Report Industry Investment Rating - No relevant content provided Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 23, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1][4][8] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price is 79760 (domestic) and 9794 (LME) with a ratio of 8.16; March price is 79770 (domestic) and 9863 (LME) with a ratio of 8.07. Spot import equilibrium ratio is 8.16 with a profit of 76.62, and spot export profit is - 67.76 [1] - Zinc: Spot price is 22800 (domestic) and 2841 (LME) with a ratio of 8.02; March price is 22940 (domestic) and 2846 (LME) with a ratio of 5.92. Spot import equilibrium ratio is 8.64 with a profit of - 1742.69 [1] - Aluminum: Spot price is 20950 (domestic) and 2647 (LME) with a ratio of 7.91; March price is 20835 (domestic) and 2645 (LME) with a ratio of 7.86. Spot import equilibrium ratio is 8.50 with a profit of - 1559.16 [1] - Nickel: Spot price is 121600 (domestic) and 15283 (LME) with a ratio of 7.96. Spot import equilibrium ratio is 8.24 with a profit of - 2250.36 [1] - Lead: Spot price is 16675 (domestic) and 1976 (LME) with a ratio of 8.46; March price is 16965 (domestic) and 2002 (LME) with a ratio of 11.40. Spot import equilibrium ratio is 8.84 with a profit of - 739.70 [3] Cross - Period Arbitrage Tracking - Copper: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 40, 70, 30, - 20 respectively, and the theoretical spreads are 501, 899, 1307, 1714 respectively [4] - Zinc: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 60, 55, 35, - 15 respectively, and the theoretical spreads are 217, 341, 464, 588 respectively [4] - Aluminum: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 30, - 35, - 100, - 160 respectively, and the theoretical spreads are 215, 332, 448, 564 respectively [4] - Lead: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 30, 5, 5, 60 respectively, and the theoretical spreads are 210, 316, 421, 527 respectively [4] - Nickel: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 1170, 1260, 1500, 1710 respectively [4] - Tin: The 5 - 1 spread is - 370 with a theoretical spread of 5556 [4] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.48, 3.83, 4.70, 0.91, 1.23, 0.74 (Shanghai continuous three - month), and 3.47, 3.73, 4.93, 0.93, 1.32, 0.70 (LME continuous three - month) [8] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month contract - spot and the next - month contract - spot are - 5 and 35 respectively, and the theoretical spreads are 397 and 844 respectively [4] - Zinc: The spreads of the current - month contract - spot and the next - month contract - spot are 85 and 145 respectively, and the theoretical spreads are 155 and 285 respectively [5] - Lead: The spreads of the current - month contract - spot and the next - month contract - spot are 285 and 255 respectively, and the theoretical spreads are 199 and 311 respectively [5]
有色套利早报-20250723
Yong An Qi Huo·2025-07-23 01:12