Report Industry Investment Rating - Not provided Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 28, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1][3][4] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: Domestic spot price is 79400, LME spot price is 9786, spot price ratio is 8.17, and spot import profit is - 722.84 [1] - Zinc: Domestic spot price is 22750, LME spot price is 2838, spot price ratio is 8.02, and spot import profit is - 1763.87 [1] - Aluminum: Domestic spot price is 20780, LME spot price is 2649, spot price ratio is 7.84, and spot import profit is - 1734.41 [1] - Nickel: Domestic spot price is 122700, LME spot price is 15340, spot price ratio is 8.00, and spot import profit is - 1990.99 [1] - Lead: Domestic spot price is 16725, LME spot price is 2007, spot price ratio is 8.35, and spot import profit is - 974.42 [3] Cross - Period Arbitrage Tracking - Copper: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 580, - 540, - 590, and - 660 respectively, while the theoretical spreads are 501, 900, 1308, and 1717 [4] - Zinc: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 80, - 90, - 130, and - 170 respectively, while the theoretical spreads are 218, 342, 465, and 589 [4] - Aluminum: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 25, - 60, - 125, and - 180 respectively, while the theoretical spreads are 215, 331, 447, and 563 [4] - Lead: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are 70, 110, 100, and 170 respectively, while the theoretical spreads are 209, 315, 420, and 526 [4] - Nickel: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are 200, 330, 500, and 750 respectively [4] - Tin: The spread of the 5 - 1 contract is - 350, and the theoretical spread is 5622 [4] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts are 3.47, 3.83, 4.67, 0.91, 1.22, and 0.74 respectively; for the London (three - continuous) contracts, they are 3.46, 3.71, 4.85, 0.93, 1.31, and 0.71 respectively [5]
有色套利早报-20250728
Yong An Qi Huo·2025-07-28 05:56