有色套利早报-20251110

Report Industry Investment Rating - No information provided. Report's Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on November 10, 2025 [1][4][5]. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On November 10, 2025, the domestic spot price was 85925, the LME price was 10697, and the ratio was 8.07. The March ratio was 8.03. The equilibrium ratio for spot import was 8.09, with a profit of - 685.03, and the spot export had a profit of 126.56 [1]. - Zinc: The domestic spot price was 22620, the LME price was 3208, and the ratio was 7.05. The March ratio was 5.71. The equilibrium ratio for spot import was 8.50, with a profit of - 4661.59 [1]. - Aluminum: The domestic spot price was 21540, the LME price was 2831, and the ratio was 7.61. The March ratio was also 7.61. The equilibrium ratio for spot import was 8.33, with a profit of - 2054.39 [1]. - Nickel: The domestic spot price was 122200, the LME price was 14859, and the ratio was 8.22. The equilibrium ratio for spot import was 8.19, with a profit of - 1837.56 [1]. - Lead: The domestic spot price was 17275, the LME price was 2023, and the ratio was 8.53. The March ratio was 11.16. The equilibrium ratio for spot import was 8.73, with a profit of - 409.62 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 360, - 340, - 340, and - 350 respectively, while the theoretical spreads were 534, 965, 1406, and 1846 [4]. - Zinc: The spreads were 90, 125, 140, and 135, and the theoretical spreads were 216, 338, 460, and 583 [4]. - Aluminum: The spreads were - 5, 30, 35, and 55, and the theoretical spreads were 219, 339, 459, and 579 [4]. - Lead: The spreads were 50, 75, 45, and 35, and the theoretical spreads were 212, 320, 428, and 535 [4]. - Nickel: The spreads were - 40, 130, 320, and 580 [4]. - Tin: The 5 - 1 spread was - 550, and the theoretical spread was 5865 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads for the current - month contract - spot and the next - month contract - spot were 310 and - 50, and the theoretical spreads were 249 and 672 [4]. - Zinc: The spreads were 10 and 100, and the theoretical spreads were 115 and 247 [4]. - Lead: The spreads were 95 and 145, and the theoretical spreads were 117 and 232 [5]. Cross - Variety Arbitrage Tracking - On November 10, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) were 3.78, 3.98, 4.93, 0.95, 1.24, and 0.77 respectively, and in London (triple - continuous) were 3.51, 3.76, 5.24, 0.93, 1.39, and 0.67 [5].