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 including copper, zinc, aluminum, lead, nickel, and tin on October 30, 2025, to assist in identifying potential arbitrage opportunities [1][4][5]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 30, 2025, the domestic spot price was 87,770, the LME spot price was 11,095, and the spot price ratio was 7.84; the domestic three - month price was 88,700, the LME three - month price was 11,115, and the three - month price ratio was 7.90. No profit data for spot import and export was provided [1]. - **Zinc**: The domestic spot price was 22,280, the LME spot price was 3,198, and the spot price ratio was 6.97; the domestic three - month price was 22,455, the LME three - month price was 3,065, and the three - month price ratio was 5.66. The equilibrium ratio for spot import was 8.48, with a loss of 4,825.07 [1]. - **Aluminum**: The domestic spot price was 21,170, the LME spot price was 2,904, and the spot price ratio was 7.29; the domestic three - month price was 21,330, the LME three - month price was 2,905, and the three - month price ratio was 7.31. The equilibrium ratio for spot import was 8.30, with a loss of 2,941.11 [1]. - **Lead**: The domestic spot price was 17,150, the LME spot price was 1,989, and the spot price ratio was 8.65; the domestic three - month price was 17,380, the LME three - month price was 2,024, and the three - month price ratio was 11.06. The equilibrium ratio for spot import was 8.70, with a loss of 112.78 [3]. - **Nickel**: The domestic spot price was 122,950, the LME spot price was 15,121, and the spot price ratio was 8.13. The equilibrium ratio for spot import was 8.16, with a loss of 1,245.29 [1]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were 1,720, 1,710, 1,650, and 1,630 respectively, while the theoretical spreads were 537, 972, 1,416, and 1,860 respectively [4]. - **Zinc**: The spreads were 155, 180, 210, and 240 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - **Aluminum**: The spreads were 175, 210, 225, and 230 respectively, and the theoretical spreads were 217, 334, 452, and 569 respectively [4]. - **Lead**: The spreads were - 20, 5, 15, and 25 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were 1,240, 1,390, 1,620, and 1,870 respectively [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts was - 890, and the theoretical spread was 5,929 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 740 and 980 respectively, and the theoretical spreads were 214 and 950 respectively [4]. - **Zinc**: The spreads were - 5 and 150 respectively, and the theoretical spreads were 156 and 286 respectively [4]. - **Lead**: The spreads were 225 and 205 respectively, and the theoretical spreads were 166 and 280 respectively [5]. Cross - Variety Arbitrage Tracking - **Ratio of Different Metals**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.95, 4.16, 5.10, 0.95, 1.23, and 0.77 respectively; for LME (three - continuous contracts), they were 3.61, 3.86, 5.49, 0.93, 1.42, and 0.66 respectively [5].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View - 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 October 28, 2025, including domestic and LME prices, ratios, equilibrium ratios, profits, spreads, and theoretical spreads [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 28, 2025, the domestic spot price was 88210, LME spot price was 11036, with a ratio of 7.94; the domestic March price was 88360, LME March price was 11060, with a ratio of 7.98. The equilibrium ratio for spot import was 8.07, and the profit was - 797.43 [1]. - **Zinc**: The domestic spot price was 22210, LME spot price was 3251, with a ratio of 6.83; the domestic March price was 22390, LME March price was 3039, with a ratio of 5.74. The equilibrium ratio for spot import was 8.48, and the profit was - 5375.30 [1]. - **Aluminum**: The domestic spot price was 21160, LME spot price was 2890, with a ratio of 7.32; the domestic March price was 21380, LME March price was 2887, with a ratio of 7.36. The equilibrium ratio for spot import was 8.32, and the profit was - 2886.43 [1]. - **Nickel**: The domestic spot price was 124400, LME spot price was 15155, with a ratio of 8.21. The equilibrium ratio for spot import was 8.17, and the profit was - 1527.44 [1]. - **Lead**: The domestic spot price was 17275, LME spot price was 1984, with a ratio of 8.70; the domestic March price was 17525, LME March price was 2018, with a ratio of 11.06. The equilibrium ratio for spot import was 8.72, and the profit was - 49.75 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 670, 660, 680, and 610 respectively, while the theoretical spreads were 541, 979, 1427, and 1874 [4]. - **Zinc**: The spreads were 50, 75, 110, and 120, and the theoretical spreads were 215, 335, 456, and 576 [4]. - **Aluminum**: The spreads were 155, 175, 175, and 175, and the theoretical spreads were 217, 335, 453, and 571 [4]. - **Lead**: The spreads were - 115, - 110, - 120, and - 190, and the theoretical spreads were 213, 322, 432, and 541 [4]. - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 540, 700, 870, and 1080 [4]. - **Tin**: The 5 - 1 spread was 200, and the theoretical spread was 5928 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot were - 485 and 185, and the theoretical spreads were 287 and 872 [4]. - **Zinc**: The spreads were 105 and 155, and the theoretical spreads were 153 and 302 [5]. - **Lead**: The spreads were 360 and 245, and the theoretical spreads were 194 and 309 [5]. Cross - Variety Arbitrage Tracking - On October 28, 2025, for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc, the Shanghai (three - continuous) ratios were 3.95, 4.13, 5.04, 0.95, 1.22, and 0.78 respectively, and the London (three - continuous) ratios were 3.60, 3.82, 5.44, 0.94, 1.42, and 0.66 [5].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, lead, and tin on October 24, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 24, 2025, the domestic spot price was 85,500, the LME price was 10,733, and the ratio was 7.96; the domestic three - month price was 86,000, the LME price was 10,745, and the ratio was 7.97. The equilibrium ratio for spot import was 8.09 [1] - **Zinc**: The domestic spot price was 22,100, the LME price was 3,260, and the ratio was 6.78; the domestic three - month price was 22,370, the LME price was 3,035, and the ratio was 5.77. The equilibrium ratio for spot import was 8.50, with a profit of - 5,619.46 [1] - **Aluminum**: The domestic spot price was 21,040, the LME price was 2,819, and the ratio was 7.46; the domestic three - month price was 21,170, the LME price was 2,811, and the ratio was 7.51. The equilibrium ratio for spot import was 8.37, with a profit of - 2,543.81 [1] - **Nickel**: The domestic spot price was 123,400, the LME price was 14,999, and the ratio was 8.23. The equilibrium ratio for spot import was 8.19, with a profit of - 1,318.15 [1] - **Lead**: The domestic spot price was 17,125, the LME price was 1,971, and the ratio was 8.69; the domestic three - month price was 17,490, the LME price was 2,008, and the ratio was 11.08. The equilibrium ratio for spot import was 8.82, with a profit of - 250.04 [3] Cross - Period Arbitrage Tracking - **Copper**: On October 24, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 690, 620, 600, and 570 respectively, while the theoretical spreads were 529, 956, 1392, and 1828 [4] - **Zinc**: The spreads were 360, 385, 420, and 445, and the theoretical spreads were 213, 332, 451, and 570 [4] - **Aluminum**: The spreads were 150, 155, 145, and 150, and the theoretical spreads were 216, 333, 450, and 567 [4] - **Lead**: The spreads were 405, 330, 290, and 315, and the theoretical spreads were 211, 318, 424, and 531 [4] - **Nickel**: The spreads were 260, 450, 670, and 930 [4] - **Tin**: The spread of the 5 - 1 contract was - 790, and the theoretical spread was 5827 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 90 and 600, and the theoretical spreads were 397 and 971 [4] - **Zinc**: The spreads were - 115 and 245, and the theoretical spreads were 195 and 325 [4] - **Lead**: The spreads were 35 and 440, and the theoretical spreads were 161 and 275 [5] Cross - Variety Arbitrage Tracking - On October 24, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.84, 4.06, 4.92, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous contracts) were 3.58, 3.78, 5.38, 0.95, 1.42, and 0.67 [5]

1. Report Industry Investment Rating - No information provided 2. Core View - The report mainly presents the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 23, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 23, 2025, the domestic spot price was 84980, LME spot price was 10663, and the spot ratio was 8.01. The domestic March price was 85370, LME March price was 10669, and the March ratio was 7.96. The equilibrium ratio for spot import was 8.09 [1] - **Zinc**: The domestic spot price was 21910, LME spot price was 3350, and the spot ratio was 6.54. The domestic March price was 22040, LME March price was 3011, and the March ratio was 5.70. The equilibrium ratio for spot import was 8.49, with a profit of - 6539.20 [1] - **Aluminum**: The domestic spot price was 20980, LME spot price was 2800, and the spot ratio was 7.49. The domestic March price was 21050, LME March price was 2797, and the March ratio was 7.50. The equilibrium ratio for spot import was 8.37, with a profit of - 2452.65 [1] - **Nickel**: The domestic spot price was 123500, LME spot price was 14998, and the spot ratio was 8.23. The equilibrium ratio for spot import was 8.19, with a profit of - 1463.49 [1] - **Lead**: The domestic spot price was 16975, LME spot price was 1953, and the spot ratio was 8.70. The domestic March price was 17185, LME March price was 1993, and the March ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a profit of - 232.67 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 40, - 10, - 40, - 80 respectively, while the theoretical spreads were 529, 956, 1392, 1828 respectively [4] - **Zinc**: The spreads were 15, 55, 70, 100 respectively, and the theoretical spreads were 213, 332, 451, 570 respectively [4] - **Aluminum**: The spreads were 30, 35, 35, 35 respectively, and the theoretical spreads were 216, 333, 450, 567 respectively [4] - **Lead**: The spreads were 15, 25, 35, 40 respectively, and the theoretical spreads were 211, 318, 424, 531 respectively [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 260, 440, 590, 790 respectively [4] - **Tin**: The 5 - 1 spread was - 620, and the theoretical spread was 5833 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot were 445 and 485 respectively, and the theoretical spreads were 487 and 963 respectively [4] - **Zinc**: The spreads were 75 and 90 respectively, and the theoretical spreads were 176 and 304 respectively [4] - **Lead**: The spreads were 185 and 200 respectively, and the theoretical spreads were 186 and 299 respectively [5] Cross - Variety Arbitrage Tracking - On October 23, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.87, 4.06, 4.97, 0.96, 1.22, 0.78 respectively, and for London (three - continuous) were 3.53, 3.80, 5.34, 0.93, 1.41, 0.66 respectively [5]

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 October 20, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 20, 2025, the domestic spot price was 84775, the LME spot price was 10506, and the spot price ratio was 8.10; the domestic three - month price was 84350, the LME three - month price was 10523, and the three - month price ratio was 8.05 [1] - **Zinc**: The domestic spot price was 21860, the LME spot price was 3084, and the spot price ratio was 7.09; the domestic three - month price was 21870, the LME three - month price was 2948, and the three - month price ratio was 5.78 [1] - **Aluminum**: The domestic spot price was 20950, the LME spot price was 2791, and the spot price ratio was 7.50; the domestic three - month price was 20920, the LME three - month price was 2778, and the three - month price ratio was 7.55 [1] - **Nickel**: The domestic spot price was 123700, the LME spot price was 14983, and the spot price ratio was 8.26. The profit from spot import was - 1658.10 [1] - **Lead**: The domestic spot price was 16825, the LME spot price was 1930, and the spot price ratio was 8.76; the domestic three - month price was 17090, the LME three - month price was 1972, and the three - month price ratio was 11.10 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 660, - 700, - 800, and - 880 respectively, while the theoretical spreads were 527, 953, 1387, and 1821 [4] - **Zinc**: The spreads were - 110, - 70, - 35, and 10 respectively, and the theoretical spreads were 213, 331, 450, and 569 [4] - **Aluminum**: The spreads were - 65, - 55, - 50, and - 40 respectively, and the theoretical spreads were 216, 333, 450, and 567 [4] - **Lead**: The spreads were - 10, - 10, - 10, and 20 respectively, and the theoretical spreads were 211, 317, 424, and 530 [4] - **Nickel**: The spreads were 60, 240, 490, and 780 respectively [4] - **Tin**: The 5 - 1 spread was - 390, and the theoretical spread was 5818 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 300 and - 360 respectively, and the theoretical spreads were 546 and 918 [4] - **Zinc**: The spreads were 80 and - 30 respectively, and the theoretical spreads were 191 and 307 [5] - **Lead**: The spreads were 275 and 265 respectively, and the theoretical spreads were 217 and 330 [5] Cross - Variety Arbitrage Tracking - On October 20, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.86, 4.03, 4.94, 0.96, 1.22, and 0.78 respectively; for London (triple - continuous), they were 3.60, 3.82, 5.38, 0.94, 1.41, and 0.67 respectively [5]

1. Cross - market Arbitrage Tracking Copper - Spot price in China is 85,900, LME price is 10,843, and the ratio is 7.69; three - month price in China is 86,820, LME price is 10,868, and the ratio is 7.90. The equilibrium ratio for spot import is 8.11, with a loss of 968.44, and a profit of 1465.36 for spot export [1] Zinc - Spot price in China is 22,140, LME price is 3,096, and the ratio is 7.15; three - month price in China is 22,335, LME price is 3,030, and the ratio is 5.59. The equilibrium ratio for spot import is 8.53, with a loss of 4264.28 [1] Aluminum - Spot price in China is 20,960, LME price is 2,796, and the ratio is 7.50; three - month price in China is 21,085, LME price is 2,788, and the ratio is 7.53. The equilibrium ratio for spot import is 8.38, with a loss of 2476.58 [1] Nickel - Spot price in China is 121,850, LME price is 15,358, and the ratio is 7.93. The equilibrium ratio for spot import is 8.19, with a loss of 2247.17 [1] Lead - Spot price in China is 16,775, LME price is 1,986, and the ratio is 8.46; three - month price in China is 17,135, LME price is 2,016, and the ratio is 11.02. The equilibrium ratio for spot import is 8.83, with a loss of 734.46 [3] 2. Cross - term Arbitrage Tracking Copper - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 3400, 3470, 3500, and 3400 respectively, while the theoretical spreads are 519, 936, 1361, and 1787 [4] Zinc - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 1175, 1195, 1230, and 1260 respectively, while the theoretical spreads are 209, 323, 438, and 553 [4] Aluminum - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 380, 375, 375, and 370 respectively, while the theoretical spreads are 215, 330, 446, and 561 [4] Lead - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 690, 710, 720, and 595 respectively, while the theoretical spreads are 207, 310, 413, and 517 [4] Nickel - The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract are 4170, 4350, 4540, and 4810 respectively [4] Tin - The spread of the 5 - 1 contract is - 210, and the theoretical spread is 5939 [4] 3. Spot - futures Arbitrage Tracking Copper - The spreads of the current - month and next - month contracts relative to the spot are - 2370 and 1030 respectively, while the theoretical spreads are - 208 and 762 [4] Zinc - The spreads of the current - month and next - month contracts relative to the spot are - 1000 and 175 respectively, and the theoretical spreads are 116 and 246 (also mentioned as 59 and 240) [4][5] Lead - The spreads of the current - month and next - month contracts relative to the spot are - 350 and 340 respectively, while the theoretical spreads are 44 and 156 [5] 4. Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.89, 4.12, 5.07, 0.94, 1.23, and 0.77 respectively; for LME (three - continuous contracts) are 3.61, 3.88, 5.35, 0.93, 1.38, and 0.67 respectively [5]

Report Overview - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on October 9, 2025 [1] Cross - Market Arbitrage Tracking Copper - Spot price in China is 83240, LME price is 10339, and the ratio is 8.06; March price in China is 83110, LME price is 10382, and the ratio is 8.00. The equilibrium ratio for spot import is 8.10, with a profit of - 295.06 [1] Zinc - Spot price in China is 21820, LME price is 2971, and the ratio is 7.34; March price in China is 21850, LME price is 2915, and the ratio is 5.81. The equilibrium ratio for spot import is 8.53, with a profit of - 3533.69 [1] Aluminum - Spot price in China is 20720, LME price is 2663, and the ratio is 7.78; March price in China is 20690, LME price is 2665, and the ratio is 7.79. The equilibrium ratio for spot import is 8.39, with a profit of - 1618.40 [1] Nickel - Spot price in China is 120150, LME price is 15012, and the ratio is 8.00. The equilibrium ratio for spot import is 8.18, with a profit of - 1281.13 [1] Lead - Spot price in China is 16775, LME price is 1949, and the ratio is 8.62; March price in China is 16985, LME price is 1991, and the ratio is 11.00. The equilibrium ratio for spot import is 8.83, with a profit of - 406.67 [3] Cross - Period Arbitrage Tracking Copper - The spreads of next - month, March, April, and May relative to the spot month are - 240, - 240, - 300, - 300 respectively, while the theoretical spreads are 519, 936, 1361, 1787 [4] Zinc - The spreads of next - month, March, April, and May relative to the spot month are 685, 710, 735, 785 respectively, and the theoretical spreads are 209, 323, 438, 553 [4] Aluminum - The spreads of next - month, March, April, and May relative to the spot month are - 30, - 20, - 10, - 10 respectively, and the theoretical spreads are 215, 330, 446, 561 [4] Lead - The spreads of next - month, March, April, and May relative to the spot month are 515, 560, 570, 530 respectively, and the theoretical spreads are 207, 310, 413, 517 [4] Nickel - The spreads of next - month, March, April, and May relative to the spot month are 590, 750, 960, 1260 respectively [4] Tin - The 5 - 1 spread is 300, and the theoretical spread is 5700 [4] Spot - Futures Arbitrage Tracking Copper - The spreads of the current - month and next - month contracts relative to the spot are 155 and - 85 respectively, and the theoretical spreads are 314 and 739 [4] Zinc - The spreads of the current - month and next - month contracts relative to the spot are - 680 and 5 respectively, and the theoretical spreads are 129 and 257 [4] Lead - The spreads of the current - month and next - month contracts relative to the spot are - 350 and 165 respectively, and the theoretical spreads are 77 and 190 [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) are 3.80, 4.02, 4.89, 0.95, 1.22, 0.78 respectively, and for LME (three - continuous) are 3.47, 3.83, 5.16, 0.91, 1.35, 0.67 respectively [5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 26, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 26, 2025, the domestic spot price was 82525, LME price was 10291, and the ratio was 8.04; the domestic three - month price was 82690, LME price was 10323, and the ratio was 8.01. The equilibrium ratio for spot import was 8.12, with a profit of - 745.90, and the spot export profit was 433.73 [1] - **Zinc**: The domestic spot price was 21870, LME price was 2979, and the ratio was 7.34; the domestic three - month price was 22055, LME price was 2926, and the ratio was 5.85. The equilibrium ratio for spot import was 8.55, with a profit of - 3597.09 [1] - **Aluminum**: The domestic spot price was 20770, LME price was 2645, and the ratio was 7.85; the domestic three - month price was 20765, LME price was 2648, and the ratio was 7.85. The equilibrium ratio for spot import was 8.40, with a profit of - 1466.82 [1] - **Nickel**: The domestic spot price was 122300, LME price was 15261, and the ratio was 8.01. The equilibrium ratio for spot import was 8.20, with a profit of - 2154.78 [1] - **Lead**: The domestic spot price was 16950, LME price was 1967, and the ratio was 8.62; the domestic three - month price was 17115, LME price was 2004, and the ratio was 11.00. The equilibrium ratio for spot import was 8.84, with a profit of - 434.90 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 26, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 50, 30, 30, and - 30 respectively, while the theoretical spreads were 515, 929, 1351, and 1773 respectively [4] - **Zinc**: The spreads were 15, 25, 35, and 65 respectively, and the theoretical spreads were 213, 332, 451, and 571 respectively [4] - **Aluminum**: The spreads were 5, 5, 5, and 15 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - **Lead**: The spreads were 30, 55, 65, and 30 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 310, 480, 670, and 740 respectively [4] - **Tin**: The 5 - 1 spread was 650, and the theoretical spread was 5676 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 195 and 245 respectively, and the theoretical spreads were 391 and 856 respectively [4] - **Zinc**: The spreads were 160 and 175 respectively, and the theoretical spreads were 176 and 304 respectively [4] - **Lead**: The spreads were 110 and 140 respectively, and the theoretical spreads were 164 and 277 respectively [5] Cross - Variety Arbitrage Tracking - On September 26, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.75, 3.98, 4.83, 0.94, 1.21, and 0.78 respectively; for London (triple - continuous) were 3.51, 3.86, 5.09, 0.91, 1.32, and 0.69 respectively [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, lead, nickel, and tin on September 23, 2025 [1][4][5] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 80210 domestically and 9926 on LME with a ratio of 8.09; March price is 80150 domestically and 9999 on LME with a ratio of 8.01. Spot import equilibrium ratio is 8.10 with a profit of - 157.47, and spot export profit is - 44.51 [1] - **Zinc**: Spot price is 21960 domestically and 2960 on LME with a ratio of 7.42; March price is 22095 domestically and 2915 on LME with a ratio of 5.87. Spot import equilibrium ratio is 8.53 with a profit of - 3284.10 [1] - **Aluminum**: Spot price is 20750 domestically and 2677 on LME with a ratio of 7.75; March price is 20760 domestically and 2673 on LME with a ratio of 7.77. Spot import equilibrium ratio is 8.37 with a profit of - 1657.38 [1] - **Nickel**: Spot price is 120550 domestically and 15058 on LME with a ratio of 8.01. Spot import equilibrium ratio is 8.18 with a profit of - 1660.15 [1] - **Lead**: Spot price is 17000 domestically and 1951 on LME with a ratio of 8.71; March price is 17175 domestically and 1997 on LME with a ratio of 11.05. Spot import equilibrium ratio is 8.82 with a profit of - 210.47 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 30, - 40, - 40, and - 50 respectively, while the theoretical spreads are 503, 904, 1314, and 1724 [4] - **Zinc**: The spreads are 10, 15, 40, and 65, and the theoretical spreads are 213, 333, 452, and 572 [4] - **Aluminum**: The spreads are - 5, 10, - 5, and 0, and the theoretical spreads are 215, 331, 446, and 562 [4] - **Lead**: The spreads are 40, 50, 35, and 40, and the theoretical spreads are 211, 317, 424, and 531 [4] - **Nickel**: The spreads are 160, 330, 520, and 670 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts is 60, and the theoretical spread is 5649 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are 0 and - 30, and the theoretical spreads are 404 and 844 [4] - **Zinc**: The spreads are 120 and 130, and the theoretical spreads are 182 and 311 [4] - **Lead**: The spreads are 125 and 165, and the theoretical spreads are 177 and 291 [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) are 3.63, 3.86, 4.67, 0.94, 1.21, and 0.78 respectively; for LME (triple - continuous) are 3.45, 3.77, 4.99, 0.91, 1.32, and 0.69 respectively [5]

Report Industry Investment Rating - No relevant content Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, lead, and tin on September 12, 2025 [1][4][8] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 80175, LME price is 9936, and the ratio is 8.04; March price in China is 80100, LME price is 9998, and the ratio is 8.01. The equilibrium ratio for spot import is 8.11, with a profit of - 286.15; the profit for spot export is 84.86 [1] - **Zinc**: Spot price in China is 22180, LME price is 2912, and the ratio is 7.62; March price in China is 22255, LME price is 2889, and the ratio is 5.84. The equilibrium ratio for spot import is 8.57, with a profit of - 2761.78 [1] - **Aluminum**: Spot price in China is 20850, LME price is 2647, and the ratio is 7.88; March price in China is 20900, LME price is 2636, and the ratio is 7.92. The equilibrium ratio for spot import is 8.38, with a profit of - 1318.27 [1] - **Nickel**: Spot price in China is 119600, LME price is 14961, and the ratio is 7.99. The equilibrium ratio for spot import is 8.18, with a profit of - 1530.38 [1] - **Lead**: Spot price in China is 16750, LME price is 1948, and the ratio is 8.60; March price in China is 16905, LME price is 1991, and the ratio is 11.17. The equilibrium ratio for spot import is 8.83, with a profit of - 442.74 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 350, 320, 320, and 330 respectively, while the theoretical spreads are 501, 900, 1308, and 1716 [4] - **Zinc**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 110, 115, 120, and 135 respectively, while the theoretical spreads are 214, 333, 453, and 573 [4] - **Aluminum**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 125, 110, 75, and 50 respectively, while the theoretical spreads are 215, 331, 447, and 563 [4] - **Lead**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 140, 145, 140, and 175 respectively, while the theoretical spreads are 209, 314, 418, and 523 [4] - **Nickel**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 20, 190, 350, and 560 respectively [4] - **Tin**: The spread between the 5 - 1 contracts is - 10, and the theoretical spread is 5620 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 375 and - 25 respectively, while the theoretical spreads are 69 and 563 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are - 40 and 70 respectively, while the theoretical spreads are 78 and 221 [6] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 10 and 150 respectively, while the theoretical spreads are 89 and 201 [6] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.60, 3.83, 4.74, 0.94, 1.24, and 0.76 respectively; for LME (three - continuous) are 3.47, 3.76, 5.03, 0.92, 1.34, and 0.69 respectively [8]