Report Industry Investment Rating - No relevant information provided Core Viewpoints - The report provides cross - market, cross - period, and cross - product arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on May 15, 2025 [1][3][7] According to Related Catalogs Cross - Market Arbitrage Tracking - Copper: On May 15, 2025, the domestic spot price was 78,875, the LME spot price was 9,639, with a spot ratio of 8.13; the domestic three - month price was 78,460, the LME three - month price was 9,625, with a three - month ratio of 8.16. The equilibrium ratio for spot import was 8.25, with a loss of 227.87, and a profit of 256.73 for spot export [7] - Zinc: The domestic spot price was 22,880, the LME spot price was 2,705, with a spot ratio of 8.46; the domestic three - month price was 22,580, the LME three - month price was 2,728, with a three - month ratio of 6.20. The equilibrium ratio for spot import was 8.68, with a loss of 595.29 [7] - Aluminum: The domestic spot price was 20,210, the LME spot price was 2,521, with a spot ratio of 8.02; the domestic three - month price was 20,240, the LME three - month price was 2,520, with a three - month ratio of 8.01. The equilibrium ratio for spot import was 8.70, with a loss of 1,729.07 [7] - Nickel: The domestic spot price was 126,350, the LME spot price was 15,594, with a spot ratio of 8.10. The equilibrium ratio for spot import was 8.29, with a loss of 3,771.87 [7] - Lead: The domestic spot price was 16,800, the LME spot price was 1,975, with a spot ratio of 8.48; the domestic three - month price was 16,950, the LME three - month price was 1,982, with a three - month ratio of 11.40. The equilibrium ratio for spot import was 8.93, with a loss of 887.82 [1][2] Cross - Period Arbitrage Tracking - Copper: The price differences between the next - month, three - month, four - month, and five - month contracts and the spot month were 510, 30, - 330, and - 570 respectively, while the theoretical price differences were 494, 886, 1287, and 1689 [3] - Zinc: The price differences were 210, 80, - 50, and - 145 respectively, and the theoretical price differences were 216, 337, 459, and 580 [3] - Aluminum: The price differences were 240, 205, 160, and 140 respectively, and the theoretical price differences were 211, 323, 436, and 548 [3] - Lead: The price differences were 15, 30, 10, and 15 respectively, and the theoretical price differences were 210, 315, 421, and 526 [3] - Nickel: The price differences between the next - month, three - month, four - month, and five - month contracts and the spot month were 2230, 2410, 2580, and 2770 respectively [3] - Tin: The price difference between the 5 - month and 1 - month contracts was - 650, and the theoretical price difference was 5501 [3] Cross - Product Arbitrage Tracking - Ratio of Shanghai Contracts: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.47, 3.88, 4.63, 0.90, 1.19, and 0.75 respectively [4] - Ratio of LME Contracts: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.47, 3.80, 4.81, 0.91, 1.27, and 0.72 respectively [4] Spot - Futures Arbitrage Tracking - Copper: The price differences between the current - month and next - month contracts and the spot were - 460 and 50 respectively, and the theoretical price differences were 16 and 527 [3] - Zinc: The price differences were - 380 and - 170 respectively, and the theoretical price differences were 45 and 178 [3] - Lead: The price differences were 120 and 135 respectively, and the theoretical price differences were 94 and 206 [4]
有色套利早报-20250515
Yong An Qi Huo·2025-05-15 05:44