Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on September 23, 2025 [1][4][5] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price is 80210 domestically and 9926 on LME with a ratio of 8.09; March price is 80150 domestically and 9999 on LME with a ratio of 8.01. Spot import equilibrium ratio is 8.10 with a profit of - 157.47, and spot export profit is - 44.51 [1] - Zinc: Spot price is 21960 domestically and 2960 on LME with a ratio of 7.42; March price is 22095 domestically and 2915 on LME with a ratio of 5.87. Spot import equilibrium ratio is 8.53 with a profit of - 3284.10 [1] - Aluminum: Spot price is 20750 domestically and 2677 on LME with a ratio of 7.75; March price is 20760 domestically and 2673 on LME with a ratio of 7.77. Spot import equilibrium ratio is 8.37 with a profit of - 1657.38 [1] - Nickel: Spot price is 120550 domestically and 15058 on LME with a ratio of 8.01. Spot import equilibrium ratio is 8.18 with a profit of - 1660.15 [1] - Lead: Spot price is 17000 domestically and 1951 on LME with a ratio of 8.71; March price is 17175 domestically and 1997 on LME with a ratio of 11.05. Spot import equilibrium ratio is 8.82 with a profit of - 210.47 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, March, April, and May contracts and the spot - month contract are - 30, - 40, - 40, and - 50 respectively, while the theoretical spreads are 503, 904, 1314, and 1724 [4] - Zinc: The spreads are 10, 15, 40, and 65, and the theoretical spreads are 213, 333, 452, and 572 [4] - Aluminum: The spreads are - 5, 10, - 5, and 0, and the theoretical spreads are 215, 331, 446, and 562 [4] - Lead: The spreads are 40, 50, 35, and 40, and the theoretical spreads are 211, 317, 424, and 531 [4] - Nickel: The spreads are 160, 330, 520, and 670 [4] - Tin: The spread between the 5 - month and 1 - month contracts is 60, and the theoretical spread is 5649 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot are 0 and - 30, and the theoretical spreads are 404 and 844 [4] - Zinc: The spreads are 120 and 130, and the theoretical spreads are 182 and 311 [4] - Lead: The spreads are 125 and 165, and the theoretical spreads are 177 and 291 [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) are 3.63, 3.86, 4.67, 0.94, 1.21, and 0.78 respectively; for LME (triple - continuous) are 3.45, 3.77, 4.99, 0.91, 1.32, and 0.69 respectively [5]
有色套利早报-20250923
Yong An Qi Huo·2025-09-23 00:38