Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) 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 October 27, 2025, to provide data support for potential arbitrage opportunities [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On October 27, 2025, the domestic spot price was 86,475, the LME price was 10,922, and the ratio was 7.88; the domestic three - month price was 87,680, the LME price was 10,948, and the ratio was 7.89. The equilibrium ratio for spot import was 8.09 [1]. - Zinc: The domestic spot price was 22,190, the LME price was 3,216, and the ratio was 6.90; the domestic three - month price was 22,385, the LME price was 3,029, and the ratio was 5.78. The equilibrium ratio for spot import was 8.51, with a loss of 5,172.40 [1]. - Aluminum: The domestic spot price was 21,110, the LME price was 2,884, and the ratio was 7.32; the domestic three - month price was 21,245, the LME price was 2,881, and the ratio was 7.35. The equilibrium ratio for spot import was 8.36, with a loss of 2,991.35 [1]. - Nickel: The domestic spot price was 124,100, the LME price was 15,131, and the ratio was 8.20. The equilibrium ratio for spot import was 8.19, with a loss of 1,226.75 [1]. - Lead: The domestic spot price was 17,275, the LME price was 1,980, and the ratio was 8.74; the domestic three - month price was 17,550, the LME price was 2,017, and the ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a loss of 158.57 [3]. Cross - Period Arbitrage Tracking - Copper: On October 27, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 1,690, 1,650, 1,610, and 1,650 respectively, while the theoretical spreads were 532, 962, 1,401, and 1,841 [4]. - Zinc: The spreads were 55, 85, 120, and 135, and the theoretical spreads were 215, 335, 456, and 576 [4]. - Aluminum: The spreads were 90, 110, 95, and 80, and the theoretical spreads were 217, 334, 452, and 570 [4]. - Lead: The spreads were - 20, - 65, - 75, and - 70, and the theoretical spreads were 213, 322, 431, and 540 [4]. - Nickel: The spreads were 1,000, 1,160, 1,330, and 1,600 [4]. - Tin: The spread between the 5 - month and 1 - month contracts was 10, and the theoretical spread was 5,878 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were - 350 and 1,340 respectively, and the theoretical spreads were 338 and 1,063 [4]. - Zinc: The spreads were 110 and 165, and the theoretical spreads were 180 and 309 [4]. - Lead: The spreads were 340 and 320, and the theoretical spreads were 202 and 317 [5]. Cross - Variety Arbitrage Tracking - On October 27, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.92, 4.13, 5.00, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous) were 3.63, 3.83, 5.43, 0.95, 1.42, and 0.67 [5].
有色套利早报-20251027
Yong An Qi Huo·2025-10-27 02:10