有色套利早报-20260210

Report Industry Investment Rating - No information provided on the industry investment rating 2. Report 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, and lead on February 10, 2026 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: On February 10, 2026, the domestic spot price was 101510, the LME price was 12992, and the ratio was 7.67; the three - month domestic price was 102050, the LME price was 13070, and the ratio was 7.80. The equilibrium ratio for spot import was 7.86, with a profit of - 606.22, and the profit for spot export was - 266.73 [1] - Zinc: The domestic spot price was 24700, the LME price was 3336, and the ratio was 7.40; the three - month domestic price was 24565, the LME price was 3360, and the ratio was 4.94. The equilibrium ratio for spot import was 8.25, with a profit of - 2829.45 [1] - Aluminum: The domestic spot price was 23400, the LME price was 3062, and the ratio was 7.64; the three - month domestic price was 23620, the LME price was 3088, and the ratio was 7.66. The equilibrium ratio for spot import was 8.33, with a profit of - 2097.21 [1] - Nickel: The domestic spot price was 133550, the LME price was 17055, and the ratio was 7.83. The equilibrium ratio for spot import was 8.00, with a profit of - 2276.34 [1] - Lead: The domestic spot price was 16425, the LME price was 1909, and the ratio was 8.60; the three - month domestic price was 16605, the LME price was 1959, and the ratio was 12.61. The equilibrium ratio for spot import was 8.52, with a profit of 160.56 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 2030, 2240, 2430, and 2360 respectively, while the theoretical spreads were 601, 1100, 1608, and 2116 respectively [4] - Zinc: The spreads were 85, 110, 150, and 155 respectively, and the theoretical spreads were 225, 357, 488, and 619 respectively [4] - Aluminum: The spreads were 255, 335, 405, and 470 respectively, and the theoretical spreads were 227, 356, 484, and 613 respectively [4] - Lead: The spreads were 95, 115, 170, and 200 respectively, and the theoretical spreads were 207, 311, 414, and 518 respectively [4] - Nickel: The spreads were 3290, 3530, 3790, and 3770 respectively [4] - Tin: The spread for 5 - 1 was - 2650, and the theoretical spread was 7925 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 1720 and 310 respectively, and the theoretical spreads were - 64 and 791 respectively [4] - Zinc: The spreads were - 245 and - 160 respectively, and the theoretical spreads were 71 and 214 (also mentioned as 82 and 258) respectively [4][5] - Lead: The spreads were 65 and 160 respectively, and the theoretical spreads were 104 and 214 respectively [5] Cross - Variety Arbitrage Tracking - On February 10, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts were 4.15, 4.32, 6.15, 0.96, 1.42, and 0.68 respectively, and for the London (three - continuous) contracts were 3.90, 4.22, 6.69, 0.93, 1.59, and 0.58 respectively [5]