Market Restructuring - Brokerages in Argentina are restructuring following President Milei's removal of capital controls [1] - The removal of capital controls eliminated lucrative arbitrage opportunities for brokerages [1]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on July 2, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 2, 2025, the domestic spot price was 80190, the LME spot price was 10083, with a spot import equilibrium ratio of 8.14 and a loss of 1085.77. The domestic three - month price was 80390, the LME three - month price was 9967, and the ratio was 8.00 [1]. - **Zinc**: The domestic spot price was 22290, the LME spot price was 2721, with a spot import equilibrium ratio of 8.65 and a loss of 1256.15. The domestic three - month price was 22195, the LME three - month price was 2740, and the ratio was 6.25 [1]. - **Aluminum**: The domestic spot price was 20780, the LME spot price was 2606, with a spot import equilibrium ratio of 8.51 and a loss of 1396.28. The domestic three - month price was 20545, the LME three - month price was 2607, and the ratio was 7.88 [1]. - **Nickel**: The domestic spot price was 119250, the LME spot price was 15021, with a spot import equilibrium ratio of 8.23 and a loss of 2691.60 [1]. - **Lead**: The domestic spot price was 16900, the LME spot price was 2010, with a spot import equilibrium ratio of 8.83 and a loss of 810.93. The domestic three - month price was 17130, the LME three - month price was 2042, and the ratio was 10.86 [1][3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 540, 290, 0, and - 230 respectively, while the theoretical spreads were 503, 903, 1313, and 1722 [4]. - **Zinc**: The spreads were - 325, - 385, - 440, and - 490, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were - 95, - 185, - 295, and - 410, and the theoretical spreads were 215, 330, 446, and 562 [4]. - **Lead**: The spreads were - 70, - 40, - 45, and - 60, and the theoretical spreads were 211, 318, 425, and 531 [4]. - **Nickel**: The spreads were 100, 250, 410, and 580 [4]. - **Tin**: The 5 - 1 spread was - 1830, and the theoretical spread was 5527 [4]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (continuous three - month contracts) were 3.62, 3.91, 4.69, 0.93, 1.20, and 0.77 respectively, and in London (continuous three - month contracts) were 3.66, 3.82, 4.87, 0.96, 1.28, and 0.75 [8]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 70 and 470, and the theoretical spreads were 261 and 784 [4]. - **Zinc**: The spreads were 290 and - 35, and the theoretical spreads were 121 and 232 [4][5]. - **Lead**: The spreads were 270 and 200, and the theoretical spreads were 164 and 277 [5].

RT Chunk (@allred_chase)Arb is open for business ...

Report Industry Investment Rating - No information provided Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of various non - ferrous metals (copper, zinc, aluminum, nickel, lead, etc.) on June 4, 2025, including domestic prices, LME prices, price ratios, equilibrium price ratios, and profit margins [1][4][7] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On June 4, 2025, the domestic spot price was 78380, the LME spot price was 9597, the spot ratio was 8.14, the equilibrium ratio for spot import was 8.21, and the profit was - 652.82; the domestic March price was 77490, the LME March price was 9545, and the March ratio was 8.17 [1] - **Zinc**: The domestic spot price was 22800, the LME spot price was 2645, the spot ratio was 8.62, the equilibrium ratio for spot import was 8.73, and the profit was - 278.64; the domestic March price was 21940, the LME March price was 2670, and the March ratio was 6.20 [1] - **Aluminum**: The domestic spot price was 20120, the LME spot price was 2438, the spot ratio was 8.25, the equilibrium ratio for spot import was 8.66, and the profit was - 1010.08; the domestic March price was 19790, the LME March price was 2442, and the March ratio was 8.15 [1] - **Nickel**: The domestic spot price was 123000, the LME spot price was 15209, the spot ratio was 8.09, the equilibrium ratio for spot import was 8.27, and the profit was - 3743.49 [1] - **Lead**: The domestic spot price was 16350, the LME spot price was 1949, the spot ratio was 8.40; the domestic March price was 16570, the LME March price was 1969, the March ratio was 11.27, the equilibrium ratio for spot import was 8.91, and the profit was - 995.72 [3] Cross - Period Arbitrage Tracking - **Copper**: On June 4, 2025, the spreads between the next month, March, April, May, and the spot month were - 280, - 440, - 630, - 870 respectively, and the theoretical spreads were 492, 881, 1280, 1679 respectively [4] - **Zinc**: The spreads were - 470, - 710, - 890, - 990 respectively, and the theoretical spreads were 216, 339, 461, 583 respectively [4] - **Aluminum**: The spreads were - 315, - 385, - 425, - 475 respectively, and the theoretical spreads were 212, 325, 438, 551 respectively [4] - **Lead**: The spreads were 35, 35, 20, 25 respectively, and the theoretical spreads were 208, 311, 415, 519 respectively [4] - **Nickel**: The spreads of the next month, March, April, and May compared to the spot month were 1160, 1380, 1550, 1720 respectively [4] - **Tin**: The spread of 5 - 1 was 730, and the theoretical spread was 5207 [4] Cross - Variety Arbitrage Tracking - On June 4, 2025, for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc, the Shanghai (three - continuous) ratios were 3.53, 3.92, 4.68, 0.90, 1.19, 0.76 respectively, and the London (three - continuous) ratios were 3.56, 3.91, 4.85, 0.91, 1.24, 0.73 respectively [7]

有色套利早报 研究中心有色团队 2025/05/22 铜：跨市套利跟踪 2025/05/22 国内价格 LME价格 比价 现货 78440 9590 8.11 三月 77550 9576 8.17 均衡比价 盈利 现货进口 8.23 -527.73 现货出口 62.48 锌：跨市套利跟踪 2025/05/22 国内价格 LME价格 比价 现货 22760 2698 8.44 三月 22285 2727 6.19 均衡比价 盈利 现货进口 8.67 -634.36 铝：跨市套利跟踪 2025/05/22 国内价格 LME价格 比价 现货 20310 2484 8.17 三月 20140 2491 8.10 均衡比价 盈利 现货进口 8.69 -1273.39 镍：跨市套利跟踪 2025/05/22 国内价格 LME价格 比价 现货 124650 15324 8.13 均衡比价 盈利 现货进口 8.28 -3303.64 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、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 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 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - 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 7, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 7, 2025, the domestic spot price was 78,210, LME price was 9,464, and the ratio was 8.21; the domestic three - month price was 77,230, LME price was 9,443, and the ratio was 8.23. The equilibrium ratio for spot import was 8.26, with a profit of - 38.41, and the profit for spot export was - 179.59 [1] - **Zinc**: The domestic spot price was 22,860, LME price was 2,607, and the ratio was 8.77; the domestic three - month price was 22,075, LME price was 2,646, and the ratio was 6.31. The equilibrium ratio for spot import was 8.74, with a profit of 80.76 [1] - **Aluminum**: The domestic spot price was 19,860, LME price was 2,408, and the ratio was 8.24; the domestic three - month price was 19,725, LME price was 2,434, and the ratio was 8.14. The equilibrium ratio for spot import was 8.76, with a profit of - 1,241.99 [1] - **Nickel**: The domestic spot price was 125,800, LME price was 15,471, and the ratio was 8.13. The equilibrium ratio for spot import was 8.30, with a profit of - 4,073.54 [1] - **Lead**: The domestic spot price was 16,575, LME price was 1,921, and the ratio was 8.64; the domestic three - month price was 16,710, LME price was 1,939, and the ratio was 11.55. The equilibrium ratio for spot import was 8.96, with a profit of - 609.18 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were 150, - 220, - 600, and - 890 respectively, and the theoretical spreads were 489, 877, 1,273, and 1,669 respectively [4] - **Zinc**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 310, - 590, - 745, and - 815 respectively, and the theoretical spreads were 216, 339, 461, and 583 respectively [4] - **Aluminum**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 190, - 250, - 300, and - 335 respectively, and the theoretical spreads were 211, 323, 435, and 547 respectively [4] - **Lead**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were - 100, - 90, - 80, and - 110 respectively, and the theoretical spreads were 209, 314, 419, and 524 respectively [4] - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month against the spot month were 930, 1,100, 1,240, and 1,510 respectively [4] - **Tin**: The spread of the 5 - 1 contract was - 110, and the theoretical spread was 5,410 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts against the spot were - 725 and - 575 respectively, and the theoretical spreads were 86 and 541 respectively [4] - **Zinc**: The spreads of the current - month and next - month contracts against the spot were - 195 and - 505 respectively, and the theoretical spreads were 32 and 165 respectively [4] - **Lead**: The spreads of the current - month and next - month contracts against the spot were 225 and 125 respectively, and the theoretical spreads were 138 and 249 respectively [5] Cross - Variety Arbitrage Tracking - The cross - variety ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.50, 3.92, 4.62, 0.89, 1.18, and 0.76 respectively; in the London (three - continuous) market were 3.62, 3.93, 4.96, 0.92, 1.26, and 0.73 respectively [5]