Report Industry Investment Rating - No information provided Report's 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 May 22, 2025 [1][4][5] Summary According to Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price is 78,440 (domestic) and 9,590 (LME) with a ratio of 8.11; March price is 77,550 (domestic) and 9,576 (LME) with a ratio of 8.17. Spot import equilibrium ratio is 8.23 with a profit of - 527.73, and spot export profit is 62.48 [1] - Zinc: Spot price is 22,760 (domestic) and 2,698 (LME) with a ratio of 8.44; March price is 22,285 (domestic) and 2,727 (LME) with a ratio of 6.19. Spot import equilibrium ratio is 8.67 with a profit of - 634.36 [1] - Aluminum: Spot price is 20,310 (domestic) and 2,484 (LME) with a ratio of 8.17; March price is 20,140 (domestic) and 2,491 (LME) with a ratio of 8.10. Spot import equilibrium ratio is 8.69 with a profit of - 1,273.39 [1] - Nickel: Spot price is 124,650 (domestic) and 15,324 (LME) with a ratio of 8.13. Spot import equilibrium ratio is 8.28 with a profit of - 3,303.64 [1] - Lead: Spot price is 16,775 (domestic) and 1,960 (LME) with a ratio of 8.53; March price is 16,900 (domestic) and 1,987 (LME) with a ratio of 11.35. Spot import equilibrium ratio is 8.92 with a profit of - 770.47 [3] Cross - Period Arbitrage Tracking - Copper: Sub - month - spot month spread is 270, March - spot month is 10, April - spot month is - 170, May - spot month is - 370; theoretical spreads are 490, 877, 1274, and 1671 respectively [4] - Zinc: Sub - month - spot month spread is - 25, March - spot month is - 150, April - spot month is - 235, May - spot month is - 285; theoretical spreads are 215, 336, 458, and 579 respectively [4] - Aluminum: Sub - month - spot month spread is 65, March - spot month is 15, April - spot month is - 15, May - spot month is - 45; theoretical spreads are 212, 324, 437, and 550 respectively [4] - Lead: Sub - month - spot month spread is 55, March - spot month is 55, April - spot month is 45, May - spot month is 40; theoretical spreads are 209, 314, 420, and 525 respectively [4] - Nickel: Sub - month - spot month spread is 580, March - spot month is 820, April - spot month is 1020, May - spot month is 1220 [4] - Tin: 5 - 1 spread is - 1010, theoretical spread is 5535 [4] Spot - Futures Arbitrage Tracking - Copper: Current - month contract - spot spread is - 885, sub - month contract - spot spread is - 615; theoretical spreads are 283 and 756 respectively [4] - Zinc: Current - month contract - spot spread is - 325, sub - month contract - spot spread is - 350; theoretical spreads are 120 and 253 respectively [4] - Lead: Current - month contract - spot spread is 70, sub - month contract - spot spread is 125; theoretical spreads are 172 and 284 respectively [5] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc are 3.48, 3.85, 4.59, 0.90, 1.19, and 0.76 in Shanghai (three - continuous), and 3.54, 3.86, 4.83, 0.92, 1.25, and 0.73 in London (three - continuous) [5]
有色套利早报-20250522
Yong An Qi Huo·2025-05-22 01:43