有色套利早报-20250916

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - 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 16, 2025 [1][3][4] 3. Summary by Related Catalogs Cross - market Arbitrage Tracking - Copper: Spot price in China is 80930, LME is 10020, with a ratio of 8.13; March price in China is 80910, LME is 10082, ratio 8.02. Spot import equilibrium ratio is 8.10, profit - 307.15 [1] - Zinc: Spot price in China is 22240, LME is 2983, ratio 7.46; March price in China is 22315, LME is 2956, ratio 5.80. Spot import equilibrium ratio is 8.56, profit - 3280.38 [1] - Aluminum: Spot price in China is 20950, LME is 2691, ratio 7.78; March price in China is 21025, LME is 2687, ratio 7.82. Spot import equilibrium ratio is 8.37, profit - 1587.60 [1] - Nickel: Spot price in China is 121500, LME is 15209, ratio 7.99. Spot import equilibrium ratio is 8.18, profit - 2378.18 [1] - Lead: Spot price in China is 17000, LME is 1966, ratio 8.62; March price in China is 17190, LME is 2014, ratio 11.08. Spot import equilibrium ratio is 8.82, profit - 391.22 [3] Cross - period Arbitrage Tracking - Copper: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 420, - 450, - 460, - 460 respectively, theoretical spreads are 509, 916, 1331, 1747 [4] - Zinc: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 60, 65, 80, 100 respectively, theoretical spreads are 214, 335, 455, 575 [4] - Aluminum: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 265, - 260, - 285, - 305 respectively, theoretical spreads are 217, 336, 454, 573 [4] - Lead: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 160, 190, 195, 190 respectively, theoretical spreads are 210, 316, 422, 528 [4] - Nickel: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 780, 1020, 1180, 1390 respectively [4] - Tin: 5 - 1 spread is 420, theoretical spread is 5673 [4] Spot - Futures Arbitrage Tracking - Copper: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 450 and 30 respectively [4] - Zinc: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 10 and 70 respectively [4][5] - Lead: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 0 and 160 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.63, 3.85, 4.71, 0.94, 1.22, 0.77 in Shanghai (three - continuous), and 3.42, 3.77, 5.09, 0.91, 1.35, 0.67 in London (three - continuous) [5]