1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For copper, the price pulled back in the second half of the week. In the medium - term, the report maintains a bullish view on copper prices as the fundamentals are characterized by limited supply and increasing demand. Although the inventory may accumulate faster than expected before the Spring Festival, the destocking speed may also be rapid after the holiday [1]. - For aluminum, the basis of aluminum ingots and downstream processing fees are still at low levels. Domestic demand has short - term support, and overseas active restocking may support the aluminum price [1]. - For zinc, the domestic fundamentals are average, but the market is optimistic about its allocation flexibility, and it is difficult for the price to fall sharply. Attention should be paid to reverse arbitrage opportunities between domestic and overseas markets and positive arbitrage opportunities in monthly spreads [3]. - For nickel, the short - term real - world fundamentals are weak, and there is a continued game between short - term policies and fundamentals [4]. - For stainless steel, the fundamentals remain relatively weak, and the price is mainly driven by nickel price in the short term [4]. - For lead, the price is expected to oscillate between 17,100 and 17,600 next week, and it is recommended to try short - selling at high prices in the short term [6]. - For tin, the short - term price is mainly affected by capital sentiment and may experience a phased reduction in volatility. It is recommended to wait and see or focus on positive arbitrage opportunities between domestic and overseas markets [9]. - For industrial silicon, the supply and demand are in a balanced and slightly loose state. In the medium - to - long term, the price is expected to oscillate at the cycle bottom [12]. - For lithium carbonate, the short - term supply and demand are close to balance, and the subsequent market may see a resonance between futures and spot prices [14]. 3. Summary by Metal Type Copper - **Price and Inventory Changes**: From January 12 to 16, 2026, the spot price of Shanghai copper decreased by 280, the waste - refined copper spread decreased by 152, the SHFE inventory increased by 32,972, and the LME inventory increased by 2,450 [1]. - **Market Analysis**: The copper price pulled back due to US tariff disturbances, a negative CL spread, and high US inventories. In the medium - term, the supply is limited, and the demand has increments [1]. Aluminum - **Price and Inventory Changes**: From January 12 to 16, 2026, the Shanghai aluminum ingot price decreased by 170, and the domestic social inventory increased by 42,051 [1]. - **Market Analysis**: The basis and downstream processing fees are low, and the consumption is weak. Domestic demand has short - term support, and overseas active restocking may support the price [1]. Zinc - **Price and Inventory Changes**: From January 12 to 16, 2026, the Shanghai zinc ingot price decreased by 610, and the SHFE inventory increased by 2,459 [3]. - **Supply and Demand**: The supply of domestic and imported zinc concentrates is tightening, and the demand is seasonally weak. The overseas LME inventory has increased, and the premium has turned into a discount [3]. - **Strategy**: Pay attention to reverse arbitrage opportunities between domestic and overseas markets and positive arbitrage opportunities in monthly spreads [3]. Nickel - **Price and Inventory Changes**: From January 12 to 16, 2026, the Shanghai nickel spot price decreased by 2,450, and the LME inventory increased by 450 [4]. - **Market Analysis**: The short - term fundamentals are weak, and there is a game between policies and fundamentals [4]. Stainless Steel - **Price and Inventory Changes**: From January 12 to 16, 2026, the price of 304 cold - rolled coil remained unchanged, and the inventory decreased slightly [4]. - **Market Analysis**: The fundamentals are weak, and the price is mainly driven by the nickel price in the short term [4]. Lead - **Price and Inventory Changes**: From January 12 to 16, 2026, the lead price fluctuated with the macro environment, and the SHFE inventory increased by 6,933 [6]. - **Supply and Demand**: The supply is increasing, and the demand is weakening. The inventory is accumulating, and the refined - scrap spread has narrowed [6]. - **Outlook**: The price is expected to oscillate between 17,100 and 17,600 next week, and it is recommended to try short - selling at high prices in the short term [6]. Tin - **Price and Inventory Changes**: From January 12 to 16, 2026, the tin price fluctuated greatly, and the LME inventory increased by 10 [9]. - **Supply and Demand**: The supply in major producing countries is disturbed, and the downstream restocking willingness varies when the price drops. The price is mainly affected by capital sentiment [9]. - **Strategy**: It is recommended to wait and see or focus on positive arbitrage opportunities between domestic and overseas markets [9]. Industrial Silicon - **Price and Inventory Changes**: From January 12 to 16, 2026, the basis of 421 silicon in Yunnan and Sichuan increased by 125, and the number of warehouse receipts increased by 144 [12]. - **Supply and Demand**: The supply and demand are in a balanced and slightly loose state, and the price is expected to oscillate with the cost [12]. - **Outlook**: In the medium - to - long term, the price is expected to oscillate at the cycle bottom [12]. Lithium Carbonate - **Price and Inventory Changes**: From January 12 to 16, 2026, the SMM electric - grade lithium carbonate price decreased by 1,000, and the number of warehouse receipts increased by 253 [14]. - **Supply and Demand**: The short - term supply and demand are close to balance, and the inventory accumulation in January is expected to be about 1,400 tons per month [14]. - **Outlook**: The subsequent market may see a resonance between futures and spot prices [14].

Report Summary Price Performance - London Gold latest price is 4611.05, change is 0.20 [1] - London Silver latest price is 90.80, change is -0.47 [1] - London Platinum latest price is 2386.00, change is -11.00 [1] - London Palladium latest price is 1806.00, change is -39.00 [1] - WTI Crude latest price is 59.44, change is 0.25 [1] - LME Copper latest price is 12848.50, change is -241.00 [1] - US Dollar Index latest is 99.37, change is 0.03 [1] - Euro to US Dollar latest is 1.16, change is -0.00 [1] - British Pound to US Dollar latest is 1.34, change is -0.00 [1] - US Dollar to Japanese Yen latest is 158.07, change is -0.55 [1] - US 10 - year TIPS latest is 1.91, change is 0.03 [1] Trading Data - COMEX Silver inventory latest is 13348.26, change is -131.43 [1] - SHFE Silver inventory latest is 626.84, change is -11.56 [1] - Gold ETF持仓 latest is 1085.67, change is 10.87 [1] - Silver ETF持仓 latest is 16073.06, change is 11.28 [1] - SGE Silver inventory change not available, SGE Gold deferred fee payment direction not available, SGE Silver deferred fee payment direction change is -1.00, 0.00 respectively [1]

Group 1: Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: January 19, 2026 [1] Group 2: Price Information - The latest price of Liulin Main Coking Coal is 1,426.00, with a weekly change of 23.00 and a yearly change of 5.63% [2] - The latest price of Raw Coal Port Delivery Price is 1,065.00, with a daily change of 5.00, a weekly change of 25.00, and a yearly change of 17.03% [2] - The latest price of Shaheyimeng No. 5 is 1,340.00, with a monthly change of -20.00 and a yearly change of -0.74% [2] - The latest price of Anze Main Coking Coal is 1,620.00, with a weekly change of 120.00 and a yearly change of 15.71% [2] - The latest price of Peak Downs is 240.00, with a daily change of 1.00, a weekly change of 10.50, and a yearly change of 39.50 [2] - The latest price of Goonyella is 241.00, with a daily change of 1.00, a weekly change of 10.50, and a yearly change of 37.00 [2] - The latest price of Futures Contract 05 is 1,184.00, with a daily change of -4.50, a weekly change of -37.50, and a yearly change of 5.57% [2] - The latest price of Futures Contract 09 is 1,264.50, with a daily change of -1.50, a weekly change of -31.00, and a yearly change of 5.64% [2] - The latest price of Futures Contract 01 is 1,103.50, with a daily change of 30.50, a weekly change of -93.00, and a yearly change of 3.71% [2] Group 3: Inventory Information - The total coking coal inventory is 4,087.59, with a weekly change of 35.02, a monthly change of 153.49, and a yearly change of -16.71% [2] - The coal mine inventory is 272.37, with a weekly change of -22.64, a monthly change of -0.40, and a yearly change of -33.78% [2] - The port inventory is 299.80, with a weekly change of -1.50, a monthly change of -7.70, and a yearly change of -36.89% [2] - The steel mill coking coal inventory is 797.73, with a weekly change of -4.54, a monthly change of 3.08, and a yearly change of -2.04% [2] - The coking plant coking coal inventory is 1,071.68, with a weekly change of 19.18, a monthly change of 34.38, and a yearly change of -0.17% [2] - The coking plant coke inventory is 85.38, with a weekly change of -0.29, a monthly change of -0.35, and a yearly change of -0.64% [2] Group 4: Other Information - The coking capacity utilization rate is 72.55, with a weekly change of -0.14, a monthly change of 0.50, and a yearly change of -1.17% [2] - The basis of Futures Contract 05 is -49.75, with a daily change of 4.50, a weekly change of 76.58, and a yearly change of -11.93% [2] - The basis of Futures Contract 09 is -130.25, with a daily change of 1.50, a weekly change of 70.08, and a yearly change of 0.15% [2] - The basis of Futures Contract 01 is 30.75, with a daily change of -30.50, a weekly change of 132.08, and a yearly change of 0.56% [2] - The spread between Futures Contract 05 and 09 is -80.50, with a daily change of -3.00, a weekly change of -6.50, and a yearly change of 0.07% [2] - The spread between Futures Contract 09 and 01 is 161.00, with a daily change of -32.00, a weekly change of 62.00, and a yearly change of 0.21% [2] - The spread between Futures Contract 01 and 05 is -80.50, with a daily change of 35.00, a weekly change of -55.50, and a yearly change of 0.40% [2]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The EC2602 contract follows the delivery logic with a small deviation. For the EC2604 contract, attention should be paid to the spot market and actual rush - shipping situations. Spot price drops suppress the futures market, but the potential increase in post - Chinese - New - Year rush shipping may weaken the price decline slope in March. The current valuation of EC2604 fluctuates widely within a reasonable range, and subsequent corrective market conditions are worth noting [3]. - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are greatly affected by geopolitical factors. It is generally recommended to focus on shorting the EC2610 contract at high levels. Currently, the valuation of EC2610 is neutral with limited downward space [3]. - After the exchange changes the contract rules on February 10, the EC2602 contract will be removed, and new contracts such as EC2605, EC2507, and EC2509 will be added. Seasonally, EC2607 is a peak season contract, while EC2605 and EC2609 are often off - season contracts. Considering geopolitical impacts, a positive spread arbitrage strategy is recommended, and combinations like EC2608 - EC2609 and EC2609 - EC2610 are relatively safe [3]. 3. Summary by Relevant Catalogs Contract Price and Volume Information - The closing prices of EC2602, EC2604, EC2606, EC2608, and EC2610 contracts are 1710.5, 1121.0, 1311.2, 1465.6, and 1055.1 respectively, with changes of - 0.49%, - 6.79%, - 7.713%, - 3.89%, and - 5.03% [2]. - The trading volumes of EC2602, EC2604, EC2606, EC2608, and EC2610 contracts are 2433, 49713, 4137, 448, and 2150 respectively, and the open interests are 7578, 42632, 3780, 1385, and 7938 respectively, with open - interest changes of - 1300, 1800, 7.32, 64, and 357 respectively [2]. - The month - spreads of EC2502 - 2604 and EC2504 - 2606 are 589.5 and - 190.2 respectively, with month - on - month changes of 73.2 and 28.9, and week - on - week changes of 122.3 and 14.1 [2]. Spot Market Information - The SCFIS (European route) index on January 12, 2026, is 1956.39 points, with a month - on - month increase of 8.94% and a previous - period increase of 3.05% [2]. - The SCFI (European route) on January 16, 2026, is 1676 dollars/TEU, a decrease of 2.50% compared to the previous period [2]. - In Week 4, the central price of European - route spot shipping is 2630 dollars, equivalent to 1840 points on the futures market. In Week 5, it drops to 2540 dollars, equivalent to 1780 points [4]. Relevant News - On January 19, the US invites 60 countries to join the Gaza Peace Committee, and Trump plans to charge over one billion dollars in membership fees for permanent seats on the committee [5]. - The EU is considering imposing tariffs on US goods worth 93 billion euros or restricting US companies from entering the EU market in response to Trump's decision to impose a 10% tariff on goods from eight European countries starting February 1, 2026, and increasing it to 25% from June 1 [5].

Group 1: Spot Market Data - Newman powder price is 809, with a daily change of -1 and a weekly change of -5, and the import profit is 19.32 [1] - PB powder price is 819, with a daily change of -1 and a weekly change of -3 [1] - Macfarlane powder price is 812, with a daily change of -1 and a weekly change of -12, and the import profit is 47.16 [1] - Jinbuba powder price is 772, with a daily change of -1 and a weekly change of -3, and the import profit is 55.23 [1] - Mixed powder price is 754, with a daily change of -1 and a weekly change of -2, and the import profit is 13.74 [1] - Super special powder price is 688, with a daily change of -5 and a weekly change of -13, and the import profit is 2.12 [1] - Carajás powder price is 905, with a daily change of -1 and a weekly change of -10, and the import profit is -1.75 [1] - Brazilian mixed powder price is 850, with a daily change of -1 and a weekly change of -13, and the import profit is 13.32 [1] - Brazilian coarse IOC6 price is 774, with a daily change of -1 and a weekly change of -12 [1] - Brazilian coarse SSFG price is 779, with a daily change of -1 and a weekly change of -12 [1] - Ukrainian concentrate price is 892, with a daily change of -1 and a weekly change of -15 [1] - 61% Indian powder price is 761, with a daily change of -1 and a weekly change of -3 [1] - Karara concentrate price is 896, with a daily change of -1 and a weekly change of -11 [1] - Roy Hill powder price is 806, with a daily change of -1 and a weekly change of -3, and the import profit is 65.68 [1] - KUMBA powder price is 878, with a daily change of -1 and a weekly change of -3 [1] - 57% Indian powder price is 623, with a daily change of -5 and a weekly change of -13 [1] - Atlas powder price is 749, with a daily change of -1 and a weekly change of -2 [1] - Tangshan iron concentrate price is 977, with a daily change of 0 and a weekly change of 1 [1] Group 2: Futures Market Data - i2601 contract price is 806.5, with a daily change of -26.0 and a weekly change of -45.5, and the monthly spread is -13.0 [1] - i2605 contract price is 812.0, with a daily change of -1.0 and a weekly change of -2.5, and the monthly spread is -5.5 [1] - i2609 contract price is 793.5, with a daily change of -0.5 and a weekly change of 0.5, and the monthly spread is 18.5 [1] - FE01 contract price is 107.39, with a daily change of -0.61 and a weekly change of -0.46, and the monthly spread is -2.04 [1] - FE05 contract price is 106.74, with a daily change of -0.75 and a weekly change of -0.02, and the monthly spread is 0.65 [1] - FE09 contract price is 105.35, with a daily change of -0.48 and a weekly change of 0.51, and the monthly spread is 1.39 [1]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Corn prices are expected to remain strong in the short - term due to limited supply increase and downstream stocking expectations, and long - term focus should be on import and domestic auction policies [2] - Starch prices are expected to be stable with a slight upward trend in the short - term, and long - term focus should be on downstream consumption rhythm and inventory changes [2] - For sugar, international production increase expectations need to be monitored, and in the domestic market, short - term pricing can refer to domestic sugar cost and spot price, while long - term may look for out - of - quota import cost [6] - Cotton demand is expected to improve, and it is suitable for long - term investment [7] - Egg price trends depend on demand and chicken culling data, with different impacts on the second - quarter price [7] - Apple prices are mixed, with good - quality apples stable and lower - quality ones weakening, and the 05 contract should focus on inventory reduction [11] - Pig prices may have short - term fluctuations, and futures price increases depend on further production and inventory reduction, with attention to factors like slaughter rhythm, diseases, and policies [11] Group 3: Summary by Category Corn/Starch - From 2026/01/12 to 2026/01/16, corn base price in Changchun remained at 2160 - 2180, and starch base price in Heilongjiang was 2750. The corn base difference increased by 14, and the starch base difference increased by 10 [1] Sugar - From 2026/01/12 to 2026/01/16, the spot price in Liuzhou remained at 5390. The base difference increased by 22, and the import profit decreased by 112. The number of warehouse receipts decreased by 392 [5] Cotton/Cotton Yarn - From 2026/01/12 to 2026/01/16, the price of 3128 cotton decreased by 100, and the number of warehouse receipts + forecasts increased by 11. The import profit of Vietnamese yarn decreased by 397 [7] Eggs - From 2026/01/12 to 2026/01/16, egg prices in Hebei, Liaoning, Shandong, Henan, and Hubei increased by 0.09, 0.09, 0.10, 0.10, and 0.11 respectively. The base difference increased by 111 [7] Apples - From 2026/01/12 to 2026/01/16, the price of Shandong 80 first - and second - grade apples remained at 8900. The national inventory increased by 266, and the Shaanxi inventory increased by 234 [10][11] Pigs - From 2026/01/12 to 2026/01/16, pig prices in Henan Kaifeng, Hubei Xiangyang, and Jiangsu Nantong increased by 0.10, 0.10, and 0.10 respectively, while the price in Shandong Linyi decreased by 0.05. The base difference increased by 70 [11]

废钢早报 研究中心黑色团队 2026/01/19 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/01/12 | 2171 | 2260 | 2043 | 2243 | 2214 | 2105 | | 2026/01/13 | 2182 | 2262 | 2045 | 2248 | 2214 | 2105 | | 2026/01/14 | 2183 | 2262 | 2050 | 2250 | 2216 | 2105 | | 2026/01/15 | 2185 | 2262 | 2051 | 2250 | 2216 | 2105 | | 2026/01/16 | 2186 | 2265 | 2054 | 2252 | 2217 | 2105 | | 环比 | 1 | 3 | 3 | 2 | 1 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论 ...

Group 1: Report Summary - The report is an asphalt morning report from Jia'an Futures' research center's energy and chemical team, dated January 19, 2026 [1][2][5] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Views - No clear core views are presented in the given content Group 4: Data Summary Basis and Spread - Shandong basis (+80) (non-Jingbo) on 1/15 was -7, with a daily change of 11 [3] - East China basis (Zhenjiang warehouse) on 1/15 was 3 [3] - South China basis (Foshan warehouse) on 1/15 was -37 [3] - 01 - 03 spread on 1/15 was -68 [3] - 02 - 03 spread on 1/15 was -21, with a daily change of -6 [3] - 03 - 06 spread on 1/15 was -7 [3] BU Main Contract (02) - Price on 1/15 was 3167, with a daily change of -1 [3] - Volume on 1/15 was 240,295, a decrease of 59,540 (-9%) from the previous day [3] - Open interest on 1/15 was 427,132, a decrease of 3,970 (-3%) from the previous day [3] - Warehouse receipts on 1/15 were 16,910, an increase of 1,270 from the previous day [3] Crude Oil and Asphalt Prices - Brent crude oil price on 1/14 was 66.5 [3] - Jingbo asphalt price on 1/15 was 3130, an increase of 10 from the previous day [3] - Shandong (non-Jingbo) asphalt price on 1/15 was 3080, an increase of 10 from the previous day [3] - Zhenjiang warehouse asphalt price on 1/15 was 3170, unchanged from the previous day [3] - Foshan warehouse asphalt price on 1/15 was 3130, unchanged from the previous day [3] Asphalt Profit - Asphalt Ma Rui profit on 1/14 was 279 [3] Weekly Changes - Various weekly changes are presented, including -10, -11, -6, -2, 10, -95,562, -33,549, 750, 20, etc [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For PTA, the near - end TA device maintenance has led to a decline in the start - up rate, the polyester load has declined faster, inventory has increased, and the basis has weakened. In the future, with high PX profits and increased overseas start - up, the de - stocking amplitude for the far - month is revised down. TA's short - term upward space is limited, but before the new device is put into production, the overall pattern remains unchanged. After the valuation correction, pay attention to the opportunity of buying on dips [1]. - For MEG, the domestic oil - based operation is stable, and the coal - based load increase drives the overall load to rise slightly. The port inventory has accumulated significantly, and the basis has strengthened. The overall pattern is expected to remain weak, and pay attention to the opportunity of shorting on rebounds [1]. - For polyester staple fiber, the device operation is stable, production and sales have improved, inventory has slightly increased, and the spot processing fee has weakened. The downstream demand is expected to continue to weaken seasonally, and the start - up rate remains high. The overall contradiction is limited, and pay attention to the warehouse receipt situation [1]. - For natural rubber and 20 - grade rubber, the prices have shown certain fluctuations. There is no clear overall trend analysis in the report, but attention should be paid to price changes and related spreads [1]. - For styrene and its related products, the prices of raw materials and products have changed, and the production profits of different products have also fluctuated. The start - up rates of related products such as EPS, ABS, and PS have also shown different trends [1]. 3. Summaries According to Related Catalogs PTA - **Device Changes**: Yisheng New Materials' 3.6 million - ton device and Ineos' 1.25 million - ton device are under maintenance [1]. - **Market Situation**: The start - up rate has decreased, polyester load has declined faster, inventory has increased, basis has weakened, and spot processing fee has remained stable. PX domestic maintenance has led to a load reduction, overseas load has continued to increase, PXN has shrunk, disproportionation efficiency has weakened, and isomerization efficiency has remained high. The US - Asia aromatic hydrocarbon spread is weak [1]. - **Outlook**: In the future, PX high - profit leads to high domestic production and increased overseas start - up, corresponding to the downward revision of the far - month de - stocking amplitude. TA's short - term upward space is limited, but before the new device is put into production, the overall pattern remains unchanged. After the valuation correction, pay attention to the opportunity of buying on dips [1]. MEG - **Device Changes**: Inner Mongolia Yankuang's 400,000 - ton device has increased its load [1]. - **Market Situation**: The domestic oil - based operation is stable, the coal - based load increase drives the overall load to rise slightly. The port inventory has accumulated significantly at the beginning of the week, and the forecast of arrivals during the week remains high. The basis has strengthened, and the coal - based efficiency has remained stable [1]. - **Outlook**: Recently, the reduction in MEG mainly comes from the MTO part. The overall inventory accumulation is expected to continue, and the pattern is expected to remain weak. Pay attention to the opportunity of shorting on rebounds [1]. Polyester Staple Fiber - **Device Operation**: The near - end device operation is stable, and the start - up rate remains at 97.6% [1]. - **Market Situation**: Production and sales have improved, inventory has slightly increased, and the spot processing fee has weakened. On the demand side, the start - up rate of the polyester yarn end has decreased, raw material inventory has accumulated, and finished product inventory has decreased. The efficiency has improved [1]. - **Outlook**: The downstream demand is expected to continue to weaken seasonally, the start - up rate remains high with limited inventory pressure. The overall contradiction is limited, and pay attention to the warehouse receipt situation [1]. Natural Rubber and 20 - Grade Rubber - **Price Changes**: The prices of various types of rubber, such as US - dollar Thai mixed rubber, US - dollar Thai standard rubber, etc., have shown daily and weekly fluctuations [1]. - **Related Spreads**: The spreads such as mixed - RU main, US - dollar Thai standard - NR, etc., have also changed [1]. Styrene and Related Products - **Price Changes**: The prices of raw materials such as ethylene, pure benzene, and products such as styrene, EPS, ABS, and PS have changed daily [1]. - **Profit Changes**: The production profits of PS, EPS, and ABS have fluctuated, and the spread between pure benzene and naphtha has also changed [1]. - **Start - up Rate Changes**: The start - up rates of EPS, ABS, and PS have shown different trends over time [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, lead, and tin on January 19, 2026 [1][3][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 101770, LME price is 12910, and the ratio is 7.89; March domestic price is 100960, LME price is 12849, and the ratio is 7.95. The equilibrium ratio for spot import is 7.91 with a profit of - 1695.41, and the profit for spot export is - 372.26 [1] - **Zinc**: Spot domestic price is 24820, LME price is 3227, and the ratio is 7.69; March domestic price is 24790, LME price is 3262, and the ratio is 5.37. The equilibrium ratio for spot import is 8.32 with a profit of - 2037.21 [1] - **Aluminum**: Spot domestic price is 24030, LME price is 3137, and the ratio is 7.66; March domestic price is 23965, LME price is 3128, and the ratio is 7.76. The equilibrium ratio for spot import is 8.34 with a profit of - 2131.20 [1] - **Nickel**: Spot domestic price is 143850, LME price is 17657, and the ratio is 8.15. The equilibrium ratio for spot import is 8.00 with a profit of 1996.75 [1] - **Lead**: Spot domestic price is 17325, LME price is 2032, and the ratio is 8.51; March domestic price is 17535, LME price is 2077, and the ratio is 11.95. The equilibrium ratio for spot import is 8.52 with a profit of - 17.81 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are - 1430, - 1240, - 1200, - 1210 respectively, and the theoretical spreads are 613, 1124, 1644, 2164 respectively [4] - **Zinc**: The spreads between the next month, March, April, May and the spot month are - 300, - 260, - 255, - 275 respectively, and the theoretical spreads are 228, 363, 497, 631 respectively [4] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are - 230, - 190, - 135, - 120 respectively, and the theoretical spreads are 232, 365, 497, 630 respectively [4] - **Lead**: The spreads between the next month, March, April, May and the spot month are 25, 85, 100, 120 respectively, and the theoretical spreads are 212, 321, 429, 537 respectively [4] - **Nickel**: The spreads between the next month, March, April, May and the spot month are - 3810, - 3640, - 3240, - 3060 respectively [4] - **Tin**: The 5 - 1 spread is 4240, and the theoretical spread is 8190 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract, next - month contract and the spot are 405, - 1025 respectively, and the theoretical spreads are 677, 1029 respectively [4] - **Zinc**: The spreads between the current - month contract, next - month contract and the spot are 230, - 70 respectively, and the theoretical spreads are 195, 338 respectively [4] - **Zinc (again)**: The spreads between the current - month contract, next - month contract and the spot are 230, - 70 respectively, and the theoretical spreads are 227, 335 respectively [5] - **Lead**: The spreads between the current - month contract, next - month contract and the spot are 125, 150 respectively, and the theoretical spreads are 202, 317 respectively [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) are 4.07, 4.21, 5.76, 0.97, 1.37, 0.71 respectively; for London (three - continuous) are 3.99, 4.09, 6.26, 0.98, 1.53, 0.64 respectively [5]