有色套利早报-20250905

Report Summary Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents cross - market, cross - period, and spot - futures arbitrage tracking data for multiple non - ferrous metals on September 5, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors understand the price differences and profit situations in different trading modes [1][3] Summary by Category Cross - Market Arbitrage - Copper: The domestic spot price is 80080, the LME price is 9843, and the spot import equilibrium ratio is 8.13 with a profit of - 163.54 [1] - Zinc: The domestic spot price is 21990, the LME price is 2873, and the spot import equilibrium ratio is 8.60 with a profit of - 2715.72 [1] - Aluminum: The domestic spot price is 20610, the LME price is 2600, and the spot import equilibrium ratio is 8.42 with a profit of - 1279.10 [1] - Nickel: The domestic spot price is 119900, the LME price is 15001, and the spot import equilibrium ratio is 8.21 with a profit of - 1709.79 [1] - Lead: The domestic spot price is 16675, the LME price is 1946, and the spot import equilibrium ratio is 8.85 with a profit of - 504.01 [3] Cross - Period Arbitrage - Copper: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 300, - 330, - 390, and - 420 respectively, while the theoretical spreads are 502, 903, 1312, and 1721 [3] - Zinc: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 110, - 110, - 105, and - 90 respectively, while the theoretical spreads are 214, 334, 454, and 575 [3] - Aluminum: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are - 95, - 100, - 100, and - 135 respectively, while the theoretical spreads are 215, 330, 446, and 561 [3] - Lead: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month are 40, 50, 75, and 70 respectively, while the theoretical spreads are 209, 314, 419, and 524 [3] Spot - Futures Arbitrage - Copper: The spreads between the current - month and next - month contracts and the spot are - 15 and - 315 respectively, while the theoretical spreads are 228 and 628 [3] - Zinc: The spreads between the current - month and next - month contracts and the spot are 240 and 130 respectively, while the theoretical spreads are 131 and 260 [3] - Lead: The spreads between the current - month and next - month contracts and the spot are 145 and 185 respectively, while the theoretical spreads are 134 and 246 [3] Cross - Variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai market (three - continuous) are 3.60, 3.87, 4.73, 0.93, 1.22, and 0.76 respectively, and in the LME market (three - continuous) are 3.48, 3.82, 4.99, 0.91, 1.31, and 0.70 respectively [3]