有色套利早报-20260127

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 27, 2026 [1][3][4] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price in China is 102320, LME price is 13002, with a ratio of 7.74; March price in China is 102210, LME price is 13073, ratio is 7.87. Spot import equilibrium ratio is 7.88, with a profit of - 803.91; spot export profit is - 667.87 [1] - Zinc: Spot price in China is 24690, LME price is 3272, ratio is 7.55; March price in China is 24795, LME price is 3299, ratio is 5.19. Spot import equilibrium ratio is 8.30, with a profit of - 2461.65 [1] - Aluminum: Spot price in China is 24030, LME price is 3170, ratio is 7.58; March price in China is 24285, LME price is 3177, ratio is 7.63. Spot import equilibrium ratio is 8.30, with a profit of - 2279.81 [1] - Nickel: Spot price in China is 148700, LME price is 18256, ratio is 8.15. Spot import equilibrium ratio is 7.98, with a profit of 913.48 [1] - Lead: Spot price in China is 16925, LME price is 1979, ratio is 8.56; March price in China is 17115, LME price is 2028, ratio is 12.19. Spot import equilibrium ratio is 8.53, with a profit of 59.25 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next month, March, April, May and the spot month are 830, 1160, 1410, 1480 respectively, and the theoretical spreads are 607, 1113, 1627, 2141 respectively [4] - Zinc: The spreads between the next month, March, April, May and the spot month are 200, 270, 295, 290 respectively, and the theoretical spreads are 226, 357, 489, 621 respectively [4] - Aluminum: The spreads between the next month, March, April, May and the spot month are - 15, 55, 105, 130 respectively, and the theoretical spreads are 232, 365, 498, 632 respectively [4] - Lead: The spreads between the next month, March, April, May and the spot month are 35, 80, 130, 175 respectively, and the theoretical spreads are 210, 316, 423, 529 respectively [4] - Nickel: The spreads between the next month, March, April, May and the spot month are - 2280, - 2040, - 1710, - 1800 respectively [4] - Tin: The spread between the 5 - 1 contract is - 4000, and the theoretical spread is 8770 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current month contract, next month contract and the spot are - 1345, - 515 respectively, and the theoretical spreads are 244, 929 respectively [4] - Zinc: The spreads between the current month contract, next month contract and the spot are - 165, 35 respectively, and the theoretical spreads are 161, 304 respectively [4] - Lead: The spreads between the current month contract, next month contract and the spot are 110, 145 respectively, and the theoretical spreads are 160, 273 respectively [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous contracts) are 4.12, 4.21, 5.97, 0.98, 1.42, 0.69 respectively; in London (three - continuous contracts) are 3.95, 4.14, 6.48, 0.95, 1.56, 0.61 respectively [5]