有色套利早报-20251124

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - product arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 24, 2025 [1][3][4] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On November 24, 2025, the domestic spot price was 85800, the LME price was 10677, and the ratio was 8.07; the three - month domestic price was 85680, the LME price was 10676, and the ratio was 8.03. The profit from spot import was - 632.80, and the profit from spot export was 75.49 [1] - Zinc: The domestic spot price was 22420, the LME price was 3122, and the ratio was 7.18; the three - month domestic price was 22400, the LME price was 2987, and the ratio was 5.75. The profit from spot import was - 4097.68 [1] - Aluminum: The domestic spot price was 21380, the LME price was 2757, and the ratio was 7.75; the three - month domestic price was 21370, the LME price was 2788, and the ratio was 7.66. The profit from spot import was - 1628.41 [1] - Nickel: The domestic spot price was 118650, the LME price was 14220, and the ratio was 8.34. The profit from spot import was - 1396.42 [1] - Lead: The domestic spot price was 17025, the LME price was 1973, and the ratio was 8.66; the three - month domestic price was 17170, the LME price was 1995, and the ratio was 11.22. The profit from spot import was - 123.44 [3] Cross - Period Arbitrage Tracking - Copper: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 420, - 400, - 430, and - 440 respectively, with theoretical spreads of 532, 963, 1402, and 1842 [4] - Zinc: The spreads were 10, 20, 25, and 40 respectively, with theoretical spreads of 215, 336, 457, and 578 [4] - Aluminum: The spreads were - 155, - 125, - 110, and - 90 respectively, with theoretical spreads of 218, 338, 457, and 577 [4] - Lead: The spreads were - 35, - 30, - 40, and 0 respectively, with theoretical spreads of 211, 318, 425, and 532 [4] - Nickel: The spreads were - 1200, - 1020, - 730, and - 450 respectively [4] - Tin: The 5 - 1 spread was 480, with a theoretical spread of 6017 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were 310 and - 110 respectively [4] - Zinc: The spreads were - 40 and - 30 respectively [4] - Lead: The spreads were 175 and 140 respectively [5] Cross - Product Arbitrage Tracking - On November 24, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - consecutive contracts) were 3.83, 4.01, 4.99, 0.95, 1.24, and 0.77 respectively; and in London (three - consecutive contracts) were 3.61, 3.87, 5.43, 0.93, 1.40, and 0.66 respectively [5]