Report Industry Investment Rating - No information provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 7, 2025 [1][3][4] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: On November 7, 2025, the domestic spot price was 86030, the LME spot price was 10736, with a spot import equilibrium ratio of 8.09 and a loss of 384.81 for spot import, while there was a profit of 524.53 for spot export. The domestic three - month price was 86350, the LME three - month price was 10767, and the ratio was 7.97 [1] - Zinc: The domestic spot price was 22490, the LME spot price was 3159, with a ratio of 7.12. The domestic three - month price was 22710, the LME three - month price was 3055, and the ratio was 5.69. The spot import equilibrium ratio was 8.51, and the loss for spot import was 4386.00 [1] - Aluminum: The domestic spot price was 21360, the LME spot price was 2857, with a ratio of 7.47. The domestic three - month price was 21665, the LME three - month price was 2872, and the ratio was 7.46. The spot import equilibrium ratio was 8.33, and the loss for spot import was 2439.70 [1] - Nickel: The domestic spot price was 121850, the LME spot price was 14891, with a ratio of 8.18. The spot import equilibrium ratio was 8.18, and the loss for spot import was 2113.55 [1] - Lead: The domestic spot price was 17200, the LME spot price was 2007, with a ratio of 8.58. The domestic three - month price was 17450, the LME three - month price was 2022, and the ratio was 11.15. The spot import equilibrium ratio was 8.73, and the loss for spot import was 292.83 [3] Cross - Period Arbitrage Tracking - Copper: On November 7, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 20, 50, 50, and 20 respectively, while the theoretical spreads were 534, 965, 1406, and 1846 [4] - Zinc: The spreads were 45, 80, 85, and 85 respectively, and the theoretical spreads were 216, 338, 460, and 583 [4] - Aluminum: The spreads were 35, 70, 80, and 90 respectively, and the theoretical spreads were 219, 339, 459, and 579 [4] - Lead: The spreads were 60, 80, 75, and 65 respectively, and the theoretical spreads were 212, 320, 428, and 535 [4] - Nickel: The spreads were 270, 490, 710, and 970 respectively [4] - Tin: The spread between the 5 - month and 1 - month contracts was - 750, and the theoretical spread was 5863 [4] Spot - Futures Arbitrage Tracking - Copper: On November 7, 2025, the spreads between the current - month and next - month contracts and the spot were 335 and 355 respectively, while the theoretical spreads were 250 and 729 [4] - Zinc: The spreads were 140 and 185 respectively, and the theoretical spreads were 132 and 263 [4] - Lead: The spreads were 170 and 230 respectively, and the theoretical spreads were 132 and 246 [5] Cross - Variety Arbitrage Tracking - On November 7, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.80, 3.99, 4.95, 0.95, 1.24, and 0.77 respectively, and for London (three - continuous contracts) were 3.51, 3.76, 5.26, 0.93, 1.40, and 0.67 respectively [5]
有色套利早报-20251107
Yong An Qi Huo·2025-11-07 01:06