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, and lead on February 27, 2026 [1][3][4][5] Summary by Directory Cross - Market Arbitrage Tracking - Copper: Spot price in China is 101830, LME price is 13256, with a ratio of 7.70; March price in China is 102930, LME price is 13326, ratio 7.70. Spot import equilibrium ratio is 7.78, profit is - 786.94; spot export profit is 68.84 [1] - Zinc: Spot price in China is 24460, LME price is 3366, ratio 7.27; March price in China is 24625, LME price is 3383, ratio 4.95. Spot import equilibrium ratio is 8.16, profit is - 2999.77 [1] - Aluminum: Spot price in China is 23490, LME price is 3151; March price in China is 23920, LME price is 3164, ratio 7.52. Spot import equilibrium ratio is 8.20 [1] - Nickel: Spot price in China is 138000, LME price is 17805, ratio 7.75. Spot import equilibrium ratio is 7.91, profit is 31.99 [1] - Lead: Spot price in China is 16575, LME price is 1944, ratio 8.51; March price in China is 16800, LME price is 1990, ratio 12.34. Spot import equilibrium ratio is 8.42, profit is 182.48 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, March, April, and May contracts and the spot - month contract are 210, 470, 530, and 580 respectively, while the theoretical spreads are 614, 1127, 1648, and 2169 [4] - Zinc: The spreads are - 75, - 20, 30, and 20 respectively, and the theoretical spreads are 226, 358, 491, and 623 [4] - Aluminum: The spreads are 105, 180, 235, and 280 respectively, and the theoretical spreads are 230, 360, 491, and 622 [4] - Lead: The spreads are 105, 110, 140, and 140 respectively, and the theoretical spreads are 208, 313, 417, and 522 [4] - Nickel: The spreads are - 710, - 210, - 220, and - 250 respectively [4] - Tin: The spread between the 5 - month and 1 - month contracts is 4190, and the theoretical spread is 8418 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot are 710 and 920 respectively, and the theoretical spreads are 519 and 1112 [4] - Zinc: The spreads are 185 and 110 respectively, and the theoretical spreads are 172 and 313 (or 195 and 350 in another record) [4][5] - Lead: The spreads are 115 and 220 respectively, and the theoretical spreads are 159 and 270 [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 contracts) are 4.18, 4.30, 6.13, 0.97, 1.42, and 0.68 respectively; in London (three - continuous contracts) are 3.94, 4.21, 6.71, 0.93, 1.59, and 0.59 respectively [5]
有色套利早报-20260227
Yong An Qi Huo·2026-02-27 01:43