Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 12, 2025 [1][3][4]. 3. Summary by Related Directory Cross - Market Arbitrage Tracking - Copper: Spot domestic price is 86,750, LME price is 10,788, with a ratio of 8.02; March domestic price is 86,720, LME price is 10,809, ratio 8.02. Spot import equilibrium ratio is 8.08, profit is - 502.58, and spot export profit is 118.66 [1]. - Zinc: Spot domestic price is 22,660, LME price is 3,188, ratio 7.11; March domestic price is 22,705, LME price is 3,071, ratio 5.68. Spot import equilibrium ratio is 8.50, profit is - 4438.29 [1]. - Aluminum: Spot domestic price is 21,620, LME price is 2,853, ratio 7.58; March domestic price is 21,665, LME price is 2,877, ratio 7.54. Spot import equilibrium ratio is 8.33, profit is - 2136.61 [1]. - Nickel: Spot domestic price is 122,950, LME price is 14,874, ratio 8.27. Spot import equilibrium ratio is 8.18, profit is - 1805.20 [1]. - Lead: Spot domestic price is 17,300, LME price is 2,030, ratio 8.52; March domestic price is 17,450, LME price is 2,051, ratio 11.06. Spot import equilibrium ratio is 8.72, profit is - 399.90 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month and spot - month, March and spot - month, April and spot - month, May and spot - month are 150, 240, 210, 210 respectively, while the theoretical spreads are 534, 967, 1408, 1850 [4]. - Zinc: The spreads are 60, 90, 115, 110, and the theoretical spreads are 216, 338, 460, 582 [4]. - Aluminum: The spreads are - 35, 15, 20, 30, and the theoretical spreads are 219, 340, 460, 580 [4]. - Lead: The spreads are 35, 45, 55, 40, and the theoretical spreads are 212, 320, 428, 536 [4]. - Nickel: The spreads are 220, 370, 580, 800 [4]. - Tin: The 5 - 1 spread is - 980, and the theoretical spread is 5957 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month contract and spot, next - month contract and spot are - 235, - 85, and the theoretical spreads are 93, 594 [4]. - Zinc: The spreads are - 45, 15, and the theoretical spreads are 85, 217 [4]. - Lead: The spreads are 105, 140, and the theoretical spreads are 103, 218 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.82, 4.00, 4.97, 0.95, 1.24, 0.77, and in London (three - continuous) are 3.53, 3.77, 5.25, 0.94, 1.39, 0.67 [5].
有色套利早报-20251112
Yong An Qi Huo·2025-11-12 00:52