Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. 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 July 1, 2025. 3. Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: On July 1, 2025, the domestic spot price was 79,990, the LME price was 10,059, and the ratio was 7.97; the three - month price was 79,680, the LME price was 9,878, and the ratio was 8.07. The equilibrium ratio for spot import was 8.13, with a loss of 1,666.99, and a profit of 1,406.63 for spot export [1]. - **Zinc**: The domestic spot price was 22,500, the LME price was 2,770, and the ratio was 8.12; the three - month price was 22,445, the LME price was 2,780, and the ratio was 6.17. The equilibrium ratio for spot import was 8.64, with a loss of 1,440.41 [1]. - **Aluminum**: The domestic spot price was 20,780, the LME price was 2,598, and the ratio was 8.00; the three - month price was 20,495, the LME price was 2,599, and the ratio was 7.90. The equilibrium ratio for spot import was 8.54, with a loss of 1,404.94 [1]. - **Nickel**: The domestic spot price was 119,900, the LME price was 15,025, and the ratio was 7.98. The equilibrium ratio for spot import was 8.23, with a loss of 2,486.93 [1]. - **Lead**: The domestic spot price was 16,925, the LME price was 2,021, and the ratio was 8.39; the three - month price was 17,225, the LME price was 2,049, and the ratio was 10.94. The equilibrium ratio for spot import was 8.82, with a loss of 875.89 [2]. Cross - period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 210, - 400, - 640, and - 870 respectively, while the theoretical spreads were 502, 903, 1312, and 1722 [3]. - **Zinc**: The spreads were 5, - 45, - 100, and - 155, and the theoretical spreads were 215, 337, 458, and 580 [3]. - **Aluminum**: The spreads were - 200, - 285, - 385, and - 490, and the theoretical spreads were 215, 331, 447, and 563 [3]. - **Lead**: The spreads were 125, 150, 130, and 120, and the theoretical spreads were 210, 317, 423, and 530 [3]. - **Nickel**: The spreads were 510, 590, 730, and 850 [3]. - **Tin**: The 5 - 1 spread was - 1410, and the theoretical spread was 5538 [3]. Spot - futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 105 and - 105, and the theoretical spreads were 301 and 714 [3]. - **Zinc**: The spreads were - 10 and - 5, and the theoretical spreads were 130 and 261 [3]. - **Lead**: The spreads were 150 and 275, and the theoretical spreads were 151 and 264 [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) were 3.55, 3.89, 4.63, 0.91, 1.19, and 0.77 respectively; for LME (three - continuous), they were 3.59, 3.80, 4.83, 0.94, 1.27, and 0.74 [4].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on May 28, 2025, which can help investors understand the price differences and potential arbitrage opportunities in different trading scenarios of these metals [1][4][7]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 28, 2025, the domestic spot price was 78,440, the LME price was 9,617, and the ratio was 8.15; the three - month domestic price was 77,660, the LME price was 9,577, and the ratio was 8.18. The equilibrium ratio for spot import was 8.23, with a loss of 822.25, and a profit of 67.80 for spot export [1]. - **Zinc**: The domestic spot price was 22,720, the LME price was 2,671, and the ratio was 8.51; the three - month domestic price was 22,155, the LME price was 2,692, and the ratio was 6.24. The equilibrium ratio for spot import was 8.73, with a loss of 598.42 [1]. - **Aluminum**: The domestic spot price was 20,200, the LME price was 2,445, and the ratio was 8.26; the three - month domestic price was 19,975, the LME price was 2,446, and the ratio was 8.18. The equilibrium ratio for spot import was 8.69, with a loss of 1,042.43 [1]. - **Nickel**: The domestic spot price was 123,400, the LME price was 15,305, and the ratio was 8.06. The equilibrium ratio for spot import was 8.28, with a loss of 4,225.15 [1]. - **Lead**: The domestic spot price was 16,600, the three - month price was 16,810; the LME spot price was 1,964, the three - month price was 1,985; the ratios were 8.47 and 11.23 respectively. The equilibrium ratio for spot import was 8.92, with a loss of 884.39 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were - 370, - 610, - 880, and - 1,100 respectively, while the theoretical spreads were 493, 885, 1,285, and 1,685 [4]. - **Zinc**: The spreads were - 75, - 250, - 380, and - 425 respectively, and the theoretical spreads were 215, 336, 457, and 578 [4]. - **Aluminum**: The spreads were - 170, - 235, - 285, and - 325 respectively, and the theoretical spreads were 212, 325, 438, and 551 [4]. - **Lead**: The spreads were 45, 30, 20, and - 15 respectively, and the theoretical spreads were 209, 314, 419, and 524 [4]. - **Nickel**: The spreads were - 470, - 280, - 60, and 190 respectively [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts was - 930, and the theoretical spread was 5,510 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 215 and - 585 respectively [4]. - **Zinc**: The spreads were - 315 and - 390 respectively, and the theoretical spreads were 144 and 241 [4][5]. - **Lead**: The spreads were 180 and 225 respectively, and the theoretical spreads were 165 and 276 [5]. Cross - Variety Arbitrage Tracking - On May 28, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.51, 3.89, 4.62, 0.90, 1.19, and 0.76 respectively; in London (three - continuous) were 3.55, 3.86, 4.83, 0.92, 1.25, and 0.73 respectively [7].

Report Industry Investment Rating - No information provided Report's Core View - The report provides 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 May 9, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 9, 2025, the domestic spot price was 78,450, the LME price was 9,409, and the ratio was 8.33. The equilibrium ratio for spot import was 8.29, with a profit of - 252.05. The profit for spot export was - 332.50. The ratio for the three - month contract was 8.30 [1] - **Zinc**: The domestic spot price was 22,850, the LME price was 2,569, and the ratio was 8.90. The equilibrium ratio for spot import was 8.78, with a profit of 308.41. The ratio for the three - month contract was 6.45 [1] - **Aluminum**: The domestic spot price was 19,620, the LME price was 2,376, and the ratio was 8.26. The equilibrium ratio for spot import was 8.78, with a profit of - 1,237.36. The ratio for the three - month contract was 8.22 [1] - **Nickel**: The domestic spot price was 125,000, the LME price was 15,323, and the ratio was 8.16. The equilibrium ratio for spot import was 8.33, with a profit of - 4,119.54 [1] - **Lead**: The domestic spot price was 16,700, the LME price was 1,934, and the ratio was 8.60. The equilibrium ratio for spot import was 8.98, with a profit of - 745.16. The ratio for the three - month contract was 11.50 [3] Cross - Period Arbitrage Tracking - **Copper**: On May 9, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 830, - 1,380, - 1,830, and - 2,240 respectively, while the theoretical spreads were 493, 884, 1,283, and 1,683 respectively [4] - **Zinc**: The spreads were - 500, - 755, - 915, and - 1,000 respectively, and the theoretical spreads were 216, 339, 461, and 584 respectively [4] - **Aluminum**: The spreads were - 70, - 170, - 230, and - 235 respectively, and the theoretical spreads were 209, 319, 429, and 539 respectively [4] - **Lead**: The spreads were 125, 135, 115, and 110 respectively, and the theoretical spreads were 208, 313, 417, and 521 respectively [4] - **Nickel**: The spreads were - 610, - 410, - 210, and 20 respectively [4] - **Tin**: The 5 - 1 spread was - 50, and the theoretical spread was 5,415 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 260 and - 1,090 respectively, and the theoretical spreads were 126 and 439 respectively [4] - **Zinc**: The spreads were - 175 and - 675 respectively, and the theoretical spreads were - 2 and 131 respectively [4] - **Lead**: The spreads were - 50 and 75 respectively, and the theoretical spreads were 91 and 203 respectively [5] Cross - Variety Arbitrage Tracking - On May 9, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts were 3.50, 3.96, 4.57, 0.89, 1.16, and 0.77 respectively. The ratios for the LME (three - continuous) contracts were 3.60, 3.91, 4.85, 0.92, 1.24, and 0.74 respectively [5]

Report Industry Investment Rating - No relevant information 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 May 8, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 8, 2025, the domestic spot price was 78,575, LME price was 9,498, and the ratio was 8.23; the three - month domestic price was 77,410, LME price was 9,477, and the ratio was 8.22. The equilibrium ratio for spot import was 8.27, with a profit of 52.52, and the profit for spot export was - 1.20 [1] - **Zinc**: The domestic spot price was 22,840, LME price was 2,582, and the ratio was 8.85; the three - month domestic price was 21,955, LME price was 2,619, and the ratio was 6.36. The equilibrium ratio for spot import was 8.75, with a profit of 236.34 [1] - **Aluminum**: The domestic spot price was 19,620, LME price was 2,369, and the ratio was 8.27; the three - month domestic price was 19,400, LME price was 2,398, and the ratio was 8.16. The equilibrium ratio for spot import was 8.76, with a profit of - 1153.53 [1] - **Nickel**: The domestic spot price was 125,650, LME price was 15,479, and the ratio was 8.12. The equilibrium ratio for spot import was 8.31, with a profit of - 3755.62 [1] - **Lead**: The domestic spot price was 16,600, LME price was 1,907, and the ratio was 8.68; the three - month domestic price was 16,690, LME price was 1,924, and the ratio was 11.57. The equilibrium ratio for spot import was 8.97, with a profit of - 562.77 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads for the next month, three - month, four - month, and five - month relative to the spot month were - 120, - 500, - 860, and - 1170 respectively, while the theoretical spreads were 492, 881, 1280, and 1678 [4] - **Zinc**: The spreads were - 555, - 810, - 965, and - 1040, and the theoretical spreads were 217, 340, 462, and 585 [4] - **Aluminum**: The spreads were - 460, - 525, - 565, and - 585, and the theoretical spreads were 211, 322, 434, and 546 [4] - **Lead**: The spreads were 80, 70, 65, and 50, and the theoretical spreads were 208, 312, 416, and 520 [4] - **Nickel**: The spreads were 0, 200, 390, and 530 [4] - **Tin**: The 5 - 1 spread was - 320, and the theoretical spread was 5421 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month and next - month contracts relative to the spot were - 665 and - 785, and the theoretical spreads were 86 and 503 [4] - **Zinc**: The spreads were - 75 and - 630, and the theoretical spreads were 9 and 142 (also mentioned as 146 and 197) [4][5] - **Lead**: The spreads were 20 and 100, and the theoretical spreads were 105 and 216 [5] Cross - Variety Arbitrage Tracking - On May 8, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.53, 3.99, 4.64, 0.88, 1.16, and 0.76 respectively; for LME (three - continuous) were 3.60, 3.95, 4.81, 0.91, 1.22, and 0.75 [5]