Core Viewpoint - The recent surge in precious and industrial metal markets, particularly gold and silver, has led to increased interest in copper investments, despite concerns about the legitimacy and risks associated with copper bars as investment products [1][2]. Group 1: Market Trends - Gold and silver prices have reached new highs, while domestic copper prices have surpassed 100,000 yuan per ton, leading to heightened investor interest in copper [1]. - In Shenzhen, the largest gold and jewelry distribution center in China, merchants have begun offering pure copper 999.9 investment bars, primarily in 1000-gram specifications, priced around 200 yuan each [1][2]. Group 2: Investment Risks - Analysts warn that the current "copper bar craze" is more of a speculative trend rather than a legitimate investment opportunity, with concerns about the lack of standardized recovery channels for copper bars [1][3]. - The comparison of copper bars to precious metals like gold and silver is misleading, as copper is an industrial metal with different pricing dynamics, making the assumption of significant returns unrealistic [2][3]. Group 3: Investment Alternatives - Investors are advised to consider alternative methods for investing in copper, such as copper ETFs, stocks of leading copper mining companies, or direct investments in copper futures and spot markets, which may offer more reliable returns [4]. Group 4: Future Price Outlook - Market sentiment regarding copper prices is mixed, with some analysts predicting short-term corrections due to macroeconomic factors, while others anticipate long-term upward trends driven by demand from sectors like renewable energy and electric vehicles [6][7]. - Goldman Sachs has adjusted its copper price forecast for the first half of 2026, citing tightening inventories outside the U.S., while also warning of potential downward pressure in the latter half of the year as U.S. inventory flows normalize [7].

Core Viewpoint - The recent surge in precious and industrial metal markets, particularly gold and silver, has led to increased interest in copper investments, despite concerns about the legitimacy and risks associated with copper bars as investment products [2][3]. Group 1: Market Trends - Gold and silver prices have reached new highs, while domestic copper prices have surpassed 100,000 yuan per ton, leading to heightened investor interest in copper [2]. - In Shenzhen, the largest gold and jewelry distribution center in China, merchants have begun offering pure copper 999.9 investment bars, primarily in 1000-gram specifications, priced around 200 yuan each [2]. Group 2: Investment Risks - Analysts warn that the current "copper bar craze" is more of a speculative trend rather than a legitimate investment opportunity, with concerns about the lack of standardized recovery channels for copper bars [2][4]. - The comparison of copper bars to gold and silver investments is misleading, as copper is an industrial metal with different pricing dynamics, making the assumption of significant returns unrealistic [3][4]. Group 3: Investment Alternatives - Investors are advised to consider alternative methods for investing in copper, such as copper ETFs, stocks of leading copper mining companies, or direct investments in copper futures and options, which may offer more reliable returns [5]. - The investment landscape for copper is evolving, with personal investors encouraged to explore various avenues that align with their risk tolerance and investment goals [5]. Group 4: Future Price Outlook - Market sentiment regarding copper prices is mixed, with some analysts predicting short-term price corrections due to macroeconomic factors, while others anticipate long-term upward trends driven by demand from sectors like electric power and renewable energy [6][7]. - Goldman Sachs has adjusted its copper price forecast for the first half of 2026, citing structural tensions in the market, while also warning of potential price corrections in the latter half of the year as U.S. tariff policies become clearer [8].

Core Viewpoint - Gold and copper futures have experienced smaller declines, indicating a potential stabilization in the commodities market amid fluctuating economic conditions [1] Group 1: Gold Futures - Gold futures have seen a slight decrease, reflecting ongoing market adjustments and investor sentiment [1] - The decline in gold prices is attributed to various economic factors, including interest rate changes and inflation concerns [1] Group 2: Copper Futures - Copper futures have also experienced a minor decline, suggesting a similar trend to gold in the commodities market [1] - The copper market remains sensitive to global demand, particularly from key industries such as construction and manufacturing [1]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The core contradiction this week lies in the impact of the US non-farm payroll data and unemployment rate on the probability of interest rate cuts, the supply-demand relationship in the copper market, and the confirmation of the tight supply of copper mines in 2026. Looking ahead to next week, macroeconomic data will affect market sentiment and copper prices. The strategy is to follow the trend if there is a breakthrough; otherwise, buy at low levels within the range [2][3]. - Cathode copper is currently in the mid - stage of an uptrend with a neutral cycle, while LME copper is in the late stage of an uptrend at a high cycle level, and there is a risk of a pullback. The risk - return ratios for going long on SHFE copper and LME copper are low, so caution is advised [3]. Summary by Relevant Catalogs 1. Core Contradiction and Strategy Suggestion 1.1 Core Contradiction - **Macroeconomic Aspect**: The US non - farm payroll data and unemployment rate exceeded market expectations, slightly increasing the probability of interest rate cuts. The probability of a 25 - basis - point interest rate cut by the Fed in January 2026 is 26.6% (24.4% the previous week), and the probability of keeping interest rates unchanged is 73.4%. By March 2026, the probability of a cumulative 25 - basis - point cut is 46.8%, the probability of keeping interest rates unchanged is 41.8%, and the probability of a cumulative 50 - basis - point cut is 11.5%. Next week, the release of macroeconomic data such as the US initial jobless claims and core PCE price index will affect market sentiment [2][3]. - **Fundamental Aspect**: Near the end of the year, holders of copper have a stronger willingness to destock. In the context of increasing electrolytic copper production from November to December, the sellers' willingness to sell continues to rise, while downstream processing enterprises are still hesitant to buy at high prices, resulting in limited spot price increases. The LME copper cancelled warrants remain above 60,000 tons, supporting the rebound of the copper premium in China's bonded area. The export window is still open. The 2026 copper long - term TC/RC, announced over the weekend, is set at $0/ton and 0 cents/pound, confirming the tight supply of copper mines in that year [2]. 1.2 Trading - Type Strategy Suggestion - **Trend Judgment**: Cathode copper is in the mid - stage of an uptrend with a neutral cycle; LME copper is in the late stage of an uptrend at a high cycle level, and attention should be paid to the risk of a pullback. The risk - return ratio for going long on SHFE copper is 0.69% (low risk - return ratio), and for LME copper is 0.71% (low risk - return ratio), so caution is advised [3][14]. - **Price Range**: The price range for SHFE copper is [89,735, 95,178], with a price center of 92,457; for LME copper, it is [11,303, 12,145], with a price center of 11,724 [14]. - **Strategy Suggestion**: Follow the trend if there is a breakthrough; otherwise, buy at low levels within the range [3]. - **Basis, Calendar Spread, and Arbitrage Strategy**: The basis strategy is to expect it to strengthen. On December 19, the basis was - 565 yuan/ton, in the lowest 10% of historical quantiles, and the probability of an expansion in the next 1 - 2 weeks is 82.3%. The calendar spread strategy is neutral, with the main fluctuation range of the spread between the first - and third - month contracts being [- 90, 260], and the current spread is - 40. The cross - border spread is within the normal range, and it is recommended to wait and see. The current SHFE - LME ratio is 7.89, at the 43.3% historical quantile (lower than last week) [14][16]. 1.3 Enterprise Hedging Strategy Suggestion - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, when the expected price has strong resistance at 95,000 yuan/ton and the lower limit is 90,000 yuan/ton, they can short the SHFE copper main contract at the resistance level, build positions at high prices, and stop losses if the price breaks through. They can also sell call options or buy put options but should wait and see for now. - **Raw Material Management**: For enterprises with low raw - material inventory worried about price increases, when the expected price has strong support at 90,000 yuan/ton, they can buy the main contract futures near the support level. They can also buy up - and - out cumulative options in the range of 90,000 - 94,000 yuan/ton [20]. 1.4 Review of Trading and Hedging Strategies - The previous long futures hedging positions bought at low levels can continue to be held. Those who have not hedged may have missed the ideal hedging price. If they are in a hurry to purchase, they can consider the "sell put option + buy call option" combination to synthesize a long strategy [25]. 2. This Week's Important Information and Next Week's Key Event Interpretation 2.1 This Week's Important Information - **Positive Information**: On December 20, Chinese smelters and Antofagasta set the 2026 copper concentrate long - term processing fee Benchmark at $0/ton and 0 cents/pound. From January to October 2025, the global refined copper market had a surplus of 122,000 tons, less than the 261,000 - ton surplus in the same period last year. Global copper demand growth forecasts have been revised upward, with the 2025 growth rate expected to increase from 2.4% to 2.7%. China's demand expectation has been raised from 3.3% to 3.7%, and demand outside China has been raised from 1.0% to 1.2%. Institutions expect the 2026 market to remain slightly in surplus, with the surplus potentially expanding in 2027, and the market to return to a structural shortage by 2030 [28][29][30]. - **Negative Information**: In November 2025, the domestic copper rod output was 106,210 tons, a 7.87% increase from October, and the comprehensive capacity utilization rate was 54.08%, a 3.95% increase from the previous month. The Chinese copper industry monthly prosperity index in November was 39.7, a 2 - point decrease from the previous month, and continued to operate in the "normal" range. The LME plans to implement new position limit regulations from July next year. The probability of a 25 - basis - point interest rate cut by the Fed in January 2026 and cumulative cuts by March 2026 has been adjusted [30][31][32]. 2.2 Next Week's Key Event Interpretation Next week, many macroeconomic indicators will be released, including the UK GDP year - on - year, US PCE price index, initial jobless claims, etc., which will affect market sentiment on copper prices [34]. 3. Interpretation of Price, Volume, and Capital on the Disk 3.1 Domestic Market Interpretation This week, the trading volume and open interest of the SHFE copper weighted index decreased significantly, and the market speculation degree dropped below the mid - line. The price of the SHFE copper main contract fluctuated around 92,579 yuan/ton, with a weekly increase of 0.57% and an amplitude of 3.95%, and closed at 93,180 yuan/ton on Friday [35][36]. 3.2 Overseas Market Interpretation This week, the overseas copper futures performed better than the domestic market. The Comex copper price reached a one - month high on Friday night and then pulled back, while the LME copper price maintained an uptrend with a small amplitude. The LME copper price mainly fluctuated in the range of [11,536.5, 11,928] dollars/ton, increased by 1.58% week - on - week, and closed at 11,870.5 dollars/ton. The Comex copper price mainly fluctuated in the range of [531.75, 556.55] cents/pound, increased by 1.41% week - on - week, and closed at 548.35 cents/pound. The LME copper term structure has gradually changed from contango to backwardation, and the positive spread between months has widened negatively. The open interest of the Comex copper active contract remains at a high level in the same period [35][38]. 4. Analysis of Spot Price and Profit 4.1 Spot Price and Smelting Profit In the second half of this week, the electrolytic copper spot price strengthened, but the discount widened. The scrap copper market showed "higher prices but less volume", and the invoice situation in Guangdong and Jiangxi was tight, increasing the capital cost pressure on scrap copper enterprises. The purchasing and selling sentiment in the electrolytic copper spot market changed. The smelting income of refined copper increased week - on - week [42][43]. 4.2 Import Profit and Import Volume This week, the copper import profit and scrap copper import profit increased significantly year - on - year, and domestic enterprises' willingness to import copper is expected to increase. The Yangshan copper premium in the bonded area has been rising, which will continue to support smelters' copper exports. It is expected that the copper inventory in the bonded area will remain balanced. It is estimated that China will import 2.6 million physical tons of copper ore and concentrates in December 2025, with an annual import volume of 30.26 million physical tons, a year - on - year increase of 7.43% [45][46]. 4.3 Inventory Analysis This week, the "siphon effect" of the Comex copper inventory still exists. The domestic copper inventory increased year - on - year, and the LME copper inventory decreased year - on - year. The LME copper cancelled warrants remained above 60,000 tons but decreased compared to the previous week, while the LME copper registered inventory increased significantly. The total Comex copper inventory increased, and the registered inventory continued to rise, indicating that holders continued to sell on the disk [49]. 5. Supply - Demand Deduction and Price Expectation 5.1 Supply Deduction - **Global Perspective**: In 2025, the global copper concentrate production is expected to be 19.871 million metal tons, with an actual copper rough - smelting output of 20.154 million metal tons, and the global copper concentrate supply - demand balance is - 166,000 metal tons. In 2026, the global copper concentrate production is expected to be 20.441 million metal tons, with an actual copper rough - smelting output of 20.664 million metal tons, and the global copper concentrate supply - demand balance is - 331,000 metal tons [55]. - **Domestic Perspective**: In November, China's electrolytic copper production was 1.1031 million tons, a 1.05% month - on - month increase and a 9.75% year - on - year increase. The cumulative production from January to November was 12.2545 million tons, a 11.76% year - on - year increase. In December, it is expected that 4 smelters will be under maintenance, with an expected impact of 0.5 million tons. It is estimated that the electrolytic copper production in December will be 1.1688 million tons, a 5.96% month - on - month increase and a 6.69% year - on - year increase [56][57]. 5.2 Demand Expectation In November, the domestic copper product output was 1.7879 million tons, slightly lower than expected, and the comprehensive copper product operating rate was 61.6%, a 3.8% month - on - month increase. Except for the recycled copper rod industry, the operating rates of other industries increased. In December, it is expected that the operating rates of most industries will continue to increase slightly. The expected copper product output, copper rod output, copper strip output, copper tube output, and copper rod output are likely to increase month - on - month, and the apparent consumption of electrolytic copper will also increase month - on - month [59][60][61]. 5.3 Price Expectation This Friday, the market sentiment was high, and the copper price increased significantly, especially in the Comex copper market, where the price reached a one - month high. The copper price can either rise or fall at the current level. From the perspective of the 2026 long - term TC/RC announced over the weekend, the confidence of funds to buy at low levels will be re - stimulated, and the probability of the copper price breaking through again will increase. If the breakthrough is less than expected and the market returns to a volatile situation, it is still advisable to buy at low levels within the range [65].

Market Analysis by covering: Freeport-McMoran Copper & Gold Inc, Copper Futures. Read 's Market Analysis on Investing.com ...

Market Analysis by covering: Copper Futures, Natural Gas Futures. Read 's Market Analysis on Investing.com ...

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 10, 2025 [1][3][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 92,220, LME price is not given, and the three - month price in China is 91,170 with an LME price of 11,470 and a ratio of 8.00. Spot import and export profit data are not provided [1] - **Zinc**: Spot price in China is 23,190, LME price is 3,264 with a ratio of 7.10. Three - month price in China is 23,080, LME price is 3,102 with a ratio of 5.54. Spot import equilibrium ratio is 8.43, and the profit is - 4,325.31 [1] - **Aluminum**: Spot price in China is 21,880, LME price is 2,826 with a ratio of 7.75. Three - month price in China is 21,825, LME price is 2,858 with a ratio of 7.64. Spot import equilibrium ratio is 8.31, and the profit is - 1,606.98 [1] - **Nickel**: Spot price in China is 120,300, LME price is 14,620 with a ratio of 8.23. Spot import equilibrium ratio is 8.12, and the profit is - 942.40 [1] - **Lead**: Spot price in China is 17,150, LME price is 1,942 with a ratio of 8.80. Three - month price in China is 17,165, LME price is 1,992 with a ratio of 11.59. Spot import equilibrium ratio is 8.67, and the profit is 251.19 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 1,860, - 1,780, - 1,750, and - 1,850 respectively, while the theoretical spreads are 567, 1,032, 1,505, and 1,979 [4] - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 200, - 190, - 175, and - 175 respectively, while the theoretical spreads are 219, 345, 470, and 595 [4] - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 475, - 425, - 380, and - 340 respectively, while the theoretical spreads are 222, 346, 469, and 592 [4] - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 115, - 120, - 120, and - 135 respectively, while the theoretical spreads are 211, 319, 426, and 534 [4] - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 380, - 110, 20, and 260 respectively [4] - **Tin**: The 5 - 1 spread is 890, and the theoretical spread is 6,436 [4] Cross - Variety Arbitrage Tracking - **Domestic (Shanghai)**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc are 3.95, 4.18, 5.31, 0.95, 1.27, and 0.74 respectively [5] - **LME**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc are 3.72, 4.02, 5.81, 0.92, 1.44, and 0.64 respectively [5] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are 785 and - 1,075 respectively, while the theoretical spreads are 278 and 516 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 80 and - 120 respectively, and the theoretical spreads are 75 and 210 (also 150 and 212 in another record) [4][5] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 135 and 20 respectively, and the theoretical spreads are 115 and 229 [5]

Group 1 - The article provides a market analysis covering key commodities including Gold Spot, Silver Spot, Copper Futures, and Crude Oil WTI Futures [1] Group 2 - The analysis highlights the current trends and price movements in the commodities market, indicating potential investment opportunities [1]

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, it offers specific investment suggestions for each metal: - Copper: Recommended to gradually buy on dips, with a short - term pressure range of 89,000 - 90,000 yuan/ton and support range of 84,000 - 85,000 yuan/ton. Consider selling near - month slightly out - of - the - money put options [3]. - Zinc: Consider buying on dips and selling out - of - the - money put options. The upper pressure is around 22,800 - 23,000, and short - term support is around 22,300 - 22,400 [4]. - Aluminum Industry Chain: For aluminum, recommended to buy on dips; for alumina, short positions should be held cautiously; for recycled aluminum alloy, take a bullish approach [5]. - Tin: Suggested to wait and see, with an upper pressure range of 290,000 - 300,000 and a support range of 260,000 - 270,000. Consider buying out - of - the - money put options for protection [6][7]. - Lead: Consider a double - selling option strategy, with short - term support around 17,300 - 17,400 and upper pressure around 17,800 - 18,000 [8]. - Nickel and Stainless Steel: For nickel, wait and see the support at the lower range and consider selling out - of - the - money put options on dips; for stainless steel, it is in a weak shock, with support around 12,500 - 12,600 and upper pressure around 13,000 - 13,200 [9]. 2. Core Viewpoints - The overall upward trend of the non - ferrous sector remains unchanged, but the weak manufacturing data in China and the US and the uncertainty of interest rate cuts have affected the upward pace of non - ferrous metals. The recent rebound of the US dollar index has put pressure on risk assets [12]. - Different non - ferrous metals have different supply - demand situations. For example, copper has supply constraints and is expected to enter a demand peak season; zinc has a strong mine end and weak demand; aluminum has production capacity changes and a transition from peak to off - peak season; tin has supply shortages and limited demand recovery; lead has supply recovery and demand decline; nickel and stainless steel have weak supply - demand fundamentals [14][15][16][17][18]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Suggestions - **Macro Logic**: The overall non - ferrous sector is still in an upward trend, but the focus has shifted from macro - narrative to real demand. The weak manufacturing data in China and the US and the uncertainty of interest rate cuts have affected the upward pace. The rebound of the US dollar index has put pressure on risk assets. The voices of the Fed officials after the October resolution are divided on interest rate cuts [12]. - **Investment Suggestions for Each Metal**: See the content in the "Report Industry Investment Rating" section above [3][4][5][6][7][8][9]. 3.2 Second Part: Non - ferrous Metals Market Review - Copper closed at 85,670 yuan/ton with a decline of 0.08%; zinc closed at 22,650 yuan/ton with a decline of 0.09%; aluminum closed at 21,395 yuan/ton with a decline of 0.33%; alumina closed at 2,772 yuan/ton with an increase of 0.07%; tin closed at 282,090 yuan/ton with a decline of 0.58%; lead closed at 17,475 yuan/ton with an increase of 0.34%; nickel closed at 120,030 yuan/ton with an increase of 0.28%; stainless steel closed at 12,535 yuan/ton with a decline of 0.08%; cast aluminum alloy closed at 20,830 yuan/ton with a decline of 0.62% [18]. 3.3 Third Part: Non - ferrous Metals Position Analysis - The report provides the latest position analysis of non - ferrous metals, including the net long - short strength comparison, net long - short position differences, net long - position changes, net short - position changes, and influencing factors of various varieties such as Shanghai lead, industrial silicon, alumina, etc. [21][22]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - The report lists the spot prices and price changes of various non - ferrous metals, such as copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy [23]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - The report presents various charts related to the industry chain of each non - ferrous metal, including inventory changes, processing fees, price trends, etc. For example, for copper, there are charts of exchange copper inventory changes and LME copper inventory; for zinc, there are charts of zinc inventory changes and zinc concentrate processing fee changes [25][27]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage - The report shows various charts related to non - ferrous metals arbitrage, such as copper's Shanghai - London ratio changes, the spread between Shanghai copper and London copper, zinc's Shanghai - London ratio changes, etc. [54][56]. 3.7 Seventh Part: Non - ferrous Metals Options - The report provides various charts related to non - ferrous metals options, such as copper option historical volatility, weighted implied volatility, trading volume and open interest changes, etc. [72][73].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 27, 2025, to provide data support for potential arbitrage opportunities [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 27, 2025, the domestic spot price was 86,475, the LME price was 10,922, and the ratio was 7.88; the domestic three - month price was 87,680, the LME price was 10,948, and the ratio was 7.89. The equilibrium ratio for spot import was 8.09 [1]. - **Zinc**: The domestic spot price was 22,190, the LME price was 3,216, and the ratio was 6.90; the domestic three - month price was 22,385, the LME price was 3,029, and the ratio was 5.78. The equilibrium ratio for spot import was 8.51, with a loss of 5,172.40 [1]. - **Aluminum**: The domestic spot price was 21,110, the LME price was 2,884, and the ratio was 7.32; the domestic three - month price was 21,245, the LME price was 2,881, and the ratio was 7.35. The equilibrium ratio for spot import was 8.36, with a loss of 2,991.35 [1]. - **Nickel**: The domestic spot price was 124,100, the LME price was 15,131, and the ratio was 8.20. The equilibrium ratio for spot import was 8.19, with a loss of 1,226.75 [1]. - **Lead**: The domestic spot price was 17,275, the LME price was 1,980, and the ratio was 8.74; the domestic three - month price was 17,550, the LME price was 2,017, and the ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a loss of 158.57 [3]. Cross - Period Arbitrage Tracking - **Copper**: On October 27, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 1,690, 1,650, 1,610, and 1,650 respectively, while the theoretical spreads were 532, 962, 1,401, and 1,841 [4]. - **Zinc**: The spreads were 55, 85, 120, and 135, and the theoretical spreads were 215, 335, 456, and 576 [4]. - **Aluminum**: The spreads were 90, 110, 95, and 80, and the theoretical spreads were 217, 334, 452, and 570 [4]. - **Lead**: The spreads were - 20, - 65, - 75, and - 70, and the theoretical spreads were 213, 322, 431, and 540 [4]. - **Nickel**: The spreads were 1,000, 1,160, 1,330, and 1,600 [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts was 10, and the theoretical spread was 5,878 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 350 and 1,340 respectively, and the theoretical spreads were 338 and 1,063 [4]. - **Zinc**: The spreads were 110 and 165, and the theoretical spreads were 180 and 309 [4]. - **Lead**: The spreads were 340 and 320, and the theoretical spreads were 202 and 317 [5]. Cross - Variety Arbitrage Tracking - On October 27, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.92, 4.13, 5.00, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous) were 3.63, 3.83, 5.43, 0.95, 1.42, and 0.67 [5].