1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - 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 January 8, 2026 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On January 8, 2026, the domestic spot price was 103400, the LME spot price was 13135, and the spot ratio was 7.99. The domestic three - month price was 103600, the LME three - month price was 13121, and the three - month ratio was 7.91. The equilibrium ratio for spot import was 7.94, with a profit of - 1162.96, and the profit for spot export was 30.61 [1] - **Zinc**: The domestic spot price was 24300, the LME spot price was 3196, and the spot ratio was 7.60. The domestic three - month price was 24370, the LME three - month price was 3242, and the three - month ratio was 5.46. The equilibrium ratio for spot import was 8.35 [1] - **Aluminum**: The domestic spot price was 24140, the LME spot price was 3100, and the spot ratio was 7.79. The domestic three - month price was 24410, the LME three - month price was 3118, and the three - month ratio was 7.81 [1] - **Nickel**: The domestic spot price was 148450, the LME spot price was 18331, and the spot ratio was 8.10. The profit for spot import was 184.80 [1] - **Lead**: The domestic spot price was 17575, the LME spot price was 2037, and the spot ratio was 8.58. The domestic three - month price was 17845, the LME three - month price was 2080, and the three - month ratio was 11.63 [3] Cross - Period Arbitrage Tracking - **Copper**: On January 8, 2026, the spreads for the next month, three - month, four - month, and five - month relative to the spot month were - 1920, - 1730, - 1650, and - 1640 respectively, while the theoretical spreads were 629, 1155, 1691, and 2227 [4] - **Zinc**: The spreads were 55, 95, 140, and 150, and the theoretical spreads were 224, 355, 485, and 616 [4] - **Aluminum**: The spreads were 75, 125, 175, and 220, and the theoretical spreads were 232, 366, 499, and 633 [4] - **Lead**: The spreads were 340, 355, 375, and 400, and the theoretical spreads were 212, 321, 429, and 538 [4] - **Nickel**: The spreads were 8310, 8840, 9030, and 9450 [4] - **Tin**: The 5 - 1 spread was 1800, and the theoretical spread was 7346 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 1960 and 40, and the theoretical spreads were 505 and 796 [4][5] - **Zinc**: The spreads were - 25 and 30, and the theoretical spreads were 108 and 248 (in doc 4) and 130 and 284 (in doc 5) - **Lead**: The spreads were - 85 and 255, and the theoretical spreads were 91 and 208 [5] Cross - Variety Arbitrage Tracking - On January 8, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - consecutive contracts) were 4.25, 4.24, 5.81, 1.00, 1.37, and 0.73 respectively, and for LME (three - consecutive contracts) were 4.07, 4.18, 6.26, 0.98, 1.50, and 0.65 [5]

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, lead, nickel, and tin on June 18, 2025 [1][3][4] Summary by Related Categories Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,700 in China and 9,823 in LME with a ratio of 8.04; March price is 78,200 in China and 9,700 in LME with a ratio of 8.09. Spot import equilibrium ratio is 8.17 with a profit of - 1307.92, and spot export profit is 1072.03 [1] - **Zinc**: Spot price is 22,040 in China and 2,626 in LME with a ratio of 8.39; March price is 21,540 in China and 2,654 in LME with a ratio of 6.36. Spot import equilibrium ratio is 8.70 with a profit of - 797.78 [1] - **Aluminum**: Spot price is 20,620 in China and 2,517 in LME with a ratio of 8.19; March price is 20,165 in China and 2,514 in LME with a ratio of 8.12. Spot import equilibrium ratio is 8.61 with a profit of - 1063.18 [1] - **Nickel**: Spot price is 120,000 in China and 14,771 in LME with a ratio of 8.12. Spot import equilibrium ratio is 8.27 with a profit of - 3535.05 [1] - **Lead**: Spot price is 16,700 in China and 1,967 in LME with a ratio of 8.50; March price is 16,875 in China and 2,001 in LME with a ratio of 10.91. Spot import equilibrium ratio is 8.90 with a profit of - 793.18 [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 - 330, - 510, - 780, - 950 respectively, and theoretical spreads are 496, 889, 1292, 1694 respectively [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 - 425, - 560, - 655, - 725 respectively, and theoretical spreads are 214, 333, 453, 572 respectively [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 - 425, - 545, - 645, - 725 respectively, and theoretical spreads are 215, 330, 446, 561 respectively [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 - 50, - 55, - 55, - 55 respectively, and theoretical spreads are 210, 315, 421, 527 respectively [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 - 660, - 470, - 330, - 170 respectively [4] - **Tin**: The 5 - 1 spread is - 780 with a theoretical spread of 5460 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 25 and - 305 respectively, and theoretical spreads are 475 and 862 respectively [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 60 and - 365 respectively, and theoretical spreads are 132 and 260 (also 199 and 261) respectively [4][5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 230 and 180 respectively, and theoretical spreads are 210 and 322 respectively [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.63, 3.88, 4.63, 0.94, 1.19, 0.78 in Shanghai (three - continuous) and 3.66, 3.79, 4.89, 0.97, 1.29, 0.75 in London (three - continuous) [5]