Report Industry Investment Rating - No investment rating information provided in the report Report's Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 3, 2025 Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - Copper: On December 3, 2025, the domestic spot price was 88650, the LME spot price was 11263, and the spot price ratio was 7.93. The equilibrium ratio for spot import was 8.03, with a loss of 1557.87, and there was a profit of 1151.46 for spot export [1] - Zinc: The domestic spot price was 22730, the LME spot price was 3340, and the spot price ratio was 6.80. The equilibrium ratio for spot import was 8.43, with a loss of 5428.02 [1] - Aluminum: The domestic spot price was 21810, the LME spot price was 2859, and the spot price ratio was 7.59. The equilibrium ratio for spot import was 8.32, with a loss of 2077.67 [1] - Nickel: The domestic spot price was 119850, the LME spot price was 14720, and the spot price ratio was 8.14. The equilibrium ratio for spot import was 8.13, with a loss of 1354.70 [1] - Lead: The domestic spot price was 17075, the LME spot price was 1963, and the spot price ratio was 8.69. The equilibrium ratio for spot import was 8.68, with a profit of 16.01 [3] Cross - Period Arbitrage Tracking - Copper: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 290, - 280, - 270, and - 360 respectively, while the theoretical spreads were 548, 994, 1449, and 1904 [4] - Zinc: The spreads were 190, 220, 235, and 250, and the theoretical spreads were 216, 338, 459, and 581 [4] - Aluminum: The spreads were 95, 130, 140, and 150, and the theoretical spreads were 220, 341, 462, and 583 [4] - Lead: The spreads were 150, 115, 125, and 120, and the theoretical spreads were 210, 317, 423, and 529 [4] - Nickel: The spreads were 590, 820, 1010, and 1270 [4] - Tin: The spread between the 5 - month and 1 - month contracts was 150, and the theoretical spread was 6330 [4] Spot - Futures Arbitrage Tracking - Copper: The spreads between the current - month and next - month contracts and the spot were 625 and 335 respectively, and the theoretical spreads were 363 and 810 [4] - Zinc: The spreads were - 175 and 15, and the theoretical spreads were 125 and 257 [4] - Lead: The spreads were - 15 and 135, and the theoretical spreads were 120 and 233 [5] Cross - Variety Arbitrage Tracking - On December 3, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.90, 4.05, 5.18, 0.96, 1.28, and 0.75 respectively, and for LME (three - continuous contracts) were 3.64, 3.89, 5.59, 0.94, 1.44, and 0.65 respectively [5]
有色套利早报-20251203
Yong An Qi Huo·2025-12-03 01:56