有色套利早报-20251103

Report Industry Investment Rating - No information provided Core View - The report tracks cross - market, cross - period, spot - futures, and cross - variety arbitrage of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on November 3, 2025, including prices, ratios, spreads, and theoretical spreads [1][4][5] Cross - Market Arbitrage Tracking Copper - Spot price: domestic 87540, LME 10869, ratio 8.09; March price: domestic 87030, LME 10883, ratio 8.05; spot import equilibrium ratio 8.09 [1] Zinc - Spot price: domestic 22270, LME 3115, ratio 7.15; March price: domestic 22390, LME 3029, ratio 5.74; spot import equilibrium ratio 8.52, profit - 4254.44 [1] Aluminum - Spot price: domestic 21280, LME 2852, ratio 7.46; March price: domestic 21325, LME 2858, ratio 7.48; spot import equilibrium ratio 8.34, profit - 2503.54 [1] Nickel - Spot price: domestic 123150, LME 14980, ratio 8.22; spot import equilibrium ratio 8.18, profit - 1939.89 [1] Lead - Spot price: domestic 17150, LME 1992, ratio 8.65; March price: domestic 17400, LME 2019, ratio 11.09; spot import equilibrium ratio 8.74, profit - 175.90 [3] Cross - Period Arbitrage Tracking Copper - Spreads (next month - spot month, March - spot month, April - spot month, May - spot month): - 900, - 880, - 920, - 930; theoretical spreads: 542, 981, 1430, 1878 [4] Zinc - Spreads: 30, 65, 75, 95; theoretical spreads: 215, 335, 456, 577 [4] Aluminum - Spreads: 70, 95, 90, 100; theoretical spreads: 217, 335, 453, 572 [4] Lead - Spreads: 30, 40, 30, 25; theoretical spreads: 212, 320, 427, 535 [4] Nickel - Spreads: - 70, 120, 260, 540 [4] Tin - 5 - 1 spread: - 950; theoretical spread: 5875 [4] Spot - Futures Arbitrage Tracking Copper - Current month contract - spot spread 390, next month contract - spot spread - 510; theoretical spreads 348, 701 [4] Zinc - Current month contract - spot spread 55, next month contract - spot spread 85; theoretical spreads 138, 268 [4] Lead - Current month contract - spot spread 210, next month contract - spot spread 240; theoretical spreads 156, 270 [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (three - continuous) 3.89, 4.08, 5.00, 0.95, 1.23, 0.78; London (three - continuous) 3.57, 3.77, 5.38, 0.95, 1.43, 0.66 [5]