Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on August 22, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities [1][3][4]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price is 78,780 (domestic) and 9,618 (LME) with a ratio of 8.19; March price ratio is 8.11. Spot import equilibrium ratio is 8.17 with a profit of 5.76, and spot export profit is - 338.37 [1]. - Zinc: Spot price is 22,230 (domestic) and 2,768 (LME) with a ratio of 8.03; March price ratio is 6.04. Spot import equilibrium ratio is 8.66 with a profit of - 1,755.13 [1]. - Aluminum: Spot price is 20,680 (domestic) and 2,575 (LME) with a ratio of 8.03; March price ratio is 8.01. Spot import equilibrium ratio is 8.47 with a profit of - 1,135.10 [1]. - Nickel: Spot price is 118,850 (domestic) and 14,798 (LME) with a ratio of 8.03. Spot import equilibrium ratio is 8.25 with a profit of - 1,991.00 [1]. - Lead: Spot price is 16,625 (domestic) and 1,933 (LME) with a ratio of 8.63; March price ratio is 11.30. Spot import equilibrium ratio is 8.86 with a profit of - 458.35 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads between different months and the spot month are - 130, - 150, - 160, - 190, while the theoretical spreads are 495, 888, 1,291, 1,693 respectively [4]. - Zinc: The spreads are - 45, - 60, - 60, - 65, and the theoretical spreads are 214, 335, 455, 576 respectively [4]. - Aluminum: The spreads are 20, - 20, - 55, - 85, and the theoretical spreads are 214, 329, 444, 558 respectively [4]. - Lead: The spreads are 20, 35, 55, 80, and the theoretical spreads are 209, 313, 418, 523 respectively [4]. - Nickel: The spreads are - 100, 100, 360, 630 [4]. - Tin: The 5 - 1 spread is 1,690, and the theoretical spread is 5,536 [4]. 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 3.53, 3.82, 4.68, 0.92, 1.23, 0.75 respectively; for London (three - continuous) are 3.52, 3.76, 4.94, 0.93, 1.31, 0.71 respectively [5]. Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts minus the spot are - 120 and - 250, and the theoretical spreads are 395 and 812 respectively [4]. - Zinc: The spreads are 55 and 10, and the theoretical spreads are 153 and 281 respectively [5]. - Lead: The spreads are 100 and 120, and the theoretical spreads are 176 and 287 respectively [5].
有色套利早报-20250822
Yong An Qi Huo·2025-08-22 01:24