Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on June 10, 2025, which helps investors understand the price relationships and potential arbitrage opportunities in the non - ferrous metal market [1][4][8] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: On June 10, 2025, the domestic spot price was 78,840, the LME price was 9,828, and the spot import equilibrium ratio was 8.16 with a profit of - 1215.58; the domestic March price was 78,790, the LME price was 9,733, and the ratio was 8.09 [1] - **Zinc**: The domestic spot price was 22,630, the LME price was 2,619, and the spot import equilibrium ratio was 8.72 with a profit of - 212.94; the domestic March price was 21,735, the LME price was 2,655, and the ratio was 6.30 [1] - **Aluminum**: The domestic spot price was 20,210, the LME price was 2,452, and the spot import equilibrium ratio was 8.65 with a profit of - 1004.60; the domestic March price was 19,930, the LME price was 2,453, and the ratio was 8.18 [1] - **Nickel**: The domestic spot price was 124,150, the LME price was 15,321, and the spot import equilibrium ratio was 8.26 with a profit of - 4137.69 [1] - **Lead**: The domestic spot price was 16,500, the LME price was 1,954, and the spot import equilibrium ratio was 8.90 with a profit of - 860.26; the domestic March price was 16,770, the LME price was 1,982, and the ratio was 11.25 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next month, March, April, and May relative to the spot month were - 100, - 220, - 430, and - 680 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4] - **Zinc**: The spreads were - 645, - 820, - 950, and - 1010 respectively, and the theoretical spreads were 216, 338, 459, and 581 [4] - **Aluminum**: The spreads were - 130, - 225, - 290, and - 330 respectively, and the theoretical spreads were 212, 325, 437, and 550 [4] - **Lead**: The spreads were 30, 35, 20, and 10 respectively, and the theoretical spreads were 209, 313, 418, and 523 [4] - **Nickel**: The spreads were 720, 880, 1070, and 1280 respectively [4] - **Tin**: The spread of the 5 - 1 contract was - 360, and the theoretical spread was 5467 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 170 and 70 respectively, and the theoretical spreads were 179 and 601 [4] - **Zinc**: The spreads were - 75 and - 720 respectively, and the theoretical spreads were 86 and 189 [6] - **Lead**: The spreads were 235 and 265 respectively, and the theoretical spreads were 129 and 239 [6] Cross - Variety Arbitrage Tracking - On June 10, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.63, 3.95, 4.70, 0.92, 1.19, and 0.77 respectively, and in the London (three - continuous) market were 3.70, 3.95, 4.93, 0.94, 1.25, and 0.75 respectively [8]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on May 7, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 7, 2025, the domestic spot price was 78,210, LME price was 9,464, and the ratio was 8.21; the domestic three - month price was 77,230, LME price was 9,443, and the ratio was 8.23. The equilibrium ratio for spot import was 8.26, with a profit of - 38.41, and the profit for spot export was - 179.59 [1] - **Zinc**: The domestic spot price was 22,860, LME price was 2,607, and the ratio was 8.77; the domestic three - month price was 22,075, LME price was 2,646, and the ratio was 6.31. The equilibrium ratio for spot import was 8.74, with a profit of 80.76 [1] - **Aluminum**: The domestic spot price was 19,860, LME price was 2,408, and the ratio was 8.24; the domestic three - month price was 19,725, LME price was 2,434, and the ratio was 8.14. The equilibrium ratio for spot import was 8.76, with a profit of - 1,241.99 [1] - **Nickel**: The domestic spot price was 125,800, LME price was 15,471, and the ratio was 8.13. The equilibrium ratio for spot import was 8.30, with a profit of - 4,073.54 [1] - **Lead**: The domestic spot price was 16,575, LME price was 1,921, and the ratio was 8.64; the domestic three - month price was 16,710, LME price was 1,939, and the ratio was 11.55. The equilibrium ratio for spot import was 8.96, with a profit of - 609.18 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were 150, - 220, - 600, and - 890 respectively, and the theoretical spreads were 489, 877, 1,273, and 1,669 respectively [4] - **Zinc**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 310, - 590, - 745, and - 815 respectively, and the theoretical spreads were 216, 339, 461, and 583 respectively [4] - **Aluminum**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 190, - 250, - 300, and - 335 respectively, and the theoretical spreads were 211, 323, 435, and 547 respectively [4] - **Lead**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 100, - 90, - 80, and - 110 respectively, and the theoretical spreads were 209, 314, 419, and 524 respectively [4] - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were 930, 1,100, 1,240, and 1,510 respectively [4] - **Tin**: The spread of the 5 - 1 contract was - 110, and the theoretical spread was 5,410 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts against the spot were - 725 and - 575 respectively, and the theoretical spreads were 86 and 541 respectively [4] - **Zinc**: The spreads of the current - month and next - month contracts against the spot were - 195 and - 505 respectively, and the theoretical spreads were 32 and 165 respectively [4] - **Lead**: The spreads of the current - month and next - month contracts against the spot were 225 and 125 respectively, and the theoretical spreads were 138 and 249 respectively [5] Cross - Variety Arbitrage Tracking - The cross - variety ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.50, 3.92, 4.62, 0.89, 1.18, and 0.76 respectively; in the London (three - continuous) market were 3.62, 3.93, 4.96, 0.92, 1.26, and 0.73 respectively [5]