Report Industry Investment Rating - Not provided Core View - 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 13, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price is 102025 domestically and 13124 on LME with a ratio of 7.74; March price is 102680 domestically and 13219 on LME with a ratio of 7.76. The equilibrium ratio for spot import is 7.83 and the profit is - 823.81; the profit for spot export is - 207.25 [1] - Zinc: Spot price is 24470 domestically and 3399 on LME with a ratio of 7.20; March price is 24670 domestically and 3428 on LME with a ratio of 4.88. The equilibrium ratio for spot import is 8.22 and the profit is - 3474.11 [1] - Aluminum: Spot price is 23350 domestically and 3095 on LME with a ratio of 7.55; March price is 23690 domestically and 3127 on LME with a ratio of 7.53. The equilibrium ratio for spot import is 8.28 and the profit is - 2263.87 [1] - Nickel: Spot price is 139150 domestically and 17710 on LME with a ratio of 7.86. The equilibrium ratio for spot import is 7.98 and the profit is - 1212.86 [1] - Lead: Spot price is 16600 domestically and 1941 on LME with a ratio of 8.54; March price is 16700 domestically and 1988 on LME with a ratio of 12.33. The equilibrium ratio for spot import is 8.49 and the profit is 101.54 [3] Cross - Period Arbitrage Tracking - Copper: The spreads of next - month, March, April, and May relative to the spot month are 590, 940, 1170, and 1230 respectively, while the theoretical spreads are 611, 1119, 1637, and 2155 [4] - Zinc: The spreads of next - month, March, April, and May relative to the spot month are 115, 135, 185, and 190 respectively, while the theoretical spreads are 226, 357, 489, and 621 [4] - Aluminum: The spreads of next - month, March, April, and May relative to the spot month are 25, 105, 160, and 220 respectively, while the theoretical spreads are 229, 359, 489, and 619 [4] - Lead: The spreads of next - month, March, April, and May relative to the spot month are 45, 50, 90, and 135 respectively, while the theoretical spreads are 208, 313, 417, and 521 [4] - Nickel: The spreads of next - month, March, April, and May relative to the spot month are 1020, 1240, 1570, and 1590 respectively [4] - Tin: The spread of 5 - 1 is - 650, and the theoretical spread is 8044 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot are - 290 and 300 respectively, while the theoretical spreads are 87 and 735 [4] - Zinc: The spreads of the current - month and next - month contracts relative to the spot are 65 and 180 respectively, and the theoretical spreads are 106, 248 (also 119, 261) [4][5] - Lead: The spreads of the current - month and next - month contracts relative to the spot are 50 and 95 respectively, while the theoretical spreads are 91 and 202 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 4.16, 4.33, 6.15, 0.96, 1.42, and 0.68 respectively; in London (three - continuous) are 3.82, 4.15, 6.51, 0.92, 1.57, and 0.59 respectively [5]
有色套利早报-20260213
Yong An Qi Huo·2026-02-13 01:27