有色套利早报-20260114

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, and lead on January 14, 2026 [1][3][4] Summary by Related Catalogs Cross - market Arbitrage Tracking - Copper: On January 14, 2026, the domestic spot price was 102,680, the LME spot price was 13,158, and the spot price ratio was 7.85; the domestic three - month price was 102,480, the LME three - month price was 13,068, and the three - month price ratio was 7.85. The equilibrium price ratio for spot imports was 7.92 [1] - Zinc: On January 14, 2026, the domestic spot price was 24,330, the LME spot price was not provided; the domestic three - month price was 24,280, the LME three - month price was 3,204, and the three - month price ratio was 5.41 [1] - Aluminum: On January 14, 2026, the domestic spot price was 24,300, the LME spot price was not provided; the domestic three - month price was 24,375, the LME three - month price was 3,165, and the three - month price ratio was 7.74 [1] - Nickel: On January 14, 2026, the domestic spot price was 139,850, the LME spot price was not provided. The profit for spot imports was 1,072.78 [1] - Lead: On January 14, 2026, the domestic spot price was 17,200, the LME spot price was 2,010, and the spot price ratio was 8.54; the domestic three - month price was 17,360, the LME three - month price was 2,054, and the three - month price ratio was 11.81. The profit for spot imports was 18.63, and the equilibrium price ratio for spot imports was 8.53 [3] Cross - period Arbitrage Tracking - Copper: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 1140, - 950, - 800, and - 720 respectively, while the theoretical spreads were 619, 1136, 1662, and 2189 respectively [4] - Zinc: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 105, 150, 185, and 200 respectively, while the theoretical spreads were 224, 353, 483, and 613 respectively [4] - Aluminum: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 260, - 190, - 145, and - 100 respectively, while the theoretical spreads were 234, 369, 503, and 638 respectively [4] - Lead: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 95, - 45, 0, and 25 respectively, while the theoretical spreads were 212, 320, 428, and 536 respectively [4] - Nickel: On January 14, 2026, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 3350, - 3160, - 2820, and - 2530 respectively [4] - Tin: On January 14, 2026, the spread between the 5 - month and 1 - month contracts was - 2000, and the theoretical spread was 7802 [4] Spot - futures Arbitrage Tracking - Copper: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were 965 and - 175 respectively, while the theoretical spreads were 219 and 619 respectively [4] - Zinc: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were - 200 and - 95 respectively, and the theoretical spreads were 61 and 202 (also mentioned as 119 and 225) respectively [4][5] - Lead: On January 14, 2026, the spreads between the current - month and next - month contracts and the spot were 205 and 110 respectively, while the theoretical spreads were 110 and 224 respectively [5] Cross - variety Arbitrage Tracking - On January 14, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (triple - continuous) contracts were 4.22, 4.20, 5.90, 1.00, 1.40, and 0.71 respectively; the ratios for the London (triple - continuous) contracts of copper/zinc, copper/aluminum, and copper/lead were 4.11, 4.12, and 6.39 respectively [5]