有色套利早报 研究中心有色团队 2025/07/01 铜：跨市套利跟踪 2025/07/01 国内价格 LME价格 比价 现货 79990 10059 7.97 三月 79680 9878 8.07 均衡比价 盈利 现货进口 8.13 -1666.99 现货出口 1406.63 锌：跨市套利跟踪 2025/07/01 国内价格 LME价格 比价 现货 22500 2770 8.12 三月 22445 2780 6.17 均衡比价 盈利 现货进口 8.64 -1440.41 铝：跨市套利跟踪 2025/07/01 国内价格 LME价格 比价 现货 20780 2598 8.00 三月 20495 2599 7.90 均衡比价 盈利 现货进口 8.54 -1404.94 镍：跨市套利跟踪 2025/07/01 国内价格 LME价格 比价 现货 119900 15025 7.98 均衡比价 盈利 现货进口 8.23 -2486.93 铅：跨市套利跟踪 2025/07/01 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 ...

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 May 8, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On May 8, 2025, the domestic spot price was 78,575, LME price was 9,498, and the ratio was 8.23; the three - month domestic price was 77,410, LME price was 9,477, and the ratio was 8.22. The equilibrium ratio for spot import was 8.27, with a profit of 52.52, and the profit for spot export was - 1.20 [1] - **Zinc**: The domestic spot price was 22,840, LME price was 2,582, and the ratio was 8.85; the three - month domestic price was 21,955, LME price was 2,619, and the ratio was 6.36. The equilibrium ratio for spot import was 8.75, with a profit of 236.34 [1] - **Aluminum**: The domestic spot price was 19,620, LME price was 2,369, and the ratio was 8.27; the three - month domestic price was 19,400, LME price was 2,398, and the ratio was 8.16. The equilibrium ratio for spot import was 8.76, with a profit of - 1153.53 [1] - **Nickel**: The domestic spot price was 125,650, LME price was 15,479, and the ratio was 8.12. The equilibrium ratio for spot import was 8.31, with a profit of - 3755.62 [1] - **Lead**: The domestic spot price was 16,600, LME price was 1,907, and the ratio was 8.68; the three - month domestic price was 16,690, LME price was 1,924, and the ratio was 11.57. The equilibrium ratio for spot import was 8.97, with a profit of - 562.77 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads for the next month, three - month, four - month, and five - month relative to the spot month were - 120, - 500, - 860, and - 1170 respectively, while the theoretical spreads were 492, 881, 1280, and 1678 [4] - **Zinc**: The spreads were - 555, - 810, - 965, and - 1040, and the theoretical spreads were 217, 340, 462, and 585 [4] - **Aluminum**: The spreads were - 460, - 525, - 565, and - 585, and the theoretical spreads were 211, 322, 434, and 546 [4] - **Lead**: The spreads were 80, 70, 65, and 50, and the theoretical spreads were 208, 312, 416, and 520 [4] - **Nickel**: The spreads were 0, 200, 390, and 530 [4] - **Tin**: The 5 - 1 spread was - 320, and the theoretical spread was 5421 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month and next - month contracts relative to the spot were - 665 and - 785, and the theoretical spreads were 86 and 503 [4] - **Zinc**: The spreads were - 75 and - 630, and the theoretical spreads were 9 and 142 (also mentioned as 146 and 197) [4][5] - **Lead**: The spreads were 20 and 100, and the theoretical spreads were 105 and 216 [5] Cross - Variety Arbitrage Tracking - On May 8, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.53, 3.99, 4.64, 0.88, 1.16, and 0.76 respectively; for LME (three - continuous) were 3.60, 3.95, 4.81, 0.91, 1.22, and 0.75 [5]