Report Information - Report date: December 23, 2025 [3] - Report title: All-variety Spread Daily Report [3] Industry Investment Rating - Not provided Core View - Not provided Summary by Commodity Categories Black Series - **Silicon Iron (SF603)**: The spot price of 72 silicon iron qualified blocks in Inner Mongolia - Tianjin warehouse receipts decreased by 0.64%, and the futures price was 5644, down 36 or 0.34% [1]. - **Silicon Manganese (SM603)**: The spot price of 6517 silicon manganese in Inner Mongolia - Hubei warehouse receipts was 5820, down 20 from 5840, with a change rate of 21.90% [1]. - **Rebar (RB2605)**: The spot price of HRB400 20mm in Shanghai was 3300, and the futures price was 3277, down 7 or 0.21% [1]. - **Hot Rolled Coil (HC2605)**: Information about Q235B 4.75mm in Shanghai is provided, but specific price changes are not detailed [1]. - **Iron Ore (I2605)**: The spot price of the 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port was 846, and the futures price was 782, with a historical quantile of 50.10% [1]. - **Coke (J2605)**: The spot price of the converted quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port was 1745, and the futures price was 1744, with a historical quantile of 65.14% [1]. - **Coking Coal (JM2605)**: The spot price of the converted S1.3 G75 main coking coal (Meng 5) at Shaheyi was 1156, and the futures price was 1114, with a historical quantile of 34.50% [1] Non - ferrous Series - **Copper (CU2602)**: The SMM 1 electrolytic copper average price was 94320, and the futures price was 93675, with a basis of - 645 and a basis rate of - 0.68% [1]. - **Aluminum (AL2602)**: The SMM A00 aluminum average price was 22220, down 290, and the futures price was 21930, with a basis of - 170 and a historical quantile of 10.25% [1]. - **Alumina (AO2601)**: The SMM alumina index average price was 2754, and the futures price was 2498, with a change of - 35 or - 0.15% and a historical quantile of 55.62% [1]. - **Zinc (ZN2602)**: The SMM 1 zinc ingot average price was 23080, and the futures price was 23115, with a basis of - 35 and a basis rate of - 0.15% [1]. - **Tin (SN2602)**: The SMM 1 tin average price was 340440, and the futures price was 340600, with a basis of - 160 and a historical quantile of 57.08% [1]. - **Nickel (MISEOS)**: The SMM 1 imported nickel average price was 118825, and the futures price was 121260, with a basis of - 2435 and a basis rate of - 2.01% [1]. - **Stainless Steel (SS2602)**: The price of 304/2B:2*1240*C: Wuxi Hongwang (including trimming fee) was 13070, and the futures price was 12850, with a historical quantile of 42.27% [1]. - **Lithium Carbonate (LC2605)**: The SMM battery - grade lithium carbonate average price was 114380, and the futures price was 99000, down 15380, with a change rate of 0.66% and a historical quantile of 7.62% [1]. - **Industrial Silicon (SISEOF)**: The SMM Huayang Tongyang S15530 average price was 9250, and the futures price was 8282, with a historical quantile of 42.45% [1] Precious Metal Series - **Gold (AU2602)**: The Shanghai Gold Exchange gold spot AU (T + D) price was 1000.9, and the futures price was 992.1, with a basis of - 8.7 and a basis rate of - 0.87% [1]. - **Silver (AG2602)**: The Shanghai Gold Exchange silver spot AG (T + D) price was 16210.0, and the futures price was 16186.0, with a basis of - 24.0 and a historical quantile of 42.50% [1] Agricultural Product Series - **Soybean Meal (M2605)**: The Jiangsu Zhangjiagang ex - factory price of ordinary protein soybean meal was 3030, and the futures price was 2741.0, with a basis of 289.0 and a historical quantile of 68.20% [1]. - **Soybean Oil (V2605)**: The Jiangsu Zhangjiagang ex - factory price of grade four soybean oil was 8150, and the futures price was 7772.0, with a basis of 378.0 and a historical quantile of 67.30% [1]. - **Palm Oil (P2605)**: The delivery price of palm oil at Huangpu Port was 8414.0, and the futures price was 8330, with a basis of - 84.0 and a historical quantile of 7.10% [1]. - **Rapeseed Meal (RM605)**: The Guangdong Zhanjiang ex - factory price of ordinary rapeseed meal was 2520, and the futures price was 2337.0, with a basis of 183.0 and a historical quantile of 81.70% [1]. - **Rapeseed Oil (Ol605)**: The Jiangsu Nantong ex - factory price of grade four rapeseed oil was 9260, and the futures price was 8864.0, with a basis of 396.0 and a historical quantile of 89.40% [1]. - **Corn (C2603)**: The flat - hatch price of corn at Xizhou Port was 2280, and the futures price was 2192.0, with a basis of 88.0 and a historical quantile of 84.00% [1]. - **Corn Starch (CS2603)**: The Jilin Changchun ex - factory price of corn starch was 2630, and the futures price was 2484.0, with a basis of 146.0 and a historical quantile of 68.90% [1]. - **Live Hogs (H2603)**: The Henan ex - factory price of live hogs (outer ternary) was 11650, and the futures price was 11345.0, with a basis of 305.0 and a historical quantile of 54.90% [1]. - **Eggs (JD2602)**: The Hebei Shijiazhuang average price of eggs was 2960, and the futures price was 2888.0, with a basis of 72.0 and a historical quantile of 45.10% [1]. - **Cotton (CF605)**: The Xinjiang arrival price of cotton 3128B was 14986, and the futures price was 14070.0, with a basis of 916.0 and a historical quantile of 45.10% [1]. - **Sugar (SR605)**: The spot price of white sugar at Liuzhou Station was 5126.0, and the futures price was 5380, with a basis of - 254.0 and a change rate of - 1.63% [1]. - **Apples (AP605)**: The delivery theoretical price of apples (daily/Steel Union) was 9149.0, and the futures price was 9000, with a basis of - 149.0 and a historical quantile of 16.40% [1]. - **Red Dates (CJ605)**: The wholesale price of first - grade grey dates in Hebei (Steel Union) was 8820.0, and the futures price was 8400, with a basis of - 420.0 and a historical quantile of 71.90% [1] Energy and Chemical Series - **Paraxylene (PX603)**: The spot price of paraxylene at Chinese main ports (CFR) converted to RMB was 7244.0, and the futures price was 7258.0, with a basis of - 14.0 and a change rate of - 0.19% [1]. - **PTA (TA605)**: The market price (intermediate price) of purified terephthalic acid (PTA) in East China was 4900.0, and the futures price was 5040.0, with a basis of - 140.0 and a historical quantile of 11.80% [1]. - **Ethylene Glycol (EG2605)**: The market price (intermediate price) of ethylene glycol in East China was 3735.0, and the futures price was 3615.0, with a basis of 120.0 and a historical quantile of 13.40% [1]. - **Polyester Staple Fiber (PF602)**: The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market was 6432.0, and the futures price was 6400.0, with a basis of 32.0 and a historical quantile of 32.90% [1]. - **Styrene (EB2602)**: The market price (spot benchmark price) of styrene in East China was 6615.0, and the futures price was 6540.0, with a basis of 75.0 and a historical quantile of 45.60% [1]. - **Methanol (MA605)**: The market price (spot benchmark price) of methanol in Jiangsu Taicang, China was 2155.0, and the futures price was 2138.0, with a basis of 17.0 and a historical quantile of 26.30% [1]. - **Urea (UR605)**: The market price (mainstream price) of urea (small particles) in Shandong was 1698.0, and the futures price was 1730.0, with a basis of - 32.0 and a historical quantile of 24.80% [1]. - **LLDPE (L2605)**: The duty - paid self - pick - up price (intermediate price) of linear low - density polyethylene LLDPE (film grade) in Shandong was 6300.0, and the futures price was 6240.0, with a basis of 60.0 and a historical quantile of 40.30% [1]. - **PP (PP2605)**: The duty - paid self - pick - up price (intermediate price) of polypropylene PP (拉丝级,熔指2 - 4) in Zhejiang was 6250.0, and the futures price was 6119.0, with a basis of 131.0 and a historical quantile of 62.90% [1]. - **PVC (V2605)**: The market price (mainstream price) of polyvinyl chloride (SG - 5) in Changzhou, China was 4591.0, and the futures price was 4340.0, with a basis of 251.0 and a historical quantile of 15.80% [1]. - **Caustic Soda (SH603)**: The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong, converted to 100%, was 2250.0, and the futures price was 2181.0, with a basis of 69.0 and a historical quantile of 56.60% [1]. - **LPG (PG2602)**: The market price of liquefied petroleum gas in Guangzhou was 4478.0, and the futures price was 4125.0, with a basis of 353.0 and a historical quantile of 54.70% [1]. - **Asphalt (BU2602)**: The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong was 2995.0, and the futures price was 2920.0, with a basis of - 75.0 and a historical quantile of 35.40% [1]. - **Butadiene Rubber (BR2602)**: The distribution price of cis - butadiene rubber (Daqing, BR9000) in China by CNPC East China was 10700.0, and the futures price was 11230.0, with a basis of - 530.0 and a historical quantile of 2.40% [1]. - **Glass (FG605)**: The market price of float glass 5mm large board in Shahe (Shahe Great Wall Glass (daily)) was 932.0, and the futures price was 1031.0, with a basis of - 99.0 and a historical quantile of 30.46% [1]. - **Soda Ash (SA605)**: The market price of heavy - quality soda ash in Shahe (daily) was 1169.0, and the futures price was 1119.0, with a basis of 50.0 and a historical quantile of 21.42% [1]. - **Natural Rubber (RU2605)**: The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai was 15205.0, and the futures price was 14800.0, with a basis of 405.0 and a historical quantile of 71.02% [1] Financial Series - **Stock Index Futures**: - **IF2603.CFF**: The spot price was 4611.6, and the futures price was 4564.8, with a basis of - 46.8 and a change rate of - 1.03% [1]. - **IH2603.CFE**: The spot price was 3020.2, and the futures price was 3018.4, with a basis of - 1.8 and a change rate of - 0.05% [1]. - **IC2603.CFE**: The spot price was 7255.7, and the futures price was 7123.2, with a basis of - 132.5 and a change rate of - 1.86% [1]. - **IM2603.CFE**: The spot price was 7408.3, and the futures price was 7203.6, with a basis of - 204.7 and a change rate of - 2.84% [1]. - **Treasury Bond Futures**: - **2 - year Treasury Bond (TS2603)**: The spot price was 100.13, the futures price was 102.46, with a conversion factor of 0.9774, and a basis of 0.35 and a change rate of 0.33% [1]. - **5 - year Treasury Bond (TF2603)**: The spot price was 105.85, the futures price was 104.61, with a conversion factor of 0.9850, and a basis of 0