Report Industry Investment Rating - Not provided Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on April 1, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On April 1, 2026, the domestic spot price was 95540, LME price was 12131, and the ratio was 7.87; the three - month domestic price was 95330, LME price was 12210, and the ratio was 7.83. The equilibrium ratio for spot import was 7.86, with a profit of - 92.99 [1] - **Zinc**: The domestic spot price was 23420, LME price was 3175, and the ratio was 7.83; the three - month domestic price was 23530, LME price was 3182, and the ratio was 5.18. The equilibrium ratio for spot import was 8.25, with a profit of - 2788.51 [1] - **Aluminum**: The domestic spot price was 24610, LME price was 3529, and the ratio was 6.97; the three - month domestic price was 24915, LME price was 3475, and the ratio was 7.13. The equilibrium ratio for spot import was 8.35, with a profit of - 4874.63 [1] - **Nickel**: The domestic spot price was 134700, LME price was 16966, and the ratio was 7.94. The equilibrium ratio for spot import was 7.99, with a profit of - 925.00 [1] - **Lead**: The domestic spot price was 16400, LME price was 1882, and the ratio was 8.69; the three - month domestic price was 16495, LME price was 1913, and the ratio was 12.31. The equilibrium ratio for spot import was 8.52, with a profit of 317.35 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 360, - 370, - 350, and - 370 respectively, while the theoretical spreads were 581, 1059, 1547, and 2034 [4] - **Zinc**: The spreads were 0, 50, 55, and 45 respectively, and the theoretical spreads were 220, 347, 473, and 600 [4] - **Aluminum**: The spreads were 235, 275, 305, and 295 respectively, and the theoretical spreads were 234, 369, 505, and 640 [4] - **Lead**: The spreads were 35, 30, 55, and 30 respectively, and the theoretical spreads were 207, 311, 414, and 517 [4] - **Nickel**: The spreads were - 1760, - 1460, - 1170, and - 820 respectively [4] - **Tin**: The 5 - 1 spread was - 2600, and the theoretical spread was 7602 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 110 and - 250 respectively, and the theoretical spreads were 340 and 814 [4] - **Zinc**: The spreads were 60 and 60 respectively, and the theoretical spreads were 138 and 274 [4] - **Lead**: The spreads were 65 and 100 respectively, and the theoretical spreads were 133 and 243 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 4.05, 3.83, 5.78, 1.06, 1.51, and 0.70 respectively; for London (three - continuous) were 3.82, 3.56, 6.48, 1.07, 1.82, and 0.59 respectively [5]

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 - No information provided 2. 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 26, 2026, which can help investors find potential arbitrage opportunities [1][3][4] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: The spot price in China is 95,610, LME price is 12,158, with a spot ratio of 7.73; the March price in China is 95,610, LME price is 12,229, with a ratio of 7.83. The equilibrium ratio for spot import is 7.85, and the profit is - 81.97 [1] - **Zinc**: The spot price in China is 22,920, LME price is 3,058, with a spot ratio of 7.50; the March price in China is 22,945, LME price is 3,058, with a ratio of 5.39. The equilibrium ratio for spot import is 8.26, and the profit is - 2,327.04 [1] - **Aluminum**: The spot price in China is 23,760, LME price is 3,284, with a spot ratio of 7.23; the March price in China is 23,920, LME price is 3,235, with a ratio of 7.40. The equilibrium ratio for spot import is 8.38, and the profit is - 3,776.15 [1] - **Nickel**: The spot price in China is 134,450, LME price is 17,040, with a spot ratio of 7.89. The equilibrium ratio for spot import is 7.98, and the profit is - 223.68 [1] - **Lead**: The spot price in China is 16,375, LME price is 1,901, with a spot ratio of 8.59; the March price in China is 16,500, LME price is 1,901, with a ratio of 12.10. The equilibrium ratio for spot import is 8.50, and the profit is 160.51 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot month are 1,480, 1,500, 1,540, and 1,450 respectively, while the theoretical spreads are 573, 1,043, 1,523, and 2,002 [4] - **Zinc**: The spreads between the next - month, March, April, and May contracts and the spot month are - 5, 5, 35, and 30 respectively, while the theoretical spreads are 218, 341, 465, and 589 [4] - **Aluminum**: The spreads between the next - month, March, April, and May contracts and the spot month are 280, 340, 385, and 405 respectively, while the theoretical spreads are 229, 359, 489, and 619 [4] - **Lead**: The spreads between the next - month, March, April, and May contracts and the spot month are 85, 90, 120, and 105 respectively, while the theoretical spreads are 207, 310, 413, and 516 [4] - **Nickel**: The spreads between the next - month, March, April, and May contracts and the spot month are 2,930, 3,120, 3,350, and 3,490 respectively [4] - **Tin**: The spread between the 5 - 1 contracts is - 4,620, and the theoretical spread is 7,346 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1,465 and 15 respectively, while the theoretical spreads are 204 and 947 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 20 and 15 respectively, while the theoretical spreads are 157 and 290 [4] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 35 and 120 respectively, while the theoretical spreads are 151 and 261 [5] 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 4.17, 4.00, 5.79, 1.04, 1.45, and 0.72 respectively; for LME (three - continuous) are 4.00, 3.80, 6.45, 1.05, 1.70, and 0.62 respectively [5]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, and lead on March 23, 2026, including domestic and LME prices, price ratios, equilibrium price ratios, and profit/loss data [1][3][4] 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On March 23, 2026, the domestic spot price was 95790, LME spot price was 12057, with a ratio of 7.82; the domestic three - month price was 94710, LME three - month price was 12152, with a ratio of 7.88. The equilibrium ratio for spot import was 7.84, with a profit of 149.23, and a loss of - 1379.27 for spot export [1] - **Zinc**: The domestic spot price was 22900, LME spot price was 3062, with a ratio of 7.48; the domestic three - month price was 22950, LME three - month price was 3087, with a ratio of 5.31. The equilibrium ratio for spot import was 8.26, with a loss of - 2399.15 [1] - **Aluminum**: The domestic spot price was 24070, LME spot price was 3294, with a ratio of 7.31; the domestic three - month price was 24075, LME three - month price was 3256, with a ratio of 7.46. The equilibrium ratio for spot import was 8.34, with a loss of - 3405.67 [1] - **Nickel**: The domestic spot price was 133850, LME spot price was 16738, with a ratio of 8.00. The equilibrium ratio for spot import was 7.99, with a loss of - 683.23 [1] - **Lead**: The domestic spot price was 16150, LME spot price was 1842, with a ratio of 8.84; the domestic three - month price was 16335, LME three - month price was 1882, with a ratio of 12.23. The equilibrium ratio for spot import was 8.53, with a profit of 570.92 [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 310, 280, 390, and 340 respectively, while the theoretical spreads were 574, 1046, 1527, and 2009 [4] - **Zinc**: The spreads were 245, 260, 280, and 275, and the theoretical spreads were 216, 339, 461, and 584 [4] - **Aluminum**: The spreads were - 110, - 55, - 45, and - 15, and the theoretical spreads were 232, 364, 497, and 630 [4] - **Lead**: The spreads were - 110, - 65, - 40, and 15, and the theoretical spreads were 207, 310, 413, and 516 [4] - **Nickel**: The spreads were 1940, 2110, 2370, and 2720 [4] - **Tin**: The 5 - 1 spread was - 2860, and the theoretical spread was 7101 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 1375 and - 1065, and the theoretical spreads were 313 and 886 [4] - **Zinc**: The spreads were - 210 and 35, and the theoretical spreads were 198 and 325 [4][5] - **Lead**: The spreads were 250 and 140, and the theoretical spreads were 199 and 308 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 4.13, 3.93, 5.80, 1.05, 1.47, and 0.71 respectively; for London (three - continuous), they were 3.89, 3.71, 6.29, 1.05, 1.70, and 0.62 [5]

Report Industry Investment Rating - Not provided Core View - The report presents the latest data on cross - market, cross - period, spot - futures, and cross - variety arbitrage for有色金属 (non - ferrous metals) including copper, zinc, aluminum, nickel, and lead on March 19, 2026 [1][4] Summary by Directory Cross - Market Arbitrage - **Copper**: The domestic spot price is 98,960, the LME price is 12,601, and the spot import balance ratio is 7.82 with a profit of - 140.18; the three - month domestic price is 98,620, the LME price is 12,709, and the ratio is 7.80 [1] - **Zinc**: The domestic spot price is 23,220, the LME price is 3,172, and the spot import balance ratio is 8.23 with a profit of - 2,887.41; the three - month domestic price is 23,385, the LME price is 3,214, and the ratio is 5.21 [1] - **Aluminum**: The domestic spot price is 24,510, the LME price is 3,397, and the spot import balance ratio is 8.29 with a profit of - 3,652.55; the three - month domestic price is 24,835, the LME price is 3,365, and the ratio is 7.37 [1] - **Nickel**: The domestic spot price is 133,900, the LME price is 17,024, and the spot import balance ratio is 7.97 with a profit of - 852.43 [1] - **Lead**: The domestic spot price is 16,525, the LME price is 1,888, and the spot import balance ratio is 8.49 with a profit of 511.66; the three - month domestic price is 16,685, the LME price is 1,932, and the ratio is 12.06 [3] Cross - Period Arbitrage - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month are - 730, - 720, - 630, and - 620 respectively, while the theoretical spreads are 599, 1095, 1601, and 2107 [4] - **Zinc**: The spreads are - 355, - 315, - 295, and - 285 respectively, and the theoretical spreads are 222, 349, 477, and 604 [4] - **Aluminum**: The spreads are - 105, - 70, - 25, and 20 respectively, and the theoretical spreads are 236, 372, 509, and 645 [4] - **Lead**: The spreads are 50, 85, 100, and 125 respectively, and the theoretical spreads are 208, 312, 416, and 520 [4] - **Nickel**: The spreads are - 360, - 50, 50, and 290 respectively [4] - **Tin**: The 5 - 1 spread is - 3910, and the theoretical spread is 7674 [4] Spot - Futures Arbitrage - **Copper**: The spreads between the current - month and next - month contracts and the spot are 360 and - 370 respectively, and the theoretical spreads are 618 and 1057 [4] - **Zinc**: The spreads are 480 and 125 respectively, and the theoretical spreads are 205 and 340 [4] - **Lead**: The spreads are 75 and 125 respectively, and the theoretical spreads are 183 and 294 [5] Cross - Variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 4.22, 3.97, 5.91, 1.06, 1.49, and 0.71 respectively; in London (three - continuous contracts) are 3.96, 3.65, 6.48, 1.09, 1.78, and 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 Industry Investment Rating - Not provided Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various有色金属 (non - ferrous metals) including copper, zinc, aluminum, nickel, lead, and tin on March 16, 2026 [1] Summary by Relevant Categories Cross - market Arbitrage Tracking - Copper: Spot domestic price is 100460, LME price is 12775, and the ratio is 7.88; March domestic price is 100450, LME price is 12878, and the ratio is 7.81. Spot import equilibrium ratio is 7.84 with a profit of - 483.60, and spot export profit is - 787.11 [1] - Zinc: Spot domestic price is 24080, LME price is 3248, and the ratio is 7.41; March domestic price is 24185, LME price is 3291, and the ratio is 5.03. Spot import equilibrium ratio is 8.24 with a profit of - 2684.89 [1] - Aluminum: Spot domestic price is 25120, LME price is 3504, and the ratio is 7.17; March domestic price is 25070, LME price is 3473, and the ratio is 7.28. Spot import equilibrium ratio is 8.26 with a profit of - 3840.24 [1] - Nickel: Spot domestic price is 136200, LME price is 17216, and the ratio is 7.91. Spot import equilibrium ratio is 7.98 with a profit of - 1234.50 [1] - Lead: Spot domestic price is 16400, LME price is 1885, and the ratio is 8.71; March domestic price is 16605, LME price is 1933, and the ratio is 12.52. Spot import equilibrium ratio is 8.51 with a profit of 371.48 [1][3] Cross - period Arbitrage Tracking - Copper: The spreads of next - month, March, April, and May relative to the spot month are - 430, - 290, - 160, - 160 respectively, and the theoretical spreads are 606, 1109, 1622, 2135 respectively [4] - Zinc: The spreads of next - month, March, April, and May relative to the spot month are - 90, - 45, 5, - 10 respectively, and the theoretical spreads are 224, 354, 484, 615 respectively [4] - Aluminum: The spreads of next - month, March, April, and May relative to the spot month are - 235, - 125, - 55, - 40 respectively, and the theoretical spreads are 237, 375, 513, 651 respectively [4] - Lead: The spreads of next - month, March, April, and May relative to the spot month are 25, 75, 130, 170 respectively, and the theoretical spreads are 208, 311, 415, 519 respectively [4] - Nickel: The spreads of next - month, March, April, and May relative to the spot month are - 620, - 180, 150, 250 respectively [4] - Tin: The 5 - 1 spread is - 5550, and the theoretical spread is 7790 [4] Spot - futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot are 240 and - 190 respectively, and the theoretical spreads are 149 and 640 respectively [4] - Zinc: The spreads of the current - month and next - month contracts relative to the spot are 150 and 60 respectively, and the theoretical spreads are 84 and 223 respectively [4][5] - Lead: The spreads of the current - month and next - month contracts relative to the spot are 130 and 155 respectively, and the theoretical spreads are 99 and 209 respectively [5] Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - consecutive contracts) are 4.15, 4.01, 6.05, 1.04, 1.51, 0.69 respectively, and for London (three - consecutive contracts) are 3.88, 3.72, 6.70, 1.04, 1.80, 0.58 respectively [5]

Report Industry Investment Rating - Not provided Core View - The report presents the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 5, 2026 [1][3][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On March 5, 2026, the domestic spot price was 101490, LME spot price was 13011, with a ratio of 7.81; the domestic March price was 101910, LME March price was 13030, with a ratio of 7.86. The equilibrium ratio for spot import was 7.83, and the profit was - 821.76; the profit for spot export was - 770.28 [1] - **Zinc**: The domestic spot price was 24490, LME spot price was 3270, with a ratio of 7.49; the domestic March price was 24540, LME March price was 3287, with a ratio of 5.11. The equilibrium ratio for spot import was 8.23, and the profit was - 2420.99 [1] - **Aluminum**: The domestic spot price was 24390, LME spot price was 3305, with a ratio of 7.38; the domestic March price was 24865, LME March price was 3303, with a ratio of 7.46. The equilibrium ratio for spot import was 8.26, and the profit was - 2912.81 [1] - **Nickel**: The domestic spot price was 135600, LME spot price was 17121, with a ratio of 7.92. The equilibrium ratio for spot import was 7.98, and the profit was - 105.23 [1] - **Lead**: The domestic spot price was 16625, LME spot price was 1896, with a ratio of 8.74; the domestic March price was 16840, LME March price was 1945, with a ratio of 12.63. The equilibrium ratio for spot import was 8.49, and the profit was 470.87 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were - 220, 30, 120, 100 respectively, and the theoretical spreads were 611, 1121, 1639, 2158 respectively [4] - **Zinc**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 140, 200, 245, 230 respectively, and the theoretical spreads were 225, 355, 486, 617 respectively [4] - **Aluminum**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 980, 1050, 1085, 1125 respectively, and the theoretical spreads were 230, 361, 492, 623 respectively [4] - **Lead**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 10, 10, 35, 40 respectively, and the theoretical spreads were 209, 314, 419, 525 respectively [4] - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 2270, 2800, 3010, 3250 respectively [4] - **Tin**: The 5 - 1 spread was - 3850, and the theoretical spread was 8296 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of当月合约 - 现货 and 次月合约 - 现货 were 425 and 205 respectively, and the theoretical spreads were 334 and 861 respectively [4] - **Zinc**: The spreads of当月合约 - 现货 and 次月合约 - 现货 were - 150 and - 10 respectively, and the theoretical spreads were 116 and 258 respectively [4] - **Lead**: The spreads of当月合约 - 现货 and 次月合约 - 现货 were 205 and 215 respectively, and the theoretical spreads were 143 and 254 respectively [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) were 4.15, 4.10, 6.05, 1.01, 1.48, 0.69 respectively; in London (three - continuous) were 3.93, 3.91, 6.65, 1.01, 1.70, 0.59 respectively [5]

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, and lead on March 4, 2026 [1][3][4][5] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 101,860, LME price is 13,101, and the ratio is 7.87; March domestic price is 102,340, LME price is 13,145, and the ratio is 7.80. The equilibrium ratio for spot import is 7.86, with a profit of - 1476.86, and a spot export profit of - 55.12 [1] - **Zinc**: Spot domestic price is 24,390, LME price is 3,279, and the ratio is 7.44; March domestic price is 24,430, LME price is 3,299, and the ratio is 5.12. The equilibrium ratio for spot import is 8.25, with a profit of - 2678.48 [1] - **Aluminum**: Spot domestic price is 23,950, LME price is 3,186, and the ratio is 7.51; March domestic price is 23,990, LME price is 3,182, and the ratio is 7.66. The equilibrium ratio for spot import is 8.29, with a profit of - 2471.36 [1] - **Nickel**: Spot domestic price is 133,700, LME price is 17,022, and the ratio is 7.85. The equilibrium ratio for spot import is 8.00, with a profit of - 206.52 [1] - **Lead**: Spot domestic price is 16,650, LME price is 1,916, and the ratio is 8.68; March domestic price is 16,855, LME price is 1,965, and the ratio is 12.51. The equilibrium ratio for spot import is 8.51, with a profit of 314.52 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 1400, - 1160, - 1110, and - 880 respectively, while the theoretical spreads are 620, 1137, 1664, and 2190 [4] - **Zinc**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 410, - 350, - 310, and - 315 respectively, while the theoretical spreads are 227, 360, 493, and 626 [4] - **Aluminum**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 465, - 380, - 330, and - 280 respectively, while the theoretical spreads are 233, 367, 501, and 634 [4] - **Lead**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 5, 10, 25, and 95 respectively, while the theoretical spreads are 209, 314, 420, and 525 [4] - **Nickel**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 4880, - 4480, - 4330, and - 4170 [4] - **Tin**: The spread between the 5 - 1 contracts is - 3790, and the theoretical spread is 8148 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are 1815 and 415 respectively, while the theoretical spreads are 535 and 893 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 390 and - 20 respectively, while the theoretical spreads are 189 and 263 [4][5] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 195 and 190 respectively, while the theoretical spreads are 145 and 257 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) are 4.19, 4.27, 6.07, 0.98, 1.42, and 0.69 respectively; for London (triple - continuous) are 3.96, 3.98, 6.69, 0.99, 1.68, and 0.59 respectively [5]

Report Industry Investment Rating - Not provided Core View - 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 February 27, 2026 [1][3][4][5] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 101830, LME price is 13256, with a ratio of 7.70; March price in China is 102930, LME price is 13326, ratio 7.70. Spot import equilibrium ratio is 7.78, profit is - 786.94; spot export profit is 68.84 [1] - **Zinc**: Spot price in China is 24460, LME price is 3366, ratio 7.27; March price in China is 24625, LME price is 3383, ratio 4.95. Spot import equilibrium ratio is 8.16, profit is - 2999.77 [1] - **Aluminum**: Spot price in China is 23490, LME price is 3151; March price in China is 23920, LME price is 3164, ratio 7.52. Spot import equilibrium ratio is 8.20 [1] - **Nickel**: Spot price in China is 138000, LME price is 17805, ratio 7.75. Spot import equilibrium ratio is 7.91, profit is 31.99 [1] - **Lead**: Spot price in China is 16575, LME price is 1944, ratio 8.51; March price in China is 16800, LME price is 1990, ratio 12.34. Spot import equilibrium ratio is 8.42, profit is 182.48 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 210, 470, 530, and 580 respectively, while the theoretical spreads are 614, 1127, 1648, and 2169 [4] - **Zinc**: The spreads are - 75, - 20, 30, and 20 respectively, and the theoretical spreads are 226, 358, 491, and 623 [4] - **Aluminum**: The spreads are 105, 180, 235, and 280 respectively, and the theoretical spreads are 230, 360, 491, and 622 [4] - **Lead**: The spreads are 105, 110, 140, and 140 respectively, and the theoretical spreads are 208, 313, 417, and 522 [4] - **Nickel**: The spreads are - 710, - 210, - 220, and - 250 respectively [4] - **Tin**: The spread between the 5 - month and 1 - month contracts is 4190, and the theoretical spread is 8418 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are 710 and 920 respectively, and the theoretical spreads are 519 and 1112 [4] - **Zinc**: The spreads are 185 and 110 respectively, and the theoretical spreads are 172 and 313 (or 195 and 350 in another record) [4][5] - **Lead**: The spreads are 115 and 220 respectively, and the theoretical spreads are 159 and 270 [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 contracts) are 4.18, 4.30, 6.13, 0.97, 1.42, and 0.68 respectively; in London (three - continuous contracts) are 3.94, 4.21, 6.71, 0.93, 1.59, and 0.59 respectively [5]