Report Summary 1. Report Industry Investment Rating No industry investment rating 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 9, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to provide information for potential arbitrage opportunities [1][3][4]. 3. Summary by Category Cross - market Arbitrage Tracking - Copper: On July 9, 2025, the domestic spot price was 79,800, the LME spot price was 9,903, with a ratio of 8.04; the three - month domestic price was 79,450, the LME price was 9,852, with a ratio of 8.07. The equilibrium ratio for spot import was 8.15, with a loss of 844.96, and a profit of 665.89 for spot export [1]. - Zinc: The domestic spot price was 22,020, the LME spot price was 2,679, with a ratio of 8.22; the three - month domestic price was 21,960, the LME price was 2,689, with a ratio of 6.35. The equilibrium ratio for spot import was 8.68, with a loss of 1,226.55 [1]. - Aluminum: The domestic spot price was 20,610, the LME spot price was 2,584, with a ratio of 7.97; the three - month domestic price was 20,470, the LME price was 2,585, with a ratio of 7.93. The equilibrium ratio for spot import was 8.51, with a loss of 1,397.68 [1]. - Nickel: The domestic spot price was 119,300, the LME spot price was 14,917, with a ratio of 8.00. The equilibrium ratio for spot import was 8.25, with a loss of 2,643.68 [1]. - Lead: The domestic spot price was 16,875, the LME spot price was 2,023, with a ratio of 8.35; the three - month domestic price was 17,190, the LME price was 2,047, with a ratio of 10.73. The equilibrium ratio for spot import was 8.84, with a loss of 983.40 [3]. Cross - period Arbitrage Tracking - Copper: On July 9, 2025, the spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were 70, - 100, - 340, and - 550 respectively, while the theoretical spreads were 500, 898, 1304, and 1711 [4]. - Zinc: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 85, - 175, - 245, and - 300 respectively, and the theoretical spreads were 214, 333, 453, and 573 [4]. - Aluminum: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 90, - 145, - 225, and - 300 respectively, and the theoretical spreads were 214, 329, 444, and 559 [4]. - Lead: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 5, 25, 10, and 5 respectively, and the theoretical spreads were 211, 318, 424, and 531 [4]. - Nickel: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were 130, 250, 370, and 600 respectively [4]. - Tin: The 5 - 1 spread was - 1030, and the theoretical spread was 5483 [4]. Cross - variety Arbitrage Tracking - On July 9, 2025, the ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.62, 3.88, 4.62, 0.93, 1.19, and 0.78 respectively; in London (three - continuous) were 3.60, 3.79, 4.76, 0.95, 1.26, and 0.76 respectively [5].
有色套利早报-20250709
Yong An Qi Huo·2025-07-09 01:10