有色套利早报-20251127

Report Industry Investment Rating - Not provided Core Views - 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 27, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking Copper - Spot price: domestic 86690, LME 10873, ratio 7.97; March price: domestic 86600, LME 10865, ratio 7.97; Spot import equilibrium ratio 8.03, profit - 712.75; Spot export profit 293.03 [1] Zinc - Spot price: domestic 22390, LME 3171, ratio 7.06; March price: domestic 22365, LME 3008, ratio 5.67; Spot import equilibrium ratio 8.45, profit - 4415.71 [1] Aluminum - Spot price: domestic 21400, LME 2784, ratio 7.68; March price: domestic 21505, LME 2811, ratio 7.63; Spot import equilibrium ratio 8.31, profit - 1733.11 [1] Nickel - Spot price: domestic 120450, LME 14652, ratio 8.22; Spot import equilibrium ratio 8.13, profit - 1756.72 [1] Lead - Spot price: domestic 16950, LME 1945, ratio 8.74; March price: domestic 17065, LME 1986, ratio 11.26; Spot import equilibrium ratio 8.69, profit 96.55 [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 50, 60, 20, - 20 respectively; Theoretical spreads are 535, 967, 1409, 1851 [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 5, 30, 35; Theoretical spreads are 215, 336, 456, 577 [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 30, 80, 110, 125; Theoretical spreads are 218, 337, 456, 576 [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 60, 60, 55, 70; Theoretical spreads are 210, 316, 422, 528 [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 1320, 1490, 1670, 1920 [4] Tin - 5 - 1 spread is 320; Theoretical spread is 6108 [4] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.87, 4.03, 5.07, 0.96, 1.26, 0.76; in London (three - continuous) are 3.59, 3.84, 5.54, 0.94, 1.45, 0.65 [5] Spot - Futures Arbitrage Tracking Copper - Spreads for当月合约 - 现货, 次月合约 - 现货 are - 70, - 20; Theoretical spreads are 350, 836 [4] Zinc - Spreads for当月合约 - 现货, 次月合约 - 现货 are - 30; Theoretical spreads are 155, 288 [4][5] Lead - Spreads for当月合约 - 现货, 次月合约 - 现货 are 55, 115; Theoretical spreads are 152, 265 [5]