有色套利早报-20260303

Report Industry Investment Rating - Not provided Core View - 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 3, 2026 [1][3] Summary by Relevant Catalog Cross - Market Arbitrage Tracking - Copper: On March 3, 2026, the domestic spot price was 102375, the LME price was 13322, the ratio was 7.73, the equilibrium ratio for spot import was 7.84, and the profit was - 1054.70; the domestic three - month price was 104190, the LME price was 13396, and the ratio was 7.66 [1] - Zinc: The domestic spot price was 24380, the LME price was 3333, the ratio was 7.31, the equilibrium ratio for spot import was 8.23, and the profit was - 3063.93; the domestic three - month price was 24900, the LME price was 3354, and the ratio was 5.00 [1] - Aluminum: The domestic spot price was 23620, the LME price was 3215, the ratio was 7.34, the equilibrium ratio for spot import was 8.27, and the profit was - 2976.64; the domestic three - month price was 24540, the LME price was 3226, and the ratio was 7.40 [1] - Nickel: The domestic spot price was 135800, the LME price was 17653, the ratio was 7.69, the equilibrium ratio for spot import was 7.98, and the profit was - 808.73 [1] - Lead: The domestic spot price was 16575, the LME price was 1929, the ratio was 8.59; the domestic three - month price was 16890, the LME price was 1977, and the ratio was 12.37. The equilibrium ratio for spot import was 8.49, and the profit was 186.64 [3] Cross - Period Arbitrage Tracking - Copper: On March 3, 2026, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 530, 870, 980, and 1100 respectively, and the theoretical spreads were 619, 1135, 1661, and 2186 respectively [1][3] - Zinc: The spreads were 320, 370, 415, and 440 respectively, and the theoretical spreads were 226, 357, 489, and 621 respectively [3] - Aluminum: The spreads were 720, 795, 865, and 915 respectively, and the theoretical spreads were 230, 360, 491, and 622 respectively [3] - Lead: The spreads were 95, 90, 135, and 160 respectively, and the theoretical spreads were 209, 314, 419, and 524 respectively [3] - Nickel: The spreads were 80, 570, 660, and 850 respectively [3] - Tin: The 5 - 1 spread was 810, and the theoretical spread was 9063 [3] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were 1125 and 1655 respectively, and the theoretical spreads were 454 and 1096 respectively [3] - Zinc: The spreads were 150 and 470 respectively, and the theoretical spreads were 195 and 337 (or 150 and 395) respectively [3] - Lead: The spreads were 225 and 320 respectively, and the theoretical spreads were 153 and 264 respectively [3] Cross - Variety Arbitrage Tracking - On March 3, 2026, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.18, 4.25, 6.17, 0.99, 1.45, and 0.68 respectively in Shanghai and 3.95, 4.10, 6.68, 0.96, 1.63, and 0.59 respectively in London [3]