有色套利早报-20260105

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 5, 2026 [1][3][4] Summary by Related Catalogs Cross - market Arbitrage Tracking - Copper: Spot price is 98790, LME spot is 12526, ratio is 7.86; March price is 98380, LME March is 12496, ratio is 7.97. Spot import equilibrium ratio is 7.94 with a profit of - 1808.32, spot export profit is - 455.42 [1] - Zinc: Spot price is 23310, LME spot is 3081, ratio is 7.56; March price is 23310, LME March is 3117, ratio is 5.52. Spot import equilibrium ratio is 8.36 with a profit of - 2455.24 [1] - Aluminum: Spot price is 22460, LME spot is 2966, ratio is 7.57; March price is 22950, LME March is 2993, ratio is 7.59. Spot import equilibrium ratio is 8.33 with a profit of - 2249.88 [1] - Nickel: Spot price is 135050, LME spot is 16455, ratio is 8.21. Spot import equilibrium ratio is 8.03 with a profit of 1259.30 [1] - Lead: Spot price is 17150, LME spot is 1971, ratio is 8.69; March price is 17360, LME March is 2015, ratio is 11.54. Spot import equilibrium ratio is 8.60 with a profit of 177.81 [3] Cross - period Arbitrage Tracking - Copper: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 560, - 420, - 420, - 450 respectively, theoretical spreads are 596, 1090, 1593, 2096 [4] - Zinc: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 125, - 90, - 65, - 20 respectively, theoretical spreads are 220, 346, 472, 598 [4] - Aluminum: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 25, 0, 30, 65 respectively, theoretical spreads are 226, 353, 479, 606 [4] - Lead: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 40, 45, 55, 50 respectively, theoretical spreads are 212, 319, 427, 534 [4] - Nickel: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 2450, 2650, 2930, 3220 respectively [4] - Tin: 5 - 1 spread is - 3570, theoretical spread is 6744 [4] Spot - futures Arbitrage Tracking - Copper: Spreads for当月合约 - 现货, 次月合约 - 现货 are 15, - 545 respectively, theoretical spreads are 327, 790 [4] - Zinc: Spreads for当月合约 - 现货, 次月合约 - 现货 are 90, - 35 respectively, theoretical spreads are 124, 259 [4] - Zinc (repeated data): Spreads for当月合约 - 现货, 次月合约 - 现货 are 90, - 35 respectively, theoretical spreads are 204, 335 [5] - Lead: Spreads for当月合约 - 现货, 次月合约 - 现货 are 165, 205 respectively, theoretical spreads are 150, 264 [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.22, 4.29, 5.67, 0.98, 1.32, 0.74 in Shanghai and 3.98, 4.15, 6.18, 0.96, 1.49, 0.65 in London [5]