Report Industry Investment Rating - No relevant content Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, lead, and tin on September 12, 2025 [1][4][8] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price in China is 80175, LME price is 9936, and the ratio is 8.04; March price in China is 80100, LME price is 9998, and the ratio is 8.01. The equilibrium ratio for spot import is 8.11, with a profit of - 286.15; the profit for spot export is 84.86 [1] - Zinc: Spot price in China is 22180, LME price is 2912, and the ratio is 7.62; March price in China is 22255, LME price is 2889, and the ratio is 5.84. The equilibrium ratio for spot import is 8.57, with a profit of - 2761.78 [1] - Aluminum: Spot price in China is 20850, LME price is 2647, and the ratio is 7.88; March price in China is 20900, LME price is 2636, and the ratio is 7.92. The equilibrium ratio for spot import is 8.38, with a profit of - 1318.27 [1] - Nickel: Spot price in China is 119600, LME price is 14961, and the ratio is 7.99. The equilibrium ratio for spot import is 8.18, with a profit of - 1530.38 [1] - Lead: Spot price in China is 16750, LME price is 1948, and the ratio is 8.60; March price in China is 16905, LME price is 1991, and the ratio is 11.17. The equilibrium ratio for spot import is 8.83, with a profit of - 442.74 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 350, 320, 320, and 330 respectively, while the theoretical spreads are 501, 900, 1308, and 1716 [4] - Zinc: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 110, 115, 120, and 135 respectively, while the theoretical spreads are 214, 333, 453, and 573 [4] - Aluminum: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 125, 110, 75, and 50 respectively, while the theoretical spreads are 215, 331, 447, and 563 [4] - Lead: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 140, 145, 140, and 175 respectively, while the theoretical spreads are 209, 314, 418, and 523 [4] - Nickel: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 20, 190, 350, and 560 respectively [4] - Tin: The spread between the 5 - 1 contracts is - 10, and the theoretical spread is 5620 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot are - 375 and - 25 respectively, while the theoretical spreads are 69 and 563 [4] - Zinc: The spreads between the current - month and next - month contracts and the spot are - 40 and 70 respectively, while the theoretical spreads are 78 and 221 [6] - Lead: The spreads between the current - month and next - month contracts and the spot are 10 and 150 respectively, while the theoretical spreads are 89 and 201 [6] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.60, 3.83, 4.74, 0.94, 1.24, and 0.76 respectively; for LME (three - continuous) are 3.47, 3.76, 5.03, 0.92, 1.34, and 0.69 respectively [8]
有色套利早报-20250912
Yong An Qi Huo·2025-09-12 01:29