有色套利早报-20260205

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for metals such as lead, copper, zinc, aluminum, nickel, and tin on February 5, 2026, including prices, price differences, equilibrium price ratios, and profits [2][3][7] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Lead: On February 5, 2026, the domestic spot price was 16,400, the LME spot price was 1,915, and the spot price ratio was 8.58. The domestic three - month price was 16,670, the LME three - month price was 1,966, and the price ratio was 12.69. The equilibrium price ratio for spot import was 8.55, and the profit was 63.60 [2] - Copper: The domestic spot price was 104,190, the LME spot price was 13,374, and the spot price ratio was 7.77. The domestic three - month price was 105,450, the LME three - month price was 13,456, and the price ratio was 7.83. The equilibrium price ratio for spot import was 7.88, with a profit of - 1050.86, and the profit for spot export was - 390.83 [7] - Zinc: The domestic spot price was 24,910, the LME spot price was 3,328, and the spot price ratio was 7.48. The domestic three - month price was 24,925, the LME three - month price was 3,351, and the price ratio was 4.96. The equilibrium price ratio for spot import was 8.28, with a profit of - 2647.04 [7] - Aluminum: The domestic spot price was 23,750, the LME spot price was 3,088, and the spot price ratio was 7.69. The domestic three - month price was 24,040, the LME three - month price was 3,116, and the price ratio was 7.72. The equilibrium price ratio for spot import was 8.35, with a profit of - 2025.22 [7] - Nickel: The domestic spot price was 136,200, the LME spot price was 17,383, and the spot price ratio was 7.84. The equilibrium price ratio for spot import was 8.03, with a profit of - 1126.11 [7] Cross - Period Arbitrage Tracking - Copper: The price differences between the next month and the spot month, three - month and the spot month, four - month and the spot month, and five - month and the spot month were 1,020, 1,310, 1,470, and 1,440 respectively, while the theoretical price differences were 623, 1,143, 1,673, and 2,203 respectively [3] - Zinc: The price differences were - 30, 10, 65, and 70 respectively, and the theoretical price differences were 228, 361, 495, and 628 respectively [3] - Aluminum: The price differences were 230, 315, 375, and 425 respectively, and the theoretical price differences were 230, 360, 491, and 622 respectively [3] - Lead: The price differences were 30, 110, 175, and 240 respectively, and the theoretical price differences were 208, 312, 415, and 519 respectively [3] - Nickel: The price differences were 3,560, 3,840, 4,150, and 4,150 respectively [3] - Tin: The price difference between the 5 - month and 1 - month was - 3,520, and the theoretical price difference was 8,108 [3] Spot - Futures Arbitrage Tracking - Copper: The price differences between the current - month contract and the spot, and the next - month contract and the spot were - 245 and 775 respectively, while the theoretical price differences were 276 and 999 respectively [3] - Zinc: The price differences were 5 and - 25 respectively, and the theoretical price differences were 115 and 259 respectively [3] - Lead: The price differences were 160 and 190 respectively, and the theoretical price differences were 136 and 246 respectively [4] Cross - Variety Arbitrage Tracking - On February 5, 2026, for cross - variety arbitrage, the price ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 4.23, 4.39, 6.33, 0.96, 1.44, and 0.67 respectively, and in London (three - continuous) were 3.94, 4.25, 6.63, 0.93, 1.56, and 0.59 respectively [4]