Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Report's Core View The report presents the daily data of various futures and spot products, including closing prices, price changes, trading volumes, open interests, basis, spreads, and other related indicators, providing a comprehensive view of the market conditions on May 14, 2025. 3. Summary According to Related Catalogs Steel and Related Products - **Futures Prices**: All steel - related futures showed price increases, with iron ore having the highest increase rate (2.43% for iron ore main contract 2509) [5]. - **Spot Prices**: The spot prices of most products also rose, except for coke and coking coal which remained unchanged [6]. - **Basis**: The basis of most products decreased, indicating the narrowing gap between futures and spot prices [6]. - **Spreads and Ratios**: Some spreads and ratios changed, such as the narrowing of the 05 - 10 spreads for most products and the decrease in the steel mill's profit on the disk [7]. Energy and Chemical Products - **Futures Prices**: All energy and chemical futures prices increased, with methanol having the highest increase rate (3.68% for methanol main contract 2509) [11][16]. - **Spot Prices**: The spot prices of most products rose, except for rubber which slightly decreased [12]. - **Basis**: The basis of different products showed different trends, with PTA's basis increasing significantly [12]. - **Spreads and Ratios**: The spreads between main and far - month contracts of some products changed, and the PXN ratio increased [13]. Financial Futures - **Futures Prices**: Stock index futures prices increased, while bond futures prices decreased [21]. - **Basis**: The basis of stock index futures and precious metals futures increased, except for silver which had a large increase in basis from a negative value [22]. - **Spreads and Ratios**: The spreads between different - term bond futures and the ratio of gold to silver index changed [23]. Agricultural Products - **Futures Prices**: Most agricultural product futures prices increased, with palm oil having the highest increase rate (2.17% for palm oil main contract) [26]. - **Spot Prices**: The spot prices of different products had different trends [28]. - **Basis**: The basis of most products decreased, except for eggs which increased [28]. - **Spreads and Ratios**: The ratios such as pig - grain ratio and oil - meal ratio changed slightly [29]. Non - ferrous Metals - **Basis**: The basis of non - ferrous metals showed different trends, with some decreasing and some increasing slightly [31]. - **Ratios**: The ratios between different non - ferrous metals changed slightly [32].

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints The report presents the daily trading data of various futures and spot commodities, including prices, price changes, trading volumes, open interests, and basis differentials. It covers multiple sectors such as steel, energy, chemical, and financial futures. 3. Summary by Commodity Categories Steel and Related Commodities - **Futures Data**: For steel products like螺纹主力2510, 热卷主力2510, etc., prices mostly declined. For example, 螺纹主力2510 closed at 3022, down 50 (-1.63%) from the previous settlement [6]. - **Spot Data**: Spot prices of螺纹钢, 热卷, etc., also showed decreases. For instance, 螺纹钢:HRB400 20MM:上海 dropped from 3200 to 3190 [7]. - **Basis and Spread Data**: 螺纹基差 increased from 148 to 168, while 热卷基差 decreased from 89 to 83 [7]. Chemical Commodities - **Futures Data**: Futures prices of纯碱主力2509, 玻璃主力2509, etc., had different trends. 纯碱主力2509 closed at 1302, down 5 (-0.38%) [11]. - **Spot Data**: Spot prices of华东重庆纯碱市场价 remained stable at 1450, while 甲醇江苏太仓主流价 rose from 2385 to 2405 [12]. - **Basis and Spread Data**: 纯碱基差 increased from 127 to 145 [12]. Energy and Petrochemical Commodities - **Futures Data**: 原油主力 and 原油指数 prices increased. 原油主力 closed at 472.4, up 10.6 (2.30%) [17]. - **Spot Data**: The spot price of 原油:阿曼 rose from 383 to 394 [18]. - **Basis and Spread Data**: 原油基差 increased from -98 to -78 [18]. Financial Futures - **Stock Index Futures**: IF主力, IH主力, IC主力, and IM主力 had different price movements. IF主力 closed at 3808.60, down 7.20 (-0.19%) [21]. - **Bond Futures**: Prices of 二年期国债主力, 五年期国债主力, etc., slightly declined. 二年期国债主力 closed at 102.34, down 0.02 (-0.02%) [21]. - **Precious Metal Futures**: 沪金主力2508 prices decreased, while 沪银主力2508 prices increased slightly. 沪金主力2508 closed at 786.32, down 12.30 (-1.54%) [21]. - **Basis and Spread Data**: IF基差 increased from 3.42 to 37.56, and 黄金基差 decreased from 3.80 to -6.22 [22].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - After the holiday, rubber prices rose significantly, with a large increase in open interest and net inflow of funds. The rise was mainly due to the oversold rebound after the previous sharp decline and the return of funds after the holiday. Currently, the rubber fundamentals lack obvious drivers. The supply side is entering the tapping season, but Thai raw material prices remain high due to rainfall and slow tapping. The demand side saw a significant drop in the operating rate of downstream tire factories during the holiday. As of April 30, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 66.69%, a month - on - month decrease of 5.67 percentage points and a year - on - year decrease of 12.29 percentage points; the capacity utilization rate of China's all - steel tire sample enterprises was 59.54%, a month - on - month decrease of 6.25 percentage points and a year - on - year increase of 11.74 percentage points. As of April 27, 2025, China's natural rubber social inventory was 135.3 million tons, a month - on - month decrease of 1.56 million tons, a decline of 1.1%. Considering the uncertainty of global trade policies and the instability of domestic stockpiling events, it is recommended to reduce the risk exposure in the short term and adopt a wait - and - see strategy [3]. 3. Summary by Related Catalogs Futures Price - RU主力: from 14815 to 14555, up 270; NR主力: from 12285 to 12555; BR主力: from 11080 to 11315, up 3.5; Tocom RSS3 (yen/kg): from 292.2 to 295.7; Sicom TF (cents/kg): from 167.8 to 164.8, down 10 [3]. Futures Spread - RU2509 - RU2505: from 205 to 195; RU2601 - RU2509: from 745 to 740; NR主力 - 次主力: from 65 to 45; BR主力 - 次主力: from 75 to - 160; RU - NR: from 2270 to 2260; RU - BR: from 3500 to 3475; NR - BR: from 1240 to 1205; RU - Tocom RSS3 ($): up 33; NR - Sicom TF ($): up 18 [3]. Raw Material Price - 烟片胶: from 70.71 to 71.41, up 0.70; 胶水: from 59.25 to 58.75, up 0.50; 杯胶: from 52.65 to 53.05, up 0.40; 海南胶水(浓乳): 14200 (unchanged); 海南胶水(全乳): 13100 (unchanged); 云南胶水(浓乳): from 13900 to 13800, up 100; 云南胶块(全乳): from 13800 to 13600, up 200 [3]. Spot Price - 国产9710: from 14600 to 14500, up 100; 老全乳: from 14600 to 14400, up 200; 越南3L: from 16100 to 15950, up 150; 泰混: from 14200 to 14450, up 250; 马混: from 14350 to 14100, up 250; 泰标: from 12745 to 12386, up 359; 国产标二: from 14100 to 13900, up 200; 上海:黄春发散装: N/A to 11100; 上海:海南散装: N/A to 10800; 顺丁BR9000: 11600 (unchanged); 丁苯SBR1502: from 12100 to 12000, up 100; 丁苯SBR1712: from 11000 to 11050, up 50; 泰混CIF: from 1850 to 1840, up 10; 马混CIF: from 1745 to 1770, up 25; 泰标CIF: from 1840 to 1850, up 10; 马标CIF: from 1770 to 1745, up 25; 印标CIF: from 1660 to 1685, up 25 [3]. Exchange Rate and Interest Rate - 美元指数: from 99.7911 to 99.6403, up 0.151; 美元/人民币: from 7.2008 to 7.2014; 美元/日元: from 143.6860 to 143.0585, up 0.627; 美元/泰铢: from 32.9200 to 33.3550, down 0.435; SHIBOR - 隔夜: from 1.760 to 1.702, down 0.058; SHIBOR - 七天: from 1.707 to 1.762, down 0.055 [3].