| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/10/15 | | | 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 | | 2025/09/30 | 3150 | 3210 | 3220 | 3170 | 3290 | 3240 | | 2025/10/09 | 3190 | 3250 | 3220 | 3170 | 3290 | 3240 | | 2025/10/10 | 3190 | 3260 | 3220 | 3170 | 3290 | 3280 | | 2025/10/13 | 3130 | 3210 | 3190 | 3150 | 3260 | 3220 | | 2025/10/14 | 3110 | 3200 | 3270 | 3130 | 3250 | 3210 | | 变化 | -20 | -10 | 80 | -20 | -10 | -10 | | 日期 | 天津热卷 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report provides a comprehensive analysis of various non - ferrous metals, each with its own market situation, influencing factors, and investment strategies. For copper, maintain a buy - on - dips approach; for aluminum, hold on dips in the long - term; for zinc, suggest waiting and seeing; for nickel, the short - term fundamentals are weak; for stainless steel, the fundamentals are weak; for lead, expect high - level oscillations; for tin, suggest waiting and seeing in the short - term and holding on dips in the long - term; for industrial silicon, expect price oscillations at the cycle bottom; for lithium carbonate, price elasticity is high after supply - side disturbances [1][2][4]. Summary by Metal Copper - **Market Data**: From September 30 - October 14, the spot price of Shanghai - copper decreased by 30, the spread between waste and refined copper remained unchanged, and the inventory of SHFE increased by 3405 [1]. - **Market Analysis**: Affected by Trump's tariff announcement, LME copper dropped 4.5% on Friday. The impact of this tariff conflict is expected to be less than that during the Tomb - Sweeping Festival. The smelting reduction exceeded expectations, and there was medium - level inventory accumulation this week. After the price drop on Friday, the volume of price - setting and receiving goods is expected to increase, driving inventory reduction. Copper cable and aluminum cable construction are diverging [1]. - **Investment Strategy**: Maintain a buy - on - dips approach, pay attention to the support around $10,300 for LME copper, consider selling put options below $10,000 or gradually establishing virtual inventory [1]. Aluminum - **Market Data**: From September 30 - October 14, the prices of Shanghai, Yangtze River, and Guangdong aluminum ingots increased by 90, the domestic alumina price decreased by 5, and the inventory of SHFE remained unchanged [1]. - **Market Analysis**: The operating capacity is increasing slightly, the production schedule of photovoltaic modules has stabilized, and the proportion of molten aluminum has rebounded significantly in September. Due to the holiday effect, there was seasonal inventory accumulation. The global economic recovery is showing signs, and the Fed's rate - cut expectation is strengthening, but Sino - US economic and trade relations are uncertain, leading to a divergence in domestic and foreign market trends [1]. - **Investment Strategy**: The short - term fundamentals are acceptable. Keep an eye on terminal demand and hold on dips in the long - term [1]. Zinc - **Market Data**: From September 30 - October 14, the spot price of Shanghai zinc increased by 10, and the social inventory remained unchanged. The LME zinc inventory decreased [2]. - **Market Analysis**: This week, the domestic zinc price fluctuated and rose. The domestic TC decreased, and the imported TC increased. In the fourth quarter to the first quarter of next year, domestic zinc ore will be tighter, while overseas ore production increased significantly in the second quarter. In October, smelting capacity recovered slightly. Domestic demand is seasonally weak, and overseas demand in Europe is average. The domestic social inventory is oscillating, and the LME inventory is decreasing [2]. - **Investment Strategy**: Due to the poor domestic fundamentals and the opening of the export window, it is recommended to wait and see. For the domestic - foreign spread, gradually take profits on the long - domestic - short - foreign spread and look for opportunities in the far - month reverse spread. For the inter - month spread, pay attention to the long - December - short - February spread [2]. Nickel - **Market Data**: From September 30 - October 14, the price of 1.5% Philippine nickel ore remained unchanged, and the price of Shanghai nickel decreased by 450 [3]. - **Market Analysis**: The supply of pure nickel remains at a high level, the demand is weak, and the domestic inventory is stable while the overseas inventory is increasing. The Indonesian parade has subsided, but there are still disturbances in the Indonesian ore market [4]. - **Investment Strategy**: No specific strategy provided in the report. Stainless Steel - **Market Data**: From September 30 - October 14, the prices of 304 cold - rolled and hot - rolled coils decreased by 100, and the price of waste stainless steel decreased by 50 [9]. - **Market Analysis**: In October, steel mill production increased slightly. Demand is mainly for rigid needs. The prices of nickel - iron and chromium - iron are stable. There was inventory accumulation during the holiday in Xijiao and Foshan, and the warehouse receipts remained unchanged [9]. - **Investment Strategy**: No specific strategy provided in the report. Lead - **Market Data**: From September 30 - October 14, the spot premium decreased by 5, and the LME registered warehouse receipts decreased by 100,000 tons [13][14]. - **Market Analysis**: This week, the lead price rose due to macro - factors. The scrap volume is weak year - on - year, and the recovery of scrap lead production is expected to increase by 30,000 tons in October. The demand for batteries may weaken after the National Day. The refined - scrap spread is - 25, and the lead ingot spot is at a discount of 10 [14]. - **Investment Strategy**: It is expected that the domestic and foreign lead prices will oscillate at a high level next week, in the range of 17,000 - 17,400 [14]. Tin - **Market Data**: From September 30 - October 14, the tin position decreased by 1121 [17]. - **Market Analysis**: This week, the tin price increased due to macro - factors. The domestic smelting capacity has been reduced, and the overseas supply is expected to recover in October. The demand for solder has slightly improved, and the domestic inventory has decreased slightly [17]. - **Investment Strategy**: In the short - term, follow the macro - sentiment and wait and see. In the long - term, hold on dips close to the cost line [17]. Industrial Silicon - **Market Data**: From September 30 - October 14, the 421 Yunnan and Sichuan basis increased by 285, and the 553 East China and Tianjin basis changed, with the warehouse receipts increasing by 343 [18]. - **Market Analysis**: Xinjiang's leading enterprises are resuming production, and Sichuan and Yunnan's production is stable. There is a strong expectation of production reduction in November. The supply and demand of industrial silicon will be balanced in Q4 [18]. - **Investment Strategy**: The price is expected to oscillate at the cycle bottom [18]. Lithium Carbonate - **Market Data**: From September 30 - October 14, the SMM electric and industrial lithium carbonate prices decreased by 100, and the warehouse receipts decreased by 1538 [18]. - **Market Analysis**: This week, the lithium carbonate price oscillated. Overseas mines are reluctant to sell at low prices, and traders are holding back supplies. The pre - holiday inventory replenishment is coming to an end, and the spot basis is weakening. The market is still in a stage of over - capacity [18]. - **Investment Strategy**: The price elasticity is high after supply - side disturbances, and there is strong downward price support before the disturbances [18].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, oil prices declined as the first - stage cease - fire agreement in the Gaza region was reached, leading to the unwinding of the Middle East geopolitical risk premium. On Friday, Trump reignited the trade war, which hit the U.S. stock market at night, worsening the macro - sentiment. Brent crude fell to $62 per barrel, with a single - day decline of over 4%. [5] - Fundamentally, crude oil supply continued to be released. OPEC confirmed a production increase of 137,000 barrels per day in November, and the market expected a further increase of 137,000 barrels per day in December. Since September, OPEC+ crude net exports have increased significantly month - on - month, and Russian crude exports have also increased. [5] - Recently, global floating storage of crude oil has increased significantly. The U.S. EIA commercial crude inventory increased by 3.715 million barrels in the week of October 3, U.S. production increased again, the number of drilling rigs decreased (-4), and gasoline and diesel inventories decreased. Global refinery profits declined with the fall of diesel cracking spreads. [5] - Next week, the Dangote refinery in West Africa is expected to resume operations, and global gasoline supply will recover. The U.S. has imposed new sanctions on Iran, affecting Rizhao Port and local refineries. The impact on refinery raw material supply needs to be evaluated, and the fourth - quarter operating rate of local refineries is slightly lowered. [5] - In the baseline scenario, there will be a surplus of over 2 million barrels per day in the fourth quarter of crude oil, and there are signs of the conversion of floating storage inventory to OECD inventory. In 2026, the surplus is expected to be 1.8 - 2.5 million barrels per day. The oversupply pattern of crude oil remains unchanged. The absolute price center in the fourth quarter is expected to fall to $55 - 60 per barrel. [5] 3. Summary by Relevant Catalogs Daily News - Negotiations on the second - stage cease - fire agreement in Gaza have started. The key points of the U.S. government's "20 - point plan" include the complete withdrawal of the Israeli army from the Gaza Strip and the disarmament of Hamas. However, Hamas insists on Israel ending the occupation and the establishment of a Palestinian state as a precondition for complete disarmament, and the Israeli government has not clearly committed to the complete withdrawal of the army from the Gaza Strip. [3] - Russia's seaborne crude oil exports have reached a 28 - month high. In the four weeks up to October 12, the four - week average of Russia's port crude oil exports was 3.74 million barrels per day, the highest since June 2023. Due to increased production and Ukrainian attacks on Russian refineries, some crude oil has been diverted to export terminals. [4] - TotalEnergies CEO Patrick Pouyanne said that if the oil price falls to $60 per barrel, non - OPEC producers will start to cut production. It is expected that from mid - 2026, non - OPEC supply will decline significantly and hardly grow, and OPEC will regain control of the market. [4] Regional Fundamentals - According to the EIA report, in the week of October 3, U.S. crude oil exports decreased by 161,000 barrels per day to 3.59 million barrels per day, while domestic crude oil production increased by 124,000 barrels to 13.629 million barrels per day. [4] - The commercial crude oil inventory excluding strategic reserves increased by 3.715 million barrels to 420 million barrels, a growth rate of 0.89%. The U.S. strategic petroleum reserve (SPR) inventory increased by 285,000 barrels to 407 million barrels, a growth rate of 0.07%. [4] - The four - week average supply of U.S. crude oil products was 20.897 million barrels per day, a year - on - year increase of 1.68%. The import of commercial crude oil excluding strategic reserves was 6.403 million barrels per day, an increase of 570,000 barrels per day compared with the previous week. [4] - From September 19 - 25, the operating rate of major refineries decreased, while that of Shandong local refineries increased. Domestic gasoline production decreased, diesel production increased, gasoline inventory increased, and diesel inventory decreased. The comprehensive profit of major refineries fluctuated downward, and the comprehensive profit of local refineries decreased month - on - month. [5] Weekly View - This week, oil prices dropped due to the cease - fire in Gaza and the deterioration of the macro - environment. Brent crude fell sharply. [5] - Crude oil supply continued to increase, with OPEC's planned production increases and rising Russian exports. Global floating storage and U.S. commercial crude inventory increased. [5] - Global refinery profits declined, and the Dangote refinery in West Africa is expected to resume operations next week, increasing gasoline supply. [5] - U.S. sanctions on Iran may affect refinery raw material supply, and the fourth - quarter operating rate of local refineries is slightly lowered. [5] - Crude oil is expected to be in surplus in the fourth quarter of this year and 2026, and the absolute price center in the fourth quarter is expected to fall to $55 - 60 per barrel. [5]

Report Overview - The report is a pulp morning report released by the Energy and Chemicals Team of the Research Center on October 15, 2025 [2] SP Main Contract Information - The closing price of the SP main contract on October 14, 2025, was 4846.00 [3] - The closing prices from October 9 to October 14 showed fluctuations, with a 0.08261% increase on October 14 compared to the previous day [3] - The base differences in Shandong and Jiangsu-Zhejiang-Shanghai regions also fluctuated during this period [3] Import Pulp Information - Import profits for different pulp brands from various origins were calculated based on a 13% VAT rate and the exchange rate of 7.14 on the previous day [4] - Brands like Golden Lion from Canada and Silver Star from Chile had negative import profits, with -163.20 for Golden Lion and -127.74 for Silver Star [4] Pulp Price Averages - National and Shandong regional average prices for different types of pulp (coniferous, broadleaf, etc.) remained unchanged from September 30 to October 14, 2025 [4] - The price indices for cultural, packaging, and living papers also showed no change during this period [4] Pulp Price Spreads - The price spreads between coniferous and other types of pulp (broadleaf,本色, chemical mechanical, waste paper) fluctuated slightly from September 30 to October 14, 2025 [4] Paper Product Profit Margins - The profit margins for different paper products (double - offset, double - copper, etc.) changed from October 9 to October 14, 2025 [4] - For example, the double - offset profit margin decreased from 0.1462% on October 9 to -0.0430% on October 14 [4]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the given text Summary by Related Catalogs Price - For silicon ferroalloy, the latest prices of 72% FeSi in different regions on 2025/10/15 are as follows: 5130 in Ningxia, 5150 in Inner Mongolia, 5150 in Qinghai, 5100 in Shaanxi; the price of 75% FeSi in Shaanxi is 6100. The prices of silicon ferroalloy in some regions have decreased compared to the previous week [2]. - For silicon manganese, the latest prices of FeMn65Si17 in different regions on 2025/10/15 are as follows: 5650 in Inner Mongolia, 5600 in Ningxia, 5700 in Guangxi, 5650 in Guizhou, 5630 in Yunnan; the price of FeMn60Si14 in Guangxi is 5100. Some prices have decreased compared to the previous week [2]. Supply - For silicon ferroalloy, there is information about the production capacity utilization rate of 136 silicon ferroalloy production enterprises in Inner Mongolia, Ningxia, Shaanxi, etc., and the weekly production of 136 silicon ferroalloy enterprises in China (with a production capacity accounting for 95%) [5]. - For silicon manganese, there is information about the weekly production of silicon manganese in China and the production capacity utilization rate of silicon manganese enterprises in China [7]. Demand - For silicon ferroalloy, there are data on the export price of silicon ferroalloy at Tianjin Port, the export quantity of silicon ferroalloy in China, the procurement volume and price of FeSi75 - B by HBIS Group, etc. [5]. - For silicon manganese, there are data on the demand for silicon manganese in China (according to Steelhome), the export quantity of silicon manganese in China, etc. [8]. Inventory - For silicon ferroalloy, there is information about the inventory of 60 sample enterprises in China, Ningxia, Inner Mongolia, Shaanxi, etc., the number of warehouse receipts and effective forecasts of silicon ferroalloy on CZCE, and the average available days of inventory in different regions [6]. - For silicon manganese, there is information about the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory of silicon manganese on CZCE, the inventory of 63 sample enterprises in China, and the average available days of inventory in China [8]. Cost and Profit - For silicon ferroalloy, there are data on electricity prices in different regions, the market price of semi - coke, the production cost and profit of silicon ferroalloy in Inner Mongolia and Ningxia, etc. [6]. - For silicon manganese, there are data on the profit of silicon manganese in Inner Mongolia, Guangxi, the northern and southern regions, and the profit of silicon manganese in Ningxia and Guangxi converted to the main contract [8].

Group 1: Price Performance - London Gold's latest price is 4095.95 with no change [2] - London Silver's latest price is 51.24 with no change [2] - London Platinum's latest price is 1635.00 with no change [2] - London Palladium's latest price is 1451.00, down 4.00 [2] - WTI Crude's latest price is 59.49 with no change [2] - LME Copper's latest price is 10527.00, down 71.50 [2] - US Dollar Index's latest value is 99.26 with no change [2] - Euro to US Dollar's latest rate is 1.16 with no change [2] - Pound to US Dollar's latest rate is 1.33 with no change [2] - US Dollar to Japanese Yen's latest rate is 152.31 with no change [2] - US 10 - year TIPS's latest value is 1.75 with no change [2] Group 2: Trading Data - COMEX Silver's latest inventory is 16179.79 with no change [3] - SHFE Silver's latest inventory is 1063.07, down 61.39 [3] - Gold ETF's latest holding is 1021.45, up 2.57 [3] - Silver ETF's latest holding is 15733.09, down 21.17 [3] - SGE Silver's latest inventory is 1216.97 with no change [3] - SGE Gold's latest deferred - fee payment direction is 2, up 1.00 [3] - SGE Silver's latest deferred - fee payment direction is 2, up 1.00 [3]

Report Information - Report Title: Coking Coal Daily Report - Date: October 15, 2025 - Research Team: Black Team of the Research Center [1] Price Information Spot Prices - The latest price of Liulin Main Coking Coal is 1550.00, with no daily or weekly change, a monthly increase of 149.00 [2]. - The latest price of Peak Downs is 205.00, a daily decrease of 1.00, no weekly change, a monthly increase of 3.50, and an annual decrease of 12.70 [2]. - The latest price of Goonyella is 204.00, a daily decrease of 1.50, a weekly decrease of 1.00, a monthly increase of 3.00, and an annual decrease of 13.70 [2]. Futures Prices - The latest price of Futures Contract 05 is 1223.00, a daily decrease of 17.50, a weekly decrease of 8.50, a monthly decrease of 0.50, and an annual decrease of 20.25% [2]. - The latest price of Futures Contract 09 is 1309.00, a daily decrease of 18.00, a weekly increase of 1.00, a monthly increase of 379.50, and an annual decrease of 14.92% [2]. - The latest price of Futures Contract 01 is 1139.50, a daily decrease of 5.50, a weekly decrease of 6.50, a monthly decrease of 3.00, and an annual decrease of 23.52% [2]. Inventory Information - The total inventory is 3279.19, a weekly decrease of 108.88, a monthly decrease of 37.19, and an annual decrease of 11.10% [2]. - The coal mine inventory is 195.86, a weekly increase of 4.32, a monthly decrease of 58.66, and an annual decrease of 28.62% [2]. - The port inventory is 294.99, a weekly increase of 29.50, a monthly increase of 19.50, and an annual decrease of 25.89% [2]. - The steel mill coking coal inventory is 788.06, a weekly decrease of 8.01, a monthly decrease of 7.70, and an annual increase of 9.33% [2]. - The coking plant coking coal inventory is 1037.71, a weekly increase of 38.64, a monthly increase of 117.66, and an annual increase of 15.01% [2]. Other Information - The coking capacity utilization rate is 75.18, a weekly increase of 0.05, a monthly decrease of 0.74, and an annual increase of 2.26% [2]. - The coking plant coke inventory is 85.53, a weekly decrease of 0.29, a monthly decrease of 0.40, and an annual decrease of 0.29% [2]. - The 05 basis is -60.01, a daily increase of 17.50, a weekly decrease of 21.39, a monthly increase of 95.90, and an annual increase of 10.50 [2]. - The 09 basis is -146.01, a daily increase of 18.00, a weekly decrease of 30.89, a monthly decrease of 284.10, and an annual increase of 0.93 [2]. - The 01 basis is 23.49, a daily increase of 5.50, a weekly decrease of 23.39, a monthly increase of 98.40, and an annual decrease of 1.87 [2]. - The 5 - 9 spread is -86.00, a daily increase of 0.50, a weekly decrease of 9.50, a monthly decrease of 380.00, and an annual increase of 16.20 [2]. - The 9 - 1 spread is 169.50, a daily decrease of 12.50, a weekly increase of 7.50, a monthly increase of 382.50, and an annual increase of 2.49 [2]. - The 1 - 5 spread is -83.50, a daily increase of 12.00, a weekly increase of 2.00, a monthly decrease of 2.50, and an annual increase of 0.92 [2].

焦炭日报 研究中心黑色团队 2025/10/15 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1482.39 | 0.00 | 54.61 | 0.00 | -21.49% 高炉开工率 | 90.55 | | -0.10 | 0.37 | 5.77% | | 河北准一干熄 | 1735.00 | 0.00 | 55.00 | 0.00 | -4.14% 铁水日均产量 | 241.54 | | -0.27 | 0.99 | 3.63% | | 山东准一干熄 | 1660.00 | 0.00 | 55.00 | 0.00 | -19.61% 盘面05 | 1781 | -16.00 | -9.50 | 61.00 | -18.88% | | 江苏准一干熄 | 1700.00 | 0.00 | 55.00 | 0.00 | -19.24% 盘面09 | 1866.5 | -13.00 ...

Report Overview - Report Name: Asphalt Morning Report [2] - Release Date: October 15, 2025 [3] - Author: Energy and Chemicals Team of the Research Center [3] 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - No clear core view is presented in the provided content. It mainly contains various data on asphalt, including futures prices, trading volumes, inventories, market prices, and profit margins. 3. Summary by Relevant Catalogs Futures Prices and Trading Data - Futures prices of different asphalt contracts (BU10, BU11, BU12, BU01, BU03) decreased on October 14 compared to the previous day, with daily changes ranging from -11 to -15, and weekly changes from -176 to -235 [4]. - Trading volume on October 14 was 243,804, a decrease of 97,298 from the previous day and 21,306 from the previous week [4]. - Open interest on October 14 was 346,909, an increase of 5,700 from the previous day and 4,574 from the previous week [4]. - The number of combined contracts remained unchanged at 13,040 on October 14, a decrease of 890 from September 15 [4]. Market Prices - Market prices of asphalt in different regions (Shandong, East China, South China, North China, Northeast China) generally decreased. For example, the Shandong market price dropped from 3,520 on September 15 to 3,460 on October 14, a decrease of 40 [4]. - Price differences between regions also changed. For instance, the Shandong - East China price difference decreased from -60 on September 29 to -70 on October 14 [4]. Basis and Spread - Basis values in different regions (Shandong, East China, South China) showed various changes. The Shandong basis (+80) increased from 84 on September 29 to 190 on October 14, an increase of 106 [4]. - Spread values between different contract months (10 - 11, 10 - 12, 11 - 12, etc.) generally increased. For example, the 10 - 11 spread increased from 19 on September 29 to 180 on October 14, an increase of 161 [4]. Crack Spread and Profit - The asphalt Brent crack spread decreased from 214 on October 13 to 163 on October 14, a decrease of 51 [4]. - Asphalt Marrow profit decreased from 127 on October 13 to 81 on October 14, a decrease of 45 [4]. - Comprehensive profits of ordinary refineries and Marrow - type refineries also showed some fluctuations. The comprehensive profit of ordinary refineries decreased by 26 on October 14 compared to the previous day, while the comprehensive profit of Marrow - type refineries decreased by 33 [4]. - Import profits from South Korea to East China and from Singapore to South China were negative and continued to decline. The import profit from South Korea to East China decreased from -171 on September 29 to -265 on October 14, a decrease of 94 [4]. Other Related Data - Brent crude oil price was 63.3 on October 14, an increase of 0.6 from the previous day and a decrease of 2.1 from the previous week [4]. - Market prices of gasoline and diesel in Shandong also decreased. The gasoline market price in Shandong decreased from 7,505 on September 15 to 7,387 on October 14, a decrease of 105 [4].

Report Industry Investment Rating - No relevant content found Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, lead, nickel, and tin on October 15, 2025 [1][4] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 85,925, March price is 84,380, LME March price is 10,527, and the March price ratio is 8.18 [1] - **Zinc**: Domestic spot price is 22,210, March price is 22,255, LME March price is 2,978, and the March price ratio is 5.73 [1] - **Aluminum**: Domestic spot price is 20,890, March price is 20,875, LME March price is 2,736, and the March price ratio is 7.65 [1] - **Lead**: Domestic spot price is 16,850, March price is 17,060, LME March price is 1,981, and the March price ratio is 11.25 [1][3] - **Nickel**: Domestic spot price is 123,150, and the profit of spot import is - 1,256.48 [1] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 590, - 620, - 710, and - 760 respectively, with theoretical spreads of 527, 952, 1386, and 1820 [4] - **Zinc**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 15, 50, 80, and 100 respectively, with theoretical spreads of 214, 334, 454, and 574 [4] - **Aluminum**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 5, 10, 15, and 5 respectively, with theoretical spreads of 215, 332, 448, and 564 [4] - **Lead**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 50, - 40, - 40, and 5 respectively, with theoretical spreads of 211, 317, 424, and 530 [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 320, - 160, 60, and 280 respectively [4] - **Tin**: The 5 - 1 spread is - 540, with a theoretical spread of 5808 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot are - 960 and - 1550 respectively, with theoretical spreads of - 51 and 338 [4] - **Zinc**: The spreads of the current - month contract - spot and the next - month contract - spot are - 5 and 10 respectively, with theoretical spreads of 71 and 201 [4] - **Lead**: The spreads of the current - month contract - spot and the next - month contract - spot are 250 and 200 respectively, with theoretical spreads of 113 and 225 [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) are 3.79, 4.04, 4.95, 0.94, 1.22, and 0.77 respectively [5]