有色套利早报-20251117

Group 1: Report Industry Investment Rating - Not provided Group 2: 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 17, 2025 [1][3][4] Group 3: Summary by Related Catalogs Cross - market Arbitrage Tracking - Copper: Spot price is 87050 in domestic and 10881 in LME with a ratio of 8.05; March price is 86900 in domestic and 10878 in LME with a ratio of 8.01. Spot import equilibrium ratio is 8.06 with a profit of - 920.93, and spot export profit is 134.77 [1] - Zinc: Spot price is 22480 in domestic and 3201 in LME with a ratio of 7.02; March price is 22465 in domestic and 3026 in LME with a ratio of 5.82. Spot import equilibrium ratio is 8.48 with a profit of - 4661.65 [1] - Aluminum: Spot price is 21910 in domestic and 2832 in LME with a ratio of 7.73; March price is 21840 in domestic and 2861 in LME with a ratio of 7.69. Spot import equilibrium ratio is 8.31 with a profit of - 1639.17 [1] - Nickel: Spot price is 121550 in domestic and 14696 in LME with a ratio of 8.27. Spot import equilibrium ratio is 8.16 with a profit of - 2326.46 [1] - Lead: Spot price is 17400 in domestic and 2044 in LME with a ratio of 8.52; March price is 17505 in domestic and 2068 in LME with a ratio of 10.90. Spot import equilibrium ratio is 8.70 with a profit of - 352.43 [3] Cross - period Arbitrage Tracking - Copper: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 620, - 620, - 610, - 620 respectively, while theoretical spreads are 540, 977, 1424, 1870 [4] - Zinc: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 305, - 265, - 225, - 200 respectively, while theoretical spreads are 217, 339, 462, 585 [4] - Aluminum: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 175, - 135, - 130, - 125 respectively, while theoretical spreads are 221, 343, 465, 587 [4] - Lead: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 135, - 125, - 115, - 100 respectively, while theoretical spreads are 213, 322, 431, 541 [4] - Nickel: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 1420, - 1220, - 990, - 740 respectively [4] - Tin: 5 - 1 spread is - 480 with a theoretical spread of 6028 [4] Spot - futures Arbitrage Tracking - Copper: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 475 and - 145 respectively [4] - Zinc: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 250 and - 55 respectively [4][5] - Lead: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 230 and 95 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 3.87, 3.98, 4.96, 0.97, 1.25, 0.78 respectively; in London (triple - continuous) are 3.59, 3.80, 5.26, 0.95, 1.38, 0.68 respectively [5]