有色套利早报-20260211

Report Industry Investment Rating - Not provided Core Viewpoints - The report provides detailed tracking information on various types of arbitrage in the non - ferrous metals market including copper, zinc, aluminum, nickel, lead, and tin on February 11, 2026, such as cross - market, cross - period, and cross - variety arbitrage [1][4][8] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On February 11, 2026, the domestic spot price was 101650, LME price was 13000 with a ratio of 7.80; the three - month domestic price was 101830, LME price was 13076 with a ratio of 7.82. The equilibrium ratio for spot import was 7.85, with a profit of - 1117.87, and a spot export profit of - 615.43 [1] - Zinc: The domestic spot price was 24440, LME price was 3347 with a ratio of 7.30; the three - month domestic price was 24505, LME price was 3367 with a ratio of 4.96. The equilibrium ratio for spot import was 8.24, with a profit of - 3144.42 [1] - Aluminum: The domestic spot price was 23290, LME price was 3072 with a ratio of 7.58; the three - month domestic price was 23600, LME price was 3106 with a ratio of 7.59. The equilibrium ratio for spot import was 8.31, with a profit of - 2253.18 [1] - Nickel: The domestic spot price was 132850, LME price was 17028 with a ratio of 7.80. The equilibrium ratio for spot import was 8.00, with a profit of - 3010.73 [1] - Lead: The domestic spot price was 16525, LME price was 1919 with a ratio of 8.61; the three - month domestic price was 16690, LME price was 1970 with a ratio of 12.43. The equilibrium ratio for spot import was 8.51, with a profit of 200.93 [3] Cross - Period Arbitrage Tracking - Copper: On February 11, 2026, the spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were 60, 330, 520, 560 respectively, while the theoretical spreads were 610, 1117, 1634, 2150 [4] - Zinc: The spreads were - 95, - 45, - 20, - 15 respectively, and the theoretical spreads were 226, 358, 489, 621 [4] - Aluminum: The spreads were 60, 145, 205, 260 respectively, and the theoretical spreads were 228, 358, 487, 616 [4] - Lead: The spreads were 120, 145, 205, 255 respectively, and the theoretical spreads were 208, 311, 415, 519 [4] - Nickel: The spreads between the next - month and spot - month, three - month and spot - month, four - month and spot - month, five - month and spot - month were - 1360, - 1130, - 810, - 700 [4] - Tin: The spread between the 5 - month and 1 - month was - 1690, and the theoretical spread was 7881 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month contract and spot, next - month contract and spot were - 215, - 155 respectively, and the theoretical spreads were 143, 712 [4] - Zinc: The spreads were 110, 15 respectively, and the theoretical spreads were 92, 233 [4] - Lead: The spreads were 20, 140 respectively, and the theoretical spreads were 94, 204 [5] Cross - Variety Arbitrage Tracking - On February 11, 2026, for the cross - variety arbitrage of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc, the Shanghai (three - continuous) ratios were 4.16, 4.31, 6.10, 0.96, 1.41, 0.68 respectively, and the London (three - continuous) ratios were 3.86, 4.24, 6.64, 0.91, 1.57, 0.58 [8]