有色套利早报-20260121

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - 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 21, 2026, including domestic and LME prices, price ratios, equilibrium price ratios, and profit margins [1][3] Group 3: Summary by Related Catalogs Cross - market Arbitrage Tracking - Copper: On January 21, 2026, the domestic spot price was 100,660, the LME price was 13,030, with a ratio of 7.72; the three - month domestic price was 101,430, the LME price was 12,929, with a ratio of 7.80. The equilibrium ratio for spot import was 7.89, with a profit of - 1773.40, and the profit for spot export was 1409.82 [1] - Zinc: The domestic spot price was 24,340, the LME price was 3181, with a ratio of 7.65; the three - month domestic price was 24,455, the LME price was 3225, with a ratio of 5.33. The equilibrium ratio for spot import was 8.32, with a profit of - 2114.93 [1] - Aluminum: The domestic spot price was 23,680, the LME price was 3132, with a ratio of 7.56; the three - month domestic price was 23,995, the LME price was 3145, with a ratio of 7.60. The equilibrium ratio for spot import was 8.32, with a profit of - 2388.30 [1] - Nickel: The domestic spot price was 139,850, the LME price was 17,710, with a ratio of 7.90. The equilibrium ratio for spot import was 7.99, with a profit of 1929.60 [1] - Lead: The domestic spot price was 17,000, the LME price was 2012, with a ratio of 8.45; the three - month domestic price was 17,285, the LME price was 2058, with a ratio of 11.83. The equilibrium ratio for spot import was 8.51, with a profit of - 125.66 [3] Cross - period Arbitrage Tracking - Copper: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 240, 440, 550, and 510 respectively, while the theoretical spreads were 607, 1112, 1626, and 2140 respectively [3] - Zinc: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 0, 45, 70, and 40 respectively, and the theoretical spreads were 225, 356, 487, and 618 respectively [3] - Aluminum: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 75, - 30, 15, and 25 respectively, and the theoretical spreads were 231, 363, 495, and 628 respectively [3] - Lead: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 100, 160, 190, and 195 respectively, and the theoretical spreads were 211, 317, 424, and 531 respectively [3] - Nickel: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 760, - 490, - 240, and - 260 respectively [3] - Tin: The spread of the 5 - 1 contract was 1890, and the theoretical spread was 8149 [3] Spot - Futures Arbitrage Tracking - Copper: The spread between the current - month contract and the spot was 315, the theoretical spread was 582; the spread between the next - month contract and the spot was 555, the theoretical spread was 1172 [3] - Zinc: The spread between the current - month contract and the spot was 70, the theoretical spread was 193; the spread between the next - month contract and the spot was 70, the theoretical spread was 335 [3] - Lead: The spread between the current - month contract and the spot was 125, the theoretical spread was 185; the spread between the next - month contract and the spot was 225, the theoretical spread was 298 [3] Cross - variety Arbitrage Tracking - On January 21, 2026, the cross - variety price ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 4.15, 4.23, 5.87, 0.98, 1.39, and 0.71 respectively; in London (three - continuous contracts), they were 4.02, 4.10, 6.29, 0.98, 1.53, and 0.64 respectively [3]