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 October 20, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 20, 2025, the domestic spot price was 84775, the LME spot price was 10506, and the spot price ratio was 8.10; the domestic three - month price was 84350, the LME three - month price was 10523, and the three - month price ratio was 8.05 [1] - **Zinc**: The domestic spot price was 21860, the LME spot price was 3084, and the spot price ratio was 7.09; the domestic three - month price was 21870, the LME three - month price was 2948, and the three - month price ratio was 5.78 [1] - **Aluminum**: The domestic spot price was 20950, the LME spot price was 2791, and the spot price ratio was 7.50; the domestic three - month price was 20920, the LME three - month price was 2778, and the three - month price ratio was 7.55 [1] - **Nickel**: The domestic spot price was 123700, the LME spot price was 14983, and the spot price ratio was 8.26. The profit from spot import was - 1658.10 [1] - **Lead**: The domestic spot price was 16825, the LME spot price was 1930, and the spot price ratio was 8.76; the domestic three - month price was 17090, the LME three - month price was 1972, and the three - month price ratio was 11.10 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 660, - 700, - 800, and - 880 respectively, while the theoretical spreads were 527, 953, 1387, and 1821 [4] - **Zinc**: The spreads were - 110, - 70, - 35, and 10 respectively, and the theoretical spreads were 213, 331, 450, and 569 [4] - **Aluminum**: The spreads were - 65, - 55, - 50, and - 40 respectively, and the theoretical spreads were 216, 333, 450, and 567 [4] - **Lead**: The spreads were - 10, - 10, - 10, and 20 respectively, and the theoretical spreads were 211, 317, 424, and 530 [4] - **Nickel**: The spreads were 60, 240, 490, and 780 respectively [4] - **Tin**: The 5 - 1 spread was - 390, and the theoretical spread was 5818 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 300 and - 360 respectively, and the theoretical spreads were 546 and 918 [4] - **Zinc**: The spreads were 80 and - 30 respectively, and the theoretical spreads were 191 and 307 [5] - **Lead**: The spreads were 275 and 265 respectively, and the theoretical spreads were 217 and 330 [5] Cross - Variety Arbitrage Tracking - On October 20, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.86, 4.03, 4.94, 0.96, 1.22, and 0.78 respectively; for London (triple - continuous), they were 3.60, 3.82, 5.38, 0.94, 1.41, and 0.67 respectively [5]

1. Cross - market Arbitrage Tracking Copper - Spot price in China is 85,900, LME price is 10,843, and the ratio is 7.69; three - month price in China is 86,820, LME price is 10,868, and the ratio is 7.90. The equilibrium ratio for spot import is 8.11, with a loss of 968.44, and a profit of 1465.36 for spot export [1] Zinc - Spot price in China is 22,140, LME price is 3,096, and the ratio is 7.15; three - month price in China is 22,335, LME price is 3,030, and the ratio is 5.59. The equilibrium ratio for spot import is 8.53, with a loss of 4264.28 [1] Aluminum - Spot price in China is 20,960, LME price is 2,796, and the ratio is 7.50; three - month price in China is 21,085, LME price is 2,788, and the ratio is 7.53. The equilibrium ratio for spot import is 8.38, with a loss of 2476.58 [1] Nickel - Spot price in China is 121,850, LME price is 15,358, and the ratio is 7.93. The equilibrium ratio for spot import is 8.19, with a loss of 2247.17 [1] Lead - Spot price in China is 16,775, LME price is 1,986, and the ratio is 8.46; three - month price in China is 17,135, LME price is 2,016, and the ratio is 11.02. The equilibrium ratio for spot import is 8.83, with a loss of 734.46 [3] 2. Cross - term Arbitrage Tracking Copper - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 3400, 3470, 3500, and 3400 respectively, while the theoretical spreads are 519, 936, 1361, and 1787 [4] Zinc - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 1175, 1195, 1230, and 1260 respectively, while the theoretical spreads are 209, 323, 438, and 553 [4] Aluminum - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 380, 375, 375, and 370 respectively, while the theoretical spreads are 215, 330, 446, and 561 [4] Lead - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 690, 710, 720, and 595 respectively, while the theoretical spreads are 207, 310, 413, and 517 [4] Nickel - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 4170, 4350, 4540, and 4810 respectively [4] Tin - The spread of the 5 - 1 contract is - 210, and the theoretical spread is 5939 [4] 3. Spot - futures Arbitrage Tracking Copper - The spreads of the current - month and next - month contracts relative to the spot are - 2370 and 1030 respectively, while the theoretical spreads are - 208 and 762 [4] Zinc - The spreads of the current - month and next - month contracts relative to the spot are - 1000 and 175 respectively, and the theoretical spreads are 116 and 246 (also mentioned as 59 and 240) [4][5] Lead - The spreads of the current - month and next - month contracts relative to the spot are - 350 and 340 respectively, while the theoretical spreads are 44 and 156 [5] 4. 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 3.89, 4.12, 5.07, 0.94, 1.23, and 0.77 respectively; for LME (three - continuous contracts) are 3.61, 3.88, 5.35, 0.93, 1.38, and 0.67 respectively [5]

Report Overview - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on October 9, 2025 [1] Cross - Market Arbitrage Tracking Copper - Spot price in China is 83240, LME price is 10339, and the ratio is 8.06; March price in China is 83110, LME price is 10382, and the ratio is 8.00. The equilibrium ratio for spot import is 8.10, with a profit of - 295.06 [1] Zinc - Spot price in China is 21820, LME price is 2971, and the ratio is 7.34; March price in China is 21850, LME price is 2915, and the ratio is 5.81. The equilibrium ratio for spot import is 8.53, with a profit of - 3533.69 [1] Aluminum - Spot price in China is 20720, LME price is 2663, and the ratio is 7.78; March price in China is 20690, LME price is 2665, and the ratio is 7.79. The equilibrium ratio for spot import is 8.39, with a profit of - 1618.40 [1] Nickel - Spot price in China is 120150, LME price is 15012, and the ratio is 8.00. The equilibrium ratio for spot import is 8.18, with a profit of - 1281.13 [1] Lead - Spot price in China is 16775, LME price is 1949, and the ratio is 8.62; March price in China is 16985, LME price is 1991, and the ratio is 11.00. The equilibrium ratio for spot import is 8.83, with a profit of - 406.67 [3] Cross - Period Arbitrage Tracking Copper - The spreads of next - month, March, April, and May relative to the spot month are - 240, - 240, - 300, - 300 respectively, while the theoretical spreads are 519, 936, 1361, 1787 [4] Zinc - The spreads of next - month, March, April, and May relative to the spot month are 685, 710, 735, 785 respectively, and the theoretical spreads are 209, 323, 438, 553 [4] Aluminum - The spreads of next - month, March, April, and May relative to the spot month are - 30, - 20, - 10, - 10 respectively, and the theoretical spreads are 215, 330, 446, 561 [4] Lead - The spreads of next - month, March, April, and May relative to the spot month are 515, 560, 570, 530 respectively, and the theoretical spreads are 207, 310, 413, 517 [4] Nickel - The spreads of next - month, March, April, and May relative to the spot month are 590, 750, 960, 1260 respectively [4] Tin - The 5 - 1 spread is 300, and the theoretical spread is 5700 [4] Spot - Futures Arbitrage Tracking Copper - The spreads of the current - month and next - month contracts relative to the spot are 155 and - 85 respectively, and the theoretical spreads are 314 and 739 [4] Zinc - The spreads of the current - month and next - month contracts relative to the spot are - 680 and 5 respectively, and the theoretical spreads are 129 and 257 [4] Lead - The spreads of the current - month and next - month contracts relative to the spot are - 350 and 165 respectively, and the theoretical spreads are 77 and 190 [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 3.80, 4.02, 4.89, 0.95, 1.22, 0.78 respectively, and for LME (three - continuous) are 3.47, 3.83, 5.16, 0.91, 1.35, 0.67 respectively [5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 26, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 26, 2025, the domestic spot price was 82525, LME price was 10291, and the ratio was 8.04; the domestic three - month price was 82690, LME price was 10323, and the ratio was 8.01. The equilibrium ratio for spot import was 8.12, with a profit of - 745.90, and the spot export profit was 433.73 [1] - **Zinc**: The domestic spot price was 21870, LME price was 2979, and the ratio was 7.34; the domestic three - month price was 22055, LME price was 2926, and the ratio was 5.85. The equilibrium ratio for spot import was 8.55, with a profit of - 3597.09 [1] - **Aluminum**: The domestic spot price was 20770, LME price was 2645, and the ratio was 7.85; the domestic three - month price was 20765, LME price was 2648, and the ratio was 7.85. The equilibrium ratio for spot import was 8.40, with a profit of - 1466.82 [1] - **Nickel**: The domestic spot price was 122300, LME price was 15261, and the ratio was 8.01. The equilibrium ratio for spot import was 8.20, with a profit of - 2154.78 [1] - **Lead**: The domestic spot price was 16950, LME price was 1967, and the ratio was 8.62; the domestic three - month price was 17115, LME price was 2004, and the ratio was 11.00. The equilibrium ratio for spot import was 8.84, with a profit of - 434.90 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 26, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 50, 30, 30, and - 30 respectively, while the theoretical spreads were 515, 929, 1351, and 1773 respectively [4] - **Zinc**: The spreads were 15, 25, 35, and 65 respectively, and the theoretical spreads were 213, 332, 451, and 571 respectively [4] - **Aluminum**: The spreads were 5, 5, 5, and 15 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - **Lead**: The spreads were 30, 55, 65, and 30 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 310, 480, 670, and 740 respectively [4] - **Tin**: The 5 - 1 spread was 650, and the theoretical spread was 5676 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 195 and 245 respectively, and the theoretical spreads were 391 and 856 respectively [4] - **Zinc**: The spreads were 160 and 175 respectively, and the theoretical spreads were 176 and 304 respectively [4] - **Lead**: The spreads were 110 and 140 respectively, and the theoretical spreads were 164 and 277 respectively [5] Cross - Variety Arbitrage Tracking - On September 26, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.75, 3.98, 4.83, 0.94, 1.21, and 0.78 respectively; for London (triple - continuous) were 3.51, 3.86, 5.09, 0.91, 1.32, and 0.69 respectively [5]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on September 23, 2025 [1][4][5] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 80210 domestically and 9926 on LME with a ratio of 8.09; March price is 80150 domestically and 9999 on LME with a ratio of 8.01. Spot import equilibrium ratio is 8.10 with a profit of - 157.47, and spot export profit is - 44.51 [1] - **Zinc**: Spot price is 21960 domestically and 2960 on LME with a ratio of 7.42; March price is 22095 domestically and 2915 on LME with a ratio of 5.87. Spot import equilibrium ratio is 8.53 with a profit of - 3284.10 [1] - **Aluminum**: Spot price is 20750 domestically and 2677 on LME with a ratio of 7.75; March price is 20760 domestically and 2673 on LME with a ratio of 7.77. Spot import equilibrium ratio is 8.37 with a profit of - 1657.38 [1] - **Nickel**: Spot price is 120550 domestically and 15058 on LME with a ratio of 8.01. Spot import equilibrium ratio is 8.18 with a profit of - 1660.15 [1] - **Lead**: Spot price is 17000 domestically and 1951 on LME with a ratio of 8.71; March price is 17175 domestically and 1997 on LME with a ratio of 11.05. Spot import equilibrium ratio is 8.82 with a profit of - 210.47 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 30, - 40, - 40, and - 50 respectively, while the theoretical spreads are 503, 904, 1314, and 1724 [4] - **Zinc**: The spreads are 10, 15, 40, and 65, and the theoretical spreads are 213, 333, 452, and 572 [4] - **Aluminum**: The spreads are - 5, 10, - 5, and 0, and the theoretical spreads are 215, 331, 446, and 562 [4] - **Lead**: The spreads are 40, 50, 35, and 40, and the theoretical spreads are 211, 317, 424, and 531 [4] - **Nickel**: The spreads are 160, 330, 520, and 670 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts is 60, and the theoretical spread is 5649 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are 0 and - 30, and the theoretical spreads are 404 and 844 [4] - **Zinc**: The spreads are 120 and 130, and the theoretical spreads are 182 and 311 [4] - **Lead**: The spreads are 125 and 165, and the theoretical spreads are 177 and 291 [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) are 3.63, 3.86, 4.67, 0.94, 1.21, and 0.78 respectively; for LME (triple - continuous) are 3.45, 3.77, 4.99, 0.91, 1.32, and 0.69 respectively [5]

Report Industry Investment Rating - No relevant content Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, lead, and tin on September 12, 2025 [1][4][8] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 80175, LME price is 9936, and the ratio is 8.04; March price in China is 80100, LME price is 9998, and the ratio is 8.01. The equilibrium ratio for spot import is 8.11, with a profit of - 286.15; the profit for spot export is 84.86 [1] - **Zinc**: Spot price in China is 22180, LME price is 2912, and the ratio is 7.62; March price in China is 22255, LME price is 2889, and the ratio is 5.84. The equilibrium ratio for spot import is 8.57, with a profit of - 2761.78 [1] - **Aluminum**: Spot price in China is 20850, LME price is 2647, and the ratio is 7.88; March price in China is 20900, LME price is 2636, and the ratio is 7.92. The equilibrium ratio for spot import is 8.38, with a profit of - 1318.27 [1] - **Nickel**: Spot price in China is 119600, LME price is 14961, and the ratio is 7.99. The equilibrium ratio for spot import is 8.18, with a profit of - 1530.38 [1] - **Lead**: Spot price in China is 16750, LME price is 1948, and the ratio is 8.60; March price in China is 16905, LME price is 1991, and the ratio is 11.17. The equilibrium ratio for spot import is 8.83, with a profit of - 442.74 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 350, 320, 320, and 330 respectively, while the theoretical spreads are 501, 900, 1308, and 1716 [4] - **Zinc**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 110, 115, 120, and 135 respectively, while the theoretical spreads are 214, 333, 453, and 573 [4] - **Aluminum**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 125, 110, 75, and 50 respectively, while the theoretical spreads are 215, 331, 447, and 563 [4] - **Lead**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 140, 145, 140, and 175 respectively, while the theoretical spreads are 209, 314, 418, and 523 [4] - **Nickel**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 20, 190, 350, and 560 respectively [4] - **Tin**: The spread between the 5 - 1 contracts is - 10, and the theoretical spread is 5620 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 375 and - 25 respectively, while the theoretical spreads are 69 and 563 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are - 40 and 70 respectively, while the theoretical spreads are 78 and 221 [6] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 10 and 150 respectively, while the theoretical spreads are 89 and 201 [6] 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 3.60, 3.83, 4.74, 0.94, 1.24, and 0.76 respectively; for LME (three - continuous) are 3.47, 3.76, 5.03, 0.92, 1.34, and 0.69 respectively [8]

Report Industry Investment Rating - Not provided Core View - 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 September 2, 2025 [1][3] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 2, 2025, the domestic spot price was 79,890, the LME spot price was 9,834, with a spot ratio of 8.10; the domestic three - month price was 79,750, the LME three - month price was 9,920, with a ratio of 8.04. The equilibrium ratio for spot import was 8.13, with a profit of - 66.94, and the profit for spot export was - 178.49 [1] - **Zinc**: The domestic spot price was 22,100, the LME spot price was 2,848, with a ratio of 7.76; the domestic three - month price was 22,155, the LME three - month price was 2,833, with a ratio of 5.94. The equilibrium ratio for spot import was 8.60, with a profit of - 2,390.85 [1] - **Aluminum**: The domestic spot price was 20,620, the LME spot price was 2,614, with a ratio of 7.89; the domestic three - month price was 20,630, the LME three - month price was 2,609, with a ratio of 7.91. The equilibrium ratio for spot import was 8.41, with a profit of - 1,372.78 [1] - **Nickel**: The domestic spot price was 122,300, the LME spot price was 15,317, with a ratio of 7.98. The equilibrium ratio for spot import was 8.20, with a profit of - 2,000.07 [1] - **Lead**: The domestic spot price was 16,650, the LME spot price was 1,949, with a ratio of 8.58; the domestic three - month price was 16,870, the LME three - month price was 1,991, with a ratio of 11.14. The equilibrium ratio for spot import was 8.85, with a profit of - 517.92 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 2, 2025, the spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were 340, 310, 270, and 230 respectively, while the theoretical spreads were 499, 896, 1303, and 1709 [3] - **Zinc**: The spreads were 25, 5, 25, and 25 respectively, and the theoretical spreads were 214, 334, 453, and 573 [3] - **Aluminum**: The spreads were - 120, - 135, - 150, and - 160 respectively, and the theoretical spreads were 215, 331, 446, and 562 [3] - **Lead**: The spreads were 15, 30, 50, and 75 respectively, and the theoretical spreads were 209, 314, 420, and 525 [3] - **Nickel**: The spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were 2000, 2130, 2280, and 2410 [3] - **Tin**: The spread between the 5 - month and 1 - month was 470, and the theoretical spread was 5663 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract and spot, next - month contract and spot were - 390 and - 50 respectively, and the theoretical spreads were 208 and 699 [3] - **Zinc**: The spreads were 50 and 75 respectively, and the theoretical spreads were 136 and 265 (also mentioned with theoretical spreads of 149 and 255) [3] - **Lead**: The spreads were 190 and 205 respectively, and the theoretical spreads were 152 and 263 [3] Cross - Variety Arbitrage Tracking - On September 2, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) were 3.60, 3.87, 4.73, 0.93, 1.22, 0.76 respectively, and for London (three - continuous) were 3.49, 3.79, 4.93, 0.92, 1.30, 0.71 [3]

Report Industry Investment Rating - Not provided 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 August 29, 2025 [1][3][4] Directory Summary Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79,160 domestically and 9,715 on LME, with a ratio of 8.17; March price is 78,920 domestically and 9,798 on LME, with a ratio of 8.06. Spot import equilibrium ratio is 8.12, and profit is 309.94; spot export profit is - 402.29 [1] - **Zinc**: Spot price is 22,120 domestically and 2,774 on LME, with a ratio of 7.97; March price is 22,180 domestically and 2,778 on LME, with a ratio of 6.08. Spot import equilibrium ratio is 8.60, and profit is - 1746.21 [1] - **Aluminum**: Spot price is 20,730 domestically and 2,625 on LME, with a ratio of 7.90; March price is 20,735 domestically and 2,619 on LME, with a ratio of 7.92. Spot import equilibrium ratio is 8.40, and profit is - 1328.92 [1] - **Nickel**: Spot price is 119,650 domestically and 15,015 on LME, with a ratio of 7.97. Spot import equilibrium ratio is 8.19, and profit is - 1716.65 [1] - **Lead**: Spot price is 16,725 domestically and 1,951 on LME, with a ratio of 8.59; March price is 16,900 domestically and 1,992 on LME, with a ratio of 11.12. Spot import equilibrium ratio is 8.80, and profit is - 409.64 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 250, - 260, - 280, and - 310 respectively, while the theoretical spreads are 498, 894, 1299, and 1704 [4] - **Zinc**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 135, - 125, - 120, and - 125 respectively, while the theoretical spreads are 215, 335, 456, and 576 [4] - **Aluminum**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 75, - 90, - 115, and - 130 respectively, while the theoretical spreads are 215, 331, 447, and 564 [4] - **Lead**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are 45, 35, 60, and 50 respectively, while the theoretical spreads are 209, 315, 420, and 525 [4] - **Nickel**: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 560, - 440, - 250, and - 50 respectively [4] - **Tin**: The 5 - 1 spread is 330, and the theoretical spread is 5644 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot are 50 and - 200 respectively, while the theoretical spreads are 318 and 720 [4] - **Zinc**: The spreads of the current - month and next - month contracts relative to the spot are 185 and 50 respectively, while the theoretical spreads are 146 and 275 [4] - **Lead**: The spreads of the current - month and next - month contracts relative to the spot are 140 and 185 respectively, while the theoretical spreads are 156 and 268 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 3.56, 3.81, 4.67, 0.93, 1.23, and 0.76 respectively; in London (three - continuous) are 3.53, 3.77, 4.95, 0.94, 1.31, and 0.71 respectively [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on August 22, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities [1][3][4]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,780 (domestic) and 9,618 (LME) with a ratio of 8.19; March price ratio is 8.11. Spot import equilibrium ratio is 8.17 with a profit of 5.76, and spot export profit is - 338.37 [1]. - **Zinc**: Spot price is 22,230 (domestic) and 2,768 (LME) with a ratio of 8.03; March price ratio is 6.04. Spot import equilibrium ratio is 8.66 with a profit of - 1,755.13 [1]. - **Aluminum**: Spot price is 20,680 (domestic) and 2,575 (LME) with a ratio of 8.03; March price ratio is 8.01. Spot import equilibrium ratio is 8.47 with a profit of - 1,135.10 [1]. - **Nickel**: Spot price is 118,850 (domestic) and 14,798 (LME) with a ratio of 8.03. Spot import equilibrium ratio is 8.25 with a profit of - 1,991.00 [1]. - **Lead**: Spot price is 16,625 (domestic) and 1,933 (LME) with a ratio of 8.63; March price ratio is 11.30. Spot import equilibrium ratio is 8.86 with a profit of - 458.35 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 130, - 150, - 160, - 190, while the theoretical spreads are 495, 888, 1,291, 1,693 respectively [4]. - **Zinc**: The spreads are - 45, - 60, - 60, - 65, and the theoretical spreads are 214, 335, 455, 576 respectively [4]. - **Aluminum**: The spreads are 20, - 20, - 55, - 85, and the theoretical spreads are 214, 329, 444, 558 respectively [4]. - **Lead**: The spreads are 20, 35, 55, 80, and the theoretical spreads are 209, 313, 418, 523 respectively [4]. - **Nickel**: The spreads are - 100, 100, 360, 630 [4]. - **Tin**: The 5 - 1 spread is 1,690, and the theoretical spread is 5,536 [4]. 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 3.53, 3.82, 4.68, 0.92, 1.23, 0.75 respectively; for London (three - continuous) are 3.52, 3.76, 4.94, 0.93, 1.31, 0.71 respectively [5]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 120 and - 250, and the theoretical spreads are 395 and 812 respectively [4]. - **Zinc**: The spreads are 55 and 10, and the theoretical spreads are 153 and 281 respectively [5]. - **Lead**: The spreads are 100 and 120, and the theoretical spreads are 176 and 287 respectively [5].

1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View of the Report - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on August 20, 2025, including domestic prices, LME prices, price ratios, equilibrium price ratios, and profit margins [1][3][4][8]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 20, 2025, the domestic spot price was 79,100, the LME spot price was 9,653, the spot price ratio was 8.20, the equilibrium ratio for spot import was 8.17, and the profit was 209.23; the domestic March price was 78,860, the LME March price was 9,750, and the price ratio was 8.09 [1]. - **Zinc**: The domestic spot price was 22,190, the LME spot price was 2,767, the spot price ratio was 8.02, the equilibrium ratio for spot import was 8.67, and the profit was - 1,787.67; the domestic March price was 22,205, the LME March price was 2,777, and the price ratio was 6.05 [1]. - **Aluminum**: The domestic spot price was 20,590, the LME spot price was 2,576, the spot price ratio was 7.99, the equilibrium ratio for spot import was 8.47, and the profit was - 1,228.29; the domestic March price was 20,520, the LME March price was 2,580, and the price ratio was 7.98 [1]. - **Nickel**: The domestic spot price was 119,450, the LME spot price was 14,890, the spot price ratio was 8.02, the equilibrium ratio for spot import was 8.25, and the profit was - 2,120.30 [1]. - **Lead**: The domestic spot price was 16,650, the LME spot price was 1,943, the spot price ratio was 8.58, the equilibrium ratio for spot import was 8.86, and the profit was - 543.18; the domestic March price was 16,850, the LME March price was 1,985, and the price ratio was 11.21 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, March, April, and May contracts relative to the spot - month contract were - 80, - 90, - 100, and - 100 respectively, while the theoretical spreads were 497, 892, 1295, and 1699 respectively [4]. - **Zinc**: The spreads were - 135, - 135, - 140, and - 135 respectively, and the theoretical spreads were 215, 335, 456, and 577 respectively [4]. - **Aluminum**: The spreads were - 55, - 80, - 105, and - 130 respectively, and the theoretical spreads were 214, 329, 444, and 559 respectively [4]. - **Lead**: The spreads were 60, 75, 105, and 140 respectively, and the theoretical spreads were 209, 314, 419, and 524 respectively [4]. - **Nickel**: The spreads were 110, 380, 660, and 940 respectively [4]. - **Tin**: The spread of the 5 - 1 contract was 880, and the theoretical spread was 5556 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 125 and - 205 respectively, and the theoretical spreads were 424 and 851 respectively [4]. - **Zinc**: The spreads were 150 and 15 respectively, and the theoretical spreads were 179 and 294 respectively [4][5]. - **Lead**: The spreads were 125 and 185 respectively, and the theoretical spreads were 187 and 299 respectively [5]. Cross - Variety Arbitrage Tracking - On August 20, 2025, the cross - variety price ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.55, 3.84, 4.68, 0.92, 1.22, and 0.76 respectively, and in the London (three - continuous) market were 3.50, 3.78, 4.91, 0.93, 1.30, and 0.71 respectively [8].