Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 26, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On September 26, 2025, the domestic spot price was 82525, LME price was 10291, and the ratio was 8.04; the domestic three - month price was 82690, LME price was 10323, and the ratio was 8.01. The equilibrium ratio for spot import was 8.12, with a profit of - 745.90, and the spot export profit was 433.73 [1] - Zinc: The domestic spot price was 21870, LME price was 2979, and the ratio was 7.34; the domestic three - month price was 22055, LME price was 2926, and the ratio was 5.85. The equilibrium ratio for spot import was 8.55, with a profit of - 3597.09 [1] - Aluminum: The domestic spot price was 20770, LME price was 2645, and the ratio was 7.85; the domestic three - month price was 20765, LME price was 2648, and the ratio was 7.85. The equilibrium ratio for spot import was 8.40, with a profit of - 1466.82 [1] - Nickel: The domestic spot price was 122300, LME price was 15261, and the ratio was 8.01. The equilibrium ratio for spot import was 8.20, with a profit of - 2154.78 [1] - Lead: The domestic spot price was 16950, LME price was 1967, and the ratio was 8.62; the domestic three - month price was 17115, LME price was 2004, and the ratio was 11.00. The equilibrium ratio for spot import was 8.84, with a profit of - 434.90 [3] Cross - Period Arbitrage Tracking - Copper: On September 26, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 50, 30, 30, and - 30 respectively, while the theoretical spreads were 515, 929, 1351, and 1773 respectively [4] - Zinc: The spreads were 15, 25, 35, and 65 respectively, and the theoretical spreads were 213, 332, 451, and 571 respectively [4] - Aluminum: The spreads were 5, 5, 5, and 15 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - Lead: The spreads were 30, 55, 65, and 30 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - Nickel: The spreads were 310, 480, 670, and 740 respectively [4] - Tin: The 5 - 1 spread was 650, and the theoretical spread was 5676 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were 195 and 245 respectively, and the theoretical spreads were 391 and 856 respectively [4] - Zinc: The spreads were 160 and 175 respectively, and the theoretical spreads were 176 and 304 respectively [4] - Lead: The spreads were 110 and 140 respectively, and the theoretical spreads were 164 and 277 respectively [5] Cross - Variety Arbitrage Tracking - On September 26, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.75, 3.98, 4.83, 0.94, 1.21, and 0.78 respectively; for London (triple - continuous) were 3.51, 3.86, 5.09, 0.91, 1.32, and 0.69 respectively [5]
有色套利早报-20250926
Yong An Qi Huo·2025-09-26 00:55