Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The report presents the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on June 6, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads. 3. Summary by Category 3.1 Cross - Market Arbitrage Tracking - Copper: Spot price in China is 78380, LME is 9731, ratio is 8.06; March price in China is 78040, LME is 9638, ratio is 8.11. Spot import equilibrium ratio is 8.19, profit is - 1366.56; spot export profit is 799.54 [1]. - Zinc: Spot price in China is 22870, LME is 2660, ratio is 8.60; March price in China is 22180, LME is 2696, ratio is 6.20. Spot import equilibrium ratio is 8.71, profit is - 303.28 [1]. - Aluminum: Spot price in China is 20250, LME is 2469, ratio is 8.20; March price in China is 19935, LME is 2477, ratio is 8.10. Spot import equilibrium ratio is 8.64, profit is - 1099.54 [1]. - Nickel: Spot price in China is 123100, LME is 15213, ratio is 8.09. Spot import equilibrium ratio is 8.26, profit is - 3495.98 [1]. - Lead: Spot price in China is 16500, LME is 1956, ratio is 8.44; March price in China is 16695, LME is 1979, ratio is 11.32. Spot import equilibrium ratio is 8.90, profit is - 900.72 [3]. 3.2 Cross - Period Arbitrage Tracking - Copper: Spreads of next - month, March, April, and May relative to spot - month are - 180, - 310, - 450, - 720 respectively; theoretical spreads are 494, 886, 1286, 1687 respectively [4]. - Zinc: Spreads of next - month, March, April, and May relative to spot - month are - 415, - 575, - 695, - 785 respectively; theoretical spreads are 217, 340, 462, 585 respectively [4]. - Aluminum: Spreads of next - month, March, April, and May relative to spot - month are - 155, - 230, - 280, - 325 respectively; theoretical spreads are 212, 325, 437, 550 respectively [4]. - Lead: Spreads of next - month, March, April, and May relative to spot - month are 75, 75, 55, 55 respectively; theoretical spreads are 208, 312, 416, 520 respectively [4]. - Nickel: Spreads of next - month, March, April, and May relative to spot - month are - 730, - 520, - 310, - 170 respectively [4]. - Tin: Spread of 5 - 1 is - 100, theoretical spread is 5377 [4]. 3.3 Spot - Futures Arbitrage Tracking - Copper: Spreads of current - month and next - month contracts relative to spot are 0, - 180 respectively; theoretical spreads are 207, 615 respectively [4]. - Zinc: Spreads of current - month and next - month contracts relative to spot are - 115, - 530 respectively; theoretical spreads are 33, 165 respectively [4]. - Lead: Spreads of current - month and next - month contracts relative to spot are 120, 195 respectively; theoretical spreads are 127, 237 respectively [5]. 3.4 Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.52, 3.91, 4.67, 0.90, 1.19, 0.75 respectively; in London (three - continuous) are 3.63, 3.93, 4.92, 0.92, 1.25, 0.74 respectively [5].
有色套利早报-20250606
Yong An Qi Huo·2025-06-06 05:14