Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 11, 2025, including domestic and LME prices, price ratios, equilibrium price ratios, and profit margins [1][3][6] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On September 11, 2025, the domestic spot price was 79,760, the LME spot price was 9,884, and the spot price ratio was 8.07. The equilibrium price ratio for spot import was 8.11, with a profit of - 232.79 [1] - Zinc: The domestic spot price was 22,100, the LME spot price was 2,896, and the spot price ratio was 7.63. The equilibrium price ratio for spot import was 8.57, with a profit of - 2,724.25 [1] - Aluminum: The domestic spot price was 20,750, the LME spot price was 2,629, and the spot price ratio was 7.89. The equilibrium price ratio for spot import was 8.38, with a profit of - 1,287.79 [1] - Nickel: The domestic spot price was 119,450, the LME spot price was 14,992, and the spot price ratio was 7.97. The equilibrium price ratio for spot import was 8.18, with a profit of - 1,447.10 [1] - Lead: The domestic spot price was 16,700, the LME spot price was 1,932, and the spot price ratio was 8.64. The equilibrium price ratio for spot import was 8.83, with a profit of - 368.54 [3] Cross - Period Arbitrage Tracking - Copper: On September 11, 2025, the spreads between the secondary month, third month, fourth month, and fifth month and the spot month were 110, 80, 60, and 30 respectively, while the theoretical spreads were 500, 899, 1306, and 1714 [3] - Zinc: The spreads were 155, 150, 145, and 150 respectively, and the theoretical spreads were 213, 333, 452, and 571 [3] - Aluminum: The spreads were 50, 40, 30, and - 5 respectively, and the theoretical spreads were 215, 330, 446, and 562 [3] - Lead: The spreads were - 75, - 50, - 35, and 15 respectively, and the theoretical spreads were 209, 315, 420, and 525 [3] - Nickel: The spreads between the secondary month, third month, fourth month, and fifth month and the spot month were 330, 470, 640, and 920 [3] - Tin: The 5 - 1 spread was 580, and the theoretical spread was 5606 [3] Spot - Futures Arbitrage Tracking - Copper: On September 11, 2025, the spreads between the current - month contract, secondary - month contract and the spot were - 25 and 85 respectively, and the theoretical spreads were 129 and 586 [3] - Zinc: The spreads were - 40 and 115 respectively, and the theoretical spreads were 103 and 232 [3] - Lead: The spreads were 170 and 95 respectively, and the theoretical spreads were 116 and 227 [3] Cross - Variety Arbitrage Tracking - On September 11, 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 3.59, 3.84, 4.74, 0.94, 1.24, and 0.76 respectively; in London (three - continuous) were 3.47, 3.81, 5.04, 0.91, 1.32, and 0.69 respectively [6]
有色套利早报-20250911
Yong An Qi Huo·2025-09-11 00:13