Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on September 19, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price is 79,990 (domestic) and 9,871 (LME) with a ratio of 8.17; March price is 79,650 (domestic) and 9,943 (LME) with a ratio of 8.04. Spot import equilibrium ratio is 8.10, and the profit is - 357.73 [1] - Zinc: Spot price is 22,020 (domestic) and 2,944 (LME) with a ratio of 7.48; March price is 22,070 (domestic) and 2,920 (LME) with a ratio of 5.86. Spot import equilibrium ratio is 8.55, and the profit is - 3,166.55 [1] - Aluminum: Spot price is 20,780 (domestic) and 2,678 (LME) with a ratio of 7.76; March price is 20,785 (domestic) and 2,673 (LME) with a ratio of 7.79. Spot import equilibrium ratio is 8.37, and the profit is - 1,631.16 [1] - Nickel: Spot price is 120,900 (domestic) and 15,087 (LME) with a ratio of 8.01. Spot import equilibrium ratio is 8.17, and the profit is - 2,181.20 [1] - Lead: Spot price is 17,000 (domestic) and 1,967 (LME) with a ratio of 8.63; March price is 17,175 (domestic) and 2,011 (LME) with a ratio of 10.97. Spot import equilibrium ratio is 8.81, and the profit is - 359.88 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next month, March, April, May and the spot month are - 980, - 910, - 980, - 1000 respectively, while the theoretical spreads are 505, 908, 1319, 1731 [4] - Zinc: The spreads between the next month, March, April, May and the spot month are - 235, - 210, - 175, - 145 respectively, and the theoretical spreads are 214, 335, 455, 576 [4] - Aluminum: The spreads between the next month, March, April, May and the spot month are - 125, - 125, - 135, - 140 respectively, and the theoretical spreads are 216, 332, 449, 565 [4] - Lead: The spreads between the next month, March, April, May and the spot month are 65, 75, 65, 75 respectively, and the theoretical spreads are 211, 317, 424, 530 [4] - Nickel: The spreads between the next month, March, April, May and the spot month are - 680, - 450, - 310, 40 respectively [4] - Tin: The 5 - 1 spread is 220, and the theoretical spread is 5583 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts minus the spot are 610 and - 370 respectively, and the theoretical spreads are 549 and 848 [4] - Zinc: The spreads of the current - month and next - month contracts minus the spot are 260 and 25 respectively, and the theoretical spreads are 201 and 308 [5] - Lead: The spreads of the current - month and next - month contracts minus the spot are 100 and 165 respectively, and the theoretical spreads are 189 and 302 [5] Cross - Variety Arbitrage Tracking - Copper/Zinc, Copper/Aluminum, Copper/Lead, Aluminum/Zinc, Aluminum/Lead, Lead/Zinc: The Shanghai (three - continuous) ratios are 3.61, 3.83, 4.64, 0.94, 1.21, 0.78 respectively, and the London (three - continuous) ratios are 3.41, 3.70, 4.96, 0.92, 1.34, 0.69 respectively [5]
有色套利早报-20250919
Yong An Qi Huo·2025-09-19 01:01