Report Overview - The report is a colored arbitrage morning report by the colored team of the research center on October 21, 2025, covering cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking for multiple metals including copper, zinc, aluminum, lead, nickel, and tin [1][2][4] Cross - Market Arbitrage Tracking Copper - The domestic spot price is 85,650, the LME spot price is 10,656; the domestic March price is 85,360, the LME March price is 10,680, with a ratio of 8.04. The spot import profit is - 888.92 [1] Zinc - The domestic spot price is 21,870, the LME spot price is 3,178, with a ratio of 6.88; the domestic March price is 21,880, the LME March price is 2,948, with a ratio of 5.80. The spot import profit is - 5,169.01 [1] Aluminum - The domestic spot price is 20,930, the LME spot price is 2,782, with a ratio of 7.52; the domestic March price is 20,920, the LME March price is 2,777, with a ratio of 7.54 [1] Lead - The domestic spot price is 16,900, the LME spot price is 1,935, with a ratio of 8.75; the domestic March price is 17,100, the LME March price is 1,977, with a ratio of 11.08 [3] Nickel - The domestic spot price is 123,550, the LME spot price is 14,935, with a ratio of 8.27. The spot import profit is - 1,445.62 [1] Cross - Period Arbitrage Tracking Copper - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 990, 970, 900, 890 respectively, while the theoretical spreads are 524, 946, 1377, 1808 [4] Zinc - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 35, 65, 90, 130 respectively, and the theoretical spreads are 212, 330, 448, 566 [4] Aluminum - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 25, 35, 40, 45 respectively, and the theoretical spreads are 215, 332, 448, 565 [4] Lead - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 15, 25, 60, 100 respectively, and the theoretical spreads are 210, 317, 423, 530 [4] Nickel - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 300, - 60, 180, 380 respectively [4] Tin - The 5 - 1 spread is - 460, and the theoretical spread is 5791 [4] Spot - Futures Arbitrage Tracking Copper - The spreads of the current - month contract - spot and the next - month contract - spot are - 1215 and - 225 respectively, and the theoretical spreads are 279 and 897 [4] Zinc - The spreads of the current - month contract - spot and the next - month contract - spot are - 55 and - 20 respectively, and the theoretical spreads are 169 and 296 [4] Lead - The spreads of the current - month contract - spot and the next - month contract - spot are 175 and 190 respectively, and the theoretical spreads are 192 and 305 [5] Cross - Variety Arbitrage Tracking - For copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc, the Shanghai (three - continuous) ratios are 3.90, 4.08, 4.99, 0.96, 1.22, 0.78 respectively, and the London (three - continuous) ratios are 3.60, 3.87, 5.37, 0.93, 1.39, 0.67 respectively [5]
有色套利早报-20251021
Yong An Qi Huo·2025-10-21 01:14