Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on July 2, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On July 2, 2025, the domestic spot price was 80190, the LME spot price was 10083, with a spot import equilibrium ratio of 8.14 and a loss of 1085.77. The domestic three - month price was 80390, the LME three - month price was 9967, and the ratio was 8.00 [1]. - Zinc: The domestic spot price was 22290, the LME spot price was 2721, with a spot import equilibrium ratio of 8.65 and a loss of 1256.15. The domestic three - month price was 22195, the LME three - month price was 2740, and the ratio was 6.25 [1]. - Aluminum: The domestic spot price was 20780, the LME spot price was 2606, with a spot import equilibrium ratio of 8.51 and a loss of 1396.28. The domestic three - month price was 20545, the LME three - month price was 2607, and the ratio was 7.88 [1]. - Nickel: The domestic spot price was 119250, the LME spot price was 15021, with a spot import equilibrium ratio of 8.23 and a loss of 2691.60 [1]. - Lead: The domestic spot price was 16900, the LME spot price was 2010, with a spot import equilibrium ratio of 8.83 and a loss of 810.93. The domestic three - month price was 17130, the LME three - month price was 2042, and the ratio was 10.86 [1][3]. Cross - Period Arbitrage Tracking - Copper: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 540, 290, 0, and - 230 respectively, while the theoretical spreads were 503, 903, 1313, and 1722 [4]. - Zinc: The spreads were - 325, - 385, - 440, and - 490, and the theoretical spreads were 216, 338, 460, and 582 [4]. - Aluminum: The spreads were - 95, - 185, - 295, and - 410, and the theoretical spreads were 215, 330, 446, and 562 [4]. - Lead: The spreads were - 70, - 40, - 45, and - 60, and the theoretical spreads were 211, 318, 425, and 531 [4]. - Nickel: The spreads were 100, 250, 410, and 580 [4]. - Tin: The 5 - 1 spread was - 1830, and the theoretical spread was 5527 [4]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (continuous three - month contracts) were 3.62, 3.91, 4.69, 0.93, 1.20, and 0.77 respectively, and in London (continuous three - month contracts) were 3.66, 3.82, 4.87, 0.96, 1.28, and 0.75 [8]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 70 and 470, and the theoretical spreads were 261 and 784 [4]. - Zinc: The spreads were 290 and - 35, and the theoretical spreads were 121 and 232 [4][5]. - Lead: The spreads were 270 and 200, and the theoretical spreads were 164 and 277 [5].
有色套利早报-20250702
Yong An Qi Huo·2025-07-02 01:20