1. Report's Industry Investment Rating - Not available in the provided content 2. Core View of the Report - The report presents the daily price difference data of various commodities on January 22, 2026, including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy chemicals, and financial products. It provides information on spot prices, futures prices, basis, basis rates, and historical quantiles for each commodity [1] 3. Summary by Commodity Categories Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 5628, futures price is 72, basis is 5556, basis rate is 7716.67%, and historical quantile is 64.50% [1] - **Silicon Manganese (SM603)**: Spot price is 5950, futures price is 164, basis is 5786, basis rate is 3528.05%, and historical quantile is 57.10% [1] - **Rebar (RB2605)**: Spot price is 3270, futures price is 3117, basis is 153, basis rate is 4.91%, and historical quantile is 63.40% [1] - **Hot - Rolled Coil (HC2605)**: Spot price is 3286, futures price is 12.30% of an unknown value (incomplete data), basis and other data are incomplete [1] - **Iron Ore (I2605)**: Spot price of 62.5% Brazilian mixed powder at Rizhao Port is 1713, futures price is not clearly presented, basis is 842, basis rate is 7.35%, and historical quantile is 45.90% [1] - **Coke (J2605)**: Spot price of quasi - first - grade metallurgical coke at Rizhao Port is 1684, futures price is not clearly presented, basis is 29, basis rate is 1.73%, and historical quantile is 78.86% [1] - **Coking Coal (JM2605)**: Spot price of S1.3 G75 main coking coal at Shaheyi is 1156, futures price is 1129, basis is 27, basis rate is 2.39%, and historical quantile is 35.00% [1] Non - Ferrous Metals - **Copper (CU2603)**: Spot price is 100060, futures price is 101280, basis is - 1220, basis rate is - 1.20%, and historical quantile is 1.90% [1] - **Aluminum (AL2603)**: Spot price is 23710, futures price is 24155, basis is - 445, basis rate is - 1.84%, and historical quantile is 0.60% [1] - **Alumina (AO2605)**: Spot price is 2672, futures price is 2634, basis is 38, basis rate is 1.44%, and historical quantile is 22.20% [1] - **Zinc (ZN2603)**: Spot price is 24140, futures price is 24350, basis is - 210, basis rate is - 0.86%, and historical quantile is 12.50% [1] - **Tin (SN2602)**: Spot price is 395750, futures price is 418420, basis is - 22670, basis rate is - 5.42%, and historical quantile is 0.20% [1] - **Nickel (NI2603)**: Spot price is 143060, futures price is 140550, basis is 2510, basis rate is 1.79%, and historical quantile is 1.00% [1] - **Stainless Steel (225603)**: Spot price is 14720, futures price is 14670, basis is 50, basis rate is 0.34%, and historical quantile is 6.20% [1] - **Lithium Carbonate (LC2605)**: Spot price is 158500, futures price is 166740, basis is - 8240, basis rate is - 4.94%, and historical quantile is 3.30% [1] - **Industrial Silicon (SI2605)**: Spot price is 9250, futures price is 8780, basis is 470, basis rate is 5.35%, and historical quantile is 28.52% [1] Precious Metals - **Gold (AU2604)**: Spot price is 1085.9, futures price is 1092.3, basis is - 6.4, basis rate is - 0.60%, and historical quantile is 0.70% [1] - **Silver (AG2604)**: Spot price is 23131.0, futures price is 23228.0, basis is - 97.0, basis rate is - 0.42%, and historical quantile is 98.50% [1] Agricultural Products - **Soybean Meal (M2605)**: Spot price is 335.0, futures price is 3060, basis is - 2725.0, basis rate is - 81.34%, and historical quantile is 73.60% [1] - **Soybean Oil (Y2605)**: Spot price is 8500, futures price is 8044.0, basis is 456.0, basis rate is 5.67%, and historical quantile is 79.60% [1] - **Palm Oil (P2605)**: Spot price is 8832.0, futures price is 8780, basis is 52.0, basis rate is 0.59%, and historical quantile is 11.20% [1] - **Rapeseed Meal (RM605)**: Spot price is 2410, futures price is 2228.0, basis is 182.0, basis rate is 8.17%, and historical quantile is 81.70% [1] - **Rapeseed Oil (Oleos)**: Spot price is 9770, futures price is 8947.0, basis is 823.0, basis rate is 9.64%, and historical quantile is 3.15% [1] - **Corn (C2603)**: Spot price is 2355, futures price is 2283.0, basis is 72.0, basis rate is 3.15%, and historical quantile is 71.40% [1] - **Corn Starch (CS2603)**: Spot price is 2630, futures price is 2551.0, basis is 79.0, basis rate is 3.10%, and historical quantile is 35.00% [1] - **Live Pigs (H2603)**: Spot price is 13100, futures price is 11470.0, basis is 1630.0, basis rate is 14.21%, and historical quantile is 87.60% [1] - **Eggs (JD2603)**: Spot price is 3510, futures price is 3035.0, basis is 475.0, basis rate is 15.65%, and historical quantile is 74.10% [1] - **Cotton (CF605)**: Spot price is 15550, futures price is 14535.0, basis is 1015.0, basis rate is 6.98%, and historical quantile is 58.20% [1] - **Sugar (SR605)**: Spot price is 5144.0, futures price is 5350, basis is - 206.0, basis rate is - 3.85%, and historical quantile is 34.40% [1] - **Apples (AP605)**: Spot price is 9400, futures price is 9418.0, basis is - 18.0, basis rate is - 0.19%, and historical quantile is 23.60% [1] - **Red Dates (CJ605)**: Spot price is 8000, futures price is 8740.0, basis is - 740.0, basis rate is - 8.47%, and historical quantile is 57.00% [1] Energy Chemicals - **Para - Xylene (PX603)**: Spot price is 7206.0, futures price is 7129.0, basis is 77.0, basis rate is 1.08%, and historical quantile is 14.20% [1] - **PTA (TA605)**: Spot price is 5075.0, futures price is 5154.0, basis is - 79.0, basis rate is - 1.53%, and historical quantile is 24.10% [1] - **Ethylene Glycol (EG2605)**: Spot price is 3689.0, futures price is 3580.0, basis is 109.0, basis rate is 2.95%, and historical quantile is 15.90% [1] - **Polyester Staple Fiber (PF603)**: Spot price is 6480.0, futures price is 6496.0, basis is - 16.0, basis rate is - 0.25%, and historical quantile is 36.90% [1] - **Styrene (EB2603)**: Spot price is 7308.0, futures price is 7475.0, basis is - 167.0, basis rate is - 2.29%, and historical quantile is 62.30% [1] - **Methanol (MA605)**: Spot price is 2215.0, futures price is 2209.0, basis is 6.0, basis rate is 0.27%, and historical quantile is 47.60% [1] - **Urea (UR605)**: Spot price is 1750.0, futures price is 1779.0, basis is - 29.0, basis rate is - 1.63%, and historical quantile is 9.00% [1] - **LLDPE (L2605)**: Spot price is 6575.0, futures price is 6666.0, basis is - 91.0, basis rate is - 1.37%, and historical quantile is 4.60% [1] - **PP (PP2605)**: Spot price is 6575.0, futures price is 6485.0, basis is 90.0, basis rate is 1.37%, and historical quantile is 51.50% [1] - **PVC (V2605)**: Spot price is 4743.0, futures price is 4500.0, basis is 243.0, basis rate is 5.12%, and historical quantile is 19.30% [1] - **Caustic Soda (SH603)**: Spot price is 1946.9, futures price is 1939.0, basis is 7.9, basis rate is 0.41%, and historical quantile is 45.50% [1] - **LPG (PG2603)**: Spot price is 4848.0, futures price is 4069.0, basis is 779.0, basis rate is 19.14%, and historical quantile is 88.60% [1] - **Asphalt (BU2603)**: Spot price is 3070.0, futures price is 3157.0, basis is - 87.0, basis rate is - 2.76%, and historical quantile is 32.70% [1] - **Butadiene Rubber (BR2603)**: Spot price is 11700.0, futures price is 11915.0, basis is - 215.0, basis rate is - 1.84%, and historical quantile is 11.10% [1] - **Float Glass (FG605)**: Spot price is 1039.0, futures price is 928.0, basis is 111.0, basis rate is 11.96%, and historical quantile is 28.42% [1] - **Soda Ash (SA605)**: Spot price is 1128.0, futures price is 1163.0, basis is - 35.0, basis rate is - 3.10%, and historical quantile is 32.84% [1] - **Natural Rubber (RU2605)**: Spot price is 15745.0, futures price is 15400.0, basis is 345.0, basis rate is 2.20%, and historical quantile is 74.89% [1] Financial Products - **Stock Index Futures (IF2603.CFF)**: Spot price is 4723.1, futures price is 4722.8, basis is - 0.3, basis rate is - 0.01%, and historical quantile is 63.30% [1] - **Stock Index Futures (IH2603.CFE)**: Spot price is 3073.6, futures price is 3067.2, basis is 6.4, basis rate is 0.21%, and historical quantile is 88.50% [1] - **Stock Index Futures (IC2603.CFE)**: Spot price is 8371.0, futures price is 8340.1, basis is 30.9, basis rate is 0.37%, and historical quantile is 99.30% [1] - **Stock Index Futures (IM2603.CFE)**: Spot price is 8231.0, futures price is 8182.8, basis is 48.2, basis rate is 0.59%, and historical quantile is 99.50% [1] - **2 - year Treasury Bond Futures (TS2603)**: Spot price is 102.43, futures price is 100.10, basis is - 0.02, basis rate is - 0.02%, and historical quantile is 22.20% [1] - **5 - year Treasury Bond Futures (TF2603)**: Spot price is 108.21, futures price is 105.88, basis is 0.01, basis rate is 0.01%, and historical quantile is 24.40% [1] - **10 - year Treasury Bond Futures (T2603)**: Spot price is 112.25, futures price is 100.51, basis is 0.19, basis rate is 0.17%, and historical quantile is 26.00% [1] - **30 - year Treasury Bond Futures (TL2603)**: Spot price is 126.62, futures price is 112.25, basis is 0.19, basis rate is 0.17%, and historical quantile is 26.00% [1]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Not mentioned in the provided content 3. Summary by Related Catalogs Metals and Minerals - **Ferroalloys**: The price of 72-silicon ferroalloy qualified blocks in Inner Mongolia - Tianjin warehouse receipts increased by 2.56% to 5728, and its historical quantile is 54.50%. The price of 6517-silicon manganese in Inner Mongolia - Hubei warehouse receipts is 6517 [1]. - **Steel Products**: The price of HRB400 20mm in Shanghai increased by 4.11% to 3160, and the price of Q235B 4.75mm in Shanghai decreased by 0.151% to 3307. The price of rebar (RB2605) is 3290, and the price of hot - rolled coil (HC2605) is 3290 [1]. - **Iron Ore**: The price of iron ore (I2605) increased by 7.49% to 874, and the historical quantile is 47.70%. The converted price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1745, with a historical quantile of 65.45% [1]. - **Coke and Coking Coal**: The price of coke (J2605) and the converted price of quasi - first - grade metallurgical coke at Rizhao Port are provided, and the price of coking coal (JM2605) is 1156, and the converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1188 [1]. - **Non - ferrous Metals**: The price of copper (CU2603) is 102575, the price of aluminum (AL2603) decreased by 0.76% to 24375, and the price of zinc (ZN2603) is 25090. The price of tin (SN2602) decreased by 7000, and the price of nickel is 146500. The price of stainless steel (SS2603) is 14570, the price of lithium carbonate (LC2605) decreased by 2.59% to 163220, and the price of industrial silicon (SISEOF) increased by 5.96% to 8730 [1]. - **Precious Metals**: The price of gold (AU2602) is 1035.2, and the price of silver (AG2604) is 22684.0 [1]. Agricultural Products - The price of soybean meal (M2605) is 3090, the price of soybean oil (Y2605) is 7938.0, the price of palm oil (P2605) is 8540, the price of rapeseed meal (RM605) is 2460, the price of rapeseed oil (Oleos) is 9670, the price of corn (C2603) is 2355, the price of corn starch (CS2603) is 2565.0, the price of live pigs (H2603) is 11950.0, the price of eggs (JD2603) is 3066.0, the price of cotton (CF605) is 15700, the price of sugar (SR605) is 5390, the price of apples (AP605) is 9807.0, and the price of red dates (CJ605) is - 840.0 [1]. Energy and Chemicals - The price of p - xylene (PX603) is 7130.0, the price of PTA (TA605) is 5048.0, the price of ethylene glycol (EG2605) is 3675.0, the price of polyester staple fiber (PF603) is 6394.0, the price of styrene (EB2602) is 7235.0, the price of methanol (MA605) is 2273.0, the price of urea (UR605) is 1801.0, the price of LLDPE (L2605) is 6785.0, the price of PP (PP2605) is 6592.0, the price of PVC (V2605) is 4868.0, the price of caustic soda (SH603) is 2056.0, the price of LPG (PG2603) is 4233.0, the price of asphalt (BU2603) is 3167.0, the price of butadiene rubber (BR2603) is 12100.0, the price of float glass (FG605) is 936.0, the price of soda ash (SA605) is 1193.0, and the price of natural rubber (RU2605) is 15995.0 [1]. Financial Futures - The price of IF2603.CFE is 4751.4, the price of IH2603.CFE is 3105.6, the price of IC2603.CFE is 8206.8, the price of IM2603.CFE is 8195.4, the price of 2 - year bond (TS2603) is 100.07, the price of 5 - year bond (TF2603) is 105.76, the price of 10 - year bond (T2603) is 108.05, and the price of 30 - year bond (TL2603) is 111.26 [1].

Report Information - The report is a daily spread report for all varieties, dated January 15, 2026, with investment consulting business qualification of CSRC License [2011] 1292. The data sources are Wind, Mysteel, and GF Futures Research Institute [3] Core View - The report presents the spot prices, futures prices, basis, basis rates, and historical quantiles of various commodities and financial instruments across multiple sectors including ferrous metals, non - ferrous metals, precious metals, agricultural products, energy and chemicals, and financials [1] Sector - by - Sector Summary Ferrous Metals - **Silicon Iron (SF603)**: The spot price is 5690, the futures price is 5920, the basis rate is 45.70%, and the historical quantile is 59.50% [1] - **Silicon Manganese (SM603)**: The spot price is 6020, the futures price is 5920, the basis rate is 1.69%, and the historical quantile is 59.00% [1] - **Rebar (RB2605)**: The spot price is 3300, the futures price is 3162, the basis rate is 4.36%, and the historical quantile is 59.00% [1] - **Hot - Rolled Coil (HC2605)**: The spot price is 3306, the futures price is 3270, the basis rate is - 1.09%, and the historical quantile is 6.70% [1] - **Iron Ore (I2605)**: The spot price is 885, the futures price is 821, the basis rate is 7.75%, and the historical quantile is 49.40% [1] - **Coke (J2605)**: The spot price is 1756, the futures price is 1739, the basis rate is 1.00%, and the historical quantile is 74.44% [1] - **Coking Coal (JM2605)**: The spot price is 1197, the futures price is 1156, the basis rate is 3.38%, and the historical quantile is 24.40% [1] Non - Ferrous Metals - **Copper (CU2603)**: The spot price is 104120, the futures price is 103915, the basis rate is - 0.20%, and the historical quantile is 76.45% [1] - **Aluminum (AL2603)**: The spot price is 24670, the futures price is 24595, the basis rate is 0.30%, and the historical quantile is 36.04% [1] - **Alumina (AO2605)**: The spot price is 2800, the futures price is 2655, the basis rate is - 5.19%, and the historical quantile is 11.67% [1] - **Zinc (ZN2603)**: The spot price is 24500, the futures price is 24475, the basis rate is 0.10%, and the historical quantile is 66.04% [1] - **Tin (SN2602)**: The spot price is 413170, the futures price is 405500, the basis rate is - 1.86%, and the historical quantile is 76.25% [1] - **Nickel (NI2603)**: The spot price is 142400, the futures price is 140940, the basis rate is 1.04%, and the historical quantile is 98.95% [1] - **Stainless Steel (SS2603)**: The spot price is 14070, the futures price is 13925, the basis rate is 1.04%, and the historical quantile is 25.53% [1] - **Lithium Carbonate (LC2605)**: The spot price is 163000, the futures price is 161940, the basis rate is 0.65%, and the historical quantile is 74.88% [1] - **Industrial Silicon (SI2605)**: The spot price is 9250, the futures price is 8755, the basis rate is 5.65%, and the historical quantile is 30.65% [1] Precious Metals - **Gold (AU2602)**: The spot price is 1037.6, the futures price is 1040.6, the basis rate is - 0.80%, and the historical quantile is 22.90% [1] - **Silver (AG2604)**: The spot price is 22763.0, the futures price is 22765.0, the basis rate is 0.00%, and the historical quantile is 87.20% [1] Agricultural Products - **Soybean Meal (M2605)**: The spot price is 3090, the futures price is 2751.0, the basis rate is 12.32%, and the historical quantile is 73.70% [1] - **Soybean Oil (Y2605)**: The spot price is 8750, the futures price is 8440, the basis rate is 3.67%, and the historical quantile is 76.20% [1] - **Palm Oil (P2605)**: The spot price is 8748.0, the futures price is 8308.0, the basis rate is 5.29%, and the historical quantile is 26.50% [1] - **Rapeseed Meal (RM605)**: The spot price is 2480, the futures price is 2289.0, the basis rate is 8.34%, and the historical quantile is 82.40% [1] - **Rapeseed Oil (OI2605)**: The spot price is 9790, the futures price is 8949.0, the basis rate is 9.40%, and the historical quantile is 96.40% [1] - **Corn (C2603)**: The spot price is 2272.0, the futures price is 2189.0, the basis rate is 3.65%, and the historical quantile is 76.20% [1] - **Corn Starch (CS2603)**: The spot price is 2620, the futures price is 2543.0, the basis rate is 3.03%, and the historical quantile is 33.70% [1] - **Live Hogs (H2603)**: The spot price is [13000], the futures price is 12010.0, the basis rate is 8.24%, and the historical quantile is 76.20% [1] - **Eggs (JD2603)**: The spot price is 3330, the futures price is 3007.0, the basis rate is 10.74%, and the historical quantile is 64.60% [1] - **Cotton (CF605)**: The spot price is 15500, the futures price is 14810.0, the basis rate is 4.66%, and the historical quantile is 26.00% [1] - **Sugar (SR605)**: The spot price is 5390, the futures price is 5299.0, the basis rate is 1.72%, and the historical quantile is 14.10% [1] - **Apples (AP605)**: The spot price is 9934.0, the futures price is 9400, the basis rate is - 5.88%, and the historical quantile is 6.10% [1] - **Jujubes (CJ605)**: The spot price is 9130.0, the futures price is 8200, the basis rate is - 10.19%, and the historical quantile is 46.90% [1] Energy and Chemicals - **Para - Xylene (PX603)**: The spot price is 7262.0, the futures price is 7210.0, the basis rate is - 0.72%, and the historical quantile is 17.80% [1] - **PTA (TA605)**: The spot price is 5116.0, the futures price is 5060.0, the basis rate is - 1.09%, and the historical quantile is 35.80% [1] - **Ethylene Glycol (EG2605)**: The spot price is 3867.0, the futures price is 3720.0, the basis rate is 3.80%, and the historical quantile is 7.00% [1] - **Polyester Staple Fiber (PF603)**: The spot price is 6510.0, the futures price is 6470.0, the basis rate is 0.62%, and the historical quantile is 52.90% [1] - **Styrene (EB2602)**: The spot price is 7250.0, the futures price is 7116.0, the basis rate is 1.88%, and the historical quantile is 55.30% [1] - **Methanol (MA605)**: The spot price is 2288.0, the futures price is 2257.0, the basis rate is - 1.85%, and the historical quantile is 18.80% [1] - **Urea (UR605)**: The spot price is 1814.0, the futures price is 1740.0, the basis rate is - 4.08%, and the historical quantile is 2.30% [1] - **LLDPE (L2605)**: The spot price is 6850.0, the futures price is 6820.0, the basis rate is 0.44%, and the historical quantile is 31.80% [1] - **PP (PP2605)**: The spot price is 6590.0, the futures price is 6525.0, the basis rate is - 0.99%, and the historical quantile is 10.60% [1] - **PVC (V2605)**: The spot price is 4878.0, the futures price is 4660.0, the basis rate is - 4.47%, and the historical quantile is 23.40% [1] - **Caustic Soda (SH603)**: The spot price is 2100.0, the futures price is 2093.0, the basis rate is 0.33%, and the historical quantile is 45.00% [1] - **LPG (PG2603)**: The spot price is 5048.0, the futures price is 4225.0, the basis rate is 19.48%, and the historical quantile is 91.10% [1] - **Asphalt (BU2603)**: The spot price is 3168.0, the futures price is 3100.0, the basis rate is - 2.15%, and the historical quantile is 37.90% [1] - **Butadiene Rubber (BR2603)**: The spot price is 12250.0, the futures price is 12100.0, the basis rate is - 1.22%, and the historical quantile is 14.70% [1] - **Glass (FG605)**: The spot price is 1096.0, the futures price is 940.0, the basis rate is 16.60%, and the historical quantile is 9.47% [1] - **Soda Ash (SA605)**: The spot price is 1222.0, the futures price is 1162.0, the basis rate is - 5.16%, and the historical quantile is 18.52% [1] - **Natural Rubber (RU2605)**: The spot price is 16160.0, the futures price is 15850.0, the basis rate is - 1.96%, and the historical quantile is 77.34% [1] Financials - **Stock Index Futures**: - **IF2603.CFF**: The spot price is 4741.9, the futures price is 4740.0, the basis rate is - 0.04%, and the historical quantile is 58.50% [1] - **IH2603.CFE**: The spot price is 3112.1, the futures price is 3114.0, the basis rate is 0.06%, and the historical quantile is 67.50% [1] - **IC2603.CFE**: The spot price is 8227.7, the futures price is 8197.8, the basis rate is - 0.36%, and the historical quantile is 40.90% [1] - **IM2603.CFE**: The spot price is 8257.2, the futures price is 8156.0, the basis rate is - 1.24%, and the historical quantile is 16.80% [1] - **Treasury Bond Futures**: - **2 - year Treasury Bond (TS2603)**: The spot price is 102.34, the futures price is 100.04, the basis rate is 0.02%, and the historical quantile is 35.50% [1] - **5 - year Treasury Bond (TF2603)**: The spot price is 105.66, the futures price is 99.44, the basis rate is 0.00%, and the historical quantile is 27.50% [1] - **10 - year Treasury Bond (T2603)**: The spot price is 107.92, the futures price is 100.32, the basis rate is 0.07%, and the historical quantile is 26.40% [1] - **30 - year Treasury Bond (TL2603)**: The spot price is 125.64, the futures price is 111.28, the basis rate is 0.28%, and the historical quantile is 43.20% [1]