铅：跨市套利跟踪 2026/02/27 有色套利早报 研究中心有色团队 2026/02/27 铜：跨市套利跟踪 2026/02/27 国内价格 LME价格 比价 现货 101830 13256 7.70 三月 102930 13326 7.70 均衡比价 盈利 现货进口 7.78 -786.94 现货出口 68.84 锌：跨市套利跟踪 2026/02/27 国内价格 LME价格 比价 现货 24460 3366 7.27 三月 24625 3383 4.95 均衡比价 盈利 现货进口 8.16 -2999.77 铝：跨市套利跟踪 2026/02/27 国内价格 LME价格 比价 现货 23490 3151 - 三月 23920 3164 7.52 均衡比价 盈利 现货进口 8.20 - 镍：跨市套利跟踪 2026/02/27 国内价格 LME价格 比价 现货 138000 17805 7.75 均衡比价 盈利 现货进口 7.91 31.99 国内价格 LME价格 比价 现货 16575 1944 8.51 三月 16800 1990 12.34 均衡比价 盈利 现货进口 8.42 182.48 免责声明: 以 ...

有色套利早报 研究中心有色团队 2026/02/25 铜：跨市套利跟踪 2026/02/25 国内价格 LME价格 比价 现货 101575 12973 7.72 三月 101810 13062 7.81 均衡比价 盈利 现货进口 7.82 -409.36 现货出口 -841.74 锌：跨市套利跟踪 2026/02/25 国内价格 LME价格 比价 现货 24650 3366 7.32 三月 24680 3398 4.93 均衡比价 盈利 现货进口 8.20 -2960.82 铝：跨市套利跟踪 2026/02/25 国内价格 LME价格 比价 现货 23390 3087 7.58 三月 23635 3114 7.58 均衡比价 盈利 现货进口 8.25 -2082.64 镍：跨市套利跟踪 2026/02/25 国内价格 LME价格 比价 现货 136650 17470 7.82 均衡比价 盈利 现货进口 7.96 -1163.71 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 ...

有色套利早报 研究中心有色团队 2026/02/24 铜：跨市套利跟踪 2026/02/24 国内价格 LME价格 比价 现货 100275 12788 7.80 三月 100630 12895 7.82 均衡比价 盈利 现货进口 7.83 -565.83 现货出口 - 锌：跨市套利跟踪 2026/02/24 国内价格 LME价格 比价 现货 24340 3322 7.33 三月 24250 3353 4.97 均衡比价 盈利 现货进口 8.23 -3015.20 铝：跨市套利跟踪 2026/02/24 国内价格 LME价格 比价 现货 23160 3028 7.65 三月 23265 3063 7.62 均衡比价 盈利 现货进口 8.29 -1934.06 镍：跨市套利跟踪 2026/02/24 国内价格 LME价格 比价 现货 133900 17037 7.86 均衡比价 盈利 现货进口 7.99 -1190.59 跨期套利跟踪 2026/02/24 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 510 760 990 980 理论价差 601 1101 1609 2117 锌 次月- ...

国内价格 LME价格 比价 现货 16600 1941 8.54 三月 16700 1988 12.33 均衡比价 盈利 现货进口 8.49 101.54 跨期套利跟踪 2026/02/13 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 590 940 1170 1230 理论价差 611 1119 1637 2155 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 115 135 185 190 理论价差 226 357 489 621 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 25 105 160 220 理论价差 229 359 489 619 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 45 50 90 135 理论价差 208 313 417 521 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 1020 1240 1570 1590 锡 5-1 价差 -650 理论价差 8044 期现套利跟踪 2026/02/13 铜 当月合约-现货 次月合约-现货 价差 -290 300 理论价差 87 7 ...

铅：跨市套利跟踪 2026/02/12 国内价格 LME价格 比价 现货 16625 1930 8.59 三月 16755 1978 12.43 均衡比价 盈利 现货进口 8.50 165.28 跨期套利跟踪 2026/02/12 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1030 1310 1480 1500 理论价差 608 1114 1628 2143 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 185 240 280 315 理论价差 225 356 487 618 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 225 295 360 405 理论价差 228 357 487 616 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 100 115 165 215 理论价差 208 312 417 521 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 6270 6570 6910 6960 锡 5-1 价差 1500 理论价差 8068 期现套利跟踪 2026/02/12 铜 当月合约-现货 次月合 ...

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Report 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, and lead on February 10, 2026 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On February 10, 2026, the domestic spot price was 101510, the LME price was 12992, and the ratio was 7.67; the three - month domestic price was 102050, the LME price was 13070, and the ratio was 7.80. The equilibrium ratio for spot import was 7.86, with a profit of - 606.22, and the profit for spot export was - 266.73 [1] - **Zinc**: The domestic spot price was 24700, the LME price was 3336, and the ratio was 7.40; the three - month domestic price was 24565, the LME price was 3360, and the ratio was 4.94. The equilibrium ratio for spot import was 8.25, with a profit of - 2829.45 [1] - **Aluminum**: The domestic spot price was 23400, the LME price was 3062, and the ratio was 7.64; the three - month domestic price was 23620, the LME price was 3088, and the ratio was 7.66. The equilibrium ratio for spot import was 8.33, with a profit of - 2097.21 [1] - **Nickel**: The domestic spot price was 133550, the LME price was 17055, and the ratio was 7.83. The equilibrium ratio for spot import was 8.00, with a profit of - 2276.34 [1] - **Lead**: The domestic spot price was 16425, the LME price was 1909, and the ratio was 8.60; the three - month domestic price was 16605, the LME price was 1959, and the ratio was 12.61. The equilibrium ratio for spot import was 8.52, with a profit of 160.56 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 2030, 2240, 2430, and 2360 respectively, while the theoretical spreads were 601, 1100, 1608, and 2116 respectively [4] - **Zinc**: The spreads were 85, 110, 150, and 155 respectively, and the theoretical spreads were 225, 357, 488, and 619 respectively [4] - **Aluminum**: The spreads were 255, 335, 405, and 470 respectively, and the theoretical spreads were 227, 356, 484, and 613 respectively [4] - **Lead**: The spreads were 95, 115, 170, and 200 respectively, and the theoretical spreads were 207, 311, 414, and 518 respectively [4] - **Nickel**: The spreads were 3290, 3530, 3790, and 3770 respectively [4] - **Tin**: The spread for 5 - 1 was - 2650, and the theoretical spread was 7925 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 1720 and 310 respectively, and the theoretical spreads were - 64 and 791 respectively [4] - **Zinc**: The spreads were - 245 and - 160 respectively, and the theoretical spreads were 71 and 214 (also mentioned as 82 and 258) respectively [4][5] - **Lead**: The spreads were 65 and 160 respectively, and the theoretical spreads were 104 and 214 respectively [5] Cross - Variety Arbitrage Tracking - On February 10, 2026, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for the Shanghai (three - continuous) contracts were 4.15, 4.32, 6.15, 0.96, 1.42, and 0.68 respectively, and for the London (three - continuous) contracts were 3.90, 4.22, 6.69, 0.93, 1.59, and 0.58 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, and lead on February 4, 2026 [1][4][7] Cross - market Arbitrage Tracking Copper - Spot price: domestic 101250, LME 13282, ratio 7.33; March price: domestic 104780, LME 13351, ratio 7.62; equilibrium ratio for spot import 7.87, profit - 650.94; profit for spot export 2095.94 [1] Zinc - Spot price: domestic 25070, LME 3321, ratio 7.55; March price: domestic 25010, LME 3347, ratio 4.97; equilibrium ratio for spot import 8.27, profit - 2405.07 [1] Aluminum - Spot price: domestic 23290, LME 3069, ratio 7.59; March price: domestic 23890, LME 3092, ratio 7.63; equilibrium ratio for spot import 8.35, profit - 2324.16 [1] Nickel - Spot price: domestic 132700, LME 17037, ratio 7.79; equilibrium ratio for spot import 8.03, profit - 1126.11 [1] Lead - Spot price: domestic 16425, LME 1921, ratio 8.56; March price: domestic 16700, LME 1973, ratio 12.72; equilibrium ratio for spot import 8.53, profit 69.19 [3] Cross - period Arbitrage Tracking Copper - Spread between next month and spot month 6810, between March and spot month 7090, between April and spot month 7140, between May and spot month 7190; theoretical spreads are 590, 1079, 1576, 2074 respectively [4] Zinc - Spread between next month and spot month 535, between March and spot month 585, between April and spot month 620, between May and spot month 590; theoretical spreads are 225, 356, 487, 619 respectively [4] Aluminum - Spread between next month and spot month 535, between March and spot month 615, between April and spot month 670, between May and spot month 720; theoretical spreads are 227, 356, 484, 613 respectively [4] Lead - Spread between next month and spot month 55, between March and spot month 115, between April and spot month 190, between May and spot month 265; theoretical spreads are 208, 312, 416, 520 respectively [4] Nickel - Spread between next month and spot month 5330, between March and spot month 5630, between April and spot month 5930, between May and spot month 5980 [4] Tin - Spread between 5 - 1 is - 770, theoretical spread is 7876 [4] Copper (Continuous Contracts) - Spread between current month contract and spot - 3620, between next month contract and spot 3190; theoretical spreads are - 223, 1328 respectively [4] Zinc (Continuous Contracts) - Spread between current month contract and spot - 645, between next month contract and spot - 110; theoretical spreads are 108, 253 (or 124, 340) respectively [4][5] Lead (Continuous Contracts) - Spread between current month contract and spot 160, between next month contract and spot 215; theoretical spreads are 140, 250 respectively [5] Cross - variety Arbitrage Tracking - Copper/zinc: Shanghai (three - continuous) 4.19, London (three - continuous) 4.04; Copper/aluminum: Shanghai 4.39, London 4.34; Copper/lead: Shanghai 6.27, London 6.86; Aluminum/zinc: Shanghai 0.96, London 0.93; Aluminum/lead: Shanghai 1.43, London 1.58; Lead/zinc: Shanghai 0.67, London 0.59 [7]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Report Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 30, 2026 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 105125, LME price is 13820, and the ratio is 7.40; March domestic price is 109400, LME price is 13914, and the ratio is 7.41. The equilibrium ratio for spot import is 7.88, with a profit of 1825.50, and the spot export profit is 4722.22 [1] - **Zinc**: Spot domestic price is 25290, LME price is 3440, and the ratio is 7.35; March domestic price is 26010, LME price is 3462, and the ratio is 4.90. The equilibrium ratio for spot import is 8.28, with a loss of 3182.91 [1] - **Aluminum**: Spot domestic price is 24860, LME price is 3276, and the ratio is 7.59; March domestic price is 25655, LME price is 3300, and the ratio is 7.62. The equilibrium ratio for spot import is 8.29, with a loss of 2318.30 [1] - **Nickel**: Spot domestic price is 142750, LME price is 18503, and the ratio is 7.71. The equilibrium ratio for spot import is 8.03, with a loss of 450.01 [1] - **Lead**: Spot domestic price is 16750, LME price is 1998, and the ratio is 8.39; March domestic price is 17255, LME price is 2046, and the ratio is 12.39. The equilibrium ratio for spot import is 8.53, with a loss of 262.88 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, March, April, May and the spot month are 6440, 6730, 6930, 6930 respectively, and the theoretical spreads are 615, 1129, 1651, 2173 respectively [4] - **Zinc**: The spreads between the next month, March, April, May and the spot month are 395, 455, 470, 450 respectively, and the theoretical spreads are 231, 368, 504, 641 respectively [4] - **Aluminum**: The spreads between the next month, March, April, May and the spot month are 40, 105, 150, 195 respectively, and the theoretical spreads are 239, 379, 518, 658 respectively [4] - **Lead**: The spreads between the next month, March, April, May and the spot month are 270, 340, 380, 390 respectively, and the theoretical spreads are 210, 315, 421, 526 respectively [4] - **Nickel**: The spreads between the next month, March, April, May and the spot month are 3100, 3240, 3490, 3400 respectively [4] - **Tin**: The 5 - 1 spread is 840, and the theoretical spread is 9113 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1485 and 4955 respectively, and the theoretical spreads are 24 and 1543 respectively [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 265 and 660 respectively, and the theoretical spreads are 250 and 403 respectively [5] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 165 and 435 respectively, and the theoretical spreads are 156 and 268 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 - consecutive contracts) are 4.21, 4.26, 6.34, 0.99, 1.49, 0.66 respectively, and in London (three - consecutive contracts) are 3.99, 4.23, 6.76, 0.94, 1.60, 0.59 respectively [8]

Report Industry Investment Rating - Not provided in the report Core View - The report presents the cross - market, cross - period, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, and lead on January 23, 2026, including domestic and LME prices, price ratios, equilibrium price ratios, and profit data [1][3][5] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: On January 23, 2026, the domestic spot price was 100110, the LME spot price was 12762, with a ratio of 7.89; the domestic three - month price was 100900, the LME three - month price was 12845, with a ratio of 7.83. The equilibrium ratio for spot import was 7.90, with a profit of - 498.98, and the profit for spot export was - 159.97 [1] - **Zinc**: The domestic spot price was 24300, the LME spot price was 3163, with a ratio of 7.68; the domestic three - month price was 24445, the LME three - month price was 3200, with a ratio of 5.34. The equilibrium ratio for spot import was 8.33, with a profit of - 2042.42 [1] - **Aluminum**: The domestic spot price was 23740, the LME spot price was 3110, with a ratio of 7.63; the domestic three - month price was 24100, the LME three - month price was 3129, with a ratio of 7.65. The equilibrium ratio for spot import was 8.32, with a profit of - 2153.83 [1] - **Nickel**: The domestic spot price was 140200, the LME spot price was 17829, with a ratio of 7.86. The equilibrium ratio for spot import was 8.00, with a profit of 427.18 [1] - **Lead**: The domestic spot price was 16900, the LME spot price was 1987, with a ratio of 8.51; the domestic three - month price was 17185, the LME three - month price was 2032, with a ratio of 11.95. The equilibrium ratio for spot import was 8.55, with a profit of - 86.18 [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 - 350, - 150, 70, and 50 respectively, while the theoretical spreads were 607, 1113, 1627, and 2141 [3] - **Zinc**: The spreads were 95, 140, 175, and 180 respectively, and the theoretical spreads were 225, 355, 486, and 616 [3] - **Aluminum**: The spreads were - 30, 15, 55, and 75 respectively, and the theoretical spreads were 231, 364, 496, and 629 [3] - **Lead**: The spreads were 80, 125, 165, and 195 respectively, and the theoretical spreads were 210, 317, 423, and 529 [3] - **Nickel**: The spreads were - 320, - 140, 100, and 140 respectively [3] - **Tin**: The 5 - 1 spread was 3280, and the theoretical spread was 8334 [3] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 1020 and 670 respectively, and the theoretical spreads were 632 and 1133 [3] - **Zinc**: The spreads were 5 and 100 respectively, and the theoretical spreads were 188 and 329 [3] - **Lead**: The spreads were 160 and 240 respectively, and the theoretical spreads were 182 and 295 [3] Cross - Variety Arbitrage Tracking - The cross - variety ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 4.13, 4.19, 5.87, 0.99, 1.40, and 0.70 respectively; in London (three - continuous contracts) were 3.97, 4.07, 6.31, 0.98, 1.55, and 0.63 respectively [5]

Core Viewpoint - The emergence of "investment copper bars" has sparked controversy and discussion, despite copper being primarily an industrial metal with limited investment value [1][6]. Group 1: Market Observation - Investment copper bars were found in the Shui Bei market, priced at 180 yuan per kilogram, with a recovery price of approximately 80 yuan, indicating a significant discrepancy [4][6]. - The price of these copper bars fluctuated, reaching up to 250 yuan before settling between 180 and 190 yuan [4]. - The market for copper bars appears to be driven by consumer interest, despite merchants advising against their purchase for investment purposes [2][4]. Group 2: Economic Analysis - Copper is classified as a non-precious metal, typically priced by the ton rather than the gram, which complicates its positioning as an investment product [3][6]. - The concept of "Giffen goods" and "Veblen goods" is discussed, suggesting that copper bars may not fit neatly into these categories, as they do not serve as essential goods or luxury items [6][7]. - Behavioral economics suggests that consumers may categorize spending on copper bars as "entertainment" rather than serious investment, indicating a trend towards novelty rather than traditional investment logic [7]. Group 3: Price Trends and Market Dynamics - Since November, copper prices have been on the rise, with significant increases noted in both domestic and international markets [11][13]. - As of January 20, copper prices reached approximately 10.12 million yuan per ton, with year-to-date increases of about 2.85% [11]. - Recent market dynamics, including potential tariffs and supply concerns, have influenced copper pricing and investment behavior, leading to a notable interest in copper-related stocks [13][14]. Group 4: Industry Implications - The rise of investment copper bars may reflect a broader trend of "consumption downgrade" in precious metal investments, as consumers seek alternative options amid rising prices of gold and silver [6][11]. - The performance of copper mining stocks has been strong, with significant price increases observed in companies like Jiangxi Copper and Zijin Mining [11][14].