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]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Views - The report provides daily arbitrage data for various futures products including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures on August 29, 2025, along with historical data from August 25 - 28, 2025 [1][2][7][9]. 3. Summaries by Category Power Coal - Displays the basis and spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) from August 25 - 29, 2025. The basis decreased from - 97.4 on August 25 to - 111.4 on August 29, while the spreads remained 0.0 during this period [1][2]. Energy Chemicals Energy Commodities - Presents the basis and price ratios for fuel oil, INE crude oil, and other energy products from August 25 - 29, 2025. For example, the basis of INE crude oil changed over these days [7]. Chemical Commodities - The basis data for rubber, methanol, PTA, LLDPE, V, and PP from August 25 - 29, 2025 are provided. The basis values of different chemicals fluctuated during the period. - Also shows the inter - delivery spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) and inter - commodity spreads for chemicals [9][10]. Black Metals - Provides inter - delivery spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) for rebar, iron ore, coke, and coking coal, as well as inter - commodity spreads (such as rebar/iron ore, rebar/coke, etc.) from August 25 - 29, 2025 [19]. Non - Ferrous Metals Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from August 25 - 29, 2025 are given. The basis values of these metals changed over the days [27]. London Market - Displays LME spreads, Shanghai - London price ratios, CIF prices, domestic spot prices, and import profit and loss for LME non - ferrous metals on August 29, 2025 [33]. Agricultural Products - Includes basis, inter - delivery spreads (5 - 1 month, 9 - 1 month, 9 - 5 month), and inter - commodity spreads for various agricultural products such as soybeans, soybean meal, soybean oil, etc. from August 25 - 29, 2025 [39]. Stock Index Futures - Presents the basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from August 25 - 29, 2025, as well as inter - delivery spreads (next month - current month, next quarter - current quarter) [51].

Report Summary 1. Report Industry Investment Rating No information regarding the industry investment rating is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures products on August 29, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, showing their basis, inter - period spreads, and inter - commodity spreads over a period from August 22 to August 28, 2025. 3. Summary by Category Power Coal - **Basis**: On August 28, 2025, the basis of power coal was - 109.4 yuan/ton, compared to - 108.4 yuan/ton on August 27, - 105.4 yuan/ton on August 26, - 97.4 yuan/ton on August 25 and August 22 [2]. - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 spreads were all 0.0 yuan/ton from August 22 to August 28 [2]. Energy Chemicals Energy Commodities - **Basis**: For fuel oil, the basis on August 28 was 14.00 yuan/ton; for INE crude oil, it was 52.47 yuan/ton on August 28. The ratio of crude oil to asphalt and other data are also presented for different dates [6]. - **Price Ratios**: The price ratios of different energy commodities on different dates are provided, such as 11.95, 28.31, etc. [6]. Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 22 to August 28 are given. For example, the basis of rubber was - 1045 yuan/ton on August 28 [8]. - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of rubber, methanol, PTA, etc. are presented. For instance, the 5 - 1 spread of rubber was 85 yuan/ton [10]. - **Inter - commodity Spreads**: The inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. from August 22 to August 28 are shown. For example, the LLDPE - PVC spread was 2418 yuan/ton on August 28 [10]. Black Metals - **Basis**: The basis data of螺纹钢, iron ore, coke, and coking coal from August 22 to August 28 are provided. For example, the basis of螺纹钢 was 151.0 yuan/ton on August 28 [20]. - **Inter - period Spreads**: The 5 - 1, 9(10) - 1, and 9(10) - 5 inter - period spreads of螺纹钢, iron ore, etc. are presented. For example, the 5 - 1 spread of螺纹钢 was 41.0 yuan/ton [19]. - **Inter - commodity Spreads**: The inter - commodity spreads such as螺/矿, 螺/焦炭, etc. from August 22 to August 28 are shown. For example, the 螺/矿 ratio was 3.99 on August 28 [19]. Non - Ferrous Metals Domestic Market - **Basis**: The basis data of copper, aluminum, zinc, lead, nickel, and tin from August 22 to August 28 are given. For example, the basis of copper was 210 yuan/ton on August 28 [27]. London Market - **LME Premiums and Discounts**: The LME premiums and discounts of copper, aluminum, zinc, lead, nickel, and tin on August 28 are presented. For example, the LME premium/discount of copper was (82.79) [35]. - **Shanghai - London Ratios**: The Shanghai - London ratios of these metals on August 28 are provided, such as 8.06 for copper [35]. - **CIF and Domestic Spot Prices**: The CIF and domestic spot prices of these metals on August 28 are given, along with the import profit and loss data [35]. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, etc. from August 22 to August 28 are presented. For example, the basis of soybeans No.1 was 133 yuan/ton on August 28 [40]. - **Inter - period Spreads**: The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads of various agricultural products are shown. For example, the 5 - 1 spread of soybeans No.1 was 48 yuan/ton [40]. - **Inter - commodity Spreads**: The inter - commodity spreads such as 豆一/玉米, 豆油/豆粕, etc. from August 22 to August 28 are given. For example, the 豆一/玉米 ratio was 1.81 on August 28 [40]. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 22 to August 28 are provided. For example, the basis of CSI 300 was 3.38 on August 28 [52]. - **Inter - period Spreads**: The inter - period spreads of the next - month - current - month and next - quarter - current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 was - 7.8 [52].

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].

Core Viewpoint - The global iron ore supply is expected to increase, while demand is projected to decline, leading to downward pressure on iron ore prices in the latter half of the year [1][11]. Supply - China's steel production capacity and output account for over 50% of the global total, requiring more than 1.1 billion tons of iron ore annually, which constitutes over 70% of global iron ore imports [1]. - Global iron ore production is expected to increase by 30.39 million tons in 2025, with a significant rise of 62.37 million tons in the second half of the year due to projects like the Iron Bridge and Onslow [3]. - The four major mining companies dominate the global iron ore market, controlling pricing and capturing over 90% of the profits in China's steel industry [1][11]. Demand - Global crude steel production decreased by 1.6% year-on-year to 1.086 billion tons in the first seven months of the year, with expectations of negative growth in 2025 [8]. - Despite a strong demand for iron ore in the domestic market, steel mills are likely to reduce production in the latter half of the year due to declining steel demand and the implementation of "anti-involution" policies [8][11]. - China's iron ore imports decreased by 2.4% year-on-year in the first seven months, impacting total domestic iron ore supply [4][9]. Cost - The cash cost of iron ore from the four major mining companies is between $20 and $40 per ton, while domestic production costs range from $80 to $90 per ton [10]. - The average import price of iron ore for China was around $117 to $120 per ton in 2022-2023, with a projected decrease to approximately $109 per ton in 2024 [2]. Profitability - Domestic steel mills are facing thin profit margins, with some operating at breakeven, while the four major mining companies enjoy profit margins exceeding 200% [11]. - The anticipated increase in iron ore supply and the decline in steel demand are expected to pressure iron ore prices downward in the latter half of the year [11].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoint The report is a daily arbitrage data report for futures varieties from Baocheng Futures on August 27, 2025, presenting detailed data on basis, inter - period spreads, and inter - commodity spreads for various futures products. 3. Summary by Relevant Catalogs 3.1 Power Coal - **Basis**: On August 26, 2025, the basis was - 105.4 yuan/ton, compared to - 97.4 yuan/ton on August 25 and previous trading days [2]. - **Inter - period spreads**: The spreads of 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month were all 0.0 yuan/ton from August 20 to 26, 2025 [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - **Basis**: For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, the basis data from August 20 to 26, 2025, are presented, such as the basis of INE crude oil being 11.95 yuan/ton on August 26 [6]. 3.2.2 Chemical Commodities - **Basis**: From August 20 to 26, 2025, the basis of rubber, methanol, PTA, LLDPE, PVC, and PP are provided. For example, the basis of rubber was - 935 yuan/ton on August 26 [8]. - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - month to 1 - month spread of rubber is 105 yuan/ton [10]. - **Inter - commodity spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 20 to 26, 2025, are presented. For example, the LLDPE - PVC spread was 2401 yuan/ton on August 26 [10]. 3.3 Black Metals - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month (10) to 1 - month, and 9 - month (10) to 5 - month spreads of rebar, iron ore, coke, and coking coal are shown. For example, the 5 - month to 1 - month spread of rebar is 36.0 yuan/ton [19]. - **Inter - commodity spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from August 20 to 26, 2025, are provided. For example, the rebar/iron ore ratio was 4.01 on August 26 [19]. - **Basis**: The basis of rebar, iron ore, coke, and coking coal from August 20 to 26, 2025, are presented. For example, the basis of rebar was 177.0 yuan/ton on August 26 [20]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: The basis of copper, aluminum, zinc, lead, nickel, and tin from August 20 to 26, 2025, are provided. For example, the basis of copper was 310 yuan/ton on August 26 [27]. 3.4.2 London Market - **LME Premium/Discount**: On August 26, 2025, the LME premium/discount of copper was (84.82), aluminum was 3.25, etc. [35]. - **Shanghai - London Ratio**: The Shanghai - London ratios of copper, aluminum, zinc, lead, nickel, and tin were 8.07, 7.92, 7.94, 8.45, 7.99, and 7.96 respectively on August 26, 2025 [35]. - **CIF and Domestic Spot Prices**: The CIF and domestic spot prices of these non - ferrous metals are given, along with the import profit and loss data on August 26, 2025 [35]. 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 20 to 26, 2025, are presented. For example, the basis of soybeans No.1 was 86 on August 26 [39]. - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are provided [39]. - **Inter - commodity spreads**: The ratios of soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, and spreads of soybean meal - rapeseed meal, soybean oil - palm oil, etc. from August 20 to 26, 2025, are given [39]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on August 20 to 26, 2025, are presented. For example, the basis of CSI 300 was 3.59 on August 26 [51]. - **Inter - period spreads**: The spreads of next - month to current - month and next - quarter to current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [53].

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]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on August 25, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][4][20][26][37][49] 3. Summary by Directory 3.1 Power Coal - The basis and inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from August 18 to August 22, 2025, are presented. The basis values are - 100.4, - 99.4, - 97.4, - 97.4, - 97.4 respectively, and the inter - period spreads are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis, ratio, and other data of fuel oil, crude oil, asphalt, and INE crude oil from August 18 to August 22, 2025, are provided. For example, the basis of INE crude oil on August 22 is 138.38 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 18 to August 22, 2025, are given. For example, the basis of rubber on August 22 is - 975 [8] - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 month inter - period spread of rubber is 90 [10] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 18 to August 22, 2025, are provided. For example, the LLDPE - PVC spread on August 22 is 2381 [10] 3.3 Black Metals - **Inter - period Spreads**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month inter - period spread of rebar is 37.0 [19] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 18 to August 22, 2025, are provided. For example, the rebar/iron ore ratio on August 22 is 4.05 [19] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 18 to August 22, 2025, are given. For example, the basis of rebar on August 22 is 151.0 [20] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 18 to August 22, 2025, are presented. For example, the domestic basis of copper on August 22 is 120 [29] 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on August 22, 2025, are provided. For example, the LME spread of copper is (78.38) [33] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 18 to August 22, 2025, are given. For example, the basis of soybeans No.1 on August 22 is 55 [38] - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented. For example, the 5 - 1 month inter - period spread of soybeans No.1 is 49 [38] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from August 18 to August 22, 2025, are provided. For example, the soybeans No.1/corn ratio on August 22 is 1.85 [38] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 18 to August 22, 2025, are given. For example, the basis of CSI 300 on August 22 is - 16.00 [50] - **Inter - period Spreads**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month vs. current - month and next - quarter vs. current - quarter, are presented. For example, the next - month vs. current - month spread of CSI 300 is - 19.0 [52]

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].