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有色套利早报-20250828
Yong An Qi Huo·2025-08-28 01:10

Report Summary 1) Report Industry Investment Rating No investment rating provided in the report. 2) Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 28, 2025, offering data support for potential arbitrage opportunities [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On August 28, 2025, the domestic spot price was 79,520, the LME price was 9,728, and the spot import equilibrium ratio was 8.14 with a profit of 90.69; the three - month domestic price was 79,190, the LME price was 9,818, and the ratio was 8.09 [1]. - Zinc: The domestic spot price was 22,270, the LME price was 2,795, and the spot import equilibrium ratio was 8.62 with a loss of 1,839.43; the three - month domestic price was 22,310, the LME price was 2,803, and the ratio was 6.03 [1]. - Aluminum: The domestic spot price was 20,840, the LME price was 2,641, and the spot import equilibrium ratio was 8.43 with a loss of 1,417.39; the three - month domestic price was 20,790, the LME price was 2,636, and the ratio was 7.91 [1]. - Nickel: The domestic spot price was 121,100, the LME price was 15,091, and the spot import equilibrium ratio was 8.22 with a loss of 2,251.12 [1]. - Lead: The domestic spot price was 16,725, the LME price was 1,945, and the spot import equilibrium ratio was 8.82 with a loss of 389.50; the three - month domestic price was 16,880, the LME price was 1,987, and the ratio was 11.24 [3]. Cross - Period Arbitrage Tracking - Copper: On August 28, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 40, - 40, - 90, and - 100 respectively, while the theoretical spreads were 498, 894, 1299, and 1705 respectively [4]. - Zinc: The spreads were 25, 25, 25, and 0 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - Aluminum: The spreads were 70, 50, 20, and - 10 respectively, and the theoretical spreads were 215, 330, 446, and 562 respectively [4]. - Lead: The spreads were - 20, - 30, - 20, and 5 respectively, and the theoretical spreads were 210, 315, 421, and 526 respectively [4]. - Nickel: The spreads were 1,580, 1,710, 1,860, and 2,150 respectively [4]. - Tin: The 5 - 1 spread was 550, and the theoretical spread was 5,634 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 245 and - 285 respectively, while the theoretical spreads were 289 and 723 respectively [4]. - Zinc: The spreads were 15 and 40 respectively, and the theoretical spreads were 149 and 279 respectively [4]. - Lead: The spreads were 185 and 165 respectively, and the theoretical spreads were 166 and 278 respectively [5]. Cross - Variety Arbitrage Tracking On August 28, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.55, 3.81, 4.69, 0.93, 1.23, and 0.76 respectively, and in London (three - continuous) were 3.53, 3.75, 4.92, 0.94, 1.31, and 0.72 respectively [5].