Report Industry Investment Rating - No relevant content found Core View of the Report - The report provides multi - dimensional arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 11, 2025, covering cross - market, cross - term, spot - futures, and cross - variety arbitrage [1][2][3][6] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 11, 2025, the domestic spot price was 86,530, the LME price was 10,765, with a ratio of 7.99; the three - month domestic price was 86,520, the LME price was 10,780, with a ratio of 8.03. The equilibrium ratio for spot import was 8.08, and the profit was - 519.15. The profit for spot export was 112.61 [1] - **Zinc**: The domestic spot price was 22,560, the LME price was 3,254, with a ratio of 6.93; the three - month domestic price was 22,710, the LME price was 3,077, with a ratio of 5.69. The equilibrium ratio for spot import was 8.50, and the profit was - 5,080.28 [1] - **Aluminum**: The domestic spot price was 21,490, the LME price was 2,866, with a ratio of 7.49; the three - month domestic price was 21,725, the LME price was 2,882, with a ratio of 7.52. The equilibrium ratio for spot import was 8.33, and the profit was - 2,390.99 [1] - **Nickel**: The domestic spot price was 122,800, the LME price was 14,899, with a ratio of 8.24. The equilibrium ratio for spot import was 8.18, and the profit was - 1,720.63 [1] - **Lead**: The domestic spot price was 17,300, the LME price was 2,042, with a ratio of 8.47; the three - month domestic price was 17,505, the LME price was 2,054, with a ratio of 11.02. The equilibrium ratio for spot import was 8.72, and the profit was - 503.78 [6] Cross - Term Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 560, 600, 610, and 610 respectively, while the theoretical spreads were 532, 961, 1400, and 1838 [2] - **Zinc**: The spreads were 10, 50, 45, and 85, and the theoretical spreads were 216, 339, 461, and 583 [2] - **Aluminum**: The spreads were 130, 175, 175, and 185, and the theoretical spreads were 219, 339, 458, and 578 [2] - **Lead**: The spreads were 145, 145, 130, and 155, and the theoretical spreads were 212, 320, 427, and 535 [2] - **Nickel**: The spreads were 540, 710, 920, and 1190 [2] - **Tin**: The spread for 5 - 1 was - 630, and the theoretical spread was 5926 [2] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 570 and - 10 respectively, and the theoretical spreads were 59 and 619 [2] - **Zinc**: The spreads were 100 and 110, and the theoretical spreads were 103 and 235 [2] - **Lead**: The spreads were 60 and 205, and the theoretical spreads were 100 and 215 [3] Cross - Variety Arbitrage Tracking - On November 11, 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 3.81, 3.98, 4.94, 0.96, 1.24, and 0.77 respectively; in London (three - continuous), they were 3.50, 3.76, 5.24, 0.93, 1.39, and 0.67 [3]

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 10, 2025, providing data on various futures products including power coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures [1] 1. Power Coal - The report presents the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from November 3 to November 7, 2025 [2] 2. Energy and Chemicals Energy Commodities - The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 3 to November 7, 2025, are provided [7] Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from November 3 to November 7, 2025, are presented [9] - Inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given [10] - Inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol) from November 3 to November 7, 2025, are provided [10] 3. Black Metals Inter - period Spreads - Inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) for rebar, iron ore, coke, and coking coal are presented. The main contracts for rebar are in January, May, and October [19] Inter - commodity Spreads - Inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from November 3 to November 7, 2025, are provided [19] Basis - The basis data of rebar, iron ore, coke, and coking coal from November 3 to November 7, 2025, are given [20] 4. Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 3 to November 7, 2025, are presented [28] London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on November 7, 2025, are provided [34] 5. Agricultural Products Basis - The basis data of soybeans (first - grade, second - grade), soybean meal, soybean oil, and corn from November 3 to November 7, 2025, are given [42] Inter - period Spreads - Inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for soybeans, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented [42] Inter - commodity Spreads - Inter - commodity spreads (soybeans (first - grade)/corn, soybeans (second - grade)/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from November 3 to November 7, 2025, are provided [41] 6. Stock Index Futures Basis - The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 3 to November 7, 2025, are presented [53] Inter - period Spreads - Inter - period spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [53]

Group 1: Stock Index Futures Sector - Key Products: CSI 500 Futures (IC), CSI 1000 Futures (IM) - Bullish Outlook: Clear bullish sentiment supported by trading volume and open interest structure, but caution is advised for potential high-level pullbacks [1][2] Group 2: Government Bond Futures Sector - Key Products: 2-year, 5-year, 10-year, and 30-year government bond futures (TS, TF, T, TL) - Market Sentiment: Overall consolidation with a slight bearish bias [3][4] Group 3: Precious Metals Sector - Key Products: Gold (AU), Silver (AG) - Market Sentiment: Bearish consolidation; IC and IM show "Good Curve Long" structure with annualized rolling returns of 7.5% and 10.98%, significantly higher than SSE 50 and CSI 300 [5][6] - Trading Strategy: Hold long positions or add on dips, focusing on long-dated contracts of IC and IM; cross-product arbitrage suggested [5][6] Group 4: Non-Ferrous Metals Sector - Key Products: Copper (CU), Aluminum (AL), Zinc (ZN) - Market Sentiment: Significant differentiation; Aluminum shows the strongest fundamentals with tight supply-demand dynamics [9][10] - Trading Strategy: Long Aluminum and short Copper to capitalize on supply-demand gaps; light long positions in Zinc [9][10] Group 5: Black Metals Sector - Key Products: Iron Ore (I), Rebar (RB), Coking Coal (J) - Market Sentiment: Bearish outlook with negative returns for rebar and coking coal, indicating ongoing inventory pressure [13][14] Group 6: Energy and Chemical Sector - Key Products: Crude Oil (SC), Low Sulfur Fuel Oil (LU), Asphalt (BU), Rubber (RU) - Market Sentiment: Significant differentiation; Crude Oil and Low Sulfur Fuel Oil benefit from geopolitical factors and shipping demand [15][18] - Trading Strategy: Long SC/LU and short RU to exploit energy versus chemical dynamics [15][18] Group 7: Agricultural Products Sector - Key Products: Soybean Meal (M), Soybean Oil (Y), Palm Oil (P), Live Hogs (LH) - Market Sentiment: Overall bullish; soybean oil and palm oil benefit from biodiesel demand and weather disturbances in South America [21][22] - Trading Strategy: Long soybean oil/palm oil and short soybean meal to capitalize on oil-meal ratios; short live hogs due to oversupply [21][22] Group 8: Soft Commodities and Specialty Products - Key Products: Sugar (SR), Cotton (CF), Urea (UR), Industrial Silicon (SI) - Market Sentiment: Mixed; Urea supported by agricultural demand while Industrial Silicon faces supply pressure [27][28] - Trading Strategy: Long Urea and short Industrial Silicon to leverage agricultural demand against industrial supply [27][28] Group 9: Summary of Trading Strategies and Risk Control Recommendations - Long positions recommended in IC, IM, Urea, Aluminum, and oilseeds; short positions in Copper, Rebar, Rubber, Live Hogs, and Industrial Silicon [30]

Report Overview - This is the Baocheng Futures Variety Arbitrage Data Daily Report for November 7, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties [1]. Report Industry Investment Rating - Not provided in the report. Core Viewpoints - Not provided in the report. Summary by Category 1. Thermal Coal - **Basis Data**: The basis data from October 31 to November 6, 2025, shows changes, such as a basis of - 314 on October 31 and 66 on November 6 [2]. 2. Energy and Chemicals Energy Commodities - **Basis and Ratio**: Data from October 31 to November 6, 2025, shows the basis and ratio of fuel oil, crude oil, and asphalt. For example, the basis of INE crude oil was - 74.14 on November 6 [7]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from October 31 to November 6, 2025, shows fluctuations. For instance, the basis of rubber was - 285 on October 31 and - 695 on November 6 [9]. - **Inter - period**: The inter - period spreads of rubber, methanol, PTA, etc., for 5 - 1, 9 - 1, and 9 - 5 months are presented. For example, the 5 - 1 month spread of rubber is 95 [10]. - **Inter - variety**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from October 31 to November 6, 2025, are provided. For example, the LLDPE - PVC spread was 2218 on October 31 and 2161 on November 6 [10]. 3. Black Metals - **Inter - period**: The inter - period spreads of rebar, iron ore, coke, and coking coal for 5 - 1, 9(10) - 1, and 9(10) - 5 months are given. For example, the 5 - 1 month spread of rebar is 68 [19]. - **Inter - variety**: The inter - variety spreads like rebar/iron ore, rebar/coke, etc., from October 31 to November 6, 2025, are shown. For example, the rebar/iron ore ratio was 3.90 on October 31 and 3.91 on November 6 [19]. - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from October 31 to November 6, 2025, shows changes. For example, the basis of rebar was 104 on October 31 and 163 on November 6 [20]. 4. Non - ferrous Metals Domestic Market - **Basis**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from October 31 to November 6, 2025, shows fluctuations. For example, the basis of copper was 750 on October 31 and - 260 on November 6 [28]. London Market - **LME Premium/Discount and Shanghai - London Ratio**: The LME premium/discount and Shanghai - London ratio data of copper, aluminum, zinc, etc., on November 6, 2025, are presented. For example, the LME premium/discount of copper was (30.96) and the Shanghai - London ratio was 8.02 [33]. 5. Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, etc., from October 31 to November 6, 2025, shows changes. For example, the basis of soybeans was - 122 on October 31 and - 126 on November 6 [41]. - **Inter - period**: The inter - period spreads of soybeans, soybean meal, soybean oil, etc., for 5 - 1, 9 - 1, and 9 - 5 months are given. For example, the 5 - 1 month spread of soybeans is 40 [41]. - **Inter - variety**: The inter - variety spreads such as soybean/corn, soybean meal/rapeseed meal, etc., from October 31 to November 6, 2025, are provided. For example, the soybean/corn ratio was 1.93 on both October 31 and November 6 [40]. 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 31 to November 6, 2025, shows fluctuations. For example, the basis of CSI 300 was 9.27 on October 31 and 22.60 on November 6 [52]. - **Inter - period**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 for the next - month - current - month and next - quarter - current - quarter are presented. For example, the next - month - current - month spread of CSI 300 is - 124 [52].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Report 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 November 6, 2025 [1][4][5] Group 3: Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 85,470, March price is 85,690, LME March price is 10,668, and the ratio is 8.00 [1] - **Zinc**: Domestic spot price is 22,500, March price is 22,690, LME March price is 3,072, and the ratio is 5.70 [1] - **Aluminum**: Domestic spot price is 21,300, March price is 21,435, LME March price is 2,857, and the ratio is 7.47 [1] - **Nickel**: Domestic spot price is 122,000, and the profit of spot import is - 1,264.30 [1] - **Lead**: Domestic spot price is 17,275, March price is 17,495, LME March price is 2,022, and the ratio is 11.16 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 30, - 10, 20, and 10 respectively, while the theoretical spreads are 531, 959, 1397, and 1834 [4] - **Zinc**: The spreads are 35, 75, 80, and 80 respectively, and the theoretical spreads are 216, 338, 460, and 582 [4] - **Aluminum**: The spreads are - 30, 10, 10, and 15 respectively, and the theoretical spreads are 218, 337, 456, and 576 [4] - **Lead**: The spreads are 85, 105, 95, and 80 respectively, and the theoretical spreads are 212, 320, 428, and 536 [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 640, 840, 1020, and 1310 respectively [4] - **Tin**: The 5 - 1 spread is - 370, and the theoretical spread is 5834 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot are 395 and 365 respectively, and the theoretical spreads are 259 and 727 [4] - **Zinc**: The spreads are 115 and 150 respectively, and the theoretical spreads are 131 and 254 [4][5] - **Lead**: The spreads are 115 and 200 respectively, and the theoretical spreads are 127 and 242 [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 3.78, 4.00, 4.90, 0.94, 1.23, and 0.77 respectively [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the arbitrage data of various futures varieties on November 5, 2025, including basis, inter - month spreads, and inter - commodity spreads for power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory Power Coal - Basis data for different dates from October 29 to November 4, 2025, shows that the basis was - 31.4 on October 29 - 30, - 31.4 on October 31, - 21.4 on November 3, and - 13.4 on November 4. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 during this period [1][2] Energy Chemicals Energy Commodities - Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt are provided for different dates from October 29 to November 4, 2025. For example, the basis of fuel oil was - 75.56 on October 29 [7] Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP are presented for different dates. For instance, the basis of rubber was - 875 on October 29, - 600 on October 30, - 285 on October 31, - 445 on November 3, and - 275 on November 4 [9] - Inter - month spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month vs 1 - month spread of rubber is 75 [11] - Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol are provided for different dates [11] Black Metals - Basis data for rebar, iron ore, coke, and coking coal are shown for different dates from October 29 to November 4, 2025. For example, the basis of rebar was 117 on October 29, 104 on October 30 - 31, 131 on November 3, and 146 on November 4 [21] - Inter - month spreads for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - month vs 1 - month spread of rebar is 67.0 [20] - Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil are provided for different dates [20] Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin are given for different dates from October 29 to November 4, 2025. For example, the basis of copper was - 930 on October 29, - 30 on October 30, 750 on October 31, - 490 on November 3, and 650 on November 4 [28] London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin are provided for November 4, 2025 [33] Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. are presented for different dates from October 29 to November 4, 2025. For example, the basis of soybeans No.1 was - 133 on October 29, - 123 on October 30, - 122 on October 31, - 96 on November 3, and - 35 on November 4 [39] - Inter - month spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are given. For example, the 5 - month vs 1 - month spread of soybeans No.1 is 41 [39] - Inter - commodity spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. are provided for different dates [39] Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 are shown for different dates from October 29 to November 4, 2025. For example, the basis of CSI 300 was 15.24 on October 29, 19.91 on October 30, 9.27 on October 31, 18.60 on November 3, and 29.70 on November 4 [50] - Inter - month spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the spread of the next - month vs current - month for CSI 300 is - 67.0 [52]

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report Core View The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 5, 2025, which helps investors understand the price relationships and potential arbitrage opportunities in the non - ferrous metal market [1][3][4]. 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 5, 2025, the domestic spot price was 86,580, the LME price was 10,662, and the spot import equilibrium ratio was 8.10 with a profit of - 554.65. The three - month domestic price was 85,710, the LME price was 10,692, and the ratio was 8.08 [1]. - **Zinc**: The domestic spot price was 22,600, the LME price was 3,224, and the spot import equilibrium ratio was 8.51 with a profit of - 4,843.44. The three - month domestic price was 22,700, the LME price was 3,086, and the ratio was 5.66 [1]. - **Aluminum**: The domestic spot price was 21,440, the LME price was 2,876, and the spot import equilibrium ratio was 8.34 with a profit of - 2,562.83. The three - month domestic price was 21,500, the LME price was 2,883, and the ratio was 7.43 [1]. - **Nickel**: The domestic spot price was 123,000, the LME price was 14,856, and the spot import equilibrium ratio was 8.19 with a profit of - 1,264.30 [1]. - **Lead**: The domestic spot price was 17,250, the LME price was 1,996, and the spot import equilibrium ratio was 8.74 with a profit of - 197.85. The three - month domestic price was 17,425, the LME price was 2,020, and the ratio was 11.22 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 5, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were - 1,520, - 1,550, - 1,510, and - 1,490 respectively, while the theoretical spreads were 538, 975, 1,420, and 1,865 respectively [4]. - **Zinc**: The spreads were 155, 185, 195, and 205 respectively, and the theoretical spreads were 216, 337, 459, and 580 respectively [4]. - **Aluminum**: The spreads were - 125, - 90, - 90, and - 85 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4]. - **Lead**: The spreads were 25, 35, 20, and 30 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were - 890, - 650, - 420, and - 220 respectively [4]. - **Tin**: The 5 - 1 spread was - 950, and the theoretical spread was 5,871 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 715 and - 805 respectively, and the theoretical spreads were 343 and 600 respectively [4]. - **Zinc**: The spreads were - 85 and 70 respectively, and the theoretical spreads were 124 and 255 respectively [4]. - **Lead**: The spreads were 140 and 165 respectively, and the theoretical spreads were 135 and 250 respectively [5]. Cross - Variety Arbitrage Tracking On November 5, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.78, 3.99, 4.92, 0.95, 1.23, and 0.77 respectively, and in the London (three - continuous) market were 3.45, 3.73, 5.27, 0.93, 1.41, and 0.66 respectively [5].

Report Information - Report Name: Baocheng Futures Variety Arbitrage Data Daily Report (November 4, 2025) [1] - Report Source: Baocheng Futures 1. Report Industry Investment Rating - Not provided in the report 2. Report Core View - The report presents the basis, inter - month spreads, and inter - commodity spreads data of various futures varieties including thermal coal, energy and chemical products, black metals, non - ferrous metals, agricultural products, and stock index futures on different dates from October 28 to November 3, 2025, with the aim of providing reference data for investors [1][5][21][27][42][53] 3. Summary by Directory 3.1 Thermal Coal - The basis data for thermal coal from October 28 to November 3, 2025, are - 31.4, - 31.4, - 31.4, - 31.4, - 21.4 respectively. The spreads of 5 - 1 month, 9 - 1 month, and 9 - 5 month are all 0.0 [1][2] 3.2 Energy and Chemical Products 3.2.1 Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 28 to November 3, 2025, are presented. For example, the basis of fuel oil is - 49.21 on November 3, 2025 [7] 3.2.2 Chemical Commodities - **Basis**: Basis data of rubber, methanol, PTA, LLDPE, V, and PP from October 28 to November 3, 2025, are provided. For instance, the basis of rubber is - 445 on November 3, 2025 [9] - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are reported. For example, the 5 - 1 month spread of rubber is 80 [11] - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from October 28 to November 3, 2025, are given. For example, the LLDPE - PVC spread is 2230 on November 3, 2025 [11] 3.3 Black Metals - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month spread of rebar is 64.0 [20] - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from October 28 to November 3, 2025, are provided. For example, the rebar/iron ore ratio is 3.91 on November 3, 2025 [20] - **Basis**: Basis data of rebar, iron ore, coke, and coking coal from October 28 to November 3, 2025, are reported. For example, the basis of rebar is 131.0 on November 3, 2025 [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The basis data of copper, aluminum, zinc, lead, nickel, and tin from October 28 to November 3, 2025, are given. For example, the basis of copper is - 490 on November 3, 2025 [28] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on November 3, 2025, are presented. For example, the LME spread of copper is (14.44) [36] 3.5 Agricultural Products - **Basis**: Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from October 28 to November 3, 2025, are provided. For example, the basis of soybeans No.1 is - 96 on November 3, 2025 [43] - **Inter - month Spreads**: The inter - month spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are reported. For example, the 5 - 1 month spread of soybeans No.1 is 36 [43] - **Inter - commodity Spreads**: The inter - commodity spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc.) from October 28 to November 3, 2025, are given. For example, the soybeans No.1/corn ratio is 1.92 on November 3, 2025 [43] 3.6 Stock Index Futures - **Basis**: Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 28 to November 3, 2025, are presented. For example, the basis of CSI 300 is 18.60 on November 3, 2025 [54] - **Inter - month Spreads**: The inter - month spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are reported. For example, the next month - current month spread of CSI 300 is - 38.2 [56]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - 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 November 4, 2025 [1][4][5]. 3. Summary According to Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 4, 2025, the domestic spot price was 86840, the LME spot price was 10886, with a ratio of 7.99; the domestic three - month price was 87380, the LME three - month price was 10912, with a ratio of 7.97. The equilibrium ratio for spot import was 8.09, and the profit was - 840.38 [1]. - **Zinc**: The domestic spot price was 22340, the LME spot price was 3207, with a ratio of 6.97; the domestic three - month price was 22595, the LME three - month price was 3077, with a ratio of 5.65. The equilibrium ratio for spot import was 8.50, and the profit was - 4933.31 [1]. - **Aluminum**: The domestic spot price was 21440, the LME spot price was 2906, with a ratio of 7.38; the domestic three - month price was 21605, the LME three - month price was 2911, with a ratio of 7.38. The equilibrium ratio for spot import was 8.33, and the profit was - 2776.92 [1]. - **Nickel**: The domestic spot price was 123150, the LME spot price was 15049, with a ratio of 8.18. The equilibrium ratio for spot import was 8.18, and the profit was - 1794.93 [1]. - **Lead**: The domestic spot price was 17175, the LME spot price was 1999, with a ratio of 8.62; the domestic three - month price was 17430, the LME three - month price was 2027, with a ratio of 11.07. The equilibrium ratio for spot import was 8.73, and the profit was - 228.43 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 4, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 270, 350, 300, and 300 respectively, while the theoretical spreads were 537, 972, 1416, and 1861 [4]. - **Zinc**: The spreads were 215, 245, 250, and 260, and the theoretical spreads were 215, 336, 456, and 577 [4]. - **Aluminum**: The spreads were 305, 310, 300, and 305, and the theoretical spreads were 217, 336, 454, and 573 [4]. - **Lead**: The spreads were 110, 120, 90, and 130, and the theoretical spreads were 212, 319, 427, and 534 [4]. - **Nickel**: The spreads were 660, 890, 1070, and 1290 [4]. - **Tin**: The spread of the 5 - 1 contract was - 920, and the theoretical spread was 5910 [4]. Spot - Futures Arbitrage Tracking - **Copper**: On November 4, 2025, the spreads of the current - month and next - month contracts relative to the spot were 215 and 485 respectively, while the theoretical spreads were 288 and 808 [4]. - **Zinc**: The spreads were 10 and 225, and the theoretical spreads were 150 and 280 [4]. - **Lead**: The spreads were 135 and 245, and the theoretical spreads were 138 and 252 [5]. Cross - Variety Arbitrage Tracking - On November 4, 2025, for cross - variety arbitrage, the Shanghai (three - continuous) ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.87, 4.04, 5.01, 0.96, 1.24, and 0.77 respectively; the London (three - continuous) ratios were 3.50, 3.74, 5.36, 0.94, 1.43, and 0.65 [5].

Report Industry Investment Rating - No information provided Core Viewpoints - 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 October 31, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 31, 2025, the domestic spot price was 88050, LME spot price was 11021, with a spot ratio of 8.04; the domestic March price was 87970, LME March price was 11042, with a March ratio of 7.97. The equilibrium ratio for spot import was 8.08 [1] - **Zinc**: The domestic spot price was 22250, LME spot price was 3159, with a spot ratio of 7.04; the domestic March price was 22405, LME March price was 3063, with a March ratio of 5.67. The equilibrium ratio for spot import was 8.50, and the loss for spot import was 4588.92 [1] - **Aluminum**: The domestic spot price was 21200, LME spot price was 2856, with a spot ratio of 7.42; the domestic March price was 21280, LME March price was 2861, with a March ratio of 7.42. The equilibrium ratio for spot import was 8.32, and the loss for spot import was 2576.57 [1] - **Nickel**: The domestic spot price was 123500, LME spot price was 15070, with a spot ratio of 8.19. The equilibrium ratio for spot import was 8.17, and the loss for spot import was 1464.30 [1] - **Lead**: The domestic spot price was 17150, LME spot price was 1991, with a spot ratio of 8.64; the domestic March price was 17355, LME March price was 2025, with a March ratio of 11.04. The equilibrium ratio for spot import was 8.72, and the loss for spot import was 160.71 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month and spot - month, March and spot - month, April and spot - month, May and spot - month were - 720, - 710, - 720, - 710 respectively, and the theoretical spreads were 545, 989, 1441, 1894 respectively [4] - **Zinc**: The spreads were - 15, 25, 45, 70 respectively, and the theoretical spreads were 215, 336, 457, 578 respectively [4] - **Aluminum**: The spreads were - 25, 10, 25, 35 respectively, and the theoretical spreads were 217, 336, 454, 572 respectively [4] - **Lead**: The spreads were - 20, - 15, - 10, 10 respectively, and the theoretical spreads were 212, 320, 428, 535 respectively [4] - **Nickel**: The spreads were - 270, - 140, 130, 360 respectively [4] - **Tin**: The 5 - 1 spread was - 740, and the theoretical spread was 5866 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract and spot, next - month contract and spot were 655, - 65 respectively, and the theoretical spreads were 404, 785 respectively [4] - **Zinc**: The spreads were 130, 115 respectively, and the theoretical spreads were 144, 267 respectively [5] - **Lead**: The spreads were 220, 200 respectively, and the theoretical spreads were 162, 276 respectively [5] Cross - Variety Arbitrage Tracking - On October 31, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) were 3.93, 4.13, 5.07, 0.95, 1.23, 0.77 respectively, and in London (three - continuous) were 3.59, 3.81, 5.41, 0.94, 1.42, 0.66 respectively [5]