Report Industry Investment Rating - Not provided Core View - 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 September 11, 2025, including domestic and LME prices, price ratios, equilibrium price ratios, and profit margins [1][3][6] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 11, 2025, the domestic spot price was 79,760, the LME spot price was 9,884, and the spot price ratio was 8.07. The equilibrium price ratio for spot import was 8.11, with a profit of - 232.79 [1] - **Zinc**: The domestic spot price was 22,100, the LME spot price was 2,896, and the spot price ratio was 7.63. The equilibrium price ratio for spot import was 8.57, with a profit of - 2,724.25 [1] - **Aluminum**: The domestic spot price was 20,750, the LME spot price was 2,629, and the spot price ratio was 7.89. The equilibrium price ratio for spot import was 8.38, with a profit of - 1,287.79 [1] - **Nickel**: The domestic spot price was 119,450, the LME spot price was 14,992, and the spot price ratio was 7.97. The equilibrium price ratio for spot import was 8.18, with a profit of - 1,447.10 [1] - **Lead**: The domestic spot price was 16,700, the LME spot price was 1,932, and the spot price ratio was 8.64. The equilibrium price ratio for spot import was 8.83, with a profit of - 368.54 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 11, 2025, the spreads between the secondary month, third month, fourth month, and fifth month and the spot month were 110, 80, 60, and 30 respectively, while the theoretical spreads were 500, 899, 1306, and 1714 [3] - **Zinc**: The spreads were 155, 150, 145, and 150 respectively, and the theoretical spreads were 213, 333, 452, and 571 [3] - **Aluminum**: The spreads were 50, 40, 30, and - 5 respectively, and the theoretical spreads were 215, 330, 446, and 562 [3] - **Lead**: The spreads were - 75, - 50, - 35, and 15 respectively, and the theoretical spreads were 209, 315, 420, and 525 [3] - **Nickel**: The spreads between the secondary month, third month, fourth month, and fifth month and the spot month were 330, 470, 640, and 920 [3] - **Tin**: The 5 - 1 spread was 580, and the theoretical spread was 5606 [3] Spot - Futures Arbitrage Tracking - **Copper**: On September 11, 2025, the spreads between the current - month contract, secondary - month contract and the spot were - 25 and 85 respectively, and the theoretical spreads were 129 and 586 [3] - **Zinc**: The spreads were - 40 and 115 respectively, and the theoretical spreads were 103 and 232 [3] - **Lead**: The spreads were 170 and 95 respectively, and the theoretical spreads were 116 and 227 [3] Cross - Variety Arbitrage Tracking - On September 11, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.59, 3.84, 4.74, 0.94, 1.24, and 0.76 respectively; in London (three - continuous) were 3.47, 3.81, 5.04, 0.91, 1.32, and 0.69 respectively [6]

Report Overview - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on September 1, 2025 [1][4][5] Cross - market Arbitrage Tracking Copper - Spot price in China is 79400, LME spot price is 9803, March price in China is 79400, LME March price is 9884, with a March ratio of 8.01. The equilibrium ratio for spot import is 8.12, and the profit is 93.34. The profit for spot export is 49.03 [1] Zinc - Spot price in China is 22010, LME spot price is 2810, with a spot ratio of 7.83. March price in China is 22135, LME March price is 2804, with a March ratio of 6.00. The equilibrium ratio for spot import is 8.60, and the loss is 2144.80 [1] Aluminum - Spot price in China is 20730, LME spot price is 2620, with a spot ratio of 7.91. March price in China is 20730, LME March price is 2618, with a March ratio of 7.92. The equilibrium ratio for spot import is 8.40, and the loss is 1295.79 [1] Nickel - Spot price in China is 120150, LME spot price is 15156, with a spot ratio of 7.93. The equilibrium ratio for spot import is 8.19, and the loss is 2013.87 [1] Lead - Spot price in China is 16650, LME spot price is 1951, with a spot ratio of 8.57. March price in China is 16900, LME March price is 1993, with a March ratio of 11.08. The equilibrium ratio for spot import is 8.80, and the loss is 442.18 [3] Cross - period Arbitrage Tracking - For copper, zinc, aluminum, lead, and nickel, the spreads and theoretical spreads for the differences between the next month, March, April, May, and the spot month are all not available. For tin, the 5 - 1 spread is 350, and the theoretical spread is 5754 [4] Inter - period Arbitrage Tracking Copper - The difference between the next - month contract and the spot is 110, and the theoretical spread is 742 [4] Zinc - The difference between the next - month contract and the spot is 130, and the theoretical spread is 262 [5] Lead - The difference between the next - month contract and the spot is 230, and the theoretical spread is not available [5] Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) are 3.59, 3.83, 4.70, 0.94, 1.23, and 0.76 respectively, and in London (triple - continuous) are 3.51, 3.79, 4.97, 0.93, 1.31, and 0.71 respectively [5]

Report Summary 1) Report Industry Investment Rating No investment rating provided in the report. 2) Core View 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 August 28, 2025, offering data support for potential arbitrage opportunities [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 28, 2025, the domestic spot price was 79,520, the LME price was 9,728, and the spot import equilibrium ratio was 8.14 with a profit of 90.69; the three - month domestic price was 79,190, the LME price was 9,818, and the ratio was 8.09 [1]. - **Zinc**: The domestic spot price was 22,270, the LME price was 2,795, and the spot import equilibrium ratio was 8.62 with a loss of 1,839.43; the three - month domestic price was 22,310, the LME price was 2,803, and the ratio was 6.03 [1]. - **Aluminum**: The domestic spot price was 20,840, the LME price was 2,641, and the spot import equilibrium ratio was 8.43 with a loss of 1,417.39; the three - month domestic price was 20,790, the LME price was 2,636, and the ratio was 7.91 [1]. - **Nickel**: The domestic spot price was 121,100, the LME price was 15,091, and the spot import equilibrium ratio was 8.22 with a loss of 2,251.12 [1]. - **Lead**: The domestic spot price was 16,725, the LME price was 1,945, and the spot import equilibrium ratio was 8.82 with a loss of 389.50; the three - month domestic price was 16,880, the LME price was 1,987, and the ratio was 11.24 [3]. Cross - Period Arbitrage Tracking - **Copper**: On August 28, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 40, - 40, - 90, and - 100 respectively, while the theoretical spreads were 498, 894, 1299, and 1705 respectively [4]. - **Zinc**: The spreads were 25, 25, 25, and 0 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - **Aluminum**: The spreads were 70, 50, 20, and - 10 respectively, and the theoretical spreads were 215, 330, 446, and 562 respectively [4]. - **Lead**: The spreads were - 20, - 30, - 20, and 5 respectively, and the theoretical spreads were 210, 315, 421, and 526 respectively [4]. - **Nickel**: The spreads were 1,580, 1,710, 1,860, and 2,150 respectively [4]. - **Tin**: The 5 - 1 spread was 550, and the theoretical spread was 5,634 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 245 and - 285 respectively, while the theoretical spreads were 289 and 723 respectively [4]. - **Zinc**: The spreads were 15 and 40 respectively, and the theoretical spreads were 149 and 279 respectively [4]. - **Lead**: The spreads were 185 and 165 respectively, and the theoretical spreads were 166 and 278 respectively [5]. Cross - Variety Arbitrage Tracking On August 28, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.55, 3.81, 4.69, 0.93, 1.23, and 0.76 respectively, and in London (three - continuous) were 3.53, 3.75, 4.92, 0.94, 1.31, and 0.72 respectively [5].

Report Overview - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals on August 27, 2025 [1] Cross - Market Arbitrage Tracking Copper - Spot price: domestic 79,550, LME 9,720, ratio 8.21; March price: domestic 79,180, LME 9,805, ratio 8.11; equilibrium ratio for spot import 8.14; spot export profit - 660.06 [1] Zinc - Spot price: domestic 22,280, LME 2,794, ratio 7.97; March price: domestic 22,265, LME 2,799, ratio 6.04; equilibrium ratio for spot import 8.63; spot import profit - 1,820.78 [1] Aluminum - Spot price: domestic 20,780, LME 2,617, ratio 7.94; March price: domestic 20,705, LME 2,614, ratio 7.93; equilibrium ratio for spot import 8.43; spot import profit - 1,287.62 [1] Nickel - Spot price: domestic 119,350, LME 14,885, ratio 8.02; equilibrium ratio for spot import 8.22; spot import profit - 1,806.58 [1] Lead - Spot price: domestic 16,750, LME 1,965, ratio 8.55; March price: domestic 16,920, LME 2,004, ratio 11.15; equilibrium ratio for spot import 8.82; spot import profit - 531.05 [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 - 500, - 510, - 530, - 550 respectively; theoretical spreads are 500, 899, 1306, 1714 [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 - 105, - 110, - 105, - 110 respectively; theoretical spreads are 215, 336, 457, 578 [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 - 70, - 80, - 115, - 150 respectively; theoretical spreads are 215, 331, 447, 563 [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 85, 75, 85, 90 respectively; theoretical spreads are 209, 314, 420, 525 [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 300, 410, 630, 870 respectively [4] Tin - 5 - 1 spread 640; theoretical spread 5591 [4] Spot - Futures Arbitrage Tracking Copper - Spreads for当月合约 - 现货, 次月合约 - 现货 are 140, - 360 respectively; theoretical spreads are 366, 734 [4] Zinc - Spreads for当月合约 - 现货, 次月合约 - 现货 are 95, - 10 respectively; theoretical spreads are 146, 276 [4] Lead - Spreads for当月合约 - 现货, 次月合约 - 现货 are 95, 180 respectively; theoretical spreads are 157, 269 [5] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.56, 3.82, 4.68, 0.93, 1.22, 0.76 respectively; in London (three - continuous) are 3.50, 3.73, 4.95, 0.94, 1.33, 0.71 respectively [5]

Group 1: Report Industry Investment Rating - No information provided Group 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 August 26, 2025 [1][4][5] Group 3: Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 79440, three - month price is 79680, LME three - month price is 9809, and the ratio is 8.08 [1] - **Zinc**: Domestic spot price is 22300, three - month price is 22390, LME three - month price is 2806, and the ratio is 6.01 [1] - **Aluminum**: Domestic spot price is 20780, three - month price is 20740, LME three - month price is 2622, and the ratio is 7.91 [1] - **Nickel**: Domestic spot price is 119100, and the profit of spot import is - 1806.58 [1] - **Lead**: Domestic spot price is 16700, three - month price is 16870, LME three - month price is 1992, and the ratio is 11.23 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are 1000 (next month), 990 (three - month), 970 (four - month), 950 (five - month), with theoretical spreads of 495, 889, 1291, 1694 respectively [4] - **Zinc**: The spreads are 120 (next month), 115 (three - month), 110 (four - month), 105 (five - month), with theoretical spreads of 214, 335, 455, 576 respectively [4] - **Aluminum**: The spreads are 120 (next month), 90 (three - month), 55 (four - month), 30 (five - month), with theoretical spreads of 214, 330, 445, 560 respectively [4] - **Lead**: The spreads are 85 (next month), 90 (three - month), 115 (four - month), 135 (five - month), with theoretical spreads of 209, 314, 419, 524 respectively [4] - **Nickel**: The spreads are 850 (next month), 990 (three - month), 1320 (four - month), 1590 (five - month) [4] - **Tin**: The 5 - 1 spread is 1610, with a theoretical spread of 5594 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 665 and 335 respectively, with theoretical spreads of 251 and 836 [4] - **Zinc**: The spreads are - 25 and 95 respectively, with theoretical spreads of 166 and 296 [4] - **Zinc (repeated data)**: The spreads are - 25 and 95 respectively, with theoretical spreads of 134 and 277 [5] - **Lead**: The spreads are 80 and 165 respectively, with theoretical spreads of 158 and 270 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.56, 3.84, 4.72, 0.93, 1.23, 0.75 respectively [5]

Report Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoint - 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 August 25, 2025 [1][3][4]. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,825 domestically and 9,636 on LME with a ratio of 8.17; March price is 78,630 domestically and 9,715 on LME with a ratio of 8.10. Spot import equilibrium ratio is 8.16 with a profit of 171.81, and spot export profit is - 396.63 [1]. - **Zinc**: Spot price is 22,190 domestically and 2,770 on LME with a ratio of 8.01; March price is 22,260 domestically and 2,773 on LME with a ratio of 6.03. Spot import equilibrium ratio is 8.65 with a profit of - 1,764.99 [1]. - **Aluminum**: Spot price is 20,710 domestically and 2,588 on LME with a ratio of 8.00; March price is 20,595 domestically and 2,586 on LME with a ratio of 7.99. Spot import equilibrium ratio is 8.45 with a profit of - 1,162.37 [1]. - **Nickel**: Spot price is 118,400 domestically and 14,749 on LME with a ratio of 8.03. Spot import equilibrium ratio is 8.24 with a profit of - 1,806.58 [1]. - **Lead**: Spot price is 16,575 domestically and 1,942 on LME with a ratio of 8.57; March price is 16,790 domestically and 1,976 on LME with a ratio of 11.25. Spot import equilibrium ratio is 8.84 with a profit of - 524.17 [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 110, 90, 70, 50 respectively, while the theoretical spreads are 495, 887, 1289, 1691 [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 15, 0, - 15, - 30 respectively, and the theoretical spreads are 214, 335, 455, 575 [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 10, - 25, - 60, - 80 respectively, and the theoretical spreads are 214, 329, 444, 559 [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 35, 45, 55, 80 respectively, and the theoretical spreads are 209, 313, 418, 523 [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 - 90, 100, 350, 600 respectively [4]. - **Tin**: The 5 - 1 spread is 800, and the theoretical spread is 5526 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are - 240 and - 130 respectively, and the theoretical spreads are 360 and 812 [4]. - **Zinc**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 70 and 85 respectively, and the theoretical spreads are 177 and 306 [4]. - **Lead**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 170 and 205 respectively, and the theoretical spreads are 182 and 293 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) are 3.53, 3.82, 4.68, 0.93, 1.23, 0.75 respectively, and for LME (three - continuous) are 3.48, 3.73, 4.91, 0.93, 1.32, 0.71 respectively [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on August 22, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities [1][3][4]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,780 (domestic) and 9,618 (LME) with a ratio of 8.19; March price ratio is 8.11. Spot import equilibrium ratio is 8.17 with a profit of 5.76, and spot export profit is - 338.37 [1]. - **Zinc**: Spot price is 22,230 (domestic) and 2,768 (LME) with a ratio of 8.03; March price ratio is 6.04. Spot import equilibrium ratio is 8.66 with a profit of - 1,755.13 [1]. - **Aluminum**: Spot price is 20,680 (domestic) and 2,575 (LME) with a ratio of 8.03; March price ratio is 8.01. Spot import equilibrium ratio is 8.47 with a profit of - 1,135.10 [1]. - **Nickel**: Spot price is 118,850 (domestic) and 14,798 (LME) with a ratio of 8.03. Spot import equilibrium ratio is 8.25 with a profit of - 1,991.00 [1]. - **Lead**: Spot price is 16,625 (domestic) and 1,933 (LME) with a ratio of 8.63; March price ratio is 11.30. Spot import equilibrium ratio is 8.86 with a profit of - 458.35 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 130, - 150, - 160, - 190, while the theoretical spreads are 495, 888, 1,291, 1,693 respectively [4]. - **Zinc**: The spreads are - 45, - 60, - 60, - 65, and the theoretical spreads are 214, 335, 455, 576 respectively [4]. - **Aluminum**: The spreads are 20, - 20, - 55, - 85, and the theoretical spreads are 214, 329, 444, 558 respectively [4]. - **Lead**: The spreads are 20, 35, 55, 80, and the theoretical spreads are 209, 313, 418, 523 respectively [4]. - **Nickel**: The spreads are - 100, 100, 360, 630 [4]. - **Tin**: The 5 - 1 spread is 1,690, and the theoretical spread is 5,536 [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) are 3.53, 3.82, 4.68, 0.92, 1.23, 0.75 respectively; for London (three - continuous) are 3.52, 3.76, 4.94, 0.93, 1.31, 0.71 respectively [5]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 120 and - 250, and the theoretical spreads are 395 and 812 respectively [4]. - **Zinc**: The spreads are 55 and 10, and the theoretical spreads are 153 and 281 respectively [5]. - **Lead**: The spreads are 100 and 120, and the theoretical spreads are 176 and 287 respectively [5].

Report Summary Report Industry Investment Rating No 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 August 19, 2025. Summary by Category Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 79,280, LME price is 9,660, and the ratio is 8.22; for three - month contracts, the domestic price is 78,910, LME price is 9,757, and the ratio is 8.11. The equilibrium ratio for spot import is 8.18, with a profit of 96.04, and the spot export profit is - 446.22 [1]. - **Zinc**: Spot price in China is 22,300, LME price is 2,781, and the ratio is 8.02; for three - month contracts, the domestic price is 22,360, LME price is 2,790, and the ratio is 6.02. The equilibrium ratio for spot import is 8.67, with a profit of - 1806.11 [1]. - **Aluminum**: Spot price in China is 20,550, LME price is 2,596, and the ratio is 7.91; for three - month contracts, the domestic price is 20,570, LME price is 2,596, and the ratio is 7.92. The equilibrium ratio for spot import is 8.47, with a profit of - 1443.86 [1]. - **Nickel**: Spot price in China is 119,300, LME price is 14,860, and the ratio is 8.03. The equilibrium ratio for spot import is 8.26, with a profit of - 1996.18 [1]. - **Lead**: Spot price in China is 16,625, LME price is 1,930, and the ratio is 8.64; for three - month contracts, the domestic price is 16,815, LME price is 1,974, and the ratio is 11.32. The equilibrium ratio for spot import is 8.87, with a profit of - 443.17 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 260, - 260, - 270, and - 260 respectively, while the theoretical spreads are 498, 894, 1299, and 1703 [4]. - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 120, - 120, - 120, and - 115 respectively, while the theoretical spreads are 215, 337, 458, and 580 [4]. - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 160, - 185, - 225, and - 235 respectively, while the theoretical spreads are 215, 331, 446, and 562 [4]. - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 30, 55, 130, and 95 respectively, while the theoretical spreads are 209, 314, 418, and 523 [4]. - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 60, 320, 550, and 800 respectively [4]. - **Tin**: The spread between the 5 - 1 contracts is 1270, and the theoretical spread is 5544 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 80 and - 340 respectively, while the theoretical spreads are 446 and 847 [4]. - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 180 and 60 respectively, and the theoretical spreads are 191 and 321 (or 211 and 311 in another record) [4][5]. - **Lead**: The spreads between the current - month and next - month contracts and the spot are 135 and 165 respectively, while the theoretical spreads are 192 and 303 [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 3.53, 3.84, 4.69, 0.92, 1.22, and 0.75 respectively; for LME (three - continuous contracts), they are 3.50, 3.76, 4.94, 0.93, 1.31, and 0.71 [5].

Report Industry Investment Rating - Not provided Core View - 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 August 18, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 18, 2025, the domestic spot price was 79130, LME spot price was 9671, and the spot ratio was 8.19. The equilibrium ratio for spot import was 8.17, with a profit of 79.57. The domestic March price was 79050, LME March price was 9765, and the March ratio was 8.09 [1] - **Zinc**: The domestic spot price was 22450, LME spot price was 2830, and the spot ratio was 7.93. The equilibrium ratio for spot import was 8.66, with a profit of - 2054.98. The domestic March price was 22530, LME March price was 2836, and the March ratio was 5.92 [1] - **Aluminum**: The domestic spot price was 20710, LME spot price was 2621, and the spot ratio was 7.90. The equilibrium ratio for spot import was 8.47, with a profit of - 1487.44. The domestic March price was 20750, LME March price was 2620, and the March ratio was 7.91 [1] - **Nickel**: The domestic spot price was 119400, LME spot price was 14847, and the spot ratio was 8.04. The equilibrium ratio for spot import was 8.26, with a profit of - 1524.77 [1] - **Lead**: The domestic spot price was 16625, LME spot price was 1942, and the spot ratio was 8.60. The equilibrium ratio for spot import was 8.87, with a profit of - 519.03. The domestic March price was 16855, LME March price was 1986, and the March ratio was 11.33 [3] Cross - Period Arbitrage Tracking - **Copper**: On August 18, 2025, the spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 80, 70, 60, and 60 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4] - **Zinc**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 25, 50, 65, and 55 respectively, and the theoretical spreads were 215, 337, 458, and 580 [4] - **Aluminum**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 55, 35, - 10, and - 50 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4] - **Lead**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 120, 125, 145, and 175 respectively, and the theoretical spreads were 209, 313, 418, and 523 [4] - **Nickel**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 400, - 230, - 30, and 210 respectively [4] - **Tin**: The 5 - 1 spread was 1190, and the theoretical spread was 5541 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were - 170 and - 90 respectively, and the theoretical spreads were 483 and 933 [4] - **Zinc**: The spreads for the current - month contract - spot and the next - month contract - spot were 30 and 55 respectively, and the theoretical spreads were 204 and 335 [4] - **Lead**: The spreads for the current - month contract - spot and the next - month contract - spot were 105 and 225 respectively, and the theoretical spreads were 199 and 310 [5] Cross - Variety Arbitrage Tracking - On August 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.51, 3.81, 4.69, 0.92, 1.23, and 0.75 respectively, and for London (three - continuous) were 3.50, 3.75, 4.93, 0.93, 1.32, and 0.71 respectively [5]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Report's Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 14, 2025. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79,510 (domestic) and 9,763 (LME) with a ratio of 8.11; March price is 79,380 (domestic) and 9,842 (LME) with a ratio of 8.05. Spot import equilibrium ratio is 8.16, and the profit is - 39.06. Spot export profit is 42.08 [1]. - **Zinc**: Spot price is 22,560 (domestic) and 2,840 (LME) with a ratio of 7.95; March price is 22,640 (domestic) and 2,841 (LME) with a ratio of 5.94. Spot import equilibrium ratio is 8.65, and the profit is - 1,994.05 [1]. - **Aluminum**: Spot price is 20,760 (domestic) and 2,624 (LME) with a ratio of 7.91; March price is 20,765 (domestic) and 2,629 (LME) with a ratio of 7.91. Spot import equilibrium ratio is 8.48, and the profit is - 1,492.93 [1]. - **Nickel**: Spot price is 121,750 (domestic) and 15,099 (LME) with a ratio of 8.06. Spot import equilibrium ratio is 8.25, and the profit is - 1,531.68 [1]. - **Lead**: Spot price is 16,725 (domestic) and 1,974 (LME) with a ratio of 8.48; March price is 16,940 (domestic) and 2,017 (LME) with a ratio of 11.21. Spot import equilibrium ratio is 8.85, and the profit is - 719.66 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 370, 370, 390, and 410 respectively, while the theoretical spreads are 497, 892, 1296, and 1700 [4]. - **Zinc**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 0, 40, 40, and 25 respectively, and the theoretical spreads are 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 35, 10, - 35, and - 70 respectively, and the theoretical spreads are 215, 331, 446, and 562 [4]. - **Lead**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 30, 40, 60, and 85 respectively, and the theoretical spreads are 210, 315, 421, and 526 [4]. - **Nickel**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are - 20, 110, 310, and 600 respectively [4]. - **Tin**: The 5 - 1 spread is 1250, and the theoretical spread is 5593 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of current - month contract - spot and next - month contract - spot are - 430 and - 60 respectively, and the theoretical spreads are 23 and 517 [4]. - **Zinc**: The spreads of current - month contract - spot and next - month contract - spot are 40 and 40 respectively, and the theoretical spreads are 80 and 211 (also mentioned 78 and 207) [4][5]. - **Lead**: The spreads of current - month contract - spot and next - month contract - spot are 175 and 205 respectively, and the theoretical spreads are 105 and 217 [4]. Cross - Variety Arbitrage Tracking - For cross - variety ratios on August 14, 2025: Copper/Zinc (Shanghai "continuous three") is 3.51, Copper/Aluminum is 3.82, Copper/Lead is 4.69, Aluminum/Zinc is 0.92, Aluminum/Lead is 1.23, Lead/Zinc is 0.75; LME (continuous three) ratios are 3.47, 3.75, 4.93, 0.92, 1.32, and 0.70 respectively [5].