Report Overview - The report focuses on the freight futures market, mainly analyzing the prices, trends, and influencing factors of European line freight futures contracts, as well as recent news and market conditions [2]. 1. Futures Contract Price and Change 1.1 Futures Contract Prices and Fluctuations - EC2512: The price was 1749.4, with a change of 0.119%, and the trading volume was 22970, and the open interest decreased by 4048 to 21157 [2]. - EC2602: The price was 1636.6, a decrease of 3.19%, the trading volume was 27879, and the open interest increased by 3551 to 32901 [2]. - EC2604: The price was 1172.0, a decrease of 1.33%, the trading volume was 5188, and the open interest increased by 73 to 15483 [2]. - EC2606: The price was 1364.7, a decrease of 4.16%, the trading volume was 532, and the open interest increased by 144 to 1567 [2]. - EC2608: The price was 1472.1, a decrease of 4.712%, the trading volume was 336, and the open interest decreased by 5 to 1208 [2]. - EC2610: The price was 1129.9, a decrease of 0.67%, the trading volume was 609, and the open interest increased by 225 to 1833 [2]. 1.2 Month - to - Month Spread - EC2512 - 2504: The spread was 577.4, with a daily increase of 19.1 and a weekly decrease of 142.5 [2]. - EC2512 - 2602: The spread was 112.8, with a daily increase of 57.2 and a weekly decrease of 203.4 [2]. - EC2502 - 2604: The spread was 464.6, with a daily decrease of 38.1 and a weekly increase of 60.9 [2]. 2. Index Data 2.1 Index Values and Changes - Data Index: Updated weekly on Mondays. As of 2025/11/10, it was 1504.80 points, an increase of 24.50% from the previous period and a decrease of 7.92% expected in the next period [2]. - SCFI (European Line): Updated weekly on Wednesdays. As of 2025/11/7, it was 1323 dollars/TEU, a decrease of 1.56% from the previous period [2]. - CCFI: Updated weekly on Wednesdays. As of 2025/11/7, it was 1366.85 points, an increase of 3.25% from the previous period and an expected increase of 2.37% in the next period [2]. - NCFI: Updated weekly on Wednesdays. As of 2025/11/7, it was 911.73 points, a decrease of 5.8% from the previous period and an expected increase of 17.43% in the next period [2]. 3. Market Analysis and Outlook 3.1 Market Movement on Wednesday - In the morning, the market oscillated, and in the afternoon, it dropped across the board due to the news that the Houthi rebels officially announced to stop attacking merchant ships in the Red Sea [2]. 3.2 Outlook for Different Contracts - EC2512: Its valuation is neutral and will gradually follow the delivery logic. The freight rate in late November will determine the implementation degree of the price - holding in December. It is expected to mainly follow the changes in spot prices and the rhythm of shipping companies' price announcements in the future [2]. - EC2602: Its valuation is more difficult to anchor. In the short term, it is expected to mainly follow the trend of EC2512. If the peak - season cargo - booking situation is gradually realized in the future, it may have more room for growth. The peak freight rate usually occurs 4 - 5 weeks before the Spring Festival (mid - January next year) [3]. - EC2604: It is a off - season contract. In the short term, it will maintain a narrow - range oscillation in the peak - season logic. Considering the expected greater supply pressure next year and the off - season in April, a short - selling strategy on rallies is recommended [3]. 4. Recent European Line Quotation Situation 4.1 Cargo - Booking Situation - In week 45, the cargo - booking situation was good; in week 46, the PA cargo - receiving improved slightly, but the shipping capacity in this week was extremely low. The pressure increased in the second half of November. Among them, PA improved, while MSK faced increased cargo - receiving pressure, and the pressure on OA decreased due to sailings suspension compared with the first half of the month [4]. 4.2 Price Levels - In week 46, the average landed price was 2000 dollars (equivalent to 1400 points on the futures). Shipping companies announced a price increase to 2365 - 2950 dollars for the second half of November, but MSK opened the booking at 2250 dollars (a 50 - dollar increase from the previous period). It is expected that the quotes of other shipping companies will be gradually lowered this week, and they may also announce a price increase for December [4]. - In week 47, the offline PA price was around 2000 dollars, OA was 2200 - 2400 dollars, and MSK was 2000 dollars. OOCL lowered the online price for November by 300 dollars to 2600 dollars [4]. - On Tuesday, MSK opened the booking for week 48 at 1900 - 2000 dollars, equivalent to 1340 - 1400 dollars on the futures [4]. 5. Related News - On 11/12, the Houthi rebels issued a statement saying that they would end their targeted actions against maritime interests related to Israel and stop armed attacks on merchant ships passing through the Red Sea. However, they warned that if the enemy continued to invade Gaza, they would resume military operations and the navigation ban on Israeli ships [5]. - On 11/12, Hamas stated that it had completed the first phase of the cease - fire agreement. A senior Hamas member said that the previous cease - fire agreement was only a "preliminary agreement" and not a final comprehensive one. The first - phase implementation of the Gaza cease - fire agreement had been in place for a month, but the second - phase negotiation had not started yet. Israeli Prime Minister Netanyahu said that Israel was determined to enforce the cease - fire agreement with a "heavy hand" in Gaza and Lebanon [5].

Group 1: Overnight Market Information - Analysts expect US soybean export sales to net increase by 45 - 160 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season as of the week ending November 6, 2025 [1] - US soybean meal export sales are expected to net increase by 5 - 40 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season [1] - US soybean oil export sales are expected to net increase by 0 - 2.5 million tons for the 2025 - 26 season and 0 tons for the 2026 - 27 season [1] - Malaysia's palm oil product exports from November 1 - 10, 2025, decreased by 49.53% compared to the same period last month, with exports of 190,533 tons [1] Group 2: Spot Prices - Spot prices for various products including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu are provided from November 6 - 12, 2025 [2]

| 燃料油早报 | 研究中心能化团队 2025/11/13 | | --- | --- | | 燃 料 油 | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | --- | --- | --- | --- | --- | --- | --- | --- | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/11/06 | 371.92 | 409.77 | -4.47 | 690.76 | -280.99 | 30.48 | 37.85 | | 2025/11/07 | 370.65 | 414.33 | -4.91 | 693.94 | -279.61 | 30.87 | 43.68 | | 2025/11/10 | 371.28 | 414.78 | -4.71 | 690.87 | -276.09 | 30.17 | 43.50 | | 2025/11/1 ...

M E G 日期 东北亚乙烯 MEG外盘 价格 MEG内盘 价格 MEG华东 价格 MEG远月 价格 MEG煤制 利润 MEG内盘现金 流（乙烯） MEG总负 荷 煤制MEG 负荷 MEG港口 库存 非煤制负荷 2025/11/06 740 469 3972 3985 3970 -316 -649 72.5 72.2 66.1 73 2025/11/07 740 473 4013 4025 4013 -333 -606 72.5 72.2 66.1 73 2025/11/10 740 470 4003 4015 4000 -343 -617 72.5 72.2 66.1 73 2025/11/11 740 467 3981 3985 3980 -365 -640 72.5 72.2 66.1 73 2025/11/12 740 463 3961 3965 3960 -385 -640 72.5 72.2 66.1 73 变化 0 -4 -20 -20 -20.00 -20.00 0 0 0 0 0 MEG现货成交 基差对01（+62）附近。 MEG装置变化 兖矿40万吨检修；中化学30万吨检修。 周度观点 近 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The domestic civil LPG market may show a pattern of stronger in the south and weaker in the north, with an overall expectation of a peak season [1]. - The contraction of PDH profits may lead to a decline in propane demand, and the current domestic market valuation is high and may fall [1]. - The international propane market is in a loose pattern, and attention should be paid to weather and US cold wave conditions [1]. 3) Summary by Related Content Day - to - Day Changes - In the civil gas market on Wednesday, prices in East China were 4378 (-9), in Shandong 4440 (+40), and in South China 4490 (+0). The price of ether - post carbon four was 4630 (+0). The lowest delivery location was East China, with a basis of 85 (+68), and the 12 - 01 month spread was 96 (+11). FEI was 498.71 (+3.71) and CP was 473.71 (+5.71) dollars/ton [1]. - The PG main contract fluctuated. The basis was 102 (+116), the 12 - 01 month spread was 72 (-8), and the number of warehouse receipts was 4444 (+250). The cheapest delivery product was East China civil LPG at 4374; prices in Shandong were 4380 (+80), in East China 4374 (+95), and in South China 4450 (+50). The price of Shandong ether - post carbon four was 4500 (+80) [1]. - The external market price declined; the domestic - foreign spread strengthened, with PG - CP reaching 137 (+4), PG - FEI reaching 113 (+15.6), and FEI - MB reaching 153 (-1.8). The CIF discount of propane in East China was 85 US dollars (+6), and the freight rate was basically flat. The FEI - MOPI spread widened, and the switching window remained open, with the latest value at - 73 (-6) [1]. Weekly Viewpoints - The cracking spread of naphtha changed little and remained at a relatively high level this year. The profit of PDH production of propylene in Shandong decreased significantly (some plants were shut down), the profit of alkylation plants rebounded, the production gross profit of MTBE changed little, and the export profit fluctuated [1]. - Domestic production decreased, factory inventories were basically flat, the arrival potential was limited, terminal sales improved, and port inventories decreased. The PDH operating rate was 75.49% (+1.6) due to Li Huayi Weiyuan operating at full capacity, while Binhua, Xintai, and Haiwei shut down successively [1].

研究中心农产品团队 2025/11/13 | 玉米/淀粉 | | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/11/06 | 2050 | 2100 | 2140 | 2250 | -54 | 0 98 | 2700 | 2800 | 186 | 28 | | 2025/11/07 | 2050 | 2110 | 2120 | 2250 | -39 | -10 115 | 2700 | 2800 | 193 | 28 | | 2025/11/10 | 2050 | 2120 | 2140 | 2270 | -44 | 0 142 | 2700 | 2800 | 176 | 8 | | 2025/11/11 | 2070 | 2130 | 2150 | 2300 | -47 | 20 164 | 2700 | 2800 | 16 ...

Group 1: Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.070, UK 4.397, France 3.376, Germany 2.642, Italy 3.370, Spain 3.139, Switzerland 0.140, Greece 3.251, Japan 1.684, Brazil 6.157, China 1.802, Australia 4.379, New Zealand 4.103 [3] - The latest yields of 2 - year government bonds in major economies: US 3.570, UK 3.723, Germany 1.995, Japan 0.933, Italy 2.174, China (1Y yield) 1.406, Australia 3.638 [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.292, South Africa zar 17.084, South Korean won 1471.050, Thai baht 32.507, Malaysian ringgit 4.134 [3] - The latest exchange rates of the RMB: on - shore RMB 7.111, off - shore RMB 7.113, RMB central parity 7.083, RMB 12 - month NDF 6.967 [3] - The latest values of major economies' stock indices: S&P 500 6850.920, Dow Jones Industrial Average 48254.820, NASDAQ 23406.460, Mexican stock index 63190.660, UK stock index 9911.420, French CAC 8241.240, German DAX 24381.460, Spanish stock index 16615.800, Japanese Nikkei 51063.310, Hong Kong Hang Seng Index 26922.730, Shanghai Composite Index 4000.140, Taiwan stock index 27947.090, South Korean stock index 4150.390, Indian stock index 8388.566, Thai stock index 1284.810, Malaysian stock index 1631.610, Australian stock index 9079.362, emerging - economy stock index 1407.730 [3] - The latest values of credit - bond indices: US investment - grade credit - bond index 3532.910, euro - zone investment - grade credit - bond index 266.387, emerging - economy investment - grade credit - bond index 289.760, US high - yield credit - bond index 2883.920, euro - zone high - yield credit - bond index 408.350, emerging - economy high - yield credit - bond index 1800.294 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - share closing price 4000.14, down 0.07%; CSI 300 closing price 4645.91, down 0.13%; SSE 50 closing price 3044.30, up 0.32%; ChiNext closing price 3122.03, down 0.39%; CSI 500 closing price 7243.25, down 0.66% [4] - Valuation: PE (TTM) of CSI 300 is 14.31 with a 0.04环比 change, SSE 50 is 12.08 with a 0.10环比 change, CSI 500 is 33.14 with a - 0.15环比 change, S&P 500 is 28.44 with a - 0.02环比 change, German DAX is 20.17 with a 0.24环比 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.55 with a 0.05环比 change, German DAX is 2.32 with a - 0.04环比 change [4] - Fund flow: A - share latest value - 812.64, 5 - day average - 604.07; Main - board latest value - 611.85, 5 - day average - 412.64; ChiNext latest value - 166.55, 5 - day average - 149.18; CSI 300 latest value - 19.37, 5 - day average - 61.59 [4] Group 3: Transaction Data and Other Information - Transaction amount: The latest value of Shanghai and Shenzhen stock markets is 19450.34, CSI 300 is 4923.09, SSE 50 is 1368.90, small - and medium - sized board is 4021.64, ChiNext is 4878.35. The环比 changes are - 485.52, 146.80, 188.29, - 38.86, - 188.60 respectively [5] - Main contract basis and spread: IF basis - 17.91, amplitude - 0.39%; IH basis - 1.50, amplitude - 0.05%; IC basis - 88.05, amplitude - 1.22% [5] - Treasury futures trading data: T2303 closing price 108.52, up 0.04%; TF2303 closing price 105.97, up 0.03%; T2306 closing price 108.29, up 0.05%; TF2306 closing price 105.94, up 0.04% [5] - Fund interest rates: R001 is 1.4662% with a - 4.00 BP daily change, R007 is 1.5050% with a 0.00 BP daily change, SHIBOR - 3M is 1.5800% with a 0.00 BP daily change [5]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/11/13 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/11/06 | 3190 | 3200 | 3160 | 3220 | 3260 | 3210 | | 2025/11/07 | 3190 | 3200 | 3160 | 3240 | 3300 | 3260 | | 2025/11/10 | 3190 | 3200 | 3140 | 3240 | 3300 | 3260 | | 2025/11/11 | 3200 | 3200 | 3140 | 3260 | 3300 | 3260 | | 2025/11/12 | 3200 | 3200 | 3190 | 3210 | 3300 | 3260 | | 变化 | 0 | 0 | 50 | -50 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core Views - **Copper**: This week, copper prices slightly declined, finding support at the 85,000 yuan level. The current slow inventory build - up pattern may continue until the first quarter of next year, with fundamentals remaining moderately weak. The 85,000 yuan level may be a psychological price for downstream point - pricing [1]. - **Aluminum**: Iceland's long - term reduction in electrolytic aluminum production is finalized, and high overseas electricity prices increase the expectation of production cuts in other capacities. Aluminum prices have risen significantly, with the domestic market outperforming the overseas market. Future aluminum supply and demand may remain in a tight balance, but the actual performance may fall short of expectations [2]. - **Zinc**: This week, the zinc price center has risen. Supply - side TC is accelerating its decline. The demand is seasonally weak domestically, and overseas production faces some resistance. The export window has opened. In the short - term, it is advisable to wait and see, and pay attention to reverse arbitrage and positive arbitrage opportunities [5]. - **Stainless Steel**: The supply has slightly increased in October, demand is mainly for rigid needs, costs are stable, and inventory remains high. With Indonesia's policy support, pay attention to short - selling opportunities [9]. - **Lead**: This week, lead prices fluctuated at a high level. The supply - side situation has improved, and the demand is expected to weaken. It is expected that lead prices will fluctuate narrowly next week, and cautious operation is recommended [13]. - **Tin**: This week, tin prices fluctuated. The supply and demand are currently weak. In the short - term, it is advisable to follow the macro - sentiment. In the long - term, consider holding at low prices near the cost line [16]. - **Industrial Silicon**: In Q4, the supply and demand of industrial silicon are in a slightly loose balance, and prices are expected to fluctuate. In the long - term, prices will likely fluctuate at the bottom of the cycle [17]. - **Lithium Carbonate**: Affected by the resumption of production in Jiangxi mines, lithium carbonate prices have fluctuated widely. Short - term supply and demand are strong, with a de - stocking trend. The upside potential depends on inventory reduction and speculative demand [17]. - **Nickel**: The supply of pure nickel has slightly decreased, demand is weak, and inventory is increasing. With policy support from Indonesia, pay attention to short - selling opportunities [21]. 3. Summary by Metal Copper - **Price and Market Data**: From November 6 - 12, the spot premium of Shanghai copper changed by - 20, the waste - refined copper spread increased by 20, and the inventory in the previous period's exchange increased by 1,124 tons. The spot import profit decreased by 241.83 yuan, and the March import profit decreased by 53.21 yuan [1]. - **Market Analysis**: This week, copper prices slightly declined, finding support at 85,000 yuan. The macro - market is waiting for the release of TGA account liquidity. The market at the Shanghai Copper Conference is generally optimistic about next year's demand. However, the copper rod operating rate has declined, and the substitution effect has weakened. The current slow inventory build - up may continue until Q1 next year [1]. Aluminum - **Price and Market Data**: From November 6 - 12, the Shanghai aluminum ingot price increased by 40 yuan, and the domestic alumina price decreased by 1 yuan. The aluminum LME inventory remained unchanged [2][20]. - **Market Analysis**: Iceland's long - term reduction in electrolytic aluminum production is finalized, and high overseas electricity prices increase the expectation of production cuts in other capacities. The domestic aluminum market is stronger than the overseas market, but the downstream acceptance of high prices is limited. Future supply and demand may remain in a tight balance [2]. Zinc - **Price and Market Data**: From November 6 - 12, the spot premium of zinc increased by 10, and the Shanghai zinc ingot price decreased by 50 yuan. The domestic social inventory remained unchanged, and the overseas LME inventory increased by 575 tons [5]. - **Market Analysis**: This week, the zinc price center has risen. The supply - side TC is accelerating its decline, and the demand is seasonally weak domestically. Overseas production faces some resistance due to processing fees. The export window has opened [5]. Stainless Steel - **Price and Market Data**: From November 6 - 12, the prices of 304 cold - rolled, 304 hot - rolled, 201 cold - rolled, and 430 cold - rolled stainless steel remained unchanged, and the price of scrap stainless steel increased by 100 yuan [9]. - **Market Analysis**: In October, the supply of stainless steel slightly increased, demand is mainly for rigid needs, costs are stable, and inventory remains high. With Indonesia's policy support, pay attention to short - selling opportunities [9]. Lead - **Price and Market Data**: From November 6 - 12, the spot premium of lead remained unchanged, and the Shanghai - Henan price difference decreased by 25 yuan. The LME inventory decreased by 1,500 tons [13]. - **Market Analysis**: This week, lead prices fluctuated at a high level. The supply - side situation has improved, and the demand is expected to weaken. It is expected that lead prices will fluctuate narrowly next week, and cautious operation is recommended [13]. Tin - **Price and Market Data**: From November 6 - 12, the spot import profit decreased by 1,918.03 yuan, and the spot export profit increased by 1,194 yuan. The LME inventory increased by 40 tons [16]. - **Market Analysis**: This week, tin prices fluctuated. The supply and demand are currently weak. In the short - term, it is advisable to follow the macro - sentiment. In the long - term, consider holding at low prices near the cost line [16]. Industrial Silicon - **Price and Market Data**: From November 6 - 12, the 421 Yunnan basis decreased by 15 yuan, and the 421 Sichuan basis decreased by 15 yuan. The number of warehouse receipts decreased by 143 [17]. - **Market Analysis**: In Q4, the supply and demand of industrial silicon are in a slightly loose balance, and prices are expected to fluctuate. In the long - term, prices will likely fluctuate at the bottom of the cycle [17]. Lithium Carbonate - **Price and Market Data**: From November 6 - 12, the SMM electric carbon price increased by 1,000 yuan, and the SMM industrial carbon price increased by 1,000 yuan. The number of warehouse receipts increased by 188 [17]. - **Market Analysis**: Affected by the resumption of production in Jiangxi mines, lithium carbonate prices have fluctuated widely. Short - term supply and demand are strong, with a de - stocking trend. The upside potential depends on inventory reduction and speculative demand [17]. Nickel - **Price and Market Data**: From November 6 - 12, the price of 1.5% Philippine nickel ore remained unchanged, and the price of high - nickel iron was not provided. The Shanghai nickel spot price decreased by 700 yuan. The domestic and overseas inventories decreased by 1,194 tons and 1,104 tons respectively [21]. - **Market Analysis**: The supply of pure nickel has slightly decreased, demand is weak, and inventory is increasing. With policy support from Indonesia, pay attention to short - selling opportunities [21].

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 13, 2025, to help investors find potential arbitrage opportunities. Summary by Category Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 86,770, LME price is 10,835, and the ratio is 8.00; for the three - month contract, China price is 86,840, LME price is 10,849, and the ratio is 8.00. The equilibrium ratio for spot import is 8.07, with a loss of 744.41, and a profit of 323.68 for spot export [1]. - **Zinc**: Spot price in China is 22,610, LME price is 3,199, and the ratio is 7.07; for the three - month contract, China price is 22,720, LME price is 3,071, and the ratio is 5.71. The equilibrium ratio for spot import is 8.49, with a loss of 4,559.88 [1]. - **Aluminum**: Spot price in China is 21,660, LME price is 2,867, and the ratio is 7.56; for the three - month contract, China price is 21,880, LME price is 2,895, and the ratio is 7.52. The equilibrium ratio for spot import is 8.32, with a loss of 2,195.36 [1]. - **Nickel**: Spot price in China is 122,250, LME price is 14,821, and the ratio is 8.25. The equilibrium ratio for spot import is 8.17, with a loss of 2,084.11 [1]. - **Lead**: Spot price in China is 17,350, LME price is 2,051, and the ratio is 8.45; for the three - month contract, China price is 17,670, LME price is 2,075, and the ratio is 10.91. The equilibrium ratio for spot import is 8.71, with a loss of 533.04 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 210, 210, 220, and 190 respectively, while the theoretical spreads are 535, 968, 1410, and 1853 [4]. - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 90, 130, 150, and 175 respectively, while the theoretical spreads are 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 245, 295, 295, and 305 respectively, while the theoretical spreads are 219, 339, 459, and 579 [4]. - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 265, 275, 275, and 265 respectively, while the theoretical spreads are 212, 320, 428, and 536 [4]. - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 340, - 160, 20, and 280 respectively [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts is - 1150, and the theoretical spread is 6046 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 115 and 95 respectively, while the theoretical spreads are 96 and 606 [4]. - **Zinc**: The spreads between the current - month and next - month contracts and the spot are - 20 and 70 respectively, while the theoretical spreads are 89 and 220 [4][5]. - **Lead**: The spreads between the current - month and next - month contracts and the spot are 45 and 310 respectively, while the theoretical spreads are 91 and 206 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.82, 3.97, 4.91, 0.96, 1.24, and 0.78 respectively, and for London (three - continuous contracts) are 3.56, 3.78, 5.22, 0.94, 1.38, and 0.68 respectively [5]