有色套利早报-20260316

Report Industry Investment Rating - Not provided Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various有色金属 (non - ferrous metals) including copper, zinc, aluminum, nickel, lead, and tin on March 16, 2026 [1] Summary by Relevant Categories Cross - market Arbitrage Tracking - Copper: Spot domestic price is 100460, LME price is 12775, and the ratio is 7.88; March domestic price is 100450, LME price is 12878, and the ratio is 7.81. Spot import equilibrium ratio is 7.84 with a profit of - 483.60, and spot export profit is - 787.11 [1] - Zinc: Spot domestic price is 24080, LME price is 3248, and the ratio is 7.41; March domestic price is 24185, LME price is 3291, and the ratio is 5.03. Spot import equilibrium ratio is 8.24 with a profit of - 2684.89 [1] - Aluminum: Spot domestic price is 25120, LME price is 3504, and the ratio is 7.17; March domestic price is 25070, LME price is 3473, and the ratio is 7.28. Spot import equilibrium ratio is 8.26 with a profit of - 3840.24 [1] - Nickel: Spot domestic price is 136200, LME price is 17216, and the ratio is 7.91. Spot import equilibrium ratio is 7.98 with a profit of - 1234.50 [1] - Lead: Spot domestic price is 16400, LME price is 1885, and the ratio is 8.71; March domestic price is 16605, LME price is 1933, and the ratio is 12.52. Spot import equilibrium ratio is 8.51 with a profit of 371.48 [1][3] Cross - period Arbitrage Tracking - Copper: The spreads of next - month, March, April, and May relative to the spot month are - 430, - 290, - 160, - 160 respectively, and the theoretical spreads are 606, 1109, 1622, 2135 respectively [4] - Zinc: The spreads of next - month, March, April, and May relative to the spot month are - 90, - 45, 5, - 10 respectively, and the theoretical spreads are 224, 354, 484, 615 respectively [4] - Aluminum: The spreads of next - month, March, April, and May relative to the spot month are - 235, - 125, - 55, - 40 respectively, and the theoretical spreads are 237, 375, 513, 651 respectively [4] - Lead: The spreads of next - month, March, April, and May relative to the spot month are 25, 75, 130, 170 respectively, and the theoretical spreads are 208, 311, 415, 519 respectively [4] - Nickel: The spreads of next - month, March, April, and May relative to the spot month are - 620, - 180, 150, 250 respectively [4] - Tin: The 5 - 1 spread is - 5550, and the theoretical spread is 7790 [4] Spot - futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot are 240 and - 190 respectively, and the theoretical spreads are 149 and 640 respectively [4] - Zinc: The spreads of the current - month and next - month contracts relative to the spot are 150 and 60 respectively, and the theoretical spreads are 84 and 223 respectively [4][5] - Lead: The spreads of the current - month and next - month contracts relative to the spot are 130 and 155 respectively, and the theoretical spreads are 99 and 209 respectively [5] Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - consecutive contracts) are 4.15, 4.01, 6.05, 1.04, 1.51, 0.69 respectively, and for London (three - consecutive contracts) are 3.88, 3.72, 6.70, 1.04, 1.80, 0.58 respectively [5]