下，化工企业面临价格波动剧烈、贸易壁垒升级、资金链 紧张等多重挑战。如何在转型浪潮中行稳致远，成为摆在石油化工行业面前的现实课题。11月27日，由金元期货股份有限公司主办、期货日 报、产业服务联盟、广东蓝航塑胶有限公司、广州汇诚化工有限公司、佛山市顺德区塑料协会协办、大连商品交易所支持的"DCE.产业行 ——聚焦月均新工具，共筑树脂产业链"会议在广州成功举办，吸引了来自雄塑集团、浙江中菁、钢联能化、蓝航塑胶、汇诚化工87家产业 企业及机构的近200名业内人士参与。众多与会嘉宾围绕当前行业变动、产业企业如何通过期货工具构建更具韧性的经营防线等重点议题展 开讨论，彰显期货市场在服务实体经济等方面的重要作用。 紧接着，广州国际贸易集团有限公司董事长张毅介绍了塑料的产业史是如何从量的跃迁到失衡的，分析了当前低毛利与需求有天花板的产业 困局，介绍了东南亚地区在家电行业对塑料的需求、拉美、非洲对汽车塑料的需求等全球产能与需求错配以及全球范围内出海机会。 等嘉宾围绕当前市场低迷的原因以及下游生产型企业的转型方案，行业高供应、高库存与弱需求的博弈中应如 ...

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The report presents the latest data on futures and spot prices, basis, basis rates, and historical quantiles for various commodities including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals on November 28, 2025 [1] 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5478, futures price is 5390, basis is 88, basis rate is 2.56%, and historical quantile is 52.20% [1] - **Silicon Manganese (SM601)**: Spot price is 5626, other data not fully presented [1] - **Rebar (RB2601)**: Spot price is 3240, futures price is 3093, basis is 147, basis rate is 4.75%, and historical quantile is 62.00% [1] - **Hot - Rolled Coil (HC2601)**: Spot price is 3293, futures price is 3290, basis is - 3, basis rate is - 0.09%, and historical quantile is 17.00% [1] - **Iron Ore (I2601)**: Spot price (converted price of 62.5% BRBF) is 860, futures price is 800, basis is 60, basis rate is 7.56%, and historical quantile is 48.30% [1] - **Coke (J2601)**: Data on spot price (converted price of quasi - first - grade metallurgical coke) and other details are presented, but not all data is complete [1] - **Coking Coal (JM2601)**: Spot price (converted price of S1.3 G75 main coking coal) is 1195, futures price is 1071, basis is 124, basis rate is 11.58%, and historical quantile is 58.70% [1] Non - Ferrous Metals - **Copper (CU2601)**: Spot price is 87085, futures price is 86990, basis is 95, basis rate is 0.11%, and historical quantile is 59.16% [1] - **Aluminum (AL2601)**: Spot price is 21500, futures price is 21460, basis is - 40, basis rate is - 0.19%, and historical quantile is 43.54% [1] - **Alumina (AO2601)**: Spot price is 2832, futures price is 2724, basis is 108, basis rate is 3.96%, and historical quantile is 57.04% [1] - **Zinc (ZN2601)**: Spot price is 22415, futures price is 22380, basis is 35, basis rate is 0.16%, and historical quantile is 55.00% [1] - **Tin (SN2601)**: Spot price is 302200, futures price is 301800, basis is 400, basis rate is 0.13%, and historical quantile is 36.66% [1] - **Nickel (NI2601)**: Spot price is 117050, futures price is 116900, basis is 150, basis rate is 0.13%, and historical quantile is 62.91% [1] - **Stainless Steel (SS2601)**: Spot price is 12870, futures price is 12410, basis is 460, basis rate is 3.71%, and historical quantile is 83.90% [1] Precious Metals - **Gold (AU2602)**: Spot price is 947.2, futures price is 943.1, basis is - 4.0, basis rate is - 0.43%, and historical quantile is 12.20% [1] - **Silver (AG2602)**: Spot price is 12545.0, futures price is 12525.0, basis is 20.0, basis rate is 0.16%, and historical quantile is 98.30% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price is 3055.0, futures price is 2990, basis is - 65.0, basis rate is - 2.3%, and historical quantile is 27.40% [1] - **Soybean Oil (Y2601)**: Spot price is 8410, futures price is 8224.0, basis is 186.0, basis rate is 2.26%, and historical quantile is 38.00% [1] - **Palm Oil (P2601)**: Spot price is 8528.0, futures price is 8460, basis is - 68.0, basis rate is - 0.80%, and historical quantile is 10.00% [1] - **Rapeseed Meal (RM601)**: Spot price is 2570, futures price is 2469.0, basis is 101.0, basis rate is 4.09%, and historical quantile is 64.80% [1] - **Rapeseed Oil (Ol601)**: Spot price is 10070, futures price is 9772.0, basis is 298.0, basis rate is 3.05%, and historical quantile is 80.60% [1] - **Corn (C2601)**: Spot price is 2290, futures price is 2243.0, basis is 47.0, basis rate is 2.10%, and historical quantile is 65.50% [1] - **Corn Starch (CS2601)**: Spot price is 2600, futures price is 2572.0, basis is 28.0, basis rate is 1.09%, and historical quantile is 17.50% [1] - **Live Hogs (LH2601)**: Spot price is 11585.0, futures price is 11400, basis is - 185.0, basis rate is - 1.60%, and historical quantile is 38.40% [1] - **Eggs (JD2601)**: Spot price is 3282.0, futures price is 2890, basis is - 392.0, basis rate is - 11.94%, and historical quantile is 13.00% [1] - **Cotton (CF601)**: Spot price is 14700, futures price is 13640.0, basis is 1060.0, basis rate is 7.77%, and historical quantile is 1.50% [1] - **Sugar (SR601)**: Spot price is 5615, futures price is 5403.0, basis is 212.0, basis rate is 3.92%, and historical quantile is 36.40% [1] - **Apples (AP601)**: Spot price is 9529.0, futures price is 9000, basis is - 529.0, basis rate is - 5.95%, and historical quantile is 5.90% [1] - **Red Dates (CJ601)**: Spot price is 9150.0, futures price is 8700, basis is - 450.0, basis rate is - 4.92%, and historical quantile is 72.20% [1] Energy Chemicals - **Paraxylene (PX601)**: Spot price is 6741.0, futures price is 6718.0, basis is 23.0, basis rate is 0.34%, and historical quantile is 30.80% [1] - **PTA (TA601)**: Spot price is 4632.0, futures price is 4600.0, basis is - 32.0, basis rate is - 0.69%, and historical quantile is 44.50% [1] - **Ethylene Glycol (EG2601)**: Spot price is 3880.0, futures price is 3873.0, basis is 7.0, basis rate is 0.18%, and historical quantile is 61.60% [1] - **Polyester Staple Fiber (PF602)**: Spot price is 6280.0, futures price is 6162.0, basis is 118.0, basis rate is 1.91%, and historical quantile is 71.80% [1] - **Styrene (EB2601)**: Spot price is 6585.0, futures price is 6520.0, basis is 65.0, basis rate is 1.00%, and historical quantile is 43.60% [1] - **Methanol (MA601)**: Spot price is 2114.0, futures price is 2105.0, basis is - 9.0, basis rate is - 0.43%, and historical quantile is 32.10% [1] - **Urea (UR601)**: Spot price is 1668.0, futures price is 1650.0, basis is 18.0, basis rate is - 1.08%, and historical quantile is 10.90% [1] - **LLDPE (L2601)**: Spot price is 6810.0, futures price is 6699.0, basis is 111.0, basis rate is 1.65%, and historical quantile is 56.80% [1] - **PP (PP2601)**: Spot price is 6450.0, futures price is 6295.0, basis is 155.0, basis rate is 2.46%, and historical quantile is 67.70% [1] - **PVC (V2601)**: Spot price is 4517.0, futures price is 4450.0, basis is - 67.0, basis rate is - 1.48%, and historical quantile is 66.30% [1] - **Caustic Soda (SH601)**: Spot price is 2343.8, futures price is 2238.0, basis is 105.8, basis rate is 4.73%, and historical quantile is 64.40% [1] - **LPG (PG2601)**: Spot price is 4348.0, futures price is 4259.0, basis is 89.0, basis rate is 2.09%, and historical quantile is 36.30% [1] - **Asphalt (BU2601)**: Spot price is 3010.0, futures price is 3007.0, basis is 3.0, basis rate is 0.10%, and historical quantile is 53.30% [1] - **Butadiene Rubber (BR2601)**: Spot price is 10400.0, futures price is 10400.0, basis is 0.0, basis rate is 0.00%, and historical quantile is 28.90% [1] - **Glass (FG601)**: Spot price is 1041.0, futures price is 988.0, basis is 53.0, basis rate is - 5.36%, and historical quantile is 56.51% [1] - **Soda Ash (SA601)**: Spot price is 1176.0, futures price is 1146.0, basis is 30.0, basis rate is - 2.62%, and historical quantile is 28.99% [1] - **Natural Rubber (RU2601)**: Spot price is 15280.0, futures price is 14800.0, basis is 480.0, basis rate is 3.0%, and historical quantile is 69.59% [1] Stock Index Futures and Bond Futures - **IF2512.CFE**: Spot price is 4515.4, futures price is 4492.6, basis is - 22.8, basis rate is - 0.51%, and historical quantile is 20.30% [1] - **IH2512.CFE**: Spot price is 2972.3, futures price is 2962.4, basis is - 9.9, basis rate is - 0.33%, and historical quantile is 21.50% [1] - **IC2512.CFE**: Spot price is 6951.3, futures price is 6896.2, basis is - 55.1, basis rate is - 0.80%, and historical quantile is 16.40% [1] - **IM2512.CFE**: Spot price is 7257.5, futures price is 7179.0, basis is - 78.5, basis rate is - 1.09%, and historical quantile is 24.90% [1] - **2 - year Bond (TS2603)**: Spot price is 102.39, futures price is 100.02, basis is 2.37, basis rate is 0.06%, and historical quantile is 12.40% [1] - **5 - year Bond (TF2603)**: Spot price is 105.78, futures price is 99.51, basis is 6.27, basis rate is 0.03%, and historical quantile is 20.60% [1] - **10 - year Bond (T2603)**: Spot price is 107.91, futures price is 100.25, basis is 7.66, basis rate is 0.03%, and historical quantile is 19.20% [1] - **30 - year Bond (TL2603)**: Spot price is 129.32, futures price is 114.43, basis is 14.89, basis rate is 0.38%, and historical quantile is 65.80% [1]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents the price, basis, basis rate, historical quantile, and other data of various futures and spot commodities on November 21, 2025, including ferrous metals, non - ferrous metals, agricultural products, energy and chemical products, and financial futures [1]. 3. Summary According to Related Catalogs Ferrous Metals - **Silicon Iron (SF603)**: The conversion price of 72 - grade silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5446, with a change of 2.06% [1]. - **Silicon Manganese (SM601)**: The conversion price of 6517 - grade silicon manganese from Inner Mongolia to Hubei warehouse receipts is 5614 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3050, and the futures price is 3210, with a basis rate of 5.25% [1]. - **Hot - Rolled Coil (HC2601)**: The futures price is 3270, with a change of 0.09% [1]. - **Iron Ore (I2601)**: The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1634, with a change of 0.75% [1]. - **Coke (J2601)**: The conversion price of quasi - first - grade metallurgical coke at Rizhao Port is 1646, with a historical quantile of 70.18% [1]. - **Coking Coal (JM2601)**: The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1114, with a change of 9.83% [1]. Non - Ferrous Metals - **Copper (CU2601)**: The SMM 1 copper average price is 86435, and the futures price is 86130, with a basis of 305 and a historical quantile of 79.79% [1]. - **Aluminum (AL2601)**: The SMM A00 aluminum average price is 21570, and the futures price is 21530, with a basis rate of 0.19% [1]. - **Alumina (AO2601)**: The SMM alumina index average price is 2836 [1]. - **Zinc (ZN2512)**: The SMM 1 zinc ingot average price is 22360, and the futures price is 22380, with a basis of - 20 [1]. - **Tin (SN2512)**: The SMM 1 tin average price is 291500, and the futures price is 292030, with a change of - 0.18% [1]. - **Nickel (NISE01)**: The SMM 1 imported nickel average price is 116600, and the futures price is 115380, with a basis of 1220 [1]. - **Stainless Steel (SS2601)**: The price of 304/2B: 2*1240*C: Wuxi Hongwang (including trimming fee) is 12820, and the futures price is 12285, with a change of 4.35% [1]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu is 2980, and the futures price is 3017, with a basis rate of - 1.23% [1]. - **Soybean Oil (Y2601)**: The ex - factory price of grade - four soybean oil in Zhangjiagang, Jiangsu is 8224, and the futures price is 8420, with a basis of 196 [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 8630, and the futures price is 8646, with a basis of - 16 [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of common rapeseed meal in Zhanjiang, Guangdong is 2412, and the futures price is 2500, with a basis rate of - 0.19% [1]. - **Rapeseed Oil (Ol601)**: The ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu is 9779, and the futures price is 10100, with a basis of 321 [1]. - **Corn (C2601)**: The flat - hatch price of corn at Jinzhou Port is 2220, and the futures price is 2168, with a basis rate of 3.28% [1]. - **Corn Starch (CS2601)**: The ex - factory price of corn starch in Changchun, Jilin is 2550, and the futures price is 2473, with a basis of 77 [1]. - **Live Pigs (LH2601)**: The ex - factory price of live pigs (external ternary) in Henan is 11750, and the futures price is 11440, with a basis of 310 [1]. - **Eggs (JD2601)**: The average price of eggs in Shijiazhuang, Hebei is 3238, and the futures price is 2710, with a basis rate of - 16.31% [1]. - **Cotton (CF601)**: The arrival price of cotton 3128B in Xinjiang is 14563, and the futures price is 13465, with a basis of 1098 [1]. - **Sugar (SR601)**: The spot price of white sugar at Liuzhou Station is 5760, and the futures price is 5366, with a basis of 394 [1]. - **Apples (AP601)**: The delivery theoretical price of apples is 9496, and the futures price is 8840, with a basis of - 656 [1]. - **Red Dates (C1601)**: The wholesale price of first - grade grey dates in Hebei is 9300, and the futures price is 8800, with a basis of - 500 [1]. Energy and Chemical Products - **Para - Xylene (PX601)**: The spot price of para - xylene at the main Chinese port (CFR) converted into RMB is 6830, and the futures price is 6833, with a basis rate of 0.04% [1]. - **PTA (TA601)**: The market price (intermediate price) of PTA in the East China region is 4630, and the futures price is 4696, with a basis of - 66 [1]. - **Ethylene Glycol (EG2601)**: The market price (intermediate price) of ethylene glycol in the East China region is 3935, and the futures price is 3822, with a basis of 113 [1]. - **Polyester Staple Fiber (PF602)**: The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market is 6220, and the futures price is 6305, with a basis of 85 [1]. - **Styrene (EB2601)**: The market price (spot benchmark price) of styrene in East China, China is 6625, and the futures price is 6595, with a basis of 30 [1]. - **Methanol (MA601)**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2000, and the futures price is 2016, with a basis of - 16 [1]. - **Urea (UR601)**: The market price (mainstream price) of urea (small - particle) in Shandong region is 1640, and the futures price is 1665, with a basis of - 25 [1]. - **LLDPE (L2601)**: The duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 6855, and the futures price is 6835, with a basis of 20 [1]. - **PP (PP2601)**: The duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6400, and the futures price is 6500, with a basis of 100 [1]. - **PVC (V2601)**: The market price (mainstream price) of PVC (SG - 5) in the Changzhou market, China is 4456, and the futures price is 4420, with a basis of - 36 [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong market converted to 100% is 2437.5, and the futures price is 2261, with a basis of 176.5 [1]. - **LPG (PG2512)**: The market price of LPG in Guangzhou region is 4397, and the futures price is 4348, with a basis of - 49 [1]. - **Asphalt (BU2601)**: The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong region is 3030, and the futures price is 3058, with a basis of 28 [1]. - **Butadiene Rubber (BR2601)**: The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 10700, and the futures price is 10520, with a basis of 180 [1]. - **Glass (FG601)**: The market price of Fufa glass 5mm large board in Shahe, Shahe Great Wall Glass (daily) is 988, and the futures price is 989, with a basis of - 1 [1]. - **Soda Ash (SA601)**: The market price of heavy - grade soda ash in Shahe (daily) is 1158, and the futures price is 1128, with a basis of - 30 [1]. - **Natural Rubber (RU2601)**: The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 15250, and the futures price is 14850, with a basis of 400 [1]. Financial Futures - **Stock Index Futures**: - IF2512.CFE: The futures price is 4564.9, and the basis is - 25.7, with a basis rate of - 0.57% [1]. - IH2512.CFE: The futures price is 3002.6, and the basis is - 5.7, with a basis rate of - 0.19% [1]. - IC2512.CFE: The futures price is 7061.9, and the basis is - 61.9, with a basis rate of - 0.88% [1]. - IM2512.CFE: The futures price is 7340.4, and the basis is - 76.8, with a basis rate of - 1.00% [1]. - **Treasury Bond Futures**: - TS2512: The futures price is 100.04, and the basis is - 0.01, with a basis rate of - 0.01% [1]. - TF2512: The futures price is 105.92, and the basis is 0.00, with a basis rate of 0.00% [1]. - T2512: The futures price is 108.48, and the basis is 0.08, with a basis rate of 0.08% [1]. - TL2512: The futures price is 115.93, and the basis is 0.16, with a basis rate of 0.14% [1].

Report Summary Core View The report presents the spot and futures prices, basis, historical quantiles, and basis rates of various commodities on October 29, 2025, including ferrosilicon, ferromanganese, steel products, iron ore, coal, non - ferrous metals, precious metals, agricultural products, and energy chemicals, as well as the basis of stock index futures and Treasury bond futures [1]. Summary by Commodity Category Metals - **Ferrous Metals**: For ferrosilicon (SF601), the futures price is 5564, the spot price is 5790, the basis is 226, and the historical quantile is 60.50%. For ferromanganese (SM601), the futures price is 5790, and the historical quantile is 54.30%. Steel products like rebar (RB2601) have a futures price of 3220, a spot price of 3091, a basis of - 129, and a historical quantile of 58.20%. Iron ore (12601) has a futures price of 856, a spot price of 793, a basis of - 63, and a historical quantile of 50.50%. Coke (J2601) has a futures price of 1689, and the historical quantile of its basis rate is 33.28%. Coking coal (JM2601) has a futures price of 1334, a spot price of 1242, a basis of 92, and a historical quantile of 48.90% [1]. - **Non - ferrous Metals**: Copper (CU2512) has a futures price of 86980, a spot price of 87905, a basis of 925, and a historical quantile of 97.91%. Aluminum (AL2512) has a futures price of 21140, a spot price of 21160, a basis of 20, and a historical quantile of 63.54%. Zinc (ZN2512) has a futures price of 22310, a spot price of 22200, a basis of - 110, and a historical quantile of 31.04%. Tin (SN2512) has a futures price of 284300, a spot price of 283170, a basis of - 1130, and a historical quantile of 81.04%. Nickel (NISE12) has a futures price of 121500, a spot price of 120560, a basis of - 940, and the historical quantile of its basis rate is 90.62%. Stainless steel (SS2512) has a futures price of 13120, a spot price of 12750, a basis of - 370, and the historical quantile of its basis rate is 73.60%. Industrial silicon (SI2601) has a futures price of 9350, a spot price of 8952, a basis of - 398, and a historical quantile of 28.34% [1]. Precious Metals - Gold (AU2512) has a futures price of 896.7, a spot price of 901.4, a basis of 4.7, and a historical quantile of 6.70%. Silver (AG2512) has a futures price of 10996.0, a spot price of 11049.0, a basis of 53.0, and a historical quantile of 6.10% [1]. Agricultural Products - Soybean meal (M2601) has a futures price of 2975.0, a spot price of 2930, a basis of - 45.0, and a historical quantile of 29.80%. Soybean oil (V2601) has a futures price of 8182.0, a spot price of 8320, a basis of 138.0, and a historical quantile of 27.60%. Palm oil (P2601) has a futures price of 8958.0, a spot price of 8900, a basis of - 58.0, and a historical quantile of 10.40%. Rapeseed meal (RM601) has a futures price of 2396.0, a spot price of 2500, a basis of 104.0, and a historical quantile of 65.20%. Rapeseed oil (Oleo1) has a futures price of 9730.0, a spot price of 10070, a basis of 340.0, and a historical quantile of 83.10%. Corn (C2601) has a futures price of 2123.0, a spot price of 2140, a basis of 17.0, and a historical quantile of 50.90%. Corn starch (CS2601) has a futures price of 2550, a spot price of 2424.0, a basis of - 126.0, and a historical quantile of 64.00%. Live pigs (LH2601) have a futures price of 12160.0, a spot price of 12450, a basis of 290.0, and a historical quantile of 50.90%. Eggs (JD2512) have a futures price of 2960, a spot price of 3099.0, a basis of - 139.0, and a historical quantile of 23.00%. Cotton (CF601) has a futures price of 13565.0, a spot price of 14651, a basis of 1086.0, and a historical quantile of 70.00%. White sugar (SR601) has a futures price of 5483.0, a spot price of 5780, a basis of 297.0, and a historical quantile of 48.40%. Apples (AP601) have a futures price of 8840, a spot price of 9238.0, a basis of 398.0, and a historical quantile of 6.00%. Red dates (CJ601) have a futures price of 9600, a spot price of 10445.0, a basis of - 845.0, and a historical quantile of 56.40% [1]. Energy Chemicals - Paraxylene (PX601) has a futures price of 6618.0, a spot price of 6662.0, a basis of 44.0, and a historical quantile of 12.20%. PTA (TA601) has a futures price of 4535.0, a spot price of 4614.0, a basis of 79.0, and a historical quantile of 20.00%. Ethylene glycol (EG2601) has a futures price of 4069.0, a spot price of 4140.0, a basis of 71.0, and a historical quantile of 75.00%. Polyester staple fiber (PFS12) has a futures price of 6250.0, a spot price of 6360.0, a basis of 110.0, and a historical quantile of 74.30%. Styrene (EB2512) has a futures price of 6466.0, a spot price of 6455.0, a basis of - 11.0, and a historical quantile of 75.30%. Methanol (MA601) has a futures price of 2207.0, a spot price of 2241.0, a basis of 34.0, and a historical quantile of 54.20%. Urea (UR601) has a futures price of 1610.0, a spot price of 1635.0, a basis of 25.0, and a historical quantile of 5.40%. LLDPE (L2601) has a futures price of 6985.0, a spot price of 7025.0, a basis of 40.0, and a historical quantile of 57.20%. PP (PP2601) has a futures price of 6615.0, a spot price of 6657.0, a basis of 42.0, and a historical quantile of 48.60%. PVC (V2601) has a futures price of 4620.0, a spot price of 4716.0, a basis of 96.0, and a historical quantile of 33.10%. Caustic soda (SH601) has a futures price of 2341.0, a spot price of 2500.0, a basis of 159.0, and a historical quantile of 70.30%. LPG (PG2512) has a futures price of 4266.0, a spot price of 4398.0, a basis of 132.0, and a historical quantile of 48.00%. Asphalt (BU2601) has a futures price of 3279.0, a spot price of 3320.0, a basis of 41.0, and a historical quantile of 93.40%. Butadiene rubber (BR2512) has a futures price of 10805.0, a spot price of 11200.0, a basis of 395.0, and a historical quantile of 61.90%. Float glass (FG601) has a futures price of 1040.0, a spot price of 1113.0, a basis of 73.0, and a historical quantile of 46.63%. Soda ash (SA601) has a futures price of 1239.0, a spot price of 1189.0, a basis of - 50.0, and a historical quantile of 21.21%. Natural rubber (RU2601) has a futures price of 15360.0, a spot price of 14750.0, a basis of - 610.0, and a historical quantile of 64.08% [1]. Financial Futures - IF2512.CFE has a futures price of 4669.6, a spot price of 4692.0, a basis of 22.4, and a historical quantile of 20.40%. IH2512.CFE has a futures price of 3050.4, a spot price of 3051.6, a basis of 1.2, and a historical quantile of 63.50%. IC2512.CFE has a futures price of 7341.0, a spot price of 7231.0, a basis of - 110.0, and a historical quantile of 2.30%. IM2512.CFE has a futures price of 7335.6, a spot price of 7479.2, a basis of 143.6, and a historical quantile of - 0.02%. 2 - year Treasury bond (TS2512) has a futures price of 102.37, a conversion factor of 0.9765, and a historical quantile of 20.00%. 5 - year Treasury bond (TF2512) has a futures price of 105.72, a conversion factor of 0.9405, and a historical quantile of 21.80%. 10 - year Treasury bond (T2512) has a futures price of 108.10, a conversion factor of 0.9264, and a historical quantile of 21.10%. 30 - year Treasury bond (TL2512) has a futures price of 114.48, a conversion factor of 1.1271, and a historical quantile of 37.50% [1].

期货日报网讯10月20日，大商所发布公告称，经中国证监会同意，自2025年10月28日晚夜盘交易时起， 大商所将扩大合格境外机构投资者和人民币合格境外机构投资者(统称"合格境外投资者")可交易品种范 围，新增开放线型低密度聚乙烯、聚氯乙烯和聚丙烯月均价期货合约。 ...

Report Information - Report Date: October 13, 2025 [2] - Report Title: All-variety Spread Daily Report [2] Core Data Summary Ferrous Metals - **Silicon Manganese (SM601)**: Spot price is 5950, futures price is 5760, basis is 190, basis rate is 4.74%, historical quantile is 62.70% [1] - **Rebar (RB2601)**: Spot price is 3250, futures price is 3103 [1] - **Hot Rolled Coil (HC2601)**: Spot price is 3350, futures price is 3285, basis is 45.70%, historical quantile is 6.81% [1] - **Iron Ore (I2601)**: Discounted price of 62.5% Brazilian mixed powder at Rizhao Port, futures price data available [1] - **Coke (J2601)**: Spot price is 1667, futures price is 1570, change is -96, change rate is -5.78%, historical quantile is 14.98% [1] - **Coking Coal (JM2601)**: Discounted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi, spot price is 1161, futures price is 1176, historical quantile is 27.10% [1] Non-ferrous Metals - **Copper (CU2511)**: Spot price is 86680, futures price is 85910, basis is 96.04%, historical quantile is 0.90% [1] - **Aluminum (AL2511)**: Spot price is 20980, futures price is 20980, basis is 0, historical quantile is 58.95% [1] - **Alumina (AO2601)**: Spot price is 2965, futures price is 2856, basis is -0.18%, historical quantile is 3.81% [1] - **Zinc (ZN2511)**: Spot price is 22270, futures price is 22230, basis is -40, historical quantile is 51.04% [1] - **Tin (SN2511)**: Spot price is 287400, futures price is 286350, basis is 0.37%, historical quantile is 79.58% [1] - **Nickel (NI2511)**: Spot price is 123050, futures price is 122180, basis is 0.71%, historical quantile is 88.95% [1] - **Stainless Steel (SS2512)**: Spot price is 13270, futures price is 12780, basis is 490, historical quantile is 89.48% [1] - **Lithium Carbonate (LC2511)**: Spot price is 73550, futures price is 72740, basis is 67.84% [1] - **Industrial Silicon (SI2511)**: Spot price is 9450, futures price is 8682, basis is 8.81%, historical quantile is 52.76% [1] Precious Metals - **Gold (AU2512)**: Spot price is 901.6, futures price is 897.7, basis is -3.8, basis rate is -0.42%, historical quantile is 14.10% [1] - **Silver (AG2512)**: Spot price is 11082.0, futures price is 11059.0, basis is -23.0, basis rate is -0.21%, historical quantile is 40.20% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price is 2900, futures price is 2922.0, basis is -22.0, basis rate is -0.75%, historical quantile is 31.70% [1] - **Soybean Oil (Y2601)**: Spot price is 8460, futures price is 8302.0, basis is 158.0, basis rate is 1.90%, historical quantile is 32.00% [1] - **Palm Oil (P2601)**: Spot price is 9438.0, futures price is 9420, basis is -18.0, basis rate is -0.19%, historical quantile is 16.60% [1] - **Rapeseed Meal (RM601)**: Spot price is 2510, futures price is 2391.0, basis is 119.0, basis rate is 4.98%, historical quantile is 67.50% [1] - **Rapeseed Oil (OI601)**: Spot price is 10370, futures price is 10061.0, basis is 309.0, basis rate is 3.07%, historical quantile is 80.60% [1] - **Corn (C2511)**: Spot price is 2170, futures price is 2125.0, basis is 45.0, basis rate is 2.12%, historical quantile is 64.10% [1] - **Corn Starch (CS2511)**: Spot price is 2560, futures price is 2432.0, basis is 128.0, basis rate is 5.26%, historical quantile is 65.10% [1] - **Live Pigs (H2511)**: Spot price is 11200, futures price is 11320.0, basis is -120.0, basis rate is -1.06%, historical quantile is 39.00% [1] - **Eggs (JD2511)**: Spot price is 2806.0, futures price is 2780, basis is -26.0, basis rate is -0.98%, historical quantile is 39.50% [1] - **Cotton (CF601)**: Spot price is 14630, futures price is 13325.0, basis is 1305.0, basis rate is 9.79%, historical quantile is 86.50% [1] - **Sugar (SR601)**: Spot price is 5870, futures price is 5496.0, basis is 374.0, basis rate is 6.80%, historical quantile is 65.50% [1] - **Apples (AP601)**: Spot price is 8744.0, futures price is 8600, basis is -144.0, basis rate is -1.65%, historical quantile is 11.90% [1] - **Red Dates (CJ601)**: Spot price is 11145.0, futures price is 9500, basis is -1645.0, basis rate is -14.76%, historical quantile is 27.60% [1] Energy and Chemicals - **Para-xylene (PX511)**: Spot price is 6553.1, futures price is 6504.0, basis is 49.1, basis rate is -1.64%, historical quantile is 12.50% [1] - **PTA (TA601)**: Spot price is 4534.0, futures price is 4480.0, basis is -54.0, basis rate is -1.99%, historical quantile is 20.00% [1] - **Ethylene Glycol (EG2601)**: Spot price is 4165.0, futures price is 4100.0, basis is 65.0, basis rate is 1.02%, historical quantile is 75.40% [1] - **Polyester Staple Fiber (PF511)**: Spot price is 6370.0, futures price is 6200.0, basis is 170.0, basis rate is 2.15%, historical quantile is 74.00% [1] - **Styrene (EB2511)**: Spot price is 6775.0, futures price is 6743.0, basis is 32.0, basis rate is 4.43%, historical quantile is 75.10% [1] - **Methanol (MA601)**: Spot price is 2307.0, futures price is 2225.0, basis is -82.0, basis rate is 0.95%, historical quantile is 53.80% [1] - **Urea (UR601)**: Spot price is 1550.0, futures price is 1597.0, basis is -47.0, basis rate is -2.25%, historical quantile is 5.30% [1] - **LLDPE (L2601)**: Spot price is 7100.0, futures price is 7037.0, basis is 63.0, basis rate is 1.82%, historical quantile is 56.50% [1] - **PP (PP2601)**: Spot price is 6755.0, futures price is 6722.0, basis is 33.0, basis rate is 1.34%, historical quantile is 47.80% [1] - **PVC (V2601)**: Spot price is 4735.0, futures price is 4640.0, basis is -95.0, basis rate is -3.74%, historical quantile is 32.10% [1] - **Caustic Soda (SH601)**: Spot price is 2546.9, futures price is 2470.0, basis is 76.9, basis rate is 5.13%, historical quantile is 70.60% [1] - **LPG (PG2511)**: Spot price is 4548.0, futures price is 4070.0, basis is 478.0, basis rate is 6.44%, historical quantile is 47.60% [1] - **Asphalt (BU2511)**: Spot price is 3490.0, futures price is 3328.0, basis is 162.0, basis rate is 10.82%, historical quantile is 93.20% [1] - **Butadiene Rubber (BR2511)**: Spot price is 11500.0, futures price is 11220.0, basis is 280.0, basis rate is 2.67%, historical quantile is 61.10% [1] - **Glass (FG601)**: Spot price is 1207.0, futures price is 1128.0, basis is -79.0, basis rate is -7.00%, historical quantile is 43.90% [1] - **Soda Ash (SA601)**: Spot price is 1240.0, futures price is 1160.0, basis is -80.0, basis rate is -6.90%, historical quantile is 14.07% [1] - **Natural Rubber (RU2601)**: Spot price is 15315.0, futures price is 14650.0, basis is -665.0, basis rate is -4.54%, historical quantile is 59.91% [1] Financial Futures - **IF2512.CFE**: Spot price is 4616.8, futures price is 4592.2, basis is -24.6, basis rate is -0.54%, historical quantile is 18.00% [1] - **IH2512.CFE**: Spot price is 2975.8, futures price is 2974.9, basis is 0.9, basis rate is 0.03%, historical quantile is 62.00% [1] - **IC2512.CFE**: Spot price is 7398.2, futures price is 7266.0, basis is -132.2, basis rate is -1.82%, historical quantile is 0.60% [1] - **IM2512.CFE**: Spot price is 7533.8, futures price is 7340.4, basis is -193.4, basis rate is -2.64%, historical quantile is 4.20% [1] - **2-year Treasury Bond (TS2512)**: Spot price is 102.35, futures price is 0.00, conversion factor is 0.9765, basis is 0.00, basis rate is 0.00%, historical quantile is 27.20% [1] - **5-year Treasury Bond (TF2512)**: Spot price is 105.66, futures price is 99.37, conversion factor is 0.9405, basis is 0.09, basis rate is 0.00%, historical quantile is 27.70% [1] - **10-year Treasury Bond (T2512)**: Spot price is 107.96, futures price is 100.11, conversion factor is 0.9264, basis is 0.10, basis rate is 0.09%, historical quantile is 27.70% [1] - **30-year Treasury Bond (TL2512)**: Spot price is 128.87, futures price is 114.02, conversion factor is 1.1271, basis is 0.35, basis rate is 0.31%, historical quantile is 50.80% [1] Other Metals - **Silicon Ferrosilicon (SF511)**: Spot price is 5436, futures price is 5578, basis is 142, basis rate is 2.61%, historical quantile is 75.30% [5]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View There is no clear core view presented in the given content. It mainly provides a comprehensive list of price and related data for various commodities and financial products. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon iron (SF51), the futures price is 5678 with a 0.75% change, and the spot price is 5700 with a -0.39% change. For silicon manganese (SM601), the futures price is 5906 with a 33.30% change. Other ferrous metals like螺纹钢 (RB2601), hot - rolled coil (HC2601), etc., also have their respective price and change data [1]. - **Non - ferrous Metals**: Copper (CU2510) has a futures price of 80940 and a spot price of 80940. Aluminum (AL2510) has a futures price of 20950 and a spot price of 21020 with a -0.33% change. Other non - ferrous metals such as zinc, tin, nickel, etc., also show different price and change situations [1]. - **Precious Metals**: Gold (AU2510) has a futures price of 831.6 and a spot price of 828.0 with a -0.43% change. Silver (AG2510) has a futures price of 10017.0 and a spot price of 9994.0 with a -0.23% change [1]. Agricultural Products - **Oilseeds and Oils**: Soybean meal (M2601) has a futures price of 2960 and a spot price of 3042.0 with a -2.70% change. Soybean oil (Y2601) has a futures price of 8376.0 and a spot price of 8500 with a 1.48% change. Other agricultural products like palm oil, rapeseed meal, etc., also have their price and change data [1]. - **Grains and Others**: Corn (C2511) has relevant price and change information, as well as corn starch (CS2511), eggs (JD2511), cotton (CF601), etc. [1]. Energy and Chemicals - For p - xylene (PX511), the futures price is 6883.1 and the spot price is 6778.0 with a 1.55% change. PTA (TA601), ethylene glycol (EG2601), and other energy - chemical products also have their respective price and change details [1]. Financial Products - **Stock Index Futures**: IF2509.CFE has a futures price of 4533.1 and a spot price of 4527.8 with a -0.12% change. Other stock index futures like IH2509.CFE, IC2509.CFE, etc., also show different price and change situations [1]. - **Treasury Bond Futures**: 2 - year bond (TS2512) has a futures price of 102.37 and a spot price of 99.94 with a -0.02 change. 5 - year bond (TF2512) and 10 - year bond (T2512) also have their price and change data [1].

Core Insights - The Chinese futures market is experiencing robust growth with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy and making progress in areas like international openness and national development [1][3][4] - There is a need for further improvement in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][7] Product Innovation - As of September 12, 2025, there are 157 listed futures and options in China, covering various sectors including agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivative, the futures and options for coated printing paper, and the first recycled commodity futures and options for casting aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene, marking a significant expansion in the domestic commodity futures market [2] Strategic Development - The introduction of strategic futures products enhances the market's ability to serve national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] Market Structure and Internationalization - The structure of the futures market is becoming more diverse, effectively meeting the personalized needs of various enterprises, especially in the context of complex macro trade situations [4][6] - The number of futures and options available to qualified foreign investors has expanded to over 90, indicating a growing internationalization of the market [3][6] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and precise guidance, with the State Council's 2024 opinions providing a framework for high-quality development [6][7] - The market's depth and breadth are continuously improving, with increasing recognition among enterprises of the importance of using futures tools for risk management [6] Future Directions - There is a call for the introduction of futures products that align with high-quality economic transformation, particularly in green energy, carbon emissions, and digital economy sectors [9][10] - The market is expected to play a crucial role in managing financial risks and supporting the internationalization of the RMB, with hopes for the quick launch of RMB foreign exchange futures [10]

Core Insights - The Chinese futures market is experiencing robust growth, with an increasing variety of products and a more comprehensive system, covering major sectors of the national economy [1][2] - There is a need for further development in areas such as green products, technology-related derivatives, and foreign exchange futures compared to mature overseas markets [1][6] - The introduction of innovative futures products is essential for supporting high-quality economic transformation and stabilizing industrial chains [1][3] Product Innovation - As of September 12, 2025, there are 157 listed futures and options products in China, spanning agriculture, metals, energy, chemicals, construction materials, shipping, and finance [1] - Recent innovations include the launch of the world's first cultural paper financial derivatives and the first futures and options for recycled aluminum alloy [1][2] - The China Securities Regulatory Commission has approved several new products, including monthly average price futures for various plastics, indicating a growing diversity in the futures market [2] Strategic Development - The launch of strategic futures products enhances the market's ability to support national development strategies, helping enterprises hedge market risks and stabilize operations [3][4] - The futures market is increasingly integrated into national development goals, contributing to food security and rural revitalization through innovative models like "insurance + futures" [3][4] - The market's openness has expanded, with over 90 futures and options products available for qualified foreign investors [3] Policy and Regulatory Support - The rapid development of the futures market is supported by strong policy backing and collaboration among various stakeholders [4][6] - The State Council's guidelines emphasize the core functions of the futures market in serving the real economy and national strategies, providing a framework for innovation [4][6] - The recognition of the importance of futures tools for risk management among enterprises is growing, laying a solid foundation for further innovation [4] Internationalization and Global Trends - The internationalization of the futures market is progressing, with an increasing number of products covering energy, metals, and agriculture [6] - The cancellation of foreign ownership limits for futures companies has allowed for greater foreign investment [6] - Observing global trends, there is a push for the development of green and technology-related futures products in China, inspired by successful models in overseas markets [7][8] Future Directions - Recommendations for future product development include focusing on green electricity futures, carbon emission rights futures, and derivatives related to new energy and high-value products [8][9] - The need for a more diverse range of risk management tools is emphasized, particularly in light of the evolving macroeconomic landscape [4][6] - The importance of balancing innovation with regulatory oversight is highlighted, ensuring that the futures market can effectively manage risks while fostering growth [9]