铜：跨市套利跟踪

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 26, 2026, which can help investors find potential arbitrage opportunities [1][3][4] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: The spot price in China is 95,610, LME price is 12,158, with a spot ratio of 7.73; the March price in China is 95,610, LME price is 12,229, with a ratio of 7.83. The equilibrium ratio for spot import is 7.85, and the profit is - 81.97 [1] - Zinc: The spot price in China is 22,920, LME price is 3,058, with a spot ratio of 7.50; the March price in China is 22,945, LME price is 3,058, with a ratio of 5.39. The equilibrium ratio for spot import is 8.26, and the profit is - 2,327.04 [1] - Aluminum: The spot price in China is 23,760, LME price is 3,284, with a spot ratio of 7.23; the March price in China is 23,920, LME price is 3,235, with a ratio of 7.40. The equilibrium ratio for spot import is 8.38, and the profit is - 3,776.15 [1] - Nickel: The spot price in China is 134,450, LME price is 17,040, with a spot ratio of 7.89. The equilibrium ratio for spot import is 7.98, and the profit is - 223.68 [1] - Lead: The spot price in China is 16,375, LME price is 1,901, with a spot ratio of 8.59; the March price in China is 16,500, LME price is 1,901, with a ratio of 12.10. The equilibrium ratio for spot import is 8.50, and the profit is 160.51 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, March, April, and May contracts and the spot month are 1,480, 1,500, 1,540, and 1,450 respectively, while the theoretical spreads are 573, 1,043, 1,523, and 2,002 [4] - Zinc: The spreads between the next - month, March, April, and May contracts and the spot month are - 5, 5, 35, and 30 respectively, while the theoretical spreads are 218, 341, 465, and 589 [4] - Aluminum: The spreads between the next - month, March, April, and May contracts and the spot month are 280, 340, 385, and 405 respectively, while the theoretical spreads are 229, 359, 489, and 619 [4] - Lead: The spreads between the next - month, March, April, and May contracts and the spot month are 85, 90, 120, and 105 respectively, while the theoretical spreads are 207, 310, 413, and 516 [4] - Nickel: The spreads between the next - month, March, April, and May contracts and the spot month are 2,930, 3,120, 3,350, and 3,490 respectively [4] - Tin: The spread between the 5 - 1 contracts is - 4,620, and the theoretical spread is 7,346 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot are - 1,465 and 15 respectively, while the theoretical spreads are 204 and 947 [4] - Zinc: The spreads between the current - month and next - month contracts and the spot are 20 and 15 respectively, while the theoretical spreads are 157 and 290 [4] - Lead: The spreads between the current - month and next - month contracts and the spot are 35 and 120 respectively, while the theoretical spreads are 151 and 261 [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) are 4.17, 4.00, 5.79, 1.04, 1.45, and 0.72 respectively; for LME (three - continuous) are 4.00, 3.80, 6.45, 1.05, 1.70, and 0.62 respectively [5]