有色套利早报 研究中心有色团队 2026/03/04 铜：跨市套利跟踪 2026/03/04 国内价格 LME价格 比价 现货 101860 13101 7.87 三月 102340 13145 7.80 均衡比价 盈利 现货进口 7.86 -1476.86 现货出口 -55.12 锌：跨市套利跟踪 2026/03/04 国内价格 LME价格 比价 现货 24390 3279 7.44 三月 24430 3299 5.12 均衡比价 盈利 现货进口 8.25 -2678.48 铝：跨市套利跟踪 2026/03/04 国内价格 LME价格 比价 现货 23950 3186 7.51 三月 23990 3182 7.66 均衡比价 盈利 现货进口 8.29 -2471.36 镍：跨市套利跟踪 2026/03/04 国内价格 LME价格 比价 现货 133700 17022 7.85 均衡比价 盈利 现货进口 8.00 -206.52 锌 当月合约-现货 次月合约-现货 价差 390 -20 理论价差 189 263 铅 当月合约-现货 次月合约-现货 价差 195 190 理论价差 145 257 跨品种套利跟踪 ...

铅：跨市套利跟踪 2026/02/27 有色套利早报 研究中心有色团队 2026/02/27 铜：跨市套利跟踪 2026/02/27 国内价格 LME价格 比价 现货 101830 13256 7.70 三月 102930 13326 7.70 均衡比价 盈利 现货进口 7.78 -786.94 现货出口 68.84 锌：跨市套利跟踪 2026/02/27 国内价格 LME价格 比价 现货 24460 3366 7.27 三月 24625 3383 4.95 均衡比价 盈利 现货进口 8.16 -2999.77 铝：跨市套利跟踪 2026/02/27 国内价格 LME价格 比价 现货 23490 3151 - 三月 23920 3164 7.52 均衡比价 盈利 现货进口 8.20 - 镍：跨市套利跟踪 2026/02/27 国内价格 LME价格 比价 现货 138000 17805 7.75 均衡比价 盈利 现货进口 7.91 31.99 国内价格 LME价格 比价 现货 16575 1944 8.51 三月 16800 1990 12.34 均衡比价 盈利 现货进口 8.42 182.48 免责声明: 以 ...

有色套利早报 研究中心有色团队 2026/02/25 铜：跨市套利跟踪 2026/02/25 国内价格 LME价格 比价 现货 101575 12973 7.72 三月 101810 13062 7.81 均衡比价 盈利 现货进口 7.82 -409.36 现货出口 -841.74 锌：跨市套利跟踪 2026/02/25 国内价格 LME价格 比价 现货 24650 3366 7.32 三月 24680 3398 4.93 均衡比价 盈利 现货进口 8.20 -2960.82 铝：跨市套利跟踪 2026/02/25 国内价格 LME价格 比价 现货 23390 3087 7.58 三月 23635 3114 7.58 均衡比价 盈利 现货进口 8.25 -2082.64 镍：跨市套利跟踪 2026/02/25 国内价格 LME价格 比价 现货 136650 17470 7.82 均衡比价 盈利 现货进口 7.96 -1163.71 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵 ...

有色套利早报 研究中心有色团队 2026/02/24 铜：跨市套利跟踪 2026/02/24 国内价格 LME价格 比价 现货 100275 12788 7.80 三月 100630 12895 7.82 均衡比价 盈利 现货进口 7.83 -565.83 现货出口 - 锌：跨市套利跟踪 2026/02/24 国内价格 LME价格 比价 现货 24340 3322 7.33 三月 24250 3353 4.97 均衡比价 盈利 现货进口 8.23 -3015.20 铝：跨市套利跟踪 2026/02/24 国内价格 LME价格 比价 现货 23160 3028 7.65 三月 23265 3063 7.62 均衡比价 盈利 现货进口 8.29 -1934.06 镍：跨市套利跟踪 2026/02/24 国内价格 LME价格 比价 现货 133900 17037 7.86 均衡比价 盈利 现货进口 7.99 -1190.59 跨期套利跟踪 2026/02/24 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 510 760 990 980 理论价差 601 1101 1609 2117 锌 次月- ...

国内价格 LME价格 比价 现货 16600 1941 8.54 三月 16700 1988 12.33 均衡比价 盈利 现货进口 8.49 101.54 跨期套利跟踪 2026/02/13 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 590 940 1170 1230 理论价差 611 1119 1637 2155 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 115 135 185 190 理论价差 226 357 489 621 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 25 105 160 220 理论价差 229 359 489 619 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 45 50 90 135 理论价差 208 313 417 521 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 1020 1240 1570 1590 锡 5-1 价差 -650 理论价差 8044 期现套利跟踪 2026/02/13 铜 当月合约-现货 次月合约-现货 价差 -290 300 理论价差 87 7 ...

铅：跨市套利跟踪 2026/02/12 国内价格 LME价格 比价 现货 16625 1930 8.59 三月 16755 1978 12.43 均衡比价 盈利 现货进口 8.50 165.28 跨期套利跟踪 2026/02/12 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1030 1310 1480 1500 理论价差 608 1114 1628 2143 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 185 240 280 315 理论价差 225 356 487 618 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 225 295 360 405 理论价差 228 357 487 616 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 100 115 165 215 理论价差 208 312 417 521 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 6270 6570 6910 6960 锡 5-1 价差 1500 理论价差 8068 期现套利跟踪 2026/02/12 铜 当月合约-现货 次月合 ...

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Report Core View - 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 February 10, 2026 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On February 10, 2026, the domestic spot price was 101510, the LME price was 12992, and the ratio was 7.67; the three - month domestic price was 102050, the LME price was 13070, and the ratio was 7.80. The equilibrium ratio for spot import was 7.86, with a profit of - 606.22, and the profit for spot export was - 266.73 [1] - **Zinc**: The domestic spot price was 24700, the LME price was 3336, and the ratio was 7.40; the three - month domestic price was 24565, the LME price was 3360, and the ratio was 4.94. The equilibrium ratio for spot import was 8.25, with a profit of - 2829.45 [1] - **Aluminum**: The domestic spot price was 23400, the LME price was 3062, and the ratio was 7.64; the three - month domestic price was 23620, the LME price was 3088, and the ratio was 7.66. The equilibrium ratio for spot import was 8.33, with a profit of - 2097.21 [1] - **Nickel**: The domestic spot price was 133550, the LME price was 17055, and the ratio was 7.83. The equilibrium ratio for spot import was 8.00, with a profit of - 2276.34 [1] - **Lead**: The domestic spot price was 16425, the LME price was 1909, and the ratio was 8.60; the three - month domestic price was 16605, the LME price was 1959, and the ratio was 12.61. The equilibrium ratio for spot import was 8.52, with a profit of 160.56 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 2030, 2240, 2430, and 2360 respectively, while the theoretical spreads were 601, 1100, 1608, and 2116 respectively [4] - **Zinc**: The spreads were 85, 110, 150, and 155 respectively, and the theoretical spreads were 225, 357, 488, and 619 respectively [4] - **Aluminum**: The spreads were 255, 335, 405, and 470 respectively, and the theoretical spreads were 227, 356, 484, and 613 respectively [4] - **Lead**: The spreads were 95, 115, 170, and 200 respectively, and the theoretical spreads were 207, 311, 414, and 518 respectively [4] - **Nickel**: The spreads were 3290, 3530, 3790, and 3770 respectively [4] - **Tin**: The spread for 5 - 1 was - 2650, and the theoretical spread was 7925 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 1720 and 310 respectively, and the theoretical spreads were - 64 and 791 respectively [4] - **Zinc**: The spreads were - 245 and - 160 respectively, and the theoretical spreads were 71 and 214 (also mentioned as 82 and 258) respectively [4][5] - **Lead**: The spreads were 65 and 160 respectively, and the theoretical spreads were 104 and 214 respectively [5] Cross - Variety Arbitrage Tracking - On February 10, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts were 4.15, 4.32, 6.15, 0.96, 1.42, and 0.68 respectively, and for the London (three - continuous) contracts were 3.90, 4.22, 6.69, 0.93, 1.59, and 0.58 respectively [5]

Report Industry Investment Rating - Not provided Core Viewpoints - 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 February 4, 2026 [1][4][7] Cross - market Arbitrage Tracking Copper - Spot price: domestic 101250, LME 13282, ratio 7.33; March price: domestic 104780, LME 13351, ratio 7.62; equilibrium ratio for spot import 7.87, profit - 650.94; profit for spot export 2095.94 [1] Zinc - Spot price: domestic 25070, LME 3321, ratio 7.55; March price: domestic 25010, LME 3347, ratio 4.97; equilibrium ratio for spot import 8.27, profit - 2405.07 [1] Aluminum - Spot price: domestic 23290, LME 3069, ratio 7.59; March price: domestic 23890, LME 3092, ratio 7.63; equilibrium ratio for spot import 8.35, profit - 2324.16 [1] Nickel - Spot price: domestic 132700, LME 17037, ratio 7.79; equilibrium ratio for spot import 8.03, profit - 1126.11 [1] Lead - Spot price: domestic 16425, LME 1921, ratio 8.56; March price: domestic 16700, LME 1973, ratio 12.72; equilibrium ratio for spot import 8.53, profit 69.19 [3] Cross - period Arbitrage Tracking Copper - Spread between next month and spot month 6810, between March and spot month 7090, between April and spot month 7140, between May and spot month 7190; theoretical spreads are 590, 1079, 1576, 2074 respectively [4] Zinc - Spread between next month and spot month 535, between March and spot month 585, between April and spot month 620, between May and spot month 590; theoretical spreads are 225, 356, 487, 619 respectively [4] Aluminum - Spread between next month and spot month 535, between March and spot month 615, between April and spot month 670, between May and spot month 720; theoretical spreads are 227, 356, 484, 613 respectively [4] Lead - Spread between next month and spot month 55, between March and spot month 115, between April and spot month 190, between May and spot month 265; theoretical spreads are 208, 312, 416, 520 respectively [4] Nickel - Spread between next month and spot month 5330, between March and spot month 5630, between April and spot month 5930, between May and spot month 5980 [4] Tin - Spread between 5 - 1 is - 770, theoretical spread is 7876 [4] Copper (Continuous Contracts) - Spread between current month contract and spot - 3620, between next month contract and spot 3190; theoretical spreads are - 223, 1328 respectively [4] Zinc (Continuous Contracts) - Spread between current month contract and spot - 645, between next month contract and spot - 110; theoretical spreads are 108, 253 (or 124, 340) respectively [4][5] Lead (Continuous Contracts) - Spread between current month contract and spot 160, between next month contract and spot 215; theoretical spreads are 140, 250 respectively [5] Cross - variety Arbitrage Tracking - Copper/zinc: Shanghai (three - continuous) 4.19, London (three - continuous) 4.04; Copper/aluminum: Shanghai 4.39, London 4.34; Copper/lead: Shanghai 6.27, London 6.86; Aluminum/zinc: Shanghai 0.96, London 0.93; Aluminum/lead: Shanghai 1.43, London 1.58; Lead/zinc: Shanghai 0.67, London 0.59 [7]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Report Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 30, 2026 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 105125, LME price is 13820, and the ratio is 7.40; March domestic price is 109400, LME price is 13914, and the ratio is 7.41. The equilibrium ratio for spot import is 7.88, with a profit of 1825.50, and the spot export profit is 4722.22 [1] - **Zinc**: Spot domestic price is 25290, LME price is 3440, and the ratio is 7.35; March domestic price is 26010, LME price is 3462, and the ratio is 4.90. The equilibrium ratio for spot import is 8.28, with a loss of 3182.91 [1] - **Aluminum**: Spot domestic price is 24860, LME price is 3276, and the ratio is 7.59; March domestic price is 25655, LME price is 3300, and the ratio is 7.62. The equilibrium ratio for spot import is 8.29, with a loss of 2318.30 [1] - **Nickel**: Spot domestic price is 142750, LME price is 18503, and the ratio is 7.71. The equilibrium ratio for spot import is 8.03, with a loss of 450.01 [1] - **Lead**: Spot domestic price is 16750, LME price is 1998, and the ratio is 8.39; March domestic price is 17255, LME price is 2046, and the ratio is 12.39. The equilibrium ratio for spot import is 8.53, with a loss of 262.88 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are 6440, 6730, 6930, 6930 respectively, and the theoretical spreads are 615, 1129, 1651, 2173 respectively [4] - **Zinc**: The spreads between the next month, March, April, May and the spot month are 395, 455, 470, 450 respectively, and the theoretical spreads are 231, 368, 504, 641 respectively [4] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are 40, 105, 150, 195 respectively, and the theoretical spreads are 239, 379, 518, 658 respectively [4] - **Lead**: The spreads between the next month, March, April, May and the spot month are 270, 340, 380, 390 respectively, and the theoretical spreads are 210, 315, 421, 526 respectively [4] - **Nickel**: The spreads between the next month, March, April, May and the spot month are 3100, 3240, 3490, 3400 respectively [4] - **Tin**: The 5 - 1 spread is 840, and the theoretical spread is 9113 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1485 and 4955 respectively, and the theoretical spreads are 24 and 1543 respectively [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 265 and 660 respectively, and the theoretical spreads are 250 and 403 respectively [5] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 165 and 435 respectively, and the theoretical spreads are 156 and 268 respectively [5] 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 4.21, 4.26, 6.34, 0.99, 1.49, 0.66 respectively, and in London (three - consecutive contracts) are 3.99, 4.23, 6.76, 0.94, 1.60, 0.59 respectively [8]

Report Industry Investment Rating - Not provided in the report Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 23, 2026, including domestic and LME prices, price ratios, equilibrium price ratios, and profit data [1][3][5] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: On January 23, 2026, the domestic spot price was 100110, the LME spot price was 12762, with a ratio of 7.89; the domestic three - month price was 100900, the LME three - month price was 12845, with a ratio of 7.83. The equilibrium ratio for spot import was 7.90, with a profit of - 498.98, and the profit for spot export was - 159.97 [1] - **Zinc**: The domestic spot price was 24300, the LME spot price was 3163, with a ratio of 7.68; the domestic three - month price was 24445, the LME three - month price was 3200, with a ratio of 5.34. The equilibrium ratio for spot import was 8.33, with a profit of - 2042.42 [1] - **Aluminum**: The domestic spot price was 23740, the LME spot price was 3110, with a ratio of 7.63; the domestic three - month price was 24100, the LME three - month price was 3129, with a ratio of 7.65. The equilibrium ratio for spot import was 8.32, with a profit of - 2153.83 [1] - **Nickel**: The domestic spot price was 140200, the LME spot price was 17829, with a ratio of 7.86. The equilibrium ratio for spot import was 8.00, with a profit of 427.18 [1] - **Lead**: The domestic spot price was 16900, the LME spot price was 1987, with a ratio of 8.51; the domestic three - month price was 17185, the LME three - month price was 2032, with a ratio of 11.95. The equilibrium ratio for spot import was 8.55, with a profit of - 86.18 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 350, - 150, 70, and 50 respectively, while the theoretical spreads were 607, 1113, 1627, and 2141 [3] - **Zinc**: The spreads were 95, 140, 175, and 180 respectively, and the theoretical spreads were 225, 355, 486, and 616 [3] - **Aluminum**: The spreads were - 30, 15, 55, and 75 respectively, and the theoretical spreads were 231, 364, 496, and 629 [3] - **Lead**: The spreads were 80, 125, 165, and 195 respectively, and the theoretical spreads were 210, 317, 423, and 529 [3] - **Nickel**: The spreads were - 320, - 140, 100, and 140 respectively [3] - **Tin**: The 5 - 1 spread was 3280, and the theoretical spread was 8334 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 1020 and 670 respectively, and the theoretical spreads were 632 and 1133 [3] - **Zinc**: The spreads were 5 and 100 respectively, and the theoretical spreads were 188 and 329 [3] - **Lead**: The spreads were 160 and 240 respectively, and the theoretical spreads were 182 and 295 [3] Cross - Variety Arbitrage Tracking - The cross - variety ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 4.13, 4.19, 5.87, 0.99, 1.40, and 0.70 respectively; in London (three - continuous contracts) were 3.97, 4.07, 6.31, 0.98, 1.55, and 0.63 respectively [5]