有色套利早报-20260320

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. 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, and lead on March 20, 2026, to help investors analyze potential arbitrage opportunities [1][3][4]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot price in China is 95,600, LME price is 12,001, and the ratio is 8.21; March contract price in China is 94,390, LME price is 12,102, and the ratio is 7.89. The equilibrium ratio for spot import is 7.83, with a profit of 402.37 [1]. - Zinc: Spot price in China is 22,840, LME price is 3,053, and the ratio is 7.48; March contract price in China is 22,730, LME price is 3,088, and the ratio is 5.38. The equilibrium ratio for spot import is 8.25, with a loss of 2,340.38 [1]. - Aluminum: Spot price in China is 24,490, LME price is 3,367, and the ratio is 7.27; March contract price in China is 24,225, LME price is 3,330, and the ratio is 7.43. The equilibrium ratio for spot import is 8.30, with a loss of 3,468.87 [1]. - Nickel: Spot price in China is 130,950, LME price is 16,545, and the ratio is 7.91. The equilibrium ratio for spot import is 7.97, with a loss of 1,137.55 [1]. - Lead: Spot price in China is 16,400, LME price is 1,851, and the ratio is 8.90; March contract price in China is 16,430, LME price is 1,892, and the ratio is 12.11. The equilibrium ratio for spot import is 8.51, with a profit of 730.89 [3]. Cross - Period Arbitrage Tracking - Copper: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 4,170, - 4,200, - 4,150, - 4,030 respectively, and the theoretical spreads are 595, 1,088, 1,590, 2,092 respectively [4]. - Zinc: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 620, - 595, - 595, - 605 respectively, and the theoretical spreads are 220, 345, 471, 597 respectively [4]. - Aluminum: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 520, - 475, - 460, - 430 respectively, and the theoretical spreads are 235, 370, 506, 641 respectively [4]. - Lead: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 230, - 215, - 170, - 165 respectively, and the theoretical spreads are 208, 312, 417, 521 respectively [4]. - Nickel: Spreads between次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 3,230, - 2,950, - 2,750, - 2,630 respectively [4]. - Tin: The 5 - 1 spread is - 2,960, and the theoretical spread is 7,170 [4]. Spot - Futures Arbitrage Tracking - Copper: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 2,985 and - 1,185 respectively, and the theoretical spreads are 964 and 883 respectively [4]. - Zinc: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 485 and - 135 respectively, and the theoretical spreads are 227 and 296 respectively [5]. - Lead: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 245 and 15 respectively, and the theoretical spreads are 203 and 313 respectively [5]. Cross - Variety Arbitrage Tracking - Domestic (Three - Consecutive Contracts): Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.15, 3.90, 5.74, 1.07, 1.47, 0.72 respectively [5]. - LME (Three - Consecutive Contracts): Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.95, 3.74, 6.44, 1.06, 1.72, 0.61 respectively [5].