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]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 30, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][6][23][29][40][51] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period spreads of power coal from March 23 to March 27, 2026. The basis values are - 58.4, - 50.4, - 45.4, - 41.4, and - 40.4 respectively, and the inter - period spreads (5 - 1, 9 - 1, 9 - 5) are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - From March 23 to March 27, 2026, the basis of INE crude oil is 339.44, 345.10, 259.80, 50.55, and 105.35 respectively; the basis of fuel oil is 374.15, 208.78, 103.65, 222.50, and 151.50 respectively; the crude oil / asphalt ratio is 0.1762, 0.1686, 0.1668, 0.1624, and 0.1641 respectively [7] 3.2.2 Chemical Commodities - Inter - period spreads: For rubber, 5 - 1 is - 820, 9 - 1 is - 765, 9 - 5 is 55; for methanol, 5 - 1 is 369, 9 - 1 is 107, 9 - 5 is - 262; etc. - Inter - variety spreads: For example, on March 27, 2026, LLDPE - PVC is 3187, LLDPE - PP is - 428, etc. - Basis: The basis data of rubber, methanol, PTA, etc. from March 23 to March 27, 2026 are provided [11][12] 3.3 Black Metals - Inter - period spreads: For example, for rebar, 5 - 1 is - 51.0, 9(10) - 1 is - 24.0, 9(10) - 5 is 27.0; for iron ore, 5 - 1 is 45.5, 9(10) - 1 is 19.5, 9(10) - 5 is - 26.0 - Inter - variety spreads: On March 27, 2026, the rebar / iron ore ratio is 3.84, the rebar / coke ratio is 1.7834, etc. - Basis: The basis data of rebar, iron ore, coke, and coking coal from March 23 to March 27, 2026 are provided [22][23] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 23 to March 27, 2026 are presented, such as - 380 for copper on March 27, 2026 [32] 3.4.2 London Market - On March 27, 2026, the LME spreads of copper, aluminum, zinc, etc. are provided, along with the Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [35] 3.5 Agricultural Products - Basis: The basis data of soybeans, soybean meal, soybean oil, etc. from March 23 to March 27, 2026 are given, such as 27 for soybeans on March 27, 2026 - Inter - period spreads: For example, for soybeans, 5 - 1 is - 50, 9 - 1 is - 6, 9 - 5 is 44 - Inter - variety spreads: On March 27, 2026, the soybean / corn ratio is 1.93, the soybean oil / soybean meal ratio is 2.95, etc. [41] 3.6 Stock Index Futures - Basis: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 23 to March 27, 2026 are provided, such as 75.17 for CSI 300 on March 27, 2026 - Inter - period spreads: For CSI 300, the next - month - current - month spread is - 19.0, the next - quarter - current - quarter spread is - 81.8; for SSE 50, the next - month - current - month spread is - 4.2, the next - quarter - current - quarter spread is - 40.4; etc. [52]

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]

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents daily arbitrage data for various futures varieties on March 25, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for market participants' investment decisions [1] 3. Summary by Directory 3.1 Power Coal - Displays the basis and spread data of power coal from March 18 to March 24, 2026. The basis gradually increased from - 78.4 yuan/ton on March 18 to - 50.4 yuan/ton on March 24, while the spreads of 5 - 1, 9 - 1, and 9 - 5 remained at 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Shows the basis and price ratio data of fuel oil, crude oil, and asphalt from March 18 to March 24, 2026. For example, on March 24, the basis of INE crude oil was 374.15 yuan/ton, and the price ratio of crude oil to asphalt was 0.1762 [8] 3.2.2 Chemical Commodities - **Basis**: Presents the basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 18 to March 24, 2026. For instance, the basis of rubber was - 125 yuan/ton on March 24 [10] - **Inter - period Spread**: Displays the inter - period spread data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol. For example, the 5 - 1 spread of rubber was - 780 yuan/ton [12] - **Inter - variety Spread**: Provides the inter - variety spread data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 18 to March 24, 2026. On March 24, the LLDPE - PVC spread was 3121 yuan/ton [12] 3.3 Black Metals - **Inter - period Spread**: Shows the inter - period spread data of rebar, iron ore, coke, and coking coal. For example, the 5 - 1 spread of rebar was - 55.0 yuan/ton [21] - **Inter - variety Spread**: Presents the inter - variety spread data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 18 to March 24, 2026. On March 24, the rebar/iron ore ratio was 3.83 [21] - **Basis**: Displays the basis data of rebar, iron ore, coke, and coking coal from March 18 to March 24, 2026. On March 24, the basis of rebar was 75.0 yuan/ton [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Shows the domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 18 to March 24, 2026. On March 24, the basis of copper was - 120 yuan/ton [31] 3.4.2 London Market - Presents the LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of LME non - ferrous metals on March 24, 2026. For example, the LME spread of copper was (91.73), and the Shanghai - London ratio was 7.83 [34] 3.5 Agricultural Products - **Basis**: Displays the basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 18 to March 24, 2026. On March 24, the basis of soybeans was - 75 yuan/ton [40] - **Inter - period Spread**: Shows the inter - period spread data of soybeans, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 spread of soybeans was - 20 yuan/ton [40] - **Inter - variety Spread**: Presents the inter - variety spread data of soybeans/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from March 18 to March 24, 2026. On March 24, the soybeans/corn ratio was 1.97 [40] 3.6 Stock Index Futures - **Basis**: Shows the basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 18 to March 24, 2026. On March 24, the basis of CSI 300 was 86.32 [51] - **Inter - period Spread**: Displays the inter - period spread data of CSI 300, SSE 50, CSI 500, and CSI 1000. For example, the next - month - current - month spread of CSI 300 was - 20.4 [51]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 24, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. It shows the basis, inter - period spreads, and inter - variety spreads of these commodities [1][7][22][28][38][51] 3. Summary by Directory Power Coal - The basis data of power coal from March 17 to March 23, 2026, is presented. The basis on March 23 is - 58.4 yuan/ton, and the spreads between 5 - month and 1 - month, 9 - month and 1 - month, 9 - month and 5 - month are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from March 17 to March 23, 2026, are provided. For example, on March 23, the basis of INE crude oil is 477.41 yuan/ton, and the ratio of crude oil to asphalt is 0.1737 [9] - **Chemical Commodities**: - Basis: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 17 to March 23, 2026, are given. For instance, on March 23, the basis of rubber is - 145 yuan/ton [11] - Inter - period spreads: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber is - 760 yuan/ton [12] - Inter - variety spreads: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from March 17 to March 23, 2026, are shown. On March 23, the LLDPE - PVC spread is 3125 yuan/ton [12] Black Metals - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9(10) - month - 1 - month, 9(10) - month - 5 - month) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month - 1 - month spread of rebar is - 56.0 yuan/ton [21] - **Inter - variety spreads**: The inter - variety spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from March 17 to March 23, 2026, are presented. On March 23, the rebar/iron ore ratio is 3.84 [21] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 17 to March 23, 2026, are given. On March 23, the basis of rebar is 116.0 yuan/ton [22] Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 17 to March 23, 2026, are provided. On March 23, the basis of copper is 810 yuan/ton [30] - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 23, 2026, are presented. For example, the LME spread of copper is (85.26) [33] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 17 to March 23, 2026, are given. On March 23, the basis of soybeans No.1 is - 190 yuan/ton [39] - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - month - 1 - month spread of soybeans No.1 is - 5 yuan/ton [39] - **Inter - variety spreads**: The inter - variety spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from March 17 to March 23, 2026, are shown. On March 23, the soybeans No.1/corn ratio is 1.99 [39] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 17 to March 23, 2026, are provided. On March 23, the basis of CSI 300 is 10.43 [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 is - 17.8 [49]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View No information provided. 3. Summary Based on Relevant Catalog Futures Prices - DCE01 increased from 759.0 to 762.5, a rise of 3.5 [2] - DCE05 increased from 815.5 to 819.0, a rise of 3.5 [2] - DCE09 increased from 781.0 to 786.5, a rise of 5.5 [2] Spread between Contracts - I01 - I05 remained unchanged at -56.5 [2] - I05 - I09 decreased from 34.5 to 32.5, a drop of 2.0 [2] - I09 - I01 increased from 22.0 to 24.0, a rise of 2.0 [2] Spot Prices - PB powder (60.8%) increased from 787 to 794, a rise of 7 [2] - Newman powder increased from 732 to 739, a rise of 7 [2] - Mac powder increased from 778 to 780, a rise of 2 [2] Spot Price Spreads - The spread between Carajás fines and PB powder remained unchanged at 157 [2] - The spread between Newman powder and Jimbour increased from -11 to -9, a rise of 2 [2] - The spread between Carajás fines and Jimbour increased from 205 to 207, a rise of 2 [2] Import Profits - The import profit of Carajás fines increased from 13 to 15, a rise of 2 [2] - The import profit of Newman powder increased from -23 to -22, a rise of 1 [2] - The import profit of PB powder decreased from -20 to -21, a drop of 1 [2] Platts Index - Platts iron ore 61% price increased from 108.4 to 109.6, a rise of 1.1 [2] - Platts iron ore 65% price increased from 126.1 to 127.2, a rise of 1.2 [2] - Platts iron ore 58% price increased from 98.1 to 99.1, a rise of 1.0 [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01 increased from 13.2 to 14.0, a rise of 0.8 [2] - SGX main - DCE05 increased from 6.7 to 6.8, a rise of 0.1 [2] - SGX main - DCE09 increased from 10.7 to 11.1, a rise of 0.4 [2]

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]

1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report presents the daily arbitrage data of various futures varieties on March 18, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. It shows the basis, inter - month spreads, and inter - commodity spreads of these varieties over the past few trading days. 3. Summary by Directory 3.1 Power Coal - The daily data of power coal basis, 5 - month minus 1 - month spread, 9 - month minus 1 - month spread, and 9 - month minus 5 - month spread from March 11 to March 17, 2026 are presented. The basis values are - 67.4, - 72.4, - 72.4, - 78.4, - 78.4 respectively, while the spreads are all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, crude oil/asphalt, INE crude oil from March 11 to March 17, 2026 are provided, along with their price ratios on March 17 [8] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, PP from March 11 to March 17, 2026 are presented [10] - **Inter - month Spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided [11] - **Inter - commodity Spreads**: The LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol spreads from March 11 to March 17, 2026 are given [11] 3.3 Black Metals - **Inter - month Spreads**: The 5 - month minus 1 - month, 9 - month(10) minus 1 - month, and 9 - month(10) minus 5 - month spreads of rebar, iron ore, coke, and coking coal are presented, with the note that the rebar main contracts are in January, May, and October [20] - **Inter - commodity Spreads**: The rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil spreads from March 11 to March 17, 2026 are given [20] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 11 to March 17, 2026 are provided [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 11 to March 17, 2026 are presented [28] 3.4.2 London Market - On March 17, 2026, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are provided [33] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 11 to March 17, 2026 are presented [39] - **Inter - month Spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided [39] - **Inter - commodity Spreads**: The soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch spreads from March 11 to March 17, 2026 are given [39] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 11 to March 17, 2026 are presented [50] - **Inter - month Spreads**: The next - month minus current - month and next - quarter minus current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [50]