有色套利早报-20260306

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on March 6, 2026 [1][3] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price in China is 101490, LME price is 12941, and the ratio is 7.82; March price in China is 101230, LME price is 12986, and the ratio is 7.85. The equilibrium ratio for spot import is 7.85 with a profit of - 1074.42, and the profit for spot export is - 739.10 [1] - Zinc: Spot price in China is 24710, LME price is 3285, and the ratio is 7.52; March price in China is 24570, LME price is 3313, and the ratio is 5.08. The equilibrium ratio for spot import is 8.25 with a profit of - 2375.80 [1] - Aluminum: Spot price in China is 25120, LME price is 3355, and the ratio is 7.49; March price in China is 24890, LME price is 3358, and the ratio is 7.55. The equilibrium ratio for spot import is 8.31 with a profit of - 2750.22 [1] - Nickel: Spot price in China is 135200, LME price is 17079, and the ratio is 7.92. The equilibrium ratio for spot import is 7.99 with a profit of - 1303.61 [1] - Lead: Spot price in China is 16675, LME price is 1905, and the ratio is 8.73; March price in China is 16800, LME price is 1949, and the ratio is 12.73. The equilibrium ratio for spot import is 8.51 with a profit of 418.22 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next month, March, April, May and the spot month are - 330, - 180, - 120, - 90 respectively, and the theoretical spreads are 609, 1116, 1632, 2148 respectively [3] - Zinc: The spreads between the next month, March, April, May and the spot month are 120, 170, 215, 235 respectively, and the theoretical spreads are 225, 356, 487, 618 respectively [3] - Aluminum: The spreads between the next month, March, April, May and the spot month are 135, 210, 245, 290 respectively, and the theoretical spreads are 234, 370, 505, 641 respectively [3] - Lead: The spreads between the next month, March, April, May and the spot month are 20, 45, 80, 115 respectively, and the theoretical spreads are 209, 314, 418, 523 respectively [3] - Nickel: The spreads between the next month, March, April, May and the spot month are - 960, - 460, - 280, - 90 respectively [3] - Tin: The spread between the 5 - month and 1 - month is - 520, and the theoretical spread is 8032 [3] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month contract, next - month contract and the spot are - 35, - 365 respectively, and the theoretical spreads are 247, 758 respectively [3] - Zinc: The spreads between the current - month contract, next - month contract and the spot are - 310, - 190 respectively, and the theoretical spreads are 86, 229 (also mentioned with theoretical spreads of 56, 224) [3] - Lead: The spreads between the current - month contract, next - month contract and the spot are 80, 100 respectively, and the theoretical spreads are 121, 233 respectively [3] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 4.12, 4.07, 6.03, 1.01, 1.48, 0.68 respectively, and in London (three - continuous) are 4.00, 3.91, 6.65, 1.02, 1.70, 0.60 respectively [3]