有色套利早报-20250918

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - The report focuses on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on September 18, 2025, presenting relevant price, ratio, spread, and theoretical spread data [1][4]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Domestic spot price is 80,600, March price is 80,550, LME March price is 10,065, and the ratio is 8.00 [1]. - Zinc: Domestic spot price is 22,170, March price is 22,310, LME March price is 2,989, and the ratio is 5.70 [1]. - Aluminum: Domestic spot price is 20,890, March price is 20,930, LME March price is 2,707, and the ratio is 7.73 [1]. - Nickel: Domestic spot price is 120,700, and the spot import profit is - 1,549.65 [1]. - Lead: Domestic spot price is 16,925, March price is 17,115, LME March price is 2,005, and the ratio is 11.08 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads between different months and the spot month are - 320, - 330, - 330, - 310, while the theoretical spreads are 506, 911, 1324, 1738 respectively [4]. - Zinc: The spreads are 30, 55, 85, 120, and the theoretical spreads are 214, 335, 455, 575 respectively [4]. - Aluminum: The spreads are - 35, - 45, - 55, - 65, and the theoretical spreads are 216, 333, 450, 567 respectively [4]. - Lead: The spreads are 55, 60, 80, 70, and the theoretical spreads are 210, 317, 423, 529 respectively [4]. - Nickel: The spreads are - 620, - 430, - 240, 60 [4]. - Tin: The 5 - 1 spread is 40, and the theoretical spread is 5,648 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts minus the spot are 310 and - 10, and the theoretical spreads are 524 and 924 respectively [4]. - Zinc: The spreads are 85 and 115, and the theoretical spreads are 203 and 332 (also mentioned as 200 and 320) respectively [4][5]. - Lead: The spreads are 130 and 185, and the theoretical spreads are 197 and 310 respectively [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 3.61, 3.85, 4.71, 0.94, 1.22, 0.77 respectively [5].