有色套利早报-20260206

Report Industry Investment Rating - Not provided Core View - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on February 6, 2026 [1][3][4][5] Summary by Directory Cross - Market Arbitrage Tracking - Copper: On February 6, 2026, the domestic spot price was 101180, the LME spot price was 12846, with a ratio of 8.13; the domestic three - month price was 101270, the LME three - month price was 12924, with a ratio of 7.84. The equilibrium ratio for spot import was 7.87, with a profit of 93.86, and the profit for spot export was - 554.38 [1] - Zinc: The domestic spot price was 24560, the LME spot price was 3258, with a ratio of 7.54; the domestic three - month price was 24450, the LME three - month price was 3279, with a ratio of 5.05. The equilibrium ratio for spot import was 8.28, with a profit of - 2419.70 [1] - Aluminum: The domestic spot price was 23340, the LME spot price was 2998, with a ratio of 7.78; the domestic three - month price was 23455, the LME three - month price was 3024, with a ratio of 7.76. The equilibrium ratio for spot import was 8.36, with a profit of - 1721.69 [1] - Nickel: The domestic spot price was 133100, the LME spot price was 16973, with a ratio of 7.84. The equilibrium ratio for spot import was 8.03, with a profit of - 856.16 [1] - Lead: The domestic spot price was 16400, the LME spot price was 1911, with a ratio of 8.58; the domestic three - month price was 16610, the LME three - month price was 1960, with a ratio of 12.53. The equilibrium ratio for spot import was 8.54, with a profit of 77.62 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were - 3750, - 3460, - 3290, and - 3220 respectively, while the theoretical spreads were 626, 1149, 1682, and 2215 respectively [4] - Zinc: The spreads were - 445, - 390, - 345, and - 325 respectively, and the theoretical spreads were 227, 360, 494, and 627 respectively [4] - Aluminum: The spreads were - 500, - 430, - 385, and - 325 respectively, and the theoretical spreads were 230, 362, 493, and 625 respectively [4] - Lead: The spreads were 65, 120, 195, and 215 respectively, and the theoretical spreads were 207, 311, 414, and 518 respectively [4] - Nickel: The spreads were - 2450, - 2150, - 1780, and - 1920 respectively [4] - Tin: The spread between the 5 - month and 1 - month contracts was 0, and the theoretical spread was 7490 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were 3600 and - 150 respectively, and the theoretical spreads were 774 and 786 respectively [4] - Zinc: The spreads were 280 and - 165 respectively, and the theoretical spreads were 89 and 231 (or 196 and 262) respectively [4][5] - Lead: The spreads were 90 and 155 respectively, and the theoretical spreads were 122 and 232 respectively [5] Cross - Variety Arbitrage Tracking - On February 6, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) were 4.14, 4.32, 6.10, 0.96, 1.41, and 0.68 respectively, and in London (triple - continuous) were 3.91, 4.26, 6.60, 0.92, 1.55, and 0.59 respectively [5]