有色套利早报 研究中心有色团队 2026/01/27 铜：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 102320 13002 7.74 三月 102210 13073 7.87 均衡比价 盈利 现货进口 7.88 -803.91 现货出口 -667.87 锌：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 24690 3272 7.55 三月 24795 3299 5.19 均衡比价 盈利 现货进口 8.30 -2461.65 铝：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 24030 3170 7.58 三月 24285 3177 7.63 均衡比价 盈利 现货进口 8.30 -2279.81 镍：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 148700 18256 8.15 均衡比价 盈利 现货进口 7.98 913.48 国内价格 LME价格 比价 现货 16925 1979 8.56 三月 17115 2028 12.19 均衡比价 盈利 现货进口 8.53 59.25 跨期套利跟踪 2026/01/ ...

有色套利早报 研究中心有色团队 2026/01/26 铜：跨市套利跟踪 2026/01/26 国内价格 LME价格 比价 现货 100680 12859 7.78 三月 101540 12926 7.84 均衡比价 盈利 现货进口 7.89 -590.48 现货出口 -176.73 锌：跨市套利跟踪 2026/01/26 国内价格 LME价格 比价 现货 24620 3206 7.68 三月 24640 3239 5.30 均衡比价 盈利 现货进口 8.32 -2044.55 铝：跨市套利跟踪 2026/01/26 国内价格 LME价格 比价 现货 24110 3142 7.67 三月 24340 3146 7.73 均衡比价 盈利 现货进口 8.31 -2017.82 镍：跨市套利跟踪 2026/01/26 国内价格 LME价格 比价 现货 144550 18492 7.82 均衡比价 盈利 现货进口 7.99 -1277.12 铅：跨市套利跟踪 2026/01/26 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 ...

1. Report's Industry Investment Rating - No information provided 2. Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, and nickel on January 12, 2026 [1][3] 3. Summary by Relevant Catalogs Cross - market Arbitrage Tracking - **Copper**: On January 12, 2026, the domestic spot price was 100330, the LME price was 12915, and the ratio was 7.79. The three - month domestic price was 101580, the LME price was 12873, and the ratio was 7.83. The equilibrium ratio for spot imports was 7.92, with a loss of 1676.26, and the profit for spot exports was 962.00 [1] - **Zinc**: The domestic spot price was 24040, the LME price was 3109, and the ratio was 7.73. The three - month domestic price was 24015, the LME price was 3153, and the ratio was 5.50. The equilibrium ratio for spot imports was 8.35, with a loss of 1902.57 [1] - **Aluminum**: The domestic spot price was 24030, the LME price was 3136, and the ratio was 7.66. The three - month domestic price was 24385, the LME price was 3128, and the ratio was 7.73. The equilibrium ratio for spot imports was 8.33, with a loss of 2107.33 [1] - **Nickel**: The domestic spot price was 137250, the LME price was 17279, and the ratio was 7.94. The equilibrium ratio for spot imports was 8.01, with a loss of 640.56 [1] - **Lead**: The domestic spot price was 17200, the LME price was 1996, and the ratio was 8.60. The three - month domestic price was 17395, the LME price was 2040, and the ratio was 11.74. The equilibrium ratio for spot imports was 8.54, with a profit of 132.82 [3] Cross - period Arbitrage Tracking - **Copper**: On January 12, 2026, the differences between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 440, 610, 670, and 610 respectively, while the theoretical differences were 607, 1112, 1626, and 2139 [3] - **Zinc**: The differences were 40, 85, 120, and 135, and the theoretical differences were 223, 351, 480, and 609 [3] - **Aluminum**: The differences were 545, 600, 635, and 670, and the theoretical differences were 230, 361, 492, and 623 [3] - **Lead**: The differences were 60, 100, 125, and 140, and the theoretical differences were 211, 319, 426, and 534 [3] - **Nickel**: The differences between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 3090, 3220, 3580, and 3900 [3] - **Tin**: The difference between the 5 - month and 1 - month contracts was 90, and the theoretical difference was 7248 [3] Spot - futures Arbitrage Tracking - **Copper**: The differences between the current - month and next - month contracts and the spot were 730 and 1170 respectively, while the theoretical differences were 275 and 893 [3] - **Zinc**: The differences were - 110 and - 70, and the theoretical differences were 83 and 223 (or 64 and 285) [3] - **Lead**: The differences were 95 and 155, and the theoretical differences were 109 and 224 [3] Cross - variety Arbitrage Tracking - On January 12, 2026, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.23, 4.17, 5.84, 1.02, 1.40, and 0.72 in Shanghai and 4.12, 4.14, 6.34, 0.99, 1.53, and 0.65 in London [3]

Report Industry Investment Rating - Not provided 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 January 6, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 100600 domestically and 12934 on LME with a ratio of 7.63; March price is 101470 domestically and 12892 on LME with a ratio of 7.82. Spot import equilibrium ratio is 7.93 with a profit of - 1538.75 [1] - **Zinc**: Spot price is 23980 domestically and 3136 on LME with a ratio of 7.65; March price is 23865 domestically and 3173 on LME with a ratio of 5.49. Spot import equilibrium ratio is 8.35 with a profit of - 2191.68 [1] - **Aluminum**: Spot price is 23310 domestically and 3033 on LME with a ratio of 7.68; March price is 23700 domestically and 3061 on LME with a ratio of 7.71. Spot import equilibrium ratio is 8.32 with a profit of - 1940.69 [1] - **Nickel**: Spot price is 136050 domestically and 16668 on LME with a ratio of 8.16. Spot import equilibrium ratio is 8.02 with a profit of 729.44 [1] - **Lead**: Spot price is 17325 domestically and 1974 on LME with a ratio of 8.72; March price is 17415 domestically and 2020 on LME with a ratio of 11.81. Spot import equilibrium ratio is 8.59 with a profit of 270.43 [3] Cross - Period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 2550, 2670, 2600, 2650 respectively, and theoretical spreads are 596, 1090, 1593, 2096 respectively [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 420, 465, 495, 520 respectively, and theoretical spreads are 220, 346, 472, 598 respectively [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 695, 750, 790, 830 respectively, and theoretical spreads are 226, 353, 479, 606 respectively [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 80, 100, 85, 140 respectively, and theoretical spreads are 212, 319, 427, 534 respectively [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 3700, 4030, 4330, 4680 respectively [4] - **Tin**: 5 - 1 spread is 1310 and theoretical spread is 6871 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 1740 and 810 respectively, and theoretical spreads are - 6 and 921 respectively [4] - **Zinc**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 580 and - 160 respectively, and theoretical spreads are 64 and 304 respectively [4][5] - **Lead**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 10 and 70 respectively, and theoretical spreads are 109 and 224 respectively [5] Cross - Variety Arbitrage Tracking - Ratios of 沪（三连） for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.25, 4.28, 5.83, 0.99, 1.36, 0.73 respectively. No data for 伦（三连） [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 26, 2025 [1][4][5] Group 3: Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 94825, March price is 96370, LME March price is 12133, and the ratio is 7.86 [1] - **Zinc**: Domestic spot price is 23090, March price is 23095, LME March price is 3087, and the ratio is 5.59 [1] - **Aluminum**: Domestic spot price is 21980, March price is 22325, LME March price is 2957, and the ratio is 7.51 [1] - **Nickel**: Domestic spot price is 126100, and the profit of spot import is 45.32 [1] - **Lead**: Domestic spot price is 17125, March price is 17315, LME March price is 2000, and the ratio is 11.52 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 350, 510, 580, 640 respectively, with theoretical spreads of 581, 1061, 1549, 2037 [4] - **Zinc**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 125, - 95, - 50, - 20 respectively, with theoretical spreads of 219, 344, 469, 594 [4] - **Aluminum**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 20, 70, 120, 135 respectively, with theoretical spreads of 222, 346, 469, 592 [4] - **Lead**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 75, 75, 60, 50 respectively, with theoretical spreads of 211, 318, 426, 533 [4] - **Nickel**: The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 2240, - 1930, - 1690, - 1280 respectively [4] - **Tin**: The 5 - 1 spread is 1780, with a theoretical spread of 6890 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 1130 and 1480 respectively, with theoretical spreads of 570 and 1145 [4] - **Zinc**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 100 and - 25 respectively, with theoretical spreads of 151 and 286 [4] - **Zinc (another record)**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 100 and - 25 respectively, with theoretical spreads of 198 and 332 [5] - **Lead**: The spreads of当月合约 - 现货 and 次月合约 - 现货 are 115 and 190 respectively, with theoretical spreads of 165 and 279 [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) are 4.17, 4.32, 5.57, 0.97, 1.29, 0.75 respectively [5]

Report Summary 1) Report Industry Investment Rating - No industry investment rating information is provided in the reports. 2) Core View - The reports mainly focus on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on December 23, 2025, presenting relevant prices, ratios, spreads, and profit data [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On December 23, 2025, the domestic spot price was 93,770, LME spot price was 11,976, and the spot ratio was 7.73. The three - month domestic price was 94,370, LME price was 11,969, and the ratio was 7.87. The equilibrium ratio for spot import was 8.00, with a profit of - 1754.65, and the profit for spot export was 1058.03 [1]. - **Zinc**: The domestic spot price was 23,130, LME spot price was 3059, and the spot ratio was 7.56. The three - month domestic price was 23,155, LME price was 3092, and the ratio was 5.47. The equilibrium ratio for spot import was 8.42, with a profit of - 2628.45 [1]. - **Aluminum**: The domestic spot price was 21,940, LME spot price was 2919, and the spot ratio was 7.51. The three - month domestic price was 22,270, LME price was 2960, and the ratio was 7.49. The equilibrium ratio for spot import was 8.35, with a profit of - 2459.99 [1]. - **Nickel**: The domestic spot price was 120,850, LME spot price was 15,051, and the spot ratio was 8.03. The equilibrium ratio for spot import was 8.09, with a profit of - 557.70 [1]. - **Lead**: The domestic spot price was 16,800, LME spot price was 1932, and the spot ratio was 8.71. The three - month domestic price was 16,920, LME price was 1979, and the ratio was 11.66. The equilibrium ratio for spot import was 8.67, with a profit of 85.37 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 1320, 1370, 1430, and 1480 respectively, while the theoretical spreads were 567, 1032, 1506, and 1980 respectively [4]. - **Zinc**: The spreads were 50, 90, 110, and 110 respectively, and the theoretical spreads were 218, 343, 467, and 591 respectively [4]. - **Aluminum**: The spreads were 100, 150, 180, and 205 respectively, and the theoretical spreads were 222, 344, 467, and 589 respectively [4]. - **Lead**: The spreads were 70, 70, 90, and 140 respectively, and the theoretical spreads were 209, 315, 420, and 525 respectively [4]. - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 4520, 4620, 4920, and 5190 respectively [4]. - **Tin**: The 5 - 1 spread was 1400, and the theoretical spread was 6999 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 665 and 655 respectively, and the theoretical spreads were 355 and 1065 respectively [4]. - **Zinc**: The spreads were - 65 and - 15 respectively, and the theoretical spreads were 166 and 301 respectively [4]. - **Lead**: The spreads were 50 and 120 respectively, and the theoretical spreads were 166 and 278 respectively [5]. Cross - Variety Arbitrage Tracking - On December 23, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 4.08, 4.24, 5.58, 0.96, 1.32, and 0.73 respectively, and in London (three - continuous contracts) were 3.87, 4.05, 6.05, 0.95, 1.49, and 0.64 respectively [5].

Report Industry Investment Rating - Not provided Core Views - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 27, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking Copper - Spot price: domestic 86690, LME 10873, ratio 7.97; March price: domestic 86600, LME 10865, ratio 7.97; Spot import equilibrium ratio 8.03, profit - 712.75; Spot export profit 293.03 [1] Zinc - Spot price: domestic 22390, LME 3171, ratio 7.06; March price: domestic 22365, LME 3008, ratio 5.67; Spot import equilibrium ratio 8.45, profit - 4415.71 [1] Aluminum - Spot price: domestic 21400, LME 2784, ratio 7.68; March price: domestic 21505, LME 2811, ratio 7.63; Spot import equilibrium ratio 8.31, profit - 1733.11 [1] Nickel - Spot price: domestic 120450, LME 14652, ratio 8.22; Spot import equilibrium ratio 8.13, profit - 1756.72 [1] Lead - Spot price: domestic 16950, LME 1945, ratio 8.74; March price: domestic 17065, LME 1986, ratio 11.26; Spot import equilibrium ratio 8.69, profit 96.55 [3] Cross - Period Arbitrage Tracking Copper - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 50, 60, 20, - 20 respectively; Theoretical spreads are 535, 967, 1409, 1851 [4] Zinc - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 5, 30, 35; Theoretical spreads are 215, 336, 456, 577 [4] Aluminum - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 30, 80, 110, 125; Theoretical spreads are 218, 337, 456, 576 [4] Lead - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 60, 60, 55, 70; Theoretical spreads are 210, 316, 422, 528 [4] Nickel - Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 1320, 1490, 1670, 1920 [4] Tin - 5 - 1 spread is 320; Theoretical spread is 6108 [4] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.87, 4.03, 5.07, 0.96, 1.26, 0.76; in London (three - continuous) are 3.59, 3.84, 5.54, 0.94, 1.45, 0.65 [5] Spot - Futures Arbitrage Tracking Copper - Spreads for当月合约 - 现货, 次月合约 - 现货 are - 70, - 20; Theoretical spreads are 350, 836 [4] Zinc - Spreads for当月合约 - 现货, 次月合约 - 现货 are - 30; Theoretical spreads are 155, 288 [4][5] Lead - Spreads for当月合约 - 现货, 次月合约 - 现货 are 55, 115; Theoretical spreads are 152, 265 [5]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - product arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 24, 2025 [1][3][4] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 24, 2025, the domestic spot price was 85800, the LME price was 10677, and the ratio was 8.07; the three - month domestic price was 85680, the LME price was 10676, and the ratio was 8.03. The profit from spot import was - 632.80, and the profit from spot export was 75.49 [1] - **Zinc**: The domestic spot price was 22420, the LME price was 3122, and the ratio was 7.18; the three - month domestic price was 22400, the LME price was 2987, and the ratio was 5.75. The profit from spot import was - 4097.68 [1] - **Aluminum**: The domestic spot price was 21380, the LME price was 2757, and the ratio was 7.75; the three - month domestic price was 21370, the LME price was 2788, and the ratio was 7.66. The profit from spot import was - 1628.41 [1] - **Nickel**: The domestic spot price was 118650, the LME price was 14220, and the ratio was 8.34. The profit from spot import was - 1396.42 [1] - **Lead**: The domestic spot price was 17025, the LME price was 1973, and the ratio was 8.66; the three - month domestic price was 17170, the LME price was 1995, and the ratio was 11.22. The profit from spot import was - 123.44 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 420, - 400, - 430, and - 440 respectively, with theoretical spreads of 532, 963, 1402, and 1842 [4] - **Zinc**: The spreads were 10, 20, 25, and 40 respectively, with theoretical spreads of 215, 336, 457, and 578 [4] - **Aluminum**: The spreads were - 155, - 125, - 110, and - 90 respectively, with theoretical spreads of 218, 338, 457, and 577 [4] - **Lead**: The spreads were - 35, - 30, - 40, and 0 respectively, with theoretical spreads of 211, 318, 425, and 532 [4] - **Nickel**: The spreads were - 1200, - 1020, - 730, and - 450 respectively [4] - **Tin**: The 5 - 1 spread was 480, with a theoretical spread of 6017 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 310 and - 110 respectively [4] - **Zinc**: The spreads were - 40 and - 30 respectively [4] - **Lead**: The spreads were 175 and 140 respectively [5] Cross - Product Arbitrage Tracking - On November 24, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - consecutive contracts) were 3.83, 4.01, 4.99, 0.95, 1.24, and 0.77 respectively; and in London (three - consecutive contracts) were 3.61, 3.87, 5.43, 0.93, 1.40, and 0.66 respectively [5]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 21, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 86425, LME price is 10740, with a ratio of 8.02; March domestic price is 86100, LME price is 10759, ratio 8.03. Spot import equilibrium ratio is 8.08, profit is - 503.28; spot export profit is 21.23 [1] - **Zinc**: Spot domestic price is 22420, LME price is 3125, ratio 7.17; March domestic price is 22405, LME price is 2990, ratio 5.77. Spot import equilibrium ratio is 8.51, profit is - 4165.28 [1] - **Aluminum**: Spot domestic price is 21570, LME price is 2781, ratio 7.75; March domestic price is 21555, LME price is 2812, ratio 7.68. Spot import equilibrium ratio is 8.35, profit is - 1645.40 [1] - **Nickel**: Spot domestic price is 119950, LME price is 14384, ratio 8.34. Spot import equilibrium ratio is 8.18, profit is - 1472.02 [1] - **Lead**: Spot domestic price is 17100, LME price is 1986, ratio 8.62; March domestic price is 17235, LME price is 2015, ratio 11.12. Spot import equilibrium ratio is 8.73, profit is - 212.45 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are 50, 20, 40, 50 respectively, while the theoretical spreads are 532, 963, 1402, 1842 [4] - **Zinc**: The spreads are - 35, - 15, - 15, 15, theoretical spreads are 215, 336, 457, 578 [4] - **Aluminum**: The spreads are 5, 30, 40, 50, theoretical spreads are 219, 338, 458, 578 [4] - **Lead**: The spreads are - 10, 5, 15, 45, theoretical spreads are 211, 318, 425, 533 [4] - **Nickel**: The spreads are - 270, - 70, 290, 570 [4] - **Tin**: The 5 - 1 spread is - 160, theoretical spread is 6041 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 315 and - 265 respectively [4] - **Zinc**: The spreads are 0 and - 35 [4] - **Lead**: The spreads are 130 and 120 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.84, 3.99, 5.00, 0.96, 1.25, 0.77 in Shanghai (three - continuous) and 3.56, 3.82, 5.34, 0.93, 1.40, 0.67 in London (three - continuous) respectively [5]

Report Industry Investment Rating - Not 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, tin) on July 28, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1][3][4] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 79400, LME spot price is 9786, spot price ratio is 8.17, and spot import profit is - 722.84 [1] - **Zinc**: Domestic spot price is 22750, LME spot price is 2838, spot price ratio is 8.02, and spot import profit is - 1763.87 [1] - **Aluminum**: Domestic spot price is 20780, LME spot price is 2649, spot price ratio is 7.84, and spot import profit is - 1734.41 [1] - **Nickel**: Domestic spot price is 122700, LME spot price is 15340, spot price ratio is 8.00, and spot import profit is - 1990.99 [1] - **Lead**: Domestic spot price is 16725, LME spot price is 2007, spot price ratio is 8.35, and spot import profit is - 974.42 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 580, - 540, - 590, and - 660 respectively, while the theoretical spreads are 501, 900, 1308, and 1717 [4] - **Zinc**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 80, - 90, - 130, and - 170 respectively, while the theoretical spreads are 218, 342, 465, and 589 [4] - **Aluminum**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are - 25, - 60, - 125, and - 180 respectively, while the theoretical spreads are 215, 331, 447, and 563 [4] - **Lead**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are 70, 110, 100, and 170 respectively, while the theoretical spreads are 209, 315, 420, and 526 [4] - **Nickel**: The spreads of the second - month, third - month, fourth - month, and fifth - month contracts relative to the spot - month contract are 200, 330, 500, and 750 respectively [4] - **Tin**: The spread of the 5 - 1 contract is - 350, and the theoretical spread is 5622 [4] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts are 3.47, 3.83, 4.67, 0.91, 1.22, and 0.74 respectively; for the London (three - continuous) contracts, they are 3.46, 3.71, 4.85, 0.93, 1.31, and 0.71 respectively [5]