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、 ...

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]

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 ...

Report Investment Rating - No information provided about the industry investment rating Core Views - The report mainly presents the cross - market, cross - period, and cross - variety arbitrage tracking data of various non - ferrous metals on July 10, 2025, including copper, zinc, aluminum, lead, nickel, and tin [1][4][7] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79040 (domestic) and 9683 (LME) with a ratio of 8.25; March price is 78200 (domestic) and 9661 (LME) with a ratio of 8.17. Spot import equilibrium ratio is 8.16 with a profit of - 437.33 [1] - **Zinc**: Spot price is 22160 (domestic) and 2719 (LME) with a ratio of 8.15; March price is 22045 (domestic) and 2717 (LME) with a ratio of 6.34. Spot import equilibrium ratio is 8.67 with a profit of - 1420.13 [1] - **Aluminum**: Spot price is 20660 (domestic) and 2583 (LME) with a ratio of 8.00; March price is 20455 (domestic) and 2585 (LME) with a ratio of 7.95. Spot import equilibrium ratio is 8.51 with a profit of - 1323.71 [1] - **Nickel**: Spot price is 118350 (domestic) and 14781 (LME) with a ratio of 8.01. Spot import equilibrium ratio is 8.25 with a profit of - 2437.48 [1] - **Lead**: Spot prices are 17025 and 17195 (domestic), 2032 and 2049 (LME) with ratios of 8.37 and 10.78 respectively. Spot import equilibrium ratio is 8.84 with a profit of - 957.80 [1][3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 1440, - 1640, - 1840, and - 2030 respectively, while the theoretical spreads are 501, 900, 1309, and 1717 [4] - **Zinc**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 50, - 25, - 80, and - 125 respectively, and the theoretical spreads are 213, 333, 452, and 571 [4] - **Aluminum**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 185, - 245, - 335, and - 410 respectively, and the theoretical spreads are 215, 330, 446, and 561 [4] - **Lead**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are 70, 90, 85, and 75 respectively, and the theoretical spreads are 211, 317, 424, and 530 [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month are - 1010, - 920, - 720, and - 550 respectively [4] - **Tin**: The 5 - 1 spread is - 610 with a theoretical spread of 5443 [4] 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 3.55, 3.82, 4.55, 0.93, 1.19, and 0.78 respectively; in London (three - continuous) are 3.51, 3.71, 4.68, 0.95, 1.26, and 0.75 respectively [7]

铅：跨市套利跟踪 2025/07/08 | | 国内价格 | LME价格 | 比价 | | 均衡比价 | 盈利 | | --- | --- | --- | --- | --- | --- | --- | | 现货 | 16950 | 2018 | 8.41 | | | | | 三月 | 17225 | 2043 | 10.86 | 现货进口 | 8.84 | -854.51 | 跨期套利跟踪 2025/07/08 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -720 -870 -1120 -1350 理论价差 502 902 1311 1720 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -350 -400 -465 -515 理论价差 215 336 458 579 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -405 -460 -550 -635 理论价差 215 331 447 563 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 -30 -15 -30 -55 理论价差 211 318 426 533 镍 次月-现货 ...

铅：跨市套利跟踪 2025/07/03 跨期套利跟踪 2025/07/03 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -280 -470 -770 -1000 理论价差 506 910 1323 1736 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -85 -140 -195 -245 理论价差 215 335 456 576 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -165 -235 -325 -435 理论价差 215 331 447 563 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 105 120 120 125 理论价差 210 317 423 529 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 690 780 940 1050 锡 5-1 价差 -1000 理论价差 5546 期现套利跟踪 2025/07/03 铜 当月合约-现货 次月合约-现货 价差 -140 -420 理论价差 237 644 锌 当月合约-现货 次月合约-现货 价差 25 -60 理论价差 113 243 国 ...

有色套利早报 研究中心有色团队 2025/06/30 铜：跨市套利跟踪 2025/06/30 国内价格 LME价格 比价 现货 80110 10134 7.81 三月 79760 9894 8.09 均衡比价 盈利 现货进口 8.15 -2612.60 现货出口 1836.25 锌：跨市套利跟踪 2025/06/30 国内价格 LME价格 比价 现货 22590 2765 8.17 三月 22345 2765 6.23 均衡比价 盈利 现货进口 8.65 -1338.95 铝：跨市套利跟踪 2025/06/30 国内价格 LME价格 比价 现货 20890 2579 8.10 三月 20480 2579 7.99 均衡比价 盈利 现货进口 8.55 -1159.58 镍：跨市套利跟踪 2025/06/30 国内价格 LME价格 比价 现货 119900 14975 8.01 均衡比价 盈利 现货进口 8.25 -2723.01 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。 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 ...

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、 ...

有色套利早报 研究中心有色团队 2025/06/23 铜：跨市套利跟踪 2025/06/23 国内价格 LME价格 比价 现货 78370 9846 7.97 三月 77570 9571 8.18 均衡比价 盈利 现货进口 8.16 -2374.98 现货出口 1366.15 锌：跨市套利跟踪 2025/06/23 国内价格 LME价格 比价 现货 22050 2601 8.48 三月 21560 2626 6.42 均衡比价 盈利 现货进口 8.70 -564.68 铝：跨市套利跟踪 2025/06/23 国内价格 LME价格 比价 现货 20720 2528 8.20 三月 20265 2517 8.16 均衡比价 盈利 现货进口 8.60 -1033.31 镍：跨市套利跟踪 2025/06/23 国内价格 LME价格 比价 现货 120550 14767 8.16 均衡比价 盈利 现货进口 8.26 -3117.40 铅：跨市套利跟踪 2025/06/23 国内价格 LME价格 比价 现货 16700 1953 8.57 三月 16850 1981 11.06 均衡比价 盈利 现货进口 8.90 -65 ...