有色套利早报-20260122

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 22, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot domestic price is 100125, LME price is 12877, and the ratio is 7.81; March domestic price is 101450, LME price is 12907, and the ratio is 7.80. The equilibrium ratio for spot import is 7.90, with a profit of - 1047.36, and the profit for spot export is 560.57 [1] - Zinc: Spot domestic price is 24200, LME price is 3155, and the ratio is 7.67; March domestic price is 24385, LME price is 3195, and the ratio is 5.34. The equilibrium ratio for spot import is 8.32, with a profit of - 2060.52 [1] - Aluminum: Spot domestic price is 23710, LME price is 3123, and the ratio is 7.59; March domestic price is 24205, LME price is 3137, and the ratio is 7.63. The equilibrium ratio for spot import is 8.32, with a profit of - 2271.71 [1] - Nickel: Spot domestic price is 139650, LME price is 17864, and the ratio is 7.82. The equilibrium ratio for spot import is 7.99, with a profit of - 203.17 [1] - Lead: Spot domestic price is 16875, LME price is 1992, and the ratio is 8.47; March domestic price is 17165, LME price is 2039, and the ratio is 11.86. The equilibrium ratio for spot import is 8.54, with a profit of - 145.43 [3] Cross - Period Arbitrage Tracking - Copper: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 340, 510, 640, 620 respectively, and the theoretical spreads are 607, 1111, 1625, 2139 respectively [4] - Zinc: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 15, 20, 30, 25 respectively, and the theoretical spreads are 225, 356, 486, 617 respectively [4] - Aluminum: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 275, 325, 355, 390 respectively, and the theoretical spreads are 230, 362, 493, 625 respectively [4] - Lead: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 50, 0, 45, 50 respectively, and the theoretical spreads are 211, 318, 424, 531 respectively [4] - Nickel: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 1810, 2040, 2210, 2130 respectively [4] - Tin: The spread of 5 - 1 is 4100, and the theoretical spread is 8490 [4] Spot - Futures Arbitrage Tracking - Copper: The spread of当月合约 - 现货 is 915, and the theoretical spread is 632; the spread of次月合约 - 现货 is 1255, and the theoretical spread is 1234 [4] - Zinc: The spread of当月合约 - 现货 is 165, and the theoretical spread is 208; the spread of次月合约 - 现货 is 150, and the theoretical spread is 389 [5] - Lead: The spread of当月合约 - 现货 is 290, and the theoretical spread is 205; the spread of次月合约 - 现货 is 240, and the theoretical spread is 317 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.16, 4.19, 5.91, 0.99, 1.41, 0.70 respectively in Shanghai (triple - continuous), and 4.03, 4.11, 6.34, 0.98, 1.54, 0.64 respectively in London (triple - continuous) [5]