Report Industry Investment Rating - Not provided Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on July 7, 2025 [1][3][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 7, 2025, the domestic spot price was 80,510, the LME price was 9,967, and the ratio was 8.12; the three - month domestic price was 79,560, the LME price was 9,872, and the ratio was 8.12. The equilibrium ratio for spot imports was 8.14, with a loss of 974.44, and a profit of 431.04 for spot exports [1] - **Zinc**: The domestic spot price was 22,410, the LME price was 2,719, and the ratio was 8.24; the three - month domestic price was 22,350, the LME price was 2,741, and the ratio was 6.30. The equilibrium ratio for spot imports was 8.65, with a loss of 1,124.13 [1] - **Aluminum**: The domestic spot price was 20,770, the LME price was 2,596, and the ratio was 8.00; the three - month domestic price was 20,565, the LME price was 2,599, and the ratio was 7.94. The equilibrium ratio for spot imports was 8.49, with a loss of 1,293.08 [1] - **Nickel**: The domestic spot price was 121,600, the LME price was 15,206, and the ratio was 8.00. The equilibrium ratio for spot imports was 8.23, with a loss of 2,573.25 [1] - **Lead**: The domestic spot price was 17,025, the LME price was 2,038, and the ratio was 8.35; the three - month domestic price was 17,305, the LME price was 2,063, and the ratio was 10.82. The equilibrium ratio for spot imports was 8.82, with a loss of 950.80 [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 - 1,050, - 1,220, - 1,490, and - 1,730 respectively, while the theoretical spreads were 506, 910, 1,323, and 1,736 [4] - **Zinc**: The spreads were 25, - 35, - 100, and - 165, and the theoretical spreads were 215, 336, 457, and 578 [4] - **Aluminum**: The spreads were - 235, - 305, - 380, and - 480, and the theoretical spreads were 215, 332, 448, and 564 [4] - **Lead**: The spreads were 40, 50, 45, and 55, and the theoretical spreads were 211, 319, 426, and 533 [4] - **Nickel**: The spreads were 630, 720, 830, and 1,000 [4] - **Tin**: The 5 - 1 spread was 310, and the theoretical spread was 5,522 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 280 and - 770 respectively, and the theoretical spreads were 270 and 562 [4] - **Zinc**: The spreads were - 25 and 0, and the theoretical spreads were 113 and 244 (also 130 and 221 in another record) [4][5] - **Lead**: The spreads were 230 and 270, and the theoretical spreads were 147 and 261 [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) were 3.56, 3.87, 4.60, 0.92, 1.19, and 0.77 respectively; for LME (three - continuous), they were 3.62, 3.81, 4.79, 0.95, 1.26, and 0.76 [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report 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 4, 2025 [1][3][4]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On July 4, 2025, the domestic spot price was 80,960, the LME price was 10,069, and the spot import equilibrium ratio was 8.14 with a profit of - 1000.59 [1]. - **Zinc**: The domestic spot price was 22,380, the LME price was 2,725, and the spot import equilibrium ratio was 8.66 with a profit of - 1212.59 [1]. - **Aluminum**: The domestic spot price was 20,860, the LME price was 2,607, and the spot import equilibrium ratio was 8.50 with a profit of - 1302.79 [1]. - **Nickel**: The domestic spot price was 120,650, the LME price was 15,163, and the spot import equilibrium ratio was 8.24 with a profit of - 2919.07 [1]. - **Lead**: The domestic spot price was 17,025, the LME price was 2,043, and the spot import equilibrium ratio was 8.82 with a profit of - 1022.99 [3]. Cross - Period Arbitrage Tracking - **Copper**: On July 4, 2025, the spread between the next - month and spot - month was - 170, and the theoretical spread was 506 [4]. - **Zinc**: The spread between the next - month and spot - month was 15, and the theoretical spread was 215 [4]. - **Aluminum**: The spread between the next - month and spot - month was - 170, and the theoretical spread was 215 [4]. - **Lead**: The spread between the next - month and spot - month was 100, and the theoretical spread was 211 [4]. - **Nickel**: The spread between the next - month and spot - month was 670 [4]. - **Tin**: The 5 - 1 spread was - 340, and the theoretical spread was 5546 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spread between the current - month contract and spot was - 215, and the theoretical spread was 213 [4]. - **Zinc**: The spread between the current - month contract and spot was - 70, and the theoretical spread was 110 [4]. - **Lead**: The spread between the current - month contract and spot was 120, and the theoretical spread was 135 [5]. Cross - Variety Arbitrage Tracking - On July 4, 2025, the Shanghai (three - continuous) copper/zinc ratio was 3.61, copper/aluminum was 3.90, copper/lead was 4.65, aluminum/zinc was 0.93, aluminum/lead was 1.19, and lead/zinc was 0.78; the LME (three - continuous) ratios were 3.62, 3.82, 4.82, 0.95, 1.26, and 0.75 respectively [5].

国内价格 LME价格 比价 现货 16975 2011 8.42 三月 17180 2033 10.80 均衡比价 盈利 现货进口 8.84 -844.55 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 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，我们均不承担任何责任。 有色套利早报 研究中心有色团队 2025/06/26 铜：跨市套利跟踪 2025/06/26 国内价格 LME价格 比价 现货 78570 9826 8.01 三月 78500 9726 8.08 均衡比价 盈利 现货进口 8.15 -1355.85 现货出口 898.69 锌：跨市套利跟踪 2025/06/26 国内价格 LME价格 比价 现货 22200 2682 8.28 三月 21945 2699 6.35 均衡比价 盈利 现货进口 8.67 -1052.78 铝：跨市套利跟踪 2025/06/26 国内价格 LME价格 ...

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、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 锌 当月合约-现货 次月合约-现货 价差 -170 -230 理论价差 146 247 铅 当月合约-现货 次月合约-现货 价差 170 210 理论价差 175 287 跨品种套利跟踪 2025/06/25 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.59 3.87 4.62 0.93 1.19 0.78 伦（三连） 3.61 3.75 4.79 0.96 1.28 0.75 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 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、 ...

易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 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，我们均不承担任何责任。 跨期套利跟踪 2025/06/24 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 90 -80 -280 -560 理论价差 492 882 1281 1680 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -65 -205 -295 -360 理论价差 212 330 449 567 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -100 -180 -285 -400 理论价差 213 328 442 556 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 120 120 120 95 理论价差 209 314 419 524 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 -740 ...

| | 国内价格 | LME价格 | 比价 | | 均衡比价 | 盈利 | | --- | --- | --- | --- | --- | --- | --- | | 现货 | 16700 | 1951 | 8.56 | | | | | 三月 | 16820 | 1982 | 11.12 | 现货进口 | 8.91 | -685.08 | 跨期套利跟踪 2025/06/19 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 120 -20 -290 -490 理论价差 495 888 1290 1691 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -95 -230 -320 -390 理论价差 213 331 450 568 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 40 -90 -210 -325 理论价差 213 328 442 556 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -40 -40 -50 -95 理论价差 209 315 420 525 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 1 ...

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、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 锌 当月合约-现货 次月合约-现货 价差 -10 -180 理论价差 223 281 铅 当月合约-现货 次月合约-现货 价差 210 280 理论价差 211 323 跨品种套利跟踪 2025/06/17 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.63 3.87 4.58 0.94 1.19 0.79 伦（三连） 3.65 3.86 4.83 0.95 1.25 0.76 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 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 ...

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、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 锌 当月合约-现货 次月合约-现货 价差 110 -235 理论价差 43 169 铅 当月合约-现货 次月合约-现货 价差 120 190 理论价差 101 213 跨品种套利跟踪 2025/06/13 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.59 3.87 4.64 0.93 1.20 0.77 伦（三连） 3.67 3.85 4.86 0.95 1.26 0.76 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 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 ...

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、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 锌 当月合约-现货 次月合约-现货 价差 -330 -480 理论价差 71 206 铅 当月合约-现货 次月合约-现货 价差 80 220 理论价差 124 235 跨品种套利跟踪 2025/06/05 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.51 3.91 4.68 0.90 1.20 0.75 伦（三连） 3.56 3.87 4.83 0.92 1.25 0.74 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 ...

有色套利早报 研究中心有色团队 2025/05/26 铜：跨市套利跟踪 2025/05/26 国内价格 LME价格 比价 现货 78030 9540 8.18 三月 77100 9509 8.20 均衡比价 盈利 现货进口 8.21 -442.58 现货出口 -242.41 锌：跨市套利跟踪 2025/05/26 国内价格 LME价格 比价 现货 22710 2671 8.50 三月 22085 2693 6.24 均衡比价 盈利 现货进口 8.71 -559.59 铝：跨市套利跟踪 2025/05/26 国内价格 LME价格 比价 现货 20370 2455 8.30 三月 20090 2462 8.20 均衡比价 盈利 现货进口 8.67 -907.17 镍：跨市套利跟踪 2025/05/26 国内价格 LME价格 比价 现货 124400 15327 8.12 均衡比价 盈利 现货进口 8.26 -3470.81 铅：跨市套利跟踪 2025/05/26 国内价格 LME价格 比价 现货 16650 1967 8.47 三月 16860 1985 11.26 均衡比价 盈利 现货进口 8.90 -850. ...