1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The far - worse - than - expected US August non - farm payroll data makes a September interest rate cut almost certain, but the subsequent interest rate cut debate is more complex. The shift from full - time to part - time jobs indicates economic weakness [8][22]. - For the overall market, although the regulatory authorities have taken actions to cool down, the core drivers of the upward trend have not changed substantially, so the market is unlikely to have a trend - like callback. It is expected to show a volatile and slightly stronger trend later [11]. 3. Summary by Related Catalogs 3.1 US Economy and Interest Rate Expectations - US August non - farm employment increased by 22,000, far lower than the expected 75,000, and the unemployment rate was 4.3%, a nearly four - year high. The June employment data was revised down to negative growth, the first since 2020. The market expects a September interest rate cut, and there are debates about the magnitude and subsequent cuts [7][8][22]. 3.2 Sector - specific Analysis 3.2.1 Index Futures - The upward logic is gradually shifting to earnings. It is recommended to pay attention with a high attention index [9]. 3.2.2 Glass - Short - term rebound is difficult to continue, and it is more likely to have a weak and volatile market. The core pressure comes from the weak real estate background and the high premium of the futures main contract over the spot. It is a volatile market in the medium - term, and caution is needed at low levels [12]. 3.2.3 Natural Rubber - With macro and fundamental support, the market's bullish sentiment is rising. Overseas raw material prices are high, domestic inventory is slightly decreasing, and the price is expected to remain strong. Attention should be paid to arrival and inventory reduction [14]. 3.2.4 Copper - There is no trend - like opportunity, and the price will maintain a volatile trend. The supply of raw materials is tight, and the production of electrolytic copper is expected to be under pressure. The trading strategy is to buy at low prices [15][27]. 3.2.5 Other Commodities - Each commodity has different trends. For example, gold shows an upward trend due to the non - farm data; zinc, tin, etc. are in a range - bound state; aluminum needs to pay attention to the de - stocking inflection point; etc. Specific trends can be found in the corresponding commodity analysis parts [18][21][27].

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]