有色套利早报-20260108

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents 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 January 8, 2026 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On January 8, 2026, the domestic spot price was 103400, the LME spot price was 13135, and the spot ratio was 7.99. The domestic three - month price was 103600, the LME three - month price was 13121, and the three - month ratio was 7.91. The equilibrium ratio for spot import was 7.94, with a profit of - 1162.96, and the profit for spot export was 30.61 [1] - Zinc: The domestic spot price was 24300, the LME spot price was 3196, and the spot ratio was 7.60. The domestic three - month price was 24370, the LME three - month price was 3242, and the three - month ratio was 5.46. The equilibrium ratio for spot import was 8.35 [1] - Aluminum: The domestic spot price was 24140, the LME spot price was 3100, and the spot ratio was 7.79. The domestic three - month price was 24410, the LME three - month price was 3118, and the three - month ratio was 7.81 [1] - Nickel: The domestic spot price was 148450, the LME spot price was 18331, and the spot ratio was 8.10. The profit for spot import was 184.80 [1] - Lead: The domestic spot price was 17575, the LME spot price was 2037, and the spot ratio was 8.58. The domestic three - month price was 17845, the LME three - month price was 2080, and the three - month ratio was 11.63 [3] Cross - Period Arbitrage Tracking - Copper: On January 8, 2026, the spreads for the next month, three - month, four - month, and five - month relative to the spot month were - 1920, - 1730, - 1650, and - 1640 respectively, while the theoretical spreads were 629, 1155, 1691, and 2227 [4] - Zinc: The spreads were 55, 95, 140, and 150, and the theoretical spreads were 224, 355, 485, and 616 [4] - Aluminum: The spreads were 75, 125, 175, and 220, and the theoretical spreads were 232, 366, 499, and 633 [4] - Lead: The spreads were 340, 355, 375, and 400, and the theoretical spreads were 212, 321, 429, and 538 [4] - Nickel: The spreads were 8310, 8840, 9030, and 9450 [4] - Tin: The 5 - 1 spread was 1800, and the theoretical spread was 7346 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were 1960 and 40, and the theoretical spreads were 505 and 796 [4][5] - Zinc: The spreads were - 25 and 30, and the theoretical spreads were 108 and 248 (in doc 4) and 130 and 284 (in doc 5) - Lead: The spreads were - 85 and 255, and the theoretical spreads were 91 and 208 [5] Cross - Variety Arbitrage Tracking - On January 8, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - consecutive contracts) were 4.25, 4.24, 5.81, 1.00, 1.37, and 0.73 respectively, and for LME (three - consecutive contracts) were 4.07, 4.18, 6.26, 0.98, 1.50, and 0.65 [5]