有色套利早报-20260113

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The report presents cross - market, inter - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 13, 2026, to assist investors in identifying potential arbitrage opportunities [1][3] Group 3: Cross - Market Arbitrage Tracking Copper - Spot price: domestic 103225, LME 13257, ratio 7.61; March price: domestic 103980, LME 13193, ratio 7.84; equilibrium ratio for spot import 7.92, profit -1040.64, profit for spot export 977.85 [1] Zinc - Spot price: domestic 24140, LME 3141, ratio 7.69; March price: domestic 24175, LME 3182, ratio 5.48; equilibrium ratio for spot import 8.34, profit -2042.72 [1] Aluminum - Spot price: domestic 24340, LME 3181, ratio 7.65; March price: domestic 24650, LME 3171, ratio 7.74; equilibrium ratio for spot import 8.32, profit -2133.30 [1] Nickel - Spot price: domestic 141050, LME 17930, ratio 7.87; equilibrium ratio for spot import 8.00, profit 1072.78 [1] Lead - Spot price: domestic 17300, LME 2016, ratio 8.56; March price: domestic 17475, LME 2060, ratio 11.68; equilibrium ratio for spot import 8.53, profit 58.78 [3] Group 4: Inter - 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 2590, 2770, 2750, 2890 respectively; theoretical spreads are 608, 1114, 1629, 2144 respectively [3] Zinc - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 205, 255, 285, 305 respectively; theoretical spreads are 223, 351, 480, 608 respectively [3] Aluminum - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 120, 195, 215, 265 respectively; theoretical spreads are 233, 368, 502, 636 respectively [3] Lead - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 100, 135, 165, 180 respectively; theoretical spreads are 212, 319, 427, 535 respectively [3] Nickel - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 6200, 6390, 6680, 6830 respectively Tin - 5 - 1 spread is 5130, theoretical spread is 7640 [3] Group 5: Spot - Futures Arbitrage Tracking Copper - Spreads for当月合约 - 现货 and 次月合约 - 现货 are -1965 and 625 respectively; theoretical spreads are -164 and 782 respectively [3] Zinc - Spreads for当月合约 - 现货 and 次月合约 - 现货 are -220 and -15 respectively; theoretical spreads are 77 and 217 (or 102 and 264) respectively [3] Lead - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 40 and 140 respectively; theoretical spreads are 90 and 205 respectively [3] Group 6: Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (three - continuous) are 4.30, 4.22, 5.95, 1.02, 1.41, 0.72 respectively; London (three - continuous) are 4.11, 4.15, 6.43, 0.99, 1.55, 0.64 respectively [3]