Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 18, 2025 [1][4][5] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: On July 18, 2025, the domestic spot price was 78,010, the LME price was 9,538, and the ratio was 8.19. The equilibrium ratio for spot import was 8.17, with a profit of - 219.86. The domestic three - month price was 77,830, the LME price was 9,597, and the ratio was 8.12 [1] - Zinc: The domestic spot price was 22,120, the LME price was 2,693, and the ratio was 8.21. The equilibrium ratio for spot import was 8.68, with a profit of - 1,248.97. The domestic three - month price was 22,085, the LME price was 2,696, and the ratio was 6.24 [1] - Aluminum: The domestic spot price was 20,570, the LME price was 2,564, and the ratio was 8.02. The equilibrium ratio for spot import was 8.53, with a profit of - 1,293.96. The domestic three - month price was 20,355, the LME price was 2,567, and the ratio was 7.96 [1] - Nickel: The domestic spot price was 118,550, the LME price was 14,787, and the ratio was 8.02. The equilibrium ratio for spot import was 8.25, with a profit of - 2,413.78 [1] - Lead: The domestic spot price was 16,625, the LME price was 1,946, and the ratio was 8.58. The equilibrium ratio for spot import was 8.86, with a profit of - 540.93. The domestic three - month price was 16,905, the LME price was 1,974, and the ratio was 11.19 [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 - 130, - 150, - 190, and - 290 respectively, while the theoretical spreads were 492, 882, 1281, and 1680 [4] - Zinc: The spreads were 75, 40, 10, and - 35, and the theoretical spreads were 213, 332, 452, and 571 [4] - Aluminum: The spreads were - 60, - 120, - 185, and - 240, and the theoretical spreads were 213, 328, 442, and 557 [4] - Lead: The spreads were - 20, 10, 30, and 105, and the theoretical spreads were 209, 315, 420, and 526 [4] - Nickel: The spreads were - 580, - 460, - 220, and - 70 [4] - Tin: The spread between the 5 - month and 1 - month contracts was 450, and the theoretical spread was 5437 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 20 and - 150, and the theoretical spreads were 465 and 878 [4] - Zinc: The spreads were - 75 and 0, and the theoretical spreads were 186 and 315 (also 172 and 286 in another record) [4][5] - Lead: The spreads were 270 and 250, and the theoretical spreads were 216 and 327 [5] Cross - Variety Arbitrage Tracking - On July 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 3.52, 3.82, 4.60, 0.92, 1.20, and 0.77 respectively, and in London (three - continuous contracts) were 3.53, 3.75, 4.90, 0.94, 1.31, and 0.72 [5]
有色套利早报-20250718
Yong An Qi Huo·2025-07-18 00:42