Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, and tin) on August 7, 2025. It includes domestic and LME prices, price ratios, spreads, and theoretical spreads, which can be used by investors to analyze potential arbitrage opportunities [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: The domestic spot price is 78325, the LME spot price is 9602, with a ratio of 8.19. The equilibrium ratio for spot import is 8.17, and the profit is - 79.58. The domestic three - month price is 78290, the LME three - month price is 9665, with a ratio of 8.10 [1]. - Zinc: The domestic spot price is 22330, the LME spot price is 2761, with a ratio of 8.09. The equilibrium ratio for spot import is 8.67, and the profit is - 1602.01. The domestic three - month price is 22370, the LME three - month price is 2771, with a ratio of 6.08 [1]. - Aluminum: The domestic spot price is 20630, the LME spot price is 2576, with a ratio of 8.01. The equilibrium ratio for spot import is 8.49, and the profit is - 1251.83. The domestic three - month price is 20605, the LME three - month price is 2575, with a ratio of 8.01 [1]. - Nickel: The domestic spot price is 120100, the LME spot price is 14903, with a ratio of 8.06. The equilibrium ratio for spot import is 8.25, and the profit is - 1667.45 [1]. - Lead: The domestic spot price is 16700, the LME spot price is 1952, with a ratio of 8.57. The equilibrium ratio for spot import is 8.86, and the profit is - 567.51. The domestic three - month price is 16850, the LME three - month price is 1988, with a ratio of 11.25 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are - 290, - 280, - 290, and - 320 respectively, while the theoretical spreads are 495, 888, 1290, and 1691 [4]. - Zinc: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are 20, 10, 0, and - 35 respectively, while the theoretical spreads are 215, 336, 456, and 577 [4]. - Aluminum: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are 50, 5, - 40, and - 95 respectively, while the theoretical spreads are 214, 329, 444, and 559 [4]. - Lead: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are 140, 135, 165, and 190 respectively, while the theoretical spreads are 209, 313, 418, and 522 [4]. - Nickel: The spreads for the next - month, three - month, four - month, and five - month contracts relative to the spot month are 270, 370, 530, and 750 respectively [4]. - Tin: The 5 - 1 spread is 780, and the theoretical spread is 5536 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads for the current - month and next - month contracts relative to the spot are 255 and - 35 respectively, while the theoretical spreads are 232 and 624 [4]. - Zinc: The spreads for the current - month and next - month contracts relative to the spot are 30 and 50 respectively, and the theoretical spreads are 112 and 242 (also 103 and 234 in another record) [4][5]. - Lead: The spreads for the current - month and next - month contracts relative to the spot are 15 and 155 respectively, while the theoretical spreads are 108 and 220 [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) are 3.50, 3.80, 4.65, 0.92, 1.22, and 0.75 respectively, and for LME (three - continuous) are 3.47, 3.71, 4.85, 0.94, 1.31, and 0.72 respectively [5].
有色套利早报-20250807
Yong An Qi Huo·2025-08-07 02:26