有色套利早报-20260302

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 2, 2026 [1][3][4][5] Summary by Related Catalogs Cross - market Arbitrage Tracking - Copper: On March 2, 2026, the domestic spot price was 101970, LME spot price was 13409, with a ratio of 7.60; the domestic March price was 104290, LME March price was 13458, with a ratio of 7.64. The equilibrium ratio for spot import was 7.79, with a loss of 1481.33, and a profit of 1133.20 for spot export [1] - Zinc: The domestic spot price was 24460, LME spot price was 3363, with a ratio of 7.27; the domestic March price was 24770, LME March price was 3382, with a ratio of 4.96. The equilibrium ratio for spot import was 8.18, with a loss of 3047.43 [1] - Aluminum: The domestic spot price was 23410, LME spot price was 3153; the domestic March price was 23925, LME March price was 3165, with a ratio of 7.48. The equilibrium ratio for spot import was 8.23 [1] - Nickel: The domestic spot price was 137600, LME spot price was 17812, with a ratio of 7.73. The equilibrium ratio for spot import was 7.93, with a loss of 1114.73 [1] - Lead: The domestic spot price was 16575, LME spot price was 1942, with a ratio of 8.54; the domestic March price was 16855, LME March price was 1987, with a ratio of 12.36. The equilibrium ratio for spot import was 8.44, with a profit of 186.96 [3] Cross - period Arbitrage Tracking - Copper: On March 2, 2026, the spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 1660, 2030, 2090, 2180 respectively, and the theoretical spreads were 613, 1125, 1645, 2165 respectively [4] - Zinc: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 185, 245, 275, 300 respectively, and the theoretical spreads were 226, 357, 489, 621 respectively [4] - Aluminum: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 135, 225, 280, 340 respectively, and the theoretical spreads were 230, 360, 491, 621 respectively [4] - Lead: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 95, 110, 160, 190 respectively, and the theoretical spreads were 209, 313, 418, 523 respectively [4] - Nickel: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 were 900, 1480, 1520, 1430 respectively [4] - Tin: The 5 - 1 spread was 2680, and the theoretical spread was 9202 [4] Spot - futures Arbitrage Tracking - Copper: The spreads for当月合约 - 现货 and 次月合约 - 现货 were 310 and 1970 respectively, and the theoretical spreads were 451 and 1256 respectively [4] - Zinc: The spreads for当月合约 - 现货 and 次月合约 - 现货 were 65 and 250 respectively, and the theoretical spreads were 187 and 329 respectively [4][5] - Lead: The spreads for当月合约 - 现货 and 次月合约 - 现货 were 170 and 265 respectively, and the theoretical spreads were 164 and 275 respectively [5] Cross - variety Arbitrage Tracking - On March 2, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) were 4.21, 4.36, 6.19, 0.97, 1.42, 0.68 respectively, and for London (three - continuous) were 4.02, 4.25, 6.80, 0.95, 1.60, 0.59 respectively [5]