Report Industry Investment Rating - No relevant content provided Core Viewpoints - The spot price of float glass increased slightly this week, with the national average price rising from 1086 yuan/ton on January 8th to 1103 yuan/ton on January 16th, a weekly increase of about 1.6%. The futures price fluctuated, with the main contract closing price dropping from 1143 yuan/ton to 1086 yuan/ton and then rebounding to 1103 yuan/ton on January 16th, with a weekly fluctuation range of 5.8%. The price rebound was mainly driven by speculative demand, cold repair expectations, and coal-linked speculation, rather than an improvement in real terminal demand [3]. - The fundamentals of the float glass market show characteristics of "shrinking supply, inventory reduction, weak demand but active speculation". Although the market anticipates a demand recovery after the Spring Festival, the current year-on-year decline in the terminal real estate completion area by about 18% results in weak demand support and limited upward price space. The futures market is oscillating upwards driven by sentiment and capital, but the fundamental support is still insufficient [3]. - The trading in the glass futures market is active this week, with a total trading volume of 8.016 million lots and an open interest of 1.184 million lots. However, the open interest has not significantly increased, indicating fierce long - short competition and no clear unilateral trend. The spot price in Shahe is lower than the futures price, with the basis in a discount state and active arbitrage activities by cash - and - carry traders [3]. Summary by Related Catalogs Spot Overview - The national average price of float glass rose from 1086 yuan/ton on January 8th to 1103 yuan/ton on January 16th, a weekly increase of about 1.6%. The overall production and sales in the industry were acceptable this week, with significant inventory declines in some enterprises and rising prices. There were obvious regional price differences, with prices in East and South China relatively firm and a discount phenomenon in the Shahe area, providing space for cash - and - carry arbitrage. It is expected that the spot price of float glass will be slightly adjusted in the next period, but individual enterprises may flexibly test the market [3]. Supply Side - The supply has been continuously shrinking. Recently, the daily average output of float glass has remained at around 150,000 tons, and the industry's start - up rate and capacity utilization rate have slightly declined month - on - month. There have been few changes in production lines recently. One production line started operation this week, and the weekly output may increase slightly. As of January 15, 2026, the national daily output of float glass was 150,700 tons [3]. Demand Side - In late January, glass processing plants are mainly rushing to complete orders, but their willingness to stock up is low due to factors such as capital. There are regional demand differences. The enthusiasm of middle - stream buyers in Shahe and Hubei continues, while some processing plants in the South are mainly rushing to complete orders. The start - up rate of Chinese LOW - E glass sample enterprises is 73.8%, remaining unchanged month - on - month. As of January 15, 2026, the average order days of national deep - processing sample enterprises is 9.3 days, a month - on - month increase of 7.9% and a year - on - year increase of 86.4%. As the Spring Festival approaches, the trend of deep - processing orders in the north - south regions is diverging, with a slight increase in the executable days of southern orders and a decline in orders in the northern and central regions [3]. Inventory - As of January 15, 2026, the total inventory of national float glass sample enterprises was 53.013 million heavy boxes, a month - on - month decrease of 2.505 million heavy boxes, a month - on - month decrease of 4.51%, and a year - on - year increase of 20.89% [3]. Cost and Profit - This week, the average weekly profit of float glass using coal - gas as fuel was - 73.83 yuan/ton, and the profit using petroleum coke as fuel was - 5.78 yuan/ton. The industry as a whole is still in a loss state, and the cost side has limited support for prices. Soda ash prices are stable, and coal and petroleum coke prices are stable. It is expected that the production costs of enterprises using coal, petroleum coke, and natural gas as fuels will not change much next week [3]. Market Judgment - The closing price of the main contract of float glass futures fluctuated downward from 1143 yuan/ton to 1086 yuan/ton this week and then rebounded to 1103 yuan/ton on January 16th, with a weekly fluctuation range of 5.8%. The price rebound was mainly driven by speculative demand, cold repair expectations, and coal - linked speculation, rather than an improvement in real terminal demand. The market anticipates a demand recovery after the Spring Festival, but the current year - on - year decline in the terminal real estate completion area by about 18% results in weak demand support and limited upward price space. The fundamentals show characteristics of "shrinking supply, inventory reduction, weak demand but active speculation". The futures market is oscillating upwards driven by sentiment and capital, but the fundamental support is still insufficient. The trading in the glass futures market is active this week, with a total trading volume of 8.016 million lots and an open interest of 1.184 million lots. However, the open interest has not significantly increased, indicating fierce long - short competition and no clear unilateral trend. The spot price in Shahe is lower than the futures price, with the basis in a discount state and active arbitrage activities by cash - and - carry traders [3].

Core Viewpoint - The article discusses the upcoming launch of coking coal options on the Dalian Commodity Exchange and provides strategies for trading these options based on supply and demand analysis leading up to the Chinese New Year [5][7]. Supply Analysis - The high volume of imported Mongolian coal continues to suppress coking coal prices, with daily customs clearance averaging 1,204 trucks per day since the New Year, despite a slight decrease compared to late 2025 [5]. - Recent data indicates that the daily customs clearance has exceeded 1,500 trucks, which contributes to a significant supply buffer for coking coal prices [5]. - Domestic coal mines have shown a slower-than-expected recovery post-New Year, warranting further observation for potential increases in domestic coal supply [5]. Demand Analysis - Current iron and steel production may have reached a temporary low, with winter stockpiling expected to support coking coal demand before the New Year [5]. - However, indications of a warmer winter suggest limited space for further stockpiling, which may hinder the formation of a sustained upward trend in demand [5]. Price and Trading Strategy - The recent price of the coking coal 2605 contract peaked at 1,246 RMB/ton, showing a slight premium over the cost of Mongolian raw coal, indicating potential for arbitrage [7]. - Given the current market conditions, the recommendation is to consider short-selling shallow out-of-the-money call options for the coking coal 2605 contract, particularly around the 1,240 RMB/ton mark [7]. - If coking coal prices break upward, it may be driven by further policy actions, suggesting a hedging strategy using out-of-the-money call options for the 2605 or 2609 contracts [8].

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, and lead on January 14, 2026 [1][3][4] Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: On January 14, 2026, the domestic spot price was 102,680, the LME spot price was 13,158, and the spot price ratio was 7.85; the domestic three - month price was 102,480, the LME three - month price was 13,068, and the three - month price ratio was 7.85. The equilibrium price ratio for spot imports was 7.92 [1] - **Zinc**: On January 14, 2026, the domestic spot price was 24,330, the LME spot price was not provided; the domestic three - month price was 24,280, the LME three - month price was 3,204, and the three - month price ratio was 5.41 [1] - **Aluminum**: On January 14, 2026, the domestic spot price was 24,300, the LME spot price was not provided; the domestic three - month price was 24,375, the LME three - month price was 3,165, and the three - month price ratio was 7.74 [1] - **Nickel**: On January 14, 2026, the domestic spot price was 139,850, the LME spot price was not provided. The profit for spot imports was 1,072.78 [1] - **Lead**: On January 14, 2026, the domestic spot price was 17,200, the LME spot price was 2,010, and the spot price ratio was 8.54; the domestic three - month price was 17,360, the LME three - month price was 2,054, and the three - month price ratio was 11.81. The profit for spot imports was 18.63, and the equilibrium price ratio for spot imports was 8.53 [3] Cross - period Arbitrage Tracking - **Copper**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 1140, - 950, - 800, and - 720 respectively, while the theoretical spreads were 619, 1136, 1662, and 2189 respectively [4] - **Zinc**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 105, 150, 185, and 200 respectively, while the theoretical spreads were 224, 353, 483, and 613 respectively [4] - **Aluminum**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 260, - 190, - 145, and - 100 respectively, while the theoretical spreads were 234, 369, 503, and 638 respectively [4] - **Lead**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 95, - 45, 0, and 25 respectively, while the theoretical spreads were 212, 320, 428, and 536 respectively [4] - **Nickel**: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 3350, - 3160, - 2820, and - 2530 respectively [4] - **Tin**: On January 14, 2026, the spread between the 5 - month and 1 - month contracts was - 2000, and the theoretical spread was 7802 [4] Spot - futures Arbitrage Tracking - **Copper**: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were 965 and - 175 respectively, while the theoretical spreads were 219 and 619 respectively [4] - **Zinc**: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were - 200 and - 95 respectively, and the theoretical spreads were 61 and 202 (also mentioned as 119 and 225) respectively [4][5] - **Lead**: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were 205 and 110 respectively, while the theoretical spreads were 110 and 224 respectively [5] Cross - variety Arbitrage Tracking - On January 14, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (triple - continuous) contracts were 4.22, 4.20, 5.90, 1.00, 1.40, and 0.71 respectively; the ratios for the London (triple - continuous) contracts of copper/zinc, copper/aluminum, and copper/lead were 4.11, 4.12, and 6.39 respectively [5]

1. Report's Industry Investment Rating - No information provided 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, lead, and nickel on January 12, 2026 [1][3] 3. Summary by Relevant Catalogs Cross - market Arbitrage Tracking - **Copper**: On January 12, 2026, the domestic spot price was 100330, the LME price was 12915, and the ratio was 7.79. The three - month domestic price was 101580, the LME price was 12873, and the ratio was 7.83. The equilibrium ratio for spot imports was 7.92, with a loss of 1676.26, and the profit for spot exports was 962.00 [1] - **Zinc**: The domestic spot price was 24040, the LME price was 3109, and the ratio was 7.73. The three - month domestic price was 24015, the LME price was 3153, and the ratio was 5.50. The equilibrium ratio for spot imports was 8.35, with a loss of 1902.57 [1] - **Aluminum**: The domestic spot price was 24030, the LME price was 3136, and the ratio was 7.66. The three - month domestic price was 24385, the LME price was 3128, and the ratio was 7.73. The equilibrium ratio for spot imports was 8.33, with a loss of 2107.33 [1] - **Nickel**: The domestic spot price was 137250, the LME price was 17279, and the ratio was 7.94. The equilibrium ratio for spot imports was 8.01, with a loss of 640.56 [1] - **Lead**: The domestic spot price was 17200, the LME price was 1996, and the ratio was 8.60. The three - month domestic price was 17395, the LME price was 2040, and the ratio was 11.74. The equilibrium ratio for spot imports was 8.54, with a profit of 132.82 [3] Cross - period Arbitrage Tracking - **Copper**: On January 12, 2026, the differences between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 440, 610, 670, and 610 respectively, while the theoretical differences were 607, 1112, 1626, and 2139 [3] - **Zinc**: The differences were 40, 85, 120, and 135, and the theoretical differences were 223, 351, 480, and 609 [3] - **Aluminum**: The differences were 545, 600, 635, and 670, and the theoretical differences were 230, 361, 492, and 623 [3] - **Lead**: The differences were 60, 100, 125, and 140, and the theoretical differences were 211, 319, 426, and 534 [3] - **Nickel**: The differences between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 3090, 3220, 3580, and 3900 [3] - **Tin**: The difference between the 5 - month and 1 - month contracts was 90, and the theoretical difference was 7248 [3] Spot - futures Arbitrage Tracking - **Copper**: The differences between the current - month and next - month contracts and the spot were 730 and 1170 respectively, while the theoretical differences were 275 and 893 [3] - **Zinc**: The differences were - 110 and - 70, and the theoretical differences were 83 and 223 (or 64 and 285) [3] - **Lead**: The differences were 95 and 155, and the theoretical differences were 109 and 224 [3] Cross - variety Arbitrage Tracking - On January 12, 2026, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.23, 4.17, 5.84, 1.02, 1.40, and 0.72 in Shanghai and 4.12, 4.14, 6.34, 0.99, 1.53, and 0.65 in London [3]

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, lead, and tin on January 9, 2026 [1][3][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On January 9, 2026, the domestic spot price was 101970, the LME spot price was 12837, and the spot ratio was 8.01. The equilibrium ratio for spot import was 7.93, with a loss of 941.12. The loss for spot export was 1194.91 [1] - **Zinc**: The domestic spot price was 24180, the LME spot price was 3126, and the spot ratio was 7.73. The equilibrium ratio for spot import was 8.35, with a loss of 1929.08 [1] - **Aluminum**: The domestic spot price was 24000, the LME spot price was 3064, and the spot ratio was 7.83. The equilibrium ratio for spot import was 8.35, with a loss of 1591.59 [1] - **Nickel**: The domestic spot price was 146650, the LME spot price was 16961, and the spot ratio was 8.65. The equilibrium ratio for spot import was 8.02, with a profit of 1776.70 [1] - **Lead**: The domestic spot price was 17350, the LME spot price was 1988, and the spot ratio was 8.70. The equilibrium ratio for spot import was 8.59, with a profit of 228.79 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, the third month, the fourth month, and the fifth month and the spot month were - 1950, - 1920, - 1940, - 2010 respectively, while the theoretical spreads were 618, 1134, 1659, 2183 [3] - **Zinc**: The spreads were - 340, - 305, - 270, - 250 respectively, and the theoretical spreads were 225, 355, 486, 616 [3] - **Aluminum**: The spreads were - 625, - 585, - 540, - 495 respectively, and the theoretical spreads were 233, 367, 500, 634 [3] - **Lead**: The spreads were - 420, - 385, - 350, - 345 respectively, and the theoretical spreads were 214, 324, 433, 543 [3] - **Nickel**: The spreads were - 10960, - 10810, - 10510, - 10150 respectively [3] - **Tin**: The 5 - 1 spread was 900, and the theoretical spread was 7176 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract, the next - month contract and the spot were 1145, - 805 respectively, and the theoretical spreads were 378, 656 [3] - **Zinc**: The spreads were 135, - 205 respectively, and the theoretical spreads were 69, 209 [3] - **Lead**: The spreads were 405, - 15 respectively, and the theoretical spreads were 158, 273 [3] Cross - Variety Arbitrage Tracking - On January 9, 2026, 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 4.22, 4.26, 5.83, 0.99, 1.37, 0.72 respectively, and in London (three - continuous) were 4.06, 4.12, 6.28, 0.99, 1.53, 0.65 respectively [5]

Group 1 - The core viewpoint of the articles indicates that aluminum oxide prices are experiencing a decline, with the main contract closing at 2863 yuan, down 46 yuan or 1.58% [1] - The trading volume for aluminum oxide contracts decreased significantly by 602,829 contracts, a drop of 28.13%, while open interest increased by 62,111 contracts, up 8.44% [1] - Domestic aluminum oxide spot prices remained stable across various regions, with prices in South China reported between 2730-2780 yuan per ton, East China between 2640-2680 yuan, Southwest between 2765-2805 yuan, and Northwest between 2915-2955 yuan, all unchanged from the previous day [1] Group 2 - On the supply side, there is a slight reduction in production, but expectations of a decrease in January production have already been priced in, leading to a divergence between futures and spot prices [2] - The latest warehouse data shows an increase in aluminum oxide inventory from 2089 tons to 155,000 tons, indicating weak demand [2] - Overall, despite expectations of production cuts due to losses, supply remains excessive, and geopolitical uncertainties are causing funds to exit the market, putting pressure on aluminum oxide futures prices [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 6, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 100600 domestically and 12934 on LME with a ratio of 7.63; March price is 101470 domestically and 12892 on LME with a ratio of 7.82. Spot import equilibrium ratio is 7.93 with a profit of - 1538.75 [1] - **Zinc**: Spot price is 23980 domestically and 3136 on LME with a ratio of 7.65; March price is 23865 domestically and 3173 on LME with a ratio of 5.49. Spot import equilibrium ratio is 8.35 with a profit of - 2191.68 [1] - **Aluminum**: Spot price is 23310 domestically and 3033 on LME with a ratio of 7.68; March price is 23700 domestically and 3061 on LME with a ratio of 7.71. Spot import equilibrium ratio is 8.32 with a profit of - 1940.69 [1] - **Nickel**: Spot price is 136050 domestically and 16668 on LME with a ratio of 8.16. Spot import equilibrium ratio is 8.02 with a profit of 729.44 [1] - **Lead**: Spot price is 17325 domestically and 1974 on LME with a ratio of 8.72; March price is 17415 domestically and 2020 on LME with a ratio of 11.81. Spot import equilibrium ratio is 8.59 with a profit of 270.43 [3] Cross - Period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 2550, 2670, 2600, 2650 respectively, and theoretical spreads are 596, 1090, 1593, 2096 respectively [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 420, 465, 495, 520 respectively, and theoretical spreads are 220, 346, 472, 598 respectively [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 695, 750, 790, 830 respectively, and theoretical spreads are 226, 353, 479, 606 respectively [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 80, 100, 85, 140 respectively, and theoretical spreads are 212, 319, 427, 534 respectively [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 3700, 4030, 4330, 4680 respectively [4] - **Tin**: 5 - 1 spread is 1310 and theoretical spread is 6871 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 1740 and 810 respectively, and theoretical spreads are - 6 and 921 respectively [4] - **Zinc**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 580 and - 160 respectively, and theoretical spreads are 64 and 304 respectively [4][5] - **Lead**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 10 and 70 respectively, and theoretical spreads are 109 and 224 respectively [5] Cross - Variety Arbitrage Tracking - Ratios of 沪（三连） for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.25, 4.28, 5.83, 0.99, 1.36, 0.73 respectively. No data for 伦（三连） [5]

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, nickel, and lead on January 5, 2026 [1][3][4] Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: Spot price is 98790, LME spot is 12526, ratio is 7.86; March price is 98380, LME March is 12496, ratio is 7.97. Spot import equilibrium ratio is 7.94 with a profit of - 1808.32, spot export profit is - 455.42 [1] - **Zinc**: Spot price is 23310, LME spot is 3081, ratio is 7.56; March price is 23310, LME March is 3117, ratio is 5.52. Spot import equilibrium ratio is 8.36 with a profit of - 2455.24 [1] - **Aluminum**: Spot price is 22460, LME spot is 2966, ratio is 7.57; March price is 22950, LME March is 2993, ratio is 7.59. Spot import equilibrium ratio is 8.33 with a profit of - 2249.88 [1] - **Nickel**: Spot price is 135050, LME spot is 16455, ratio is 8.21. Spot import equilibrium ratio is 8.03 with a profit of 1259.30 [1] - **Lead**: Spot price is 17150, LME spot is 1971, ratio is 8.69; March price is 17360, LME March is 2015, ratio is 11.54. Spot import equilibrium ratio is 8.60 with a profit of 177.81 [3] Cross - period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 560, - 420, - 420, - 450 respectively, theoretical spreads are 596, 1090, 1593, 2096 [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 125, - 90, - 65, - 20 respectively, theoretical spreads are 220, 346, 472, 598 [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 25, 0, 30, 65 respectively, theoretical spreads are 226, 353, 479, 606 [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 40, 45, 55, 50 respectively, theoretical spreads are 212, 319, 427, 534 [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 2450, 2650, 2930, 3220 respectively [4] - **Tin**: 5 - 1 spread is - 3570, theoretical spread is 6744 [4] Spot - futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货, 次月合约 - 现货 are 15, - 545 respectively, theoretical spreads are 327, 790 [4] - **Zinc**: Spreads for当月合约 - 现货, 次月合约 - 现货 are 90, - 35 respectively, theoretical spreads are 124, 259 [4] - **Zinc (repeated data)**: Spreads for当月合约 - 现货, 次月合约 - 现货 are 90, - 35 respectively, theoretical spreads are 204, 335 [5] - **Lead**: Spreads for当月合约 - 现货, 次月合约 - 现货 are 165, 205 respectively, theoretical spreads are 150, 264 [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.22, 4.29, 5.67, 0.98, 1.32, 0.74 in Shanghai and 3.98, 4.15, 6.18, 0.96, 1.49, 0.65 in London [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on December 31, 2025, including domestic and LME prices, price ratios, equilibrium price ratios, profits, spreads, and theoretical spreads [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 31, 2025, the domestic spot price was 97,700, LME price was 12,516, and the ratio was 7.86; the three - month domestic price was 98,240, LME price was 12,477, and the ratio was 7.84. The equilibrium ratio for spot import was 7.95 with a profit of - 1,171.20 [1]. - **Zinc**: The domestic spot price was 23,290, LME price was 3,091, and the ratio was 7.54; the three - month domestic price was 23,420, LME price was 3,123, and the ratio was 5.60. The equilibrium ratio for spot import was 8.37 with a profit of - 2,576.06 [1]. - **Aluminum**: The domestic spot price was 22,180, LME price was 2,941, and the ratio was 7.54; the three - month domestic price was 22,620, LME price was 2,974, and the ratio was 7.54. The equilibrium ratio for spot import was 8.33 with a profit of - 2,321.75 [1]. - **Nickel**: The domestic spot price was 131,750, LME price was 16,358, and the ratio was 8.05. The equilibrium ratio for spot import was 8.04 with a profit of 1,259.30 [1]. - **Lead**: The domestic spot price was 17,400, LME price was 1,979, and the ratio was 8.74; the three - month domestic price was 17,510, LME price was 2,021, and the ratio was 11.48. The equilibrium ratio for spot import was 8.60 with a profit of 273.72 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads for次月 - spot month, 三月 - spot month, 四月 - spot month, and 五月 - spot month were - 630, - 480, - 420, and - 460 respectively, and the theoretical spreads were 596, 1089, 1592, and 2094 respectively [4]. - **Zinc**: The spreads were 180, 220, 265, and 295, and the theoretical spreads were 219, 344, 469, and 594 respectively [4]. - **Aluminum**: The spreads were 50, 105, 145, and 180, and the theoretical spreads were 224, 348, 473, and 597 respectively [4]. - **Lead**: The spreads were 65, 70, 70, and 110, and the theoretical spreads were 212, 320, 429, and 537 respectively [4]. - **Nickel**: The spreads for 次月 - spot month, 三月 - spot month, 四月 - spot month, and 五月 - spot month were 7,080, 7,360, 7,630, and 7,870 respectively [4]. - **Tin**: The 5 - 1 spread was 1,410, and the theoretical spread was 6,712 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were 1,150 and 520 respectively, and the theoretical spreads were 489 and 936 respectively [4]. - **Zinc**: The spreads were - 90 and 90, and the theoretical spreads were 146 and 282 (also mentioned 185 and 325) respectively [4][5]. - **Lead**: The spreads were 40 and 105, and the theoretical spreads were 136 and 252 respectively [5]. Cross - Variety Arbitrage Tracking - On December 31, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.19, 4.34, 5.61, 0.97, 1.29, 0.75 in Shanghai (three - consecutive) and 4.02, 4.21, 6.25, 0.95, 1.48, 0.64 in London (three - consecutive) [5].

Report Industry Investment Rating - Not provided Core Views - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 30, 2025, offering insights for potential arbitrage opportunities [1][4][8] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 100950 domestically and 12584 on LME with a ratio of 7.80; March price is 98940 domestically and 12553 on LME with a ratio of 8.09. Spot import equilibrium ratio is 7.96 with a loss of 1855.70 [1] - **Zinc**: Spot price is 23380 domestically and 3086 on LME with a ratio of 7.58; March price is 23285 domestically and 3116 on LME with a ratio of 5.65. Spot import equilibrium ratio is 8.38 with a loss of 2484.97 [1] - **Aluminum**: Spot price is 22490 domestically and 2934 on LME with a ratio of 7.66; March price is 22625 domestically and 2972 on LME with a ratio of 7.66. Spot import equilibrium ratio is 8.34 with a loss of 1994.64 [1] - **Nickel**: Spot price is 130850 domestically and 15520 on LME with a ratio of 8.43. Spot import equilibrium ratio is 8.05 with a profit of 1196.97 [1] - **Lead**: Spot price is 17475 domestically and 1967 on LME with a ratio of 8.83; March price is 17465 domestically and 2011 on LME with a ratio of 11.63. Spot import equilibrium ratio is 8.62 with a profit of 421.73 [3] Cross - Period Arbitrage Tracking - **Copper**: Differences between subsequent months and spot month are 260, 340, 400, 390; theoretical differences are 595, 1088, 1590, 2092 [4] - **Zinc**: Differences between subsequent months and spot month are 55, 85, 130, 130; theoretical differences are 219, 344, 469, 594 [4] - **Aluminum**: Differences between subsequent months and spot month are 235, 290, 325, 340; theoretical differences are 223, 346, 470, 594 [4] - **Lead**: Differences between subsequent months and spot month are - 50, - 75, - 95, - 125; theoretical differences are 213, 321, 430, 539 [4] - **Nickel**: Differences between subsequent months and spot month are - 730, - 410, - 140, 200 [4] - **Tin**: 5 - 1 difference is 1320 with a theoretical difference of 6865 [4] Spot - Futures Arbitrage Tracking - **Copper**: Differences between current - month and subsequent - month contracts and spot are - 2120 and - 1860; theoretical differences are 26 and 620 [4] - **Zinc**: Differences between current - month and subsequent - month contracts and spot are - 180 and - 125; theoretical differences are 119 and 288 [5] - **Lead**: Differences between current - month and subsequent - month contracts and spot are 65 and 15; theoretical differences are 144 and 260 [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc are 4.25, 4.37, 5.67, 0.97, 1.30, 0.75 in Shanghai and 3.96, 4.14, 6.09, 0.96, 1.47, 0.65 in London [8]