Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. 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 July 1, 2025. 3. Summary by Related Catalogs Cross - market Arbitrage Tracking - Copper: On July 1, 2025, the domestic spot price was 79,990, the LME price was 10,059, and the ratio was 7.97; the three - month price was 79,680, the LME price was 9,878, and the ratio was 8.07. The equilibrium ratio for spot import was 8.13, with a loss of 1,666.99, and a profit of 1,406.63 for spot export [1]. - Zinc: The domestic spot price was 22,500, the LME price was 2,770, and the ratio was 8.12; the three - month price was 22,445, the LME price was 2,780, and the ratio was 6.17. The equilibrium ratio for spot import was 8.64, with a loss of 1,440.41 [1]. - Aluminum: The domestic spot price was 20,780, the LME price was 2,598, and the ratio was 8.00; the three - month price was 20,495, the LME price was 2,599, and the ratio was 7.90. The equilibrium ratio for spot import was 8.54, with a loss of 1,404.94 [1]. - Nickel: The domestic spot price was 119,900, the LME price was 15,025, and the ratio was 7.98. The equilibrium ratio for spot import was 8.23, with a loss of 2,486.93 [1]. - Lead: The domestic spot price was 16,925, the LME price was 2,021, and the ratio was 8.39; the three - month price was 17,225, the LME price was 2,049, and the ratio was 10.94. The equilibrium ratio for spot import was 8.82, with a loss of 875.89 [2]. Cross - period Arbitrage Tracking - Copper: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 210, - 400, - 640, and - 870 respectively, while the theoretical spreads were 502, 903, 1312, and 1722 [3]. - Zinc: The spreads were 5, - 45, - 100, and - 155, and the theoretical spreads were 215, 337, 458, and 580 [3]. - Aluminum: The spreads were - 200, - 285, - 385, and - 490, and the theoretical spreads were 215, 331, 447, and 563 [3]. - Lead: The spreads were 125, 150, 130, and 120, and the theoretical spreads were 210, 317, 423, and 530 [3]. - Nickel: The spreads were 510, 590, 730, and 850 [3]. - Tin: The 5 - 1 spread was - 1410, and the theoretical spread was 5538 [3]. Spot - futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were 105 and - 105, and the theoretical spreads were 301 and 714 [3]. - Zinc: The spreads were - 10 and - 5, and the theoretical spreads were 130 and 261 [3]. - Lead: The spreads were 150 and 275, and the theoretical spreads were 151 and 264 [4]. Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.55, 3.89, 4.63, 0.91, 1.19, and 0.77 respectively; for LME (three - continuous), they were 3.59, 3.80, 4.83, 0.94, 1.27, and 0.74 [4].
有色套利早报-20250701
Yong An Qi Huo·2025-07-01 05:26