有色套利早报-20251121

Report Industry Investment Rating - Not provided Core Viewpoints - 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 21, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: Spot domestic price is 86425, LME price is 10740, with a ratio of 8.02; March domestic price is 86100, LME price is 10759, ratio 8.03. Spot import equilibrium ratio is 8.08, profit is - 503.28; spot export profit is 21.23 [1] - Zinc: Spot domestic price is 22420, LME price is 3125, ratio 7.17; March domestic price is 22405, LME price is 2990, ratio 5.77. Spot import equilibrium ratio is 8.51, profit is - 4165.28 [1] - Aluminum: Spot domestic price is 21570, LME price is 2781, ratio 7.75; March domestic price is 21555, LME price is 2812, ratio 7.68. Spot import equilibrium ratio is 8.35, profit is - 1645.40 [1] - Nickel: Spot domestic price is 119950, LME price is 14384, ratio 8.34. Spot import equilibrium ratio is 8.18, profit is - 1472.02 [1] - Lead: Spot domestic price is 17100, LME price is 1986, ratio 8.62; March domestic price is 17235, LME price is 2015, ratio 11.12. Spot import equilibrium ratio is 8.73, profit is - 212.45 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next month, March, April, May and the spot month are 50, 20, 40, 50 respectively, while the theoretical spreads are 532, 963, 1402, 1842 [4] - Zinc: The spreads are - 35, - 15, - 15, 15, theoretical spreads are 215, 336, 457, 578 [4] - Aluminum: The spreads are 5, 30, 40, 50, theoretical spreads are 219, 338, 458, 578 [4] - Lead: The spreads are - 10, 5, 15, 45, theoretical spreads are 211, 318, 425, 533 [4] - Nickel: The spreads are - 270, - 70, 290, 570 [4] - Tin: The 5 - 1 spread is - 160, theoretical spread is 6041 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot are - 315 and - 265 respectively [4] - Zinc: The spreads are 0 and - 35 [4] - Lead: The spreads are 130 and 120 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 3.84, 3.99, 5.00, 0.96, 1.25, 0.77 in Shanghai (three - continuous) and 3.56, 3.82, 5.34, 0.93, 1.40, 0.67 in London (three - continuous) respectively [5]