Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on September 25, 2025, including copper, zinc, aluminum, nickel, lead, etc., to help investors understand the price relationships and profit situations in different trading scenarios [1][4][5] 3) Summary by Directory Cross - Market Arbitrage Tracking - Copper: On September 25, 2025, the domestic spot price was 80025, the LME price was 9935, and the ratio was 8.05. The equilibrium ratio for spot import was 8.12, with a loss of 693.47, and a profit of 317.82 for spot export [1] - Zinc: The domestic spot price was 21830, the LME price was 2941, and the ratio was 7.42. The equilibrium ratio for spot import was 8.55, with a loss of 3318.32 [1] - Aluminum: The domestic spot price was 20680, the LME price was 2635, and the ratio was 7.85. The equilibrium ratio for spot import was 8.40, with a loss of 1467.29 [1] - Nickel: The domestic spot price was 120450, the LME price was 15121, and the ratio was 7.97. The equilibrium ratio for spot import was 8.20, with a loss of 2283.59 [1] - Lead: The domestic spot price was 16925, the LME price was 1960, and the ratio was 8.65. The equilibrium ratio for spot import was 8.84, with a loss of 377.93 [3] Cross - Period Arbitrage Tracking - Copper: On September 25, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 30, 10, 20, and 0 respectively, while the theoretical spreads were 502, 901, 1310, and 1719 [4] - Zinc: The spreads were 20, 35, 50, and 75, and the theoretical spreads were 212, 330, 449, and 567 [4] - Aluminum: The spreads were 20, 20, 35, and 30, and the theoretical spreads were 214, 330, 445, and 561 [4] - Lead: The spreads were 25, 50, 35, and 65, and the theoretical spreads were 210, 316, 423, and 529 [4] - Nickel: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 720, 900, 1160, and 1400 [4] - Tin: The 5 - 1 spread was 1360, and the theoretical spread was 5635 [4] Cross - Variety Arbitrage Tracking - On September 25, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.65, 3.86, 4.68, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous) were 3.52, 3.90, 5.17, 0.90, 1.33, and 0.68 [5] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 75 and - 45 respectively, and the theoretical spreads were 363 and 811 [4] - Zinc: The spreads were 10 and 30, and the theoretical spreads were 159 and 286 [4] - Lead: The spreads were 115 and 140, and the theoretical spreads were 168 and 281 [5]
有色套利早报-20250925
Yong An Qi Huo·2025-09-25 01:01