伦敦金套利案例
关键字：伦敦金套利案例
什么是伦敦金套利？我们结合套利的定义来解释，就是伦敦金和相似的投资品种进行的对冲性交易，以有利的价格同时买入伦敦金，卖出相似的投资品种，或者卖出伦敦金的同时买入相似的投资品种，利用相关市场之间的价差变化，价差越高，则伦敦金套利空间越大。
相似的投资品种指的是交易模式大致一样，均为双向式杠杆保证金交易，同为即日开仓和结算。
下面分别以国际原油期货（WTI）为例，让大家了解一下伦敦金如何套利。
1、 做空美国原油期货、做多伦敦金
2014年8月1日按美国原油期货的卖出价为75.5美元入市，伦敦金买入价以1282.6美元入市，同时建立一手，以1%的保证金投入交易，则需要的保证金额度为
1282.6*100*1%=1282.6美元（1手为100盎司）
与此同时按原油期货交易10%的保证金比例投入交易，那么原油期货需要的保证金额度为
75.5*1000*10%=7550美元
两笔投资总和为1282.6+7550=8832.6美元（1手为1000桶）
两手交易单均在8月4日平仓，国际原油期货（WTI）的买入价为82.3美元，伦敦金卖出价为1278.1美元，
则两者形成的套利差价为
国际原油期货收益=（买入价-卖出价）*交易单位=（82.3-75.5）*1000=6800美元
伦敦金收益=（卖出价-买入价）*交易单位=（1278.1-1282.6）*100=-450美元
套利差价=国际原油期货收益+伦敦金收益=6800+（-450）=6350美元
从上述例子可得，伦敦金套利是通过与其他相似投资品种对冲所产生的一种收益，也可以找同类品种进行贵金属对冲交易，当相似品种的价差收益高于伦敦金价差收益，或者伦敦金价差收益高于相似品种价差收益时，二者合计则为总体的套利金额。
本文来源： 大田环球贵金属
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