Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on July 9, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to provide information for potential arbitrage opportunities [1][3][4]. 3. Summary by Category Cross - market Arbitrage Tracking - **Copper**: On July 9, 2025, the domestic spot price was 79,800, the LME spot price was 9,903, with a ratio of 8.04; the three - month domestic price was 79,450, the LME price was 9,852, with a ratio of 8.07. The equilibrium ratio for spot import was 8.15, with a loss of 844.96, and a profit of 665.89 for spot export [1]. - **Zinc**: The domestic spot price was 22,020, the LME spot price was 2,679, with a ratio of 8.22; the three - month domestic price was 21,960, the LME price was 2,689, with a ratio of 6.35. The equilibrium ratio for spot import was 8.68, with a loss of 1,226.55 [1]. - **Aluminum**: The domestic spot price was 20,610, the LME spot price was 2,584, with a ratio of 7.97; the three - month domestic price was 20,470, the LME price was 2,585, with a ratio of 7.93. The equilibrium ratio for spot import was 8.51, with a loss of 1,397.68 [1]. - **Nickel**: The domestic spot price was 119,300, the LME spot price was 14,917, with a ratio of 8.00. The equilibrium ratio for spot import was 8.25, with a loss of 2,643.68 [1]. - **Lead**: The domestic spot price was 16,875, the LME spot price was 2,023, with a ratio of 8.35; the three - month domestic price was 17,190, the LME price was 2,047, with a ratio of 10.73. The equilibrium ratio for spot import was 8.84, with a loss of 983.40 [3]. Cross - period Arbitrage Tracking - **Copper**: On July 9, 2025, the spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were 70, - 100, - 340, and - 550 respectively, while the theoretical spreads were 500, 898, 1304, and 1711 [4]. - **Zinc**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 85, - 175, - 245, and - 300 respectively, and the theoretical spreads were 214, 333, 453, and 573 [4]. - **Aluminum**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 90, - 145, - 225, and - 300 respectively, and the theoretical spreads were 214, 329, 444, and 559 [4]. - **Lead**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 5, 25, 10, and 5 respectively, and the theoretical spreads were 211, 318, 424, and 531 [4]. - **Nickel**: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were 130, 250, 370, and 600 respectively [4]. - **Tin**: The 5 - 1 spread was - 1030, and the theoretical spread was 5483 [4]. Cross - variety Arbitrage Tracking - On July 9, 2025, the ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.62, 3.88, 4.62, 0.93, 1.19, and 0.78 respectively; in London (three - continuous) were 3.60, 3.79, 4.76, 0.95, 1.26, and 0.76 respectively [5].

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Market Restructuring - Brokerages in Argentina are restructuring following President Milei's removal of capital controls [1] - The removal of capital controls eliminated lucrative arbitrage opportunities for brokerages [1]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on July 2, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 2, 2025, the domestic spot price was 80190, the LME spot price was 10083, with a spot import equilibrium ratio of 8.14 and a loss of 1085.77. The domestic three - month price was 80390, the LME three - month price was 9967, and the ratio was 8.00 [1]. - **Zinc**: The domestic spot price was 22290, the LME spot price was 2721, with a spot import equilibrium ratio of 8.65 and a loss of 1256.15. The domestic three - month price was 22195, the LME three - month price was 2740, and the ratio was 6.25 [1]. - **Aluminum**: The domestic spot price was 20780, the LME spot price was 2606, with a spot import equilibrium ratio of 8.51 and a loss of 1396.28. The domestic three - month price was 20545, the LME three - month price was 2607, and the ratio was 7.88 [1]. - **Nickel**: The domestic spot price was 119250, the LME spot price was 15021, with a spot import equilibrium ratio of 8.23 and a loss of 2691.60 [1]. - **Lead**: The domestic spot price was 16900, the LME spot price was 2010, with a spot import equilibrium ratio of 8.83 and a loss of 810.93. The domestic three - month price was 17130, the LME three - month price was 2042, and the ratio was 10.86 [1][3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 540, 290, 0, and - 230 respectively, while the theoretical spreads were 503, 903, 1313, and 1722 [4]. - **Zinc**: The spreads were - 325, - 385, - 440, and - 490, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were - 95, - 185, - 295, and - 410, and the theoretical spreads were 215, 330, 446, and 562 [4]. - **Lead**: The spreads were - 70, - 40, - 45, and - 60, and the theoretical spreads were 211, 318, 425, and 531 [4]. - **Nickel**: The spreads were 100, 250, 410, and 580 [4]. - **Tin**: The 5 - 1 spread was - 1830, and the theoretical spread was 5527 [4]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (continuous three - month contracts) were 3.62, 3.91, 4.69, 0.93, 1.20, and 0.77 respectively, and in London (continuous three - month contracts) were 3.66, 3.82, 4.87, 0.96, 1.28, and 0.75 [8]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 70 and 470, and the theoretical spreads were 261 and 784 [4]. - **Zinc**: The spreads were 290 and - 35, and the theoretical spreads were 121 and 232 [4][5]. - **Lead**: The spreads were 270 and 200, and the theoretical spreads were 164 and 277 [5].

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Report Industry Investment Rating - No information provided Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of various non - ferrous metals (copper, zinc, aluminum, nickel, lead, etc.) on June 4, 2025, including domestic prices, LME prices, price ratios, equilibrium price ratios, and profit margins [1][4][7] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On June 4, 2025, the domestic spot price was 78380, the LME spot price was 9597, the spot ratio was 8.14, the equilibrium ratio for spot import was 8.21, and the profit was - 652.82; the domestic March price was 77490, the LME March price was 9545, and the March ratio was 8.17 [1] - **Zinc**: The domestic spot price was 22800, the LME spot price was 2645, the spot ratio was 8.62, the equilibrium ratio for spot import was 8.73, and the profit was - 278.64; the domestic March price was 21940, the LME March price was 2670, and the March ratio was 6.20 [1] - **Aluminum**: The domestic spot price was 20120, the LME spot price was 2438, the spot ratio was 8.25, the equilibrium ratio for spot import was 8.66, and the profit was - 1010.08; the domestic March price was 19790, the LME March price was 2442, and the March ratio was 8.15 [1] - **Nickel**: The domestic spot price was 123000, the LME spot price was 15209, the spot ratio was 8.09, the equilibrium ratio for spot import was 8.27, and the profit was - 3743.49 [1] - **Lead**: The domestic spot price was 16350, the LME spot price was 1949, the spot ratio was 8.40; the domestic March price was 16570, the LME March price was 1969, the March ratio was 11.27, the equilibrium ratio for spot import was 8.91, and the profit was - 995.72 [3] Cross - Period Arbitrage Tracking - **Copper**: On June 4, 2025, the spreads between the next month, March, April, May, and the spot month were - 280, - 440, - 630, - 870 respectively, and the theoretical spreads were 492, 881, 1280, 1679 respectively [4] - **Zinc**: The spreads were - 470, - 710, - 890, - 990 respectively, and the theoretical spreads were 216, 339, 461, 583 respectively [4] - **Aluminum**: The spreads were - 315, - 385, - 425, - 475 respectively, and the theoretical spreads were 212, 325, 438, 551 respectively [4] - **Lead**: The spreads were 35, 35, 20, 25 respectively, and the theoretical spreads were 208, 311, 415, 519 respectively [4] - **Nickel**: The spreads of the next month, March, April, and May compared to the spot month were 1160, 1380, 1550, 1720 respectively [4] - **Tin**: The spread of 5 - 1 was 730, and the theoretical spread was 5207 [4] Cross - Variety Arbitrage Tracking - On June 4, 2025, for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc, the Shanghai (three - continuous) ratios were 3.53, 3.92, 4.68, 0.90, 1.19, 0.76 respectively, and the London (three - continuous) ratios were 3.56, 3.91, 4.85, 0.91, 1.24, 0.73 respectively [7]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Report's Core View - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on May 29, 2025 [1][3][4] 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 78450, LME price is 9622, and the ratio is 8.14; March domestic price is 77650, LME price is 9578, and the ratio is 8.15. Spot import equilibrium ratio is 8.22 with a profit of - 796.53, and spot export profit is 332.65 [1] - **Zinc**: Spot domestic price is 22840, LME price is 2666, and the ratio is 8.57; March domestic price is 22035, LME price is 2686, and the ratio is 6.24. Spot import equilibrium ratio is 8.73 with a profit of - 434.37 [1] - **Aluminum**: Spot domestic price is 20340, LME price is 2476, and the ratio is 8.22; March domestic price is 20025, LME price is 2475, and the ratio is 8.15. Spot import equilibrium ratio is 8.66 with a profit of - 1103.93 [1] - **Nickel**: Spot domestic price is 123200, LME price is 14966, and the ratio is 8.23. Spot import equilibrium ratio is 8.28 with a profit of - 3261.72 [1] - **Lead**: Spot domestic price is 16600, LME price is 1957, and the ratio is 8.47; March domestic price is 16700, LME price is 1975, and the ratio is 11.35. Spot import equilibrium ratio is 8.92 with a profit of - 879.74 [3] Cross - Period Arbitrage Tracking - **Copper**: For different months compared to the spot month, the spreads are - 340, - 560, - 780, - 1010 respectively, while the theoretical spreads are 493, 884, 1284, 1684 [3] - **Zinc**: The spreads are - 375, - 550, - 675, - 750 respectively, and the theoretical spreads are 216, 338, 460, 582 [3] - **Aluminum**: The spreads are - 40, - 110, - 160, - 190 respectively, and the theoretical spreads are 212, 324, 437, 550 [3] - **Lead**: The spreads are - 100, - 105, - 140, - 120 respectively, and the theoretical spreads are 209, 314, 419, 524 [3] - **Nickel**: The spreads are - 2220, - 2030, - 1820, - 1550 respectively [3] - **Tin**: The 5 - 1 spread is 6050, and the theoretical spread is 5358 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts compared to the spot are - 270 and - 610 respectively, and the theoretical spreads are 278 and 662 [3] - **Zinc**: The spreads are - 255 and - 630 respectively, and the theoretical spreads are 49 and 182 [3] - **Lead**: The spreads are 205 and 105 respectively, and the theoretical spreads are 165 and 276 [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 3.52, 3.88, 4.65, 0.91, 1.20, 0.76 respectively; for LME (three - continuous) are 3.56, 3.87, 4.82, 0.92, 1.25, 0.74 respectively [4]

Report Industry Investment Rating - No information provided 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, nickel, lead, and tin on May 22, 2025 [1][4][5] Summary According to Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,440 (domestic) and 9,590 (LME) with a ratio of 8.11; March price is 77,550 (domestic) and 9,576 (LME) with a ratio of 8.17. Spot import equilibrium ratio is 8.23 with a profit of - 527.73, and spot export profit is 62.48 [1] - **Zinc**: Spot price is 22,760 (domestic) and 2,698 (LME) with a ratio of 8.44; March price is 22,285 (domestic) and 2,727 (LME) with a ratio of 6.19. Spot import equilibrium ratio is 8.67 with a profit of - 634.36 [1] - **Aluminum**: Spot price is 20,310 (domestic) and 2,484 (LME) with a ratio of 8.17; March price is 20,140 (domestic) and 2,491 (LME) with a ratio of 8.10. Spot import equilibrium ratio is 8.69 with a profit of - 1,273.39 [1] - **Nickel**: Spot price is 124,650 (domestic) and 15,324 (LME) with a ratio of 8.13. Spot import equilibrium ratio is 8.28 with a profit of - 3,303.64 [1] - **Lead**: Spot price is 16,775 (domestic) and 1,960 (LME) with a ratio of 8.53; March price is 16,900 (domestic) and 1,987 (LME) with a ratio of 11.35. Spot import equilibrium ratio is 8.92 with a profit of - 770.47 [3] Cross - Period Arbitrage Tracking - **Copper**: Sub - month - spot month spread is 270, March - spot month is 10, April - spot month is - 170, May - spot month is - 370; theoretical spreads are 490, 877, 1274, and 1671 respectively [4] - **Zinc**: Sub - month - spot month spread is - 25, March - spot month is - 150, April - spot month is - 235, May - spot month is - 285; theoretical spreads are 215, 336, 458, and 579 respectively [4] - **Aluminum**: Sub - month - spot month spread is 65, March - spot month is 15, April - spot month is - 15, May - spot month is - 45; theoretical spreads are 212, 324, 437, and 550 respectively [4] - **Lead**: Sub - month - spot month spread is 55, March - spot month is 55, April - spot month is 45, May - spot month is 40; theoretical spreads are 209, 314, 420, and 525 respectively [4] - **Nickel**: Sub - month - spot month spread is 580, March - spot month is 820, April - spot month is 1020, May - spot month is 1220 [4] - **Tin**: 5 - 1 spread is - 1010, theoretical spread is 5535 [4] Spot - Futures Arbitrage Tracking - **Copper**: Current - month contract - spot spread is - 885, sub - month contract - spot spread is - 615; theoretical spreads are 283 and 756 respectively [4] - **Zinc**: Current - month contract - spot spread is - 325, sub - month contract - spot spread is - 350; theoretical spreads are 120 and 253 respectively [4] - **Lead**: Current - month contract - spot spread is 70, sub - month contract - spot spread is 125; theoretical spreads are 172 and 284 respectively [5] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc are 3.48, 3.85, 4.59, 0.90, 1.19, and 0.76 in Shanghai (three - continuous), and 3.54, 3.86, 4.83, 0.92, 1.25, and 0.73 in London (three - continuous) [5]

1. Report Industry Investment Rating - Not provided 2. 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 May 7, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 7, 2025, the domestic spot price was 78,210, LME price was 9,464, and the ratio was 8.21; the domestic three - month price was 77,230, LME price was 9,443, and the ratio was 8.23. The equilibrium ratio for spot import was 8.26, with a profit of - 38.41, and the profit for spot export was - 179.59 [1] - **Zinc**: The domestic spot price was 22,860, LME price was 2,607, and the ratio was 8.77; the domestic three - month price was 22,075, LME price was 2,646, and the ratio was 6.31. The equilibrium ratio for spot import was 8.74, with a profit of 80.76 [1] - **Aluminum**: The domestic spot price was 19,860, LME price was 2,408, and the ratio was 8.24; the domestic three - month price was 19,725, LME price was 2,434, and the ratio was 8.14. The equilibrium ratio for spot import was 8.76, with a profit of - 1,241.99 [1] - **Nickel**: The domestic spot price was 125,800, LME price was 15,471, and the ratio was 8.13. The equilibrium ratio for spot import was 8.30, with a profit of - 4,073.54 [1] - **Lead**: The domestic spot price was 16,575, LME price was 1,921, and the ratio was 8.64; the domestic three - month price was 16,710, LME price was 1,939, and the ratio was 11.55. The equilibrium ratio for spot import was 8.96, with a profit of - 609.18 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were 150, - 220, - 600, and - 890 respectively, and the theoretical spreads were 489, 877, 1,273, and 1,669 respectively [4] - **Zinc**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 310, - 590, - 745, and - 815 respectively, and the theoretical spreads were 216, 339, 461, and 583 respectively [4] - **Aluminum**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 190, - 250, - 300, and - 335 respectively, and the theoretical spreads were 211, 323, 435, and 547 respectively [4] - **Lead**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 100, - 90, - 80, and - 110 respectively, and the theoretical spreads were 209, 314, 419, and 524 respectively [4] - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were 930, 1,100, 1,240, and 1,510 respectively [4] - **Tin**: The spread of the 5 - 1 contract was - 110, and the theoretical spread was 5,410 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts against the spot were - 725 and - 575 respectively, and the theoretical spreads were 86 and 541 respectively [4] - **Zinc**: The spreads of the current - month and next - month contracts against the spot were - 195 and - 505 respectively, and the theoretical spreads were 32 and 165 respectively [4] - **Lead**: The spreads of the current - month and next - month contracts against the spot were 225 and 125 respectively, and the theoretical spreads were 138 and 249 respectively [5] Cross - Variety Arbitrage Tracking - The cross - variety ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.50, 3.92, 4.62, 0.89, 1.18, and 0.76 respectively; in the London (three - continuous) market were 3.62, 3.93, 4.96, 0.92, 1.26, and 0.73 respectively [5]

At Trade With Beta , we also pay close attention to closed-end funds and are always keeping an eye on them for directional and arbitrage opportunities created by market price deviations. As you can guess, timing is crucial in these kinds of trades; therefore, you are welcome to join us for early access and the discussions accompanying these kinds of trades. This article will examine one of the latest market inefficiencies in fixed-income listed securities from which we managed to profit. The arbitrage oppor ...