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 Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report presents the price data of various commodities including metals, agricultural products, energy and chemical products, and stock index futures on January 5, 2026, including spot prices, futures prices, basis, basis rates, and historical quantiles. 3. Summary by Commodity Category Metals - **Ferrous Metals**: For silicon iron (SF603), the spot price is 5678, the futures price is 5672, and the basis rate is 0.11%. For silicon manganese (SM603), the spot price is 5920. For HRB400 20mm rebar in Shanghai, the spot price is 3300, the futures price is 3122, and the basis rate is 5.70%. For hot - rolled coil (HC2605), the spot price and futures price are both 3270. For iron ore (I2605), the spot price is 871, the futures price is 790, and the basis rate is 10.28%. For coke (J2605), the spot price is 1713, the futures price is 1693, and the basis rate is 1.16%. For coking coal (JM2605), the spot price is 1156, the futures price is 1115, and the basis rate is 3.68% [1]. - **Non - ferrous Metals**: For copper (CU2602), the spot price is 98820, the futures price is 98240, and the basis rate is 0.59%. For aluminum (AL2602), the spot price is 22925, the futures price is 22460, and the basis rate is - 2.01%. For zinc (ZN2602), the spot price is 23250, the futures price is 23275, and the basis rate is - 0.11%. For tin (SN2602), the spot price is 326450, the futures price is 322920, and the basis rate is 0.90%. For nickel (NI2602), the spot price is 134050, the futures price is 132820, and the basis rate is 0.90%. For stainless steel (SS2602), the spot price is 13320, the futures price is 13125, and the basis rate is 1.49%. For lithium carbonate (LC2605), the spot price is 121580, the futures price is 118500, and the basis rate is - 2.5%. For industrial silicon (SIS605), the spot price is 9250, the futures price is 8860, and the basis rate is 4.40% [1]. - **Precious Metals**: For gold (AU2602), the spot price is 977.6, the futures price is 974.4, and the basis rate is - 0.32%. For silver (AG2604), the spot price is 17074.0, the futures price is 17059.0, and the basis rate is - 0.09% [1]. Agricultural Products - For soybean meal (M2605), the spot price is 3050, the futures price is 2749.0, and the basis rate is 10.95%. For soybean oil (Y2605), the spot price is 8300, the futures price is 7862.0, and the basis rate is 5.57%. For palm oil (P2605), the spot price is 8584.0, the futures price is 8560, and the basis rate is - 0.28%. For rapeseed meal (RM605), the spot price is 2530, the futures price is 2365.0, and the basis rate is 7.96%. For rapeseed oil (Oleos), the spot price is 9810, the futures price is 9087.0, and the basis rate is 7.96%. For corn (C2603), the spot price is 2330, the futures price is 2226.0, and the basis rate is 4.17%. For corn starch (CS2603), the spot price is 2620, the futures price is 2515.0, and the basis rate is 4.17%. For live pigs (H2603), the spot price is 13400, the futures price is 11795.0, and the basis rate is 13.61%. For eggs (JD2603), the spot price is 2933.0, the futures price is 2910, and the basis rate is - 0.78%. For cotton (CF605), the spot price is 15392, the futures price is 14585.0, and the basis rate is 5.53%. For sugar (SR605), the spot price is 5410, the futures price is 5251.0, and the basis rate is 3.03%. For apples (AP605), the spot price is 9200, the futures price is 9120.0, and the basis rate is 0.88%. For red dates (CJ605), the spot price is 8965.0, the futures price is 8200, and the basis rate is - 8.53% [1]. Energy and Chemical Products - For p - xylene (PX603), the spot price is 7260.0, the futures price is 7188.2, and the basis rate is - 0.99%. For PTA (TA605), the spot price is 5080.0, the futures price is 5110.0, and the basis rate is - 0.59%. For ethylene glycol (EG2605), the spot price is 3665.0, the futures price is 3803.0, and the basis rate is - 3.63%. For polyester staple fiber (PF602), the spot price is 6535.0, the futures price is 6514.0, and the basis rate is 0.32%. For styrene (EB2602), the spot price is 6870.0, the futures price is 6791.0, and the basis rate is 1.16%. For methanol (MA605), the spot price is 2216.0, the futures price is 2202.0, and the basis rate is - 0.63%. For urea (UR605), the spot price is 1749.0, the futures price is 1710.0, and the basis rate is 6.60%. For LLDPE (L2605), the spot price is 6472.0, the futures price is 6375.0, and the basis rate is - 1.50%. For PP (PP2605), the spot price is 6348.0, the futures price is 6275.0, and the basis rate is - 1.15%. For PVC (V2605), the spot price is 4805.0, the futures price is 4500.0, and the basis rate is - 6.35%. For caustic soda (SH603), the spot price is 2242.0, the futures price is 2196.9, and the basis rate is - 2.0%. For LPG (PG2602), the spot price is 4608.0, the futures price is 4132.0, and the basis rate is 11.52%. For asphalt (BU2602), the spot price is 3022.0, the futures price is 2950.0, and the basis rate is - 2.38%. For butadiene rubber (BR2602), the spot price is 11500.0, the futures price is 11520.0, and the basis rate is - 0.17%. For glass (FG605), the spot price is 1087.0, the futures price is 896.0, and the basis rate is 3.15%. For soda ash (SA605), the spot price is 1209.0, the futures price is 1122.0, and the basis rate is - 7.75%. For natural rubber (RU2605), the spot price is 15605.0, the futures price is 15250.0, and the basis rate is 2.3% [1]. Stock Index Futures - For IF2603.CFE, the spot price is 4629.9, the futures price is 4599.8, and the basis rate is - 0.66%. For IH2603.CFE, the spot price is 3031.1, the futures price is 3025.0, and the basis rate is - 0.20%. For IC2603.CFE, the spot price is 7465.6, the futures price is 7362.8, and the basis rate is - 1.40%. For IM2603.CFE, the spot price is 7595.3, the futures price is 7436.2, and the basis rate is - 2.14%. For 2 - year bond futures (TS2603), the spot price is 102.45, the futures price is 100.12, and the basis rate is - 0.00%. For 5 - year bond futures (TF2603), the spot price is 105.73, the futures price is 100.31, and the basis rate is 0.16%. For 10 - year bond futures (T2603), the spot price is 107.83, the futures price is 100.31, and the basis rate is 0.15%. For 30 - year bond futures (TL2603), the spot price is 126.27, the futures price is 111.38, and the basis rate is 0.83% [1].

Report Overview - The report is a daily spread report for all varieties on December 30, 2025, providing price information on various commodities and financial futures [3] Commodity and Futures Information Ferrous Metals - **Silicon Iron (SF603)**: Spot price 5676, futures price 5628, basis -48, basis rate -0.85%, historical quantile 50.50% [1] - **Silicon Manganese (SM603)**: Spot price 5862, futures price 5860, basis 2, basis rate 0.03%, historical quantile 24.60% [1] - **Rebar (RB2605)**: Spot price 3300, futures price 3280, basis 20, basis rate 0.61%, historical quantile 67.20% [1] - **Hot - Rolled Coil (HC2605)**: Spot price 3287, futures price 3130, basis 157, basis rate 5.02%, historical quantile 15.30% [1] - **Iron Ore (I2605)**: Spot price 858, futures price 797, basis 61, basis rate 7.69%, historical quantile 48.00% [1] - **Coke (J2605)**: Spot price 1713, futures price 1681, basis 32, basis rate 1.91%, historical quantile 79.17% [1] - **Coking Coal (JM2605)**: Spot price 1156, futures price 1088, basis 68, basis rate 6.25%, historical quantile 42.50% [1] Non - Ferrous Metals - **Copper (CU2602)**: Spot price 100740, futures price 99790, basis 950, basis rate 0.95%, historical quantile 99.79% [1] - **Aluminum (AL2602)**: Spot price 22570, futures price 22490, basis 80, basis rate 0.36%, historical quantile 32.91% [1] - **Zinc (ZN2602)**: Spot price 23370, futures price 23255, basis 115, basis rate 0.49%, historical quantile 74.37% [1] - **Tin (SN2602)**: Spot price 343500, futures price 334590, basis 8910, basis rate 2.66%, historical quantile 99.37% [1] - **Nickel (NI2602)**: Spot price 128600, futures price 125710, basis 2890, basis rate 2.30%, historical quantile 99.58% [1] - **Stainless Steel (SS2602)**: Spot price 13220, futures price 12910, basis 310, basis rate 2.40%, historical quantile 56.65% [1] - **Lithium Carbonate (LC2605)**: Spot price 118820, futures price 118000, basis 820, basis rate 0.69%, historical quantile 43.83% [1] - **Industrial Silicon (SI2605)**: Spot price 9250, futures price 8715, basis 535, basis rate 6.14%, historical quantile 32.79% [1] Precious Metals - **Gold (AU2602)**: Spot price 1007.2, futures price 1004.9, basis 2.3, basis rate 0.23%, historical quantile 38.00% [1] - **Silver (AG2602)**: Spot price 18797.0, futures price 18205.0, basis 592.0, basis rate 3.25%, historical quantile 99.50% [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price 3060, futures price 2774.0, basis 286.0, basis rate 10.31%, historical quantile 68.50% [1] - **Soybean Oil (Y2605)**: Spot price 8250, futures price 7818.0, basis 432.0, basis rate 5.53%, historical quantile 74.30% [1] - **Palm Oil (P2605)**: Spot price 8512.0, futures price 8510, basis 2.0, basis rate 0.02%, historical quantile 25.90% [1] - **Rapeseed Meal (RM605)**: Spot price 2570, futures price 2387.0, basis 183.0, basis rate 7.67%, historical quantile 81.50% [1] - **Rapeseed Oil (OI605)**: Spot price 9750, futures price 9040.0, basis 710.0, basis rate 7.85%, historical quantile 94.00% [1] - **Corn (C2603)**: Spot price 2330, futures price 2249.0, basis 81.0, basis rate 3.60%, historical quantile 82.20% [1] - **Corn Starch (CS2603)**: Spot price 2620, futures price 2535.0, basis 85.0, basis rate 3.35%, historical quantile 39.60% [1] - **Live Pigs (H2603)**: Spot price 12450, futures price 11715.0, basis 735.0, basis rate 6.27%, historical quantile 69.50% [1] - **Eggs (JD2602)**: Spot price 2941.0, futures price 2910, basis - 31.0, basis rate - 1.05%, historical quantile 36.60% [1] - **Cotton (CF605)**: Spot price 15385, futures price 14435.0, basis 950.0, basis rate 6.58%, historical quantile 48.70% [1] - **Sugar (SR605)**: Spot price 5420, futures price 5253.0, basis 167.0, basis rate 3.18%, historical quantile 28.50% [1] - **Apples (AP605)**: Spot price 9200, futures price 9163.0, basis 37.0, basis rate 0.40%, historical quantile 24.70% [1] - **Red Dates (CJ605)**: Spot price 8970.0, futures price 8300, basis - 670.0, basis rate - 7.47%, historical quantile 61.60% [1] Energy and Chemicals - **Para - Xylene (PX603)**: Spot price 7270.0, futures price 7199.0, basis 71.0, basis rate 0.98%, historical quantile 14.20% [1] - **PTA (TA605)**: Spot price 5122.0, futures price 5060.0, basis 62.0, basis rate 1.21%, historical quantile 32.80% [1] - **Ethylene Glycol (EG2605)**: Spot price 3817.0, futures price 3690.0, basis 127.0, basis rate 3.33%, historical quantile 12.20% [1] - **Polyester Staple Fiber (PF602)**: Spot price 6540.0, futures price 6530.0, basis 10.0, basis rate 0.15%, historical quantile 39.60% [1] - **Styrene (EB2602)**: Spot price 6815.0, futures price 6737.0, basis 78.0, basis rate 1.16%, historical quantile 46.20% [1] - **Methanol (MA605)**: Spot price 2161.0, futures price 2150.0, basis 11.0, basis rate 0.51%, historical quantile 31.00% [1] - **Urea (UR605)**: Spot price 1735.0, futures price 1710.0, basis 25.0, basis rate 1.44%, historical quantile 9.40% [1] - **LLDPE (L2605)**: Spot price 6453.0, futures price 6340.0, basis 113.0, basis rate 1.75%, historical quantile 2.60% [1] - **PP (PP2605)**: Spot price 6274.0, futures price 6240.0, basis 34.0, basis rate 0.54%, historical quantile 17.50% [1] - **PVC (V2605)**: Spot price 4777.0, futures price 4520.0, basis 257.0, basis rate 5.38%, historical quantile 14.90% [1] - **Caustic Soda (SH603)**: Spot price 2232.0, futures price 2212.5, basis 19.5, basis rate 0.81%, historical quantile 40.40% [1] - **LPG (PG2602)**: Spot price 4528.0, futures price 4046.0, basis 482.0, basis rate 11.91%, historical quantile 67.30% [1] - **Asphalt (BU2602)**: Spot price 3008.0, futures price 2920.0, basis 88.0, basis rate 2.93%, historical quantile 32.40% [1] - **Butadiene Rubber (BR2602)**: Spot price 11600.0, futures price 11300.0, basis 300.0, basis rate 2.99%, historical quantile 7.30% [1] - **Float Glass (FG605)**: Spot price 1051.0, futures price 896.0, basis 155.0, basis rate 17.30%, historical quantile 8.19% [1] - **Soda Ash (SA605)**: Spot price 1181.0, futures price 1122.0, basis 59.0, basis rate 5.26%, historical quantile 18.69% [1] - **Natural Rubber (RU2605)**: Spot price 15665.0, futures price 15250.0, basis 415.0, basis rate 2.72%, historical quantile 69.38% [1] Financial Futures - **Stock Index Futures** - **IF2603.CFF**: Spot price 4639.4, futures price 4610.2, basis - 29.2, basis rate - 0.63%, historical quantile 14.10% [1] - **IH2603.CFE**: Spot price 3038.0, futures price 3034.6, basis 3.4, basis rate 0.11%, historical quantile 76.10% [1] - **IC2603.CFE**: Spot price 7430.6, futures price 7336.6, basis - 94.0, basis rate - 1.28%, historical quantile 4.20% [1] - **IM2603.CFE**: Spot price 7594.2, futures price 7439.0, basis - 155.2, basis rate - 2.09%, historical quantile 7.80% [1] - **Treasury Bond Futures** - **2 - year Treasury Bond (TS2603)**: Spot price 102.48, futures price 100.15, basis - 0.01, basis rate - 0.01%, historical quantile 23.90%, conversion factor 0.9774 [1] - **5 - year Treasury Bond (TF2603)**: Spot price 105.83, futures price 99.56, basis - 0.04, basis rate - 0.04%, historical quantile 22.10%, conversion factor 0.9412 [1] - **10 - year Treasury Bond (T2603)**: Spot price 107.97, futures price 100.37, basis 0.09, basis rate 0.09%, historical quantile 28.10%, conversion factor 0.9288 [1] - **30 - year Treasury Bond (TL2603)**: Spot price 126.22, futures price 111.64, basis 0.48, basis rate 0.43%, historical quantile 71.10%, conversion factor 1.1263 [1]

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 Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon iron (SF603), the spot price is 5518, the futures price is 5578, and the basis is -60 with a basis rate of -1.08%. For silicon manganese (SM603), the spot price is 5810, the futures price is 5758, and the basis is 52 with a basis rate of 0.90%. For rebar (RB2605), the spot price is 3270, the futures price is 3240, and the basis is 30 with a basis rate of 0.93%. For hot - rolled coil (HC2605), the spot price is 3233, the futures price is 3240, and the basis is -7 with a basis rate of -0.22%. For iron ore (I2605), the spot price is 831, the futures price is 753, and the basis is 78 with a basis rate of 10.34%. For coke (J2601), the spot price is 1592, the futures price is 1504, and the basis is 88 with a basis rate of 9.87%. For coking coal (JM2605), the spot price is 1139, the futures price is 1061, and the basis is 78 with a basis rate of 7.35% [1]. - **Non - ferrous Metals**: For copper (CU2602), the spot price is 92400, the futures price is 92265, and the basis is 135 with a basis rate of 0.15%. For aluminum (AL2602), the spot price is 21710, the futures price is 21920, and the basis is -210 with a basis rate of -0.96%. For zinc (ZN2601), the spot price is 23430, the futures price is 23400, and the basis is 30 with a basis rate of 0.13%. For tin (SN2601), the spot price is 327390, the futures price is 324100, and the basis is 3290 with a basis rate of 1.00%. For nickel (NI2601), the spot price is 115050, the futures price is 114690, and the basis is 360 with a basis rate of 0.31%. For stainless steel (SS2602), the spot price is 12970, the futures price is 12480, and the basis is 490 with a basis rate of 3.93%. For lithium carbonate (LC2605), the spot price is 101060, the futures price is 95150, and the basis is 5910 with a basis rate of 6.21%. For industrial silicon (SI2605), the spot price is 9200, the futures price is 8350, and the basis is 850 with a basis rate of 10.18% [1]. Precious Metals - For gold (AU2602), the spot price is 983.2, the futures price is 977.1, and the basis is 6.1 with a basis rate of 0.62%. For silver (AG2602), the spot price is 14795.0, the futures price is 14793.0, and the basis is 2.0 with a basis rate of 0.01% [1]. Agricultural Products - For soybean meal (M2605), the spot price is 3060, the futures price is 2758.0, and the basis is 302.0 with a basis rate of 10.95%. For soybean oil (Y2605), the spot price is 8340, the futures price is 7940.0, and the basis is 400.0 with a basis rate of 5.04%. For palm oil (P2605), the spot price is 8560, the futures price is 8492.0, and the basis is 68.0 with a basis rate of 0.80%. For rapeseed meal (RM605), the spot price is 2520, the futures price is 2341.0, and the basis is 179.0 with a basis rate of 7.65%. For rapeseed oil (Oleos), the spot price is 9750, the futures price is 9196.0, and the basis is 554.0 with a basis rate of 6.02%. For corn (C2601), the spot price is 2320, the futures price is 2228.0, and the basis is 92.0 with a basis rate of 4.13%. For corn starch (CS2601), the spot price is 2650, the futures price is 2513.0, and the basis is 137.0 with a basis rate of 9.45%. For live pigs (H2603), the spot price is 11450, the futures price is 11305.0, and the basis is 145.0 with a basis rate of 1.28%. For eggs (JD2601), the spot price is 3122.0, the futures price is 3020, and the basis is 102.0 with a basis rate of 3.27%. For cotton (CF605), the spot price is 14884, the futures price is 14000.0, and the basis is 884.0 with a basis rate of 6.31%. For white sugar (SR605), the spot price is 5450, the futures price is 5207.0, and the basis is 243.0 with a basis rate of 4.67%. For apples (AP605), the spot price is 9232.0, the futures price is 9000, and the basis is 232.0 with a basis rate of 2.51%. For red dates (CJ605), the spot price is 8600, the futures price is 9025.0, and the basis is -425.0 with a basis rate of -4.71% [1]. Energy and Chemicals - For paraxylene (PX603), the spot price is 6784.0, the futures price is 6769.0, and the basis is 15.0 with a basis rate of 0.22%. For PTA (TA605), the spot price is 4628.0, the futures price is 4615.0, and the basis is 13.0 with a basis rate of 0.28%. For ethylene glycol (EG2601), the spot price is 3651.0, the futures price is 3630.0, and the basis is 21.0 with a basis rate of 0.58%. For polyester staple fiber (PF602), the spot price is 6265.0, the futures price is 6098.0, and the basis is 167.0 with a basis rate of 2.74%. For styrene (EB2601), the spot price is 6635.0, the futures price is 6487.0, and the basis is 148.0 with a basis rate of 2.28%. For methanol (MA605), the spot price is 2105.0, the futures price is 2074.0, and the basis is 31.0 with a basis rate of 1.49%. For urea (UR601), the spot price is 1700.0, the futures price is 1629.0, and the basis is 71.0 with a basis rate of 4.36%. For LLDPE (L2605), the spot price is 6600.0, the futures price is 6557.0, and the basis is 43.0 with a basis rate of 0.66%. For PP (PP2605), the spot price is 6305.0, the futures price is 6254.0, and the basis is 51.0 with a basis rate of 0.82%. For PVC (V2601), the spot price is 4330.0, the futures price is 4315.0, and the basis is 15.0 with a basis rate of 0.35%. For caustic soda (SH603), the spot price is 2218.8, the futures price is 2163.0, and the basis is 55.8 with a basis rate of 2.58%. For LPG (PG2601), the spot price is 4498.0, the futures price is 4181.0, and the basis is 317.0 with a basis rate of 7.58%. For asphalt (BU2602), the spot price is 2963.0, the futures price is 2920.0, and the basis is 43.0 with a basis rate of 1.45%. For butadiene rubber (BR2602), the spot price is 10845.0, the futures price is 10600.0, and the basis is 245.0 with a basis rate of 2.26%. For float glass (FG605), the spot price is 950.0, the futures price is 936.0, and the basis is 14.0 with a basis rate of 1.50%. For soda ash (SA605), the spot price is 1133.0, the futures price is 1123.0, and the basis is 10.0 with a basis rate of 0.88%. For natural rubber (RU2605), the spot price is 15200.0, the futures price is 14950.0, and the basis is 250.0 with a basis rate of 1.67% [1]. Financial Futures - For IF2512.CFE, the spot price is 4552.1, the futures price is 4545.6, and the basis is 6.5 with a basis rate of 0.14%. For IH2512.CFE, the spot price is 2987.1, the futures price is 2983.8, and the basis is 3.3 with a basis rate of 0.11%. For IC2512.CFE, the spot price is 7115.8, the futures price is 7114.0, and the basis is -1.8 with a basis rate of -0.03%. For IM2512.CFE, the spot price is 7309.1, the futures price is 7308.0, and the basis is 1.1 with a basis rate of 0.01%. For 2 - year bond (TS2603), the spot price is 102.44, the futures price is 100.08, and the basis is -0.05 with a basis rate of -0.05%. For 5 - year bond (TF2603), the spot price is 105.76, the futures price is 99.50, and the basis is -0.04 with a basis rate of -0.04%. For 10 - year bond (T2603), the spot price is 107.86, the futures price is 100.24, and the basis is 0.06 with a basis rate of 0.06%. For 30 - year bond (TL2603), the spot price is 126.03, the futures price is 111.60, and the basis is 0.34 with a basis rate of 0.30% [1].