Workflow
跨品种套利
icon
Search documents
有色套利早报-20250723
Yong An Qi Huo· 2025-07-23 01:12
Report Industry Investment Rating - No relevant content provided Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 23, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1][4][8] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79760 (domestic) and 9794 (LME) with a ratio of 8.16; March price is 79770 (domestic) and 9863 (LME) with a ratio of 8.07. Spot import equilibrium ratio is 8.16 with a profit of 76.62, and spot export profit is - 67.76 [1] - **Zinc**: Spot price is 22800 (domestic) and 2841 (LME) with a ratio of 8.02; March price is 22940 (domestic) and 2846 (LME) with a ratio of 5.92. Spot import equilibrium ratio is 8.64 with a profit of - 1742.69 [1] - **Aluminum**: Spot price is 20950 (domestic) and 2647 (LME) with a ratio of 7.91; March price is 20835 (domestic) and 2645 (LME) with a ratio of 7.86. Spot import equilibrium ratio is 8.50 with a profit of - 1559.16 [1] - **Nickel**: Spot price is 121600 (domestic) and 15283 (LME) with a ratio of 7.96. Spot import equilibrium ratio is 8.24 with a profit of - 2250.36 [1] - **Lead**: Spot price is 16675 (domestic) and 1976 (LME) with a ratio of 8.46; March price is 16965 (domestic) and 2002 (LME) with a ratio of 11.40. Spot import equilibrium ratio is 8.84 with a profit of - 739.70 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 40, 70, 30, - 20 respectively, and the theoretical spreads are 501, 899, 1307, 1714 respectively [4] - **Zinc**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 60, 55, 35, - 15 respectively, and the theoretical spreads are 217, 341, 464, 588 respectively [4] - **Aluminum**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 30, - 35, - 100, - 160 respectively, and the theoretical spreads are 215, 332, 448, 564 respectively [4] - **Lead**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 30, 5, 5, 60 respectively, and the theoretical spreads are 210, 316, 421, 527 respectively [4] - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 1170, 1260, 1500, 1710 respectively [4] - **Tin**: The 5 - 1 spread is - 370 with a theoretical spread of 5556 [4] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.48, 3.83, 4.70, 0.91, 1.23, 0.74 (Shanghai continuous three - month), and 3.47, 3.73, 4.93, 0.93, 1.32, 0.70 (LME continuous three - month) [8] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot are - 5 and 35 respectively, and the theoretical spreads are 397 and 844 respectively [4] - **Zinc**: The spreads of the current - month contract - spot and the next - month contract - spot are 85 and 145 respectively, and the theoretical spreads are 155 and 285 respectively [5] - **Lead**: The spreads of the current - month contract - spot and the next - month contract - spot are 285 and 255 respectively, and the theoretical spreads are 199 and 311 respectively [5]
有色套利早报-20250722
Yong An Qi Huo· 2025-07-22 00:42
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 July 22, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 79600, LME price is 9790, and the ratio is 8.03; for three - month contracts, China price is 79770, LME price is 9857, and the ratio is 8.06. The equilibrium ratio for spot import is 8.16 [1] - **Zinc**: Spot price in China is 22820, LME price is 2848, and the ratio is 8.01; for three - month contracts, China price is 22915, LME price is 2850, and the ratio is 5.93. The equilibrium ratio for spot import is 8.64, with a profit of - 1778.34 [1] - **Aluminum**: Spot price in China is 20890, LME price is 2640, and the ratio is 7.91; for three - month contracts, China price is 20785, LME price is 2638, and the ratio is 7.87. The equilibrium ratio for spot import is 8.50, with a profit of - 1547.06 [1] - **Nickel**: Spot price in China is 121350, LME price is 15134, and the ratio is 8.02. The equilibrium ratio for spot import is 8.24, with a profit of - 1872.54 [1] - **Lead**: Spot price in China is 16725, LME price is 1985, and the ratio is 8.47; for three - month contracts, China price is 17015, LME price is 2011, and the ratio is 11.38. The equilibrium ratio for spot import is 8.84, with a profit of - 736.74 [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 are 1360, 1360, 1340, and 1290 respectively, while the theoretical spreads are 494, 886, 1287, and 1688 [4] - **Zinc**: The spreads are 625, 615, 570, and 530, and the theoretical spreads are 215, 335, 456, and 576 [4] - **Aluminum**: The spreads are 275, 220, 140, and 85, and the theoretical spreads are 214, 329, 443, and 558 [4] - **Lead**: The spreads are 175, 195, 225, and 200, and the theoretical spreads are 209, 314, 419, and 524 [4] - **Nickel**: The spreads are 2200, 2310, 2500, and 2720 [4] - **Tin**: The 5 - 1 spread is - 3300, and the theoretical spread is 5533 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1100 and 260 respectively, and the theoretical spreads are 246 and 885 [4] - **Zinc**: The spreads are - 520 and 105, and the theoretical spreads are 187 and 320 [4] - **Lead**: The spreads are 95 and 270, and the theoretical spreads are 176 and 288 [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 contracts) are 3.48, 3.84, 4.69, 0.91, 1.22, and 0.74 respectively; for LME (three - continuous contracts), they are 3.47, 3.73, 4.89, 0.93, 1.31, and 0.71 [5]
聚烯烃日报:延续基本面交易,聚烯烃弱稳为主-20250718
Hua Tai Qi Huo· 2025-07-18 02:49
Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 09 - 01 reverse spread; Inter - variety: Short coal - based profit [3] Core View - The polyolefin market continues fundamental trading, with weak and stable prices. During the upstream petrochemical plant maintenance season, the number of maintenance enterprises increases slightly, capacity utilization decreases, and new capacity continues to be released, so the overall supply maintains an increasing trend. Enterprises' inventory accumulates, and the destocking rate is slow. Downstream demand remains in the off - season, the terminal operating rate remains low, and the overall operating rate changes little. Purchases are mainly for rigid demand, and there is little hope for improvement in the short term. International oil prices and propane prices continue to be weak, and are expected to remain weak, with weak cost support, and PDH - made PP profit remains slightly profitable [1][2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7215元/吨(+1),PP主力合约收盘价为7020元/吨(+7),LL华北现货为7150元/吨(-10),LL华东现货为7190元/吨(-30),PP华东现货为7070元/吨(-10),LL华北基差为 - 65元/吨(-11),LL华东基差为 - 25元/吨(-31),PP华东基差为50元/吨(-17) [1] 2. Production Profit and Operating Rate - PE开工率为78.2%(+0.4%),PP开工率为77.3%(+0.7%);PE油制生产利润为171.7元/吨(+4.6),PP油制生产利润为 - 208.3元/吨(+4.6),PDH制PP生产利润为301.8元/吨(+56.9) [1] 3. Polyolefin Non - Standard Price Difference - No specific data provided in the given text 4. Polyolefin Import and Export Profit - LL进口利润为 - 101.2元/吨(+76.3),PP进口利润为 - 672.8元/吨(+0.0),PP出口利润为34.2美元/吨(+0.0) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE下游农膜开工率为12.5%(-0.2%),PE下游包装膜开工率为48.6%(+0.5%),PP下游塑编开工率为41.4%(-0.6%),PP下游BOPP膜开工率为60.8%(+0.2%) [1] 6. Polyolefin Inventory - No specific data provided in the given text
纯苯苯乙烯日报:硬胶库存压力持续-20250718
Hua Tai Qi Huo· 2025-07-18 02:39
1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - BZ futures maintain a certain premium, with strong downstream demand for pure benzene, leading to a decline in pure benzene port inventory from a high level. High开工 rates of styrene and CPL support demand, and the increase in polymer MDI开工 drives up aniline开工. However, the sustainability of high CPL开工 is questionable due to the decline in PA6 and nylon filament开工. On the supply side, the pressure of South Korean exports to China remains, and domestic开工 is still high, resulting in the continued weak consolidation of pure benzene processing fees. - For styrene, port inventory is rising rapidly, and the EB basis is further weakening. Domestically, EB maintains a high开工 rate. In terms of demand, EPS开工 is increasing, but there is still inventory pressure on PS and ABS, suppressing their开工 rates. - The recommended trading strategies are to remain on the sidelines for pure benzene, and to sell short styrene at high prices for hedging. For basis and inter - period spreads, conduct reverse hedging for near - month BZ paper goods against distant - end BZ2603 futures at high prices; conduct reverse inter - period spreads for EB2508 - 2509 and EB2509 - 2510. For cross - variety spreads, narrow the EB - BZ spread at high prices [3]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spreads - Pure benzene: The main basis of pure benzene is - 202 yuan/ton (+4), and the spread between East China pure benzene spot and M2 is - 85 yuan/ton (+5 yuan/ton). The spread between the first - month contract and the third - month contract is also provided in the figures [1][11]. - Styrene: The main basis of styrene is 116 yuan/ton (- 61 yuan/ton), and the inter - period spreads between EB2508 - 2509 and EB2509 - 2510 are recommended for reverse hedging [1][3]. 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 160 dollars/ton (+2 dollars/ton), and the FOB South Korea processing fee is 143 dollars/ton (+2 dollars/ton). The price difference between the US and South Korea is 128.9 dollars/ton (- 24.1 dollars/ton). Downstream production profits include - 1818 yuan/ton (+42) for caprolactam, - 667 yuan/ton (+0) for phenol - acetone, - 97 yuan/ton (+74) for aniline, and - 1428 yuan/ton (- 14) for adipic acid [1]. - Styrene: The non - integrated production profit is - 54 yuan/ton (- 87 yuan/ton), and it is expected to gradually compress. The EB - BZ spread is recommended to be narrowed at high prices [1][3]. 3.3 Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 16.40 million tons (- 1.00 million tons), and the开工 rate of downstream products such as caprolactam is 91.72% (- 4.00%), phenol is 81.00% (+3.00%), aniline is 75.86% (+4.96%), and adipic acid is 64.80% (- 0.90%) [1]. - Styrene: The East China port inventory is 138,500 tons (+27,000 tons), the East China commercial inventory is 45,000 tons (+6,000 tons), and the开工 rate is 78.3% (- 0.9%) [1]. 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 324 yuan/ton (+119 yuan/ton), and the开工 rate is 53.18% (+2.12%). - PS production profit is - 126 yuan/ton (+69 yuan/ton), and the开工 rate is 50.60% (- 0.50%). - ABS production profit is 490 yuan/ton (+77 yuan/ton), and the开工 rate is 65.90% (+0.90%). The downstream开工 is at a seasonal low [2]. 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam开工 rate is 91.72% (- 4.00%), and the production profit is - 1818 yuan/ton (+42). - Phenol - acetone开工 rate is 81.00% (+3.00%), and the production profit is - 667 yuan/ton (+0). - Aniline开工 rate is 75.86% (+4.96%), and the production profit is - 97 yuan/ton (+74). - Adipic acid开工 rate is 64.80% (- 0.90%), and the production profit is - 1428 yuan/ton (- 14) [1].
有色套利早报-20250718
Yong An Qi Huo· 2025-07-18 00:42
Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - 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 July 18, 2025 [1][4][5] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 18, 2025, the domestic spot price was 78,010, the LME price was 9,538, and the ratio was 8.19. The equilibrium ratio for spot import was 8.17, with a profit of - 219.86. The domestic three - month price was 77,830, the LME price was 9,597, and the ratio was 8.12 [1] - **Zinc**: The domestic spot price was 22,120, the LME price was 2,693, and the ratio was 8.21. The equilibrium ratio for spot import was 8.68, with a profit of - 1,248.97. The domestic three - month price was 22,085, the LME price was 2,696, and the ratio was 6.24 [1] - **Aluminum**: The domestic spot price was 20,570, the LME price was 2,564, and the ratio was 8.02. The equilibrium ratio for spot import was 8.53, with a profit of - 1,293.96. The domestic three - month price was 20,355, the LME price was 2,567, and the ratio was 7.96 [1] - **Nickel**: The domestic spot price was 118,550, the LME price was 14,787, and the ratio was 8.02. The equilibrium ratio for spot import was 8.25, with a profit of - 2,413.78 [1] - **Lead**: The domestic spot price was 16,625, the LME price was 1,946, and the ratio was 8.58. The equilibrium ratio for spot import was 8.86, with a profit of - 540.93. The domestic three - month price was 16,905, the LME price was 1,974, and the ratio was 11.19 [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 - 130, - 150, - 190, and - 290 respectively, while the theoretical spreads were 492, 882, 1281, and 1680 [4] - **Zinc**: The spreads were 75, 40, 10, and - 35, and the theoretical spreads were 213, 332, 452, and 571 [4] - **Aluminum**: The spreads were - 60, - 120, - 185, and - 240, and the theoretical spreads were 213, 328, 442, and 557 [4] - **Lead**: The spreads were - 20, 10, 30, and 105, and the theoretical spreads were 209, 315, 420, and 526 [4] - **Nickel**: The spreads were - 580, - 460, - 220, and - 70 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts was 450, and the theoretical spread was 5437 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 20 and - 150, and the theoretical spreads were 465 and 878 [4] - **Zinc**: The spreads were - 75 and 0, and the theoretical spreads were 186 and 315 (also 172 and 286 in another record) [4][5] - **Lead**: The spreads were 270 and 250, and the theoretical spreads were 216 and 327 [5] Cross - Variety Arbitrage Tracking - On July 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 3.52, 3.82, 4.60, 0.92, 1.20, and 0.77 respectively, and in London (three - continuous contracts) were 3.53, 3.75, 4.90, 0.94, 1.31, and 0.72 [5]
有色套利早报-20250717
Yong An Qi Huo· 2025-07-17 00:42
有色套利早报 研究中心有色团队 2025/07/17 铜:跨市套利跟踪 2025/07/17 国内价格 LME价格 比价 现货 78060 9576 8.15 三月 77940 9641 8.09 均衡比价 盈利 现货进口 8.17 -149.02 现货出口 -105.62 锌:跨市套利跟踪 2025/07/17 国内价格 LME价格 比价 现货 22060 2686 8.21 三月 21995 2695 6.27 均衡比价 盈利 现货进口 8.68 -1243.32 铝:跨市套利跟踪 2025/07/17 国内价格 LME价格 比价 现货 20520 2579 7.96 三月 20360 2581 7.92 均衡比价 盈利 现货进口 8.51 -1436.31 镍:跨市套利跟踪 2025/07/17 国内价格 LME价格 比价 现货 119950 14947 8.02 均衡比价 盈利 现货进口 8.25 -2104.30 铅:跨市套利跟踪 2025/07/17 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯,我们力求分析及建议内 容的客观、 ...
有色套利早报-20250716
Yong An Qi Huo· 2025-07-16 13:42
Industry Investment Rating - Not available 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 July 16, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 16, 2025, the domestic spot price was 78,025, the LME price was 9,596, and the ratio was 8.19; the three - month domestic price was 77,990, the LME price was 9,645, and the ratio was 8.09. The equilibrium ratio for spot import was 8.17, with a profit of - 326.69 [1] - **Zinc**: The domestic spot price was 22,150, the LME price was 2,702, and the ratio was 8.20; the three - month domestic price was 22,070, the LME price was 2,712, and the ratio was 6.28. The equilibrium ratio for spot import was 8.68, with a profit of - 1,293.29 [1] - **Aluminum**: The domestic spot price was 20,510, the LME price was 2,590, and the ratio was 7.92; the three - month domestic price was 20,395, the LME price was 2,592, and the ratio was 7.88. The equilibrium ratio for spot import was 8.52, with a profit of - 1,549.55 [1] - **Nickel**: The domestic spot price was 118,450, the LME price was 14,799, and the ratio was 8.00. The equilibrium ratio for spot import was 8.25, with a profit of - 2,657.39 [1] - **Lead**: The domestic spot price was 16,800, the LME price was 1,956, and the ratio was 8.61; the three - month domestic price was 16,965, the LME price was 1,988, and the ratio was 11.13. The equilibrium ratio for spot import was 8.86, with a profit of - 480.20 [3] Cross - Period Arbitrage Tracking - **Copper**: On July 16, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 360, - 460, - 490, and - 540 respectively, while the theoretical spreads were 494, 887, 1288, and 1689 [4] - **Zinc**: The spreads were - 95, - 110, - 110, and - 145 respectively, and the theoretical spreads were 214, 334, 454, and 574 [4] - **Aluminum**: The spreads were - 55, - 90, - 150, and - 215 respectively, and the theoretical spreads were 213, 328, 442, and 557 [4] - **Lead**: The spreads were - 100, - 65, - 35, and - 15 respectively, and the theoretical spreads were 210, 316, 422, and 529 [4] - **Nickel**: The spreads were - 2320, - 2180, - 1950, and - 1790 respectively [4] - **Tin**: The 5 - 1 spread was 460, and the theoretical spread was 5451 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 475 and 115 respectively, and the theoretical spreads were 561 and 940 [4] - **Zinc**: The spreads were 30 and - 65 respectively, and the theoretical spreads were 185 and 314 [4] - **Lead**: The spreads were 230 and 130 respectively, and the theoretical spreads were 218 and 330 [5] Cross - Variety Arbitrage Tracking - On July 16, 2025, for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc, the Shanghai (three - continuous) ratios were 3.53, 3.82, 4.60, 0.92, 1.20, and 0.77 respectively, and the London (three - continuous) ratios were 3.58, 3.74, 4.83, 0.96, 1.29, and 0.74 respectively [5]
新能源及有色金属日报:Axis矿问题有望解决,但仓单问题犹在-20250715
Hua Tai Qi Huo· 2025-07-15 05:17
Group 1: Report Summary 1. Investment Ratings - Aluminum: Cautiously bullish [7] - Alumina: Cautiously bearish [7] - Aluminum alloy: Cautiously bullish [7] 2. Core Views - **Aluminum**: Seasonal off - peak is evident, downstream开工率 drops, but inventory is at a historically low level. Macro situation is temporarily positive. Aluminum smelting profit expands to 4000 yuan/ton in the off - peak season. A price correction due to inventory accumulation will provide an opportunity to lay out long - term long positions. In the long run, supply is restricted while consumption grows steadily [1][3]. - **Alumina**: The spot market price rises. Supply is slightly in surplus, with inventory accumulation accelerating at the raw material reserve of electrolytic aluminum plants. The low - warehouse receipt problem persists, but the in - transit inventory is increasing. The Axis mine right issue may be resolved, increasing the expectation of mine restart. Alumina smelting profit remains, and the long - term surplus expectation remains unchanged [4][5]. - **Aluminum alloy**: It is in the consumption off - peak season. The price follows the aluminum price. The supply of scrap aluminum and raw aluminum is still tight, and the cost side supports the price. Pay attention to cross - variety arbitrage opportunities for the 11 - contract which turns into a peak - season contract [6]. 3. Strategies - **Unilateral**: Aluminum: Cautiously bullish; Alumina: Cautiously bearish; Aluminum alloy: Cautiously bullish [7]. - **Arbitrage**: Long SHFE aluminum calendar spread, long AD11 short AL11 [7]. Group 2: Key Data 1. Aluminum - **Spot price**: On July 14, 2025, Yangtze River A00 aluminum price was 20470 yuan/ton, down 320 yuan/ton from the previous trading day; Central Plains A00 aluminum price was 20330 yuan/ton; Foshan A00 aluminum price was 20460 yuan/ton [1]. - **Futures price**: On July 14, 2025, the opening price of the SHFE aluminum main contract was 20640 yuan/ton, the closing price was 20415 yuan/ton, down 300 yuan/ton from the previous trading day, with a decline of - 1.45%. The trading volume was 208641 lots, an increase of 88416 lots from the previous trading day, and the open interest was 222489 lots, a decrease of 32657 lots from the previous trading day [1]. - **Inventory**: As of July 14, 2025, the domestic electrolytic aluminum ingot social inventory was 50.1 tons [1]. 2. Alumina - **Spot price**: On July 14, 2025, Shanxi alumina price was 3150 yuan/ton, Shandong price was 3140 yuan/ton, Guangxi price was 3250 yuan/ton, and Australian alumina FOB price was 366 dollars/ton [2]. - **Futures price**: On July 14, 2025, the opening price of the alumina main contract was 3088 yuan/ton, the closing price was 3145 yuan/ton, down 19 yuan/ton from the previous trading day, with a decline of - 0.6% [2]. 3. Aluminum alloy - **Price**: On July 14, 2025, Baotai civil raw aluminum purchase price was 15100 yuan/ton, mechanical raw aluminum purchase price was 15300 yuan/ton, down 200 yuan/ton from the previous day. ADC12 Baotai quoted price was 19500 yuan/ton, down - 100 yuan/ton from the previous day. The price difference between ADC12 and A00 in East China was - 870 yuan/ton [2]. - **Inventory**: The social inventory of aluminum alloy was 3.14 tons, with a weekly increase of 0.25 tons; the in - plant inventory was 7.09 tons, with a weekly decrease of - 0.79 tons; the total inventory was 10.23 tons, with a weekly decrease of - 0.54 tons [2].
有色套利早报-20250714
Yong An Qi Huo· 2025-07-14 03:29
有色套利早报 研究中心有色团队 2025/07/14 铜:跨市套利跟踪 2025/07/14 国内价格 LME价格 比价 现货 78670 9662 8.16 三月 78340 9684 8.10 均衡比价 盈利 现货进口 8.16 -220.79 现货出口 -64.09 锌:跨市套利跟踪 2025/07/14 国内价格 LME价格 比价 现货 22450 2772 8.10 三月 22355 2773 6.17 均衡比价 盈利 现货进口 8.65 -1530.73 铝:跨市套利跟踪 2025/07/14 国内价格 LME价格 比价 现货 20790 2607 7.97 三月 20630 2609 7.93 均衡比价 盈利 现货进口 8.50 -1371.41 镍:跨市套利跟踪 2025/07/14 国内价格 LME价格 比价 现货 120300 15058 7.99 均衡比价 盈利 现货进口 8.24 -2894.10 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯,我们力求分析及建议内 锌 当月合约-现货 次月合约-现货 价差 -100 ...
新能源及有色金属日报:氧化铝交割风险尚未解除-20250711
Hua Tai Qi Huo· 2025-07-11 03:17
1. Report Industry Investment Ratings - Aluminium: Cautiously bullish [7] - Alumina: Cautiously bearish [7] - Aluminium alloy: Cautiously bullish [7] 2. Core Viewpoints of the Report - In the long - term, under the background of restricted supply, the high industry profit of electrolytic aluminium is not a factor limiting the rise of aluminium prices. In the short - term, the further rise of aluminium prices requires the resonance of macro - economic improvement and stronger micro - consumption. Attention should be paid to the price increase driven by consumption stronger than expected. For alumina, the cost is stable, but the expected supply pressure at home and abroad remains unchanged. For aluminium alloy, the cost side supports the price, and attention should be paid to cross - variety arbitrage opportunities [3][4][6] 3. Summary According to Relevant Catalogs 3.1 Important Data 3.1.1 Aluminium - Spot: On July 10, 2025, the Yangtze River A00 aluminium price was 20,820 yuan/ton, up 160 yuan/ton from the previous trading day; the Central Plains A00 aluminium price was 20,710 yuan/ton; the Foshan A00 aluminium price was 20,800 yuan/ton [1] - Futures: On July 10, 2025, the main contract of Shanghai aluminium opened at 20,520 yuan/ton, closed at 20,700 yuan/ton, up 185 yuan/ton or 0.9% from the previous trading day. The trading volume was 138,934 lots, an increase of 36,365 lots, and the position was 255,633 lots, an increase of 5,534 lots [1] - Inventory: As of July 10, 2025, the domestic social inventory of electrolytic aluminium ingots was 466,000 tons, and the LME aluminium inventory was 395,725 tons, an increase of 4,925 tons from the previous trading day [1] 3.1.2 Alumina - Spot: On July 10, 2025, the SMM alumina price in Shanxi was 3,130 yuan/ton, in Shandong was 3,120 yuan/ton, in Guangxi was 3,225 yuan/ton, and the FOB price of Australian alumina was 366 US dollars/ton [2] - Futures: On July 10, 2025, the main contract of alumina opened at 3,133 yuan/ton, closed at 3,208 yuan/ton, up 86 yuan/ton or 2.75% from the previous trading day. The trading volume was 513,954 lots, an increase of 162,240 lots, and the position was 244,546 lots, a decrease of 4,110 lots [2] 3.1.3 Aluminium Alloy - Price: On July 10, 2025, the purchase price of Baotai civil primary aluminium was 15,200 yuan/ton, and the purchase price of mechanical primary aluminium was 15,300 yuan/ton, unchanged from the previous day. The Baotai quotation of ADC12 was 19,600 yuan/ton, up 100 yuan/ton from the previous day [2] - Inventory: The social inventory of aluminium alloy was 31,400 tons, a weekly increase of 2,500 tons; the in - factory inventory was 70,900 tons, a weekly decrease of 7,900 tons; the total inventory was 102,300 tons, a weekly decrease of 5,400 tons [2] 3.2 Market Analysis 3.2.1 Electrolytic Aluminium - The smelting profit has expanded to 4,150 yuan/ton in the off - season. In the short - term, wait for the callback caused by inventory accumulation, macro - factors and tariff impacts to find long - term opportunities to layout long positions. In the long - term, pay attention to the price increase driven by consumption stronger than expected [3] 3.2.2 Alumina - The cost is stable, and the smelting profit still exists. The expected supply pressure at home and abroad remains unchanged. The monthly supply - demand balance has a surplus of about 200,000 tons, but the spot market does not show an obvious surplus. The delivery risk still exists [4][5] 3.2.3 Aluminium Alloy - It is in the off - season. The futures price fluctuates with the aluminium price. The supply of scrap and primary aluminium is still tight, and the cost side supports the price. Pay attention to cross - variety arbitrage opportunities [6] 3.3 Strategies 3.3.1 Single - sided - Aluminium: Cautiously bullish; Alumina: Cautiously bearish; Aluminium alloy: Cautiously bullish [7] 3.3.2 Arbitrage - Shanghai aluminium positive arbitrage; Long AD11 and short AL11 [7]