免责声明 | 基差 | 留注 | 现货价格 | 期货价格 | 基差率 | 历史分位数 | 品种/合约 | 现货参考 | 1.51% | 85 | 折算价:72硅铁合格块:内蒙-天津仓单 | 硅铁 (SF603) | 65.70% | 5528 | 5446 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 76 | 133% | 折算价:6517硅锰:内蒙-湖北仓单 | 5800 | 5724 | 39.80% | 硅锰(SM603) | 131 | 4.13% | 3300 | 58.00% | HRB40020mm:上海 | 螺纹钢 (RB2605) | 3169 | | | | | | -19 | -0.57% | Q235B: 4.75mm: 上海 | 热卷(HC2605) | 3300 | 3319 | 10.70% | 52 | 6.48% | 851 | 铁矿石 (12601) | 800 | 41.80% ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Categories Ferrous Metals - **Silicon Iron (SF601)**: The spot price is 5588, the futures price is 5578, the basis is 10, and the basis rate is 0.18%. The historical quantile is 55.40% [1]. - **Silicon Manganese (SM601)**: The spot price is 5890, the futures price is 5820, the basis is 70, and the basis rate is 1.20%. The historical quantile is 38.70% [1]. - **Rebar (RB2601)**: The spot price is 3190, the futures price is 3044, the basis is 146, and the basis rate is 4.80%. The historical quantile is 62.00% [1]. - **Hot - Rolled Coil (HC2601)**: The spot price is 3270, the futures price is 3252, the basis is 18, and the basis rate is 0.95%. The historical quantile is 24.70% [1]. - **Iron Ore (I2601)**: The spot price (converted price of 62.5% Brazilian mixed powder) is 836, the futures price is 765, the basis is 71, and the basis rate is 9.32%. The historical quantile is 55.90% [1]. - **Coke (J2601)**: The spot price is 1744, the futures price is 1732, the basis is 11, and the basis rate is 0.64%. The historical quantile is 56.62% [1]. - **Coking Coal (JM2601)**: The spot price is 1354, the futures price is 1266, the basis is 89, and the basis rate is 6.99%. The historical quantile is 48.60% [1]. Non - Ferrous Metals - **Copper (CU2512)**: The spot price is 86535, the futures price is 86480, the basis is 55, and the basis rate is 0.06%. The historical quantile is 51.04% [1]. - **Aluminum (AL2601)**: The spot price is 21725, the futures price is 21490, the basis is 235, and the basis rate is 1.08%. The historical quantile is 3.33% [1]. - **Alumina (AO2601)**: The spot price is 2854, the futures price is 2829, the basis is 25, and the basis rate is 0.89%. The historical quantile is 31.05% [1]. - **Zinc (ZN2512)**: The spot price is 22500, the futures price is 22670, the basis is - 170, and the basis rate is - 0.5%. The historical quantile is 19.16% [1]. - **Tin (SN2512)**: The spot price is 285800, the futures price is 286560, the basis is - 760, and the basis rate is - 0.27%. The historical quantile is 26.25% [1]. - **Nickel (NI2512)**: The spot price is 119800, the futures price is 119680, the basis is 120, and the basis rate is 0.10%. The historical quantile is 62.29% [1]. - **Stainless Steel (SS2512)**: The spot price is 12970, the futures price is 12605, the basis is 365, and the basis rate is 2.90%. The historical quantile is 72.10% [1]. - **Lithium Carbonate (LC2601)**: The spot price is 87240, the futures price is 80750, the basis is - 6490, and the basis rate is - 7.44%. The historical quantile is 4.84% [1]. - **Industrial Silicon (215601)**: The spot price is 9500, the futures price is 9290, the basis is 210, and the basis rate is 2.26%. The historical quantile is 18.71% [1]. Precious Metals - **Gold (AU2512)**: The spot price (Shanghai Gold Exchange's gold spot AU (T + D)) is 933.0, the futures price is 936.0, the basis is - 3.0, and the basis rate is - 0.32%. The historical quantile is 22.30% [1]. - **Silver (AG2512)**: The spot price (Shanghai Gold Exchange's silver spot AG (T + D)) is 11719.0, the futures price is 11726.0, the basis is - 7.0, and the basis rate is - 0.06%. The historical quantile is 93.40% [1]. Agricultural Products - **Soybean Meal (M2601)**: The spot price (Jiangsu Zhangjiagang factory price) is 3063.0, the futures price is 3010, the basis is 53, and the basis rate is 1.73%. The historical quantile is 29.60% [1]. - **Soybean Oil (Y2601)**: The spot price (Jiangsu Zhangjiagang factory price of grade - four soybean oil) is 8420, the futures price is 8228.0, the basis is 192.0, and the basis rate is 2.33%. The historical quantile is 39.10% [1]. - **Palm Oil (P2601)**: The spot price (delivery price at Huangpu Port) is 8690.0, the futures price is 8630, the basis is 60.0, and the basis rate is 0.59%. The historical quantile is 65.20% [1]. - **Rapeseed Meal (RM601)**: The spot price (Guangdong Zhanjiang factory price) is 2630, the futures price is 2527.0, the basis is 103.0, and the basis rate is 4.08%. The historical quantile is 32.10% [1]. - **Rapeseed Oil (Oleo1)**: The spot price (Jiangsu Nantong factory price of grade - four rapeseed oil) is 9890, the futures price is 9587.0, the basis is 303.0, and the basis rate is 3.16%. The historical quantile is 81.00% [1]. - **Corn (C2601)**: The spot price (free - on - board price at Xizhou Port) is 2170, the futures price is 2164.0, the basis is 6.0, and the basis rate is 0.28%. The historical quantile is 44.50% [1]. - **Corn Starch (CS2601)**: The spot price (Jilin Changchun factory price) is 2550, the futures price is 2479.0, the basis is 71.0, and the basis rate is 2.86%. The historical quantile is 32.10% [1]. - **Live Hogs (LH2601)**: The spot price (Henan factory price of live hogs (external ternary)) is 12050, the futures price is 11955.0, the basis is 95.0, and the basis rate is 0.79%. The historical quantile is 46.50% [1]. - **Eggs (JD2512)**: The spot price (average price in Hebei Shijiazhuang) is 3176.0, the futures price is 2910, the basis is 266.0, and the basis rate is 8.38%. The historical quantile is 71.70% [1]. - **Cotton (CF601)**: The spot price (Xinjiang arrival price of cotton 3128B) is 14671, the futures price is 13580.0, the basis is 1091.0, and the basis rate is 8.03%. The historical quantile is 71.70% [1]. - **Sugar (SR601)**: The spot price (spot price of white sugar at Liuzhou Station) is 5730, the futures price is 5475.0, the basis is 255.0, and the basis rate is 4.66%. The historical quantile is 43.50% [1]. - **Apples (AP601)**: The spot price (delivery theoretical price) is 9159.0, the futures price is 8840, the basis is 319.0, and the basis rate is 3.48%. The historical quantile is 7.80% [1]. - **Red Dates (CJ601)**: The spot price (wholesale price of first - grade grey dates in Hebei) is 9585.0, the futures price is 9000, the basis is 585.0, and the basis rate is 6.10%. The historical quantile is 69.70% [1]. Energy and Chemicals - **Paraxylene (PX601)**: The spot price (CFR spot price at Chinese main ports, converted to RMB) is 6852.0, the futures price is 6793.0, the basis is 59.0, and the basis rate is 0.86%. The historical quantile is 16.20% [1]. - **PTA (TA601)**: The spot price (market price (intermediate price) in East China) is 4704.0, the futures price is 4625.0, the basis is 79.0, and the basis rate is 1.68%. The historical quantile is 23.50% [1]. - **Ethylene Glycol (EG2601)**: The spot price (market price (intermediate price) in East China) is 4020.0, the futures price is 3953.0, the basis is 67.0, and the basis rate is 1.69%. The historical quantile is 81.70% [1]. - **Polyester Staple Fiber (PF512)**: The spot price (market price (mainstream price) in East China market) is 6238.0, the futures price is 6335.0, the basis is - 97.0, and the basis rate is - 1.55%. The historical quantile is 66.80% [1]. - **Styrene (EB2512)**: The spot price (market price in East China, China, spot benchmark price) is 6315.0, the futures price is 6345.0, the basis is - 30.0, and the basis rate is 0.48%. The historical quantile is 35.40% [1]. - **Methanol (MA601)**: The spot price (market price in Jiangsu Taicang, China, spot benchmark price) is 2060.0, the futures price is 2101.0, the basis is - 41.0, and the basis rate is 1.95%. The historical quantile is 14.40% [1]. - **Urea (UR601)**: The spot price (market price (mainstream price) in Shandong area) is 1660.0, the futures price is 1620.0, the basis is 40.0, and the basis rate is 2.41%. The historical quantile is 6.10% [1]. - **LLDPE (L2601)**: The spot price (tax - paid self - pick - up price (intermediate price) of linear low - density polyethylene (film grade) in Shandong) is 6850.0, the futures price is 6802.0, the basis is 48.0, and the basis rate is 0.71%. The historical quantile is 36.60% [1]. - **PP (PP2601)**: The spot price (tax - paid self - pick - up price (intermediate price) of polypropylene (拉丝级, melt index 2 - 4) in Zhejiang) is 6500.0, the futures price is 6480.0, the basis is 20.0, and the basis rate is 0.31%. The historical quantile is 30.60% [1]. - **PVC (V2601)**: The spot price (market price (mainstream price) in Changzhou market, China) is 4614.0, the futures price is 4520.0, the basis is 94.0, and the basis rate is 2.04%. The historical quantile is 58.80% [1]. - **Caustic Soda (SH601)**: The spot price (market price (mainstream price) in Shandong market, converted to 100%) is 2500.0, the futures price is 2349.0, the basis is 151.0, and the basis rate is 6.43%. The historical quantile is 72.40% [1]. - **LPG (PG2512)**: The spot price (market price in Guangzhou area) is 4448.0, the futures price is 4323.0, the basis is 125.0, and the basis rate is 2.89%. The historical quantile is 38.10% [1]. - **Asphalt (BU2601)**: The spot price (market price (mainstream price) in Shandong area) is 3036.0, the futures price is 3010.0, the basis is 26.0, and the basis rate is 0.36%. The historical quantile is 46.80% [1]. - **Butadiene Rubber (BR2601)**: The spot price (distribution price in China, cis - butadiene rubber (Daqing, BR9000) in CNPC East China) is 10275.0, the futures price is 10200.0, the basis is 75.0, and the basis rate is 0.73%. The historical quantile is 20.50% [1]. - **Glass (FG601)**: The spot price (market price of float glass 5mm large board in Shahe, Shahe Great Wall Glass) is 1069.0, the futures price is 1032.0, the basis is 37.0, and the basis rate is 3.59%. The historical quantile is 65.96% [1]. - **Soda Ash (SA601)**: The spot price (market price of heavy soda ash in Shahe) is 1226.0, the futures price is 1176.0, the basis is 50.0, and the basis rate is 4.25%. The historical quantile is 21.21% [1]. - **Natural Rubber (RU2601)**: The spot price (market price in Shanghai, natural rubber (Yunnan state - owned full - latex)) is 15110.0, the futures price is 14550.0, the basis is 560.0, and the basis rate is 3.85%. The historical quantile is 66.73% [1]. Financial Products - **Stock Index Futures** - **IF2512.CFE**: The spot price is 4695.1, the futures price is 4672.0, the basis is - 23.1, and the basis rate is - 0.49%. The historical quantile is 19.90% [1]. - **IH2512.CFE**: The spot price is 3054.0, the futures price is 3053.9, the basis is 0.1, and the basis rate is 0.00%. The historical quantile is 57.

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Report Core View The report presents the daily price spreads of various futures and spot commodities across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, and energy chemicals on October 28, 2025. It includes data such as futures prices, spot prices, basis, basis rates, and historical quantiles for each commodity. [1] 3. Summary by Commodity Sectors Ferrous Metals - **Silicon - based Alloys**: For silicon iron (SF601), the futures price is 2598 with a 2.55% change, the spot price is 5950, and the basis is 3352 with a basis rate of 52.10%. For silicon manganese (SM601), the futures price is not fully shown, the spot price is 5802, and the basis is 148 with a basis rate of 2.55%. [1] - **Steel Products**: The futures price of rebar (RB2601) is 3210 with a 3.55% change, the spot price of HRB400 20mm in Shanghai is 3100, and the basis is - 110 with a basis rate of - 3.43%. The futures price of hot - rolled coil (HC2601) is 3299, and the spot price of Q235B 4.75mm in Shanghai is 3330, with a basis of 31 and a basis rate of 0.94%. [1] - **Iron Ore and Coking Coal**: The futures price of iron ore (I2601) is - 134 with a - 7.51% change, the spot price of 62.5% Brazilian mixed powder at Rizhao Port is 1780, and the basis is 1914 with a basis rate of 107.53%. The futures price of coke (J2601) is 1646, the spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1780, and the basis is 134 with a basis rate of 8.14%. The futures price of coking coal (JM2601) is 1329, the spot price of S1.3 G75 main coking coal at Shaheyi is 1264, and the basis is - 65 with a basis rate of - 4.9%. [1] Non - Ferrous Metals - **Copper**: The futures price of copper (CU2512) is 88215 with a - 0.18% change, the spot price of 1 electrolytic copper is 88370, and the basis is 155 with a basis rate of 0.18%. [1] - **Aluminum and Alumina**: The futures price of aluminum (AL2512) is 21160 with a - 0.94% change, the spot price of SMM A00 aluminum is 21360, and the basis is 200 with a basis rate of 0.94%. The futures price of alumina (AO2601) is 2829, the spot price of SMM alumina index is 2881, and the basis is 52 with a basis rate of 1.84%. [1] - **Other Non - Ferrous Metals**: For zinc (ZN2512), the futures price is 22140 with a - 1.01% change, the spot price of 1 zinc ingot is 22365, and the basis is 225 with a basis rate of 1.01%. For tin (SN2512), the futures price is 283500 with a - 1.13% change, the spot price of 1 tin is 286720, and the basis is 3220 with a basis rate of 1.13%. [1] Precious Metals - **Gold and Silver**: The futures price of gold (AU2512) is 930.3 with a - 0.41% change, the spot price of Shanghai Gold Exchange gold (T + D) is 934.1, and the basis is 3.8 with a basis rate of 0.41%. The futures price of silver (AG2512) is 11345 with a - 0.43% change, the spot price of Shanghai Gold Exchange silver (T + D) is 11394, and the basis is 49 with a basis rate of 0.43%. [1] Agricultural Products - **Oilseeds and Oils**: The futures price of soybean meal (M2601) is 2932 with a - 1.09% change, the spot price of common protein soybean meal in Jiangsu Zhangjiagang is 2900, and the basis is - 32 with a basis rate of - 1.09%. The futures price of soybean oil (V2601) is 8390 with a 1.89% change, the spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8234, and the basis is - 156 with a basis rate of - 1.86%. [1] - **Other Agricultural Products**: For palm oil (P2601), the futures price is 9010 with a - 0.99% change, the spot price at Huangpu Port is 9100, and the basis is 90 with a basis rate of 1.0%. For rapeseed meal (RM601), the futures price is 2335 with a 5.78% change, the spot price in Guangdong Zhanjiang is 2470, and the basis is 135 with a basis rate of 5.78%. [1] Energy Chemicals - **Petrochemicals**: The futures price of paraxylene (PX601) is 6626 with a - 1.61% change, the spot price at Chinese main ports is 6729, and the basis is 103 with a basis rate of 1.55%. The futures price of PTA (TA601) is 4520 with a 1.95% change, the spot price in East China is 4616, and the basis is 96 with a basis rate of 2.13%. [1] - **Other Chemicals**: For methanol (MA601), the futures price is 2230 with a 0.97% change, the spot price in Jiangsu Taicang is 2268, and the basis is 38 with a basis rate of 1.7%. For urea (UR601), the futures price is 1610 with a - 2.2% change, the spot price in Shandong is 1640, and the basis is 30 with a basis rate of 1.83%. [1]

Report Overview - The report is a daily spread report for all varieties on October 23, 2025, with data from Wind, Mysteel, and GF Futures Research Institute [2] Commodity Market Analysis Ferrous Metals - For silicon iron (SF601), the futures price is 5578, the spot price is 5538, the basis is 40, and the historical quantile is 61.20% [1] - For silicon manganese (SM601), the futures price is 5810, the spot price is 5950, the basis is -140, and the historical quantile is 50.80% [1] - For rebar (RB2601), the futures price is 3068, the spot price is 3210, the basis is 142, and the historical quantile is 61.40% [1] - For hot - rolled coil (HC2601), the futures price is 3247, the spot price is 3280, the basis is 33, and the historical quantile is 31.80% [1] - For iron ore (I2601), the futures price is 838, the spot price is 774, the basis is 64, and the historical quantile is 51.30% [1] - For coke (J2601), the futures price is 1624, the spot price is 1710, the basis is -86, and the historical quantile is 19.55% [1] - For coking coal (JM2601), the futures price is 1293, the spot price is 1210, the basis is 83, and the historical quantile is 46.90% [1] Non - ferrous Metals - For copper (CU2512), the futures price is 85420, the spot price is 84955, the basis is -465, and the historical quantile is 12.50% [1] - For aluminum (AL2512), the futures price is 20980, the spot price is 21045, the basis is -65, and the historical quantile is 31.87% [1] - For zinc (ZN2512), the futures price is 21830, the spot price is 22000, the basis is -170, and the historical quantile is 17.50% [1] - For tin (SN2511), the futures price is 281000, the spot price is 281680, the basis is -680, and the historical quantile is 28.12% [1] - For nickel (NI2512), the futures price is 121380, the spot price is 121250, the basis is -130, and the historical quantile is 46.25% [1] - For stainless steel (SS2512), the futures price is 12710, the spot price is 13170, the basis is 460, and the historical quantile is 85.40% [1] - For industrial silicon (SI2511), the futures price is 9350, the spot price is 8485, the basis is 865, and the historical quantile is 58.64% [1] Precious Metals - For gold (AU2512), the futures price is 948.8, the spot price is 952.6, the basis is -3.8, and the historical quantile is 14.60% [1] - For silver (AG2512), the futures price is 11381.0, the spot price is 11404.0, the basis is -23.0, and the historical quantile is 40.90% [1] Agricultural Products - For soybean meal (M2601), the futures price is 2885.0, the spot price is 2850, the basis is -35.0, and the historical quantile is 30.40% [1] - For soybean oil (Y2601), the futures price is 8238.0, the spot price is 8380, the basis is 142.0, and the historical quantile is 28.70% [1] - For palm oil (P2601), the futures price is 9164.0, the spot price is 9090, the basis is -74.0, and the historical quantile is 7.40% [1] - For rapeseed meal (RM601), the futures price is 2307.0, the spot price is 2450, the basis is 143.0, and the historical quantile is 71.90% [1] - For rapeseed oil (OI601), the futures price is 9834.0, the spot price is 10160, the basis is 326.0, and the historical quantile is 82.60% [1] - For corn (C2601), the futures price is 2133.0, the spot price is 2180, the basis is 47.0, and the historical quantile is 64.90% [1] - For corn starch (CS2601), the futures price is 2426.0, the spot price is 2550, the basis is 124.0, and the historical quantile is 63.30% [1] - For live pigs (LH2601), the futures price is 11950, the spot price is 12220.0, the basis is -270.0, and the historical quantile is 35.70% [1] - For eggs (JD2512), the futures price is 2925.0, the spot price is 2780, the basis is -145.0, and the historical quantile is 22.50% [1] - For cotton (CF601), the futures price is 13535.0, the spot price is 14643, the basis is 1108.0, and the historical quantile is 73.30% [1] - For white sugar (SR601), the futures price is 5426.0, the spot price is 5800, the basis is 374.0, and the historical quantile is 64.50% [1] - For apples (AP601), the futures price is 8840, the spot price is 8794.0, the basis is -46.0, and the historical quantile is 24.10% [1] - For red dates (CJ601), the futures price is 11265.0, the spot price is 9600, the basis is -1665.0, and the historical quantile is 27.10% [1] Energy and Chemicals - For paraxylene (PX601), the futures price is 6553.0, the spot price is 6450.0, the basis is -103.0, and the historical quantile is 12.30% [1] - For PTA (TA601), the futures price is 4390.0, the spot price is 4482.0, the basis is -92.0, and the historical quantile is 20.00% [1] - For ethylene glycol (EG2601), the futures price is 4135.0, the spot price is 4051.0, the basis is 84.0, and the historical quantile is 75.00% [1] - For polyester staple fiber (PF512), the futures price is 6136.0, the spot price is 6300.0, the basis is 164.0, and the historical quantile is 74.20% [1] - For styrene (EB2511), the futures price is 6538.0, the spot price is 6510.0, the basis is -28.0, and the historical quantile is 75.20% [1] - For methanol (MA601), the futures price is 2242.0, the spot price is 2261.0, the basis is -19.0, and the historical quantile is 54.10% [1] - For urea (UR601), the futures price is 1621.0, the spot price is 1540.0, the basis is -81.0, and the historical quantile is 5.40% [1] - For LLDPE (L2601), the futures price is 6936.0, the spot price is 6970.0, the basis is 34.0, and the historical quantile is 57.00% [1] - For PP (PP2601), the futures price is 6540.0, the spot price is 6619.0, the basis is -79.0, and the historical quantile is 48.30% [1] - For PVC (V2601), the futures price is 4600.0, the spot price is 4719.0, the basis is -119.0, and the historical quantile is 32.80% [1] - For caustic soda (SH601), the futures price is 2562.5, the spot price is 2380.0, the basis is 182.5, and the historical quantile is 70.90% [1] - For LPG (PG2512), the futures price is 4398.0, the spot price is 4174.0, the basis is 224.0, and the historical quantile is 47.90% [1] - For asphalt (BU2601), the futures price is 3330.0, the spot price is 3249.0, the basis is 81.0, and the historical quantile is 93.40% [1] - For butadiene rubber (BR2512), the futures price is 11050.0, the spot price is 11200.0, the basis is 150.0, and the historical quantile is 61.70% [1] - For glass (FG601), the futures price is 1040.0, the spot price is 1094.0, the basis is -54.0, and the historical quantile is 56.51% [1] - For soda ash (SA601), the futures price is 1223.0, the spot price is 1173.0, the basis is -50.0, and the historical quantile is 20.79% [1] - For natural rubber (RU2601), the futures price is 15150.0, the spot price is 14400.0, the basis is -750.0, and the historical quantile is 50.00% [1] Financial Futures - For IF2512.CFE, the futures price is 4563.4, the spot price is 4592.6, the basis is -29.2, and the historical quantile is 13.80% [1] - For IH2512.CFE, the futures price is 3005.6, the spot price is 3010.1, the basis is -4.5, and the historical quantile is 36.00% [1] - For IC2512.CFE, the futures price is 7011.6, the spot price is 7128.5, the basis is -116.9, and the historical quantile is 1.80% [1] - For IM2512.CFE, the futures price is 7163.2, the spot price is 7312.2, the basis is -149.0, and the historical quantile is 10.10% [1] - For 2 - year bond (TS2512), the futures price is 99.94, the spot price is 102.37, the basis is -0.02, and the historical quantile is 20.00% [1] - For 5 - year bond (TF2512), the futures price is 99.39, the spot price is 105.72, the basis is -0.04, and the historical quantile is 21.80% [1] - For 10 - year bond (T2512), the futures price is 100.19, the spot price is 108.10, the basis is 0.05, and the historical quantile is 21.10% [1] - For 30 - year bond (TL2512), the futures price is 129.31, the spot price is 114.48, the basis is 0.28, and the historical quantile is 37.50% [1]