1. Report Title - The report is titled "Full Variety Spread Daily Report" [4] 2. Report Date - The report is dated July 1, 2025 [3] 3. Data Sources - The data sources include Wind, Mysteel, and the Research Institute of GF Futures [5] 4. Commodity Analysis Ferrous Metals - **Silicon Iron (SF509)**: The spot price is 5344, the futures price is 5528, with a basis of 184 and a basis rate of 3.44% [1] - **Silicon Manganese (SM509)**: The spot price is 5642, the futures price is 5820, with a basis of 178 and a basis rate of 3.15% [1] - **Rebar (RB2510)**: The spot price is 2997, the futures price is 3130, with a basis of 133 and a basis rate of 4.44% [1] - **Hot - Rolled Coil (HC2510)**: The spot price is 3123, the futures price is 3200, with a basis of 77 and a basis rate of 2.47% [1] - **Iron Ore (I2509)**: The spot price is 716, the futures price is 759, with a basis of 43 and a basis rate of 6.06% [1] - **Coke (J2509)**: The spot price is 1404, the futures price is 1284, with a basis of - 120 and a basis rate of - 8.52% [1] - **Coking Coal (JM2509)**: The spot price is 855, the futures price is 836, with a basis of 11 and a basis rate of 1.33% [1] Non - Ferrous Metals - **Copper (CU2508)**: The spot price is 79990, the futures price is 79870, with a basis of 120 and a basis rate of 0.15% [1] - **Aluminum (AL2508)**: The spot price is 20780, the futures price is 20580, with a basis of 200 and a basis rate of 0.97% [1] - **Alumina (AO2509)**: The spot price is 5985, the futures price is 3114, with a basis of 129 and a basis rate of 4.33% [1] - **Zinc (ZN2508)**: The spot price is 22495, the futures price is 22420, with a basis of - 75 and a basis rate of - 0.33% [1] - **Tin (SN2508)**: The spot price is 268110, the futures price is 267200, with a basis of - 910 and a basis rate of - 0.34% [1] - **Nickel (NI2508)**: The spot price is 121200, the futures price is 120830, with a basis of 370 and a basis rate of 0.31% [1] - **Stainless Steel (SS2508)**: The spot price is 12820, the futures price is 12610, with a basis of 210 and a basis rate of 1.67% [1] Chemicals - **Carbonate Lithium (LC2509)**: The spot price is 62260, the futures price is 61300, with a basis of - 960 and a basis rate of - 1.54% [1] - **Industrial Silicon (SI2509)**: The spot price is 8450, the futures price is 8060, with a basis of 390 and a basis rate of 4.84% [1] Precious Metals - **Gold (AU2508)**: The spot price is 767.6, the futures price is 764.2, with a basis of - 3.4 and a basis rate of - 0.45% [1] - **Silver (AG2508)**: The spot price is 8762.0, the futures price is 8728.0, with a basis of - 34.0 and a basis rate of - 0.39% [1] Agricultural Products - **Soybean Meal (M2509)**: The spot price is 2961.0, the futures price is 2830, with a basis of - 131.0 and a basis rate of - 4.42% [1] - **Soybean Oil (Y2509)**: The spot price is 8120, the futures price is 7984.0, with a basis of 136.0 and a basis rate of 1.70% [1] - **Palm Oil (P2509)**: The spot price is 8450, the futures price is 8330.0, with a basis of 120.0 and a basis rate of 1.44% [1] - **Rapeseed Meal (RM509)**: The spot price is 2572.0, the futures price is 2440, with a basis of - 132.0 and a basis rate of - 5.13% [1] - **Rapeseed Oil (O1509)**: The spot price is 9560, the futures price is 9415.0, with a basis of 145.0 and a basis rate of 1.54% [1] - **Corn (C2509)**: The spot price is 2380, the futures price is 2378.0, with a basis of 2.0 and a basis rate of 0.08% [1] - **Corn Starch (CS2509)**: The spot price is 2750, the futures price is 2733.0, with a basis of 17.0 and a basis rate of 0.62% [1] - **Live Pigs (LH2509)**: The spot price is 14950, the futures price is 13870.0, with a basis of 1080.0 and a basis rate of 7.79% [1] - **Eggs (JD2508)**: The spot price is 3566.0, the futures price is 2640, with a basis of - 926.0 and a basis rate of - 25.97% [1] - **Cotton (CF509)**: The spot price is 15117, the futures price is 13740.0, with a basis of 1377.0 and a basis rate of 10.02% [1] - **Sugar (SR509)**: The spot price is 6150, the futures price is 5807.0, with a basis of 343.0 and a basis rate of 5.91% [1] - **Apples (AP510)**: The spot price is 8600, the futures price is 7701.0, with a basis of 899.0 and a basis rate of 11.67% [1] - **Red Dates (CJ509)**: The spot price is 9595.0, the futures price is 8300, with a basis of - 1295.0 and a basis rate of - 13.50% [1] Energy and Chemicals - **Para - Xylene (PX509)**: The spot price is 7218.0, the futures price is 6796.0, with a basis of 422.0 and a basis rate of 6.22% [1] - **PTA (TA509)**: The spot price is 5040.0, the futures price is 4798.0, with a basis of 242.0 and a basis rate of 5.04% [1] - **Ethylene Glycol (EG2509)**: The spot price is 4330.0, the futures price is 4267.0, with a basis of 63.0 and a basis rate of 1.48% [1] - **Polyester Fiber (PF508)**: The spot price is 6730.0, the futures price is 6542.0, with a basis of 188.0 and a basis rate of 2.87% [1] - **Styrene (EB2508)**: The spot price is 7800.0, the futures price is 7287.0, with a basis of 513.0 and a basis rate of 7.04% [1] - **Methanol (MA509)**: The spot price is 2790.0, the futures price is 2381.0, with a basis of 409.0 and a basis rate of 17.18% [1] - **Urea (UR509)**: The spot price is 1800.0, the futures price is 1712.0, with a basis of 88.0 and a basis rate of 5.14% [1] - **LLDPE (L2509)**: The spot price is 7315.0, the futures price is 7261.0, with a basis of 54.0 and a basis rate of 0.74% [1] - **PP (PP2509)**: The spot price is 7200.0, the futures price is 7070.0, with a basis of 130.0 and a basis rate of 1.84% [1] - **PVC (V2509)**: The spot price is 4889.0, the futures price is 4820.0, with a basis of - 69.0 and a basis rate of - 1.41% [1] - **Caustic Soda (SH209)**: The spot price is 2438.0, the futures price is 2319.0, with a basis of 119.0 and a basis rate of 5.11% [1] - **LPG (PG2508)**: The spot price is 4698.0, the futures price is 4222.0, with a basis of 476.0 and a basis rate of 11.27% [1] - **Asphalt (BU2509)**: The spot price is 3805.0, the futures price is 3564.0, with a basis of 241.0 and a basis rate of 6.76% [1] - **Butadiene Rubber (BR2508)**: The spot price is 11700.0, the futures price is 11250.0, with a basis of 450.0 and a basis rate of 4.00% [1] - **Glass (FG509)**: The spot price is 1044.0, the futures price is 1006.0, with a basis of 38.0 and a basis rate of 3.64% [1] - **Soda Ash (SA509)**: The spot price is 1210.0, the futures price is 1181.0, with a basis of 29.0 and a basis rate of 2.40% [1] - **Natural Rubber (RU2509)**: The spot price is 13985.0, the futures price is 13950.0, with a basis of - 35.0 and a basis rate of - 0.25% [1] Financial Futures - **Stock Index Futures**: - **IF2509.CFF**: The spot price is 3936.1, the futures price is 3885.8, with a basis of - 50.3 and a basis rate of - 0.85% [1] - **IH2509.CFE**: The spot price is 2712.0, the futures price is 2689.0, with a basis of - 23.0 and a basis rate of - 0.85% [1] - **IC2507.CFE**: The spot price is 5915.4, the futures price is 5863.0, with a basis of - 52.4 and a basis rate of - 0.89% [1] - **IM2509.CFE**: The spot price is 6356.2, the futures price is 6148.6, with a basis of - 207.6 and a basis rate of - 3.38% [1] - **Bond Futures**: - **2 - Year Bond (TS2509)**: The spot price is 102.50, the futures price is 100.37, with a basis of - 0.03 and a basis rate of - 0.03% [1] - **5 - Year Bond (TF2509)**: The spot price is 106.15, the futures price is 101.07, with a basis of 0.07 and a basis rate of 0.00% [1] - **10 - Year Bond (T2509)**: The spot price is 108.90, the futures price is 101.28, with a basis of 0.07 and a basis rate of 0.07% [1] - **30 - Year Bond (TL2509)**: The spot price is 136.16, the futures price is 120.40, with a basis of 0.36 and a basis rate of 0.30% [1]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents a daily spread report for all varieties on June 27, 2025, including data on various commodities such as metals, agricultural products, energy, and chemical products, with details on spot prices, futures prices, basis, basis rates, and historical quantiles [1][3]. 3. Summary by Categories Metals - **Ferrous Metals**: For silicon iron (SF509), the spot price is 5528, the futures price is 5384, the basis is 144, and the basis rate is 2.67% with a historical quantile of 76.30%. For silicon manganese (SM509), the spot price is 5676, the futures price is 5790, the basis is -114, and the basis rate is -2.01% with a historical quantile of 45.50%. Similar data is provided for other ferrous metals like螺纹钢 (RB2510), 热卷 (HC2510), 铁矿石 (I2509), 焦炭 (J2509), and 焦煤 (JM2509) [1]. - **Non - Ferrous Metals**: For copper (CU2508), the spot price is 78940, the futures price is 78890, the basis is 50, and the basis rate is 0.06% with a historical quantile of 46.66%. For aluminum (AL2508), the spot price is 20610, the futures price is 20445, the basis is 165, and the basis rate is 0.81% with a historical quantile of 85.41%. Other non - ferrous metals such as zinc (ZN2508), tin (SN2508), nickel (NI2508), stainless steel (SS2508), and lithium carbonate (LC2509) also have their respective data presented [1]. - **Precious Metals**: For gold (AU2508), the spot price is 775.3, the futures price is 773.3, the basis is 2.0, and the basis rate is 0.26% with a historical quantile of 40.10%. For silver (AG2508), the spot price is 8796.0, the futures price is 8773.0, the basis is 23.0, and the basis rate is 0.26% with a historical quantile of 32.70% [1]. Agricultural Products - For soybean meal (M2509), the spot price is 2936.0, the futures price is 2820, the basis is 116.0, and the basis rate is 3.95% with a historical quantile of 12.90%. For soybean oil (Y2509), the spot price is 8140, the futures price is 8000.0, the basis is 140.0, and the basis rate is 1.75% with a historical quantile of 20.00%. Other agricultural products like palm oil (P2509), rapeseed meal (RM509), rapeseed oil (O1509), corn (C2509), corn starch (CS2509), live pigs (LH2509), eggs (JD2508), cotton (CF509), sugar (SR509), apples (AP510), and jujubes (CJ509) are also covered [1]. Energy and Chemicals - For p - xylene (PX509), the spot price is 6959.7, the futures price is 6722.0, the basis is 237.7, and the basis rate is 3.54% with a historical quantile of 87.90%. For PTA (TA509), the spot price is 5030.0, the futures price is 4770.0, the basis is 260.0, and the basis rate is 5.45% with a historical quantile of 84.90%. Other energy and chemical products such as ethylene glycol (EG2509), styrene (EB2508), methanol (MA509), urea (UR509), LLDPE (L2509), PP (PP2509), PVC (V2509), caustic soda (SH209), LPG (PG2508), asphalt (BU2509), butadiene rubber (BR2508), glass (FG509), and soda ash (SA509) are included in the report [1]. Financial Futures - For stock index futures such as IF2509.CFF, the spot price is 3946.0, the futures price is 3904.2, the basis is - 41.8, and the basis rate is - 1.07% with a historical quantile of 6.70%. For bond futures like 2 - year bond (TS2509), 5 - year bond (TF2509), 10 - year bond (T2509), and 30 - year bond (TL2509), their respective data on spot prices, futures prices, bases, basis rates, and historical quantiles are provided [1].

Industry Investment Rating - Not available Core Viewpoints - The index has stable support below but faces pressure to break through above. The tariff negotiation is still ongoing, and the index fluctuates in the short - term due to news. The big - finance sector leads the upward movement, and the stock index rebounds comprehensively. The Sino - US economic and trade negotiation has reached a framework consensus, but there is no incremental information. The uncertainty of Treasury bond futures has weakened, and the overall situation is strong. Gold maintains a range - bound oscillation and may have pulse - type fluctuations. The increase in US inflation is less than expected, supporting the Fed to cut interest rates earlier, and the Middle East geopolitical tensions drive up the price of gold. The container shipping index is in a shock consolidation. The demand and inventory of industrial steel materials are deteriorating. The iron ore is in a range - bound oscillation. The coking coal and coke market expectations are improving. The prices of various energy - chemical and agricultural products show different trends [2] Summary by Variety Financial - **Stock Index**: The index has stable support below and pressure to break through above. The big - finance sector leads the upward movement, and the stock index rebounds comprehensively. It is recommended to sell the put options of the CSI 1000 Index with an exercise price around 5800 in July to collect the premium [2] - **Treasury Bond**: The uncertainty of Treasury bond futures has weakened, and the overall situation is strong. In the short - term, it is advisable to allocate long positions on dips. Pay attention to the positive arbitrage strategy of the TS2509 contract. If there is no sudden change in the trade negotiation this week, Treasury bond futures may continue to oscillate strongly. Currently, 1.6% is the downward resistance level of the 10 - year bond interest rate [2] - **Precious Metal**: Gold maintains a range - bound oscillation and may have pulse - type fluctuations. Do the double - selling strategy of out - of - the - money gold options to earn time value. Consider going long on the main contract on dips. Be cautious about the flow of speculative funds in silver and the "killing decline" caused by long - position profit - taking [2] Black - **Steel**: The demand and inventory of industrial steel materials are deteriorating. Pay attention to the decline range of apparent demand. It is recommended to wait and see for unilateral operations and focus on the arbitrage operation of going long on finished products and short on raw materials [2] - **Iron Ore**: It is in a range - bound oscillation, with a reference range of 700 - 745. Pay attention to the marginal change of terminal demand [2] - **Coking Coal**: The market auction non - successful bid rate has decreased, the coal mine start - up has declined from a high level, and the spot has signs of stabilizing. It is recommended to go long on JM2509 on dips [2] - **Coke**: The third round of price cuts by mainstream steel mills on June 6 has been implemented. The futures price has a rebound expectation. It is recommended to go long on J2509 on dips [2] - **Silicon Iron**: It is in a bottom - range oscillation. Try to go short when it rebounds to 5300 - 5400 [2] - **Manganese Silicon**: The supply pressure still exists. It is in a bottom - range oscillation. Try to go short when it rebounds to 5700 - 5800 [2] Non - ferrous - **Copper**: The domestic spot trading has weakened, and the US copper restocking continues. The main contract reference range is 77000 - 80000 [2] - **Zinc**: The mine - end resumption of production provides incremental supply, and the zinc price oscillates weakly [2] - **Nickel**: The afternoon sentiment improved, and the price rose slightly. The main contract reference range is 118000 - 126000 [2] - **Stainless Steel**: After the price limit was partially restored, the price turned red, but the fundamental contradiction remains unchanged. It is recommended to adopt a high - short strategy after the sentiment stabilizes. The main contract reference range is 12400 - 13000 [2] - **Tin**: Due to the slow recovery of supply and the warming of macro - sentiment, the tin price continues to rise. It is recommended to adopt a short - term long - bias strategy [2] Energy - Chemical - **Crude Oil**: Geopolitical risks are rising. The short - term oil price is likely to continue the strong - bias oscillation trend. Pay attention to the opportunity of monthly spread expansion [2] - **Urea**: The supply is at a high level, and the demand has not improved. The downward pressure on the price remains. It is recommended to wait and see for unilateral operations and wait for the rebound opportunity. The support level of the main contract is adjusted to 1620 - 1640. Consider the 09 - 01 reverse arbitrage [2] - **PX**: The cost side is strong, and the supply - demand situation is good. It has support at 6400 - 6500 in the short - term. Do short - term long operations; mainly do short - term reverse arbitrage for PX9 - 1; shrink the PX - SC spread when it is high [2] - **PTA**: The supply - demand situation is gradually weakening, but the cost side is strong. It is in a stalemate oscillation. Operate in the range of 4500 - 4800 in the short - term; mainly do reverse arbitrage for TA9 - 1 when it is high [2] - **Short - fiber**: Under the expectation of factory production cuts, the short - term processing fee has slightly recovered, but the driving force is still limited. The unilateral operation is the same as that of PTA; expand the processing fee on the PF disk when it is low [2] - **Bottle Chip**: In the peak demand season, there is an expectation of production cuts for bottle chips, and the processing fee is bottom - seeking. It follows the cost fluctuation. The unilateral operation is the same as that of PTA. The processing fee on the main PF disk is expected to fluctuate in the range of 350 - 600 yuan/ton. Pay attention to the opportunity to expand it at the lower edge of the range [2] - **Ethanol**: The short - term demand is weak, but the supply - demand structure of MEG is still good. It is expected to oscillate in the range. Oscillate in the range of 4200 - 4400 for EG09 in the short - term; pay attention to the opportunity of positive arbitrage for EG9 - 1 on dips [2] - **Benzene Ethylene**: The short - term raw materials and benzene ethylene destocking support the price. Pay attention to the medium - term contradiction. Wait and see in the short - term, and consider high - short operations in the medium - term when there is a raw material resonance opportunity [2] - **Caustic Soda**: The supply - demand expectation is not good, the spot price has回调, and the near - month support is insufficient. Exit the 7 - 9 positive arbitrage. Wait and see for unilateral operations [2] - **PVC**: The short - term contradiction has not further intensified, and the macro - disturbance has increased. The price is in a low - level consolidation. Wait and see in the short - term, and maintain a high - short strategy for medium - and long - term participation [2] - **Synthetic Rubber**: BR follows the commodity price fluctuation. Hold the short position of BR2507 [2] - **LLDPE**: The spot price and basis change little, and the trading volume is moderate [2] - **PP**: The supply and demand are both weak, and it oscillates weakly. Oscillate weakly and go short on rallies [2] - **Methanol**: The inventory inflection point has appeared, and it oscillates [2] Agricultural - **Soybean Meal and Rapeseed Meal**: During the Sino - US trade negotiation, the price runs strongly [2] - **Pig**: The demand is weak due to the hot weather, but the rising feed price boosts the price. Pay attention to the performance around 13500 [2] - **Corn**: The upward momentum weakens, and it oscillates at a high level. Oscillate around 2380 in the short - term [2] - **Palm Oil**: Affected by the concern about production, it falls inertia - ally. It may test the support at 7800 in the short - term [2] - **Sugar**: The overseas supply outlook is loose. Do short - selling on rebounds, with a reference range of 5600 - 5850 [2] - **Cotton**: The downstream market remains weak. Do short - selling on rebounds [2] - **Egg**: There is a risk that the spot price may weaken again. Do short - selling on the rebound of the 07 contract and hold the short position [2] - **Apple**: The price in the sales area is stable, and the transaction is priced according to quality. The main contract runs around 7500 [2] - **Jujube**: The market price runs weakly and stably. It runs around 8900 in the short - term [2] - **Peanut**: The market price oscillates. The main contract runs around 8200 [2] - **Soda Ash**: The over - supply logic continues. Maintain the high - short strategy on rebounds. Hold the high - level short position and do the 7 - 9 positive arbitrage [2] Special Commodities - **Glass**: Affected by the cold - repair news, the price fluctuates repeatedly. Wait and see in the short - term [2] - **Rubber**: The driving force is limited, and the rubber price oscillates. Adopt a high - short strategy when it rebounds above 14000 [2] - **Industrial Silicon and Polysilicon**: The industrial silicon futures price rises, and the futures - spot price gradually converges. The polysilicon futures price stabilizes and rebounds. Hold the short position cautiously or close the position first [2] - **Lithium Carbonate**: Affected by the news, the price rises, but the fundamental logic remains unchanged. Observe the performance around 62,000 first [2]