有色套利早报-20260323

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, and lead on March 23, 2026, including domestic and LME prices, price ratios, equilibrium price ratios, and profit/loss data [1][3][4] 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: On March 23, 2026, the domestic spot price was 95790, LME spot price was 12057, with a ratio of 7.82; the domestic three - month price was 94710, LME three - month price was 12152, with a ratio of 7.88. The equilibrium ratio for spot import was 7.84, with a profit of 149.23, and a loss of - 1379.27 for spot export [1] - Zinc: The domestic spot price was 22900, LME spot price was 3062, with a ratio of 7.48; the domestic three - month price was 22950, LME three - month price was 3087, with a ratio of 5.31. The equilibrium ratio for spot import was 8.26, with a loss of - 2399.15 [1] - Aluminum: The domestic spot price was 24070, LME spot price was 3294, with a ratio of 7.31; the domestic three - month price was 24075, LME three - month price was 3256, with a ratio of 7.46. The equilibrium ratio for spot import was 8.34, with a loss of - 3405.67 [1] - Nickel: The domestic spot price was 133850, LME spot price was 16738, with a ratio of 8.00. The equilibrium ratio for spot import was 7.99, with a loss of - 683.23 [1] - Lead: The domestic spot price was 16150, LME spot price was 1842, with a ratio of 8.84; the domestic three - month price was 16335, LME three - month price was 1882, with a ratio of 12.23. The equilibrium ratio for spot import was 8.53, with a profit of 570.92 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 310, 280, 390, and 340 respectively, while the theoretical spreads were 574, 1046, 1527, and 2009 [4] - Zinc: The spreads were 245, 260, 280, and 275, and the theoretical spreads were 216, 339, 461, and 584 [4] - Aluminum: The spreads were - 110, - 55, - 45, and - 15, and the theoretical spreads were 232, 364, 497, and 630 [4] - Lead: The spreads were - 110, - 65, - 40, and 15, and the theoretical spreads were 207, 310, 413, and 516 [4] - Nickel: The spreads were 1940, 2110, 2370, and 2720 [4] - Tin: The 5 - 1 spread was - 2860, and the theoretical spread was 7101 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 1375 and - 1065, and the theoretical spreads were 313 and 886 [4] - Zinc: The spreads were - 210 and 35, and the theoretical spreads were 198 and 325 [4][5] - Lead: The spreads were 250 and 140, and the theoretical spreads were 199 and 308 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 4.13, 3.93, 5.80, 1.05, 1.47, and 0.71 respectively; for London (three - continuous), they were 3.89, 3.71, 6.29, 1.05, 1.70, and 0.62 [5]