Report Industry Investment Rating - Not provided in the report Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 23, 2026, including domestic and LME prices, price ratios, equilibrium price ratios, and profit data [1][3][5] Summary by Directory Cross - Market Arbitrage Tracking - Copper: On January 23, 2026, the domestic spot price was 100110, the LME spot price was 12762, with a ratio of 7.89; the domestic three - month price was 100900, the LME three - month price was 12845, with a ratio of 7.83. The equilibrium ratio for spot import was 7.90, with a profit of - 498.98, and the profit for spot export was - 159.97 [1] - Zinc: The domestic spot price was 24300, the LME spot price was 3163, with a ratio of 7.68; the domestic three - month price was 24445, the LME three - month price was 3200, with a ratio of 5.34. The equilibrium ratio for spot import was 8.33, with a profit of - 2042.42 [1] - Aluminum: The domestic spot price was 23740, the LME spot price was 3110, with a ratio of 7.63; the domestic three - month price was 24100, the LME three - month price was 3129, with a ratio of 7.65. The equilibrium ratio for spot import was 8.32, with a profit of - 2153.83 [1] - Nickel: The domestic spot price was 140200, the LME spot price was 17829, with a ratio of 7.86. The equilibrium ratio for spot import was 8.00, with a profit of 427.18 [1] - Lead: The domestic spot price was 16900, the LME spot price was 1987, with a ratio of 8.51; the domestic three - month price was 17185, the LME three - month price was 2032, with a ratio of 11.95. The equilibrium ratio for spot import was 8.55, with a profit of - 86.18 [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 - 350, - 150, 70, and 50 respectively, while the theoretical spreads were 607, 1113, 1627, and 2141 [3] - Zinc: The spreads were 95, 140, 175, and 180 respectively, and the theoretical spreads were 225, 355, 486, and 616 [3] - Aluminum: The spreads were - 30, 15, 55, and 75 respectively, and the theoretical spreads were 231, 364, 496, and 629 [3] - Lead: The spreads were 80, 125, 165, and 195 respectively, and the theoretical spreads were 210, 317, 423, and 529 [3] - Nickel: The spreads were - 320, - 140, 100, and 140 respectively [3] - Tin: The 5 - 1 spread was 3280, and the theoretical spread was 8334 [3] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were 1020 and 670 respectively, and the theoretical spreads were 632 and 1133 [3] - Zinc: The spreads were 5 and 100 respectively, and the theoretical spreads were 188 and 329 [3] - Lead: The spreads were 160 and 240 respectively, and the theoretical spreads were 182 and 295 [3] Cross - Variety Arbitrage Tracking - The cross - variety ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 4.13, 4.19, 5.87, 0.99, 1.40, and 0.70 respectively; in London (three - continuous contracts) were 3.97, 4.07, 6.31, 0.98, 1.55, and 0.63 respectively [5]
有色套利早报-20260123
Yong An Qi Huo·2026-01-23 01:38