免责声明: 锌 当月合约-现货 次月合约-现货 价差 -1000 175 理论价差 59 240 铅 当月合约-现货 次月合约-现货 价差 -350 340 理论价差 44 156 跨品种套利跟踪 2025/10/10 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.89 4.12 5.07 0.94 1.23 0.77 伦（三连） 3.61 3.88 5.35 0.93 1.38 0.67 铅：跨市套利跟踪 2025/10/10 国内价格 LME价格 比价 现货 16775 1986 8.46 三月 17135 2016 11.02 均衡比价 盈利 现货进口 8.83 -734.46 跨期套利跟踪 2025/10/10 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 3400 3470 3500 3400 理论价差 519 936 1361 1787 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1175 1195 1230 1260 理论价差 209 323 438 553 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 380 375 ...

国内价格 LME价格 比价 现货 16775 1949 8.62 三月 16985 1991 11.00 均衡比价 盈利 现货进口 8.83 -406.67 跨期套利跟踪 2025/10/09 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -240 -240 -300 -300 理论价差 519 936 1361 1787 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 685 710 735 785 理论价差 209 323 438 553 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 -30 -20 -10 -10 理论价差 215 330 446 561 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 515 560 570 530 理论价差 207 310 413 517 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 590 750 960 1260 锡 5-1 价差 300 理论价差 5700 期现套利跟踪 2025/10/09 铜 当月合约-现货 次月合约-现货 价差 155 -85 理论价差 314 ...

有色套利早报 研究中心有色团队 2025/09/29 铜：跨市套利跟踪 2025/09/29 国内价格 LME价格 比价 现货 82480 10233 8.08 三月 82480 10272 8.04 均衡比价 盈利 现货进口 8.12 -652.74 现货出口 134.27 锌：跨市套利跟踪 2025/09/29 国内价格 LME价格 比价 现货 21950 2957 7.42 三月 21995 2918 5.85 均衡比价 盈利 现货进口 8.55 -3338.99 铝：跨市套利跟踪 2025/09/29 国内价格 LME价格 比价 现货 20770 2651 7.83 三月 20755 2656 7.82 均衡比价 盈利 现货进口 8.40 -1511.91 镍：跨市套利跟踪 2025/09/29 国内价格 LME价格 比价 现货 120550 15043 8.01 均衡比价 盈利 现货进口 8.20 -2042.46 跨期套利跟踪 2025/09/29 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -190 -180 -240 -260 理论价差 515 929 1351 1773 ...

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on September 25, 2025, including copper, zinc, aluminum, nickel, lead, etc., to help investors understand the price relationships and profit situations in different trading scenarios [1][4][5] 3) Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: On September 25, 2025, the domestic spot price was 80025, the LME price was 9935, and the ratio was 8.05. The equilibrium ratio for spot import was 8.12, with a loss of 693.47, and a profit of 317.82 for spot export [1] - **Zinc**: The domestic spot price was 21830, the LME price was 2941, and the ratio was 7.42. The equilibrium ratio for spot import was 8.55, with a loss of 3318.32 [1] - **Aluminum**: The domestic spot price was 20680, the LME price was 2635, and the ratio was 7.85. The equilibrium ratio for spot import was 8.40, with a loss of 1467.29 [1] - **Nickel**: The domestic spot price was 120450, the LME price was 15121, and the ratio was 7.97. The equilibrium ratio for spot import was 8.20, with a loss of 2283.59 [1] - **Lead**: The domestic spot price was 16925, the LME price was 1960, and the ratio was 8.65. The equilibrium ratio for spot import was 8.84, with a loss of 377.93 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 25, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 30, 10, 20, and 0 respectively, while the theoretical spreads were 502, 901, 1310, and 1719 [4] - **Zinc**: The spreads were 20, 35, 50, and 75, and the theoretical spreads were 212, 330, 449, and 567 [4] - **Aluminum**: The spreads were 20, 20, 35, and 30, and the theoretical spreads were 214, 330, 445, and 561 [4] - **Lead**: The spreads were 25, 50, 35, and 65, and the theoretical spreads were 210, 316, 423, and 529 [4] - **Nickel**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 720, 900, 1160, and 1400 [4] - **Tin**: The 5 - 1 spread was 1360, and the theoretical spread was 5635 [4] Cross - Variety Arbitrage Tracking - On September 25, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.65, 3.86, 4.68, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous) were 3.52, 3.90, 5.17, 0.90, 1.33, and 0.68 [5] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 75 and - 45 respectively, and the theoretical spreads were 363 and 811 [4] - **Zinc**: The spreads were 10 and 30, and the theoretical spreads were 159 and 286 [4] - **Lead**: The spreads were 115 and 140, and the theoretical spreads were 168 and 281 [5]

Report Overview - The report is the "Non-ferrous Arbitrage Morning Report" released by the Non-ferrous Team of the Research Center on September 22, 2025, focusing on cross - market, cross - period, and cross -品种 arbitrage tracking of non - ferrous metals [1] Cross - Market Arbitrage Copper - Spot price: domestic 79980, LME 9898, ratio 8.05; March price: domestic 79880, LME 9963, ratio 8.02; Spot import equilibrium ratio 8.11, profit - 331.21; Spot export profit - 55.51 [1] Zinc - Spot price: domestic 22000, LME 2969, ratio 7.41; March price: domestic 22060, LME 2918, ratio 5.87; Spot import equilibrium ratio 8.53, profit - 3326.26 [1] Aluminum - Spot price: domestic 20810, LME 2698, ratio 7.71; March price: domestic 20795, LME 2693, ratio 7.74; Spot import equilibrium ratio 8.37, profit - 1780.86 [1] Nickel - Spot price: domestic 120750, LME 15146, ratio 7.97; Spot import equilibrium ratio 8.18, profit - 2190.00 [1] Lead - Spot price: domestic 17025, LME 1967, ratio 8.64; March price: domestic 17200, LME 2011, ratio 10.97; Spot import equilibrium ratio 8.82, profit - 347.77 [3] Cross - Period Arbitrage Copper - Sub - month - spot month, March - spot month, April - spot month, May - spot month spreads are 230, 260, 240, 240 respectively; Theoretical spreads are 500, 898, 1305, 1712 respectively [4] Zinc - Sub - month - spot month, March - spot month, April - spot month, May - spot month spreads are 5, 25, 45, 75 respectively; Theoretical spreads are 213, 332, 452, 571 respectively [4] Aluminum - Sub - month - spot month, March - spot month, April - spot month, May - spot month spreads are 20, 20, 15, 20 respectively; Theoretical spreads are 215, 331, 447, 563 respectively [4] Lead - Sub - month - spot month, March - spot month, April - spot month, May - spot month spreads are 35, 55, 25, 30 respectively; Theoretical spreads are 211, 317, 424, 531 respectively [4] Nickel - Sub - month - spot month, March - spot month, April - spot month, May - spot month spreads are 790, 980, 1220, 1460 respectively [4] Tin - 5 - 1 spread is 640, theoretical spread is 5579 [4] Spot - Futures Arbitrage Copper - Current month contract - spot spread is - 330, theoretical spread is 398; Sub - month contract - spot spread is - 100, theoretical spread is 874 [4] Zinc - Current month contract - spot spread is 35, theoretical spread is 182; Sub - month contract - spot spread is 40, theoretical spread is 311 [4] Lead - Current month contract - spot spread is 120, theoretical spread is 188; Sub - month contract - spot spread is 155, theoretical spread is 302 [5] Cross - Variety Arbitrage - Copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (three - continuous) ratios are 3.62, 3.84, 4.64, 0.94, 1.21, 0.78 respectively; London (three - continuous) ratios are 3.46, 3.74, 5.00, 0.92, 1.34, 0.69 respectively [5]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - The report focuses on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on September 18, 2025, presenting relevant price, ratio, spread, and theoretical spread data [1][4]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 80,600, March price is 80,550, LME March price is 10,065, and the ratio is 8.00 [1]. - **Zinc**: Domestic spot price is 22,170, March price is 22,310, LME March price is 2,989, and the ratio is 5.70 [1]. - **Aluminum**: Domestic spot price is 20,890, March price is 20,930, LME March price is 2,707, and the ratio is 7.73 [1]. - **Nickel**: Domestic spot price is 120,700, and the spot import profit is - 1,549.65 [1]. - **Lead**: Domestic spot price is 16,925, March price is 17,115, LME March price is 2,005, and the ratio is 11.08 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 320, - 330, - 330, - 310, while the theoretical spreads are 506, 911, 1324, 1738 respectively [4]. - **Zinc**: The spreads are 30, 55, 85, 120, and the theoretical spreads are 214, 335, 455, 575 respectively [4]. - **Aluminum**: The spreads are - 35, - 45, - 55, - 65, and the theoretical spreads are 216, 333, 450, 567 respectively [4]. - **Lead**: The spreads are 55, 60, 80, 70, and the theoretical spreads are 210, 317, 423, 529 respectively [4]. - **Nickel**: The spreads are - 620, - 430, - 240, 60 [4]. - **Tin**: The 5 - 1 spread is 40, and the theoretical spread is 5,648 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are 310 and - 10, and the theoretical spreads are 524 and 924 respectively [4]. - **Zinc**: The spreads are 85 and 115, and the theoretical spreads are 203 and 332 (also mentioned as 200 and 320) respectively [4][5]. - **Lead**: The spreads are 130 and 185, and the theoretical spreads are 197 and 310 respectively [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 3.61, 3.85, 4.71, 0.94, 1.22, 0.77 respectively [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 various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on September 17, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 81080, LME price is 10060, ratio is 8.06; March domestic price is 80890, LME price is 10120, ratio is 8.02. Spot import equilibrium ratio is 8.10, profit is - 564.88 [1]. - **Zinc**: Spot domestic price is 22230, LME price is 3011, ratio is 7.38; March domestic price is 22285, LME price is 2970, ratio is 5.76. Spot import equilibrium ratio is 8.55, profit is - 3503.32 [1]. - **Aluminum**: Spot domestic price is 20950, LME price is 2714, ratio is 7.72; March domestic price is 20970, LME price is 2699, ratio is 7.78. Spot import equilibrium ratio is 8.36, profit is - 1760.95 [1]. - **Nickel**: Spot domestic price is 121550, LME price is 15221, ratio is 7.99. Spot import equilibrium ratio is 8.17, profit is - 1549.65 [1]. - **Lead**: Spot domestic price is 16975, LME price is 1946, ratio is 8.71; March domestic price is 17095, LME price is 1996, ratio is 11.17. Spot import equilibrium ratio is 8.82, profit is - 219.00 [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 - 130, - 110, - 120, - 120 respectively, theoretical spreads are 507, 912, 1326, 1740 [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 30, 50, 80, 80 respectively, theoretical spreads are 214, 334, 455, 575 [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 60, 45, 20, 15 respectively, theoretical spreads are 216, 332, 449, 566 [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 - 70, - 55, - 65, - 25 respectively, theoretical spreads are 211, 318, 424, 531 [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 310, 460, 650, 770 respectively [4]. - **Tin**: 5 - 1 spread is 860, theoretical spread is 5651 [4]. Spot - Futures Arbitrage Tracking - **Copper**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are - 95 and - 225 respectively [4]. - **Zinc**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are 5 and 35 respectively [4][5]. - **Lead**: Spreads for 当月合约 - 现货 and 次月合约 - 现货 are 175 and 105 respectively [5]. Cross - Variety Arbitrage Tracking - **Copper/Zinc, Copper/Aluminum, Copper/Lead, Aluminum/Zinc, Aluminum/Lead, Lead/Zinc**: Shanghai (three - continuous) ratios are 3.63, 3.86, 4.73, 0.94, 1.23, 0.77 respectively; London (three - continuous) ratios are 3.38, 3.73, 5.04, 0.91, 1.35, 0.67 respectively [5].

1. Report Industry Investment Rating - No relevant 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, nickel, lead, and tin on September 16, 2025 [1][3][4] 3. Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: Spot price in China is 80930, LME is 10020, with a ratio of 8.13; March price in China is 80910, LME is 10082, ratio 8.02. Spot import equilibrium ratio is 8.10, profit - 307.15 [1] - **Zinc**: Spot price in China is 22240, LME is 2983, ratio 7.46; March price in China is 22315, LME is 2956, ratio 5.80. Spot import equilibrium ratio is 8.56, profit - 3280.38 [1] - **Aluminum**: Spot price in China is 20950, LME is 2691, ratio 7.78; March price in China is 21025, LME is 2687, ratio 7.82. Spot import equilibrium ratio is 8.37, profit - 1587.60 [1] - **Nickel**: Spot price in China is 121500, LME is 15209, ratio 7.99. Spot import equilibrium ratio is 8.18, profit - 2378.18 [1] - **Lead**: Spot price in China is 17000, LME is 1966, ratio 8.62; March price in China is 17190, LME is 2014, ratio 11.08. Spot import equilibrium ratio is 8.82, profit - 391.22 [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 - 420, - 450, - 460, - 460 respectively, theoretical spreads are 509, 916, 1331, 1747 [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 60, 65, 80, 100 respectively, theoretical spreads are 214, 335, 455, 575 [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 - 265, - 260, - 285, - 305 respectively, theoretical spreads are 217, 336, 454, 573 [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 160, 190, 195, 190 respectively, 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 780, 1020, 1180, 1390 respectively [4] - **Tin**: 5 - 1 spread is 420, theoretical spread is 5673 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 450 and 30 respectively [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 10 and 70 respectively [4][5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 0 and 160 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.63, 3.85, 4.71, 0.94, 1.22, 0.77 in Shanghai (three - continuous), and 3.42, 3.77, 5.09, 0.91, 1.35, 0.67 in London (three - continuous) [5]

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on September 11, 2025, including domestic and LME prices, price ratios, equilibrium price ratios, and profit margins [1][3][6] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On September 11, 2025, the domestic spot price was 79,760, the LME spot price was 9,884, and the spot price ratio was 8.07. The equilibrium price ratio for spot import was 8.11, with a profit of - 232.79 [1] - **Zinc**: The domestic spot price was 22,100, the LME spot price was 2,896, and the spot price ratio was 7.63. The equilibrium price ratio for spot import was 8.57, with a profit of - 2,724.25 [1] - **Aluminum**: The domestic spot price was 20,750, the LME spot price was 2,629, and the spot price ratio was 7.89. The equilibrium price ratio for spot import was 8.38, with a profit of - 1,287.79 [1] - **Nickel**: The domestic spot price was 119,450, the LME spot price was 14,992, and the spot price ratio was 7.97. The equilibrium price ratio for spot import was 8.18, with a profit of - 1,447.10 [1] - **Lead**: The domestic spot price was 16,700, the LME spot price was 1,932, and the spot price ratio was 8.64. The equilibrium price ratio for spot import was 8.83, with a profit of - 368.54 [3] Cross - Period Arbitrage Tracking - **Copper**: On September 11, 2025, the spreads between the secondary month, third month, fourth month, and fifth month and the spot month were 110, 80, 60, and 30 respectively, while the theoretical spreads were 500, 899, 1306, and 1714 [3] - **Zinc**: The spreads were 155, 150, 145, and 150 respectively, and the theoretical spreads were 213, 333, 452, and 571 [3] - **Aluminum**: The spreads were 50, 40, 30, and - 5 respectively, and the theoretical spreads were 215, 330, 446, and 562 [3] - **Lead**: The spreads were - 75, - 50, - 35, and 15 respectively, and the theoretical spreads were 209, 315, 420, and 525 [3] - **Nickel**: The spreads between the secondary month, third month, fourth month, and fifth month and the spot month were 330, 470, 640, and 920 [3] - **Tin**: The 5 - 1 spread was 580, and the theoretical spread was 5606 [3] Spot - Futures Arbitrage Tracking - **Copper**: On September 11, 2025, the spreads between the current - month contract, secondary - month contract and the spot were - 25 and 85 respectively, and the theoretical spreads were 129 and 586 [3] - **Zinc**: The spreads were - 40 and 115 respectively, and the theoretical spreads were 103 and 232 [3] - **Lead**: The spreads were 170 and 95 respectively, and the theoretical spreads were 116 and 227 [3] Cross - Variety Arbitrage Tracking - On September 11, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.59, 3.84, 4.74, 0.94, 1.24, and 0.76 respectively; in London (three - continuous) were 3.47, 3.81, 5.04, 0.91, 1.32, and 0.69 respectively [6]

Report Overview - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals on September 1, 2025 [1][4][5] Cross - market Arbitrage Tracking Copper - Spot price in China is 79400, LME spot price is 9803, March price in China is 79400, LME March price is 9884, with a March ratio of 8.01. The equilibrium ratio for spot import is 8.12, and the profit is 93.34. The profit for spot export is 49.03 [1] Zinc - Spot price in China is 22010, LME spot price is 2810, with a spot ratio of 7.83. March price in China is 22135, LME March price is 2804, with a March ratio of 6.00. The equilibrium ratio for spot import is 8.60, and the loss is 2144.80 [1] Aluminum - Spot price in China is 20730, LME spot price is 2620, with a spot ratio of 7.91. March price in China is 20730, LME March price is 2618, with a March ratio of 7.92. The equilibrium ratio for spot import is 8.40, and the loss is 1295.79 [1] Nickel - Spot price in China is 120150, LME spot price is 15156, with a spot ratio of 7.93. The equilibrium ratio for spot import is 8.19, and the loss is 2013.87 [1] Lead - Spot price in China is 16650, LME spot price is 1951, with a spot ratio of 8.57. March price in China is 16900, LME March price is 1993, with a March ratio of 11.08. The equilibrium ratio for spot import is 8.80, and the loss is 442.18 [3] Cross - period Arbitrage Tracking - For copper, zinc, aluminum, lead, and nickel, the spreads and theoretical spreads for the differences between the next month, March, April, May, and the spot month are all not available. For tin, the 5 - 1 spread is 350, and the theoretical spread is 5754 [4] Inter - period Arbitrage Tracking Copper - The difference between the next - month contract and the spot is 110, and the theoretical spread is 742 [4] Zinc - The difference between the next - month contract and the spot is 130, and the theoretical spread is 262 [5] Lead - The difference between the next - month contract and the spot is 230, and the theoretical spread is not available [5] Cross - variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) are 3.59, 3.83, 4.70, 0.94, 1.23, and 0.76 respectively, and in London (triple - continuous) are 3.51, 3.79, 4.97, 0.93, 1.31, and 0.71 respectively [5]