Commodity Spot Market Data Analysis Report (Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Futures Exchange)

Note: Basis = Spot Price - Futures Price. Gold price unit: CNY/gram; Silver: CNY/kg; Glass (spot): CNY/square meter; All other commodities: CNY/ton. Coke spot specification: Secondary Metallurgical Coke; Coke futures specification: Between Primary and Secondary; Coke basis is for reference only.

| Exchange | Commodity | Spot Price | Nearest Contract | Active Contract | Price | Basis 1 | Code | Price | Basis 2 |
| :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- |
| Zhengzhou Commodity Exchange (ZCE) | PTA | 5014.91 | 2601 | 5048 | -33 (-0.66%) | 2605 | 5080 | -65 (-1.30%) |
| | White Sugar | 5350.00 | 2601 | 5260 | 90 (1.68%) | 2605 | 5233 | 117 (2.19%) |
| | Cotton | 15602.83 | 2601 | 14760 | 842 (5.40%) | 2605 | 14700 | 902 (5.78%) |
| | Rapeseed Oil (OI) | 9926.00 | 2601 | 9694 | 232 (2.34%) | 2605 | 9078 | 848 (8.54%) |
| | Glass | 12.75 | 2601 | 950 | 706 (86.86%)* | 2605 | 1084 | -64 (-6.27%)* |
| | Rapeseed Meal | 2504.00 | 2601 | 2580 | -76 (-3.04%) | 2605 | 2365 | 139 (5.55%) |
| | Thermal Coal | 696.25 | 2601 | 801.4 | -105 (-15.08%) | 2612 | 801.4 | -105 (-15.08%) |
| | Ferrosilicon (FeSi) | 5285.71 | 2601 | 5466 | -180 (-3.41%) | 2603 | 5618 | -332 (-6.28%) |
| | Silicon Manganese (SiMn) | 5582.00 | 2601 | 5850 | -268 (-4.80%) | 2603 | 5888 | -306 (-5.48%) |
| | Methanol (MA) | 2224.17 | 2601 | 2194 | 30 (1.35%) | 2605 | 2224 | 0.17 (0.01%) |
| | Cotton Yarn | 23525.00 | 2601 | 20180 | 3345 (14.22%) | 2603 | 20630 | 2895 (12.31%) |
| | Urea | 1717.50 | 2601 | 1678 | 39 (2.27%) | 2605 | 1765 | -47 (-2.74%) |
| | Soda Ash | 1208.57 | 2601 | 1110 | 98 (8.11%) | 2605 | 1186 | 22 (1.82%) |
| | Polyester Staple Fiber | 6525.49 | 2601 | 6440 | 85 (1.30%) | 2602 | 6494 | 31 (0.48%) |
| | P-Xylene (PX) | 7500.00 | 2601 | 7192 | 308 (4.11%) | 2603 | 7228 | 272 (3.63%) |
| | Caustic Soda | 736.00 | 2601 | 1955 | -345 (-15.00%)* | 2603 | 2170 | -1305 (-65.65%)* |
| | PET Bottle Chip | 6070.00 | 2601 | 5840 | 230 (3.79%) | 2603 | 5986 | 84 (1.38%) |
| Dalian Commodity Exchange (DCE) | Palm Oil | 8480.00 | 2601 | 8428 | 52 (0.61%) | 2605 | 8492 | -12 (-0.14%) |
| | Polyvinyl Chloride (PVC) | 4415.00 | 2601 | 4478 | -63 (-1.43%) | 2605 | 4758 | -343 (-7.77%) |
| | Polyethylene (LLDPE) | 6483.34 | 2601 | 6327 | 156 (2.41%) | 2605 | 6494 | -10 (-0.15%) |
| | Soybean No.1 | 4420.00 | 2601 | 4203 | 217 (4.91%) | 2605 | 4259 | 161 (3.64%) |
| | Soybean Meal | 3120.00 | 2601 | 3133 | -13 (-0.42%) | 2605 | 2746 | 374 (11.99%) |
| | Soybean Oil | 8254.00 | 2601 | 8084 | 170 (2.06%) | 2605 | 7856 | 398 (4.82%) |
| | Corn | 2248.57 | 2601 | 2292 | -43 (-1.91%) | 2603 | 2223 | 25 (1.11%) |
| | Coke | 1391.25 | 2601 | 1445.5 | -54 (-3.88%) | 2605 | 1667 | -275 (-19.77%) |
| | Coking Coal | 1461.25 | 2601 | 1081 | 380 (26.01%) | 2605 | 1097 | 364 (24.91%) |
| | Iron Ore | 822.11 | 2601 | 814.5 | 7 (0.85%) | 2605 | 795.5 | 26 (3.16%) |
| | Egg | 6.42 | 2601 | 3151 | 59 (1.84%)* | 2603 | 2999 | 211 (6.57%)* |
| | Polypropylene (PP) | 6253.33 | 2601 | 6168 | 85 (1.36%) | 2605 | 6354 | -100 (-1.60%) |
| | Ethylene Glycol (EG) | 3818.33 | 2601 | 3611 | 207 (5.42%) | 2605 | 3766 | 52 (1.36%) |
| | Styrene (EB) | 6792.00 | 2601 | 6672 | 120 (1.77%) | 2602 | 6755 | 37 (0.54%) |
| | Liquefied Petroleum Gas (LPG) | 4427.50 | 2601 | 4203 | 224 (5.06%) | 2602 | 4159 | 268 (6.05%) |
| | Live Hog | 12.57 | 2601 | 11460 | 1110 (8.83%)* | 2603 | 11695 | 875 (6.96%)* |
| | Benzene | 5233.33 | 2603 | 5410 | -176 (-3.36%) | 2603 | 5410 | -176 (-3.36%) |
| Shanghai Futures Exchange (SHFE) | Copper | 100653.33 | 2601 | 100350 | 303 (0.30%) | 2602 | 100420 | 233 (0.23%) |
| | Rebar | 3228.00 | 2601 | 3090 | 138 (4.28%) | 2605 | 3113 | 115 (3.56%) |
| | Zinc | 23952.00 | 2601 | 23735 | 217 (0.91%) | 2602 | 23755 | 197 (0.82%) |
| | Aluminum | 23323.33 | 2601 | 23515 | -191 (-0.82%) | 2603 | 23625 | -301 (-1.29%) |
| | Gold | 990.45 | 2601 | 989.68 | 0.77 (0.08%) | 2602 | 992.38 | -1.93 (-0.19%) |
| | Wire Rod | 3492.50 | 2601 | 3600 | -107 (-3.06%) | 2607 | 3443 | 49 (1.40%) |
| | Fuel Oil | 5362.50 | 2602 | 2454 | 2908 (54.23%) | 2603 | 2461 | 2901 (54.10%) |
| | Natural Rubber | 15575.00 | 2601 | 15765 | -190 (-1.22%) | 2605 | 15800 | -225 (-1.44%) |
| | Lead | 17343.75 | 2601 | 17410 | -66 (-0.38%) | 2602 | 17400 | -56 (-0.32%) |
| | Silver | 18304.00 | 2601 | 18289 | 15 (0.08%) | 2604 | 18169 | 135 (0.74%) |
| | Petroleum Asphalt | 3103.33 | 2601 | 3108 | -4.67 (-0.15%) | 2603 | 3163 | -59 (-1.90%) |
| | Hot-Rolled Coil (HRC) | 3296.67 | 2601 | 3231 | 65 (1.97%) | 2605 | 3257 | 39 (1.18%) |
| | Nickel | 139250.00 | 2601 | 133830 | 5420 (3.89%) | 2602 | 134250 | 5000 (3.59%) |
| | Tin | 332750.00 | 2601 | 331940 | 810 (0.24%) | 2602 | 332450 | 300 (0.09%) |
| | Pulp | 5633.33 | 2601 | 5464 | 169 (3.00%) | 2605 | 5532 | 101 (1.79%) |
| | Stainless Steel | 12873.33 | 2601 | 12845 | 28 (0.22%) | 2603 | 13255 | -381 (-2.96%) |
| | Butadiene Rubber (BR) | 11620.00 | 2601 | 11635 | -15 (-0.13%) | 2603 | 11720 | -100 (-0.86%) |

Note on Basis Calculation for Specific Commodities:

• Glass: Spot price is in CNY/sqm, futures price is in CNY/ton. The basis percentage calculation is indicative and may not reflect a direct like-for-like comparison due to unit mismatch.
• Caustic Soda: Significant negative basis indicates a substantial futures premium over spot, likely reflecting market structure or delivery expectations.
• Egg: Spot price is in CNY/500g, futures price is in CNY/500kg. Basis percentage is calculated based on the provided numerical difference.
• Live Hog: Spot price is in CNY/kg, futures price is in CNY/ton. Basis percentage is calculated based on the provided numerical difference.