有色套利早报-20250805

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, and tin) on August 5, 2025, including domestic and LME prices, price ratios, spreads, equilibrium price ratios, and theoretical spreads [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On August 5, 2025, the domestic spot price was 78,420, the LME spot price was 9,625, with a price ratio of 8.16. The equilibrium price ratio for spot import was 8.17, with a profit of - 72.83. The domestic three - month price was 78,330, the LME three - month price was 9,678, with a price ratio of 8.08 [1]. - Zinc: The domestic spot price was 22,160, the LME spot price was 2,723, with a price ratio of 8.14. The equilibrium price ratio for spot import was 8.67, with a profit of - 1,454.96. The domestic three - month price was 22,250, the LME three - month price was 2,734, with a price ratio of 6.14 [1]. - Aluminum: The domestic spot price was 20,480, the LME spot price was 2,579, with a price ratio of 7.94. The equilibrium price ratio for spot import was 8.49, with a profit of - 1,425.36. The domestic and LME three - month prices were both 20,480 and 2,580 respectively, with a price ratio of 7.93 [1]. - Nickel: The domestic spot price was 119,150, the LME spot price was 14,849, with a price ratio of 8.02. The equilibrium price ratio for spot import was 8.25, with a profit of - 1,839.75 [1]. - Lead: The domestic spot price was 16,650, the LME spot price was 1,925, with a price ratio of 8.67. The equilibrium price ratio for spot import was 8.87, with a profit of - 367.60. The domestic three - month price was 16,760, the LME three - month price was 1,973, with a price ratio of 11.24 [3]. Cross - Period Arbitrage Tracking - Copper: On August 5, 2025, the spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 60, - 60, - 140, and - 170 respectively, while the theoretical spreads were 494, 886, 1287, and 1688 respectively [4]. - Zinc: The spreads were - 35, - 40, - 45, and - 75 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - Aluminum: The spreads were - 55, - 100, - 135, and - 195 respectively, and the theoretical spreads were 214, 329, 444, and 559 respectively [4]. - Lead: The spreads were 70, 80, 90, and 115 respectively, and the theoretical spreads were 208, 313, 417, and 522 respectively [4]. - Nickel: The spreads were 1160, 1260, 1400, and 1670 respectively [4]. - Tin: The 5 - 1 spread was - 350, and the theoretical spread was 5534 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 5 and - 65 respectively, while the theoretical spreads were 221 and 647 respectively [4]. - Zinc: The spreads were 130 and 95 respectively, and the theoretical spreads were 127 and 256 respectively [4]. - Zinc (repeated data): The spreads were 130 and 95 respectively, and the theoretical spreads were 130 and 245 respectively [5]. - Lead: The spreads were 30 and 100 respectively, and the theoretical spreads were 118 and 229 respectively [5]. Cross - Variety Arbitrage Tracking - On August 5, 2025, the cross - variety price ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.52, 3.82, 4.67, 0.92, 1.22, and 0.75 respectively for the Shanghai (three - continuous) contracts and 3.52, 3.79, 4.94, 0.93, 1.30, and 0.71 respectively for the London (three - continuous) contracts [5].