投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 22 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/21 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/20 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/19 | -189.4 | 0.0 | 0.0 | 0.0 | | 2025/05/16 | -187.4 | 0.0 | 0.0 | 0.0 | | 2025/05/15 | -187.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

Group 1 - The article discusses various trading tools and reports available for futures and macro trading, highlighting their purposes and ease of use [10] - It mentions specific tools designed to assist users in observing volatility across different futures varieties and macro arbitrage opportunities [10] - The article outlines tools for cross-variety and cross-period arbitrage, as well as options trading opportunities in the futures market [10] Group 2 - The article provides a framework for trading plans and reviews, helping users clarify their trading targets, entry criteria, expected profits, and position sizing [10] - It includes tools for position sizing based on Average True Range (ATR) for different trading frequencies [10] - Portfolio management tools are mentioned for both single market traders and multi-asset traders, aimed at managing risk and returns effectively [10]

有色套利早报 研究中心有色团队 2025/05/21 铜：跨市套利跟踪 2025/05/21 国内价格 LME价格 比价 现货 78340 9475 8.25 三月 76900 9472 8.23 均衡比价 盈利 现货进口 8.25 -23.85 现货出口 -364.39 锌：跨市套利跟踪 2025/05/21 国内价格 LME价格 比价 现货 22610 2642 8.56 三月 22080 2672 6.29 均衡比价 盈利 现货进口 8.70 -369.59 铝：跨市套利跟踪 2025/05/21 国内价格 LME价格 比价 现货 20210 2437 8.29 三月 20030 2439 8.23 均衡比价 盈利 现货进口 8.71 -1031.75 镍：跨市套利跟踪 2025/05/21 国内价格 LME价格 比价 现货 124500 15251 8.16 均衡比价 盈利 现货进口 8.30 -3221.31 跨期套利跟踪 2025/05/21 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -630 -920 -1110 -1310 理论价差 491 880 1278 1676 ...

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有色套利早报 研究中心有色团队 2025/05/20 铜：跨市套利跟踪 2025/05/20 国内价格 LME价格 比价 现货 78070 9497 8.27 三月 77020 9481 8.19 均衡比价 盈利 现货进口 8.25 -103.15 现货出口 5.75 锌：跨市套利跟踪 2025/05/20 国内价格 LME价格 比价 现货 22650 2656 8.53 三月 22120 2688 6.28 均衡比价 盈利 现货进口 8.69 -435.22 铝：跨市套利跟踪 2025/05/20 国内价格 LME价格 比价 现货 20230 2471 8.19 三月 20065 2470 8.14 均衡比价 盈利 现货进口 8.70 -1280.43 镍：跨市套利跟踪 2025/05/20 国内价格 LME价格 比价 现货 125000 15388 8.12 均衡比价 盈利 现货进口 8.30 -3655.82 理论价差 451 773 理论价差 121 252 锌 当月合约-现货 次月合约-现货 价差 -150 -405 理论价差 168 280 铅 当月合约-现货 次月合约-现货 价差 120 125 ...

铸造铝合金产业链周报 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年5月18日 ◆ 供应端，废铝供需双弱，合金开工率呈现下移趋势。现今废铝供应季节性紧缺， 回收商持货量有限，流通货源偏紧下持货商惜售，价格偏坚挺维稳运行，精废 价差处于相对偏低位置。废铝挤压合金厂利润，目前迈入亏损阶段，5月预计铸 造铝合金厂趋势性下调开工率，对废铝需求收缩，即原料端处于供需双弱阶段。 ◆ 消费淡季程度逐步走深，下游刚需少量采购。下游订单在二季度存在边际走弱 特征，补库相对谨慎，下游压铸企业采购积极性欠佳，以刚需为主。 ◆ 消费淡季压力下，价格上方承压显著，中期维度来看或仍以偏弱运行为主。周 内铝价受到关税缓和情绪乐观的影响而大幅上抬，然而需求端的疲弱限制 ADC12跟涨幅度。回归基本面，供需双弱逻辑或随着淡季程度更深而演变为负 反馈逻辑，价格回落。同时，ADC12-A00基差或继续收敛，关注跨品种套利机 会。 | 总结：废铝和ADC12价格小幅上调 2025/04 月环比 | | | | | 2025/04 | 月环比 | | --- | --- | --- | --- | - ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The report provides cross - market, cross - period, and cross - product arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on May 15, 2025 [1][3][7] According to Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 15, 2025, the domestic spot price was 78,875, the LME spot price was 9,639, with a spot ratio of 8.13; the domestic three - month price was 78,460, the LME three - month price was 9,625, with a three - month ratio of 8.16. The equilibrium ratio for spot import was 8.25, with a loss of 227.87, and a profit of 256.73 for spot export [7] - **Zinc**: The domestic spot price was 22,880, the LME spot price was 2,705, with a spot ratio of 8.46; the domestic three - month price was 22,580, the LME three - month price was 2,728, with a three - month ratio of 6.20. The equilibrium ratio for spot import was 8.68, with a loss of 595.29 [7] - **Aluminum**: The domestic spot price was 20,210, the LME spot price was 2,521, with a spot ratio of 8.02; the domestic three - month price was 20,240, the LME three - month price was 2,520, with a three - month ratio of 8.01. The equilibrium ratio for spot import was 8.70, with a loss of 1,729.07 [7] - **Nickel**: The domestic spot price was 126,350, the LME spot price was 15,594, with a spot ratio of 8.10. The equilibrium ratio for spot import was 8.29, with a loss of 3,771.87 [7] - **Lead**: The domestic spot price was 16,800, the LME spot price was 1,975, with a spot ratio of 8.48; the domestic three - month price was 16,950, the LME three - month price was 1,982, with a three - month ratio of 11.40. The equilibrium ratio for spot import was 8.93, with a loss of 887.82 [1][2] Cross - Period Arbitrage Tracking - **Copper**: The price differences between the next - month, three - month, four - month, and five - month contracts and the spot month were 510, 30, - 330, and - 570 respectively, while the theoretical price differences were 494, 886, 1287, and 1689 [3] - **Zinc**: The price differences were 210, 80, - 50, and - 145 respectively, and the theoretical price differences were 216, 337, 459, and 580 [3] - **Aluminum**: The price differences were 240, 205, 160, and 140 respectively, and the theoretical price differences were 211, 323, 436, and 548 [3] - **Lead**: The price differences were 15, 30, 10, and 15 respectively, and the theoretical price differences were 210, 315, 421, and 526 [3] - **Nickel**: The price differences between the next - month, three - month, four - month, and five - month contracts and the spot month were 2230, 2410, 2580, and 2770 respectively [3] - **Tin**: The price difference between the 5 - month and 1 - month contracts was - 650, and the theoretical price difference was 5501 [3] Cross - Product Arbitrage Tracking - **Ratio of Shanghai Contracts**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.47, 3.88, 4.63, 0.90, 1.19, and 0.75 respectively [4] - **Ratio of LME Contracts**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.47, 3.80, 4.81, 0.91, 1.27, and 0.72 respectively [4] Spot - Futures Arbitrage Tracking - **Copper**: The price differences between the current - month and next - month contracts and the spot were - 460 and 50 respectively, and the theoretical price differences were 16 and 527 [3] - **Zinc**: The price differences were - 380 and - 170 respectively, and the theoretical price differences were 45 and 178 [3] - **Lead**: The price differences were 120 and 135 respectively, and the theoretical price differences were 94 and 206 [4]

有色套利早报 研究中心有色团队 2025/05/14 铜：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 78160 9584 8.20 三月 77600 9565 8.13 均衡比价 盈利 现货进口 8.24 -370.77 现货出口 512.42 锌：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 22720 2665 8.52 三月 22185 2693 6.29 均衡比价 盈利 现货进口 8.68 -413.51 铝：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 20015 2482 8.06 三月 19960 2480 8.05 均衡比价 盈利 现货进口 8.71 -1596.65 镍：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 124800 15411 8.10 均衡比价 盈利 现货进口 8.29 -3291.29 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 铅：跨市套利跟踪 2025/05/14 国内价格 LME价格 比价 现货 16800 1991 8.41 三月 ...

跨期套利跟踪 2025/05/12 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -440 -980 -1430 -1770 理论价差 491 881 1279 1678 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -375 -630 -775 -850 理论价差 216 338 459 581 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -65 -150 -205 -205 理论价差 209 320 430 540 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 60 50 40 60 理论价差 209 313 418 523 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -90 10 250 510 锡 5-1 价差 490 理论价差 5366 期现套利跟踪 2025/05/12 铜 当月合约-现货 次月合约-现货 价差 -295 -735 理论价差 109 478 锌 当月合约-现货 次月合约-现货 价差 -225 -600 理论价差 5 137 免责声明: 以上内容所依据的信息均来源于交易所、媒体及 ...

Report Overview - Report Title: Cast Aluminum Alloy Industry Chain Weekly Report [1] - Research Institute: Guotai Junan Futures Research Institute - Analyst: Mo Xiaoxiong - Date: May 11, 2025 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The cast aluminum alloy market is under pressure and weaker than A00 aluminum. The supply - demand of scrap aluminum is both weak, and the alloy plant's operating rate shows a downward trend. The consumption is in the off - season, with downstream demand being weak. As the off - season deepens, prices are under significant pressure and tend to be weak. The ADC12 - A00 basis may continue to converge, and cross - variety arbitrage opportunities should be noted [3][6]. 3. Summary by Related Catalogs Supply Side - Scrap Aluminum - Production, shipment, and social inventory of scrap aluminum are at high levels. The import of scrap aluminum is also at a high level, but the year - on - year growth rate is declining. The price of scrap aluminum is firm, and the refined - scrap price difference has rebounded slightly from a low level [9][10][14]. Supply Side - Recycled Aluminum - The price of cast aluminum alloy is in short - term consolidation, and the ADC12 - A00 spread continues to converge. The operating rate of the cast aluminum alloy industry has been slightly reduced and is at a historical medium level. The cost of ADC12 is mainly composed of scrap aluminum, and it is currently in a small loss. The operating rate on the production side has decreased slightly, and the explicit and implicit inventories of cast alloys have increased. The import window for cast aluminum alloy is temporarily closed [20][25][33]. Supply Side - Recycled Aluminum Rod - Information on the production and inventory of recycled aluminum rods is provided, including the production volume and its proportion in different regions, as well as the factory inventory and its proportion [37][38][39]. Demand Side - Terminal Consumption - The consumption peak season for automobiles in the first half of the year is weak, which affects the die - casting consumption. Data on the production of new energy vehicles, fuel vehicles, motorcycles, and household appliances are presented, along with the PPI of auto parts and the auto inventory warning index [43][44]. Market Data Summary - In March 2025, the total supply of scrap aluminum and ADC12 decreased slightly. The month - on - month changes in total supply, social inventory, and other indicators are given, as well as the week - on - week changes in the prices of some scrap aluminum products and the month - on - month changes in vehicle and motorcycle production [7].