有色套利早报-20251202

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 2, 2025 [1][3][4] 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: On December 2, 2025, the domestic spot price was 89280, the LME spot price was 11311, and the spot ratio was 7.74. The equilibrium ratio for spot import was 8.03, with a profit of - 1332.99. The domestic March price was 89320, the LME March price was 11242, and the ratio was 7.93 [1] - Zinc: The domestic spot price was 22550, the LME spot price was 3334, and the spot ratio was 6.76. The equilibrium ratio for spot import was 8.43, with a profit of - 5558.00. The domestic March price was 22620, the LME March price was 3066, and the ratio was 5.55 [1] - Aluminum: The domestic spot price was 21730, the LME spot price was 2852, and the spot ratio was 7.61. The equilibrium ratio for spot import was 8.30, with a profit of - 1955.44. The domestic March price was 21900, the LME March price was 2880, and the ratio was 7.58 [1] - Nickel: The domestic spot price was 119850, the LME spot price was 14698, and the spot ratio was 8.15. The equilibrium ratio for spot import was 8.13, with a profit of - 1597.05 [1] - Lead: The domestic spot price was 16975, the LME spot price was 1941, and the spot ratio was 8.75. The equilibrium ratio for spot import was 8.69, with a profit of 117.55. The domestic March price was 17055, the LME March price was 1983, and the ratio was 11.37 [3] Cross - Period Arbitrage Tracking - Copper: On December 2, 2025, the spreads of the next - month, March, April, and May contracts relative to the spot month were 1810, 1850, 1820, and 1710 respectively, and the theoretical spreads were 539, 977, 1423, and 1869 respectively [4] - Zinc: The spreads were 205, 235, 250, and 270 respectively, and the theoretical spreads were 215, 336, 457, and 578 respectively [4] - Aluminum: The spreads were 265, 300, 310, and 320 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4] - Lead: The spreads were 20, 0, 25, and 25 respectively, and the theoretical spreads were 210, 317, 423, and 529 respectively [4] - Nickel: The spreads were 1120, 1330, 1510, and 1800 respectively [4] - Tin: The spread of the 5 - 1 contract was 330, and the theoretical spread was 6322 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were - 1725 and 85 respectively, and the theoretical spreads were 36 and 792 respectively [4] - Zinc: The spreads were - 165 and 40 respectively, and the theoretical spreads were 132 and 264 respectively [4] - Lead: The spreads were 80 and 100 respectively, and the theoretical spreads were 137 and 250 respectively [5] Cross - Variety Arbitrage Tracking - On December 2, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.95, 4.08, 5.24, 0.97, 1.28, and 0.75 respectively, and in the London (three - continuous) market were 3.63, 3.89, 5.62, 0.93, 1.45, and 0.65 respectively [5]