有色套利早报-20250902

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 2, 2025 [1][3] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On September 2, 2025, the domestic spot price was 79,890, the LME spot price was 9,834, with a spot ratio of 8.10; the domestic three - month price was 79,750, the LME three - month price was 9,920, with a ratio of 8.04. The equilibrium ratio for spot import was 8.13, with a profit of - 66.94, and the profit for spot export was - 178.49 [1] - Zinc: The domestic spot price was 22,100, the LME spot price was 2,848, with a ratio of 7.76; the domestic three - month price was 22,155, the LME three - month price was 2,833, with a ratio of 5.94. The equilibrium ratio for spot import was 8.60, with a profit of - 2,390.85 [1] - Aluminum: The domestic spot price was 20,620, the LME spot price was 2,614, with a ratio of 7.89; the domestic three - month price was 20,630, the LME three - month price was 2,609, with a ratio of 7.91. The equilibrium ratio for spot import was 8.41, with a profit of - 1,372.78 [1] - Nickel: The domestic spot price was 122,300, the LME spot price was 15,317, with a ratio of 7.98. The equilibrium ratio for spot import was 8.20, with a profit of - 2,000.07 [1] - Lead: The domestic spot price was 16,650, the LME spot price was 1,949, with a ratio of 8.58; the domestic three - month price was 16,870, the LME three - month price was 1,991, with a ratio of 11.14. The equilibrium ratio for spot import was 8.85, with a profit of - 517.92 [3] Cross - Period Arbitrage Tracking - Copper: On September 2, 2025, the spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were 340, 310, 270, and 230 respectively, while the theoretical spreads were 499, 896, 1303, and 1709 [3] - Zinc: The spreads were 25, 5, 25, and 25 respectively, and the theoretical spreads were 214, 334, 453, and 573 [3] - Aluminum: The spreads were - 120, - 135, - 150, and - 160 respectively, and the theoretical spreads were 215, 331, 446, and 562 [3] - Lead: The spreads were 15, 30, 50, and 75 respectively, and the theoretical spreads were 209, 314, 420, and 525 [3] - Nickel: The spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were 2000, 2130, 2280, and 2410 [3] - Tin: The spread between the 5 - month and 1 - month was 470, and the theoretical spread was 5663 [3] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month contract and spot, next - month contract and spot were - 390 and - 50 respectively, and the theoretical spreads were 208 and 699 [3] - Zinc: The spreads were 50 and 75 respectively, and the theoretical spreads were 136 and 265 (also mentioned with theoretical spreads of 149 and 255) [3] - Lead: The spreads were 190 and 205 respectively, and the theoretical spreads were 152 and 263 [3] Cross - Variety Arbitrage Tracking - On September 2, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) were 3.60, 3.87, 4.73, 0.93, 1.22, 0.76 respectively, and for London (three - continuous) were 3.49, 3.79, 4.93, 0.92, 1.30, 0.71 [3]