有色套利早报-20251023

1. Report Industry Investment Rating - No information provided 2. Core View - The report mainly presents the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 23, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On October 23, 2025, the domestic spot price was 84980, LME spot price was 10663, and the spot ratio was 8.01. The domestic March price was 85370, LME March price was 10669, and the March ratio was 7.96. The equilibrium ratio for spot import was 8.09 [1] - Zinc: The domestic spot price was 21910, LME spot price was 3350, and the spot ratio was 6.54. The domestic March price was 22040, LME March price was 3011, and the March ratio was 5.70. The equilibrium ratio for spot import was 8.49, with a profit of - 6539.20 [1] - Aluminum: The domestic spot price was 20980, LME spot price was 2800, and the spot ratio was 7.49. The domestic March price was 21050, LME March price was 2797, and the March ratio was 7.50. The equilibrium ratio for spot import was 8.37, with a profit of - 2452.65 [1] - Nickel: The domestic spot price was 123500, LME spot price was 14998, and the spot ratio was 8.23. The equilibrium ratio for spot import was 8.19, with a profit of - 1463.49 [1] - Lead: The domestic spot price was 16975, LME spot price was 1953, and the spot ratio was 8.70. The domestic March price was 17185, LME March price was 1993, and the March ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a profit of - 232.67 [3] Cross - Period Arbitrage Tracking - Copper: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 40, - 10, - 40, - 80 respectively, while the theoretical spreads were 529, 956, 1392, 1828 respectively [4] - Zinc: The spreads were 15, 55, 70, 100 respectively, and the theoretical spreads were 213, 332, 451, 570 respectively [4] - Aluminum: The spreads were 30, 35, 35, 35 respectively, and the theoretical spreads were 216, 333, 450, 567 respectively [4] - Lead: The spreads were 15, 25, 35, 40 respectively, and the theoretical spreads were 211, 318, 424, 531 respectively [4] - Nickel: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 260, 440, 590, 790 respectively [4] - Tin: The 5 - 1 spread was - 620, and the theoretical spread was 5833 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month contract - spot and the next - month contract - spot were 445 and 485 respectively, and the theoretical spreads were 487 and 963 respectively [4] - Zinc: The spreads were 75 and 90 respectively, and the theoretical spreads were 176 and 304 respectively [4] - Lead: The spreads were 185 and 200 respectively, and the theoretical spreads were 186 and 299 respectively [5] Cross - Variety Arbitrage Tracking - On October 23, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.87, 4.06, 4.97, 0.96, 1.22, 0.78 respectively, and for London (three - continuous) were 3.53, 3.80, 5.34, 0.93, 1.41, 0.66 respectively [5]