Report Key Points 1. Report Industry Investment Rating - No information provided 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for copper, zinc, aluminum, nickel, lead, and tin on April 9, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On April 9, 2025, the domestic spot price was 73,580, the LME price was 8,737, and the ratio was 8.43; the three - month domestic price was 73,210, the LME price was 8,771, and the ratio was 8.37. The equilibrium ratio for spot import was 8.39, with a profit of - 24.40, and the profit for spot export was - 601.67 [1] - Zinc: The domestic spot price was 22,480, the LME price was 2,590, and the ratio was 8.68; the three - month domestic price was 22,085, the LME price was 2,602, and the ratio was 6.39. The equilibrium ratio for spot import was 8.85, with a profit of - 452.71 [1] - Aluminum: The domestic spot price was 19,870, the LME price was 2,334, and the ratio was 8.52; the three - month domestic price was 19,555, the LME price was 2,377, and the ratio was 8.31. The equilibrium ratio for spot import was 8.94, with a profit of - 990.57 [1] - Nickel: The domestic spot price was 121,800, the LME price was 14,388, and the ratio was 8.47. The equilibrium ratio for spot import was 8.45, with a profit of - 1503.93 [1] - Lead: The domestic spot price was 16,625, the LME price was 1,840, and the ratio was 9.04; the three - month domestic price was 16,555, the LME price was 1,869, and the ratio was 11.98. The equilibrium ratio for spot import was 9.13, with a profit of - 173.88 [1] Cross - Period Arbitrage Tracking - Copper: On April 9, 2025, the spreads for the next - month, three - month, four - month, and five - month relative to the spot month were - 210, - 360, - 420, and - 500 respectively, while the theoretical spreads were 470, 838, 1215, and 1591 [1] - Zinc: The spreads were - 420, - 630, - 705, and - 775, and the theoretical spreads were 217, 339, 462, and 584 [1] - Aluminum: The spreads were - 185, - 265, - 295, and - 325, and the theoretical spreads were 210, 321, 432, and 543 [1] - Lead: The spreads were - 145, - 130, - 130, and - 130, and the theoretical spreads were 208, 313, 417, and 522 [1] - Nickel: The spreads were 280, 420, 590, and 880 [1] - Tin: The 5 - 1 spread was 70, and the theoretical spread was 5514 [1] Spot - Futures Arbitrage Tracking - Copper: The spreads for the current - month and next - month contracts relative to the spot were 35 and - 175 respectively, and the theoretical spreads were 159 and 537 [1] - Zinc: The spreads were 235 and - 185, and the theoretical spreads were 69 and 200 (also mentioned with theoretical spreads of 91 and 183) [1] - Lead: The spreads were 60 and - 85, and the theoretical spreads were 107 and 218 [1] Cross - Variety Arbitrage Tracking - On April 9, 2025, for cross - variety arbitrage, the ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.31, 3.74, 4.42, 0.89, 1.18, and 0.75 respectively, and in London (three - continuous) were 3.38, 3.68, 4.63, 0.92, 1.26, and 0.73 [1]
有色套利早报-20250409
Yong An Qi Huo·2025-04-09 13:47