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 ...

1. Report Industry Investment Rating - No investment rating provided in the report 2. Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, tin on April 21, 2025, providing investors with information for potential arbitrage opportunities [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 76,290, March price is 75,980, LME March price is 9,254, and the ratio is 8.22 [1] - **Zinc**: Domestic spot price is 22,420, March price is 21,920, LME March price is 2,595, and the ratio is 6.51 [1] - **Aluminum**: Domestic spot price is 19,820, March price is 19,625, LME March price is 2,385, and the ratio is 8.25 [1] - **Nickel**: Domestic spot price is 127,200, and the profit of spot import is - 3,917.34 [1] - **Lead**: Domestic spot price is 16,875, March price is 16,835, LME March price is 1,928, and the ratio is 11.43 [2] Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are 270 (next month), 110 (March), - 20 (April), - 70 (May), while the theoretical spreads are 481, 861, 1249, 1637 respectively [3] - **Zinc**: The spreads are - 210, - 340, - 415, - 455, and the theoretical spreads are 214, 335, 455, 575 respectively [3] - **Aluminum**: The spreads are - 35, - 105, - 140, - 150, and the theoretical spreads are 210, 320, 431, 542 respectively [3] - **Lead**: The spreads are 105, 85, 70, 85, and the theoretical spreads are 209, 314, 418, 523 respectively [3] - **Nickel**: The spreads are - 290, - 190, 40, 200 [3] - **Tin**: The 5 - 1 spread is - 1020, and the theoretical spread is 5335 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 425 and - 155 respectively, while the theoretical spreads are 385 and 847 respectively [3] - **Zinc**: The spreads are - 160 and - 370, and the theoretical spreads are 129 and 259 respectively [3] - **Lead**: The spreads are - 125 and - 20, and the theoretical spreads are 155 and 268 respectively [4] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc for Shanghai (three - continuous contracts) are 3.47, 3.87, 4.51, 0.90, 1.17, 0.77 respectively [4]

国家外汇管理局统计数据显示， 截至2025年2月末，我国外汇储备规模为32272亿美元，较1月末上升 182亿美元，升幅为0.57%。 中国央行连续第四个月增持黄金，环比增长0.22%。2月外汇储备规模上升。 3月7日周五，国家外汇管理局统计数据显示， 中国2月末黄金储备7361万盎司，1月末黄金储备为7345 万盎司，环比增长了0.22%。 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 国家外汇管理局表示，2025年2月，受主要经济体宏观政策和经济数据、主要央行货币政策预期等因素 影响，美元指数下跌，全球金融资产价格涨跌互现。汇率折算和资产价格变化等因素综合作用，当月外 汇储备规模上升。我国经济基础稳、优势多、韧性强、潜能大，有利于外汇储备规模保持基本稳定。 觉得好看，请点"在看" 中信建投 此前表示，短期来看，关税明朗之前，黄金期现溢价波动或难完全平稳，跨市套利行或仍对 金价有支撑；中期来看，助推2024年金价的需求因素（央行购金持续强劲，亚洲私人部门黄金投资需求 扩容）在2025年持续性减弱，故2025年金价或从顺风期走向震荡期。 高盛 认为，通胀担忧和财政风险 ...