1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - This is a daily report on futures variety arbitrage data of Baocheng Futures, covering multiple sectors such as thermal coal, energy and chemical, black metals, non - ferrous metals, agricultural products, and stock index futures, providing various data on basis, inter - period spreads, and inter - variety spreads [1] 3. Summary by Directory 3.1 Thermal Coal - Basis data from December 1 to December 5, 2025: December 1st was 66.0 yuan/ton, December 2nd was 16.0 yuan/ton, December 3rd was - 3.4 yuan/ton, December 4th was - 10 yuan/ton, and December 5th was - 16 yuan/ton. The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads were all 0.0 yuan/ton during this period [1][2] 3.2 Energy and Chemical 3.2.1 Energy Commodities - Basis data for fuel oil, crude oil/asphalt, and INE crude oil from December 1 to December 5, 2025 are provided, along with corresponding price ratios [7] 3.2.2 Chemical Commodities - Inter - period spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month to 1 - month spread of rubber was - 45 yuan/ton, and that of methanol was 95 yuan/ton. - Inter - variety spreads data for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from December 1 to December 5, 2025 are provided. For example, on December 5th, LLDPE - PVC was 2258 yuan/ton, and LLDPE - PP was 400 yuan/ton. - Basis data for rubber, methanol, PTA, LLDPE, PVC, PP from December 1 to December 5, 2025 are given [9][10] 3.3 Black Metals - Inter - period spreads data for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month to 1 - month spread of rebar was 20 yuan/ton, and that of iron ore was - 16.0 yuan/ton. - Inter - variety spreads data for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from December 1 to December 5, 2025 are presented. For example, on December 5th, rebar/iron ore was 4.02, and rebar/coke was 19393.1. - Basis data for rebar, iron ore, coke, and coking coal from December 1 to December 5, 2025 are given [20][21] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of copper was - 790 yuan/ton, and that of aluminum was - 195 yuan/ton [30] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for copper, aluminum, zinc, lead, nickel, and tin on December 5, 2025 are presented. For example, the LME spread of copper was 23.05, and the Shanghai - London ratio was 7.94 [33] 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of soybeans No.1 was - 55 yuan/ton, and that of soybeans No.2 was 84.38 yuan/ton. - Inter - period spreads data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. - Inter - variety spreads data for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch on December 5, 2025 are given [37] 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 1 to December 5, 2025 are provided. For example, on December 5th, the basis of CSI 300 was 10.14, and that of SSE 50 was 4.61. - Inter - period spreads data for the next - month to current - month and next - quarter to current - quarter of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month to current - month spread of CSI 300 was - 190 [48]

跨期套利跟踪 2025/12/08 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1820 1860 1840 1760 理论价差 557 1012 1475 1939 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 485 495 515 505 理论价差 217 340 463 586 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 290 345 360 375 理论价差 221 344 466 588 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 70 85 110 120 理论价差 211 318 425 532 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 450 610 860 1100 锡 5-1 价差 530 理论价差 6540 期现套利跟踪 2025/12/08 铜 当月合约-现货 次月合约-现货 价差 -565 1255 理论价差 138 909 锌 当月合约-现货 次月合约-现货 价差 -300 185 理论价差 137 272 免责声明: 锌 当月合约-现货 次月合约-现货 价差 -30 ...

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属组 王蓉（首席分析师/所长助理） 投资咨询从业资格号：Z0002529 王宗源（联系人） 期货从业资格号： F03142619 日期：2025年12月07日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 铸造铝合金：上行动力不足，价格高位震荡 强弱分析：中性 0 1000 2000 3000 4000 5000 6000 01-02 01-14 01-26 02-07 02-19 03-03 03-15 03-27 04-09 04-21 05-06 05-18 05-30 06-11 06-23 07-05 07-17 07-29 08-10 08-22 09-03 09-15 09-27 10-16 10-28 11-09 11-21 12-03 12-15 12-27 元/吨 佛山破碎生铝精废价差 2021 2022 2023 2024 2025 ADC12-A00价差短期走弱 -2000 - ...

有色套利早报 研究中心有色团队 2025/12/05 铜：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 91250 11526 7.75 三月 91020 11476 7.94 均衡比价 盈利 现货进口 8.03 -1611.35 现货出口 - 锌：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 22980 3302 6.96 三月 22905 3060 5.63 均衡比价 盈利 现货进口 8.43 -4870.73 铝：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 22010 2868 7.68 三月 22115 2899 7.63 均衡比价 盈利 现货进口 8.32 -1844.30 镍：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 120300 14694 8.19 均衡比价 盈利 现货进口 8.13 -1266.98 铅：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 17150 1966 8.70 三月 17235 2005 11.43 均衡比价 盈利 现货进口 8.68 39.38 ...

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report presents the arbitrage data of various futures varieties on December 5, 2025, including basis, inter - month spreads, and inter - commodity spreads of different commodities such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][2][5][7][9][10][19][20][26][29][34][40][50][51] 3. Summary of Each Section Thermal Coal - The table shows the basis and inter - month spreads (5 - 1, 9 - 1, 9 - 5) of thermal coal from November 28 to December 4, 2025. For example, on December 4, 2025, the basis was - 10 yuan/ton [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of INE crude oil was 5.07 yuan/ton, and the ratio of crude oil to asphalt was 0.1538 [7] - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 28 to December 4, 2025 are presented. For example, on December 4, 2025, the basis of rubber was - 390 yuan/ton [9] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, for rubber, the 5 - 1 spread was - 60 yuan/ton [10] - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3 * methanol) from November 28 to December 4, 2025 are shown. For example, on December 4, 2025, the LLDPE - PVC spread was 2280 yuan/ton [10] Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of rebar was 145.0 yuan/ton [20] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) of rebar, iron ore, coke, and coking coal are presented. For example, for rebar, the 5 - 1 spread was 24 yuan/ton [19] - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) from November 28 to December 4, 2025 are shown. For example, on December 4, 2025, the rebar/iron ore ratio was 3.98 [19] Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of copper was - 10 yuan/ton [29] - **London Market**: On December 4, 2025, data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are presented. For example, the LME spread of copper was 50.44, and the import loss of copper was 1669.73 yuan [34] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of soybeans No.1 was - 85 yuan/ton [40] - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, for soybeans No.1, the 5 - 1 spread was 48 yuan/ton [40] - **Inter - commodity Spreads**: The report mentions inter - commodity spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch, but specific data is not fully presented [40] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 28 to December 4, 2025 are provided. For example, on December 4, 2025, the basis of CSI 300 was 15.97 [51] - **Inter - month Spreads**: The inter - month spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, for CSI 300, the next - month - current - month spread was - 178 [51]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the arbitrage data of various futures products on December 4, 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 - commodity spreads. 3. Summary by Directory 3.1 Power Coal - The basis data for power coal from November 27 to December 3, 2025, shows a decreasing trend, from 16.6 yuan/ton on November 27 to - 3.4 yuan/ton on December 3. The spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are all 0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - For energy commodities, the basis data of fuel oil, INE crude oil, and crude oil/asphalt from November 27 to December 3, 2025, are presented, along with their price ratios and changes [7]. 3.2.2 Chemical Commodities - In the chemical sector, inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided, as well as inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 27 to December 3, 2025 [9]. 3.3 Black Metals - Inter - period spreads for rebar, iron ore, coke, and coking coal are given, including 5 - month minus 1 - month, 9(10) - month minus 1 - month, and 9(10) - month minus 5 - month. Inter - commodity spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 27 to December 3, 2025, are also presented. The basis data for rebar, iron ore, coke, and coking coal from November 27 to December 3, 2025, are shown [18][20]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from November 27 to December 3, 2025, are provided [29]. 3.4.2 London Market - For the London market, LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on December 3, 2025, are presented [34]. 3.5 Agricultural Products - The basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 27 to December 3, 2025, are given. Inter - period spreads for multiple agricultural products, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton, are provided, as well as inter - commodity spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 27 to December 3, 2025 [40][41]. 3.6 Stock Index Futures - The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from November 27 to December 3, 2025, are presented. Inter - period spreads such as next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are also provided [52].

甲醇日报 | 2025-12-03 地区价差方面：鲁北-西北-280价差-70元/吨（+5），太仓-内蒙-550价差-418元/吨（+9），太仓-鲁南-250价差-381元/ 吨（-4）；鲁南-太仓-100价差31元/吨（+4）；广东-华东-180价差-217元/吨（-9）；华东-川渝-200价差-233元/吨（-76）。 市场分析 港口方面。伊朗装置装置已集中兑现冬检，但仍要等待12月装船减少的兑现，因11月装船量级仍高，且11月部分 卸港延后至计入12月，12月进口压力预计年内高位，短期港口库存压力仍大。另外，关注太仓主流仓储企业对伊 朗船的接货意愿。 内地方面，煤头开工仍同期偏高，内地工厂库存小幅回升；MTO方面，阳煤MTO检修中，鲁西MTO低负荷状态； 关注联泓二期MTO年底投产进度。传统下游方面，醋酸开工底部回升，但仍处于偏低位；甲醛淡季负荷小幅回升， MTBE开工继续维持高位。 策略 单边：MA2605谨慎逢低做多套保 现实库存压力仍大，盘面冲高回落 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤465元/吨（+0），内蒙煤制甲醇生产利润595元/吨（+5）；内地甲醇价格方面，内 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on December 3, 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. 3. Summary by Directory 3.1 Power Coal - Basis data for power coal from November 26 to December 2, 2025, is presented, but specific numerical values in the table are incomplete [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from November 26 to December 2, 2025, are provided, including specific numerical values such as basis and ratio [7] 3.2.2 Chemical Commodities - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from November 26 to December 2, 2025, are given [9] - Inter - period spreads data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads [10] - Inter - variety spreads data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 26 to December 2, 2025, are provided [10] 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal from November 26 to December 2, 2025, are presented [20] - Inter - period spreads data of rebar, iron ore, coke, and coking coal are given, including 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month spreads [19] - Inter - variety spreads data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 26 to December 2, 2025, are provided [19] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 26 to December 2, 2025, are presented [29] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on December 2, 2025, are provided [34] 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 26 to December 2, 2025, are presented [42] - Inter - period spreads data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given, including 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads [42] - Inter - variety spreads data of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 26 to December 2, 2025, are provided [41] 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 26 to December 2, 2025, are presented [53] - Inter - period spreads data of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month minus current - month and next - quarter minus current - quarter spreads, are given [53]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - This is a futures research report from Baocheng Futures, presenting variety arbitrage data on December 2, 2025, covering multiple sectors such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1] Summary by Directory 1. Thermal Coal - The report shows the basis data of thermal coal from November 25 to December 1, 2025. The basis on December 1 was 6.6 yuan/ton, showing a decreasing trend compared to previous days. The spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month were all 0.0 [1][2] 2. Energy Chemicals (1) Energy Commodities - It provides basis and price ratio data of fuel oil, INE crude oil, and crude oil/asphalt from November 25 to December 1, 2025. For example, the basis of INE crude oil on December 1 was 3.54 yuan/ton [6] (2) Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from November 25 to December 1, 2025 are presented. For instance, the basis of rubber on December 1 was - 450 yuan/ton [8] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for rubber, methanol, PTA, etc. are given. For example, the 5 - month vs 1 - month spread of rubber was 30 yuan/ton [10] - **Inter - commodity Spread**: The inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, etc. from November 25 to December 1, 2025 are shown. For example, the LLDPE - PVC spread on December 1 was 2238 yuan/ton [10] 3. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 25 to December 1, 2025 are provided. For example, the basis of rebar on December 1 was 176.0 yuan/ton [20] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month(10) vs 1 - month, and 9 - month(10) vs 5 - month for rebar, iron ore, etc. are presented. For example, the 5 - month vs 1 - month spread of rebar was 22.0 yuan/ton [19] - **Inter - commodity Spread**: The inter - commodity spreads such as rebar/iron ore, rebar/coke, etc. from November 25 to December 1, 2025 are given. For example, the rebar/iron ore ratio on December 1 was 3.92 [19] 4. Non - ferrous Metals (1) Domestic Market - The domestic basis data of copper, aluminum, zinc, etc. from November 25 to December 1, 2025 are shown. For example, the basis of copper on December 1 was - 70 yuan/ton [27] (2) London Market - Data including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss for LME non - ferrous metals on December 1, 2025 are provided. For example, the LME spread of copper was 69.10, and the import loss was (1359.37) [33] 5. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, etc. from November 25 to December 1, 2025 are presented. For example, the basis of soybeans No.1 on December 1 was - 106 yuan/ton [40] - **Inter - period Spread**: Spreads of 5 - month vs 1 - month, 9 - month vs 1 - month, and 9 - month vs 5 - month for soybeans No.1, soybeans No.2, etc. are given. For example, the 5 - month vs 1 - month spread of soybeans No.1 was 41 yuan/ton [40] - **Inter - commodity Spread**: The inter - commodity spreads such as soybeans No.1/corn, soybeans No.2/corn, etc. from November 25 to December 1, 2025 are shown. For example, the soybeans No.1/corn ratio on December 1 was 1.84 [40] 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 25 to December 1, 2025 are provided. For example, the basis of CSI 300 on December 1 was 21.09 [51] - **Inter - period Spread**: The inter - period spreads of the next - month vs current - month and next - quarter vs current - quarter for CSI 300, SSE 50, etc. are presented. For example, the next - month vs current - month spread of CSI 300 was - 16.0 [51]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - 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 December 2, 2025 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 2, 2025, the domestic spot price was 89280, the LME spot price was 11311, and the spot ratio was 7.74. The equilibrium ratio for spot import was 8.03, with a profit of - 1332.99. The domestic March price was 89320, the LME March price was 11242, and the ratio was 7.93 [1] - **Zinc**: The domestic spot price was 22550, the LME spot price was 3334, and the spot ratio was 6.76. The equilibrium ratio for spot import was 8.43, with a profit of - 5558.00. The domestic March price was 22620, the LME March price was 3066, and the ratio was 5.55 [1] - **Aluminum**: The domestic spot price was 21730, the LME spot price was 2852, and the spot ratio was 7.61. The equilibrium ratio for spot import was 8.30, with a profit of - 1955.44. The domestic March price was 21900, the LME March price was 2880, and the ratio was 7.58 [1] - **Nickel**: The domestic spot price was 119850, the LME spot price was 14698, and the spot ratio was 8.15. The equilibrium ratio for spot import was 8.13, with a profit of - 1597.05 [1] - **Lead**: The domestic spot price was 16975, the LME spot price was 1941, and the spot ratio was 8.75. The equilibrium ratio for spot import was 8.69, with a profit of 117.55. The domestic March price was 17055, the LME March price was 1983, and the ratio was 11.37 [3] Cross - Period Arbitrage Tracking - **Copper**: On December 2, 2025, the spreads of the next - month, March, April, and May contracts relative to the spot month were 1810, 1850, 1820, and 1710 respectively, and the theoretical spreads were 539, 977, 1423, and 1869 respectively [4] - **Zinc**: The spreads were 205, 235, 250, and 270 respectively, and the theoretical spreads were 215, 336, 457, and 578 respectively [4] - **Aluminum**: The spreads were 265, 300, 310, and 320 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4] - **Lead**: The spreads were 20, 0, 25, and 25 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - **Nickel**: The spreads were 1120, 1330, 1510, and 1800 respectively [4] - **Tin**: The spread of the 5 - 1 contract was 330, and the theoretical spread was 6322 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 1725 and 85 respectively, and the theoretical spreads were 36 and 792 respectively [4] - **Zinc**: The spreads were - 165 and 40 respectively, and the theoretical spreads were 132 and 264 respectively [4] - **Lead**: The spreads were 80 and 100 respectively, and the theoretical spreads were 137 and 250 respectively [5] Cross - Variety Arbitrage Tracking - On December 2, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.95, 4.08, 5.24, 0.97, 1.28, and 0.75 respectively, and in the London (three - continuous) market were 3.63, 3.89, 5.62, 0.93, 1.45, and 0.65 respectively [5]