Report Information - Report Title: Synthetic Rubber Morning Report [2] - Team: Research Center's Energy and Chemicals Team [3] - Date: January 7, 2026 [3] - Data Sources: Mysteel, Wind [8] Report Content Summary BR (Butadiene Rubber) Futures Information - BR主力合约(12) price increased from 10,410 on December 5 to 11,830 on January 6, with a daily change of 185 and a weekly change of 265 [4] - Open interest decreased from 30,197 on December 5 to 37,293 on January 6, with a daily change of -2,944 and a weekly change of -12,270 [4] - Trading volume increased from 65,443 on December 5 to 125,869 on January 6, with a daily change of 38,515 and a weekly change of 4,602 [4] - Warehouse receipt quantity remained at 23,160 on January 6, with a weekly change of -330 [4] - The long - short ratio decreased from 11.34 on December 5 to 8.05 on January 6, with a daily change of -1 and a weekly change of -2 [4] Basis and Spread Information - The basis of cis - butadiene decreased from 40 on December 5 to -80 on January 6, with a daily change of -35 and a weekly change of -15 [4] - The basis of styrene - butadiene decreased from 540 on December 5 to 70 on January 6, with a daily change of -85 and a weekly change of 35 [4] - The 02 - 03 spread changed from -30 on December 5 to -25 on January 6, with a daily change of 15 and a weekly change of 0 [4] - The 03 - 04 spread changed from -50 on December 5 to 0 on January 6, with a daily change of 15 and a weekly change of 25 [4] - The RU - BR spread increased from 4,655 on December 5 to 4,220 on January 6, with a daily change of 75 and a weekly change of 115 [4] - The NR - BR spread increased from 1,635 on December 5 to 1,180 on January 6, with a daily change of 20 and a weekly change of 55 [4] Spot Price Information - The Shandong market price increased from 10,450 on December 5 to 11,750 on January 6, with a daily change of 150 and a weekly change of 250 [4] - The Transfar market price increased from 10,400 on December 5 to 11,750 on January 6, with a daily change of 200 and a weekly change of 300 [4] - The Qilu ex - factory price increased from 10,600 on December 5 to 11,700 on January 6, with a daily change of 200 and a weekly change of 200 [4] - CFR Northeast Asia remained at 1,415 from December 30 to January 6, with no daily or weekly change [4] - CFR Southeast Asia remained at 1,635 from December 30 to January 6, with no daily or weekly change [4] Profit Information - Spot processing profit decreased from 906 on December 5 to 217 on January 6, with a daily change of -54 and a weekly change of -260 [4] - Import profit increased from -442 on December 5 to 76 on January 6, with a daily change of 145 and a weekly change of 258 [4] - Export profit decreased from 1,401 on December 5 to 690 on January 6, with a daily change of -125 and a weekly change of -225 [4] BD (Butadiene) Spot Price Information - The Shandong market price increased from 7,200 on December 5 to 9,150 on January 6, with a daily change of 200 and a weekly change of 500 [4] - The Jiangsu market price increased from 7,050 on December 5 to 9,000 on January 6, with a daily change of 250 and a weekly change of 550 [4] - The Yangzi ex - factory price increased from 7,100 on December 5 to 8,800 on January 6, with a weekly change of 500 and no daily change on January 6 [4] - CFR China increased from 850 to 975, with a daily change of 10 and a weekly change of 10 [4] Profit Information - Ethylene cracking profit changed from -64 on December 5 to -20 on January 5, and data for January 6 is not available [4] - Carbon four extraction profit increased from 172 on December 5 to 2,201 on January 5, and data for January 6 is not available [4] - Butene oxidative dehydrogenation profit increased from -1,764 on December 5 to 200 on January 6, with a daily change of 250 and a weekly change of 494 [4] - Import profit increased from 108 on December 5 to 1,150 on January 6, with a daily change of 167 and a weekly change of 476 [4] - Export profit data has some missing values, and the trend is not fully clear [4] Production Profit of Related Products - Styrene - butadiene production profit decreased from 1,538 on December 5 to 938 on January 6, with a daily change of 200 and a weekly change of -188 [4] - ABS production profit data has some missing values, and the trend is not fully clear [4] - SBS production profit increased from -335 on December 5 to -152 on January 6, with a daily change of 300 and a weekly change of 183 [4]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - **Daily Viewpoint**: On Monday, the futures market showed strong performance due to positive sentiment in energy - chemical products caused by geopolitical factors, rising overseas prices, and strong LPG spot prices. The 02 - 03 spread was 94 (-10), and the 03 - 04 spread was - 185 (-25). As of 8 pm, FEI and CP paper prices rose by $4.25 and $8.25 respectively compared to the previous trading day [1]. - **Weekly Viewpoint**: The domestic market fluctuated this week, rising after the high - opening of CP on Wednesday and then falling back. The 02 basis was 118 (-92), the 02 - 03 spread was 119 (+7), the 03 - 04 spread was - 184 (+14), and the number of warehouse receipts increased by 30 to 6398. Domestic civil gas prices were differentiated, with the cheapest deliverable being Shandong civil gas at 4250 (-20). Overseas prices rose, and the January CP official prices for propane and butane were 520/525 (+35/+30). The domestic - overseas price relationship strengthened. Overall, the Venezuela event may affect crude oil and thus LPG prices, and the overseas LPG market has near - term support. Domestically, the domestic - overseas price ratio is high but the basis is low. The strong spot and poor PDH profits may lead to negative feedback, and future drivers may be bearish. Attention should be paid to oil prices and PDH plant conditions [1]. 3. Summary by Relevant Data - **Price Data**: From December 29, 2025, to January 6, 2026, prices of LPG in South China, East China, and Shandong, as well as propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylation oil showed various changes. For example, South China LPG rose from 4510 on December 29, 2025, to 4865 on January 6, 2026. The daily change on January 6, 2026, showed a 5 - point increase in South China LPG, 44 points in East China LPG, etc. [1] - **Spread and Basis Data**: The 02 - 03 spread and 03 - 04 spread changed both on a daily and weekly basis. The basis of 02 also changed. For example, on a daily basis, the 02 - 03 spread was 94 (-10), and on a weekly basis, it was 119 (+7) [1]. - **Overseas Market Data**: FEI and CP paper prices rose on January 6. The January CP official prices for propane and butane were higher than before. The FEI - MOPJ spread was - 15 (down 5.5 from the previous period). East China propane arrival premium, AFEI, Middle East, and US propane January FOB premiums also changed [1].

Group 1: Report Overview - The report is from the Agricultural Products Team of the Research Center on January 7, 2026 [1] Group 2: Corn/Starch Analysis Price Data | Product | Location | Price on 2025/12/29 | Price on 2026/01/06 | Change | | --- | --- | --- | --- | --- | | Corn | Changchun | 2160 | 2160 | 0 | | | Jinzhou | 2280 | 2260 | 0 | | | Weifang | 2244 | 2230 | 0 | | | Shekou | 2430 | 2410 | -10 | | Starch | Heilongjiang | 2750 | 2750 | 0 | | | Weifang | 2800 | 2800 | 0 | [2] Market Analysis - Corn: Short - term, market sentiment is weak due to the directional auction policy, but farmers' price - holding and limited supply keep spot prices firm. After New Year's Day, downstream seasonal restocking may drive prices up. Long - term, focus on import and domestic auction policies [3] - Starch: Short - term, slow de - stocking and weak downstream restocking keep prices low, but cost constraints limit price cuts, and post - New Year's Day restocking may boost prices. Long - term, downstream consumption rhythm is the key factor [3] Group 3: Sugar Analysis Price Data | Location | Price on 2025/12/29 | Price on 2026/01/06 | Change | | --- | --- | --- | --- | | Liuzhou | 5420 | 5380 | - 40 | | Nanning | 5360 | 5340 | - 20 | | Kunming | 5220 | 5200 | - 20 | [4] Market Analysis - Short - term, reduced raw sugar supply pressure allows pricing based on domestic sugar cost and spot price. Long - term, if global sugar surplus increases, the price may fall to the out - of - quota import cost. Monitor weather and policy changes [4] Group 4: Cotton/Cotton Yarn Analysis Price Data | Product | Price on 2025/12/29 | Price on 2026/01/06 | Change | | --- | --- | --- | --- | | Cotton (3128) | 15240 | 15520 | 280 | | Vietnamese Yarn (Spot) | 21410 | 21425 | 15 | [4] Market Analysis - Low initial inventory offsets most of the production increase. With expanding domestic textile production, good profits, and favorable Sino - US tariff reduction, demand is expected to improve next year, making it suitable for long - term long positions [4] Group 5: Egg Analysis Price Data | Location | Price on 2025/12/29 | Price on 2026/01/06 | Change | | --- | --- | --- | --- | | Hebei | 2.91 | 2.98 | 0.07 | | Liaoning | 2.84 | 2.91 | 0.07 | | Shandong | 3.00 | 3.10 | 0.10 | | Henan | 3.05 | 3.20 | 0.10 | | Hubei | 3.22 | 3.24 | 0.06 | [5] Market Analysis - The egg inventory inflection point has appeared but the base is still high. The key to inventory decline is the culling rhythm. If culling accelerates, it will benefit the second - quarter egg price. If the pre - Laba spot price is low, there may be a concentrated cull [5] Group 6: Apple Analysis Price and Inventory Data | Product | Price on 2025/12/29 | Price on 2026/01/06 | Change | | --- | --- | --- | --- | | Shandong 80 1 - 2 grade | 8900.00 | 8900.00 | 0 | | | | | | | National Inventory (as of 2025/1/1) | - | - | - | | | | | | | 1 - month basis | - 687.00 | - 1100.00 | - 413 | | 5 - month basis | - 263.00 | - 714.00 | - 451 | | 10 - month basis | 793.00 | 369.00 | - 424 | [7][8] Market Analysis - The trading atmosphere in the late - Fuji apple producing areas is still light. Good - quality apples maintain stable prices, while low - quality ones show price fluctuations. Short - term, the futures price may remain high - level volatile; medium - term, the pattern is strong in the near - term and weak in the long - term due to consumer competition [8] Group 7: Pig Analysis Price Data | Location | Price on 2025/12/29 | Price on 2026/01/06 | Change | | --- | --- | --- | --- | | Henan Kaifeng | 12.43 | 12.93 | 0.50 | | Hubei Xiangyang | 12.60 | 12.65 | 0.05 | | Shandong Linyi | 12.52 | 12.92 | 0.40 | | Anhui Hefei | 13.05 | 13.30 | 0.25 | | Jiangsu Nantong | 13.05 | 13.40 | 0.35 | [8] Market Analysis - After the New Year's Day holiday, demand weakens and the short - term sentiment turns bearish. There is still consumption potential in January, and there may be short - term supply - demand mismatches. Capacity reduction improves long - term sentiment, but the far - month outlook depends on further near - term de - stocking. Monitor factors like slaughter rhythm, diseases, and policies [8]

研究中心黑色团队 2026/01/07 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/29 | 2164 | 2252 | 2035 | 2222 | 2213 | 2091 | | 2025/12/30 | 2164 | 2251 | 2034 | 2226 | 2213 | 2091 | | 2025/12/31 | 2162 | 2251 | 2034 | 2227 | 2213 | 2091 | | 2026/01/05 | 2161 | 2257 | 2035 | 2230 | 2213 | 2091 | | 2026/01/06 | 2161 | 2255 | 2036 | 2231 | 2213 | 2093 | | 环比 | 0 | -2 | 1 | 1 | 0 | 2 | 废钢早报 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 ...

Report Summary 1) Report Industry Investment Rating - Not available 2) Core View - Not provided in the given content 3) Summary by Relevant Categories 3.1 Spot Market - **Australian Mainstream Iron Ore**: Newman powder price is 802 with a daily change of 4 and a weekly change of 1, PB powder is 810 (daily +4, weekly +6), Mac powder is 812 (daily +4, weekly +10), etc. [1] - **Brazilian Mainstream Iron Ore**: Ba mix price is 851 with a daily change of -1 and a weekly change of 11, Ba coarse IOC6 is 774 (daily +4, weekly +6), etc. [1] - **Other Iron Ore**: Ukrainian iron concentrate powder is 889 (daily +5, weekly +7), 61% Indian powder is 752 (daily +4, weekly +6), etc. [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 976 with a daily change of 0 and a weekly change of -6 [1] 3.2 Futures Market - **DCE Contracts**: i2601 price is 826.0 with a daily change of 11.5 and a weekly change of 10.0, i2605 is 801.0 (daily +4.0, weekly +4.5), i2609 is 780.0 (daily +5.0, weekly +6.5) [1] - **SGX Contracts**: FE01 price is 105.97 with a daily change of 0.42 and a weekly change of 0.62, FE05 is 104.73 (daily +0.47, weekly +0.71), FE09 is 102.80 (daily +0.49, weekly +0.75) [1] 3.3 Other Information - **Import Profit**: Newman powder import profit is 11.84, Mac powder is 46.72, etc. [1] - **Month - to - Month Price Difference**: For i2601 - i2605, the month - to - month price difference is - 46.0 with a daily change of 10.4 and a weekly change of - 5.0, etc. [1]

| 脂点资讯 | 脂点资讯 | | | --- | --- | --- | | SOURCE POINT | SOURCE POINT | | | 同 | | | | YONGAN FUTURES | | | | | | 1/2017 | | 燃料油早报 | | --- | | 研究中心能化团队 2026/01/07 | | --- | | 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 | | 2025/12/29 | 328.49 | 376.75 | -9.66 | 602.29 | -225.54 | 21.18 | 48.26 | | 2025/12/30 | 326.83 | 371 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No clear core view is presented in the given content. It mainly provides data on asphalt - related indicators such as basis, spreads, contract prices, trading volumes, and profits. 3. Summary by Relevant Catalogs 3.1 Basis and Spread - **Basis**: The basis values for different regions (Shandong, East China, South China) and their changes from 12/5 to 1/6 are presented. For example, the Shandong basis (+80) (non - Jingbo) was 42 on 12/5 and - 4 on 1/6, with a daily change of - 21 on 1/6 [2]. - **Spread**: Spreads between different contract months (01 - 03, 02 - 03, 03 - 06) are shown. For instance, the 01 - 03 spread was - 25 on 12/5 and - 51 on 1/6, with a daily change of - 8 on 1/6 [2]. 3.2 Futures Contracts - **BU Main Contract (02)**: The price of the BU main contract (02) was 2948 on 12/5 and 3144 on 1/6, with a daily increase of 11 on 1/6. The trading volume on 1/6 was 505629, a decrease of 182313 from the previous day, and the open interest was 466983, an increase of 2031 [2]. - **Combined Contracts**: The combined contract quantity increased from 4690 on 12/5 to 11260 on 1/6, with an increase of 3000 [2]. 3.3 Spot Market - **Crude Oil**: The price of Brent crude oil was 63.8 on 12/5 and 61.8 on 1/6, with an increase of 1.0 on 1/6 [2]. - **Asphalt Spot**: Spot prices for different regions (Jingbo, Shandong non - Jingbo, Zhenjiang, Foshan) are given. For example, the price of Shandong (non - Jingbo) asphalt was 2910 on 12/5 and 3060 on 1/6, with a decrease of 10 on 1/6 [2]. 3.4 Profit - **Asphalt - Marey Profit**: The asphalt - Marey profit was 131 on 12/5 and 468 on 1/6, with a decrease of 48 on 1/6 [2]. 3.5 Weekly Changes - Weekly changes in various indicators are provided, such as a 64 change in an unnamed indicator, 124 changes in some other indicators, and - 8 change in the 01 - 03 spread [6].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the reports. 2. Core View The reports present cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals on January 7, 2026, including copper, zinc, aluminum, nickel, lead, and tin, helping investors identify potential arbitrage opportunities. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On January 7, 2026, the domestic spot price was 103,600, the LME price was 13,375, and the ratio was 7.55. The spot import equilibrium ratio was 7.93, with a loss of 1,275.62; the spot export profit was 1,514.20. The March ratio was 7.77 [1]. - **Zinc**: The domestic spot price was 24,340, the LME price was 3,202, and the ratio was 7.60. The spot import equilibrium ratio was 8.34, with a loss of 2,367.48. The March ratio was 5.41 [1]. - **Aluminum**: The domestic spot price was 23,910, the LME price was 3,093, and the ratio was 7.73. The spot import equilibrium ratio was 8.33, with a loss of 1,869.78. The March ratio was 7.76 [1]. - **Nickel**: The domestic spot price was 141,150, the LME price was 17,370, and the ratio was 8.13. The spot import equilibrium ratio was 8.02, with a profit of 440.63 [1]. - **Lead**: The domestic spot price was 17,425, the LME price was 1,994, and the ratio was 8.70. The spot import equilibrium ratio was 8.59, with a profit of 225.30. The March ratio was 11.92 [3]. Cross - Period Arbitrage Tracking - **Copper**: On January 7, 2026, the spreads between the next - month, March, April, and May contracts and the spot - month contract were 4,130, 4,250, 4,230, and 4,180 respectively, while the theoretical spreads were 608, 1,114, 1,629, and 2,144 [4]. - **Zinc**: The spreads were 495, 545, 575, and 590, and the theoretical spreads were 222, 350, 478, and 606 [4]. - **Aluminum**: The spreads were 725, 785, 815, and 865, and the theoretical spreads were 229, 359, 489, and 619 [4]. - **Lead**: The spreads were 145, 170, 175, and 205, and the theoretical spreads were 212, 320, 428, and 536 [4]. - **Nickel**: The spreads were 6,050, 6,270, 6,550, and 6,880 [4]. - **Tin**: The 5 - 1 spread was 1,040, and the theoretical spread was 7,153 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 2,445 and 1,685 respectively, and the theoretical spreads were - 107 and 1,066 [4]. - **Zinc**: The spreads were - 540 and - 45, and the theoretical spreads were 101 and 242 [4]. - **Lead**: The spreads were - 50 and 95, and the theoretical spreads were 100 and 216 [5]. Cross - Variety Arbitrage Tracking - **Cross - Variety Ratios**: On January 7, 2026, the Shanghai (three - continuous) ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.33, 4.32, 6.01, 1.00, 1.39, and 0.72 respectively. The LME (three - continuous) ratios were 4.07, 4.23, 6.38, 0.96, 1.51, and 0.64 [5].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For the copper market, the domestic market is affected by high prices with reduced downstream purchasing willingness. Attention should be paid to price support near key levels. Macro - level factors like the domestic risk preference and Fed's actions, and industrial - level factors like the narrowing of the New York spread and non - US high premiums need to be monitored [1]. - In the aluminum market, domestic apparent demand and terminal consumption are weakening, but low inventory and strong expectations support the current high prices [1]. - Regarding the zinc market, the domestic fundamentals are poor, but there is a temporary reduction in supply at the end of the year. It is recommended to wait and see for single - side trading, focus on reverse arbitrage opportunities for internal - external trading, and positive arbitrage opportunities for monthly spreads [2]. - For the nickel market, the short - term fundamentals are weak, and there is a game between policy and fundamentals due to Indonesia's quota plan [4]. - In the stainless - steel market, the fundamentals remain weak, but short - term price rebounds are driven by Indonesia's policy [7]. - Regarding the lead market, lead prices are expected to fluctuate, and attention should be paid to the risk of low warehouse receipts [9]. - For the tin market, there are signs of marginal weakening in the fundamentals, and it can be a long - position allocation in the first quarter of 2026, but there is also a risk of significant downward fluctuations if the macro situation is disappointing [12]. - In the industrial silicon market, short - term prices are expected to fluctuate with costs, and in the long - term, prices will oscillate at the cycle bottom [15][16]. - For the lithium carbonate market, downstream demand is mixed, with raw material supply tight and lithium salt inventory decreasing. The market is supported by the new energy vehicle subsidy policy [20]. 3. Summary by Metal Copper - **Price and Inventory Changes**: From December 26, 2025 to January 5, 2026, the spot premium of Shanghai copper increased by 220, the waste - refined copper spread increased by 1382, and the Shanghai copper warehouse receipts increased by 8507. LME inventory decreased by 4875 [1]. - **Market Outlook**: Domestic market is affected by high prices, and attention should be paid to macro - level factors and industrial - level factors [1]. Aluminum - **Price and Inventory Changes**: From December 26, 2025 to January 5, 2026, Shanghai aluminum ingot price increased by 850, and the spot import profit increased by 309.19. LME inventory decreased by 5000 [1]. - **Market Situation**: Domestic apparent demand and terminal consumption are weakening, but low inventory and strong expectations support high prices [1]. Zinc - **Price and Inventory Changes**: From December 26, 2025 to January 5, 2026, Shanghai zinc ingot price increased by 650, and the LME zinc inventory decreased by 1775 [2]. - **Market Analysis**: The LME 0 - 3M spread is in contango, supply is facing challenges, and demand is weak. It is recommended to wait and see for single - side trading, focus on reverse arbitrage and positive arbitrage opportunities [2]. Nickel - **Price and Inventory Changes**: From December 26, 2025 to January 5, 2026, the Shanghai nickel spot price increased by 1000, and the LME inventory decreased by 246 [3][4]. - **Market Situation**: Short - term fundamentals are weak, and there is a game between policy and fundamentals due to Indonesia's quota plan [4]. Stainless Steel - **Price Changes**: From December 26, 2025 to January 5, 2026, the 304 cold - rolled coil price increased by 200, and the 304 hot - rolled coil price increased by 100 [7]. - **Market Outlook**: Fundamentals remain weak, but short - term price rebounds are driven by Indonesia's policy [7]. Lead - **Price and Inventory Changes**: Lead prices followed the macro trend to rise. The spot import profit decreased, and the LME inventory decreased. The domestic five - region social inventory remained low at 1.84 million tons [8][9]. - **Market Analysis**: Supply and demand are in a complex situation, and prices are expected to fluctuate. Attention should be paid to the risk of low warehouse receipts [9]. Tin - **Price and Inventory Changes**: Tin prices fluctuated downwards. The LME inventory increased slightly, and the domestic inventory decreased [12]. - **Market Outlook**: There are signs of marginal weakening in the fundamentals. It can be a long - position allocation in the first quarter of 2026, but there is a risk of significant downward fluctuations if the macro situation is disappointing [12]. Industrial Silicon - **Price and Inventory Changes**: The basis of 421 grade in Yunnan and Sichuan increased by 130, and the basis of 553 grade in East China and Tianjin also showed an increase. The warehouse receipt quantity remained unchanged [15]. - **Market Outlook**: Short - term prices are expected to fluctuate with costs, and in the long - term, prices will oscillate at the cycle bottom [15][16]. Lithium Carbonate - **Price and Inventory Changes**: The SMM electric - grade lithium carbonate price increased by 1000, and the SMM industrial - grade lithium carbonate price increased by 1500. The warehouse receipt quantity remained unchanged [20]. - **Market Situation**: Downstream demand is mixed, with raw material supply tight and lithium salt inventory decreasing. The market is supported by the new energy vehicle subsidy policy [20].

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 including copper, zinc, aluminum, nickel, lead, and tin on January 6, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 100600 domestically and 12934 on LME with a ratio of 7.63; March price is 101470 domestically and 12892 on LME with a ratio of 7.82. Spot import equilibrium ratio is 7.93 with a profit of - 1538.75 [1] - **Zinc**: Spot price is 23980 domestically and 3136 on LME with a ratio of 7.65; March price is 23865 domestically and 3173 on LME with a ratio of 5.49. Spot import equilibrium ratio is 8.35 with a profit of - 2191.68 [1] - **Aluminum**: Spot price is 23310 domestically and 3033 on LME with a ratio of 7.68; March price is 23700 domestically and 3061 on LME with a ratio of 7.71. Spot import equilibrium ratio is 8.32 with a profit of - 1940.69 [1] - **Nickel**: Spot price is 136050 domestically and 16668 on LME with a ratio of 8.16. Spot import equilibrium ratio is 8.02 with a profit of 729.44 [1] - **Lead**: Spot price is 17325 domestically and 1974 on LME with a ratio of 8.72; March price is 17415 domestically and 2020 on LME with a ratio of 11.81. Spot import equilibrium ratio is 8.59 with a profit of 270.43 [3] Cross - Period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 2550, 2670, 2600, 2650 respectively, and theoretical spreads are 596, 1090, 1593, 2096 respectively [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 420, 465, 495, 520 respectively, and theoretical spreads are 220, 346, 472, 598 respectively [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 695, 750, 790, 830 respectively, and theoretical spreads are 226, 353, 479, 606 respectively [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 80, 100, 85, 140 respectively, and theoretical spreads are 212, 319, 427, 534 respectively [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 3700, 4030, 4330, 4680 respectively [4] - **Tin**: 5 - 1 spread is 1310 and theoretical spread is 6871 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 1740 and 810 respectively, and theoretical spreads are - 6 and 921 respectively [4] - **Zinc**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 580 and - 160 respectively, and theoretical spreads are 64 and 304 respectively [4][5] - **Lead**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 10 and 70 respectively, and theoretical spreads are 109 and 224 respectively [5] Cross - Variety Arbitrage Tracking - Ratios of 沪（三连） for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.25, 4.28, 5.83, 0.99, 1.36, 0.73 respectively. No data for 伦（三连） [5]