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 October 20, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On October 20, 2025, the domestic spot price was 84775, the LME spot price was 10506, and the spot price ratio was 8.10; the domestic three - month price was 84350, the LME three - month price was 10523, and the three - month price ratio was 8.05 [1] - Zinc: The domestic spot price was 21860, the LME spot price was 3084, and the spot price ratio was 7.09; the domestic three - month price was 21870, the LME three - month price was 2948, and the three - month price ratio was 5.78 [1] - Aluminum: The domestic spot price was 20950, the LME spot price was 2791, and the spot price ratio was 7.50; the domestic three - month price was 20920, the LME three - month price was 2778, and the three - month price ratio was 7.55 [1] - Nickel: The domestic spot price was 123700, the LME spot price was 14983, and the spot price ratio was 8.26. The profit from spot import was - 1658.10 [1] - Lead: The domestic spot price was 16825, the LME spot price was 1930, and the spot price ratio was 8.76; the domestic three - month price was 17090, the LME three - month price was 1972, and the three - month price ratio was 11.10 [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 - 660, - 700, - 800, and - 880 respectively, while the theoretical spreads were 527, 953, 1387, and 1821 [4] - Zinc: The spreads were - 110, - 70, - 35, and 10 respectively, and the theoretical spreads were 213, 331, 450, and 569 [4] - Aluminum: The spreads were - 65, - 55, - 50, and - 40 respectively, and the theoretical spreads were 216, 333, 450, and 567 [4] - Lead: The spreads were - 10, - 10, - 10, and 20 respectively, and the theoretical spreads were 211, 317, 424, and 530 [4] - Nickel: The spreads were 60, 240, 490, and 780 respectively [4] - Tin: The 5 - 1 spread was - 390, and the theoretical spread was 5818 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were 300 and - 360 respectively, and the theoretical spreads were 546 and 918 [4] - Zinc: The spreads were 80 and - 30 respectively, and the theoretical spreads were 191 and 307 [5] - Lead: The spreads were 275 and 265 respectively, and the theoretical spreads were 217 and 330 [5] Cross - Variety Arbitrage Tracking - On October 20, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.86, 4.03, 4.94, 0.96, 1.22, and 0.78 respectively; for London (triple - continuous), they were 3.60, 3.82, 5.38, 0.94, 1.41, and 0.67 respectively [5]
有色套利早报-20251020
Yong An Qi Huo·2025-10-20 02:12