有色套利早报-20260106

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 6, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price is 100600 domestically and 12934 on LME with a ratio of 7.63; March price is 101470 domestically and 12892 on LME with a ratio of 7.82. Spot import equilibrium ratio is 7.93 with a profit of - 1538.75 [1] - Zinc: Spot price is 23980 domestically and 3136 on LME with a ratio of 7.65; March price is 23865 domestically and 3173 on LME with a ratio of 5.49. Spot import equilibrium ratio is 8.35 with a profit of - 2191.68 [1] - Aluminum: Spot price is 23310 domestically and 3033 on LME with a ratio of 7.68; March price is 23700 domestically and 3061 on LME with a ratio of 7.71. Spot import equilibrium ratio is 8.32 with a profit of - 1940.69 [1] - Nickel: Spot price is 136050 domestically and 16668 on LME with a ratio of 8.16. Spot import equilibrium ratio is 8.02 with a profit of 729.44 [1] - Lead: Spot price is 17325 domestically and 1974 on LME with a ratio of 8.72; March price is 17415 domestically and 2020 on LME with a ratio of 11.81. Spot import equilibrium ratio is 8.59 with a profit of 270.43 [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 2550, 2670, 2600, 2650 respectively, and theoretical spreads are 596, 1090, 1593, 2096 respectively [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 420, 465, 495, 520 respectively, and theoretical spreads are 220, 346, 472, 598 respectively [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 695, 750, 790, 830 respectively, and theoretical spreads are 226, 353, 479, 606 respectively [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 80, 100, 85, 140 respectively, and theoretical spreads are 212, 319, 427, 534 respectively [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 3700, 4030, 4330, 4680 respectively [4] - Tin: 5 - 1 spread is 1310 and theoretical spread is 6871 [4] Spot - Futures Arbitrage Tracking - Copper: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 1740 and 810 respectively, and theoretical spreads are - 6 and 921 respectively [4] - Zinc: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 580 and - 160 respectively, and theoretical spreads are 64 and 304 respectively [4][5] - Lead: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 10 and 70 respectively, and theoretical spreads are 109 and 224 respectively [5] Cross - Variety Arbitrage Tracking - Ratios of 沪（三连） for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.25, 4.28, 5.83, 0.99, 1.36, 0.73 respectively. No data for 伦（三连） [5]