Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View The report presents the futures prices, spot prices, basis, basis rates, and historical quantiles of various commodities across multiple sectors on March 31, 2026, including black, non - ferrous, precious metals, agricultural products, energy and chemical, and financial sectors, offering insights into the market conditions of these commodities. 3. Summary by Sector Black Series - **Silicon Iron (SF603)**: Futures price is 6008, spot price is 6066, basis is - 28, basis rate is - 1.00%, and historical quantile is 50.00% [1] - **Silicon Manganese (SM603)**: Futures price is 6570, spot price is 6588, basis is - 18, basis rate is - 0.80%, and historical quantile is 21.70% [1] - **Rebar (RB2605)**: Futures price is 3139, spot price is 3230, basis is 91, basis rate is 2.90%, and historical quantile is 44.70% [1] - **Hot - Rolled Coil (HC2605)**: Futures price is 3308, spot price is 3290, basis is - 18, basis rate is - 0.50%, and historical quantile is 11.80% [1] - **Iron Ore (I2605)**: Futures price is 813, spot price is 840, basis is 27, basis rate is 3.30%, and historical quantile is 23.00% [1] - **Coke (J2605)**: Futures price is 1754, spot price is 1756, basis is 2, basis rate is 0.10%, and historical quantile is 68.30% [1] - **Main Coking Coal (J5)**: Futures price is 1214, spot price is 1297, basis is 83, basis rate is 6.80%, and historical quantile is 48.00% [1] Non - Ferrous Series - **Copper (CU2605)**: Futures price is 95760, spot price is 95195, basis is - 565, basis rate is - 0.59%, and historical quantile is 14.20% [1] - **Aluminum (AL2605)**: Futures price is 24725, spot price is 24530, basis is - 195, basis rate is - 0.79%, and historical quantile is 13.50% [1] - **Alumina (AO2605)**: Futures price is 2941, spot price is 2789, basis is - 152, basis rate is - 5.17%, and historical quantile is 17.50% [1] - **Zinc (ZN2605)**: Futures price is 23540, spot price is 23350, basis is - 190, basis rate is - 0.81%, and historical quantile is - 55 [1] - **Tin (SN2605)**: Futures price is 370720, spot price is 361800, basis is - 8920, basis rate is - 2.41%, and historical quantile is 1.90% [1] - **Nickel (NI2605)**: Futures price is 137120, spot price is 135150, basis is - 1970, basis rate is - 1.44%, and historical quantile is 4.80% [1] - **Stainless Steel (SS2605)**: Futures price is 14450, spot price is 14370, basis is 250, basis rate is 1.74%, and historical quantile is 5.50% [1] - **Lithium Carbonate (LC2605)**: Futures price is 171620, spot price is 164500, basis is - 7120, basis rate is - 4.15%, and historical quantile is 48.70% [1] - **Industrial Silicon (SISE05)**: Futures price is 9200, spot price is 8480, basis is 720, basis rate is 8.49%, and historical quantile is 48.70% [1] Precious Metals Series - **Gold (AU2606)**: Futures price is 998.66, spot price is 992.5, basis is - 6.2, basis rate is - 0.62%, and historical quantile is 0.90% [1] - **Silver (AG2606)**: Futures price is 17489.0, spot price is 17467.0, basis is - 22.0, basis rate is - 0.13%, and historical quantile is 51.00% [1] Agricultural Products Series - **Soybean Meal (M2605)**: Futures price is 3120, spot price is 2937, basis is 213, basis rate is 62.70%, and historical quantile is 7.25% [1] - **Soybean Oil (Y2605)**: Futures price is 8890, spot price is 8714, basis is 176, basis rate is 2.02%, and historical quantile is 36.80% [1] - **Palm Oil (P2605)**: Futures price is 9930, spot price is 9720, basis is - 210, basis rate is - 2.11%, and historical quantile is 0.10% [1] - **Rapeseed Meal (RM605)**: Futures price is 2330, spot price is 2320, basis is 10, basis rate is 0.43%, and historical quantile is 49.50% [1] - **Rapeseed Oil (OI605)**: Futures price is 10320, spot price is 9891, basis is 429, basis rate is 4.34%, and historical quantile is 89.90% [1] - **Corn (C2605)**: Futures price is 2390, spot price is 2346, basis is 44, basis rate is 1.88%, and historical quantile is 58.50% [1] - **Corn Starch (CS2605)**: Futures price is 2900, spot price is 2737, basis is 163, basis rate is 5.96%, and historical quantile is 79.20% [1] - **Live Pigs (H2605)**: Futures price is 10005, spot price is 9350, basis is - 655, basis rate is - 6.55%, and historical quantile is 22.30% [1] - **Eggs (JD2605)**: Futures price is 3453, spot price is 3400, basis is - 53, basis rate is - 1.53%, and historical quantile is 35.50% [1] - **Cotton (CF605)**: Futures price is 16650, spot price is 15385, basis is 1265, basis rate is 8.22%, and historical quantile is 86.50% [1] - **Sugar (SR605)**: Futures price is 5480, spot price is 5441, basis is 39, basis rate is 0.72%, and historical quantile is 7.60% [1] - **Apples (AP605)**: Futures price is 9863, spot price is 9800, basis is - 63, basis rate is - 0.64%, and historical quantile is 22.30% [1] - **Jujubes (CJ605)**: Futures price is 8775, spot price is 7900, basis is - 875, basis rate is - 9.97%, and historical quantile is 46.90% [1] Energy and Chemical Series - **Para - Xylene (PX605)**: Futures price is 10167.0, spot price is 9840.0, basis is - 327.0, basis rate is - 3.30%, and historical quantile is 96.40% [1] - **PTA (TA605)**: Futures price is 6768.0, spot price is 6720.0, basis is - 48.0, basis rate is - 0.71%, and historical quantile is 41.20% [1] - **Ethylene Glycol (EG2605)**: Futures price is 5365.0, spot price is 5359.0, basis is 6.0, basis rate is 0.11%, and historical quantile is 61.40% [1] - **Polyester Staple Fiber (PF606)**: Futures price is 8470.0, spot price is 8342.0, basis is 128.0, basis rate is 1.53%, and historical quantile is 74.20% [1] - **Styrene (EB2605)**: Futures price is 10935.0, spot price is 10789.0, basis is 146.0, basis rate is 1.35%, and historical quantile is 57.30% [1] - **Methanol (MA605)**: Futures price is 3520.0, spot price is 3319.0, basis is 201.0, basis rate is 6.06%, and historical quantile is 96.20% [1] - **Urea (UR605)**: Futures price is 1900.0, spot price is 1882.0, basis is 18.0, basis rate is 0.96%, and historical quantile is 23.40% [1] - **LLDPE (L2605)**: Futures price is 8925.0, spot price is 8804.0, basis is 121.0, basis rate is 1.37%, and historical quantile is 61.90% [1] - **PP (PP2605)**: Futures price is 9400.0, spot price is 9269.0, basis is 131.0, basis rate is 1.41%, and historical quantile is 64.80% [1] - **PVC (V2605)**: Futures price is 5551.0, spot price is 5450.0, basis is - 101.0, basis rate is - 1.82%, and historical quantile is 57.10% [1] - **Caustic Soda (SH605)**: Futures price is 2353.0, spot price is 2306.0, basis is - 47.0, basis rate is - 1.99%, and historical quantile is 38.90% [1] - **LPG (PG2605)**: Futures price is 7348.0, spot price is 6606.0, basis is 742.0, basis rate is 11.23%, and historical quantile is 86.90% [1] - **Asphalt (BU2606)**: Futures price is 4513.0, spot price is 4420.0, basis is - 93.0, basis rate is - 2.06%, and historical quantile is 32.60% [1] - **Butadiene Rubber (BR2605)**: Futures price is 18500.0, spot price is 17725.0, basis is 775.0, basis rate is 4.37%, and historical quantile is 96.50% [1] - **Glass (FG605)**: Futures price is 1040.0, spot price is 952.0, basis is - 88.0, basis rate is - 9.24%, and historical quantile is 46.60% [1] - **Soda Ash (SA605)**: Futures price is 1207.0, spot price is 1187.0, basis is - 20.0, basis rate is - 1.68%, and historical quantile is 46.80% [1] - **Pure Benzene (BZ2605)**: Futures price is 9062.0, spot price is 8930.0, basis is - 132.0, basis rate is - 1.46%, and historical quantile is 28.20% [1] - **Propylene (PL2605)**: Futures price is 8944.0, spot price is 8770.0, basis is - 174.0, basis rate is - 1.95%, and historical quantile is 17.30% [3] - **Bottle Chips (PR2605)**: Futures price is 8633.0, spot price is 8326.0, basis is 307.0, basis rate is 3.69%, and historical quantile is 98.50% [3] - **Natural Rubber (RU2605)**: Futures price is 16540.0, spot price is 16350.0, basis is - 190.0, and historical quantile is not provided [3] Financial Series - **Stock Index Futures (IF2606.CFE)**: Futures price is 4414.0, spot price is 4491.9500, basis is - 77.9500, basis rate is - 1.77%, and historical quantile is 2.30% [3] - **Stock Index Futures (IH2606.CFE)**: Futures price is 2814.4, spot price is 2837.3064, basis is - 22.9064, basis rate is - 0.81%, and historical quantile is 5.70% [3] - **Stock Index Futures (IC2606.CFE)**: Futures price is 7560.6, spot price is 7753.7234, basis is - 193.1234, basis rate is - 2.55%, and historical quantile is 0.30% [3] - **Stock Index Futures (IM2606.CFE)**: Futures price is 7509.4, spot price is 7767.9301, basis is - 258.5301, basis rate is - 3.44%, and historical quantile is 0.60% [3] - **2 - Year Treasury Bonds (TS2606)**: Futures price is 102.54, spot price is 100.16, basis is 0.06, basis rate is 0.06%, and historical quantile is 50.40% [3] - **5 - Year Treasury Bonds (TF2606)**: Futures price is 106.07, spot price is 100.33, basis is 0.09, basis rate is 0.09%, and historical quantile is 43.40% [3] - **10 - Year Treasury Bonds (T2606)**: Futures price is 108.36, spot price is 99.99, basis is 0.10, basis rate is 0.09%, and historical quantile is 30.20% [3] - **30 - Year Treasury Bonds (TL2606)**: Futures price is 111.52, spot price is 122.46, basis is 0.52, basis rate is 0.46%, and historical quantile is 74.00% [3]

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

Report Industry Investment Rating - Not provided in the given content Report's Core View - Not provided in the given content Summary by Commodity Categories Ferrous Metals - Silicon iron (SF603) has a spot price of 5698, a futures price of 5570, a basis of 128, and a basis rate of 3.29%. The historical quantile is 73.20% [1] - Silicon manganese (SM603) has a converted price of 6517, with details about Inner Mongolia - Hubei warehouse receipts [1] - Rebar (RB2605) in Shanghai (HRB400 20mm) has a spot price of 3300, a futures price of 3163, a basis of 137, and a basis rate of 4.33%. The historical quantile is 58.80% [1] - Hot - rolled coil (HC2605) has a spot price of 3300, a futures price of 3315, a basis of - 15, and a basis rate of - 0.45%. The historical quantile is 12.50% [1] - Iron ore (I2605) (converted price of 62.5% Brazilian mixed powder) has a spot price of 860, a futures price of 812, a basis of 48, and a basis rate of 5.7%. The historical quantile is 44.80% [1] - Coke (J2605) has a spot price of 1734, a futures price of 1717, a basis of 17, and a basis rate of 1.00%. The historical quantile is 74.60% [1] - Coking coal (JM2605) has a spot price of 1156, a futures price of 1171, a basis of - 15, and a basis rate of - 1.28%. The historical quantile is 28.70% [1] Non - ferrous Metals - Copper (CU2603) has a spot price of 100770, a futures price of 101855, a basis of - 1085, and a basis rate of - 1.08%. The historical quantile is 98.75% [1] - Aluminum (AL2603) has a spot price of 23925, a futures price of 24030, a basis of - 105, and a basis rate of - 0.44%. The historical quantile is 85.83% [1] - Re - melted aluminum (AO2605) has a spot price of 2751, a futures price of 2649, a basis of 102, and a basis rate of 3.85%. The historical quantile is 13.21% [1] - Zinc (ZN2603) has a spot price of 24730, a futures price of 24750, a basis of - 20, and a basis rate of - 0.08%. The historical quantile is 60.41% [1] - Tin (SN2602) has a spot price of 414050, a futures price of 405240, a basis of 8810, and a basis rate of 2.17%. The historical quantile is 99.16% [1] - Nickel (NI2603) has a spot price of 146550, a futures price of 141350, a basis of 5200, and a basis rate of 3.68%. The historical quantile is 99.58% [1] - Stainless steel (SS2603) has a spot price of 14520, a futures price of 14275, a basis of 245, and a basis rate of 1.72%. The historical quantile is 46.13% [1] - Lithium carbonate (LC2605) has a spot price of 158000, a futures price of 146200, a basis of 11800, and a basis rate of 8.07%. The historical quantile is 99.77% [1] - Industrial silicon (SI2605) has a spot price of 9250, a futures price of 8605, a basis of 645, and a basis rate of 7.50%. The historical quantile is 41.35% [1] Precious Metals - Gold (AU2602) has a spot price of 1032.3, a futures price of 1031.1, a basis of 1.2, and a basis rate of 0.12%. The historical quantile is 63.10% [1] - Silver (AG2604) has a spot price of 22641.0, a futures price of 22483.0, a basis of 158.0, and a basis rate of 0.70%. The historical quantile is 99.20% [1] Agricultural Products - Soybean meal (M2605) has a spot price of 3080, a futures price of 2727.0, a basis of 353.0, and a basis rate of 12.94%. The historical quantile is 75.50% [1] - Soybean oil (Y2605) has a spot price of 8440, a futures price of 8016.0, a basis of 424.0, and a basis rate of 5.29%. The historical quantile is 73.90% [1] - Palm oil (P2605) has a spot price of 8630, a futures price of 8674.0, a basis of - 44.0, and a basis rate of - 0.51%. The historical quantile is 83.90% [1] - Rapeseed meal (RM605) has a spot price of 2460, a futures price of 2255.0, a basis of 205.0, and a basis rate of 9.09%. The historical quantile is not provided [1] - Rapeseed oil (OI605) has a spot price of 9950, a futures price of 9063.0, a basis of 887.0, and a basis rate of 9.79%. The historical quantile is 96.70% [1] - Corn (C2603) has a spot price of 2281.0, a futures price of 2228, a basis of 53, and a basis rate of 2.38%. The historical quantile is 72.90% [1] - Corn starch (CS2603) has a spot price of 2620, a futures price of 2555.0, a basis of 65.0, and a basis rate of 2.54%. The historical quantile is 27.10% [1] - Live pigs (H2603) has a spot price of 13150, a futures price of 11980.0, a basis of 1170.0, and a basis rate of 9.77%. The historical quantile is 81.40% [1] - Eggs (JD2603) has a spot price of 3420, a futures price of 3072.0, a basis of 348.0, and a basis rate of 11.33%. The historical quantile is 66.60% [1] - Cotton (CF605) has a spot price of 15750, a futures price of 14590.0, a basis of 1160.0, and a basis rate of 7.95%. The historical quantile is 79.60% [1] - Sugar (SR605) has a spot price of 5390, a futures price of 5258.0, a basis of 132.0, and a basis rate of 2.51%. The historical quantile is 19.70% [1] - Apples (AP605) has a spot price of 9541.0, a futures price of 9400, a basis of - 141.0, and a basis rate of - 1.48%. The historical quantile is 18.50% [1] - Red dates (CJ605) has a spot price of 8875.0, a futures price of 8200, a basis of 675.0, and a basis rate of 8.16%. The historical quantile is 61.20% [1] Energy and Chemicals - Paraxylene (PX603) has a spot price of 7086.0, a futures price of 7061.0, a basis of 25.0, and a basis rate of 0.35%. The historical quantile is 23.90% [1] - PTA (TA605) has a spot price of 5018.0, a futures price of 4950.0, a basis of 68.0, and a basis rate of 1.36%. The historical quantile is 30.10% [1] - Ethylene glycol (EG2605) has a spot price of 3796.0, a futures price of 3660.0, a basis of 136.0, and a basis rate of 3.71%. The historical quantile is 10.60% [1] - Polyester staple fiber (PF603) has a spot price of 6455.0, a futures price of 6400.0, a basis of 55.0, and a basis rate of 0.86%. The historical quantile is 57.00% [1] - Styrene (EB2602) has a spot price of 7320.0, a futures price of 7178.0, a basis of 142.0, and a basis rate of 1.98%. The historical quantile is 56.60% [1] - Methanol (MA605) has a spot price of 2239.0, a futures price of 2225.0, a basis of 14.0, and a basis rate of 0.63%. The historical quantile is 28.80% [1] - Urea (UR605) has a spot price of 1791.0, a futures price of 1770.0, a basis of 21.0, and a basis rate of 1.19%. The historical quantile is 11.00% [1] - LLDPE (L2605) has a spot price of 6775.0, a futures price of 6695.0, a basis of 80.0, and a basis rate of 1.19%. The historical quantile is 47.80% [1] - PP (PP2605) has a spot price of 6590.0, a futures price of 6496.0, a basis of 94.0, and a basis rate of 1.45%. The historical quantile is 52.60% [1] - PVC (V2605) has a spot price of 4803.0, a futures price of 4580.0, a basis of 223.0, and a basis rate of 4.64%. The historical quantile is 22.70% [1] - Caustic soda (SH603) has a spot price of 2056.3, a futures price of 2006.0, a basis of 50.3, and a basis rate of 2.50%. The historical quantile is 52.60% [1] - LPG (PG2603) has a spot price of 5048.0, a futures price of 4137.0, a basis of 911.0, and a basis rate of 22.02%. The historical quantile is 93.60% [1] - Asphalt (BU2603) has a spot price of 3130.0, a futures price of 3090.0, a basis of - 40.0, and a basis rate of - 1.28%. The historical quantile is 43.90% [1] - Butadiene rubber (BR2603) has a spot price of 12100.0, a futures price of 11815.0, a basis of 285.0, and a basis rate of 2.41%. The historical quantile is 63.70% [1] - Float glass (FG605) has a spot price of 936.0, a futures price not provided, a basis not provided, and a basis rate not provided. The historical quantile is 8.21% [1] - Soda ash (SA605) has a spot price of 1192.0, a futures price of 1142.0, a basis of 50.0, and a basis rate of 4.38%. The historical quantile is 22.52% [1] - Natural rubber (RU2605) has a spot price of 15835.0, a futures price of 15700.0, a basis of 135.0, and a basis rate of 0.86%. The historical quantile is 87.05% [1] Financial Futures - IF2603.CFE has a futures price of 4723.2, a spot price of 4731.9, a basis of - 8.7, and a basis rate of - 0.18%. The historical quantile is 41.10% [1] - IH2603.CFE has a futures price of 3079.8, a spot price of 3084.4, a basis of - 4.6, and a basis rate of - 0.15%. The historical quantile is 82.50% [1] - IC2603.CFE has a futures price of 8210.4, a spot price of 8232.7, a basis of - 22.3, and a basis rate of - 0.27%. The historical quantile is 49.70% [1] - IM2603.CFE has a futures price of 8179.2, a spot price of 8232.7, a basis of - 53.5, and a basis rate of - 0.65%. The historical quantile is 31.90% [1] - 2 - year bond futures (TS2603) has a futures price of 100.09, a spot price of 102.40, a basis of 0.00, and a basis rate of 0.00%. The historical quantile is 29.30% [1] - 5 - year bond futures (TF2603) has a futures price of 105.81, a spot price of 100.43, a basis of - 0.02, and a basis rate of - 0.02%. The historical quantile is 26.00% [1] - 10 - year bond futures (T2603) has a futures price of 108.07, a spot price of 100.43, a basis of 0.06, and a basis rate of 0.06%. The historical quantile is 23.80% [1] - 30 - year bond futures (TL2603) has a futures price of 125.42, a spot price of 111.17, a basis of 0.21, and a basis rate of 0.19%. The historical quantile is 28.90% [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 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

Report Title - The report is titled "Full Variety Spread Daily Report" [4] Report Date - The report is dated December 10, 2025 [3] Data Sources - The data sources include Wind, Mysteel, and GF Futures Research Institute [5] Industry Data Summary Ferrous Metals - **Silicon Iron (SF603)**: The spot price is 5462, the futures price is 5478, the basis is 16, and the basis rate is 0.84%. The historical quantile is 57.40% [1] - **Silicon Manganese (SM603)**: The spot price is 5732, and the futures price is 5780 [1] - **Rebar (RB2605)**: The spot price is 3079, the futures price is 3260, the basis is 69.40%, and the historical quantile is 69.40% [1] - **Hot Rolled Coil (HC2605)**: The spot price is 3250, and the basis rate is -0.06% [1] - **Iron Ore (I2605)**: The spot price is 1603, the futures price is 89, the basis is 5.85%, and the historical quantile is 57.80% [1] - **Coke (J2601)**: The spot price is 1514, and the historical quantile is 92.42% [1] - **Coking Coal (JM2605)**: The spot price is 1083, and the historical quantile is 45.90% [1] Non - Ferrous Metals - **Copper (CU2601)**: The spot price is 91090, the futures price is 92215, the basis is -1125, the basis rate is -1.24%, and the historical quantile is 99.37% [1] - **Aluminum (AL2601)**: The spot price is 21775, the futures price is 21880, the basis is -105, the basis rate is -0.48%, and the historical quantile is 84.16% [1] - **Alumina (AO2601)**: The spot price is 2546, and the futures price is 2808 [1] - **Zinc (ZN2601)**: The spot price is 23070, the futures price is 23120, the basis is 50, the basis rate is 0.22%, and the historical quantile is 67.08% [1] - **Tin (SN2601)**: The spot price is 316000, the futures price is 312320, the basis is 3680, the basis rate is 1.18%, and the historical quantile is 96.04% [1] - **Nickel (NISE01)**: The spot price is 117350, the futures price is 118275, the basis is -400, the basis rate is -0.34%, and the historical quantile is 91.04% [1] - **Stainless Steel (SS2601)**: The spot price is 12500, the futures price is 12970, the basis is -470, the basis rate is -3.76%, and the historical quantile is 85.40% [1] - **Industrial Silicon (SI2601)**: The spot price is 8340, the futures price is 9200, the basis is -860, the basis rate is -9.35%, and the historical quantile is 57.75% [1] Precious Metals - **Gold (AU2602)**: The spot price is 951.5, the futures price is 946.7, the basis is 4.8, the basis rate is 0.51%, and the historical quantile is 946.7 [1] - **Silver (AG2602)**: The spot price is 13596.0, the futures price is 13607.0, the basis is -11.0, the basis rate is -0.08%, and the historical quantile is 70.10% [1] Agricultural Products - **Soybean Meal (M2605)**: The spot price is 3000, the futures price is 2763.0, the basis is 237.0, the basis rate is 8.58%, and the historical quantile is 65.50% [1] - **Soybean Oil (y2605)**: The spot price is 8370, the futures price is 7984.0, the basis is 386.0, the basis rate is 4.83%, and the historical quantile is 68.60% [1] - **Palm Oil (P2601)**: The spot price is 8560, the futures price is 8648.0, the basis is -88.0, the basis rate is -1.02%, and the historical quantile is 77.70% [1] - **Rapeseed Meal (RM605)**: The spot price is 2470, the futures price is 2317.0, the basis is 153.0, the basis rate is 6.60%, and the historical quantile is 75.40% [1] - **Rapeseed Oil (Ol601)**: The spot price is 9630, the futures price is 9393.0, the basis is 237.0, the basis rate is 2.52%, and the historical quantile is 75.40% [1] - **Corn (C2601)**: The spot price is 2310, the futures price is 2236.0, the basis is 74.0, the basis rate is 3.31%, and the historical quantile is 78.20% [1] - **Corn Starch (CS2601)**: The spot price is 2650, the futures price is 2522.0, the basis is 128.0, the basis rate is 5.08%, and the historical quantile is 65.60% [1] - **Live Hogs (H2603)**: The spot price is 11450.0, the futures price is 11250, the basis is 200.0, the basis rate is 1.75%, and the historical quantile is 38.40% [1] - **Eggs (JD2601)**: The spot price is 3124.0, the futures price is 2960, the basis is -164.0, the basis rate is -5.125%, and the historical quantile is 25.10% [1] - **Cotton (CF601)**: The spot price is 14843, the futures price is 13740.0, the basis is 1103.0, the basis rate is 8.03%, and the historical quantile is 74.40% [1] - **Sugar (SR601)**: The spot price is 5343.0, the futures price is 5181.0, the basis is 162.0, the basis rate is 3.03%, and the historical quantile is 28.70% [1] - **Apples (AP605)**: The spot price is 9465.0, the futures price is 9000, the basis is 465.0, the basis rate is 5.17%, and the historical quantile is 7.80% [1] - **Jujubes (CJ605)**: The spot price is 9325.0, the futures price is 8600, the basis is -725.0, the basis rate is -7.77%, and the historical quantile is 64.50% [1] Energy and Chemicals - **Para - Xylene (PX603)**: The spot price is 6779.0, the futures price is 6780.0, the basis is -1.0, the basis rate is -0.01%, and the historical quantile is 27.30% [1] - **PTA (TA601)**: The spot price is 4625.0, the futures price is 4644.0, the basis is -19.0, the basis rate is -0.41%, and the historical quantile is 49.10% [1] - **Ethylene Glycol (EG2601)**: The spot price is 3680.0, the futures price is 3691.0, the basis is -11.0, the basis rate is -0.30%, and the historical quantile is 55.10% [1] - **Polyester Staple Fiber (PF602)**: The spot price is 6290.0, the futures price is 6182.0, the basis is 108.0, the basis rate is 1.75%, and the historical quantile is 69.10% [1] - **Styrene (EB2601)**: The spot price is 6740.0, the futures price is 6576.0, the basis is 164.0, the basis rate is 2.49%, and the historical quantile is 61.10% [1] - **Methanol (MA601)**: The spot price is 2066.0, the futures price is 2075.0, the basis is -9.0, the basis rate is -0.44%, and the historical quantile is 48.80% [1] - **Urea (UR601)**: The spot price is 1643.0, the futures price is 1690.0, the basis is -47.0, the basis rate is -2.86%, and the historical quantile is 29.90% [1] - **LLDPE (L2601)**: The spot price is 6640.0, the futures price is 6557.0, the basis is 83.0, the basis rate is 1.27%, and the historical quantile is 48.10% [1] - **PP (PP2601)**: The spot price is 6365.0, the futures price is 6192.0, the basis is 173.0, the basis rate is 2.79%, and the historical quantile is 71.10% [1] - **PVC (V2601)**: The spot price is 4367.0, the futures price is 4360.0, the basis is 7.0, the basis rate is 0.16%, and the historical quantile is 80.20% [1] - **Caustic Soda (SH601)**: The spot price is 2218.8, the futures price is 2092.0, the basis is 126.8, the basis rate is 6.06%, and the historical quantile is 67.90% [1] - **LPG (PG2601)**: The spot price is 4498.0, the futures price is 4241.0, the basis is 257.0, the basis rate is 6.06%, and the historical quantile is 48.30% [1] - **Asphalt (BU2602)**: The spot price is 2930.0, the futures price is 2943.0, the basis is -13.0, the basis rate is -0.44%, and the historical quantile is 49.60% [1] - **Butadiene Rubber (BR2602)**: The spot price is 10600.0, the futures price is 10450.0, the basis is 150.0, the basis rate is 1.44%, and the historical quantile is 44.90% [1] - **Float Glass (FG601)**: The spot price is 984.0, the futures price is 968.0, the basis is 16.0, the basis rate is 1.65%, and the historical quantile is 71.63% [1] - **Soda Ash (SA601)**: The spot price is 1125.0, the futures price is 1125.0, the basis is 0.0, the basis rate is 0.00%, and the historical quantile is 51.68% [1] - **Natural Rubber (RU2605)**: The spot price is 14985.0, the futures price is 14700.0, the basis is 285.0, the basis rate is 1.94%, and the historical quantile is 80.40% [1] Financial Futures - **IF2512**: The spot price is 4583.2, the futures price is 4598.2, the basis is 15.0, the basis rate is 0.33%, and the historical quantile is 30.00% [1] - **IH2512**: The spot price is 2991.6, the futures price is 2998.0, the basis is 6.4, the basis rate is 0.21%, and the historical quantile is 30.60% [1] - **IC2512**: The spot price is 7121.3, the futures price is 7094.4, the basis is -26.9, the basis rate is -0.38%, and the historical quantile is 44.90% [1] - **IM2512**: The spot price is 7380.6, the futures price is 7347.8, the basis is 32.8, the basis rate is 0.45%, and the historical quantile is 89.30% [1] - **2 - year Treasury Bond (TS2603)**: The spot price is 102.42, the futures price is 100.07, the basis is 0.03, the basis rate is 0.03%, and the historical quantile is 17.00% [1] - **5 - year Treasury Bond (TF2603)**: The spot price is 99.48, the futures price is 105.77, the basis is -0.06, the basis rate is -0.06%, and the historical quantile is 19.00% [1] - **10 - year Treasury Bond (T2603)**: The spot price is 107.97, the futures price is 100.37, the basis is 0.09, the basis rate is 0.08%, and the historical quantile is 27.30% [1] - **30 - year Treasury Bond (TL2603)**: The spot price is 127.27, the futures price is 112.45, the basis is 0.61, the basis rate is 0.54%, and the historical quantile is 84.60% [1]