Report Investment Rating - No information provided about the industry investment rating Core Views - The report mainly presents the cross - market, cross - period, and cross - variety arbitrage tracking data of various non - ferrous metals on July 10, 2025, including copper, zinc, aluminum, lead, nickel, and tin [1][4][7] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price is 79040 (domestic) and 9683 (LME) with a ratio of 8.25; March price is 78200 (domestic) and 9661 (LME) with a ratio of 8.17. Spot import equilibrium ratio is 8.16 with a profit of - 437.33 [1] - Zinc: Spot price is 22160 (domestic) and 2719 (LME) with a ratio of 8.15; March price is 22045 (domestic) and 2717 (LME) with a ratio of 6.34. Spot import equilibrium ratio is 8.67 with a profit of - 1420.13 [1] - Aluminum: Spot price is 20660 (domestic) and 2583 (LME) with a ratio of 8.00; March price is 20455 (domestic) and 2585 (LME) with a ratio of 7.95. Spot import equilibrium ratio is 8.51 with a profit of - 1323.71 [1] - Nickel: Spot price is 118350 (domestic) and 14781 (LME) with a ratio of 8.01. Spot import equilibrium ratio is 8.25 with a profit of - 2437.48 [1] - Lead: Spot prices are 17025 and 17195 (domestic), 2032 and 2049 (LME) with ratios of 8.37 and 10.78 respectively. Spot import equilibrium ratio is 8.84 with a profit of - 957.80 [1][3] Cross - Period Arbitrage Tracking - Copper: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 1440, - 1640, - 1840, and - 2030 respectively, while the theoretical spreads are 501, 900, 1309, and 1717 [4] - Zinc: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 50, - 25, - 80, and - 125 respectively, and the theoretical spreads are 213, 333, 452, and 571 [4] - Aluminum: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 185, - 245, - 335, and - 410 respectively, and the theoretical spreads are 215, 330, 446, and 561 [4] - Lead: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 70, 90, 85, and 75 respectively, and the theoretical spreads are 211, 317, 424, and 530 [4] - Nickel: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 1010, - 920, - 720, and - 550 respectively [4] - Tin: The 5 - 1 spread is - 610 with a theoretical spread of 5443 [4] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 3.55, 3.82, 4.55, 0.93, 1.19, and 0.78 respectively; in London (three - continuous) are 3.51, 3.71, 4.68, 0.95, 1.26, and 0.75 respectively [7]
有色套利早报-20250710
Yong An Qi Huo·2025-07-10 05:16