1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, lead, and nickel on January 20, 2026 [1][3][4] 3. Summary by Relevant Catalogs Cross - market Arbitrage Tracking - **Copper**: On January 20, 2026, the domestic spot price was 100,975, LME spot price was 12,959, and the spot ratio was 7.74. The domestic March price was 101,360, LME March price was 12,892, and the March ratio was 7.88. The equilibrium ratio for spot import was 7.90, with a profit of - 1653.61, and the spot export profit was 347.35 [1] - **Zinc**: The domestic spot price was 24,420, LME spot price was 3,174, and the spot ratio was 7.69. The domestic March price was 24,490, LME March price was 3,216, and the March ratio was 5.35. The equilibrium ratio for spot import was 8.32, with a profit of - 1992.94 [1] - **Aluminum**: The domestic spot price was 23,870, LME spot price was 3,165, and the spot ratio was 7.54. The domestic March price was 24,125, LME March price was 3,149, and the March ratio was 7.65. The equilibrium ratio for spot import was 8.32, with a profit of - 2476.03 [1] - **Nickel**: The domestic spot price was 141,400, LME spot price was 17,759, and the spot ratio was 7.96. The equilibrium ratio for spot import was 7.99, with a profit of 406.59 [1] - **Lead**: The domestic spot price was 17,025, LME spot price was 2,000, and the spot ratio was 8.51. The domestic March price was 17,235, LME March price was 2,047, and the March ratio was 11.93. The equilibrium ratio for spot import was 8.52, with a profit of - 14.23 [3] Cross - period Arbitrage Tracking - **Copper**: On January 20, 2026, the spreads between the next - month, March, April, and May contracts and the spot - month contract were 590, 770, 830, and 790 respectively, while the theoretical spreads were 605, 1108, 1620, and 2132 respectively [4] - **Zinc**: The spreads were - 225, - 185, - 160, and - 155 respectively, and the theoretical spreads were 226, 359, 491, and 624 respectively [4] - **Aluminum**: The spreads were 240, 275, 315, and 335 respectively, and the theoretical spreads were 230, 362, 493, and 624 respectively [4] - **Lead**: The spreads were - 230, - 180, - 150, and - 115 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4] - **Nickel**: The spreads were 1180, 1450, 1670, and 1650 respectively [4] - **Tin**: The 5 - 1 spread was - 170, and the theoretical spread was 7994 [4] Spot - futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 300 and 290 respectively, and the theoretical spreads were 498 and 1141 respectively [4] - **Zinc**: The spreads were 255 and 30 respectively, and the theoretical spreads were 193 and 334 (also 190 and 367) respectively [4][5] - **Lead**: The spreads between the current - month and next - month contracts and the spot were 390 and 160 respectively, and the theoretical spreads were 228 and 341 respectively [5] Cross - variety Arbitrage Tracking - On January 20, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts were 4.14, 4.20, 5.88, 0.99, 1.40, and 0.70 respectively, and for the London (three - continuous) contracts were 4.02, 4.10, 6.29, 0.98, 1.53, and 0.64 respectively [5]

Report Industry Investment Rating - Not provided Core Viewpoints - 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, lead, and tin on January 19, 2026 [1][3][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 101770, LME price is 12910, and the ratio is 7.89; March domestic price is 100960, LME price is 12849, and the ratio is 7.95. The equilibrium ratio for spot import is 7.91 with a profit of - 1695.41, and the profit for spot export is - 372.26 [1] - **Zinc**: Spot domestic price is 24820, LME price is 3227, and the ratio is 7.69; March domestic price is 24790, LME price is 3262, and the ratio is 5.37. The equilibrium ratio for spot import is 8.32 with a profit of - 2037.21 [1] - **Aluminum**: Spot domestic price is 24030, LME price is 3137, and the ratio is 7.66; March domestic price is 23965, LME price is 3128, and the ratio is 7.76. The equilibrium ratio for spot import is 8.34 with a profit of - 2131.20 [1] - **Nickel**: Spot domestic price is 143850, LME price is 17657, and the ratio is 8.15. The equilibrium ratio for spot import is 8.00 with a profit of 1996.75 [1] - **Lead**: Spot domestic price is 17325, LME price is 2032, and the ratio is 8.51; March domestic price is 17535, LME price is 2077, and the ratio is 11.95. The equilibrium ratio for spot import is 8.52 with a profit of - 17.81 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are - 1430, - 1240, - 1200, - 1210 respectively, and the theoretical spreads are 613, 1124, 1644, 2164 respectively [4] - **Zinc**: The spreads between the next month, March, April, May and the spot month are - 300, - 260, - 255, - 275 respectively, and the theoretical spreads are 228, 363, 497, 631 respectively [4] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are - 230, - 190, - 135, - 120 respectively, and the theoretical spreads are 232, 365, 497, 630 respectively [4] - **Lead**: The spreads between the next month, March, April, May and the spot month are 25, 85, 100, 120 respectively, and the theoretical spreads are 212, 321, 429, 537 respectively [4] - **Nickel**: The spreads between the next month, March, April, May and the spot month are - 3810, - 3640, - 3240, - 3060 respectively [4] - **Tin**: The 5 - 1 spread is 4240, and the theoretical spread is 8190 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract, next - month contract and the spot are 405, - 1025 respectively, and the theoretical spreads are 677, 1029 respectively [4] - **Zinc**: The spreads between the current - month contract, next - month contract and the spot are 230, - 70 respectively, and the theoretical spreads are 195, 338 respectively [4] - **Zinc (again)**: The spreads between the current - month contract, next - month contract and the spot are 230, - 70 respectively, and the theoretical spreads are 227, 335 respectively [5] - **Lead**: The spreads between the current - month contract, next - month contract and the spot are 125, 150 respectively, and the theoretical spreads are 202, 317 respectively [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous) are 4.07, 4.21, 5.76, 0.97, 1.37, 0.71 respectively; for London (three - continuous) are 3.99, 4.09, 6.26, 0.98, 1.53, 0.64 respectively [5]

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core View - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 15, 2026 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On January 15, 2026, the domestic spot price was 104360, LME price was 13292, and the ratio was 7.67; the domestic March price was 104120, LME price was 13248, and the ratio was 7.90. The equilibrium ratio for spot import was 7.91 with a profit of - 1395.64, and the equilibrium ratio for spot export was 103.83 [1] - **Zinc**: The domestic spot price was 24590, LME price was 3205, and the ratio was 7.67; the domestic March price was 24475, LME price was 3220, and the ratio was 5.43. The equilibrium ratio for spot import was 8.33 with a profit of - 2101.93 [1] - **Aluminum**: The domestic spot price was 24670, LME price was 3209, and the ratio was 7.69; the domestic March price was 24595, LME price was 3192, and the ratio was 7.80. The equilibrium ratio for spot import was 8.32 with a profit of - 2016.71 [1] - **Nickel**: The domestic spot price was 140850, LME price was 17561, and the ratio was 8.02. The equilibrium ratio for spot import was 8.01 with a profit of 863.23 [1] - **Lead**: The domestic spot price was 17275, LME price was 2013, and the ratio was 8.56; the domestic March price was 17385, LME price was 2056, and the ratio was 11.95. The equilibrium ratio for spot import was 8.53 with a profit of 60.24 [3] Cross - Period Arbitrage Tracking - **Copper**: On January 15, 2026, the spreads of the next month, March, April, and May relative to the spot month were 1780, 2030, 2050, and 2260 respectively, while the theoretical spreads were 612, 1123, 1642, and 2162 respectively [4] - **Zinc**: The spreads were 225, 275, 310, and 310 respectively, and the theoretical spreads were 224, 354, 484, and 614 respectively [4] - **Aluminum**: The spreads were 245, 300, 340, and 380 respectively, and the theoretical spreads were 232, 366, 499, and 633 respectively [4] - **Lead**: The spreads were 0, 70, 100, and 105 respectively, and the theoretical spreads were 212, 319, 427, and 534 respectively [4] - **Nickel**: The spreads were 740, 940, 1280, and 1590 respectively [4] - **Tin**: The 5 - 1 spread was 2340, and the theoretical spread was 8388 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 1735 and 45 respectively, and the theoretical spreads were - 238 and 595 respectively [4] - **Zinc**: The spreads were - 390 and - 165 respectively, and the theoretical spreads were 47 and 189 respectively [4][5] - **Lead**: The spreads were 40 and 40 respectively, and the theoretical spreads were 82 and 197 respectively [5] Cross - Variety Arbitrage Tracking - On January 15, 2026, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 4.25, 4.23, 5.99, 1.00, 1.41, and 0.71 respectively, and in London (three - continuous) were 4.03, 4.14, 6.35, 0.97, 1.53, and 0.63 respectively [5]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The report presents cross - market, inter - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on January 13, 2026, to assist investors in identifying potential arbitrage opportunities [1][3] Group 3: Cross - Market Arbitrage Tracking Copper - Spot price: domestic 103225, LME 13257, ratio 7.61; March price: domestic 103980, LME 13193, ratio 7.84; equilibrium ratio for spot import 7.92, profit -1040.64, profit for spot export 977.85 [1] Zinc - Spot price: domestic 24140, LME 3141, ratio 7.69; March price: domestic 24175, LME 3182, ratio 5.48; equilibrium ratio for spot import 8.34, profit -2042.72 [1] Aluminum - Spot price: domestic 24340, LME 3181, ratio 7.65; March price: domestic 24650, LME 3171, ratio 7.74; equilibrium ratio for spot import 8.32, profit -2133.30 [1] Nickel - Spot price: domestic 141050, LME 17930, ratio 7.87; equilibrium ratio for spot import 8.00, profit 1072.78 [1] Lead - Spot price: domestic 17300, LME 2016, ratio 8.56; March price: domestic 17475, LME 2060, ratio 11.68; equilibrium ratio for spot import 8.53, profit 58.78 [3] Group 4: Inter - Period Arbitrage Tracking Copper - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 2590, 2770, 2750, 2890 respectively; theoretical spreads are 608, 1114, 1629, 2144 respectively [3] Zinc - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 205, 255, 285, 305 respectively; theoretical spreads are 223, 351, 480, 608 respectively [3] Aluminum - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 120, 195, 215, 265 respectively; theoretical spreads are 233, 368, 502, 636 respectively [3] Lead - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 100, 135, 165, 180 respectively; theoretical spreads are 212, 319, 427, 535 respectively [3] Nickel - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 6200, 6390, 6680, 6830 respectively Tin - 5 - 1 spread is 5130, theoretical spread is 7640 [3] Group 5: Spot - Futures Arbitrage Tracking Copper - Spreads for当月合约 - 现货 and 次月合约 - 现货 are -1965 and 625 respectively; theoretical spreads are -164 and 782 respectively [3] Zinc - Spreads for当月合约 - 现货 and 次月合约 - 现货 are -220 and -15 respectively; theoretical spreads are 77 and 217 (or 102 and 264) respectively [3] Lead - Spreads for当月合约 - 现货 and 次月合约 - 现货 are 40 and 140 respectively; theoretical spreads are 90 and 205 respectively [3] Group 6: Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (three - continuous) are 4.30, 4.22, 5.95, 1.02, 1.41, 0.72 respectively; London (three - continuous) are 4.11, 4.15, 6.43, 0.99, 1.55, 0.64 respectively [3]

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, lead, and tin on January 9, 2026 [1][3][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On January 9, 2026, the domestic spot price was 101970, the LME spot price was 12837, and the spot ratio was 8.01. The equilibrium ratio for spot import was 7.93, with a loss of 941.12. The loss for spot export was 1194.91 [1] - **Zinc**: The domestic spot price was 24180, the LME spot price was 3126, and the spot ratio was 7.73. The equilibrium ratio for spot import was 8.35, with a loss of 1929.08 [1] - **Aluminum**: The domestic spot price was 24000, the LME spot price was 3064, and the spot ratio was 7.83. The equilibrium ratio for spot import was 8.35, with a loss of 1591.59 [1] - **Nickel**: The domestic spot price was 146650, the LME spot price was 16961, and the spot ratio was 8.65. The equilibrium ratio for spot import was 8.02, with a profit of 1776.70 [1] - **Lead**: The domestic spot price was 17350, the LME spot price was 1988, and the spot ratio was 8.70. The equilibrium ratio for spot import was 8.59, with a profit of 228.79 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, the third month, the fourth month, and the fifth month and the spot month were - 1950, - 1920, - 1940, - 2010 respectively, while the theoretical spreads were 618, 1134, 1659, 2183 [3] - **Zinc**: The spreads were - 340, - 305, - 270, - 250 respectively, and the theoretical spreads were 225, 355, 486, 616 [3] - **Aluminum**: The spreads were - 625, - 585, - 540, - 495 respectively, and the theoretical spreads were 233, 367, 500, 634 [3] - **Lead**: The spreads were - 420, - 385, - 350, - 345 respectively, and the theoretical spreads were 214, 324, 433, 543 [3] - **Nickel**: The spreads were - 10960, - 10810, - 10510, - 10150 respectively [3] - **Tin**: The 5 - 1 spread was 900, and the theoretical spread was 7176 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract, the next - month contract and the spot were 1145, - 805 respectively, and the theoretical spreads were 378, 656 [3] - **Zinc**: The spreads were 135, - 205 respectively, and the theoretical spreads were 69, 209 [3] - **Lead**: The spreads were 405, - 15 respectively, and the theoretical spreads were 158, 273 [3] Cross - Variety Arbitrage Tracking - On January 9, 2026, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 4.22, 4.26, 5.83, 0.99, 1.37, 0.72 respectively, and in London (three - continuous) were 4.06, 4.12, 6.28, 0.99, 1.53, 0.65 respectively [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on December 31, 2025, including domestic and LME prices, price ratios, equilibrium price ratios, profits, spreads, and theoretical spreads [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 31, 2025, the domestic spot price was 97,700, LME price was 12,516, and the ratio was 7.86; the three - month domestic price was 98,240, LME price was 12,477, and the ratio was 7.84. The equilibrium ratio for spot import was 7.95 with a profit of - 1,171.20 [1]. - **Zinc**: The domestic spot price was 23,290, LME price was 3,091, and the ratio was 7.54; the three - month domestic price was 23,420, LME price was 3,123, and the ratio was 5.60. The equilibrium ratio for spot import was 8.37 with a profit of - 2,576.06 [1]. - **Aluminum**: The domestic spot price was 22,180, LME price was 2,941, and the ratio was 7.54; the three - month domestic price was 22,620, LME price was 2,974, and the ratio was 7.54. The equilibrium ratio for spot import was 8.33 with a profit of - 2,321.75 [1]. - **Nickel**: The domestic spot price was 131,750, LME price was 16,358, and the ratio was 8.05. The equilibrium ratio for spot import was 8.04 with a profit of 1,259.30 [1]. - **Lead**: The domestic spot price was 17,400, LME price was 1,979, and the ratio was 8.74; the three - month domestic price was 17,510, LME price was 2,021, and the ratio was 11.48. The equilibrium ratio for spot import was 8.60 with a profit of 273.72 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads for次月 - spot month, 三月 - spot month, 四月 - spot month, and 五月 - spot month were - 630, - 480, - 420, and - 460 respectively, and the theoretical spreads were 596, 1089, 1592, and 2094 respectively [4]. - **Zinc**: The spreads were 180, 220, 265, and 295, and the theoretical spreads were 219, 344, 469, and 594 respectively [4]. - **Aluminum**: The spreads were 50, 105, 145, and 180, and the theoretical spreads were 224, 348, 473, and 597 respectively [4]. - **Lead**: The spreads were 65, 70, 70, and 110, and the theoretical spreads were 212, 320, 429, and 537 respectively [4]. - **Nickel**: The spreads for 次月 - spot month, 三月 - spot month, 四月 - spot month, and 五月 - spot month were 7,080, 7,360, 7,630, and 7,870 respectively [4]. - **Tin**: The 5 - 1 spread was 1,410, and the theoretical spread was 6,712 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were 1,150 and 520 respectively, and the theoretical spreads were 489 and 936 respectively [4]. - **Zinc**: The spreads were - 90 and 90, and the theoretical spreads were 146 and 282 (also mentioned 185 and 325) respectively [4][5]. - **Lead**: The spreads were 40 and 105, and the theoretical spreads were 136 and 252 respectively [5]. Cross - Variety Arbitrage Tracking - On December 31, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.19, 4.34, 5.61, 0.97, 1.29, 0.75 in Shanghai (three - consecutive) and 4.02, 4.21, 6.25, 0.95, 1.48, 0.64 in London (three - consecutive) [5].

Group 1: Report Summary - The report is a non - ferrous metals arbitrage morning report from the non - ferrous metals team of the research center on December 24, 2025 [1] Group 2: Cross - market Arbitrage Copper - Spot price in China is 93,480, LME spot price is 11,945, and the spot price ratio is 7.84; three - month price in China is 94,000, LME three - month price is 11,932, and the three - month price ratio is 7.87. The equilibrium ratio for spot import is 7.99, with a profit of - 1909.24, and the profit for spot export is 1,043.62 [1] Zinc - Spot price in China is 23,090, LME spot price is 3,057, and the spot price ratio is 7.55; three - month price in China is 23,125, LME three - month price is 3,087, and the three - month price ratio is 5.50. The equilibrium ratio for spot import is 8.41, with a profit of - 2631.81 [1] Aluminum - Spot price in China is 21,880, LME spot price is 2,910, and the spot price ratio is 7.51; three - month price in China is 22,255, LME three - month price is 2,946, and the three - month price ratio is 7.50. The equilibrium ratio for spot import is 8.37, with a profit of - 2481.66 [3] Nickel - Spot price in China is 124,550, LME spot price is 15,259, and the price ratio is 8.16. The equilibrium ratio for spot import is 8.08, with a profit of - 43.09 [3] Lead - Spot price in China is 16,875, LME spot price is 1,935, and the spot price ratio is 8.72; three - month price in China is 16,980, LME three - month price is 1,978, and the three - month price ratio is 11.63. The equilibrium ratio for spot import is 8.66, with a profit of 123.50 [5] Group 3: Cross - period Arbitrage Copper - The spreads between the next - month and the spot - month, three - month and the spot - month, four - month and the spot - month, five - month and the spot - month are - 180, - 110, - 60, and - 20 respectively, while the theoretical spreads are 573, 1043, 1523, and 2002 respectively [6] Zinc - The spreads are 5, 40, 65, and 75 respectively, and the theoretical spreads are 218, 343, 467, and 592 respectively [6] Aluminum - The spreads are 45, 105, 135, and 170 respectively, and the theoretical spreads are 222, 345, 467, and 590 respectively [6] Lead - The spreads are 100, 85, 95, and 100 respectively, and the theoretical spreads are 209, 315, 420, and 526 respectively [6] Nickel - The spreads between the next - month and the spot - month, three - month and the spot - month, four - month and the spot - month, five - month and the spot - month are 2180, 2380, 2620, and 2840 respectively [6] Tin - The spread between the 5 - month and 1 - month contracts is 970, and the theoretical spread is 7064 [6] Group 4: Spot - futures Arbitrage Copper - The spreads between the current - month contract and the spot, next - month contract and the spot are 655 and 475 respectively, and the theoretical spreads are 540 and 1030 respectively [6] Zinc - The spreads are - 5 and 0 respectively, and the theoretical spreads are 164 and 298 (or 206 and 343) respectively [6][7] Lead - The spreads are 20 and 120 respectively, and the theoretical spreads are 158 and 271 respectively [7] Group 5: Cross - variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - consecutive contracts) are 4.06, 4.22, 5.54, 0.96, 1.31, 0.73 respectively, and for LME (three - consecutive contracts) are 3.90, 4.10, 6.08, 0.95, 1.48, 0.64 respectively [7]

Report Industry Investment Rating - Not provided Core Viewpoints - 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 December 22, 2025, with specific price, ratio, and profit information [1] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 92315, LME price is 11814, ratio is 7.79; March domestic price is 93220, LME price is 11810, ratio is 7.86. Spot import equilibrium ratio is 8.00, with a loss of 1750.70; spot export profit is 1151.20 [1] - **Zinc**: Spot domestic price is 23150, LME price is 3042, ratio is 7.61; March domestic price is 23095, LME price is 3073, ratio is 5.50. Spot import equilibrium ratio is 8.43, with a loss of 2493.35 [1] - **Aluminum**: Spot domestic price is 21820, LME price is 2885, ratio is 7.56; March domestic price is 22230, LME price is 2925, ratio is 7.53. Spot import equilibrium ratio is 8.35, with a loss of 2272.48 [1] - **Nickel**: Spot domestic price is 119400, LME price is 14652, ratio is 8.15. Spot import equilibrium ratio is 8.09, with a loss of 1178.71 [1] - **Lead**: Spot domestic price is 16800, LME price is 1928, ratio is 8.71; March domestic price is 16905, LME price is 1974, ratio is 11.68. Spot import equilibrium ratio is 8.67, with a profit of 78.05 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next month, March, April, and May relative to the spot month are 730, 770, 770, and 720 respectively, while the theoretical spreads are 564, 1027, 1498, and 1969 [4] - **Zinc**: The spreads of the next month, March, April, and May relative to the spot month are 10, 30, 55, and 65 respectively, while the theoretical spreads are 218, 343, 467, and 591 [4] - **Aluminum**: The spreads of the next month, March, April, and May relative to the spot month are 290, 335, 355, and 385 respectively, while the theoretical spreads are 220, 342, 463, and 585 [4] - **Lead**: The spreads of the next month, March, April, and May relative to the spot month are 100, 125, 160, and 195 respectively, while the theoretical spreads are 209, 314, 419, and 524 [4] - **Nickel**: The spreads of the next month, March, April, and May relative to the spot month are 3520, 3660, 3900, and 4210 respectively [4] - **Tin**: The spread of 5 - 1 is 860, and the theoretical spread is 7051 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract and the next - month contract relative to the spot are 130 and 860 respectively, while the theoretical spreads are 531 and 1148 [5] - **Zinc**: The spreads of the current - month contract and the next - month contract relative to the spot are - 85 and - 75 respectively, while the theoretical spreads are 194 and 367 [5] - **Lead**: The spreads of the current - month contract and the next - month contract relative to the spot are - 20 and 80 respectively, while the theoretical spreads are 167 and 279 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) are 4.04, 4.19, 5.51, 0.96, 1.31, and 0.73 respectively; in London (three - continuous) are 3.87, 4.03, 5.99, 0.96, 1.48, and 0.65 respectively [7]

国内价格 LME价格 比价 现货 16775 1896 8.87 三月 16855 1944 11.88 均衡比价 盈利 现货进口 8.66 406.32 跨期套利跟踪 2025/12/17 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -520 -470 -470 -560 理论价差 564 1026 1498 1969 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -355 -340 -320 -340 理论价差 220 346 472 598 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -10 35 80 120 理论价差 220 342 463 584 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -115 -105 -70 -35 理论价差 210 316 421 527 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -1900 -1700 -1370 -1140 锡 5-1 价差 1290 理论价差 6602 期现套利跟踪 2025/12/17 铜 当月合约-现货 次月合约-现货 价差 765 ...

有色套利早报 研究中心有色团队 2025/12/15 铜：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 93630 11919 7.73 三月 94170 11898 7.89 均衡比价 盈利 现货进口 8.01 -1469.82 现货出口 1046.05 锌：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 23690 3283 7.22 三月 23635 3192 5.36 均衡比价 盈利 现货进口 8.42 -3937.82 铝：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 22050 2863 7.70 三月 22170 2896 7.67 均衡比价 盈利 现货进口 8.30 -1719.93 镍：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 118200 14444 8.18 均衡比价 盈利 现货进口 8.11 -1091.76 铅：跨市套利跟踪 2025/12/15 | 国内价格 | | LME价格 | 比价 | | 均衡比价 | 盈利 | | --- | --- | --- | --- | --- | - ...