Group 1: Report Core Information - The report is a non - industry - investment - rated colored metals arbitrage morning report, covering copper, zinc, aluminum, nickel, lead, and tin on July 15, 2025 [1] Group 2: Cross - Market Arbitrage Copper - Spot price: domestic 78,460, LME 9,613, ratio 8.17; March price: domestic 78,290, LME 9,676, ratio 8.10; equilibrium ratio for spot import 8.16, spot export profit - 254.93 [1] Zinc - Spot price: domestic 22,200, LME 2,733, ratio 8.12; March price: domestic 22,235, LME 2,739, ratio 6.22; equilibrium ratio for spot import 8.66, spot import profit - 1469.86 [1] Aluminum - Spot price: domestic 20,470, LME 2,586, ratio 7.91; March price: domestic 20,375, LME 2,589, ratio 7.87; equilibrium ratio for spot import 8.50, spot import profit - 1521.63 [1] Nickel - Spot price: domestic 120,000, LME 15,010, ratio 7.99; equilibrium ratio for spot import 8.24, spot import profit - 2894.10 [1] Lead - Spot price: domestic 16,800, LME 1,983, ratio 8.51; March price: domestic 17,115, LME 2,016, ratio 10.99; equilibrium ratio for spot import 8.84, spot import profit - 652.22 [3] Group 3: Cross - Period Arbitrage Copper - Spreads (next - spot, March - spot, April - spot, May - spot): - 170, - 280, - 360, - 400; theoretical spreads: 495, 888, 1290, 1691 [4] Zinc - Spreads (next - spot, March - spot, April - spot, May - spot): - 85, - 100, - 125, - 145; theoretical spreads: 215, 335, 456, 577 [4] Aluminum - Spreads (next - spot, March - spot, April - spot, May - spot): - 420, - 460, - 520, - 575; theoretical spreads: 215, 331, 448, 564 [4] Lead - Spreads (next - spot, March - spot, April - spot, May - spot): 40, 70, 95, 55; theoretical spreads: 210, 316, 423, 529 [4] Nickel - Spreads (next - spot, March - spot, April - spot, May - spot): - 200, - 80, 60, 280 [4] Tin - 5 - 1 spread: 460, theoretical spread: 5505 [4] Group 4: Spot - Futures Arbitrage Copper - Spreads (current - spot, next - spot): 145, - 25; theoretical spreads: 97, 507 [4] Zinc - Spreads (current - spot, next - spot): 135, 50; theoretical spreads: 77, 206; also, another set of spreads (current - spot, next - spot): 135, 50; theoretical spreads: 127, 189 [4][5] Lead - Spreads (current - spot, next - spot): 245, 285; theoretical spreads: 112, 224 [5] Group 5: Cross - Variety Arbitrage - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (triple - continuous) 3.52, 3.84, 4.57, 0.92, 1.19, 0.77; London (triple - continuous) 3.52, 3.71, 4.80, 0.95, 1.29, 0.73 [5]