Group 1: Energy and Chemicals - Crude oil: The crude oil主力 closed at 814.9, up 8.48% from the previous settlement of 751.2, with a trading volume of 197,074 hands and an increase of 43,359 hands. The crude oil指数 closed at 794.5, up 8.79% from 730.3, with a trading volume of 265,761 hands and an increase of 62,124 hands. The Oman crude oil price rose from 598 to 619 [2][3]. - PTA: The PTA主力 closed at 6,834, down 0.87% from 6,894, with a trading volume of 1,965,842 hands and an increase of 145,254 hands. The PTA指数 closed at 6,784, down 0.57% from 6,823, with a trading volume of 2,649,896 hands and an increase of 260,677 hands. The PTA cash - flow cost decreased from 6,976 to 6,834 [2][4]. - PX: The PX主力 closed at 9,914, down 1.08% from 10,022, with a trading volume of 767,082 hands and an increase of 4,190 hands. The PX指数 closed at 9,806, down 0.37% from 9,842, with a trading volume of 929,138 hands and an increase of 19,403 hands [2]. - Rubber: The rubber主力 closed at 16,090, down 2.51% from 16,505, with a trading volume of 303,515 hands and an increase of 4,638 hands. The rubber指数 closed at 16,081, down 2.44% from 16,484, with a trading volume of 402,387 hands and an increase of 18,440 hands [2]. - NR: The NR主力 closed at 12,925, down 2.08% from 13,200, with a trading volume of 80,077 hands and an increase of 9,757 hands. The NR指数 closed at 12,954, down 2.02% from 13,221, with a trading volume of 107,591 hands and an increase of 13,756 hands [2]. Group 2: Building Materials - Glass: The glass主力 closed at 1,065, down 1.30% from 1,079, with a trading volume of 896,639 hands and a decrease of 22,260 hands. The glass指数 closed at 1,100, down 1.17% from 1,113, with a trading volume of 1,083,811 hands and a decrease of 14,627 hands [8]. - Soda ash: The soda ash主力 closed at 1,217, down 0.73% from 1,226, with a trading volume of 804,935 hands and a decrease of 91,426 hands. The soda ash指数 closed at 1,240, down 0.56% from 1,247, with a trading volume of 1,099,782 hands and a decrease of 68,595 hands [8]. - Methanol: The methanol主力 closed at 3,182, up 8.64% from 2,929, with a trading volume of 3,079,462 hands and an increase of 397,346 hands. The methanol指数 closed at 3,099, up 8.17% from 2,865, with a trading volume of 3,715,602 hands and an increase of 527,571 hands [8]. - PP: The PP主力 closed at 9,158, up 4.90% from 8,730, with a trading volume of 1,188,717 hands and an increase of 242,930 hands. The PP指数 closed at 8,927, up 5.02% from 8,500, with a trading volume of 1,514,932 hands and an increase of 336,372 hands [8]. Group 3: Non - ferrous Metals - Copper: The Shanghai copper主力 closed at 94,420, down 4.52% from 98,890, with a trading volume of 205,963 hands and an increase of 99,300 hands [13]. - Aluminum: The Shanghai aluminum主力 closed at 24,180, down 2.64% from 24,835, with a trading volume of 460,368 hands and an increase of 173,095 hands [13]. - Zinc: The Shanghai zinc主力 closed at 22,690, down 3.16% from 23,430, with a trading volume of 104,476 hands and an increase of 356 hands [13]. - Nickel: The Shanghai nickel主力 closed at 131,550, down 2.94% from 135,540, with a trading volume of 398,352 hands and an increase of 137,766 hands [13]. - Tin: The Shanghai tin主力 closed at 345,730, down 6.61% from 370,220, with a trading volume of 233,994 hands and an increase of 35,630 hands [13]. - Alumina: The alumina主力 closed at 3,027, down 1.24% from 3,065, with a trading volume of 980,718 hands and a decrease of 34,778 hands [13]. - Industrial silicon: The industrial silicon主力 closed at 8,285, down 1.78% from 8,435, with a trading volume of 172,736 hands and a decrease of 33,633 hands [13]. - Lithium carbonate: The lithium carbonate主力 closed at 142,600, down 6.37% from 152,300, with a trading volume of 288,571 hands and an increase of 82,682 hands [13]. Group 4: Agricultural Products - Live pigs: The live pig基差 increased from - 375 to - 235, and the pig - grain ratio decreased from 4.3976 to 4.3352 [17][18]. - Corn: The corn基差 decreased from - 49 to - 84 [17]. - Soybean meal: The soybean meal基差 decreased from 314 to 308 [17]. - Rapeseed meal: The rapeseed meal基差 increased from 217 to 237 [17]. - Soybean oil: The soybean oil基差 decreased from 310 to 274, and the soybean oil - palm oil spread decreased from - 1,152 to - 1,180 [17][18]. - Rapeseed oil: The rapeseed oil基差 increased from 590 to 626, and the rapeseed oil - palm oil spread decreased from 88 to 58 [17][18]. - Palm oil: The palm oil基差 decreased from 168 to 74 [17]. - Eggs: The egg基差 increased from - 150 to - 117 [17]. Group 5: Other Commodities - Sugar: The sugar closed at 5,417, up 0.74% from 5,377, with a trading volume of 337,734 hands and a decrease of 31,600 hands [20]. - Cotton: The Zhengzhou cotton closed at 15,150, down 0.98% from 15,300, with a trading volume of 347,047 hands and a decrease of 162,198 hands [20]. - Cotton yarn: The cotton yarn closed at 21,285, down 0.42% from 21,375, with a trading volume of 10,269 hands and a decrease of 274 hands [20]. - Apples: The apples closed at 10,611, up 4.76% from 10,129, with a trading volume of 157,849 hands and an increase of 81,362 hands [20]. - Jujubes: The jujubes closed at 8,825, down 0.62% from 8,880, with a trading volume of 97,800 hands and a decrease of 62,124 hands [20]. - Corn starch: The corn starch closed at 2,719, unchanged from the previous day, with a trading volume of 113,758 hands and an increase of 1,468 hands [20]. - European line container freight: The European line container freight closed at 1,915, down 1.45% from 1,943, with a trading volume of 24,435 hands and a decrease of 7,601 hands [20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No overall core viewpoints are presented in the report. It mainly provides data on the current and previous trading days of various futures and spot products, including prices, trading volumes, open interests, and basis differences. 3. Summary by Product Categories Energy and Chemicals - **Crude Oil**: The main contract closed at 488.3, down 1.6 (-0.33%) from the previous day, with a trading volume of 101,539 lots and an open interest of 41,464 lots [2]. The Oman crude oil spot price was 420.0, down 9.0 from the previous day [3]. - **PTA**: The main contract closed at 5312, down 36.0 (-0.67%), with a trading volume of 970,468 lots and an open interest of 1,395,970 lots [2]. The PTA cash - flow cost was 5108, down 29 from the previous day [4]. - **PX**: The main contract closed at 7432, down 30.0 (-0.40%), with a trading volume of 209,251 lots and an open interest of 268,644 lots [2]. The PXN was 312, down 7 from the previous day [4]. - **Rubber**: The main contract closed at 17240, up 355.0 (2.10%), with a trading volume of 272,777 lots and an open interest of 175,091 lots [2]. Metals - **Non - ferrous Metals**: - **Copper**: The main contract closed at 102,670, up 220 (0.21%), with a trading volume of 105,699 lots and an open interest of 184,694 lots [21]. The copper basis was - 875, down 480 from the previous day [22]. - **Aluminum**: The main contract closed at 23,845, up 145 (0.61%), with a trading volume of 266,794 lots and an open interest of 252,168 lots [21]. The aluminum basis was - 325, up 130 from the previous day [22]. - **Zinc**: The main contract closed at 24,570, down 70 (-0.28%), with a trading volume of 94,373 lots and an open interest of 92,762 lots [21]. The zinc basis was - 110, up 5 from the previous day [22]. - **Nickel**: The main contract closed at 141,040, down 480 (-0.34%), with a trading volume of 368,199 lots and an open interest of 205,915 lots [21]. The nickel basis was 2,660, down 1040 from the previous day [22]. - **Tin**: The main contract closed at 414,180, up 13,320 (3.32%), with a trading volume of 163,249 lots and an open interest of 12,801 lots [21]. The tin basis was 720, up 15380 from the previous day [22]. - **Alumina**: The main contract closed at 2,820, down 32 (-1.12%), with a trading volume of 448,156 lots and an open interest of 340,118 lots [21]. The alumina basis was - 167, up from the previous day [22]. - **Industrial Silicon**: The main contract closed at 8,335, down 110 (-1.30%), with a trading volume of 177,274 lots and an open interest of 325,323 lots [21]. The industrial silicon basis was 1,115, up 95 from the previous day [22]. - **Lithium Carbonate**: The main contract closed at 173,660, up 5,820 (3.47%), with a trading volume of 402,461 lots and an open interest of 375,204 lots [21]. The lithium carbonate basis was - 660, up 4070 from the previous day [22]. - **Ferrous Metals**: - **Steel**: The price of HRB400 20MM rebar in Shanghai was 3210, unchanged from the previous day; the price of 4.75MM hot - rolled coil in Shanghai was 3250, up 30 from the previous day [7]. - **Iron Ore**: The price of PB fines at Rizhao Port was 750, up 6 from the previous day [7]. - **Coke and Coking Coal**: The price of coke in Xingtai was 1420, unchanged; the price of coking coal in Liulin was 1500, unchanged [7]. Agricultural Products - **Grains and Oils**: - **Soybean Meal**: The basis was 306, down 3 from the previous day [25]. - **Rapeseed Meal**: The basis was 214, down 54 from the previous day [25]. - **Soybean Oil**: The basis was 462, down 20 from the previous day [25]. - **Rapeseed Oil**: The basis was 795, down 11 from the previous day [25]. - **Palm Oil**: The basis was not clearly presented in a comparable format, but it decreased by 16 from the previous day [25]. - **Livestock and Poultry**: - **Pig**: The pig - grain ratio was 4.8655, down 0.01 from the previous day [26]. The pig basis was - 395, up 170 from the previous day [25]. - **Other Agricultural Products**: - **Sugar**: The main contract closed at 5,285, up 37 (0.71%), with a trading volume of 341,073 lots and an open interest of 462,071 lots [28]. - **Cotton**: The main contract closed at 15,350, down 50 (-0.32%), with a trading volume of 813,206 lots and an open interest of 838,078 lots [28]. - **Cotton Yarn**: The main contract closed at 21,255, down 105 (-0.49%), with a trading volume of 16,761 lots and an open interest of 12,899 lots [28]. - **Apple**: The main contract closed at 9,799, up 73 (0.75%), with a trading volume of 55,197 lots and an open interest of 116,571 lots [28]. - **Jujube**: The main contract closed at 8,935, up 25 (0.28%), with a trading volume of 64,511 lots and an open interest of 117,109 lots [28]. - **Corn Starch**: The main contract closed at 2,658, down 14 (-0.52%), with a trading volume of 91,289 lots and an open interest of 227,785 lots [28]. Financial Futures - **Stock Index Futures**: - **IF**: The main contract closed at 4712.20, down 18.80 (-0.40%), with a trading volume of 55,890 lots and an open interest of 145,477 lots [16]. The IF basis was 14.67, up 11.25 from the previous day [17]. - **IH**: The main contract closed at 3034.60, down 23.40 (-0.77%), with a trading volume of 28,704 lots and an open interest of 60,209 lots [16]. The IH basis was 0.47, down 2.20 from the previous day [17]. - **IC**: The main contract closed at 8537.40, up 19.20 (0.23%), with a trading volume of 68,251 lots and an open interest of 136,686 lots [16]. The IC basis was 19.82, up 2.46 from the previous day [17]. - **IM**: The main contract closed at 8443.40, up 41.60 (0.50%), with a trading volume of 97,454 lots and an open interest of 176,096 lots [16]. The IM basis was 47.22, up 23.52 from the previous day [17]. - **Treasury Bond Futures**: - **2 - year Treasury Bond**: The main contract closed at 102.45, up 0.02 (0.02%), with a trading volume of 7,415 lots and an open interest of 1,225 lots [16]. - **5 - year Treasury Bond**: The main contract closed at 105.89, unchanged, with a trading volume of 17,686 lots and an open interest of 8,352 lots [16]. - **10 - year Treasury Bond**: The main contract closed at 108.33, down 0.03 (-0.02%), with a trading volume of 40,394 lots and an open interest of 6,920 lots [16]. - **30 - year Treasury Bond**: The main contract closed at 111.85, down 0.50 (-0.45%), with a trading volume of 33,225 lots and an open interest of 9,267 lots [16]. - **Precious Metals**: - **Gold**: The main contract closed at 1146.48, up 0.04 (0.00%), with a trading volume of 169,407 lots and an open interest of 151,642 lots [16]. The gold basis was - 1.87, down 5.67 from the previous day [17]. - **Silver**: The main contract closed at 22572.00, up 105.00 (0.47%), with a trading volume of 357,610 lots and an open interest of 173,529 lots [16]. The silver basis was 1189.00, up 1318.00 from the previous day [17]. Shipping - **European Line Container Shipping**: The main contract closed at 1,236, down 68 (-5.19%), with a trading volume of 28,825 lots and an open interest of 36,174 lots [28].

Report Information - Report Date: January 15, 2026 [1] - Report Type: Spot and Futures Daily Report Steel and Iron Ore Futures Quotes - **Prices**: The closing prices of rebar, hot - rolled coil, iron ore, coke, and coking coal futures all showed declines, with iron ore and coking coal seeing relatively large drops of - 1.03% and - 1.00% respectively for their main contracts [2]. - **Volumes and Positions**: Trading volumes and open interest varied, with coking coal having a large trading volume of 1,022,581 for its main contract and a significant decrease in trading volume of - 234,639 [2]. Spot Prices and Basis - **Spot Prices**: The spot price of rebar in Shanghai decreased by 10 to 3290, while the spot price of hot - rolled coil remained unchanged at 3290 [3]. - **Basis**: The basis of iron ore increased by 4 to 11, and the basis of coking coal increased by 9 to 302.5 [3]. Spread and Profit - **Spread**: The spreads between different contracts of various varieties changed, and the spreads of rebar, hot - rolled coil, and coking coal all increased [4]. - **Profit**: The rebar and hot - rolled coil mill profits on the futures market increased, with hot - rolled coil mill profit rising by 15.8 to 69.2 [4]. Chemicals Futures Quotes - **Prices**: The closing prices of soda ash, glass, methanol, and PP futures generally declined, except for PP which had a small increase [8]. - **Volumes and Positions**: Soda ash had an increase in trading volume and open interest, while glass had a decrease in trading volume and open interest [8]. Spot Prices and Basis - **Spot Prices**: The spot price of methanol in Jiangsu Taicang decreased by 20 to 2240, and the spot price of PP in East China increased by 21 to 6494 [10]. - **Basis**: The basis of soda ash increased by 29 to 37, and the basis of methanol decreased by 5 to - 33 [10]. Spread - The spreads between different contracts of various varieties changed, such as the spread of soda ash 05 - 09 decreasing by 1 to - 63 [11]. Financial Futures Futures Quotes - **Prices**: The closing prices of stock index futures (IF, IH, IC, IM) and bond futures (2 - year, 5 - year, 10 - year, 30 - year) showed mixed trends, with gold and silver futures generally rising [14]. - **Volumes and Positions**: Trading volumes and open interest of most varieties decreased, except for some bond futures which had an increase in trading volume [14]. Spot Prices and Basis - **Spot Prices**: The spot price of gold was 1037.61, and the spot price of silver was 22765 [15]. - **Basis**: The basis of IM increased by 21.68 to 45.38, and the basis of silver decreased by 129 to - 258 [15]. Spread - The spreads between different contracts and varieties of bond futures changed, such as the spread of 30 - year and 10 - year bonds decreasing by 2.60 to 3.16 [16]. Energy and Petrochemicals Futures Quotes - **Prices**: The closing prices of crude oil, PTA, PX, rubber, and NR futures all declined, with PX seeing a relatively large drop of - 2.49% for its main contract [19]. - **Volumes and Positions**: Trading volumes and open interest of most varieties decreased, except for PX which had an increase in trading volume [19]. Spot Prices and Basis - **Spot Prices**: The spot price of crude oil in Oman increased by 6 to 407, and the spot price of rubber in Shanghai decreased by 150 to 15700 [21]. - **Basis**: The basis of crude oil increased by 60 to - 38, and the basis of PTA increased by 136 to 17 [21]. Spread - The spreads between different contracts of various varieties changed, such as the spread of PX main - far - month increasing by 264 to 174 [22]. Non - ferrous Metals Futures Quotes - **Prices**: The closing prices of copper, aluminum, zinc, nickel, tin, alumina, industrial silicon, and lithium carbonate futures showed mixed trends, with nickel and tin seeing relatively large increases of 4.08% and 8.30% respectively for their main contracts [24]. - **Volumes and Positions**: Trading volumes and open interest of most varieties changed, with nickel having a large trading volume of 1,737,987 for its main contract and an increase in trading volume of 667,293 [24]. Spot Prices and Basis - **Spot Prices**: The spot price of copper was 102575, and the spot price of aluminum was 24190 [26]. - **Basis**: The basis of zinc increased by 225 to 320, and the basis of lithium carbonate decreased by 5280 to - 4220 [26]. Ratio - The ratios between different non - ferrous metals changed, such as the copper - aluminum ratio decreasing by 0.0155 to 4.22 [27]. Agricultural Products Futures Quotes - **Prices**: The closing prices of hog, corn, soybean meal, rapeseed meal, soybean oil, rapeseed oil, palm oil, and egg futures showed mixed trends, with egg futures rising by 2.23% [30]. - **Volumes and Positions**: Trading volumes and open interest of most varieties changed, with egg futures having a large increase in trading volume of 267701 [30]. Spot Prices and Basis - **Spot Prices**: The spot price of hog was 13000, and the spot price of corn was 2250 [32]. - **Basis**: The basis of hog increased by 60 to 1050, and the basis of egg decreased by 59 to 534 [32]. Ratio and Spread - **Ratio**: The hog - grain ratio decreased by 0.08 to 5.2070 [33]. - **Spread**: The spread between soybean oil and palm oil increased by 108 to - 640 [33]. Other Commodities Futures Quotes - **Prices**: The closing prices of sugar, cotton, cotton yarn, apple, jujube, corn starch, and European line container shipping futures showed mixed trends, with corn starch rising by 0.59% [35]. - **Volumes and Positions**: Trading volumes and open interest of most varieties changed, with sugar having a decrease in trading volume of - 66390 [35].

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].