有色套利早报 研究中心有色团队 2025/05/27 铜：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 78525 - - 三月 77600 9614 8.15 均衡比价 盈利 现货进口 - - 现货出口 - 锌：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 22580 - - 三月 22055 2713 6.20 均衡比价 盈利 现货进口 - - 铝：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 20350 - - 三月 20090 2466 8.18 均衡比价 盈利 现货进口 - - 镍：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 124100 - - 均衡比价 盈利 现货进口 - -3470.81 铅：跨市套利跟踪 2025/05/27 国内价格 LME价格 比价 现货 16650 - - 三月 16795 1994 11.12 均衡比价 盈利 现货进口 - - 跨期套利跟踪 2025/05/27 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 100 -190 -420 -700 理论价 ...

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 ...

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 ...

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 ...

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 Industry Investment Rating - No information provided Report's 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, lead, and tin on May 9, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 9, 2025, the domestic spot price was 78,450, the LME price was 9,409, and the ratio was 8.33. The equilibrium ratio for spot import was 8.29, with a profit of - 252.05. The profit for spot export was - 332.50. The ratio for the three - month contract was 8.30 [1] - **Zinc**: The domestic spot price was 22,850, the LME price was 2,569, and the ratio was 8.90. The equilibrium ratio for spot import was 8.78, with a profit of 308.41. The ratio for the three - month contract was 6.45 [1] - **Aluminum**: The domestic spot price was 19,620, the LME price was 2,376, and the ratio was 8.26. The equilibrium ratio for spot import was 8.78, with a profit of - 1,237.36. The ratio for the three - month contract was 8.22 [1] - **Nickel**: The domestic spot price was 125,000, the LME price was 15,323, and the ratio was 8.16. The equilibrium ratio for spot import was 8.33, with a profit of - 4,119.54 [1] - **Lead**: The domestic spot price was 16,700, the LME price was 1,934, and the ratio was 8.60. The equilibrium ratio for spot import was 8.98, with a profit of - 745.16. The ratio for the three - month contract was 11.50 [3] Cross - Period Arbitrage Tracking - **Copper**: On May 9, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were - 830, - 1,380, - 1,830, and - 2,240 respectively, while the theoretical spreads were 493, 884, 1,283, and 1,683 respectively [4] - **Zinc**: The spreads were - 500, - 755, - 915, and - 1,000 respectively, and the theoretical spreads were 216, 339, 461, and 584 respectively [4] - **Aluminum**: The spreads were - 70, - 170, - 230, and - 235 respectively, and the theoretical spreads were 209, 319, 429, and 539 respectively [4] - **Lead**: The spreads were 125, 135, 115, and 110 respectively, and the theoretical spreads were 208, 313, 417, and 521 respectively [4] - **Nickel**: The spreads were - 610, - 410, - 210, and 20 respectively [4] - **Tin**: The 5 - 1 spread was - 50, and the theoretical spread was 5,415 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 260 and - 1,090 respectively, and the theoretical spreads were 126 and 439 respectively [4] - **Zinc**: The spreads were - 175 and - 675 respectively, and the theoretical spreads were - 2 and 131 respectively [4] - **Lead**: The spreads were - 50 and 75 respectively, and the theoretical spreads were 91 and 203 respectively [5] Cross - Variety Arbitrage Tracking - On May 9, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts were 3.50, 3.96, 4.57, 0.89, 1.16, and 0.77 respectively. The ratios for the LME (three - continuous) contracts were 3.60, 3.91, 4.85, 0.92, 1.24, and 0.74 respectively [5]

Report Industry Investment Rating - No relevant information provided Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on May 8, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 8, 2025, the domestic spot price was 78,575, LME price was 9,498, and the ratio was 8.23; the three - month domestic price was 77,410, LME price was 9,477, and the ratio was 8.22. The equilibrium ratio for spot import was 8.27, with a profit of 52.52, and the profit for spot export was - 1.20 [1] - **Zinc**: The domestic spot price was 22,840, LME price was 2,582, and the ratio was 8.85; the three - month domestic price was 21,955, LME price was 2,619, and the ratio was 6.36. The equilibrium ratio for spot import was 8.75, with a profit of 236.34 [1] - **Aluminum**: The domestic spot price was 19,620, LME price was 2,369, and the ratio was 8.27; the three - month domestic price was 19,400, LME price was 2,398, and the ratio was 8.16. The equilibrium ratio for spot import was 8.76, with a profit of - 1153.53 [1] - **Nickel**: The domestic spot price was 125,650, LME price was 15,479, and the ratio was 8.12. The equilibrium ratio for spot import was 8.31, with a profit of - 3755.62 [1] - **Lead**: The domestic spot price was 16,600, LME price was 1,907, and the ratio was 8.68; the three - month domestic price was 16,690, LME price was 1,924, and the ratio was 11.57. The equilibrium ratio for spot import was 8.97, with a profit of - 562.77 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads for the next month, three - month, four - month, and five - month relative to the spot month were - 120, - 500, - 860, and - 1170 respectively, while the theoretical spreads were 492, 881, 1280, and 1678 [4] - **Zinc**: The spreads were - 555, - 810, - 965, and - 1040, and the theoretical spreads were 217, 340, 462, and 585 [4] - **Aluminum**: The spreads were - 460, - 525, - 565, and - 585, and the theoretical spreads were 211, 322, 434, and 546 [4] - **Lead**: The spreads were 80, 70, 65, and 50, and the theoretical spreads were 208, 312, 416, and 520 [4] - **Nickel**: The spreads were 0, 200, 390, and 530 [4] - **Tin**: The 5 - 1 spread was - 320, and the theoretical spread was 5421 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month and next - month contracts relative to the spot were - 665 and - 785, and the theoretical spreads were 86 and 503 [4] - **Zinc**: The spreads were - 75 and - 630, and the theoretical spreads were 9 and 142 (also mentioned as 146 and 197) [4][5] - **Lead**: The spreads were 20 and 100, and the theoretical spreads were 105 and 216 [5] Cross - Variety Arbitrage Tracking - On May 8, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.53, 3.99, 4.64, 0.88, 1.16, and 0.76 respectively; for LME (three - continuous) were 3.60, 3.95, 4.81, 0.91, 1.22, and 0.75 [5]

跨期套利跟踪 2025/04/30 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -160 -410 -690 -880 理论价差 491 880 1277 1675 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -240 -465 -605 -675 理论价差 217 340 463 586 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -80 -150 -190 -195 理论价差 211 323 435 547 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -95 -110 -100 -135 理论价差 210 316 422 528 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -340 -200 10 280 锡 5-1 价差 780 理论价差 5402 期现套利跟踪 2025/04/30 铜 当月合约-现货 次月合约-现货 价差 -255 -415 理论价差 260 668 锌 当月合约-现货 次月合约-现货 价差 -170 -410 理论价差 77 210 有色套利早报 研究中心有色团队 202 ...