Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report 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 4, 2025 [1][3][4]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On July 4, 2025, the domestic spot price was 80,960, the LME price was 10,069, and the spot import equilibrium ratio was 8.14 with a profit of - 1000.59 [1]. - Zinc: The domestic spot price was 22,380, the LME price was 2,725, and the spot import equilibrium ratio was 8.66 with a profit of - 1212.59 [1]. - Aluminum: The domestic spot price was 20,860, the LME price was 2,607, and the spot import equilibrium ratio was 8.50 with a profit of - 1302.79 [1]. - Nickel: The domestic spot price was 120,650, the LME price was 15,163, and the spot import equilibrium ratio was 8.24 with a profit of - 2919.07 [1]. - Lead: The domestic spot price was 17,025, the LME price was 2,043, and the spot import equilibrium ratio was 8.82 with a profit of - 1022.99 [3]. Cross - Period Arbitrage Tracking - Copper: On July 4, 2025, the spread between the next - month and spot - month was - 170, and the theoretical spread was 506 [4]. - Zinc: The spread between the next - month and spot - month was 15, and the theoretical spread was 215 [4]. - Aluminum: The spread between the next - month and spot - month was - 170, and the theoretical spread was 215 [4]. - Lead: The spread between the next - month and spot - month was 100, and the theoretical spread was 211 [4]. - Nickel: The spread between the next - month and spot - month was 670 [4]. - Tin: The 5 - 1 spread was - 340, and the theoretical spread was 5546 [4]. Spot - Futures Arbitrage Tracking - Copper: The spread between the current - month contract and spot was - 215, and the theoretical spread was 213 [4]. - Zinc: The spread between the current - month contract and spot was - 70, and the theoretical spread was 110 [4]. - Lead: The spread between the current - month contract and spot was 120, and the theoretical spread was 135 [5]. Cross - Variety Arbitrage Tracking - On July 4, 2025, the Shanghai (three - continuous) copper/zinc ratio was 3.61, copper/aluminum was 3.90, copper/lead was 4.65, aluminum/zinc was 0.93, aluminum/lead was 1.19, and lead/zinc was 0.78; the LME (three - continuous) ratios were 3.62, 3.82, 4.82, 0.95, 1.26, and 0.75 respectively [5].
有色套利早报-20250704
Yong An Qi Huo·2025-07-04 02:02