有色套利早报-20260112

1. Report's Industry Investment Rating - No information provided 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, and nickel on January 12, 2026 [1][3] 3. Summary by Relevant Catalogs Cross - market Arbitrage Tracking - Copper: On January 12, 2026, the domestic spot price was 100330, the LME price was 12915, and the ratio was 7.79. The three - month domestic price was 101580, the LME price was 12873, and the ratio was 7.83. The equilibrium ratio for spot imports was 7.92, with a loss of 1676.26, and the profit for spot exports was 962.00 [1] - Zinc: The domestic spot price was 24040, the LME price was 3109, and the ratio was 7.73. The three - month domestic price was 24015, the LME price was 3153, and the ratio was 5.50. The equilibrium ratio for spot imports was 8.35, with a loss of 1902.57 [1] - Aluminum: The domestic spot price was 24030, the LME price was 3136, and the ratio was 7.66. The three - month domestic price was 24385, the LME price was 3128, and the ratio was 7.73. The equilibrium ratio for spot imports was 8.33, with a loss of 2107.33 [1] - Nickel: The domestic spot price was 137250, the LME price was 17279, and the ratio was 7.94. The equilibrium ratio for spot imports was 8.01, with a loss of 640.56 [1] - Lead: The domestic spot price was 17200, the LME price was 1996, and the ratio was 8.60. The three - month domestic price was 17395, the LME price was 2040, and the ratio was 11.74. The equilibrium ratio for spot imports was 8.54, with a profit of 132.82 [3] Cross - period Arbitrage Tracking - Copper: On January 12, 2026, the differences between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 440, 610, 670, and 610 respectively, while the theoretical differences were 607, 1112, 1626, and 2139 [3] - Zinc: The differences were 40, 85, 120, and 135, and the theoretical differences were 223, 351, 480, and 609 [3] - Aluminum: The differences were 545, 600, 635, and 670, and the theoretical differences were 230, 361, 492, and 623 [3] - Lead: The differences were 60, 100, 125, and 140, and the theoretical differences were 211, 319, 426, and 534 [3] - Nickel: The differences between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 3090, 3220, 3580, and 3900 [3] - Tin: The difference between the 5 - month and 1 - month contracts was 90, and the theoretical difference was 7248 [3] Spot - futures Arbitrage Tracking - Copper: The differences between the current - month and next - month contracts and the spot were 730 and 1170 respectively, while the theoretical differences were 275 and 893 [3] - Zinc: The differences were - 110 and - 70, and the theoretical differences were 83 and 223 (or 64 and 285) [3] - Lead: The differences were 95 and 155, and the theoretical differences were 109 and 224 [3] Cross - variety Arbitrage Tracking - On January 12, 2026, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.23, 4.17, 5.84, 1.02, 1.40, and 0.72 in Shanghai and 4.12, 4.14, 6.34, 0.99, 1.53, and 0.65 in London [3]