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, lead, and tin on February 9, 2026 [1][3][4] Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 99,625, LME price is 12,720, with a ratio of 7.90; March price in China is 100,320, LME price is 12,791, ratio 7.86. Spot import equilibrium ratio is 7.87, profit is - 1123.62; spot export profit is - 689.98 [1] - **Zinc**: Spot price in China is 24,570, LME price is 3,264, ratio 7.53; March price in China is 24,490, LME price is 3,286, ratio 5.05. Spot import equilibrium ratio is 8.28, profit is - 2443.91 [1] - **Aluminum**: Spot price in China is 23,140, LME price is 2,994, ratio 7.73; March price in China is 23,390, LME price is 3,017, ratio 7.75. Spot import equilibrium ratio is 8.35, profit is - 1869.88 [1] - **Nickel**: Spot price in China is 129,800, LME price is 16,615, ratio 7.81. Spot import equilibrium ratio is 8.02, profit is - 2777.23 [1] - **Lead**: Spot price in China is 16,375, LME price is 1,898, ratio 8.64; March price in China is 16,580, LME price is 1,949, ratio 12.61. Spot import equilibrium ratio is 8.54, profit is 189.67 [3] Cross - Period Arbitrage Tracking - **Copper**: Sub - month - spot month spread is - 580, March - spot month spread is - 360, April - spot month spread is - 240, May - spot month spread is - 190; theoretical spreads are 605, 1109, 1621, 2134 respectively [4] - **Zinc**: Sub - month - spot month spread is 55, March - spot month spread is 95, April - spot month spread is 130, May - spot month spread is 135; theoretical spreads are 225, 356, 487, 618 respectively [4] - **Aluminum**: Sub - month - spot month spread is - 25, March - spot month spread is 50, April - spot month spread is 100, May - spot month spread is 150; theoretical spreads are 228, 356, 485, 614 respectively [4] - **Lead**: Sub - month - spot month spread is 10, March - spot month spread is 80, April - spot month spread is 145, May - spot month spread is 200; theoretical spreads are 208, 311, 415, 518 respectively [4] - **Nickel**: Sub - month - spot month spread is - 2300, March - spot month spread is - 2060, April - spot month spread is - 1810, May - spot month spread is - 1740 [4] - **Tin**: 5 - 1 spread is - 2420, theoretical spread is 7371 [4] Spot - Futures Arbitrage Tracking - **Copper**: Current month contract - spot spread is 1115, sub - month contract - spot spread is 535; theoretical spreads are 390, 855 respectively [4] - **Zinc**: Current month contract - spot spread is - 175, sub - month contract - spot spread is - 120; theoretical spreads are 91, 233 (also mentioned 141, 275) respectively [4][5] - **Lead**: Current month contract - spot spread is 125, sub - month contract - spot spread is 135; theoretical spreads are 123, 233 respectively [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 4.10, 4.29, 6.05, 0.96, 1.41, 0.68 respectively; in London (three - continuous) are 3.88, 4.21, 6.63, 0.92, 1.57, 0.59 respectively [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for metals such as lead, copper, zinc, aluminum, nickel, and tin on February 5, 2026, including prices, price differences, equilibrium price ratios, and profits [2][3][7] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Lead**: On February 5, 2026, the domestic spot price was 16,400, the LME spot price was 1,915, and the spot price ratio was 8.58. The domestic three - month price was 16,670, the LME three - month price was 1,966, and the price ratio was 12.69. The equilibrium price ratio for spot import was 8.55, and the profit was 63.60 [2] - **Copper**: The domestic spot price was 104,190, the LME spot price was 13,374, and the spot price ratio was 7.77. The domestic three - month price was 105,450, the LME three - month price was 13,456, and the price ratio was 7.83. The equilibrium price ratio for spot import was 7.88, with a profit of - 1050.86, and the profit for spot export was - 390.83 [7] - **Zinc**: The domestic spot price was 24,910, the LME spot price was 3,328, and the spot price ratio was 7.48. The domestic three - month price was 24,925, the LME three - month price was 3,351, and the price ratio was 4.96. The equilibrium price ratio for spot import was 8.28, with a profit of - 2647.04 [7] - **Aluminum**: The domestic spot price was 23,750, the LME spot price was 3,088, and the spot price ratio was 7.69. The domestic three - month price was 24,040, the LME three - month price was 3,116, and the price ratio was 7.72. The equilibrium price ratio for spot import was 8.35, with a profit of - 2025.22 [7] - **Nickel**: The domestic spot price was 136,200, the LME spot price was 17,383, and the spot price ratio was 7.84. The equilibrium price ratio for spot import was 8.03, with a profit of - 1126.11 [7] Cross - Period Arbitrage Tracking - **Copper**: The price differences between the next month and the spot month, three - month and the spot month, four - month and the spot month, and five - month and the spot month were 1,020, 1,310, 1,470, and 1,440 respectively, while the theoretical price differences were 623, 1,143, 1,673, and 2,203 respectively [3] - **Zinc**: The price differences were - 30, 10, 65, and 70 respectively, and the theoretical price differences were 228, 361, 495, and 628 respectively [3] - **Aluminum**: The price differences were 230, 315, 375, and 425 respectively, and the theoretical price differences were 230, 360, 491, and 622 respectively [3] - **Lead**: The price differences were 30, 110, 175, and 240 respectively, and the theoretical price differences were 208, 312, 415, and 519 respectively [3] - **Nickel**: The price differences were 3,560, 3,840, 4,150, and 4,150 respectively [3] - **Tin**: The price difference between the 5 - month and 1 - month was - 3,520, and the theoretical price difference was 8,108 [3] Spot - Futures Arbitrage Tracking - **Copper**: The price differences between the current - month contract and the spot, and the next - month contract and the spot were - 245 and 775 respectively, while the theoretical price differences were 276 and 999 respectively [3] - **Zinc**: The price differences were 5 and - 25 respectively, and the theoretical price differences were 115 and 259 respectively [3] - **Lead**: The price differences were 160 and 190 respectively, and the theoretical price differences were 136 and 246 respectively [4] Cross - Variety Arbitrage Tracking - On February 5, 2026, for cross - variety arbitrage, the price ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 4.23, 4.39, 6.33, 0.96, 1.44, and 0.67 respectively, and in London (three - continuous) were 3.94, 4.25, 6.63, 0.93, 1.56, and 0.59 respectively [4]

Core Insights - The article provides a market analysis focusing on Gold Futures, Copper Futures, Silver Futures, and the State Street® SPDR® S&P® Metals & Mining ETF [1] Group 1: Gold Futures - Gold Futures are analyzed in terms of price movements and market trends, indicating potential investment opportunities [1] - The article highlights recent fluctuations in gold prices, which may impact investor sentiment and market strategies [1] Group 2: Copper Futures - Copper Futures are discussed with emphasis on supply-demand dynamics and their implications for pricing [1] - The analysis suggests that changes in industrial demand could significantly affect copper market performance [1] Group 3: Silver Futures - Silver Futures are examined, noting their correlation with gold prices and industrial usage [1] - The article points out that silver's price trends may reflect broader economic conditions and investor behavior [1] Group 4: Metals & Mining ETF - The State Street® SPDR® S&P® Metals & Mining ETF is evaluated for its performance relative to underlying metal prices [1] - The ETF's composition and market trends are discussed, providing insights into investment strategies within the metals and mining sector [1]

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].

Group 1 - The article provides an analysis of Freeport-McMoran Copper & Gold Inc, highlighting its performance in the copper market and the impact of copper futures on the company's operations [1] - Freeport-McMoran's recent financial results indicate a significant increase in revenue, driven by higher copper prices and increased production levels [1] - The analysis also discusses the broader trends in the copper market, including supply constraints and rising demand from various sectors, which are expected to support copper prices in the near term [1] Group 2 - The article notes that copper futures have shown volatility, influenced by global economic conditions and trade policies, which could affect Freeport-McMoran's profitability [1] - It emphasizes the importance of monitoring geopolitical developments and their potential impact on copper supply chains, which could pose risks to the industry [1] - The analysis suggests that investors should consider the long-term outlook for copper as a critical factor in evaluating Freeport-McMoran's investment potential [1]

Group 1 - The article provides a market analysis focusing on Copper Futures and Natural Gas Futures, highlighting their current trends and investment opportunities [1] Group 2 - The analysis of Copper Futures indicates fluctuations in prices due to supply chain disruptions and demand changes in key markets [1] - Natural Gas Futures are analyzed in the context of seasonal demand variations and geopolitical factors affecting supply [1]

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]