Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 31, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 95330, LME price is 12123, with a ratio of 7.90; March price in China is 95730, LME price is 12206, ratio 7.80. Spot import equilibrium ratio is 7.87, profit is 541.77 [1] - **Zinc**: Spot price in China is 23400, LME price is 3153, ratio 7.42; March price in China is 23575, LME price is 3154, ratio 5.22. Spot import equilibrium ratio is 8.26, profit is - 2650.82 [1] - **Aluminum**: Spot price in China is 24530, LME price is 3485, ratio 7.04; March price in China is 24795, LME price is 3438, ratio 7.18. Spot import equilibrium ratio is 8.37, profit is - 4632.22 [1] - **Nickel**: Spot price in China is 135150, LME price is 17158, ratio 7.88. Spot import equilibrium ratio is 8.00, profit is - 416.07 [1] - **Lead**: Spot price in China is 16400, LME price is 1972, ratio 8.28; March price in China is 16500, LME price is 1903, ratio 12.36. Spot import equilibrium ratio is 8.50, profit is - 444.79 [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 - 190, - 220, - 200, - 260 respectively, with theoretical spreads of 582, 1062, 1550, 2039 [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 205, 240, 235, 255 respectively, with theoretical spreads of 220, 345, 471, 597 [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 855, 925, 955, 965 respectively, with theoretical spreads of 230, 362, 493, 624 [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 - 20, - 15, - 5, - 15 respectively, with theoretical spreads of 208, 311, 415, 518 [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 500, 680, 920, 1090 respectively [4] - **Tin**: 5 - 1 spread is - 3090, theoretical spread is 7666 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 775 and 585 respectively, with theoretical spreads of 424 and 922 [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are - 65 and 140 respectively, with theoretical spreads of 154 and 290 [4] - **Zinc (repeated)**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are - 65 and 140 respectively, with theoretical spreads of 47 and 317 [5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 115 and 95 respectively, with theoretical spreads of 144 and 254 [5] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 4.06, 3.86, 5.80, 1.05, 1.50, 0.70 respectively; in London (triple - continuous) are 3.84, 3.59, 6.40, 1.07, 1.78, 0.60 respectively [5]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - 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 March 30, 2026, to help investors understand the price differences and profit opportunities in different trading modes [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On March 30, 2026, the domestic spot price was 95390, the LME price was 12181, and the ratio was 7.81; the three - month domestic price was 95910, the LME price was 12252, and the ratio was 7.80. The equilibrium ratio for spot import was 7.86, with a profit of - 68.29. Spot export data was not provided [1] - **Zinc**: The domestic spot price was 23190, the LME price was 3109, and the ratio was 7.46; the three - month domestic price was 23385, the LME price was 3108, and the ratio was 5.31. The equilibrium ratio for spot import was 8.26, with a profit of - 2507.42 [1] - **Aluminum**: The domestic spot price was 23810, the LME price was 3334, and the ratio was 7.14; the three - month domestic price was 23995, the LME price was 3273, and the ratio was 7.31. The equilibrium ratio for spot import was 8.39, with a profit of - 4166.64 [1] - **Nickel**: The domestic spot price was 136350, the LME price was 17169, and the ratio was 7.94. The equilibrium ratio for spot import was 7.99, with a profit of - 608.05 [1] - **Lead**: The domestic spot price was 16400, the LME price was 1872, and the ratio was 8.72; the three - month domestic price was 16555, the LME price was 1908, and the ratio was 12.21. The equilibrium ratio for spot import was 8.53, with a profit of 361.21 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 610, 590, 630, and 550 respectively, while the theoretical spreads were 579, 1055, 1541, and 2026 [4] - **Zinc**: The spreads were 335, 340, 345, and 345 respectively, and the theoretical spreads were 218, 342, 467, and 591 [4] - **Aluminum**: The spreads were 260, 320, 350, and 370 respectively, and the theoretical spreads were 229, 360, 490, and 621 [4] - **Lead**: The spreads were 130, 130, 150, and 140 respectively, and the theoretical spreads were 207, 310, 413, and 517 [4] - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 1720, 1940, 2150, and 2350 respectively [4] - **Tin**: The spread between the 5 - 1 contracts was - 2440, and the theoretical spread was 7488 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 5 and 615 respectively, and the theoretical spreads were 376 and 992 [4] - **Zinc**: The spreads were - 145 and 190 respectively, and the theoretical spreads were 174 and 309 [4] - **Lead**: The spreads between the current - month and next - month contracts and the spot were 25 and 155 respectively, and the theoretical spreads were 142 and 252 [5] Cross - Variety Arbitrage Tracking - On March 30, 2026, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.10, 4.00, 5.79, 1.03, 1.45, and 0.71 in the Shanghai market (triple - continuous), and 3.91, 3.70, 6.43, 1.06, 1.74, and 0.61 in the London market (triple - continuous) [5]

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, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 20, 2026, to help investors analyze potential arbitrage opportunities [1][3][4]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 95,600, LME price is 12,001, and the ratio is 8.21; March contract price in China is 94,390, LME price is 12,102, and the ratio is 7.89. The equilibrium ratio for spot import is 7.83, with a profit of 402.37 [1]. - **Zinc**: Spot price in China is 22,840, LME price is 3,053, and the ratio is 7.48; March contract price in China is 22,730, LME price is 3,088, and the ratio is 5.38. The equilibrium ratio for spot import is 8.25, with a loss of 2,340.38 [1]. - **Aluminum**: Spot price in China is 24,490, LME price is 3,367, and the ratio is 7.27; March contract price in China is 24,225, LME price is 3,330, and the ratio is 7.43. The equilibrium ratio for spot import is 8.30, with a loss of 3,468.87 [1]. - **Nickel**: Spot price in China is 130,950, LME price is 16,545, and the ratio is 7.91. The equilibrium ratio for spot import is 7.97, with a loss of 1,137.55 [1]. - **Lead**: Spot price in China is 16,400, LME price is 1,851, and the ratio is 8.90; March contract price in China is 16,430, LME price is 1,892, and the ratio is 12.11. The equilibrium ratio for spot import is 8.51, with a profit of 730.89 [3]. Cross - Period Arbitrage Tracking - **Copper**: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 4,170, - 4,200, - 4,150, - 4,030 respectively, and the theoretical spreads are 595, 1,088, 1,590, 2,092 respectively [4]. - **Zinc**: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 620, - 595, - 595, - 605 respectively, and the theoretical spreads are 220, 345, 471, 597 respectively [4]. - **Aluminum**: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 520, - 475, - 460, - 430 respectively, and the theoretical spreads are 235, 370, 506, 641 respectively [4]. - **Lead**: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 230, - 215, - 170, - 165 respectively, and the theoretical spreads are 208, 312, 417, 521 respectively [4]. - **Nickel**: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 3,230, - 2,950, - 2,750, - 2,630 respectively [4]. - **Tin**: The 5 - 1 spread is - 2,960, and the theoretical spread is 7,170 [4]. Spot - Futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 2,985 and - 1,185 respectively, and the theoretical spreads are 964 and 883 respectively [4]. - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 485 and - 135 respectively, and the theoretical spreads are 227 and 296 respectively [5]. - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 245 and 15 respectively, and the theoretical spreads are 203 and 313 respectively [5]. Cross - Variety Arbitrage Tracking - **Domestic (Three - Consecutive Contracts)**: Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.15, 3.90, 5.74, 1.07, 1.47, 0.72 respectively [5]. - **LME (Three - Consecutive Contracts)**: Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.95, 3.74, 6.44, 1.06, 1.72, 0.61 respectively [5].

Report Industry Investment Rating - Not mentioned in the provided content Report 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, and lead on March 18, 2026, to help investors find potential investment opportunities [1][6][7] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On March 18, 2026, the domestic spot price was 100175, LME spot price was 12666, with a ratio of 7.85; domestic three - month price was 99480, LME three - month price was 12780, ratio of 7.86. Spot import equilibrium ratio was 7.82, with a loss of 125.38; spot export loss was 1596.27 [1] - **Zinc**: Domestic spot price was 23870, LME spot price was 3206, ratio of 7.44; domestic three - month price was 23785, LME three - month price was 3255, ratio of 5.10. Spot import equilibrium ratio was 8.22, with a loss of 2496.76 [1] - **Aluminum**: Domestic spot price was 24900, LME spot price was 3409, ratio of 7.30; domestic three - month price was 25050, LME three - month price was 3404, ratio of 7.40. Spot import equilibrium ratio was 8.27, with a loss of 3302.13 [3] - **Nickel**: Domestic spot price was 135900, LME spot price was 17108, ratio of 7.94. Spot import equilibrium ratio was 7.96, with a loss of 940.39 [3] - **Lead**: Domestic spot price was 16400, LME spot price was 1876, ratio of 8.75; domestic three - month price was 16620, LME three - month price was 1922, ratio of 12.48. Spot import equilibrium ratio was 8.49, with a profit of 488.67 [5] Cross - Period Arbitrage Tracking - **Copper**: On March 18, 2026, the differences between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 180, - 120, - 70, and - 90 respectively, while the theoretical differences were 600, 1098, 1605, and 2112 [6] - **Zinc**: The differences were - 70, - 15, 0, and - 20, and the theoretical differences were 222, 350, 478, and 606 [6] - **Aluminum**: The differences were 50, 110, 140, and 160, and the theoretical differences were 236, 372, 509, and 646 [6] - **Lead**: The differences were 340, 360, 375, and 380, and the theoretical differences were 206, 309, 411, and 513 [6] - **Nickel**: The differences were - 460, - 140, 10, and 180 [6] - **Tin**: The 5 - 1 difference was - 4720, and the theoretical difference was 7790 [6] Spot - Futures Arbitrage Tracking - **Copper**: The differences between the current - month and next - month contracts and the spot were - 610 and - 790, and the theoretical differences were 503 and 1029 [6] - **Zinc**: The differences were - 70 and - 140, and the theoretical differences were 174 and 313 [6] - **Lead**: The differences were - 140 and 200, and the theoretical differences were 155 and 265 [7] Cross - Variety Arbitrage Tracking - On March 18, 2026, for cross - variety arbitrage, the ratios of Shanghai (continuous - three) for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.18, 3.97, 5.99, 1.05, 1.51, and 0.70 respectively; for LME (continuous - three), the ratios were 3.96, 3.76, 6.62, 1.05, 1.76, and 0.60 [7]

Report Summary 1. Reported Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 12, 2026. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 101325, LME price is 12942, and the ratio is 7.82; March price in China is 101370, LME price is 13044, and the ratio is 7.79. The equilibrium ratio for spot import is 7.81, with a profit of - 322.86, and the profit for spot export is - 882.73 [1]. - **Zinc**: Spot price in China is 24300, LME price is 3295, and the ratio is 7.38; March price in China is 24430, LME price is 3336, and the ratio is 4.99. The equilibrium ratio for spot import is 8.20, with a profit of - 2718.10 [1]. - **Aluminum**: Spot price in China is 25030, LME price is 3451, and the ratio is 7.25; March price in China is 25290, LME price is 3424, and the ratio is 7.36. The equilibrium ratio for spot import is 8.25, with a profit of - 3431.19 [3]. - **Nickel**: Spot price in China is 134300, LME price is 17277, and the ratio is 7.77. The equilibrium ratio for spot import is 7.95, with a profit of - 822.73 [3]. - **Lead**: Spot price in China is 16450, LME price is 1898, and the ratio is 8.68; March price in China is 16705, LME price is 1946, and the ratio is 12.54. The equilibrium ratio for spot import is 8.48, with a profit of 393.39 [5]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, May contracts and the spot - month contract are - 30, 190, 260, 270 respectively, while the theoretical spreads are 608, 1114, 1629, 2144 respectively [6]. - **Zinc**: The spreads between the next - month, March, April, May contracts and the spot - month contract are 55, 100, 145, 145 respectively, while the theoretical spreads are 225, 355, 486, 617 respectively [6]. - **Aluminum**: The spreads between the next - month, March, April, May contracts and the spot - month contract are 380, 455, 505, 535 respectively, while the theoretical spreads are 235, 371, 508, 644 respectively [6]. - **Lead**: The spreads between the next - month, March, April, May contracts and the spot - month contract are 100, 125, 155, 170 respectively, while the theoretical spreads are 208, 312, 416, 520 respectively [6]. - **Nickel**: The spreads between the next - month, March, April, May contracts and the spot - month contract are 100, 560, 710, 950 respectively [6]. - **Tin**: The spread between the 5 - month and 1 - month contracts is - 2730, and the theoretical spread is 8107 [6]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 130 and - 160 respectively, while the theoretical spreads are 125 and 679 respectively [6]. - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 30 and 85 respectively, while the theoretical spreads are 97 and 238 respectively [6]. - **Lead**: The spreads between the current - month and next - month contracts and the spot are 130 and 230 respectively, while the theoretical spreads are 106 and 216 respectively [7]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - consecutive contracts) are 4.15, 4.01, 6.07, 1.04, 1.51, 0.68 respectively, and in London (three - consecutive contracts) are 3.94, 3.77, 6.74, 1.04, 1.79, 0.59 respectively [7].

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on March 6, 2026 [1][3] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 101490, LME price is 12941, and the ratio is 7.82; March price in China is 101230, LME price is 12986, and the ratio is 7.85. The equilibrium ratio for spot import is 7.85 with a profit of - 1074.42, and the profit for spot export is - 739.10 [1] - **Zinc**: Spot price in China is 24710, LME price is 3285, and the ratio is 7.52; March price in China is 24570, LME price is 3313, and the ratio is 5.08. The equilibrium ratio for spot import is 8.25 with a profit of - 2375.80 [1] - **Aluminum**: Spot price in China is 25120, LME price is 3355, and the ratio is 7.49; March price in China is 24890, LME price is 3358, and the ratio is 7.55. The equilibrium ratio for spot import is 8.31 with a profit of - 2750.22 [1] - **Nickel**: Spot price in China is 135200, LME price is 17079, and the ratio is 7.92. The equilibrium ratio for spot import is 7.99 with a profit of - 1303.61 [1] - **Lead**: Spot price in China is 16675, LME price is 1905, and the ratio is 8.73; March price in China is 16800, LME price is 1949, and the ratio is 12.73. The equilibrium ratio for spot import is 8.51 with a profit of 418.22 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are - 330, - 180, - 120, - 90 respectively, and the theoretical spreads are 609, 1116, 1632, 2148 respectively [3] - **Zinc**: The spreads between the next month, March, April, May and the spot month are 120, 170, 215, 235 respectively, and the theoretical spreads are 225, 356, 487, 618 respectively [3] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are 135, 210, 245, 290 respectively, and the theoretical spreads are 234, 370, 505, 641 respectively [3] - **Lead**: The spreads between the next month, March, April, May and the spot month are 20, 45, 80, 115 respectively, and the theoretical spreads are 209, 314, 418, 523 respectively [3] - **Nickel**: The spreads between the next month, March, April, May and the spot month are - 960, - 460, - 280, - 90 respectively [3] - **Tin**: The spread between the 5 - month and 1 - month is - 520, and the theoretical spread is 8032 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract, next - month contract and the spot are - 35, - 365 respectively, and the theoretical spreads are 247, 758 respectively [3] - **Zinc**: The spreads between the current - month contract, next - month contract and the spot are - 310, - 190 respectively, and the theoretical spreads are 86, 229 (also mentioned with theoretical spreads of 56, 224) [3] - **Lead**: The spreads between the current - month contract, next - month contract and the spot are 80, 100 respectively, and the theoretical spreads are 121, 233 respectively [3] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 4.12, 4.07, 6.03, 1.01, 1.48, 0.68 respectively, and in London (three - continuous) are 4.00, 3.91, 6.65, 1.02, 1.70, 0.60 respectively [3]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 2, 2026 [1][3][4][5] Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: On March 2, 2026, the domestic spot price was 101970, LME spot price was 13409, with a ratio of 7.60; the domestic March price was 104290, LME March price was 13458, with a ratio of 7.64. The equilibrium ratio for spot import was 7.79, with a loss of 1481.33, and a profit of 1133.20 for spot export [1] - **Zinc**: The domestic spot price was 24460, LME spot price was 3363, with a ratio of 7.27; the domestic March price was 24770, LME March price was 3382, with a ratio of 4.96. The equilibrium ratio for spot import was 8.18, with a loss of 3047.43 [1] - **Aluminum**: The domestic spot price was 23410, LME spot price was 3153; the domestic March price was 23925, LME March price was 3165, with a ratio of 7.48. The equilibrium ratio for spot import was 8.23 [1] - **Nickel**: The domestic spot price was 137600, LME spot price was 17812, with a ratio of 7.73. The equilibrium ratio for spot import was 7.93, with a loss of 1114.73 [1] - **Lead**: The domestic spot price was 16575, LME spot price was 1942, with a ratio of 8.54; the domestic March price was 16855, LME March price was 1987, with a ratio of 12.36. The equilibrium ratio for spot import was 8.44, with a profit of 186.96 [3] Cross - period Arbitrage Tracking - **Copper**: On March 2, 2026, the spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 1660, 2030, 2090, 2180 respectively, and the theoretical spreads were 613, 1125, 1645, 2165 respectively [4] - **Zinc**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 185, 245, 275, 300 respectively, and the theoretical spreads were 226, 357, 489, 621 respectively [4] - **Aluminum**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 135, 225, 280, 340 respectively, and the theoretical spreads were 230, 360, 491, 621 respectively [4] - **Lead**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 95, 110, 160, 190 respectively, and the theoretical spreads were 209, 313, 418, 523 respectively [4] - **Nickel**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 900, 1480, 1520, 1430 respectively [4] - **Tin**: The 5 - 1 spread was 2680, and the theoretical spread was 9202 [4] Spot - futures Arbitrage Tracking - **Copper**: The spreads for当月合约 - 现货 and 次月合约 - 现货 were 310 and 1970 respectively, and the theoretical spreads were 451 and 1256 respectively [4] - **Zinc**: The spreads for当月合约 - 现货 and 次月合约 - 现货 were 65 and 250 respectively, and the theoretical spreads were 187 and 329 respectively [4][5] - **Lead**: The spreads for当月合约 - 现货 and 次月合约 - 现货 were 170 and 265 respectively, and the theoretical spreads were 164 and 275 respectively [5] Cross - variety Arbitrage Tracking - On March 2, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) were 4.21, 4.36, 6.19, 0.97, 1.42, 0.68 respectively, and for London (three - continuous) were 4.02, 4.25, 6.80, 0.95, 1.60, 0.59 respectively [5]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on February 26, 2026 [1][3][4] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 102060, LME price is 13212, with a ratio of 7.63; March price in China is 103150, LME price is 13289, ratio 7.70. Spot import equilibrium ratio is 7.80, with a loss of - 801.62, and spot export profit is 225.88 [1] - **Zinc**: Spot price in China is 24530, LME price is 3373, ratio 7.27; March price in China is 24770, LME price is 3403, ratio 4.92. Spot import equilibrium ratio is 8.18, with a loss of - 3053.40 [1] - **Aluminum**: Spot price in China is 23380, LME price is 3109, ratio 7.52; March price in China is 23920, LME price is 3129, ratio 7.56. Spot import equilibrium ratio is 8.22, with a loss of - 2186.60 [1] - **Nickel**: Spot price in China is 139500, LME price is 17891, ratio 7.80. Spot import equilibrium ratio is 7.93, with a loss of - 1310.69 [1] - **Lead**: Spot price in China is 16550, LME price is 1921, ratio 8.60; March price in China is 16750, LME price is 1968, ratio 12.49. Spot import equilibrium ratio is 8.44, with a profit of 302.61 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are 1680, 1940, 2110, 2210 respectively, and the theoretical spreads are 608, 1114, 1629, 2144 [4] - **Zinc**: The spreads between the next month, March, April, May and the spot month are 80, 140, 170, 160 respectively, and the theoretical spreads are 226, 358, 490, 623 [4] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are 385, 470, 525, 570 respectively, and the theoretical spreads are 228, 358, 487, 616 [4] - **Lead**: The spreads between the next month, March, April, May and the spot month are - 60, - 45, - 10, 10 respectively, and the theoretical spreads are 209, 314, 419, 524 [4] - **Nickel**: The spreads between the next month, March, April, May and the spot month are 4230, 4680, 4820, 4700 respectively [4] - **Tin**: The 5 - 1 spread is 820, and the theoretical spread is 8523 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract, next - month contract and the spot are - 785, 895 respectively, and the theoretical spreads are 323, 1131 [4] - **Zinc**: The spreads between the current - month contract, next - month contract and the spot are 100, 180 respectively, and the theoretical spreads are 187, 329 [4] - **Lead**: The spreads between the current - month contract, next - month contract and the spot are 245, 185 respectively, and the theoretical spreads are 182, 293 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 4.16, 4.31, 6.16, 0.97, 1.43, 0.68 respectively; in London (triple - continuous) are 3.93, 4.20, 6.69, 0.94, 1.59, 0.59 respectively [5]

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, inter - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, and lead on February 24, 2026 [1][3][4][5] Summary by Category Cross - Market Arbitrage Tracking - **Copper**: Spot price is 100275 in domestic and 12788 in LME, with a ratio of 7.80; March price is 100630 and 12895 respectively, ratio 7.82. Spot import equilibrium ratio is 7.83, profit - 565.83 [1] - **Zinc**: Spot price is 24340 domestically and 3322 in LME, ratio 7.33; March price is 24250 and 3353, ratio 4.97. Spot import equilibrium ratio is 8.23, profit - 3015.20 [1] - **Aluminum**: Spot price is 23160 domestically and 3028 in LME, ratio 7.65; March price is 23265 and 3063, ratio 7.62. Spot import equilibrium ratio is 8.29, profit - 1934.06 [1] - **Nickel**: Spot price is 133900 domestically and 17037 in LME, ratio 7.86. Spot import equilibrium ratio is 7.99, profit - 1190.59 [1] - **Lead**: Spot price is 16525 domestically and 1929 in LME, ratio 8.55; March price is 16700 and 1977, ratio 12.33. Spot import equilibrium ratio is 8.49, profit 114.28 [3] Inter - period Arbitrage Tracking - **Copper**: The spreads of next - month, March, April, and May relative to the spot month are 510, 760, 990, and 980 respectively, with theoretical spreads of 601, 1101, 1609, and 2117 [4] - **Zinc**: The spreads are 75, 130, 185, and 230, theoretical spreads 224, 353, 483, and 612 [4] - **Aluminum**: The spreads are 40, 110, 200, and 260, theoretical spreads 227, 355, 482, and 610 [4] - **Lead**: The spreads are 65, 70, 110, and 150, theoretical spreads 208, 312, 416, and 521 [4] - **Nickel**: The spreads are 1060, 1450, 1820, and 1870 [4] - **Tin**: The 5 - 1 spread is - 1740, theoretical spread 7569 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot are - 340 and 170, theoretical spreads 49 and 677 [4] - **Zinc**: The spreads are - 220 and - 145, theoretical spreads 54 and 195 (also mentioned 79 and 223) [4][5] - **Lead**: The spreads are 105 and 170, theoretical spreads 95 and 206 [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 4.15, 4.33, 6.03, 0.96, 1.39, and 0.69 respectively; in London (triple - continuous) are 3.86, 4.19, 6.57, 0.92, 1.57, and 0.59 [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 February 13, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 102025 domestically and 13124 on LME with a ratio of 7.74; March price is 102680 domestically and 13219 on LME with a ratio of 7.76. The equilibrium ratio for spot import is 7.83 and the profit is - 823.81; the profit for spot export is - 207.25 [1] - **Zinc**: Spot price is 24470 domestically and 3399 on LME with a ratio of 7.20; March price is 24670 domestically and 3428 on LME with a ratio of 4.88. The equilibrium ratio for spot import is 8.22 and the profit is - 3474.11 [1] - **Aluminum**: Spot price is 23350 domestically and 3095 on LME with a ratio of 7.55; March price is 23690 domestically and 3127 on LME with a ratio of 7.53. The equilibrium ratio for spot import is 8.28 and the profit is - 2263.87 [1] - **Nickel**: Spot price is 139150 domestically and 17710 on LME with a ratio of 7.86. The equilibrium ratio for spot import is 7.98 and the profit is - 1212.86 [1] - **Lead**: Spot price is 16600 domestically and 1941 on LME with a ratio of 8.54; March price is 16700 domestically and 1988 on LME with a ratio of 12.33. The equilibrium ratio for spot import is 8.49 and the profit is 101.54 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of next - month, March, April, and May relative to the spot month are 590, 940, 1170, and 1230 respectively, while the theoretical spreads are 611, 1119, 1637, and 2155 [4] - **Zinc**: The spreads of next - month, March, April, and May relative to the spot month are 115, 135, 185, and 190 respectively, while the theoretical spreads are 226, 357, 489, and 621 [4] - **Aluminum**: The spreads of next - month, March, April, and May relative to the spot month are 25, 105, 160, and 220 respectively, while the theoretical spreads are 229, 359, 489, and 619 [4] - **Lead**: The spreads of next - month, March, April, and May relative to the spot month are 45, 50, 90, and 135 respectively, while the theoretical spreads are 208, 313, 417, and 521 [4] - **Nickel**: The spreads of next - month, March, April, and May relative to the spot month are 1020, 1240, 1570, and 1590 respectively [4] - **Tin**: The spread of 5 - 1 is - 650, and the theoretical spread is 8044 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot are - 290 and 300 respectively, while the theoretical spreads are 87 and 735 [4] - **Zinc**: The spreads of the current - month and next - month contracts relative to the spot are 65 and 180 respectively, and the theoretical spreads are 106, 248 (also 119, 261) [4][5] - **Lead**: The spreads of the current - month and next - month contracts relative to the spot are 50 and 95 respectively, while the theoretical spreads are 91 and 202 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 4.16, 4.33, 6.15, 0.96, 1.42, and 0.68 respectively; in London (three - continuous) are 3.82, 4.15, 6.51, 0.92, 1.57, and 0.59 respectively [5]