Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report Core View The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 5, 2025, which helps investors understand the price relationships and potential arbitrage opportunities in the non - ferrous metal market [1][3][4]. 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: On November 5, 2025, the domestic spot price was 86,580, the LME price was 10,662, and the spot import equilibrium ratio was 8.10 with a profit of - 554.65. The three - month domestic price was 85,710, the LME price was 10,692, and the ratio was 8.08 [1]. - Zinc: The domestic spot price was 22,600, the LME price was 3,224, and the spot import equilibrium ratio was 8.51 with a profit of - 4,843.44. The three - month domestic price was 22,700, the LME price was 3,086, and the ratio was 5.66 [1]. - Aluminum: The domestic spot price was 21,440, the LME price was 2,876, and the spot import equilibrium ratio was 8.34 with a profit of - 2,562.83. The three - month domestic price was 21,500, the LME price was 2,883, and the ratio was 7.43 [1]. - Nickel: The domestic spot price was 123,000, the LME price was 14,856, and the spot import equilibrium ratio was 8.19 with a profit of - 1,264.30 [1]. - Lead: The domestic spot price was 17,250, the LME price was 1,996, and the spot import equilibrium ratio was 8.74 with a profit of - 197.85. The three - month domestic price was 17,425, the LME price was 2,020, and the ratio was 11.22 [3]. Cross - Period Arbitrage Tracking - Copper: On November 5, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were - 1,520, - 1,550, - 1,510, and - 1,490 respectively, while the theoretical spreads were 538, 975, 1,420, and 1,865 respectively [4]. - Zinc: The spreads were 155, 185, 195, and 205 respectively, and the theoretical spreads were 216, 337, 459, and 580 respectively [4]. - Aluminum: The spreads were - 125, - 90, - 90, and - 85 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4]. - Lead: The spreads were 25, 35, 20, and 30 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - Nickel: The spreads were - 890, - 650, - 420, and - 220 respectively [4]. - Tin: The 5 - 1 spread was - 950, and the theoretical spread was 5,871 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were 715 and - 805 respectively, and the theoretical spreads were 343 and 600 respectively [4]. - Zinc: The spreads were - 85 and 70 respectively, and the theoretical spreads were 124 and 255 respectively [4]. - Lead: The spreads were 140 and 165 respectively, and the theoretical spreads were 135 and 250 respectively [5]. Cross - Variety Arbitrage Tracking On November 5, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.78, 3.99, 4.92, 0.95, 1.23, and 0.77 respectively, and in the London (three - continuous) market were 3.45, 3.73, 5.27, 0.93, 1.41, and 0.66 respectively [5].
有色套利早报-20251105
Yong An Qi Huo·2025-11-05 00:56