Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on February 2, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage - Copper: Spot price is 104,410 domestically and 13,186 on LME with a ratio of 8.22; March price is 103,900 domestically and 13,276 on LME with a ratio of 7.89. Spot import equilibrium ratio is 7.89 with a profit of 593.62, and spot export profit is - 1056.03 [1] - Zinc: Spot price is 25,780 domestically and 3,389 on LME with a ratio of 7.61; March price is 25,880 domestically and 3,398 on LME with a ratio of 4.98. Spot import equilibrium ratio is 8.29 with a profit of - 2310.86 [1] - Aluminum: Spot price is 24,660 domestically and 3,147 on LME with a ratio of 7.83; March price is 24,610 domestically and 3,174 on LME with a ratio of 7.84. Spot import equilibrium ratio is 8.32 with a profit of - 1523.22 [1] - Nickel: Spot price is 140,800 domestically and 17,664 on LME with a ratio of 7.97. Spot import equilibrium ratio is 8.04 with a profit of - 238.57 [1] - Lead: Spot price is 16,725 domestically and 1,964 on LME with a ratio of 8.49; March price is 16,945 domestically and 2,010 on LME with a ratio of 12.86. Spot import equilibrium ratio is 8.54 with a profit of - 93.77 [3] Cross - Period Arbitrage - Copper: The spreads between the next month, March, April, May and the spot month are - 4990, - 4770, - 4500, - 4520 respectively, and the theoretical spreads are 645, 1189, 1741, 2293 respectively [4] - Zinc: The spreads between the next month, March, April, May and the spot month are - 75, - 30, - 10, 0 respectively, and the theoretical spreads are 233, 371, 510, 648 respectively [4] - Aluminum: The spreads between the next month, March, April, May and the spot month are - 895, - 845, - 760, - 715 respectively, and the theoretical spreads are 238, 378, 517, 656 respectively [4] - Lead: The spreads between the next month, March, April, May and the spot month are - 230, - 150, - 85, - 35 respectively, and the theoretical spreads are 210, 317, 423, 530 respectively [4] - Nickel: The spreads between the next month, March, April, May and the spot month are - 6990, - 6590, - 6260, - 5990 respectively [4] - Tin: The 5 - 1 spread is - 2860 with a theoretical spread of 8460 [4] Spot - Futures Arbitrage - Copper: The spreads between the current - month contract, next - month contract and the spot are 4300, - 690 respectively, and the theoretical spreads are 980, 829 respectively [4] - Zinc: The spreads between the current - month contract, next - month contract and the spot are 130, 55 respectively, and the theoretical spreads are 148, 297 respectively [4] - Lead: The spreads between the current - month contract, next - month contract and the spot are 370, 140 respectively, and the theoretical spreads are 182, 294 respectively [5] Cross - Variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - consecutive) are 4.01, 4.22, 6.13, 0.95, 1.45, 0.65 respectively, and in London (three - consecutive) are 3.87, 4.18, 6.55, 0.92, 1.56, 0.59 respectively [5]
有色套利早报-20260202
Yong An Qi Huo·2026-02-02 01:18