有色套利早报-20250707

Report Industry Investment Rating - Not provided Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 7, 2025 [1][3][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On July 7, 2025, the domestic spot price was 80,510, the LME price was 9,967, and the ratio was 8.12; the three - month domestic price was 79,560, the LME price was 9,872, and the ratio was 8.12. The equilibrium ratio for spot imports was 8.14, with a loss of 974.44, and a profit of 431.04 for spot exports [1] - Zinc: The domestic spot price was 22,410, the LME price was 2,719, and the ratio was 8.24; the three - month domestic price was 22,350, the LME price was 2,741, and the ratio was 6.30. The equilibrium ratio for spot imports was 8.65, with a loss of 1,124.13 [1] - Aluminum: The domestic spot price was 20,770, the LME price was 2,596, and the ratio was 8.00; the three - month domestic price was 20,565, the LME price was 2,599, and the ratio was 7.94. The equilibrium ratio for spot imports was 8.49, with a loss of 1,293.08 [1] - Nickel: The domestic spot price was 121,600, the LME price was 15,206, and the ratio was 8.00. The equilibrium ratio for spot imports was 8.23, with a loss of 2,573.25 [1] - Lead: The domestic spot price was 17,025, the LME price was 2,038, and the ratio was 8.35; the three - month domestic price was 17,305, the LME price was 2,063, and the ratio was 10.82. The equilibrium ratio for spot imports was 8.82, with a loss of 950.80 [3] 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 - 1,050, - 1,220, - 1,490, and - 1,730 respectively, while the theoretical spreads were 506, 910, 1,323, and 1,736 [4] - Zinc: The spreads were 25, - 35, - 100, and - 165, and the theoretical spreads were 215, 336, 457, and 578 [4] - Aluminum: The spreads were - 235, - 305, - 380, and - 480, and the theoretical spreads were 215, 332, 448, and 564 [4] - Lead: The spreads were 40, 50, 45, and 55, and the theoretical spreads were 211, 319, 426, and 533 [4] - Nickel: The spreads were 630, 720, 830, and 1,000 [4] - Tin: The 5 - 1 spread was 310, and the theoretical spread was 5,522 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were 280 and - 770 respectively, and the theoretical spreads were 270 and 562 [4] - Zinc: The spreads were - 25 and 0, and the theoretical spreads were 113 and 244 (also 130 and 221 in another record) [4][5] - Lead: The spreads were 230 and 270, and the theoretical spreads were 147 and 261 [5] 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 3.56, 3.87, 4.60, 0.92, 1.19, and 0.77 respectively; for LME (three - continuous), they were 3.62, 3.81, 4.79, 0.95, 1.26, and 0.76 [5]