Report Industry Investment Rating - Not provided Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 28, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1][3][4] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 79400, LME spot price is 9786, spot price ratio is 8.17, and spot import profit is - 722.84 [1] - **Zinc**: Domestic spot price is 22750, LME spot price is 2838, spot price ratio is 8.02, and spot import profit is - 1763.87 [1] - **Aluminum**: Domestic spot price is 20780, LME spot price is 2649, spot price ratio is 7.84, and spot import profit is - 1734.41 [1] - **Nickel**: Domestic spot price is 122700, LME spot price is 15340, spot price ratio is 8.00, and spot import profit is - 1990.99 [1] - **Lead**: Domestic spot price is 16725, LME spot price is 2007, spot price ratio is 8.35, and spot import profit is - 974.42 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 580, - 540, - 590, and - 660 respectively, while the theoretical spreads are 501, 900, 1308, and 1717 [4] - **Zinc**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 80, - 90, - 130, and - 170 respectively, while the theoretical spreads are 218, 342, 465, and 589 [4] - **Aluminum**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 25, - 60, - 125, and - 180 respectively, while the theoretical spreads are 215, 331, 447, and 563 [4] - **Lead**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are 70, 110, 100, and 170 respectively, while the theoretical spreads are 209, 315, 420, and 526 [4] - **Nickel**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are 200, 330, 500, and 750 respectively [4] - **Tin**: The spread of the 5 - 1 contract is - 350, and the theoretical spread is 5622 [4] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts are 3.47, 3.83, 4.67, 0.91, 1.22, and 0.74 respectively; for the London (three - continuous) contracts, they are 3.46, 3.71, 4.85, 0.93, 1.31, and 0.71 respectively [5]

1. Report Industry Investment Rating - No specific investment rating for the industry is provided in the report [1][3] 2. Core Viewpoints - Aluminum is expected to experience high-level oscillations, alumina will see intense multi - short battles, and cast aluminum alloy will follow the trend of electrolytic aluminum [1] 3. Summary by Relevant Contents 3.1 Aluminum and Alumina Futures Market - **Aluminum Futures**: The closing price of the Shanghai Aluminum main contract is 20,760 yuan, up 250 yuan from a week ago and 1,075 yuan from three months ago. The trading volume is 143,571 lots, a decrease of 1778 lots from the previous day. The LME aluminum 3M closing price is 2,646 US dollars, up 8 US dollars from the previous day and 278 US dollars from three months ago [1] - **Alumina Futures**: The closing price of the Shanghai Alumina main contract is 3,428 yuan, up 295 yuan from a week ago. The trading volume is 905,021 lots, an increase of 118,451 lots from the previous day [1] 3.2 Spot Market - **Aluminum Spot**: The domestic aluminum ingot social inventory is 494,000 tons, up 23,000 tons from a week ago. The Shanghai bonded area premium is 113 US dollars, unchanged from the previous day [1] - **Alumina Spot**: The domestic average price of alumina is 3,255 yuan, up 18 yuan from a month ago. The alumina arrival price at Lianyungang is 399 US dollars per ton, up 5 US dollars from a week ago [1] 3.3 Industry News - In June, the year - on - year decline in the profits of China's large - scale industrial enterprises narrowed to 4.3%. The profit of the automobile industry increased by 96.8%, and the profits of intelligent unmanned aerial vehicle manufacturing and computer整机 manufacturing increased by 160.0% and 97.2% respectively [3] - Trump believes that Powell will start to suggest interest rate cuts and that US manufacturers benefit from a weaker dollar [3] 3.4 Trend Intensity - The trend intensity of aluminum is 0 (neutral), alumina is - 1 (weakly bearish), and aluminum alloy is 0 (neutral) [3]

1. Report 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 various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 25, 2025 [1][3][4] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 25, 2025, the domestic spot price was 79,790, the LME price was 9,897, and the ratio was 8.05; the domestic March price was 79,920, the LME price was 9,947, and the ratio was 8.01. The equilibrium ratio for spot import was 8.14, with a profit of - 630.69, and the profit for spot export was 402.52 [1] - **Zinc**: The domestic spot price was 22,870, the LME price was 2,875, and the ratio was 7.95; the domestic March price was 23,015, the LME price was 2,876, and the ratio was 5.86. The equilibrium ratio for spot import was 8.62, with a profit of - 1,901.83 [1] - **Aluminum**: The domestic spot and March prices were both 20,730, the LME spot price was 2,648, the March price was 2,646, and the ratio was 7.82. The equilibrium ratio for spot import was 8.48, with a profit of - 1,741.60 [1] - **Nickel**: The domestic spot price was 122,850, the LME price was 15,403, and the ratio was 7.98. The equilibrium ratio for spot import was 8.22, with a profit of - 2,151.35 [1] - **Lead**: The domestic spot price was 16,650, the LME price was 2,011, and the ratio was 8.30; the domestic March price was 16,935, the LME price was 2,036, and the ratio was 11.26. The equilibrium ratio for spot import was 8.81, with a profit of - 1,022.60 [3] Cross - Period Arbitrage Tracking - **Copper**: On July 25, 2025, the spreads of the next - month, March, April, and May contracts relative to the spot month were 370, 400, 360, and 270 respectively, while the theoretical spreads were 500, 897, 1304, and 1710 [4] - **Zinc**: The spreads were 95, 95, 45, and 0 respectively, and the theoretical spreads were 218, 341, 465, and 588 [4] - **Aluminum**: The spreads were - 55, - 85, - 155, and - 210 respectively, and the theoretical spreads were 215, 331, 447, and 563 [4] - **Lead**: The spreads were 80, 125, 145, and 150 respectively, and the theoretical spreads were 209, 314, 419, and 524 [4] - **Nickel**: The spreads were 1140, 1300, 1490, and 1720 respectively [4] - **Tin**: The 5 - 1 spread was 240, and the theoretical spread was 5663 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 240 and 130 respectively, and the theoretical spreads were 337 and 832 [4] - **Zinc**: The spreads were 50 and 145 respectively, and the theoretical spreads were 180 and 313 [4] - **Lead**: The spreads were 160 and 240 respectively, and the theoretical spreads were 174 and 285 [5] Cross - Variety Arbitrage Tracking - On July 25, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) were 3.47, 3.86, 4.72, 0.90, 1.22, and 0.74 respectively; in London (triple - continuous), they were 3.47, 3.73, 4.88, 0.93, 1.31, and 0.71 respectively [5]

Report Industry Investment Rating - No relevant content provided Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 23, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1][4][8] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79760 (domestic) and 9794 (LME) with a ratio of 8.16; March price is 79770 (domestic) and 9863 (LME) with a ratio of 8.07. Spot import equilibrium ratio is 8.16 with a profit of 76.62, and spot export profit is - 67.76 [1] - **Zinc**: Spot price is 22800 (domestic) and 2841 (LME) with a ratio of 8.02; March price is 22940 (domestic) and 2846 (LME) with a ratio of 5.92. Spot import equilibrium ratio is 8.64 with a profit of - 1742.69 [1] - **Aluminum**: Spot price is 20950 (domestic) and 2647 (LME) with a ratio of 7.91; March price is 20835 (domestic) and 2645 (LME) with a ratio of 7.86. Spot import equilibrium ratio is 8.50 with a profit of - 1559.16 [1] - **Nickel**: Spot price is 121600 (domestic) and 15283 (LME) with a ratio of 7.96. Spot import equilibrium ratio is 8.24 with a profit of - 2250.36 [1] - **Lead**: Spot price is 16675 (domestic) and 1976 (LME) with a ratio of 8.46; March price is 16965 (domestic) and 2002 (LME) with a ratio of 11.40. Spot import equilibrium ratio is 8.84 with a profit of - 739.70 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 40, 70, 30, - 20 respectively, and the theoretical spreads are 501, 899, 1307, 1714 respectively [4] - **Zinc**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 60, 55, 35, - 15 respectively, and the theoretical spreads are 217, 341, 464, 588 respectively [4] - **Aluminum**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 30, - 35, - 100, - 160 respectively, and the theoretical spreads are 215, 332, 448, 564 respectively [4] - **Lead**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 30, 5, 5, 60 respectively, and the theoretical spreads are 210, 316, 421, 527 respectively [4] - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 1170, 1260, 1500, 1710 respectively [4] - **Tin**: The 5 - 1 spread is - 370 with a theoretical spread of 5556 [4] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.48, 3.83, 4.70, 0.91, 1.23, 0.74 (Shanghai continuous three - month), and 3.47, 3.73, 4.93, 0.93, 1.32, 0.70 (LME continuous three - month) [8] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot are - 5 and 35 respectively, and the theoretical spreads are 397 and 844 respectively [4] - **Zinc**: The spreads of the current - month contract - spot and the next - month contract - spot are 85 and 145 respectively, and the theoretical spreads are 155 and 285 respectively [5] - **Lead**: The spreads of the current - month contract - spot and the next - month contract - spot are 285 and 255 respectively, and the theoretical spreads are 199 and 311 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 July 22, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 79600, LME price is 9790, and the ratio is 8.03; for three - month contracts, China price is 79770, LME price is 9857, and the ratio is 8.06. The equilibrium ratio for spot import is 8.16 [1] - **Zinc**: Spot price in China is 22820, LME price is 2848, and the ratio is 8.01; for three - month contracts, China price is 22915, LME price is 2850, and the ratio is 5.93. The equilibrium ratio for spot import is 8.64, with a profit of - 1778.34 [1] - **Aluminum**: Spot price in China is 20890, LME price is 2640, and the ratio is 7.91; for three - month contracts, China price is 20785, LME price is 2638, and the ratio is 7.87. The equilibrium ratio for spot import is 8.50, with a profit of - 1547.06 [1] - **Nickel**: Spot price in China is 121350, LME price is 15134, and the ratio is 8.02. The equilibrium ratio for spot import is 8.24, with a profit of - 1872.54 [1] - **Lead**: Spot price in China is 16725, LME price is 1985, and the ratio is 8.47; for three - month contracts, China price is 17015, LME price is 2011, and the ratio is 11.38. The equilibrium ratio for spot import is 8.84, with a profit of - 736.74 [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 are 1360, 1360, 1340, and 1290 respectively, while the theoretical spreads are 494, 886, 1287, and 1688 [4] - **Zinc**: The spreads are 625, 615, 570, and 530, and the theoretical spreads are 215, 335, 456, and 576 [4] - **Aluminum**: The spreads are 275, 220, 140, and 85, and the theoretical spreads are 214, 329, 443, and 558 [4] - **Lead**: The spreads are 175, 195, 225, and 200, and the theoretical spreads are 209, 314, 419, and 524 [4] - **Nickel**: The spreads are 2200, 2310, 2500, and 2720 [4] - **Tin**: The 5 - 1 spread is - 3300, and the theoretical spread is 5533 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1100 and 260 respectively, and the theoretical spreads are 246 and 885 [4] - **Zinc**: The spreads are - 520 and 105, and the theoretical spreads are 187 and 320 [4] - **Lead**: The spreads are 95 and 270, and the theoretical spreads are 176 and 288 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.48, 3.84, 4.69, 0.91, 1.22, and 0.74 respectively; for LME (three - continuous contracts), they are 3.47, 3.73, 4.89, 0.93, 1.31, and 0.71 [5]

Core Insights - Stock index futures serve as a key to unlock diverse investment opportunities, providing investors with a dimension beyond individual stocks and injecting new vitality into strategy innovation [1][4] - They break the traditional mindset of "only going long," allowing for a better understanding of both long and short operations, thus broadening investment strategies even during market downturns [1][4] - Experienced investors utilize stock index futures to create a complementary risk-return structure in their portfolios, smoothing volatility during market fluctuations and amplifying returns during trends [1][4] Investment Learning and Strategy - Stock index futures enhance the learning experience by providing a layered understanding, from basic contract rules to complex cross-period arbitrage, helping to build a more comprehensive knowledge system [3][4] - They offer unique insights into market sentiment through changes in positions and basis fluctuations, allowing for more precise investment decisions compared to merely observing index movements [3][4] - Engaging with peers in strategy design related to stock index futures fosters innovative thinking, breaking conventional thought patterns and enabling more flexible tool application [3][4] Market Maturity and Evolution - The development of stock index futures reflects market maturity, with expansion of varieties and optimization of rules, encouraging investors to keep pace with innovations and enhance their mastery of financial instruments [4] - Overall, stock index futures are valuable partners in advanced investing, expanding operational boundaries and promoting the enhancement of investors' comprehensive skills through practical experience [4]

1. Report Industry Investment Rating - Copper: Neutral [7] - Arbitrage: Suspended - Options: Suspended 2. Core View of the Report This week, the Shanghai copper price showed a fluctuating downward trend, mainly due to the widening of the spread between Comex and LME under the influence of Trump's tariff policy, which led to a decline in the copper price in non - US markets. As a result, the domestic copper price was temporarily suppressed, and the domestic social inventory increased. It is recommended to take a wait - and - see attitude for now [7][8]. 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Futures Quotes On July 17, 2025, the Shanghai copper main contract opened at 77,810 yuan/ton and closed at 77,840 yuan/ton, a - 0.18% decrease from the previous trading day's close. The night - session main contract opened at 77,800 yuan/ton and closed at 77,620 yuan/ton, a 0.46% increase from the afternoon close [1]. 3.1.2 Spot Situation According to SMM, on the previous day, the spot of SMM 1 electrolytic copper was at a premium of 60 - 150 yuan/ton to the current 2508 contract, with an average premium of 105 yuan/ton, a 10 - yuan increase from the previous trading day. The price of SMM 1 electrolytic copper was 77,950 - 78,090 yuan/ton. The intraday trading weakened, and the spot premium may further decline today [2]. 3.1.3 Important Information Summary - **Macro and Geopolitical Aspects**: Fed Governor Kugler said the Fed should not cut interest rates "for some time" due to the impact of Trump's tariffs on consumer prices. The US unemployment rate is 4.1%, and inflation is above the 2% target [3]. - **Economic Data**: US retail sales in June increased by 0.6% month - on - month, significantly exceeding the market expectation of 0.1% [3]. - **Mine End**: In the second quarter of 2025, Rio Tinto's copper production reached 229,000 tons, a 15% year - on - year increase and a 9% quarter - on - quarter increase. The company maintained its annual production target of 780,000 - 850,000 tons [4]. - **Smelting and Import**: In the second quarter, 29Metals' Golden Grove project in Western Australia produced 5,600 tons of copper, lower than the previous year. China's refined copper production in June 2025 was 1.302 million tons, a 14.2% year - on - year increase [5]. - **Consumption**: China's copper product output in June 2025 was 2.214 million tons, a 6.8% year - on - year increase [5]. - **Inventory and Warehouse Receipts**: LME warehouse receipts changed by 10,525 tons to 122,150 tons, SHFE warehouse receipts changed by - 8,103 tons to 42,139 tons. On July 14, the domestic electrolytic copper spot inventory was 143,300 tons, a decrease of 4,300 tons from the previous week [6]. 3.2 Table of Copper Price and Basis Data - **Spot (Premium and Discount)**: The premium of SMM 1 copper on July 18, 2025, was 105, with changes compared to the previous day, week, and month [26]. - **Inventory**: LME inventory was 122,150 tons, SHFE inventory was 81,462 tons, and COMEX inventory was 217,212 tons on July 18, 2025 [27]. - **Warehouse Receipts**: SHFE warehouse receipts were 42,139 tons, and the proportion of LME cancelled warehouse receipts was 10.19% on July 18, 2025 [28]. - **Arbitrage**: The import profit was - 2 on July 18, 2025, and there were also data on other arbitrage indicators [28].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 09 - 01 reverse spread; Inter - variety: Short coal - based profit [3] Core View - The polyolefin market continues fundamental trading, with weak and stable prices. During the upstream petrochemical plant maintenance season, the number of maintenance enterprises increases slightly, capacity utilization decreases, and new capacity continues to be released, so the overall supply maintains an increasing trend. Enterprises' inventory accumulates, and the destocking rate is slow. Downstream demand remains in the off - season, the terminal operating rate remains low, and the overall operating rate changes little. Purchases are mainly for rigid demand, and there is little hope for improvement in the short term. International oil prices and propane prices continue to be weak, and are expected to remain weak, with weak cost support, and PDH - made PP profit remains slightly profitable [1][2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7215元/吨（+1），PP主力合约收盘价为7020元/吨（+7），LL华北现货为7150元/吨（-10），LL华东现货为7190元/吨（-30），PP华东现货为7070元/吨（-10），LL华北基差为 - 65元/吨（-11），LL华东基差为 - 25元/吨（-31），PP华东基差为50元/吨（-17） [1] 2. Production Profit and Operating Rate - PE开工率为78.2%（+0.4%），PP开工率为77.3%（+0.7%）；PE油制生产利润为171.7元/吨（+4.6），PP油制生产利润为 - 208.3元/吨（+4.6），PDH制PP生产利润为301.8元/吨（+56.9） [1] 3. Polyolefin Non - Standard Price Difference - No specific data provided in the given text 4. Polyolefin Import and Export Profit - LL进口利润为 - 101.2元/吨（+76.3），PP进口利润为 - 672.8元/吨（+0.0），PP出口利润为34.2美元/吨（+0.0） [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE下游农膜开工率为12.5%（-0.2%），PE下游包装膜开工率为48.6%（+0.5%），PP下游塑编开工率为41.4%（-0.6%），PP下游BOPP膜开工率为60.8%（+0.2%） [1] 6. Polyolefin Inventory - No specific data provided in the given text

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - BZ futures maintain a certain premium, with strong downstream demand for pure benzene, leading to a decline in pure benzene port inventory from a high level. High开工 rates of styrene and CPL support demand, and the increase in polymer MDI开工 drives up aniline开工. However, the sustainability of high CPL开工 is questionable due to the decline in PA6 and nylon filament开工. On the supply side, the pressure of South Korean exports to China remains, and domestic开工 is still high, resulting in the continued weak consolidation of pure benzene processing fees. - For styrene, port inventory is rising rapidly, and the EB basis is further weakening. Domestically, EB maintains a high开工 rate. In terms of demand, EPS开工 is increasing, but there is still inventory pressure on PS and ABS, suppressing their开工 rates. - The recommended trading strategies are to remain on the sidelines for pure benzene, and to sell short styrene at high prices for hedging. For basis and inter - period spreads, conduct reverse hedging for near - month BZ paper goods against distant - end BZ2603 futures at high prices; conduct reverse inter - period spreads for EB2508 - 2509 and EB2509 - 2510. For cross - variety spreads, narrow the EB - BZ spread at high prices [3]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spreads - Pure benzene: The main basis of pure benzene is - 202 yuan/ton (+4), and the spread between East China pure benzene spot and M2 is - 85 yuan/ton (+5 yuan/ton). The spread between the first - month contract and the third - month contract is also provided in the figures [1][11]. - Styrene: The main basis of styrene is 116 yuan/ton (- 61 yuan/ton), and the inter - period spreads between EB2508 - 2509 and EB2509 - 2510 are recommended for reverse hedging [1][3]. 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 160 dollars/ton (+2 dollars/ton), and the FOB South Korea processing fee is 143 dollars/ton (+2 dollars/ton). The price difference between the US and South Korea is 128.9 dollars/ton (- 24.1 dollars/ton). Downstream production profits include - 1818 yuan/ton (+42) for caprolactam, - 667 yuan/ton (+0) for phenol - acetone, - 97 yuan/ton (+74) for aniline, and - 1428 yuan/ton (- 14) for adipic acid [1]. - Styrene: The non - integrated production profit is - 54 yuan/ton (- 87 yuan/ton), and it is expected to gradually compress. The EB - BZ spread is recommended to be narrowed at high prices [1][3]. 3.3 Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 16.40 million tons (- 1.00 million tons), and the开工 rate of downstream products such as caprolactam is 91.72% (- 4.00%), phenol is 81.00% (+3.00%), aniline is 75.86% (+4.96%), and adipic acid is 64.80% (- 0.90%) [1]. - Styrene: The East China port inventory is 138,500 tons (+27,000 tons), the East China commercial inventory is 45,000 tons (+6,000 tons), and the开工 rate is 78.3% (- 0.9%) [1]. 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 324 yuan/ton (+119 yuan/ton), and the开工 rate is 53.18% (+2.12%). - PS production profit is - 126 yuan/ton (+69 yuan/ton), and the开工 rate is 50.60% (- 0.50%). - ABS production profit is 490 yuan/ton (+77 yuan/ton), and the开工 rate is 65.90% (+0.90%). The downstream开工 is at a seasonal low [2]. 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam开工 rate is 91.72% (- 4.00%), and the production profit is - 1818 yuan/ton (+42). - Phenol - acetone开工 rate is 81.00% (+3.00%), and the production profit is - 667 yuan/ton (+0). - Aniline开工 rate is 75.86% (+4.96%), and the production profit is - 97 yuan/ton (+74). - Adipic acid开工 rate is 64.80% (- 0.90%), and the production profit is - 1428 yuan/ton (- 14) [1].

Report Summary 1. Report Industry Investment Rating - Not 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 (copper, zinc, aluminum, nickel, lead, tin) on July 18, 2025 [1][4][5] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 18, 2025, the domestic spot price was 78,010, the LME price was 9,538, and the ratio was 8.19. The equilibrium ratio for spot import was 8.17, with a profit of - 219.86. The domestic three - month price was 77,830, the LME price was 9,597, and the ratio was 8.12 [1] - **Zinc**: The domestic spot price was 22,120, the LME price was 2,693, and the ratio was 8.21. The equilibrium ratio for spot import was 8.68, with a profit of - 1,248.97. The domestic three - month price was 22,085, the LME price was 2,696, and the ratio was 6.24 [1] - **Aluminum**: The domestic spot price was 20,570, the LME price was 2,564, and the ratio was 8.02. The equilibrium ratio for spot import was 8.53, with a profit of - 1,293.96. The domestic three - month price was 20,355, the LME price was 2,567, and the ratio was 7.96 [1] - **Nickel**: The domestic spot price was 118,550, the LME price was 14,787, and the ratio was 8.02. The equilibrium ratio for spot import was 8.25, with a profit of - 2,413.78 [1] - **Lead**: The domestic spot price was 16,625, the LME price was 1,946, and the ratio was 8.58. The equilibrium ratio for spot import was 8.86, with a profit of - 540.93. The domestic three - month price was 16,905, the LME price was 1,974, and the ratio was 11.19 [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 - 130, - 150, - 190, and - 290 respectively, while the theoretical spreads were 492, 882, 1281, and 1680 [4] - **Zinc**: The spreads were 75, 40, 10, and - 35, and the theoretical spreads were 213, 332, 452, and 571 [4] - **Aluminum**: The spreads were - 60, - 120, - 185, and - 240, and the theoretical spreads were 213, 328, 442, and 557 [4] - **Lead**: The spreads were - 20, 10, 30, and 105, and the theoretical spreads were 209, 315, 420, and 526 [4] - **Nickel**: The spreads were - 580, - 460, - 220, and - 70 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts was 450, and the theoretical spread was 5437 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 20 and - 150, and the theoretical spreads were 465 and 878 [4] - **Zinc**: The spreads were - 75 and 0, and the theoretical spreads were 186 and 315 (also 172 and 286 in another record) [4][5] - **Lead**: The spreads were 270 and 250, and the theoretical spreads were 216 and 327 [5] Cross - Variety Arbitrage Tracking - On July 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 3.52, 3.82, 4.60, 0.92, 1.20, and 0.77 respectively, and in London (three - continuous contracts) were 3.53, 3.75, 4.90, 0.94, 1.31, and 0.72 [5]