有色套利早报-20251014

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on October 14, 2025, to help investors find potential arbitrage opportunities. 3. Summary by Directory Cross - Market Arbitrage Tracking - Copper: Domestic spot price is 85010, three - month price is 85120, LME three - month price is 10599, and the ratio is 8.02 [1]. - Zinc: Domestic spot price is 22200, three - month price is 22290, LME three - month price is 3014, and the ratio is 5.69 [1]. - Aluminum: Domestic spot price is 20800, three - month price is 20890, LME three - month price is 2755, and the ratio is 7.57 [1]. - Nickel: Domestic spot price is 123600, and the profit of spot import is - 1256.48 [1]. - Lead: Domestic spot price is 16925, three - month price is 17110, LME three - month price is 2007, and the ratio is 11.09 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads between different months and the spot month are 120, 120, 80, 90 respectively, while the theoretical spreads are 527, 952, 1386, 1820 [4]. - Zinc: The spreads are 50, 85, 115, 135 respectively, and the theoretical spreads are 214, 334, 454, 574 [4]. - Aluminum: The spreads are 20, 25, 25, 30 respectively, and the theoretical spreads are 215, 332, 448, 564 [4]. - Lead: The spreads are - 5, 10, 5, 25 respectively, and the theoretical spreads are 211, 317, 424, 530 [4]. - Nickel: The spreads are 260, 430, 700, 880 respectively [4]. - Tin: The 5 - 1 spread is 80, and the theoretical spread is 5841 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts minus the spot are - 10 and 110 respectively, and the theoretical spreads are 98 and 585 [4]. - Zinc: The spreads are 5 and 55 respectively, and the theoretical spreads are 82 and 211 [4]. - Lead: The spreads are 175 and 170 respectively, and the theoretical spreads are 105 and 218 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 3.82, 4.07, 4.97, 0.94, 1.22, 0.77 respectively [5].