有色套利早报-20251119

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on November 19, 2025, including domestic and LME prices, price ratios, spreads, and theoretical spreads [1][4][5]. 3. Summary by Directory Cross - Market Arbitrage Tracking - Copper: On November 19, 2025, the domestic spot price was 86000, the LME spot price was 10647, with a ratio of 8.12; the domestic three - month price was 85660, the LME three - month price was 10682, with a ratio of 8.04. There was no information on spot import and export profitability [1]. - Zinc: The domestic spot price was 22290, the LME spot price was 3100, with a ratio of 7.19; the domestic three - month price was 22345, the LME three - month price was 2971, with a ratio of 5.82. There was no information on spot import and export profitability [1]. - Aluminum: The domestic spot price was 21460, the LME spot price was 2752, with a ratio of 7.80; the domestic three - month price was 21480, the LME three - month price was 2788, with a ratio of 7.71. There was no information on spot import and export profitability [1]. - Nickel: The domestic spot price was 118800, the LME spot price was 14335, with a ratio of 8.29. The spot import profit was - 2326.46 [1]. - Lead: The domestic spot price was 17100, the LME spot price was 2002, with a ratio of 8.57; the domestic three - month price was 17245, the LME three - month price was 2030, with a ratio of 10.98. There was no information on spot import and export profitability [3]. Cross - Period Arbitrage Tracking - Copper: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 670, - 670, - 650, - 720 respectively, while the theoretical spreads were 534, 965, 1406, 1847 respectively [4]. - Zinc: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 125, - 110, - 90, - 60 respectively, and the theoretical spreads were 215, 337, 458, 579 respectively [4]. - Aluminum: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 120, - 105, - 90, - 80 respectively, and the theoretical spreads were 219, 339, 459, 579 respectively [4]. - Lead: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 40, - 25, - 30, 35 respectively, and the theoretical spreads were 211, 319, 426, 533 respectively [4]. - Nickel: The spreads for次月 - spot month, three - month - spot month, four - month - spot month, and five - month - spot month were - 1650, - 1430, - 1190, - 900 respectively [4]. - Tin: The 5 - 1 spread was 130, and the theoretical spread was 5980 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads for the current - month contract - spot and the next - month contract - spot were 365 and - 305 respectively [4]. - Zinc: The spreads for the current - month contract - spot and the next - month contract - spot were 165 and 40 respectively [4][5]. - Lead: The spreads for the current - month contract - spot and the next - month contract - spot were 170 and 130 respectively [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) were 3.83, 3.99, 4.97, 0.96, 1.25, 0.77 respectively; for London (three - continuous) were 3.59, 3.86, 5.30, 0.93, 1.37, 0.68 respectively [5].