Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on February 26, 2026 [1][3][4] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price in China is 102060, LME price is 13212, with a ratio of 7.63; March price in China is 103150, LME price is 13289, ratio 7.70. Spot import equilibrium ratio is 7.80, with a loss of - 801.62, and spot export profit is 225.88 [1] - Zinc: Spot price in China is 24530, LME price is 3373, ratio 7.27; March price in China is 24770, LME price is 3403, ratio 4.92. Spot import equilibrium ratio is 8.18, with a loss of - 3053.40 [1] - Aluminum: Spot price in China is 23380, LME price is 3109, ratio 7.52; March price in China is 23920, LME price is 3129, ratio 7.56. Spot import equilibrium ratio is 8.22, with a loss of - 2186.60 [1] - Nickel: Spot price in China is 139500, LME price is 17891, ratio 7.80. Spot import equilibrium ratio is 7.93, with a loss of - 1310.69 [1] - Lead: Spot price in China is 16550, LME price is 1921, ratio 8.60; March price in China is 16750, LME price is 1968, ratio 12.49. Spot import equilibrium ratio is 8.44, with a profit of 302.61 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next month, March, April, May and the spot month are 1680, 1940, 2110, 2210 respectively, and the theoretical spreads are 608, 1114, 1629, 2144 [4] - Zinc: The spreads between the next month, March, April, May and the spot month are 80, 140, 170, 160 respectively, and the theoretical spreads are 226, 358, 490, 623 [4] - Aluminum: The spreads between the next month, March, April, May and the spot month are 385, 470, 525, 570 respectively, and the theoretical spreads are 228, 358, 487, 616 [4] - Lead: The spreads between the next month, March, April, May and the spot month are - 60, - 45, - 10, 10 respectively, and the theoretical spreads are 209, 314, 419, 524 [4] - Nickel: The spreads between the next month, March, April, May and the spot month are 4230, 4680, 4820, 4700 respectively [4] - Tin: The 5 - 1 spread is 820, and the theoretical spread is 8523 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month contract, next - month contract and the spot are - 785, 895 respectively, and the theoretical spreads are 323, 1131 [4] - Zinc: The spreads between the current - month contract, next - month contract and the spot are 100, 180 respectively, and the theoretical spreads are 187, 329 [4] - Lead: The spreads between the current - month contract, next - month contract and the spot are 245, 185 respectively, and the theoretical spreads are 182, 293 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 4.16, 4.31, 6.16, 0.97, 1.43, 0.68 respectively; in London (triple - continuous) are 3.93, 4.20, 6.69, 0.94, 1.59, 0.59 respectively [5]
有色套利早报-20260226
Yong An Qi Huo·2026-02-26 01:44