有色套利早报-20260312

Report Summary 1. Reported Industry Investment Rating - No relevant information provided. 2. Core View of the Report - 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 March 12, 2026. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price in China is 101325, LME price is 12942, and the ratio is 7.82; March price in China is 101370, LME price is 13044, and the ratio is 7.79. The equilibrium ratio for spot import is 7.81, with a profit of - 322.86, and the profit for spot export is - 882.73 [1]. - Zinc: Spot price in China is 24300, LME price is 3295, and the ratio is 7.38; March price in China is 24430, LME price is 3336, and the ratio is 4.99. The equilibrium ratio for spot import is 8.20, with a profit of - 2718.10 [1]. - Aluminum: Spot price in China is 25030, LME price is 3451, and the ratio is 7.25; March price in China is 25290, LME price is 3424, and the ratio is 7.36. The equilibrium ratio for spot import is 8.25, with a profit of - 3431.19 [3]. - Nickel: Spot price in China is 134300, LME price is 17277, and the ratio is 7.77. The equilibrium ratio for spot import is 7.95, with a profit of - 822.73 [3]. - Lead: Spot price in China is 16450, LME price is 1898, and the ratio is 8.68; March price in China is 16705, LME price is 1946, and the ratio is 12.54. The equilibrium ratio for spot import is 8.48, with a profit of 393.39 [5]. Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, March, April, May contracts and the spot - month contract are - 30, 190, 260, 270 respectively, while the theoretical spreads are 608, 1114, 1629, 2144 respectively [6]. - Zinc: The spreads between the next - month, March, April, May contracts and the spot - month contract are 55, 100, 145, 145 respectively, while the theoretical spreads are 225, 355, 486, 617 respectively [6]. - Aluminum: The spreads between the next - month, March, April, May contracts and the spot - month contract are 380, 455, 505, 535 respectively, while the theoretical spreads are 235, 371, 508, 644 respectively [6]. - Lead: The spreads between the next - month, March, April, May contracts and the spot - month contract are 100, 125, 155, 170 respectively, while the theoretical spreads are 208, 312, 416, 520 respectively [6]. - Nickel: The spreads between the next - month, March, April, May contracts and the spot - month contract are 100, 560, 710, 950 respectively [6]. - Tin: The spread between the 5 - month and 1 - month contracts is - 2730, and the theoretical spread is 8107 [6]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot are - 130 and - 160 respectively, while the theoretical spreads are 125 and 679 respectively [6]. - Zinc: The spreads between the current - month and next - month contracts and the spot are 30 and 85 respectively, while the theoretical spreads are 97 and 238 respectively [6]. - Lead: The spreads between the current - month and next - month contracts and the spot are 130 and 230 respectively, while the theoretical spreads are 106 and 216 respectively [7]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - consecutive contracts) are 4.15, 4.01, 6.07, 1.04, 1.51, 0.68 respectively, and in London (three - consecutive contracts) are 3.94, 3.77, 6.74, 1.04, 1.79, 0.59 respectively [7].