Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core View - The report presents the arbitrage data of various futures varieties including thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures on February 11, 2026, mainly including basis, inter - period and inter - variety spreads [1]. 3. Summary by Directory 3.1 Thermal Coal - The basis data of thermal coal on different dates from February 4 to February 10, 2026 are presented, such as the basis on February 10 being - 102.4 yuan/ton [2]. 3.2 Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, crude oil, asphalt and INE crude oil on different dates from February 4 to February 10, 2026 are provided, along with their price ratios [7]. - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP on different dates from February 4 to February 10, 2026 [9]. - Inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10]. - Inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol on different dates from February 4 to February 10, 2026 [10]. 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal on different dates from February 4 to February 10, 2026, such as the basis of rebar on February 10 being 158.0 yuan/ton [20]. - Inter - period spreads of rebar, iron ore, coke, and coking coal, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [19]. - Inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil on different dates from February 4 to February 10, 2026 [19]. 3.4 Non - Ferrous Metals - **Domestic Market**: Basis data of copper, aluminum, zinc, lead, nickel, and tin on different dates from February 4 to February 10, 2026, such as the basis of copper on February 10 being 10 yuan/ton [28]. - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin on February 10, 2026 [33]. 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn on different dates from February 4 to February 10, 2026, such as the basis of soybeans No.1 on February 10 being - 339 yuan/ton [38]. - Inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [38]. - Inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch on February 10, 2026 [38]. 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 on different dates from February 4 to February 10, 2026, such as the basis of CSI 300 on February 10 being 25.91 [50]. - Inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads [50].

1. Report Industry Investment Rating - No information provided on the industry investment rating 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, and lead on February 10, 2026 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On February 10, 2026, the domestic spot price was 101510, the LME price was 12992, and the ratio was 7.67; the three - month domestic price was 102050, the LME price was 13070, and the ratio was 7.80. The equilibrium ratio for spot import was 7.86, with a profit of - 606.22, and the profit for spot export was - 266.73 [1] - **Zinc**: The domestic spot price was 24700, the LME price was 3336, and the ratio was 7.40; the three - month domestic price was 24565, the LME price was 3360, and the ratio was 4.94. The equilibrium ratio for spot import was 8.25, with a profit of - 2829.45 [1] - **Aluminum**: The domestic spot price was 23400, the LME price was 3062, and the ratio was 7.64; the three - month domestic price was 23620, the LME price was 3088, and the ratio was 7.66. The equilibrium ratio for spot import was 8.33, with a profit of - 2097.21 [1] - **Nickel**: The domestic spot price was 133550, the LME price was 17055, and the ratio was 7.83. The equilibrium ratio for spot import was 8.00, with a profit of - 2276.34 [1] - **Lead**: The domestic spot price was 16425, the LME price was 1909, and the ratio was 8.60; the three - month domestic price was 16605, the LME price was 1959, and the ratio was 12.61. The equilibrium ratio for spot import was 8.52, with a profit of 160.56 [3] 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 2030, 2240, 2430, and 2360 respectively, while the theoretical spreads were 601, 1100, 1608, and 2116 respectively [4] - **Zinc**: The spreads were 85, 110, 150, and 155 respectively, and the theoretical spreads were 225, 357, 488, and 619 respectively [4] - **Aluminum**: The spreads were 255, 335, 405, and 470 respectively, and the theoretical spreads were 227, 356, 484, and 613 respectively [4] - **Lead**: The spreads were 95, 115, 170, and 200 respectively, and the theoretical spreads were 207, 311, 414, and 518 respectively [4] - **Nickel**: The spreads were 3290, 3530, 3790, and 3770 respectively [4] - **Tin**: The spread for 5 - 1 was - 2650, and the theoretical spread was 7925 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 1720 and 310 respectively, and the theoretical spreads were - 64 and 791 respectively [4] - **Zinc**: The spreads were - 245 and - 160 respectively, and the theoretical spreads were 71 and 214 (also mentioned as 82 and 258) respectively [4][5] - **Lead**: The spreads were 65 and 160 respectively, and the theoretical spreads were 104 and 214 respectively [5] Cross - Variety Arbitrage Tracking - On February 10, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts were 4.15, 4.32, 6.15, 0.96, 1.42, and 0.68 respectively, and for the London (three - continuous) contracts were 3.90, 4.22, 6.69, 0.93, 1.59, and 0.58 respectively [5]

Report Industry Investment Rating - Not 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, and lead on February 4, 2026 [1][4][7] Cross - market Arbitrage Tracking Copper - Spot price: domestic 101250, LME 13282, ratio 7.33; March price: domestic 104780, LME 13351, ratio 7.62; equilibrium ratio for spot import 7.87, profit - 650.94; profit for spot export 2095.94 [1] Zinc - Spot price: domestic 25070, LME 3321, ratio 7.55; March price: domestic 25010, LME 3347, ratio 4.97; equilibrium ratio for spot import 8.27, profit - 2405.07 [1] Aluminum - Spot price: domestic 23290, LME 3069, ratio 7.59; March price: domestic 23890, LME 3092, ratio 7.63; equilibrium ratio for spot import 8.35, profit - 2324.16 [1] Nickel - Spot price: domestic 132700, LME 17037, ratio 7.79; equilibrium ratio for spot import 8.03, profit - 1126.11 [1] Lead - Spot price: domestic 16425, LME 1921, ratio 8.56; March price: domestic 16700, LME 1973, ratio 12.72; equilibrium ratio for spot import 8.53, profit 69.19 [3] Cross - period Arbitrage Tracking Copper - Spread between next month and spot month 6810, between March and spot month 7090, between April and spot month 7140, between May and spot month 7190; theoretical spreads are 590, 1079, 1576, 2074 respectively [4] Zinc - Spread between next month and spot month 535, between March and spot month 585, between April and spot month 620, between May and spot month 590; theoretical spreads are 225, 356, 487, 619 respectively [4] Aluminum - Spread between next month and spot month 535, between March and spot month 615, between April and spot month 670, between May and spot month 720; theoretical spreads are 227, 356, 484, 613 respectively [4] Lead - Spread between next month and spot month 55, between March and spot month 115, between April and spot month 190, between May and spot month 265; theoretical spreads are 208, 312, 416, 520 respectively [4] Nickel - Spread between next month and spot month 5330, between March and spot month 5630, between April and spot month 5930, between May and spot month 5980 [4] Tin - Spread between 5 - 1 is - 770, theoretical spread is 7876 [4] Copper (Continuous Contracts) - Spread between current month contract and spot - 3620, between next month contract and spot 3190; theoretical spreads are - 223, 1328 respectively [4] Zinc (Continuous Contracts) - Spread between current month contract and spot - 645, between next month contract and spot - 110; theoretical spreads are 108, 253 (or 124, 340) respectively [4][5] Lead (Continuous Contracts) - Spread between current month contract and spot 160, between next month contract and spot 215; theoretical spreads are 140, 250 respectively [5] Cross - variety Arbitrage Tracking - Copper/zinc: Shanghai (three - continuous) 4.19, London (three - continuous) 4.04; Copper/aluminum: Shanghai 4.39, London 4.34; Copper/lead: Shanghai 6.27, London 6.86; Aluminum/zinc: Shanghai 0.96, London 0.93; Aluminum/lead: Shanghai 1.43, London 1.58; Lead/zinc: Shanghai 0.67, London 0.59 [7]

跨品种套利跟踪 2026/02/03 有色套利早报 研究中心有色团队 2026/02/03 铜：跨市套利跟踪 2026/02/03 国内价格 LME价格 比价 现货 100400 12448 8.26 三月 98280 12508 8.10 均衡比价 盈利 现货进口 7.88 -731.31 现货出口 -3180.64 锌：跨市套利跟踪 2026/02/03 国内价格 LME价格 比价 现货 25010 3266 7.66 三月 24530 3272 5.14 均衡比价 盈利 现货进口 8.29 -2060.16 铝：跨市套利跟踪 2026/02/03 国内价格 LME价格 比价 现货 23700 2977 7.96 三月 23005 2999 7.99 均衡比价 盈利 现货进口 8.36 -1179.22 镍：跨市套利跟踪 2026/02/03 国内价格 LME价格 比价 现货 134750 16431 8.20 均衡比价 盈利 现货进口 8.04 -1560.37 铅：跨市套利跟踪 2026/02/03 国内价格 LME价格 比价 现货 16625 1913 8.67 三月 16760 1961 12.7 ...

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Report Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 30, 2026 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 105125, LME price is 13820, and the ratio is 7.40; March domestic price is 109400, LME price is 13914, and the ratio is 7.41. The equilibrium ratio for spot import is 7.88, with a profit of 1825.50, and the spot export profit is 4722.22 [1] - **Zinc**: Spot domestic price is 25290, LME price is 3440, and the ratio is 7.35; March domestic price is 26010, LME price is 3462, and the ratio is 4.90. The equilibrium ratio for spot import is 8.28, with a loss of 3182.91 [1] - **Aluminum**: Spot domestic price is 24860, LME price is 3276, and the ratio is 7.59; March domestic price is 25655, LME price is 3300, and the ratio is 7.62. The equilibrium ratio for spot import is 8.29, with a loss of 2318.30 [1] - **Nickel**: Spot domestic price is 142750, LME price is 18503, and the ratio is 7.71. The equilibrium ratio for spot import is 8.03, with a loss of 450.01 [1] - **Lead**: Spot domestic price is 16750, LME price is 1998, and the ratio is 8.39; March domestic price is 17255, LME price is 2046, and the ratio is 12.39. The equilibrium ratio for spot import is 8.53, with a loss of 262.88 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are 6440, 6730, 6930, 6930 respectively, and the theoretical spreads are 615, 1129, 1651, 2173 respectively [4] - **Zinc**: The spreads between the next month, March, April, May and the spot month are 395, 455, 470, 450 respectively, and the theoretical spreads are 231, 368, 504, 641 respectively [4] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are 40, 105, 150, 195 respectively, and the theoretical spreads are 239, 379, 518, 658 respectively [4] - **Lead**: The spreads between the next month, March, April, May and the spot month are 270, 340, 380, 390 respectively, and the theoretical spreads are 210, 315, 421, 526 respectively [4] - **Nickel**: The spreads between the next month, March, April, May and the spot month are 3100, 3240, 3490, 3400 respectively [4] - **Tin**: The 5 - 1 spread is 840, and the theoretical spread is 9113 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1485 and 4955 respectively, and the theoretical spreads are 24 and 1543 respectively [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 265 and 660 respectively, and the theoretical spreads are 250 and 403 respectively [5] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 165 and 435 respectively, and the theoretical spreads are 156 and 268 respectively [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - consecutive contracts) are 4.21, 4.26, 6.34, 0.99, 1.49, 0.66 respectively, and in London (three - consecutive contracts) are 3.99, 4.23, 6.76, 0.94, 1.60, 0.59 respectively [8]

商 品 研 究 2026 年 1 月 29 日 黄金：再创新高 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪金2602 | 1,144.18 | 0.46% | 1196.80 | 3.36% | | | 黄金T+D | 1,142.89 | -0.12% | 1190.75 | 2.39% | | | Comex黄金2602 | 5218.80 | 4.28% | - | | | | 伦敦金现货 | 5180.35 | 3.40% | - | - | | | 沪银2602 | 28647 | 5.59% | 28885.00 | 1.46% | | 格 | 白银T+D | 28732 | 4.88% | 28981 | -0.13% | | 价 | Comex白银2602 | 112.345 | 8.14% | - | - | | | 伦敦银现货 | 111.908 | 7.73% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较 ...

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on January 29, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, with specific data on basis, inter - period spreads, and inter - variety spreads [1][5][24][30][39][51]. 3. Summary by Category Power Coal - Basis data from January 22 to January 28, 2026, shows that on January 28, the basis was - 111 yuan/ton, compared to - 116 yuan/ton in the previous few days [1][2]. Energy Chemicals Energy Commodities - Basis data for fuel oil, crude oil, and asphalt from January 22 to January 28, 2026, is provided, along with price ratios and basis values for INE crude oil [7]. Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from January 22 to January 28, 2026, shows fluctuations in basis values for each commodity [9]. - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10]. - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from January 22 to January 28, 2026, are provided [10]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from January 22 to January 28, 2026, shows changes in basis values [24]. - Inter - period spreads for rebar, iron ore, coke, and coking coal are presented, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [23]. - Inter - variety spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from January 22 to January 28, 2026, are provided [23]. Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from January 22 to January 28, 2026, shows significant fluctuations [32]. 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 January 28, 2026, are provided [35]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from January 22 to January 28, 2026, shows changes in basis values [39]. - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [39]. - Inter - variety spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from January 22 to January 28, 2026, are provided [39]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from January 22 to January 28, 2026, shows fluctuations [51]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month to current - month and next - quarter to current - quarter spreads, are presented [51].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The report presents the daily arbitrage data of various futures varieties on January 28, 2026, including basis, inter - period spreads, and inter - variety spreads for different sectors such as power coal, energy and chemical, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Directory Power Coal - Basis data for power coal from January 21 - 27, 2026 shows that the basis on January 21 was - 115 yuan/ton, and from January 22 - 27 it was - 116 yuan/ton [2]. Energy and Chemical - **Energy Commodities**: Basis and price ratio data for fuel oil, INE crude oil, and crude oil/asphalt from January 21 - 27, 2026 are provided. For example, on January 27, the basis of INE crude oil was - 11.28 yuan/ton [7]. - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from January 21 - 27, 2026 are presented. For instance, on January 27, the basis of rubber was - 355 yuan/ton [9]. - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month spread of rubber was - 600 yuan/ton [10]. - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from January 21 - 27, 2026 are shown. On January 27, the LLDPE - PVC spread was 1948 yuan/ton [10]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from January 21 - 27, 2026 are provided. For example, on January 27, the basis of rebar was 114.0 yuan/ton [20]. - Inter - period spreads for rebar, iron ore, coke, and coking coal are given. The 5 - 1 month spread of rebar was - 740 yuan/ton [19]. - Inter - variety spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from January 21 - 27, 2026 are presented. On January 27, the rebar/iron ore ratio was 3.97 [19]. Non - Ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin from January 21 - 27, 2026 are provided. On January 27, the basis of copper was - 1180 yuan/ton [27]. - **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 January 27, 2026 are given. For example, the LME spread of copper was (93.80) [31]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from January 21 - 27, 2026 are provided. On January 27, the basis of soybeans No.1 was - 204 yuan/ton [35]. - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. The 5 - 1 month spread of soybeans No.1 was - 43 yuan/ton [35]. - Inter - variety spreads for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from January 21 - 27, 2026 are presented. On January 27, the soybeans No.1/corn ratio was 1.90 [35]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from January 21 - 27, 2026 are provided. On January 27, the basis of CSI 300 was - 12.41 [47]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000 are given. The next - month - current - month spread of CSI 300 was - 44.6 [47].

有色套利早报 研究中心有色团队 2026/01/27 铜：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 102320 13002 7.74 三月 102210 13073 7.87 均衡比价 盈利 现货进口 7.88 -803.91 现货出口 -667.87 锌：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 24690 3272 7.55 三月 24795 3299 5.19 均衡比价 盈利 现货进口 8.30 -2461.65 铝：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 24030 3170 7.58 三月 24285 3177 7.63 均衡比价 盈利 现货进口 8.30 -2279.81 镍：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 148700 18256 8.15 均衡比价 盈利 现货进口 7.98 913.48 国内价格 LME价格 比价 现货 16925 1979 8.56 三月 17115 2028 12.19 均衡比价 盈利 现货进口 8.53 59.25 跨期套利跟踪 2026/01/ ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Currently, there are no risk - free inter - term arbitrage opportunities for domestic gold, silver, and platinum futures as their term spreads are all less than the term arbitrage costs. However, there is a certain degree of positive term arbitrage opportunity for palladium, as the spread between the PD2608 and PD2612 contracts is 6.5 yuan/gram, slightly larger than the 4 - month term arbitrage cost of 5.48 yuan/gram [4][12]. - There are no statistically significant term arbitrage opportunities for domestic gold futures as the term far - near ratios are all within the 80% confidence interval. For silver futures, since the term far - near ratios are mostly below the 95% confidence interval, investors interested can focus on the statistical term arbitrage strategy of shorting near - month contracts and longing far - month contracts [4][16]. - There are no risk - free spot - futures arbitrage opportunities for domestic gold, silver, platinum, and palladium futures as the spot - futures spreads are all less than the positive or negative spot - futures arbitrage costs. The spot - futures ratio of gold futures is within the 80% confidence interval, while that of silver futures is below the 95% confidence interval. Investors interested can focus on the term arbitrage opportunity of shorting silver TD and longing silver futures [4][23]. - From a statistical perspective, investors interested can focus on the cross - variety arbitrage opportunities of longing London platinum and shorting London silver, longing London gold and shorting London silver, and longing London palladium and shorting London silver. Also, considering the Shanghai gold - silver ratio has reached a historical low and is far below the 95% confidence interval, investors can focus on the cross - variety arbitrage opportunity of longing Shanghai gold and shorting Shanghai silver [4][29][30]. 3. Summary by Relevant Catalogs 3.1 Precious Metal Inter - term Arbitrage - Inter - term arbitrage involves simultaneously going long on a certain month's contract of a futures variety and going short on a different month's contract of the same futures variety. Positive inter - term arbitrage may obtain risk - free returns through warehouse receipt delivery, and enterprises with long - term inventory can reduce inventory costs through reverse inter - term arbitrage. However, reverse inter - term arbitrage without a spot basis and all inter - term arbitrage based purely on statistical analysis are risky [6]. - The main factors affecting the positive inter - term arbitrage cost of gold are the capital cost, which fluctuates with the gold price and market interest rate. For silver, the main factor is also the capital cost, and the trading fee also accounts for a certain proportion. Similar situations apply to platinum and palladium [8][9][11]. - Currently, there are no risk - free inter - term arbitrage opportunities for domestic gold, silver, and platinum futures, but there is a positive term arbitrage opportunity for palladium [4][12]. - For gold and silver, the far - near ratios are used for statistical analysis. Currently, there are no statistically significant term arbitrage opportunities for gold, while for silver, investors can focus on the strategy of shorting near - month contracts and longing far - month contracts [13][16]. 3.2 Precious Metal Spot - Futures Arbitrage - Both positive and negative spot - futures arbitrage can be carried out for gold and silver. For platinum and palladium, only positive spot - futures arbitrage can be considered due to the inability to short - sell in the spot market [18][20]. - The main factor affecting the positive spot - futures arbitrage cost of precious metals is the capital cost, while for negative spot - futures arbitrage, in addition to the capital cost, the deferred compensation fee also has a significant impact [18][19][21]. - Currently, there are no risk - free spot - futures arbitrage opportunities for domestic gold, silver, platinum, and palladium futures. Investors can focus on the term arbitrage opportunity of shorting silver TD and longing silver futures [4][23]. 3.3 Precious Metal Cross - variety Arbitrage - The fundamental basis of cross - variety arbitrage is the inter - connection between different precious metal varieties in supply or demand, which makes the price spreads/ratios fluctuate within a certain range, providing arbitrage opportunities [24]. - For London precious metals, currently, the gold - silver ratio is below the 90% confidence interval but within the 95% confidence interval, and investors can focus on cross - variety arbitrage opportunities such as longing platinum, gold, or palladium and shorting silver. For Shanghai precious metals, the gold - silver ratio has reached a historical low and is far below the 95% confidence interval, so investors can focus on the cross - variety arbitrage opportunity of longing Shanghai gold and shorting Shanghai silver [29][30].