Report Industry Investment Rating - Not provided Core View of the Report - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead as of September 30, 2025, which can help investors analyze potential arbitrage opportunities [1][4][5] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: On September 30, 2025, the domestic spot price was 82220, the LME price was 10235, and the ratio was 8.06; the three - month domestic price was 82360, the LME price was 10264, and the ratio was 8.01. The equilibrium ratio for spot import was 8.10, with a loss of 898.28, and the profit for spot export was 299.94 [1] - Zinc: The domestic spot price was 21620, the LME price was 2953, and the ratio was 7.32; the three - month domestic price was 21830, the LME price was 2909, and the ratio was 5.82. The equilibrium ratio for spot import was 8.54, with a loss of 3590.26 [1] - Aluminum: The domestic spot price was 20690, the LME price was 2660, and the ratio was 7.77; the three - month domestic price was 20725, the LME price was 2666, and the ratio was 7.76. The equilibrium ratio for spot import was 8.39, with a loss of 1632.20 [1] - Nickel: The domestic spot price was 119800, the LME price was 15057, and the ratio was 7.96. The equilibrium ratio for spot import was 8.18, with a loss of 1708.54 [1] - Lead: The domestic spot price was 16750, the LME price was 1948, and the ratio was 8.62; the three - month domestic price was 16885, the LME price was 1993, and the ratio was 10.89. The equilibrium ratio for spot import was 8.83, with a loss of 400.78 [3] Cross - Period Arbitrage Tracking - Copper: On September 30, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 100, - 110, - 150, and - 130 respectively, while the theoretical spreads were 514, 927, 1348, and 1769 respectively [4] - Zinc: The spreads were - 150, - 120, - 75, and - 40 respectively, and the theoretical spreads were 213, 332, 450, and 569 respectively [4] - Aluminum: The spreads were - 25, - 30, - 20, and - 25 respectively, and the theoretical spreads were 215, 331, 446, and 562 respectively [4] - Lead: The spreads were - 215, - 185, - 165, and - 150 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - Nickel: The spreads were 0, 170, 340, and 620 respectively [4] - Tin: The spread of the 5 - 1 contract was 1010, and the theoretical spread was 5645 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were 295 and 195 respectively, and the theoretical spreads were 346 and 787 respectively [4] - Zinc: The spreads were 330 and 180 respectively, and the theoretical spreads were 159 and 285 respectively [4] - Lead: The spreads were 320 and 105 respectively, and the theoretical spreads were 179 and 291 respectively [5] Cross - Variety Arbitrage Tracking - On September 30, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.77, 3.97, 4.88, 0.95, 1.23, and 0.77 respectively; in the London (three - continuous) market, they were 3.54, 3.89, 5.22, 0.91, 1.34, and 0.68 respectively [5]
有色套利早报-20250930
Yong An Qi Huo·2025-09-30 01:01