Report Industry Investment Rating - Not provided Core Viewpoints - The report provides detailed tracking information on various types of arbitrage in the non - ferrous metals market including copper, zinc, aluminum, nickel, lead, and tin on February 11, 2026, such as cross - market, cross - period, and cross - variety arbitrage [1][4][8] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On February 11, 2026, the domestic spot price was 101650, LME price was 13000 with a ratio of 7.80; the three - month domestic price was 101830, LME price was 13076 with a ratio of 7.82. The equilibrium ratio for spot import was 7.85, with a profit of - 1117.87, and a spot export profit of - 615.43 [1] - **Zinc**: The domestic spot price was 24440, LME price was 3347 with a ratio of 7.30; the three - month domestic price was 24505, LME price was 3367 with a ratio of 4.96. The equilibrium ratio for spot import was 8.24, with a profit of - 3144.42 [1] - **Aluminum**: The domestic spot price was 23290, LME price was 3072 with a ratio of 7.58; the three - month domestic price was 23600, LME price was 3106 with a ratio of 7.59. The equilibrium ratio for spot import was 8.31, with a profit of - 2253.18 [1] - **Nickel**: The domestic spot price was 132850, LME price was 17028 with a ratio of 7.80. The equilibrium ratio for spot import was 8.00, with a profit of - 3010.73 [1] - **Lead**: The domestic spot price was 16525, LME price was 1919 with a ratio of 8.61; the three - month domestic price was 16690, LME price was 1970 with a ratio of 12.43. The equilibrium ratio for spot import was 8.51, with a profit of 200.93 [3] Cross - Period Arbitrage Tracking - **Copper**: On February 11, 2026, the spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were 60, 330, 520, 560 respectively, while the theoretical spreads were 610, 1117, 1634, 2150 [4] - **Zinc**: The spreads were - 95, - 45, - 20, - 15 respectively, and the theoretical spreads were 226, 358, 489, 621 [4] - **Aluminum**: The spreads were 60, 145, 205, 260 respectively, and the theoretical spreads were 228, 358, 487, 616 [4] - **Lead**: The spreads were 120, 145, 205, 255 respectively, and the theoretical spreads were 208, 311, 415, 519 [4] - **Nickel**: The spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were - 1360, - 1130, - 810, - 700 [4] - **Tin**: The spread between the 5 - month and 1 - month was - 1690, and the theoretical spread was 7881 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract and spot, next - month contract and spot were - 215, - 155 respectively, and the theoretical spreads were 143, 712 [4] - **Zinc**: The spreads were 110, 15 respectively, and the theoretical spreads were 92, 233 [4] - **Lead**: The spreads were 20, 140 respectively, and the theoretical spreads were 94, 204 [5] Cross - Variety Arbitrage Tracking - On February 11, 2026, for the cross - variety arbitrage of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc, the Shanghai (three - continuous) ratios were 4.16, 4.31, 6.10, 0.96, 1.41, 0.68 respectively, and the London (three - continuous) ratios were 3.86, 4.24, 6.64, 0.91, 1.57, 0.58 [8]

Report Industry Investment Rating No relevant information provided. Core View of the Report The report presents the daily arbitrage data of various futures varieties on February 9, 2026, including the basis, inter - period spreads, and inter - variety spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. Summary by Directory 1. Power Coal - **Basis and Inter - period Spreads**: The basis and inter - period spreads (5 - 1 month, 9 - 5 month, 9 - 1 month) of power coal from February 2 to February 6, 2026, are presented. For example, on February 6, 2026, the basis was - 106 yuan/ton [2]. 2. Energy Chemicals (1) Energy Commodities - **Basis and Ratios**: The basis and ratios (such as crude oil/bitumen) of fuel oil, INE crude oil, etc. from February 2 to February 6, 2026, are provided. For instance, on February 6, 2026, the basis of INE crude oil was 7.63 yuan/ton [7]. (2) Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, PVC, and PP from February 2 to February 6, 2026, is given. For example, on February 6, 2026, the basis of rubber was - 80 yuan/ton [9]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 month spread of rubber was - 535 yuan/ton [10]. - **Inter - variety Spreads**: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the LLDPE - PVC spread was 1776 yuan/ton [10]. 3. Black Metals - **Basis**: The basis of螺纹钢, iron ore, coke, and coking coal from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of螺纹钢 was 133.0 yuan/ton [21]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of螺纹钢, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month spread of螺纹钢 was - 80 yuan/ton [20]. - **Inter - variety Spreads**: The inter - variety spreads (螺/矿, 螺/焦炭, 焦炭/焦煤, 螺 - 热卷) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the 螺/矿 ratio was 4.04 [20]. 4. Non - ferrous Metals (1) Domestic Market - **Basis**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from February 2 to February 6, 2026, is given. For example, on February 6, 2026, the basis of copper was - 270 yuan/ton [29]. (2) London Market - **LME Spreads, Ratios, and Import Profits/Losses**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profits/losses of copper, aluminum, zinc, lead, nickel, and tin on February 6, 2026, are presented. For example, the LME spread of copper was (70.95) [35]. 5. Agricultural Products - **Basis**: The basis of soybeans (bean one, bean two), soybean meal, soybean oil, corn, etc. from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of bean one was - 218 yuan/ton [39]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - 1 month spread of soybeans was - 43 yuan/ton [39]. - **Inter - variety Spreads**: The inter - variety spreads (soybean one/corn, soybean two/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the soybean one/corn ratio was 1.93 [39]. 6. Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of CSI 300 was 4.70 [51]. - **Inter - period Spreads**: The inter - period spreads (next month - current month, 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 - 50.8 [51].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The supply and demand of polyolefins remain in a loose pattern, and the polyolefin market continues to be weak. For PE, post - holiday inventory accumulation, weakened cost support from falling crude oil, and new device production increases drive the price down. For PP, it is mainly dragged down by the weakening of crude oil and propane prices. The overall supply - demand situation is loose, and the cost support is weak [1][2][3]. - Suggested strategies include cautious short - selling hedging for both L and PP in the single - side trading; L01 - L05 and PP01 - PP05 reverse spreads in the inter - period trading; and narrowing the spread of PP01 - 3MA01 when it is high in the inter - variety trading [4]. Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 6918 yuan/ton (-65), and the closing price of the PP main contract is 6602 yuan/ton (-91). The LL North China spot price is 6970 yuan/ton (-30), the LL East China spot price is 7000 yuan/ton (-80), and the PP East China spot price is 6640 yuan/ton (-30). The LL North China basis is 52 yuan/ton (+35), the LL East China basis is 82 yuan/ton (-15), and the PP East China basis is 38 yuan/ton (+61) [1]. 2. Production Profit and Operating Rate - PE operating rate is 83.9% (+1.9%), and PP operating rate is 77.7% (+1.1%). PE oil - based production profit is 461.2 yuan/ton (-81.6), PP oil - based production profit is -188.8 yuan/ton (-81.6), and PDH - based PP production profit is 110.3 yuan/ton (+209.4) [1]. 3. Non - standard Price Difference of Polyolefins No specific data analysis provided in the given text. 4. Import and Export Profits of Polyolefins - LL import profit is -28.2 yuan/ton (-39.0), PP import profit is -524.0 yuan/ton (+23.8), and PP export profit is 19.9 US dollars/ton (+2.3) [1]. 5. Downstream Operating Rate and Downstream Profits of Polyolefins - PE downstream agricultural film operating rate is 35.6% (+2.8%), PE downstream packaging film operating rate is 52.9% (+0.5%), PP downstream plastic weaving operating rate is 44.3% (+0.4%), and PP downstream BOPP film operating rate is 60.7% (+0.5%) [1]. 6. Polyolefin Inventory - For PE, post - holiday inventory of major plastic producers has accumulated significantly. For PP, there is an expectation of inventory digestion after the holiday, and traders are actively selling at discounted prices [2][3].