有色套利早报 研究中心有色团队 2025/08/25 铜：跨市套利跟踪 2025/08/25 国内价格 LME价格 比价 现货 78825 9636 8.17 三月 78630 9715 8.10 均衡比价 盈利 现货进口 8.16 171.81 现货出口 -396.63 锌：跨市套利跟踪 2025/08/25 国内价格 LME价格 比价 现货 22190 2770 8.01 三月 22260 2773 6.03 均衡比价 盈利 现货进口 8.65 -1764.99 铝：跨市套利跟踪 2025/08/25 国内价格 LME价格 比价 现货 20710 2588 8.00 三月 20595 2586 7.99 均衡比价 盈利 现货进口 8.45 -1162.37 镍：跨市套利跟踪 2025/08/25 国内价格 LME价格 比价 现货 118400 14749 8.03 均衡比价 盈利 现货进口 8.24 -1806.58 铅：跨市套利跟踪 2025/08/25 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 ...

有色套利早报 研究中心有色团队 2025/08/22 铜：跨市套利跟踪 2025/08/22 国内价格 LME价格 比价 现货 78780 9618 8.19 三月 78490 9699 8.11 均衡比价 盈利 现货进口 8.17 5.76 现货出口 -338.37 锌：跨市套利跟踪 2025/08/22 国内价格 LME价格 比价 现货 22230 2768 8.03 三月 22225 2776 6.04 均衡比价 盈利 现货进口 8.66 -1755.13 铝：跨市套利跟踪 2025/08/22 国内价格 LME价格 比价 现货 20680 2575 8.03 三月 20550 2576 8.01 均衡比价 盈利 现货进口 8.47 -1135.10 镍：跨市套利跟踪 2025/08/22 国内价格 LME价格 比价 现货 118850 14798 8.03 均衡比价 盈利 现货进口 8.25 -1991.00 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 55 10 理 ...

铅：跨市套利跟踪 2025/08/19 有色套利早报 研究中心有色团队 2025/08/19 铜：跨市套利跟踪 2025/08/19 国内价格 LME价格 比价 现货 79280 9660 8.22 三月 78910 9757 8.11 均衡比价 盈利 现货进口 8.18 96.04 现货出口 -446.22 锌：跨市套利跟踪 2025/08/19 国内价格 LME价格 比价 现货 22300 2781 8.02 三月 22360 2790 6.02 均衡比价 盈利 现货进口 8.67 -1806.11 铝：跨市套利跟踪 2025/08/19 国内价格 LME价格 比价 现货 20550 2596 7.91 三月 20570 2596 7.92 均衡比价 盈利 现货进口 8.47 -1443.86 镍：跨市套利跟踪 2025/08/19 国内价格 LME价格 比价 现货 119300 14860 8.03 均衡比价 盈利 现货进口 8.26 -1996.18 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 ...

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 18, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 18, 2025, the domestic spot price was 79130, LME spot price was 9671, and the spot ratio was 8.19. The equilibrium ratio for spot import was 8.17, with a profit of 79.57. The domestic March price was 79050, LME March price was 9765, and the March ratio was 8.09 [1] - **Zinc**: The domestic spot price was 22450, LME spot price was 2830, and the spot ratio was 7.93. The equilibrium ratio for spot import was 8.66, with a profit of - 2054.98. The domestic March price was 22530, LME March price was 2836, and the March ratio was 5.92 [1] - **Aluminum**: The domestic spot price was 20710, LME spot price was 2621, and the spot ratio was 7.90. The equilibrium ratio for spot import was 8.47, with a profit of - 1487.44. The domestic March price was 20750, LME March price was 2620, and the March ratio was 7.91 [1] - **Nickel**: The domestic spot price was 119400, LME spot price was 14847, and the spot ratio was 8.04. The equilibrium ratio for spot import was 8.26, with a profit of - 1524.77 [1] - **Lead**: The domestic spot price was 16625, LME spot price was 1942, and the spot ratio was 8.60. The equilibrium ratio for spot import was 8.87, with a profit of - 519.03. The domestic March price was 16855, LME March price was 1986, and the March ratio was 11.33 [3] Cross - Period Arbitrage Tracking - **Copper**: On August 18, 2025, the spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 80, 70, 60, and 60 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4] - **Zinc**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 25, 50, 65, and 55 respectively, and the theoretical spreads were 215, 337, 458, and 580 [4] - **Aluminum**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 55, 35, - 10, and - 50 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4] - **Lead**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were 120, 125, 145, and 175 respectively, and the theoretical spreads were 209, 313, 418, and 523 [4] - **Nickel**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 400, - 230, - 30, and 210 respectively [4] - **Tin**: The 5 - 1 spread was 1190, and the theoretical spread was 5541 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were - 170 and - 90 respectively, and the theoretical spreads were 483 and 933 [4] - **Zinc**: The spreads for the current - month contract - spot and the next - month contract - spot were 30 and 55 respectively, and the theoretical spreads were 204 and 335 [4] - **Lead**: The spreads for the current - month contract - spot and the next - month contract - spot were 105 and 225 respectively, and the theoretical spreads were 199 and 310 [5] Cross - Variety Arbitrage Tracking - On August 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.51, 3.81, 4.69, 0.92, 1.23, and 0.75 respectively, and for London (three - continuous) were 3.50, 3.75, 4.93, 0.93, 1.32, and 0.71 respectively [5]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Report's Core View - 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 August 14, 2025. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 79,510 (domestic) and 9,763 (LME) with a ratio of 8.11; March price is 79,380 (domestic) and 9,842 (LME) with a ratio of 8.05. Spot import equilibrium ratio is 8.16, and the profit is - 39.06. Spot export profit is 42.08 [1]. - **Zinc**: Spot price is 22,560 (domestic) and 2,840 (LME) with a ratio of 7.95; March price is 22,640 (domestic) and 2,841 (LME) with a ratio of 5.94. Spot import equilibrium ratio is 8.65, and the profit is - 1,994.05 [1]. - **Aluminum**: Spot price is 20,760 (domestic) and 2,624 (LME) with a ratio of 7.91; March price is 20,765 (domestic) and 2,629 (LME) with a ratio of 7.91. Spot import equilibrium ratio is 8.48, and the profit is - 1,492.93 [1]. - **Nickel**: Spot price is 121,750 (domestic) and 15,099 (LME) with a ratio of 8.06. Spot import equilibrium ratio is 8.25, and the profit is - 1,531.68 [1]. - **Lead**: Spot price is 16,725 (domestic) and 1,974 (LME) with a ratio of 8.48; March price is 16,940 (domestic) and 2,017 (LME) with a ratio of 11.21. Spot import equilibrium ratio is 8.85, and the profit is - 719.66 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 370, 370, 390, and 410 respectively, while the theoretical spreads are 497, 892, 1296, and 1700 [4]. - **Zinc**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 0, 40, 40, and 25 respectively, and the theoretical spreads are 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 35, 10, - 35, and - 70 respectively, and the theoretical spreads are 215, 331, 446, and 562 [4]. - **Lead**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are 30, 40, 60, and 85 respectively, and the theoretical spreads are 210, 315, 421, and 526 [4]. - **Nickel**: The spreads of next - month - spot, March - spot, April - spot, and May - spot are - 20, 110, 310, and 600 respectively [4]. - **Tin**: The 5 - 1 spread is 1250, and the theoretical spread is 5593 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of current - month contract - spot and next - month contract - spot are - 430 and - 60 respectively, and the theoretical spreads are 23 and 517 [4]. - **Zinc**: The spreads of current - month contract - spot and next - month contract - spot are 40 and 40 respectively, and the theoretical spreads are 80 and 211 (also mentioned 78 and 207) [4][5]. - **Lead**: The spreads of current - month contract - spot and next - month contract - spot are 175 and 205 respectively, and the theoretical spreads are 105 and 217 [4]. Cross - Variety Arbitrage Tracking - For cross - variety ratios on August 14, 2025: Copper/Zinc (Shanghai "continuous three") is 3.51, Copper/Aluminum is 3.82, Copper/Lead is 4.69, Aluminum/Zinc is 0.92, Aluminum/Lead is 1.23, Lead/Zinc is 0.75; LME (continuous three) ratios are 3.47, 3.75, 4.93, 0.92, 1.32, and 0.70 respectively [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 13, 2025, which helps investors understand the current price relationships and potential arbitrage opportunities in the non - ferrous metals market [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 13, 2025, the domestic spot price was 79,160, the LME price was 9,681, and the spot import equilibrium ratio was 8.17 with a profit of 84.82. The March price had a ratio of 8.09 [1]. - **Zinc**: The domestic spot price was 22,510, the LME price was 2,823, and the spot import equilibrium ratio was 8.66 with a profit of - 1927.11. The March price ratio was 5.99 [1]. - **Aluminum**: The domestic spot price was 20,640, the LME price was 2,600, and the spot import equilibrium ratio was 8.49 with a profit of - 1445.13. The March price ratio was 7.94 [1]. - **Nickel**: The domestic spot price was 121,600, the LME price was 15,079, and the spot import equilibrium ratio was 8.25 with a profit of - 2046.03 [1]. - **Lead**: The domestic spot price was 16,775, the LME price was 1,966, and the spot import equilibrium ratio was 8.86 with a profit of - 633.39. The March price ratio was 11.25 [3]. Cross - Period Arbitrage Tracking - **Copper**: On August 13, 2025, the spreads between the next month, March, April, and May and the spot month were 0, 60, 20, and 10 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4]. - **Zinc**: The spreads were 35, 55, 55, and 35 respectively, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were 15, - 15, - 60, and - 80 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4]. - **Lead**: The spreads were 80, 90, 105, and 135 respectively, and the theoretical spreads were 209, 314, 420, and 525 [4]. - **Nickel**: The spreads were 540, 670, 840, and 1120 respectively [4]. - **Tin**: The 5 - 1 spread was 1330, and the theoretical spread was 5601 [4]. Cross - Variety Arbitrage Tracking On August 13, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.49, 3.82, 4.67, 0.91, 1.22, and 0.75 respectively, and in London (three - continuous) were 3.46, 3.76, 4.88, 0.92, 1.30, and 0.71 respectively [5].

铅：跨市套利跟踪 2025/08/12 有色套利早报 研究中心有色团队 2025/08/12 铜：跨市套利跟踪 2025/08/12 国内价格 LME价格 比价 现货 79140 9676 8.12 三月 79050 9759 8.10 均衡比价 盈利 现货进口 8.18 -117.15 现货出口 -247.43 锌：跨市套利跟踪 2025/08/12 国内价格 LME价格 比价 现货 22530 2836 7.94 三月 22610 2840 5.94 均衡比价 盈利 现货进口 8.66 -2036.17 铝：跨市套利跟踪 2025/08/12 国内价格 LME价格 比价 现货 20630 2609 7.91 三月 20690 2617 7.89 均衡比价 盈利 现货进口 8.50 -1542.06 镍：跨市套利跟踪 2025/08/12 国内价格 LME价格 比价 现货 120900 15028 8.05 均衡比价 盈利 现货进口 8.26 -1921.73 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、 ...

有色套利早报 研究中心有色团队 2025/08/07 铜：跨市套利跟踪 2025/08/07 国内价格 LME价格 比价 现货 78325 9602 8.19 三月 78290 9665 8.10 均衡比价 盈利 现货进口 8.17 -79.58 现货出口 -182.22 锌：跨市套利跟踪 2025/08/07 国内价格 LME价格 比价 现货 22330 2761 8.09 三月 22370 2771 6.08 均衡比价 盈利 现货进口 8.67 -1602.01 铝：跨市套利跟踪 2025/08/07 国内价格 LME价格 比价 现货 20630 2576 8.01 三月 20605 2575 8.01 均衡比价 盈利 现货进口 8.49 -1251.83 镍：跨市套利跟踪 2025/08/07 国内价格 LME价格 比价 现货 120100 14903 8.06 均衡比价 盈利 现货进口 8.25 -1667.45 国内价格 LME价格 比价 现货 16700 1952 8.57 三月 16850 1988 11.25 均衡比价 盈利 现货进口 8.86 -567.51 跨期套利跟踪 2025/08/0 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - The U.S. does not impose tariffs on electrolytic copper, ending cross - market arbitrage. The traditional domestic consumption off - season suppresses downstream demand, and the global total inventory of electrolytic copper tends to rise, so the Shanghai copper price may still have room to fall. It is recommended that investors lightly short the main contract on rallies, and pay attention to certain support and pressure levels for Shanghai copper, London copper, and U.S. copper [3]. 3) Summary by Related Catalogs Market Data - On July 31, 2025, the closing price of the active contract of Shanghai copper futures was 78,040, a decrease of 890 compared to the previous day; the trading volume was 109,011 hands, a decrease of 119,877 hands compared to the previous day; the open interest was 176,193 hands, an increase of 4,504 hands compared to the previous day; the inventory was 19,622 tons, a decrease of 351 tons compared to the previous day; the average price of SMW 1 electrolytic copper was 78,565, a decrease of 720 compared to the previous day [2]. - The Shanghai copper basis was 525, an increase of 170 compared to the previous day. The spot premium or discount in different regions showed different changes, such as - 20 in Guangzhou, - 110 in North China, and 32 in East China [2]. - The closing price of LME 3 - month copper futures (electronic trading) on July 31, 2025 was 9,607, a decrease of 123 compared to the previous day; the total inventory of registered and cancelled warrants was 0, a decrease of 138,200 compared to the previous day [2]. - The closing price of the active contract of COMEX copper futures on July 31, 2025 was 4.4305, a decrease of 1.24 compared to the previous day; the total inventory was 257,915, an increase of 4,484 compared to the previous day [2]. News and Events - On July 30, local time, the U.S. White House announced that starting from August 1, it will impose a 20% tariff on imported semi - finished copper products and steel - intensive derivative products, while copper input raw materials and copper scrap are not subject to "Section 232" or equivalent tariffs [2]. - The Fed kept the federal funds rate unchanged in July. Import tariffs pushed up commodity prices, causing the annual rates of consumer - end inflation CPI and PCE in the U.S. to rise in June. The U.S. economy and employment performance are robust, and the inflation pushed up by tariffs may take a long time to show, reducing the probability of the Fed cutting interest rates in September and December [2][3]. Production Changes - Teck Resources lowered the expected production of the Quebrada Blanca copper mine in Chile in 2025 in the second quarter; Newmont's Red Chris copper mine in Canada suspended operations due to an accident; Anglo Asian Mining's Deniri copper mine started trial production; Russia's Nornickel lowered its 2025 copper production forecast; several mines in China and other regions had production - affecting incidents [3]. - Some mines have expansion or new - production plans, such as the second - phase 160,000 - ton capacity of the Mirador copper mine in Ecuador under Tongling Nonferrous Metals may be put into production in the second half of 2025; the second - phase expansion project of Julong Copper Mine may be put into production by the end of 2025 [3].

Report Summary 1. Cross - Market Arbitrage Tracking (2025/07/31) - **Copper**: Spot domestic price is 79,280, LME price is 9,729, and the ratio is 8.12; for the three - month contract, domestic price is 78,940, LME price is 9,776, and the ratio is 8.10. The equilibrium ratio for spot import is 8.19, with a loss of 736.08, and a profit of 93.60 for spot export [1]. - **Zinc**: Spot domestic price is 22,680, LME price is 2,806, and the ratio is 8.08; for the three - month contract, domestic price is 22,695, LME price is 2,809, and the ratio is 6.01. The equilibrium ratio for spot import is 8.68, with a loss of 1,671.47 [1]. - **Aluminum**: Spot domestic price is 20,670, LME price is 2,609, and the ratio is 7.93; for the three - month contract, domestic price is 20,610, LME price is 2,613, and the ratio is 7.90. The equilibrium ratio for spot import is 8.54, with a loss of 1,596.98 [1]. - **Nickel**: Spot domestic price is 120,950, LME price is 14,997, and the ratio is 8.07. The equilibrium ratio for spot import is 8.27, with a loss of 2,175.84 [1]. - **Lead**: Spot domestic price is 16,725, LME price is 1,979, and the ratio is 8.46; for the three - month contract, domestic price is 16,900, LME price is 2,016, and the ratio is 11.28. The equilibrium ratio for spot import is 8.87, with a loss of 808.38 [3]. 2. Cross - Period Arbitrage Tracking (2025/07/31) - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month are 100, 110, 70, and - 20 respectively, while the theoretical spreads are 496, 890, 1293, and 1697 [4]. - **Zinc**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month are 60, 85, 95, and 70 respectively, and the theoretical spreads are 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month are - 20, - 35, - 80, and - 120 respectively, and the theoretical spreads are 214, 329, 445, and 560 [4]. - **Lead**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month are 10, 20, 40, and 40 respectively, and the theoretical spreads are 209, 315, 420, and 526 [4]. - **Nickel**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month are 100, 230, 440, and 690 respectively [4]. - **Tin**: The spread of the 5 - 1 contract is 530, and the theoretical spread is 5553 [4]. 3. Spot - Futures Arbitrage Tracking (2025/07/31) - **Copper**: The spreads of the current - month and next - month contracts relative to the spot are - 440 and - 340 respectively, and the theoretical spreads are 221 and 674 [4]. - **Zinc**: The spreads of the current - month and next - month contracts relative to the spot are - 70 and - 10 respectively, and the theoretical spreads are 130 and 262 [4]. - **Lead**: The spreads of the current - month and next - month contracts relative to the spot are 155 and 165 respectively, and the theoretical spreads are 151 and 263 [5]. 4. Cross - Variety Arbitrage Tracking (2025/07/31) - **Copper/Zinc, Copper/Aluminum, Copper/Lead, Aluminum/Zinc, Aluminum/Lead, Lead/Zinc**: The ratios for Shanghai (three - continuous contracts) are 3.48, 3.83, 4.67, 0.91, 1.22, and 0.74 respectively; for London (three - continuous contracts) are 3.48, 3.73, 4.87, 0.93, 1.31, and 0.72 respectively [5].