Report Summary Industry Investment Rating No industry investment rating information is provided in the 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 13, 2025, to help investors find potential arbitrage opportunities. Summary by Category Cross - Market Arbitrage Tracking - Copper: Spot price in China is 86,770, LME price is 10,835, and the ratio is 8.00; for the three - month contract, China price is 86,840, LME price is 10,849, and the ratio is 8.00. The equilibrium ratio for spot import is 8.07, with a loss of 744.41, and a profit of 323.68 for spot export [1]. - Zinc: Spot price in China is 22,610, LME price is 3,199, and the ratio is 7.07; for the three - month contract, China price is 22,720, LME price is 3,071, and the ratio is 5.71. The equilibrium ratio for spot import is 8.49, with a loss of 4,559.88 [1]. - Aluminum: Spot price in China is 21,660, LME price is 2,867, and the ratio is 7.56; for the three - month contract, China price is 21,880, LME price is 2,895, and the ratio is 7.52. The equilibrium ratio for spot import is 8.32, with a loss of 2,195.36 [1]. - Nickel: Spot price in China is 122,250, LME price is 14,821, and the ratio is 8.25. The equilibrium ratio for spot import is 8.17, with a loss of 2,084.11 [1]. - Lead: Spot price in China is 17,350, LME price is 2,051, and the ratio is 8.45; for the three - month contract, China price is 17,670, LME price is 2,075, and the ratio is 10.91. The equilibrium ratio for spot import is 8.71, with a loss of 533.04 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 210, 210, 220, and 190 respectively, while the theoretical spreads are 535, 968, 1410, and 1853 [4]. - Zinc: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 90, 130, 150, and 175 respectively, while the theoretical spreads are 216, 338, 460, and 582 [4]. - Aluminum: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 245, 295, 295, and 305 respectively, while the theoretical spreads are 219, 339, 459, and 579 [4]. - Lead: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 265, 275, 275, and 265 respectively, while the theoretical spreads are 212, 320, 428, and 536 [4]. - Nickel: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 340, - 160, 20, and 280 respectively [4]. - Tin: The spread between the 5 - month and 1 - month contracts is - 1150, and the theoretical spread is 6046 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot are - 115 and 95 respectively, while the theoretical spreads are 96 and 606 [4]. - Zinc: The spreads between the current - month and next - month contracts and the spot are - 20 and 70 respectively, while the theoretical spreads are 89 and 220 [4][5]. - Lead: The spreads between the current - month and next - month contracts and the spot are 45 and 310 respectively, while the theoretical spreads are 91 and 206 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.82, 3.97, 4.91, 0.96, 1.24, and 0.78 respectively, and for London (three - continuous contracts) are 3.56, 3.78, 5.22, 0.94, 1.38, and 0.68 respectively [5]
有色套利早报-20251113
Yong An Qi Huo·2025-11-13 00:47