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]

Market Updates - The Shanghai and Shenzhen stock exchanges announced the holiday schedule for the 2026 Spring Festival, with a break from February 15 to February 23, resuming trading on February 24 [1] - The Shanghai Futures Exchange adjusted the price limits and margin requirements for various futures contracts, including copper, aluminum, and gold, effective from February 9 [2] Company News - Runze Technology announced plans to issue convertible bonds to acquire assets, with trading suspended from February 6 for up to 10 trading days [4] - Tianqi Model is planning a major asset restructuring through the issuance of shares and cash to acquire equity in Dongshi Automotive Technology Group, with trading suspended from February 6 [5] - *ST Cube reported a significant stock price increase of 314.93% from January 20 to February 5, leading to a trading suspension for verification due to potential market volatility [5] - Jiangfeng Electronics plans to acquire control of Beijing Kaide Quartz Co., with trading resuming on February 6 [6] - JinkoSolar clarified that it has not engaged in any business with SpaceX and has no current orders related to "space photovoltaics," which has not impacted its financial performance [8] - Jinfu Technology intends to acquire 51% stakes in two companies for a total consideration of up to 714 million yuan, with a share transfer agreement in place [9] Industry Insights - CITIC Securities reported that the automotive industry may face profit margin pressures in Q1 2026 due to rising costs of storage and battery materials, with potential impacts from lithium carbonate price increases [10] - Galaxy Securities highlighted that AI's benefits are primarily seen in improved efficiency and cost reduction across platforms and content production, suggesting a focus on internet and AI-related stocks [11]