期货研究报告 宝城期货品种套利数据日报（2025 年 11 月 27 日） 一、动力煤 | 商品 | | | | | | 动力煤 | （元/吨） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 基差 | | | | 5月-1月 | | | 9月-1月 | | 9月-5月 | | 2025/11/26 | 17 . | 6 | 0 . | 0 | | | 0 | 0 . | 0 . | 0 | | 2025/11/25 | 21 . | 6 | 0 . | 0 | | | 0 | 0 . | 0 . | 0 | | 2025/11/24 | 32 . | 6 | 0 . | 0 | | | 0 | 0 . | 0 . | 0 | | 2025/11/21 | 32 . | 6 | 0 . | 0 | | | 0 | 0 . | 0 . | 0 | | 2025/11/20 | 32 . | 6 | 0 | 0 | . | | 0 | 0 . | 0 . | 0 | 投资咨询业务资格：证监许可【2 ...

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 26, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, mainly showing the basis, inter - period, and inter - variety data of each variety. 3. Summary by Directory Power Coal - The basis data of power coal from November 19 to November 25, 2025, is presented, with the basis on November 25 being 21.6 yuan/ton, and it was 32.6 yuan/ton from November 19 to 24 [1][2]. Energy Chemicals - **Energy Commodities**: The basis, ratio, and other data of fuel oil, crude oil, and asphalt from November 19 to November 25, 2025, are shown. For example, the basis of INE crude oil on November 25 was 1.72 yuan/ton [7]. - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 19 to November 25, 2025, are provided. For instance, the basis of rubber on November 25 was - 275 yuan/ton [9]. - Inter - period data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month minus 1 - month inter - period of rubber was 80 yuan/ton [10]. - Inter - variety data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 19 to November 25, 2025, are presented. For example, the LLDPE - PVC value on November 25 was 2288 yuan/ton [10]. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 19 to November 25, 2025, are shown. For example, the basis of rebar on November 25 was 164 yuan/ton [21]. - **Inter - period**: The inter - period data of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month minus 1 - month inter - period of rebar was 23 yuan/ton [20]. - **Inter - variety**: The inter - variety data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 19 to November 25, 2025, are presented. For example, the rebar/iron ore value on November 25 was 3.90 [20]. Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 19 to November 25, 2025, are shown. For example, the basis of copper on November 25 was 70 yuan/ton [29]. - **London Market**: The LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on November 25, 2025, are presented. For example, the LME premium/discount of copper was 9.52 [32]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 19 to November 25, 2025, are shown. For example, the basis of soybeans No.1 on November 25 was - 88 yuan/ton [38]. - **Inter - period**: The inter - period data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided. For example, the 5 - month minus 1 - month inter - period of soybeans No.1 was 52 yuan/ton [38]. - **Inter - variety**: The inter - variety data of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 19 to November 25, 2025, are presented. For example, the soybeans No.1/corn value on November 25 was 1.85 [37]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 19 to November 25, 2025, are shown. For example, the basis of CSI 300 on November 25 was 17.40 [49]. - **Inter - period**: The inter - period data of the next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month minus current - month inter - period of CSI 300 was - 152 [49].

Report Industry Investment Rating - No information provided in the report Core Viewpoint - The report presents the daily arbitrage data of various futures varieties on November 25, 2025, including basis, inter - period spreads, and inter - commodity spreads for different sectors such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][38][48] Summary by Directory 1. Thermal Coal - The basis of thermal coal from November 18 to November 24, 2025, was 32.6 yuan/ton, and the spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0 [2] 2. Energy Chemicals (1) Energy Commodities - The basis, price ratio, and other data of fuel oil, crude oil, asphalt, and INE crude oil from November 18 to November 24, 2025, are presented, such as the basis of INE crude oil on November 24 was - 8.81 yuan/ton [7] (2) Chemical Commodities - **Inter - period spreads**: For rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, the inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are provided. For example, the 5 - month minus 1 - month spread of rubber was 75 yuan/ton [9] - **Inter - commodity spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 18 to November 24, 2025, are given. For instance, on November 24, the LLDPE - PVC spread was 2297 yuan/ton [9] - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol from November 18 to November 24, 2025, are shown. For example, the basis of rubber on November 24 was - 370 yuan/ton [10] 3. Black Metals - **Inter - period spreads**: For rebar, iron ore, coke, and coking coal, the inter - period spreads of 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month are provided. For example, the 5 - month minus 1 - month spread of rebar was 29 yuan/ton [20] - **Inter - commodity spreads**: The inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 18 to November 24, 2025, are given. For instance, on November 24, the rebar/iron ore ratio was 3.90 [20] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 18 to November 24, 2025, are shown. For example, the basis of rebar on November 24 was 161.0 yuan/ton [21] 4. Non - Ferrous Metals (1) Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 18 to November 24, 2025, are presented. For example, the basis of copper on November 24 was 90 yuan/ton [30] (2) London Market - On November 24, 2025, for LME non - ferrous metals, the LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss of copper, aluminum, zinc, lead, nickel, and tin are provided. For example, the LME premium of copper was 24.88 [33] 5. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from November 18 to November 24, 2025, are shown. For example, the basis of soybeans No.1 on November 24 was - 130 yuan/ton [38] - **Inter - period spreads**: The inter - period spreads of various agricultural products such as soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc., are provided. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 49 yuan/ton [38] - **Inter - commodity spreads**: The inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from November 18 to November 24, 2025, are given. For instance, on November 24, the soybeans No.1/corn ratio was 1.88 [38] 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 18 to November 24, 2025, are presented. For example, the basis of CSI 300 on November 24 was 12.85 [49] - **Inter - period spreads**: The inter - period spreads of the next - month minus the current - month and the next - quarter minus the current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month minus the current - month spread of CSI 300 was - 156 [49]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided report. 2. Core Viewpoints of the Report - The report presents a daily update on futures arbitrage data for various commodities on November 24, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][39][52]. 3. Summary by Relevant Catalogs Power Coal - The report shows the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from November 17 to 21, 2025. The basis remained at 32.6 yuan/ton during this period, and all spreads were 0 [2]. Energy Chemicals Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 17 to 21, 2025 are provided, along with price changes such as - 8.81, - 14.21, etc [7]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 17 to 21, 2025 are presented. For example, the basis of rubber on November 21 was - 490 yuan/ton [9]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - 1 month spread of rubber was 65 yuan/ton [10]. - **Inter - commodity Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 17 to 21, 2025 are shown. On November 21, the LLDPE - PVC spread was 2330 yuan/ton [10]. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 17 to 21, 2025 are provided. For example, the basis of rebar on November 21 was 173.0 yuan/ton [21]. - **Inter - period Spreads**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal are presented. The 5 - 1 month spread of rebar was 42.0 yuan/ton [20]. - **Inter - commodity Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from November 17 to 21, 2025 are given. On November 21, the rebar/iron ore ratio was 3.89 [20]. Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 17 to 21, 2025 are provided. For example, the basis of copper on November 21 was 20 yuan/ton [31]. London Market - On November 21, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are presented. For example, the LME spread of copper was 1.06 [34]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 17 to 21, 2025 are provided. For example, the basis of soybeans No.1 on November 21 was - 89 yuan/ton [39]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of various agricultural products are given, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 month spread of soybeans No.1 was 42 yuan/ton [39]. - **Inter - commodity Spreads**: The ratios and spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. on November 21, 2025 are presented. For example, the soybeans No.1/corn ratio was 1.88 [39]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 17 to 21, 2025 are provided. For example, the basis of CSI 300 on November 21 was 71.22 [52]. - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the 5 - 1 month spread of CSI 300 was - 408 [50].

Report Information - Report Title: Polyolefin Morning Report [2] - Report Date: November 20, 2025 [2] - Author: Jin Zebin from Dayue Futures Investment Consulting Department [3] LLDPE Analysis Fundamental Factors - In October, the official PMI was 49, down 0.8 points from the previous month, indicating a decline in manufacturing prosperity [4]. - On October 30, China and the US leaders met, with the US canceling some restrictions on Chinese goods and suspending the 301 investigation in maritime and logistics sectors for one year, and China adjusting counter - measures accordingly [4]. - OPEC+ changed the crude oil market from supply - short to supply - surplus on November 12, leading to a drop in oil prices [4]. - The peak season demand for agricultural films continues, but it has started to decline in some areas, while other film types have mainly rigid demand. The current spot price of LLDPE delivery product is 6880 (-20), and the overall fundamentals are bearish [4]. Other Factors - The basis of LLDPE 2601 contract is 47, with a premium ratio of 0.7%, which is bullish [4]. - The comprehensive PE inventory is 554,000 tons (-25,000), which is bearish [4]. - The 20 - day moving average of the LLDPE main contract is downward, and the closing price is below the 20 - day line, which is bearish [4]. - The net long position of the LLDPE main contract is increasing, which is bullish [4]. Expectation - The LLDPE main contract is expected to fluctuate. With oversupply in fundamentals, the peak - season demand for agricultural films continues but declines in some areas, and the industrial inventory is moderately high [4]. LLDPE利多and利空 - Bullish factors: New sanctions on Russian oil leading to an oil price rebound; Sino - US talks reaching a phased easing [5]. - Bearish factors: Weaker demand year - on - year; More new production capacity coming on stream in the fourth quarter [5]. PP Analysis Fundamental Factors - Similar to LLDPE, in October, the official PMI was 49, down 0.8 points from the previous month, and there were Sino - US talks and OPEC+ oil market adjustment [6]. - The peak season for plastic weaving is nearing an end, while the demand for pipes is picking up. The current spot price of PP delivery product is 6420 (-40), and the overall fundamentals are bearish [6]. Other Factors - The basis of PP 2601 contract is - 14, with a premium ratio of - 0.2%, which is neutral [6]. - The comprehensive PP inventory is 594,000 tons (-26,000), which is neutral [6]. - The 20 - day moving average of the PP main contract is downward, and the closing price is below the 20 - day line, which is bearish [6]. - The net short position of the PP main contract is decreasing, which is bearish [6]. Expectation - The PP main contract is expected to fluctuate, with oversupply in fundamentals, the plastic - weaving peak season nearing an end, and the pipe demand picking up, and the industrial inventory being moderately high [6]. PP利多and利空 - Bullish factors: New sanctions on Russian oil leading to an oil price rebound; Sino - US talks reaching a phased easing [7]. - Bearish factors: Weaker demand year - on - year; More new production capacity coming on stream in the fourth quarter [7]. Market Data LLDPE Market Data - Spot prices: The spot delivery product price is 6880 (-20), LL import US dollars price is 797 (0), LL import conversion price is 6970 (1), and the LL import price difference is - 90 (-21) [8]. - Futures prices: The 01 contract price is 6833 (48), the basis is 47 (-68), and prices of other contracts (L05, L09) also have corresponding changes [8]. - Inventory data: The warehouse receipt is 12017 (0), the PE comprehensive factory warehouse inventory is 554,000 tons (-25,000), and the PE social inventory is 486,000 tons (-14,000) [8]. PP Market Data - Spot prices: The spot delivery product price is 6420 (-40), PP import US dollars price is 765 (0), PP import conversion price is 6696 (1), and the PP import price difference is - 276 (-41) [8]. - Futures prices: The 01 contract price is 6434 (42), the basis is - 14 (-82), and prices of other contracts (PP05, PP09) also have corresponding changes [8]. - Inventory data: The warehouse receipt is 15762 (1141), the PP comprehensive factory warehouse inventory is 594,000 tons (-26,000), and the PP social inventory is 321,000 tons (-20,000) [8]. Supply - Demand Balance Sheets Polyethylene Supply - Demand Balance Sheet - From 2018 - 2024, the capacity, production, net import, apparent consumption, etc. of polyethylene have shown different trends. For example, the capacity increased from 1869.5 in 2018 to 3584.5 in 2024, with corresponding changes in production, net import, and consumption [13]. Polypropylene Supply - Demand Balance Sheet - From 2018 - 2024, the capacity, production, net import, apparent consumption, etc. of polypropylene have also changed. For example, the capacity increased from 2245.5 in 2018 to 4418.5 in 2024, with corresponding changes in production, net import, and consumption [15].

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 20, 2025, covering multiple commodity sectors [1] 1. Power Coal - **Base Price**: The base price of power coal from November 13 to 19, 2025, remained at 32.60 yuan/ton, and the spreads between different contract months (5 - 1, 9 - 1, 9 - 5) were all 0 [2] 2. Energy and Chemicals (1) Energy Commodities - **Base Price**: The base prices and ratios of energy commodities such as fuel oil, crude oil, and asphalt from November 13 to 19, 2025, showed different trends, with the base price of INE crude oil ranging from -21.45 to -0.36 yuan/ton, and the ratio from 0.1498 to 0.1520 [7] (2) Chemical Commodities - **Inter - period Spreads**: For rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, the inter - period spreads (5 - 1, 9 - 1, 9 - 5) varied. For example, the 5 - 1 spread of rubber was 80 yuan/ton, and that of PVC was 309 yuan/ton [9] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol also changed from November 13 to 19, 2025. For instance, on November 19, 2025, the LLDPE - PVC spread was 2305 yuan/ton [9] - **Base Price**: The base prices of rubber, methanol, PTA, LLDPE, PVC, PP from November 13 to 19, 2025, showed different values. For example, the base price of rubber on November 19 was - 490 yuan/ton [10] 3. Black Metals - **Inter - period Spreads**: For rebar, iron ore, coke, and coking coal, the inter - period spreads (5 - 1, 9(10) - 1, 9(10) - 5) were different. For example, the 5 - 1 spread of rebar was 47 yuan/ton, and that of iron ore was - 35.5 yuan/ton [20] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil changed from November 13 to 19, 2025. For example, on November 19, 2025, the rebar/iron ore ratio was 3.90 [20] - **Base Price**: The base prices of rebar, iron ore, coke, and coking coal from November 13 to 19, 2025, showed different values. For example, the base price of rebar on November 19 was 140.0 yuan/ton [21] 4. Non - ferrous Metals (1) Domestic Market - **Base Price**: The domestic base prices of copper, aluminum, zinc, lead, nickel, and tin from November 13 to 19, 2025, showed significant fluctuations. For example, the base price of copper on November 19 was 30 yuan/ton, and that of lead was - 240 yuan/ton [30] (2) London Market - **LME Premiums and Discounts**: On November 19, 2025, the LME premiums and discounts of copper, aluminum, zinc, lead, nickel, and tin were - 33.13, - 32.88, 152.14, - 27.39, - 197.66, and 100.00 respectively, and the import profit and loss also varied [33] 5. Agricultural Products - **Base Price**: The base prices of soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from November 13 to 19, 2025, showed different trends. For example, the base price of soybeans No. 1 on November 19 was - 125 yuan/ton [38] - **Inter - period Spreads**: The inter - period spreads of various agricultural products (5 - 1, 9 - 1, 9 - 5) were different. For example, the 5 - 1 spread of soybeans No. 1 was 28 yuan/ton, and that of rapeseed oil was - 403 yuan/ton [38] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No. 1/corn, soybeans No. 2/corn, soybean oil/soybean meal, etc., changed from November 18 to 19, 2025. For example, on November 19, 2025, the soybean oil/soybean meal ratio was 2.76 [38] 6. Stock Index Futures - **Base Price**: The base prices of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 13 to 19, 2025, showed different values. For example, the base price of CSI 300 on November 19 was 23.09 [49] - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 were different. For example, the next month - current month spread of CSI 300 was - 160 [49]

Report Industry Investment Rating No relevant content provided. Core View of the Report No clear core view is presented in the report. It mainly provides a series of futures arbitrage data for different commodities on various dates. Summary by Related Catalogs 1. Power Coal - The basis of power coal from November 12 to November 18, 2025, remained at 32.60 yuan/ton, and the spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month were all 0.0 [1][2] 2. Energy and Chemicals (1) Energy Commodities - For fuel oil, the basis on November 12, 2025, was -22.60 yuan/ton, and the ratio data on different dates are also provided [7] - For INE crude oil, the basis and ratio data on different dates are presented [7] - For the ratio of crude oil to asphalt, the data on different dates are given [7] (2) Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 12 to November 18, 2025, are provided. For example, the basis of rubber on November 18 was -445 yuan/ton [9] - **Inter - period spreads**: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol for 5 - 1 month, 9 - 1 month, and 9 - 5 month are presented. For example, the 5 - 1 month spread of rubber was 75 yuan/ton [10] - **Inter - commodity spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 12 to November 18, 2025, are provided. For example, the LLDPE - PVC spread on November 18 was 2266 yuan/ton [10] 3. Black Metals - **Basis**: The basis data of螺纹钢,铁矿石,焦炭, and焦煤 from November 12 to November 18, 2025, are provided. For example, the basis of螺纹钢 on November 18 was 160.0 yuan/ton [20] - **Inter - period spreads**: The inter - period spreads of螺纹钢,铁矿石,焦炭, and焦煤 for 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month are presented. For example, the 5 - 1 month spread of螺纹钢 was 49 yuan/ton [19] - **Inter - commodity spreads**: The inter - commodity spreads of螺/矿,螺/焦炭,焦炭/焦煤, and螺 - 热卷 from November 12 to November 18, 2025, are provided. For example, the螺/矿 ratio on November 18 was 3.93 [19] 4. Non - ferrous Metals (1) Domestic Market - The basis data of copper, aluminum, zinc, lead, nickel, and tin from November 12 to November 18, 2025, are provided. For example, the basis of copper on November 18 was 190 yuan/ton [29] (2) London Market - On November 18, 2025, for LME non - ferrous metals, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin are presented. For example, the LME spread of copper was (35.33) [34] 5. Agricultural Products - **Basis**: The basis data of豆一,豆二,豆粕,豆油, and玉米 from November 12 to November 18, 2025, are provided. For example, the basis of豆一 on November 18 was -129 yuan/ton [41] - **Inter - period spreads**: The inter - period spreads of various agricultural products for 5 - 1 month, 9 - 1 month, and 9 - 5 month are presented. For example, the 5 - 1 month spread of豆一 was 27 yuan/ton [41] - **Inter - commodity spreads**: The inter - commodity spreads of豆一/玉米,豆二/玉米,豆油/豆粕,豆粕 - 菜粕,豆油 - 棕榈油,菜油 - 豆油, and玉米 - 玉米淀粉 from November 12 to November 18, 2025, are provided. For example, the豆一/玉米 ratio on November 18 was 1.92 [40][41] 6. Stock Index Futures - **Basis**: The basis data of沪深300,上证50,中证500, and中证1000 from November 12 to November 18, 2025, are provided. For example, the basis of沪深300 on November 18 was 13.19 [52] - **Inter - period spreads**: The inter - period spreads of沪深300,上证50,中证500, and中证1000 for次月 - 当月 and次季 - 当季 are presented. For example, the次月 - 当月 spread of沪深300 was -170 [52]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - This report is the Baocheng Futures variety arbitrage data daily report for November 18, 2025, presenting the basis, inter - period, and inter - variety data of various commodities including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1]. 3. Summary by Related Catalogs 3.1 Thermal Coal - The basis of thermal coal on November 17, 2025, was 32.6 yuan/ton, consistent with November 14 - 13, 2025, and up from 29.6 yuan/ton on November 11, 2025. The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads were all 0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, crude oil/asphalt, INE crude oil from November 11 - 17, 2025, were presented, such as the basis of fuel oil being - 21.45 on November 17, 2025 [7]. 3.2.2 Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from November 11 - 17, 2025, was provided. For example, the basis of rubber was - 515 yuan/ton on November 17, 2025 [9]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol were given. For instance, the 5 - 1 month spread of rubber was 75 yuan/ton [10]. - **Inter - variety**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 11 - 17, 2025, were presented. For example, the LLDPE - PVC spread was 2263 yuan/ton on November 17, 2025 [10]. 3.3 Black Metals - **Basis**: The basis of rebar, iron ore, coke, and coking coal from November 11 - 17, 2025, was shown. For example, the basis of rebar was 143.0 yuan/ton on November 17, 2025 [20]. - **Inter - period**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads of rebar, iron ore, coke, and coking coal were provided. For example, the 5 - 1 month spread of rebar was 52 yuan/ton [19]. - **Inter - variety**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 11 - 17, 2025, were presented. For example, the rebar/iron ore ratio was 3.94 on November 17, 2025 [19]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from November 11 - 17, 2025, was given. For example, the basis of copper was 50 yuan/ton on November 17, 2025 [29]. 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on November 17, 2025, were presented. For example, the LME spread of copper was (32.62) [34]. 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 11 - 17, 2025, was provided. For example, the basis of soybeans No.1 was - 158 yuan/ton on November 17, 2025 [41]. - **Inter - period**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton were given. For example, the 5 - 1 month spread of soybeans No.1 was 30 yuan/ton [41]. - **Inter - variety**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 11 - 17, 2025, were presented. For example, the soybeans No.1/corn ratio was 1.92 on November 17, 2025 [40]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on November 11 - 17, 2025, was shown. For example, the basis of CSI 300 was 16.65 on November 17, 2025 [52]. - **Inter - period**: The next - month - current - month and next - quarter - current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 were provided. For example, the next - month - current - month spread of CSI 300 was - 158 [52].

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report provides a comprehensive analysis of various commodity futures markets, including base metals, black industries, agricultural products, and energy chemicals. It assesses the market performance, fundamentals, and offers trading strategies for each commodity, considering factors such as supply and demand, macroeconomic conditions, and geopolitical risks. Summary by Commodity Category Base Metals - **Copper**: Market showed weak oscillations. Supply tightness persisted, with high scrap premium. Recommended waiting for clearer direction before trading [1]. - **Aluminum**: Prices declined slightly. Supply increased, while demand rose marginally. Short - term trend was expected to be oscillatory [1]. - **Alumina**: Prices dropped slightly. Some producers cut production, while demand remained high. Short - term prices were expected to be weak [1]. - **Lead**: Prices decreased. Supply was constrained by raw materials, and demand was affected by high prices. Recommended waiting and watching [1]. - **Industrial Silicon**: Prices rose. Supply decreased, and demand was supported. Organic silicon planned to cut production. Recommended waiting and watching [1][2]. - **Lithium Carbonate**: Prices increased. Demand was strong in the short - term, but weak in the long - term. Recommended low - level long positions with caution [2]. - **Polysilicon**: Prices declined. Supply decreased, and demand was weak. Recommended waiting and watching [2]. - **Tin**: Market showed weak oscillations. Supply was tight, and demand was stable. Recommended waiting and watching [2]. Black Industries - **Rebar**: Prices increased. Inventory decreased, and supply and demand were weak. Recommended holding short positions in hot - rolled coil 2605 [4]. - **Iron Ore**: Prices increased. Supply increased, and demand was weak. Recommended short - selling iron ore 2605 [4]. - **Coking Coal**: Prices decreased. Supply and demand were weak. Recommended short - selling coking coal 2605 [4]. Agricultural Products - **Soybean Meal**: US soybean prices were strong. Global supply was tightening, and demand was good. Domestic market was relatively strong [5]. - **Corn**: Futures prices oscillated. Supply was delayed, and short - term demand was strong. Long - term prices were expected to decline [5]. - **Oils and Fats**: Malaysian palm oil prices increased. Supply was high in the short - term and expected to decrease later. Recommended anti - spread trading [6]. - **Sugar**: Prices decreased. International supply was tight, and domestic supply was expected to increase. Recommended short - selling futures and options [6]. - **Cotton**: Prices oscillated. US production increased, and domestic demand was weak. Recommended waiting and watching [6]. - **Eggs**: Futures prices oscillated. Supply decreased, and demand was weak. Recommended waiting and watching [6]. - **Hogs**: Futures prices were weak. Supply was abundant, and demand was expected to increase seasonally. Prices were expected to be strong in the short - term [6]. - **Apples**: Prices were stable. Supply was affected by bad weather, and inventory was low. Recommended waiting and watching [6]. Energy Chemicals - **LLDPE**: Prices oscillated slightly. Supply pressure eased, and demand weakened. Short - term oscillations were expected, and long - term short positions were recommended [7]. - **PVC**: Prices were flat. Supply increased, and demand was weak. Recommended anti - spread trading [7]. - **PTA**: PX prices were high, and PTA supply pressure was large. Recommended taking profits on PX long positions and short - selling PTA processing fees [7]. - **Rubber**: Prices increased slightly. Supply was expected to increase, and inventory was accumulating. Recommended an oscillatory trading strategy [7]. - **Glass**: Prices decreased. Supply was stable, and demand was weak. Recommended anti - spread trading [8]. - **PP**: Prices oscillated slightly. Supply increased, and demand was weak. Short - term oscillations were expected, and long - term short positions were recommended [8]. - **MEG**: Prices oscillated. Supply pressure was large, and demand was in the off - season. Recommended short - selling above a certain level [8]. - **Crude Oil**: Prices oscillated. Supply and demand were bearish, but geopolitical risks were high. Short - term oscillations were expected, and short positions were recommended if supply reduction was less than expected [8]. - **Styrene**: Prices oscillated. Supply and demand were improving in the short - term but weak in the long - term. Recommended short - term oscillations with limited upside [9]. - **Soda Ash**: Prices increased slightly. Supply was stable, and demand was balanced. Recommended waiting and watching [9]. - **Urea**: Prices increased. Supply was sufficient, and demand was in the off - season. Short - term oscillations were expected [9].

Report Date - The report is dated November 17, 2025 [1][5][9] Industry Investment Ratings - Not provided in the report Core Views - The report provides daily views and strategies for various commodities in the futures market, including precious metals, base metals, energy, agricultural products, etc., analyzing the current trends and potential risks of each commodity [2][4] Summary by Commodity Precious Metals - **Gold**: Interest rate cut expectations are rising, with a trend strength of 1 [2][5][7] - **Silver**: Reached a new high, with a trend strength of 1 [2][5][7] Base Metals - **Copper**: LME inventory reduction supports prices, with a trend strength of 0. The US included copper in the new critical minerals list, and Peru's copper production increased year - on - year [2][9][11] - **Zinc**: Rangeside trading, with a trend strength of 0. US economic data release schedule and Fed's stance on interest rate cuts are key factors [2][12][14] - **Lead**: Domestic inventory increase pressures prices, with a trend strength of 0 [2][15][16] - **Tin**: Pulled back from high levels, with a trend strength of 1 [2][18][23] - **Aluminum**: Short - term pressure, with a trend strength of 0. Alumina still faces fundamental pressure, and cast aluminum alloy follows electrolytic aluminum [2][24][27] - **Nickel**: Nickel prices broke through support and are under pressure, with a trend strength of 0. Stainless steel is suppressed by weak reality, with a trend strength of 0. Indonesia's mining policies and China's subsidy suspension impact the market [2][28][33] Energy and Chemicals - **Carbonate Lithium**: High - level oscillation, pay attention to the risk of weakening demand month - on - month, with a trend strength of 0 [2][34][36] - **Industrial Silicon**: Warehouse receipts continue to decline, and there is still support at the bottom, with a trend strength of 1. Polysilicon: Pay attention to the meeting situation, with a trend strength of 0 [2][37][40] - **Iron Ore**: Oscillating repeatedly, with a trend strength of 0 [2][42][44] - **Rebar and Hot - Rolled Coil**: The decline in apparent demand data has narrowed, and they are in wide - range oscillations, with a trend strength of 0 for both [2][46][49] - **Silicon Ferrosilicon and Manganese Silico - Manganese**: Cost provides bottom support, and they are in wide - range oscillations, with a trend strength of 0 for both [2][50][54] - **Coke**: Followed the correction, with a trend strength of 0. Coking Coal: Supply expectations are fluctuating, and valuation has declined, with a trend strength of 0 [2][55][57] - **Log**: Oscillating repeatedly, with a trend strength of 0 [2][58][61] Others - **LPG**: Downstream buying interest is strong, and it is relatively resistant to decline in the short term [4] - **Propylene**: Demand expectations have improved, and it is in a short - term strong - side oscillation [4] - **PVC**: Still under pressure in the trend [4] - **Fuel Oil**: Weak oscillation, and it is still weaker than low - sulfur fuel oil in the short term. Low - sulfur fuel oil: Slight rebound [4] - **Container Shipping Index (European Line)**: The 02 contract will fill the discount in the short term and be in an oscillating market in the medium term [4] - **Short - Fiber and Bottle Chip**: Upstream fluctuations have increased, and they are in a short - term strong - side oscillation [4] - **Offset Printing Paper**: Oscillating at a low level [4] - **Pure Benzene**: Overseas gasoline blending has started, and it is mainly in a short - term oscillation [4] - **Palm Oil**: Short - term negatives have been fully priced in, pay attention to the inventory reduction process in the producing areas [4] - **Soybean Oil**: Lack of drivers from the US soybean side, oscillating [4] - **Soybean Meal**: The US agricultural report has no excessive positive factors, and it may follow the decline of US soybeans [4] - **Soybean No.1**: May adjust following the soybean market [4] - **Corn**: Oscillating [4] - **Sugar**: Range consolidation [4] - **Cotton**: The pressure of new cotton listing still suppresses futures prices [4] - **Egg**: Near - term contracts are weak, and far - term contracts are strong [4] - **Live Pig**: The price difference between fat and standard pigs has weakened, and the expectation of price increase due to cooling has failed [4] - **Peanut**: Pay attention to the spot market [4]