Report Industry Investment Rating - No relevant information provided 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 22, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price in China is 79600, LME price is 9790, and the ratio is 8.03; for three - month contracts, China price is 79770, LME price is 9857, and the ratio is 8.06. The equilibrium ratio for spot import is 8.16 [1] - Zinc: Spot price in China is 22820, LME price is 2848, and the ratio is 8.01; for three - month contracts, China price is 22915, LME price is 2850, and the ratio is 5.93. The equilibrium ratio for spot import is 8.64, with a profit of - 1778.34 [1] - Aluminum: Spot price in China is 20890, LME price is 2640, and the ratio is 7.91; for three - month contracts, China price is 20785, LME price is 2638, and the ratio is 7.87. The equilibrium ratio for spot import is 8.50, with a profit of - 1547.06 [1] - Nickel: Spot price in China is 121350, LME price is 15134, and the ratio is 8.02. The equilibrium ratio for spot import is 8.24, with a profit of - 1872.54 [1] - Lead: Spot price in China is 16725, LME price is 1985, and the ratio is 8.47; for three - month contracts, China price is 17015, LME price is 2011, and the ratio is 11.38. The equilibrium ratio for spot import is 8.84, with a profit of - 736.74 [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 are 1360, 1360, 1340, and 1290 respectively, while the theoretical spreads are 494, 886, 1287, and 1688 [4] - Zinc: The spreads are 625, 615, 570, and 530, and the theoretical spreads are 215, 335, 456, and 576 [4] - Aluminum: The spreads are 275, 220, 140, and 85, and the theoretical spreads are 214, 329, 443, and 558 [4] - Lead: The spreads are 175, 195, 225, and 200, and the theoretical spreads are 209, 314, 419, and 524 [4] - Nickel: The spreads are 2200, 2310, 2500, and 2720 [4] - Tin: The 5 - 1 spread is - 3300, and the theoretical spread is 5533 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot are - 1100 and 260 respectively, and the theoretical spreads are 246 and 885 [4] - Zinc: The spreads are - 520 and 105, and the theoretical spreads are 187 and 320 [4] - Lead: The spreads are 95 and 270, and the theoretical spreads are 176 and 288 [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 contracts) are 3.48, 3.84, 4.69, 0.91, 1.22, and 0.74 respectively; for LME (three - continuous contracts), they are 3.47, 3.73, 4.89, 0.93, 1.31, and 0.71 [5]
有色套利早报-20250722
Yong An Qi Huo·2025-07-22 00:42