Industry Investment Rating - No information provided Core View - The report presents cross - market, cross - term, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 18, 2025 [1][4][5] Summary by Directory Cross - Market Arbitrage Tracking - Copper: On November 18, 2025, the domestic spot price was 86490, the LME spot price was 10779, and the ratio was 8.07; the domestic three - month price was 86450, the LME three - month price was 10812, and the ratio was 8.01. No profit data for spot import and export was provided [1] - Zinc: The domestic spot price was 22380, the LME spot price was 3126, and the ratio was 7.16; the domestic three - month price was 22490, the LME three - month price was 3022, and the ratio was 5.76. No profit data for spot import and export was provided [1] - Aluminum: The domestic spot price was 21620, the LME spot price was 2809, and the ratio was 7.70; the domestic three - month price was 21725, the LME three - month price was 2848, and the ratio was 7.64. No profit data for spot import and export was provided [1] - Nickel: The domestic spot price was 120300, the LME spot price was 14616, and the ratio was 8.23. The profit for spot import was - 2326.46 [1] - Lead: The domestic spot price was 17200, the LME spot price was 2037, and the ratio was 8.48; the domestic three - month price was 17355, the LME three - month price was 2054, and the ratio was 10.93. No profit data for spot import was provided [3] Cross - Term Arbitrage Tracking - Copper: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 370, - 370, - 410, and - 410 respectively, while the theoretical spreads were 536, 970, 1413, and 1856 [4] - Zinc: The spreads were 10, 35, 75, and 105, and the theoretical spreads were 215, 337, 458, and 579 [4] - Aluminum: The spreads were - 75, - 25, 0, and - 5, and the theoretical spreads were 220, 341, 461, and 582 [4] - Lead: The spreads were - 120, - 90, - 65, and - 75, and the theoretical spreads were 212, 320, 429, and 537 [4] - Nickel: The spreads were - 490, - 290, - 60, and 190 [4] - Tin: The 5 - 1 spread was - 630, and the theoretical spread was 6008 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were 360 and - 10 respectively [4] - Zinc: The spreads were 75 and 85 respectively [4][5] - Lead: The spreads were 245 and 125 respectively [5] Cross - Variety Arbitrage Tracking - On November 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.84, 3.98, 4.98, 0.97, 1.25, and 0.77 respectively; for LME (three - continuous), they were 3.60, 3.83, 5.29, 0.94, 1.38, and 0.68 respectively [5]
有色套利早报-20251118
Yong An Qi Huo·2025-11-18 00:42