Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 15, 2025, providing data for investors to analyze potential arbitrage opportunities. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On August 15, 2025, the domestic spot price was 79,415, the LME price was 9,685, and the ratio was 8.22. The equilibrium ratio for spot import was 8.17, with a profit of - 184.92 [1]. - Zinc: The domestic spot price was 22,510, the LME price was 2,816, and the ratio was 7.99. The equilibrium ratio for spot import was 8.66, with a profit of - 1,868.19 [1]. - Aluminum: The domestic spot price was 20,710, the LME price was 2,607, and the ratio was 7.94. The equilibrium ratio for spot import was 8.46, with a profit of - 1,366.84 [1]. - Nickel: The domestic spot price was 121,500, the LME price was 14,964, and the ratio was 8.12. The equilibrium ratio for spot import was 8.25, with a profit of - 1,860.66 [1]. - Lead: The domestic spot price was 16,650, the LME price was 1,943, and the ratio was 8.60. The equilibrium ratio for spot import was 8.86, with a profit of - 515.45 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 420, - 440, - 450, and - 450 respectively, while the theoretical spreads were 499, 896, 1302, and 1707 [4]. - Zinc: The spreads were - 120, - 105, - 95, and - 110, and the theoretical spreads were 216, 338, 460, and 582 [4]. - Aluminum: The spreads were - 60, - 85, - 125, and - 180, and the theoretical spreads were 215, 331, 447, and 563 [4]. - Lead: The spreads were - 100, - 80, - 70, and - 45, and the theoretical spreads were 209, 315, 420, and 525 [4]. - Nickel: The spreads were - 1280, - 1140, - 950, and - 660 [4]. - Tin: The 5 - 1 spread was 1690, and the theoretical spread was 5542 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 15 and - 435, and the theoretical spreads were 75 and 453 [4]. - Zinc: The spreads were 90 and - 30, and the theoretical spreads were 65 and 196 [4]. - Lead: The spreads were 220 and 120, and the theoretical spreads were 108 and 219 [5]. Cross - Variety Arbitrage Tracking - On August 15, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - contract) were 3.51, 3.81, 4.70, 0.92, 1.23, and 0.75 respectively; for London (three - contract), they were 3.43, 3.73, 4.91, 0.92, 1.32, and 0.70 [5].
有色套利早报-20250815
Yong An Qi Huo·2025-08-15 08:54