Report Industry Investment Rating - Not provided Core View - 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 29, 2025 [1][3][4] Directory Summary Cross - Market Arbitrage Tracking - Copper: Spot price is 79,160 domestically and 9,715 on LME, with a ratio of 8.17; March price is 78,920 domestically and 9,798 on LME, with a ratio of 8.06. Spot import equilibrium ratio is 8.12, and profit is 309.94; spot export profit is - 402.29 [1] - Zinc: Spot price is 22,120 domestically and 2,774 on LME, with a ratio of 7.97; March price is 22,180 domestically and 2,778 on LME, with a ratio of 6.08. Spot import equilibrium ratio is 8.60, and profit is - 1746.21 [1] - Aluminum: Spot price is 20,730 domestically and 2,625 on LME, with a ratio of 7.90; March price is 20,735 domestically and 2,619 on LME, with a ratio of 7.92. Spot import equilibrium ratio is 8.40, and profit is - 1328.92 [1] - Nickel: Spot price is 119,650 domestically and 15,015 on LME, with a ratio of 7.97. Spot import equilibrium ratio is 8.19, and profit is - 1716.65 [1] - Lead: Spot price is 16,725 domestically and 1,951 on LME, with a ratio of 8.59; March price is 16,900 domestically and 1,992 on LME, with a ratio of 11.12. Spot import equilibrium ratio is 8.80, and profit is - 409.64 [3] Cross - Period Arbitrage Tracking - Copper: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 250, - 260, - 280, and - 310 respectively, while the theoretical spreads are 498, 894, 1299, and 1704 [4] - Zinc: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 135, - 125, - 120, and - 125 respectively, while the theoretical spreads are 215, 335, 456, and 576 [4] - Aluminum: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 75, - 90, - 115, and - 130 respectively, while the theoretical spreads are 215, 331, 447, and 564 [4] - Lead: The spreads of the next - month, March, April, and May contracts relative to the spot - month are 45, 35, 60, and 50 respectively, while the theoretical spreads are 209, 315, 420, and 525 [4] - Nickel: The spreads of the next - month, March, April, and May contracts relative to the spot - month are - 560, - 440, - 250, and - 50 respectively [4] - Tin: The 5 - 1 spread is 330, and the theoretical spread is 5644 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot are 50 and - 200 respectively, while the theoretical spreads are 318 and 720 [4] - Zinc: The spreads of the current - month and next - month contracts relative to the spot are 185 and 50 respectively, while the theoretical spreads are 146 and 275 [4] - Lead: The spreads of the current - month and next - month contracts relative to the spot are 140 and 185 respectively, while the theoretical spreads are 156 and 268 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 3.56, 3.81, 4.67, 0.93, 1.23, and 0.76 respectively; in London (three - continuous) are 3.53, 3.77, 4.95, 0.94, 1.31, and 0.71 respectively [5]
有色套利早报-20250829
Yong An Qi Huo·2025-08-29 00:54