免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 锌 当月合约-现货 次月合约-现货 价差 75 85 理论价差 - - 铅 当月合约-现货 次月合约-现货 价差 245 125 理论价差 - - 跨品种套利跟踪 2025/11/18 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.84 3.98 4.98 0.97 1.25 0.77 伦（三连） 3.60 3.83 5.29 0.94 1.38 0.68 国内价格 LME价格 比价 现货 17200 2037 8.48 三月 17355 2054 10.93 均衡比价 盈利 现货进口 - - 跨期套利跟踪 2025/11/18 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 -370 -370 -410 -410 理论价差 536 970 1413 1856 锌 次月-现货月 三月-现货月 四月-现货月 五月-现 ...

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core View 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 13, 2025, to help investors find potential arbitrage opportunities. Summary by Category Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 86,770, LME price is 10,835, and the ratio is 8.00; for the three - month contract, China price is 86,840, LME price is 10,849, and the ratio is 8.00. The equilibrium ratio for spot import is 8.07, with a loss of 744.41, and a profit of 323.68 for spot export [1]. - **Zinc**: Spot price in China is 22,610, LME price is 3,199, and the ratio is 7.07; for the three - month contract, China price is 22,720, LME price is 3,071, and the ratio is 5.71. The equilibrium ratio for spot import is 8.49, with a loss of 4,559.88 [1]. - **Aluminum**: Spot price in China is 21,660, LME price is 2,867, and the ratio is 7.56; for the three - month contract, China price is 21,880, LME price is 2,895, and the ratio is 7.52. The equilibrium ratio for spot import is 8.32, with a loss of 2,195.36 [1]. - **Nickel**: Spot price in China is 122,250, LME price is 14,821, and the ratio is 8.25. The equilibrium ratio for spot import is 8.17, with a loss of 2,084.11 [1]. - **Lead**: Spot price in China is 17,350, LME price is 2,051, and the ratio is 8.45; for the three - month contract, China price is 17,670, LME price is 2,075, and the ratio is 10.91. The equilibrium ratio for spot import is 8.71, with a loss of 533.04 [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 are 210, 210, 220, and 190 respectively, while the theoretical spreads are 535, 968, 1410, and 1853 [4]. - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 90, 130, 150, and 175 respectively, while the theoretical spreads are 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 245, 295, 295, and 305 respectively, while the theoretical spreads are 219, 339, 459, and 579 [4]. - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are 265, 275, 275, and 265 respectively, while the theoretical spreads are 212, 320, 428, and 536 [4]. - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 340, - 160, 20, and 280 respectively [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts is - 1150, and the theoretical spread is 6046 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 115 and 95 respectively, while the theoretical spreads are 96 and 606 [4]. - **Zinc**: The spreads between the current - month and next - month contracts and the spot are - 20 and 70 respectively, while the theoretical spreads are 89 and 220 [4][5]. - **Lead**: The spreads between the current - month and next - month contracts and the spot are 45 and 310 respectively, while the theoretical spreads are 91 and 206 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) are 3.82, 3.97, 4.91, 0.96, 1.24, and 0.78 respectively, and for London (three - continuous contracts) are 3.56, 3.78, 5.22, 0.94, 1.38, and 0.68 respectively [5]

Report Industry Investment Rating - No information provided Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 7, 2025 [1][3][4] Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 7, 2025, the domestic spot price was 86030, the LME spot price was 10736, with a spot import equilibrium ratio of 8.09 and a loss of 384.81 for spot import, while there was a profit of 524.53 for spot export. The domestic three - month price was 86350, the LME three - month price was 10767, and the ratio was 7.97 [1] - **Zinc**: The domestic spot price was 22490, the LME spot price was 3159, with a ratio of 7.12. The domestic three - month price was 22710, the LME three - month price was 3055, and the ratio was 5.69. The spot import equilibrium ratio was 8.51, and the loss for spot import was 4386.00 [1] - **Aluminum**: The domestic spot price was 21360, the LME spot price was 2857, with a ratio of 7.47. The domestic three - month price was 21665, the LME three - month price was 2872, and the ratio was 7.46. The spot import equilibrium ratio was 8.33, and the loss for spot import was 2439.70 [1] - **Nickel**: The domestic spot price was 121850, the LME spot price was 14891, with a ratio of 8.18. The spot import equilibrium ratio was 8.18, and the loss for spot import was 2113.55 [1] - **Lead**: The domestic spot price was 17200, the LME spot price was 2007, with a ratio of 8.58. The domestic three - month price was 17450, the LME three - month price was 2022, and the ratio was 11.15. The spot import equilibrium ratio was 8.73, and the loss for spot import was 292.83 [3] Cross - Period Arbitrage Tracking - **Copper**: On November 7, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 20, 50, 50, and 20 respectively, while the theoretical spreads were 534, 965, 1406, and 1846 [4] - **Zinc**: The spreads were 45, 80, 85, and 85 respectively, and the theoretical spreads were 216, 338, 460, and 583 [4] - **Aluminum**: The spreads were 35, 70, 80, and 90 respectively, and the theoretical spreads were 219, 339, 459, and 579 [4] - **Lead**: The spreads were 60, 80, 75, and 65 respectively, and the theoretical spreads were 212, 320, 428, and 535 [4] - **Nickel**: The spreads were 270, 490, 710, and 970 respectively [4] - **Tin**: The spread between the 5 - month and 1 - month contracts was - 750, and the theoretical spread was 5863 [4] Spot - Futures Arbitrage Tracking - **Copper**: On November 7, 2025, the spreads between the current - month and next - month contracts and the spot were 335 and 355 respectively, while the theoretical spreads were 250 and 729 [4] - **Zinc**: The spreads were 140 and 185 respectively, and the theoretical spreads were 132 and 263 [4] - **Lead**: The spreads were 170 and 230 respectively, and the theoretical spreads were 132 and 246 [5] Cross - Variety Arbitrage Tracking - On November 7, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.80, 3.99, 4.95, 0.95, 1.24, and 0.77 respectively, and for London (three - continuous contracts) were 3.51, 3.76, 5.26, 0.93, 1.40, and 0.67 respectively [5]

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report Core View The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 5, 2025, which helps investors understand the price relationships and potential arbitrage opportunities in the non - ferrous metal market [1][3][4]. 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 5, 2025, the domestic spot price was 86,580, the LME price was 10,662, and the spot import equilibrium ratio was 8.10 with a profit of - 554.65. The three - month domestic price was 85,710, the LME price was 10,692, and the ratio was 8.08 [1]. - **Zinc**: The domestic spot price was 22,600, the LME price was 3,224, and the spot import equilibrium ratio was 8.51 with a profit of - 4,843.44. The three - month domestic price was 22,700, the LME price was 3,086, and the ratio was 5.66 [1]. - **Aluminum**: The domestic spot price was 21,440, the LME price was 2,876, and the spot import equilibrium ratio was 8.34 with a profit of - 2,562.83. The three - month domestic price was 21,500, the LME price was 2,883, and the ratio was 7.43 [1]. - **Nickel**: The domestic spot price was 123,000, the LME price was 14,856, and the spot import equilibrium ratio was 8.19 with a profit of - 1,264.30 [1]. - **Lead**: The domestic spot price was 17,250, the LME price was 1,996, and the spot import equilibrium ratio was 8.74 with a profit of - 197.85. The three - month domestic price was 17,425, the LME price was 2,020, and the ratio was 11.22 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 5, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were - 1,520, - 1,550, - 1,510, and - 1,490 respectively, while the theoretical spreads were 538, 975, 1,420, and 1,865 respectively [4]. - **Zinc**: The spreads were 155, 185, 195, and 205 respectively, and the theoretical spreads were 216, 337, 459, and 580 respectively [4]. - **Aluminum**: The spreads were - 125, - 90, - 90, and - 85 respectively, and the theoretical spreads were 219, 339, 459, and 579 respectively [4]. - **Lead**: The spreads were 25, 35, 20, and 30 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were - 890, - 650, - 420, and - 220 respectively [4]. - **Tin**: The 5 - 1 spread was - 950, and the theoretical spread was 5,871 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 715 and - 805 respectively, and the theoretical spreads were 343 and 600 respectively [4]. - **Zinc**: The spreads were - 85 and 70 respectively, and the theoretical spreads were 124 and 255 respectively [4]. - **Lead**: The spreads were 140 and 165 respectively, and the theoretical spreads were 135 and 250 respectively [5]. Cross - Variety Arbitrage Tracking On November 5, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai (three - continuous) market were 3.78, 3.99, 4.92, 0.95, 1.23, and 0.77 respectively, and in the London (three - continuous) market were 3.45, 3.73, 5.27, 0.93, 1.41, and 0.66 respectively [5].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 4, 2025 [1][4][5]. 3. Summary According to Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 4, 2025, the domestic spot price was 86840, the LME spot price was 10886, with a ratio of 7.99; the domestic three - month price was 87380, the LME three - month price was 10912, with a ratio of 7.97. The equilibrium ratio for spot import was 8.09, and the profit was - 840.38 [1]. - **Zinc**: The domestic spot price was 22340, the LME spot price was 3207, with a ratio of 6.97; the domestic three - month price was 22595, the LME three - month price was 3077, with a ratio of 5.65. The equilibrium ratio for spot import was 8.50, and the profit was - 4933.31 [1]. - **Aluminum**: The domestic spot price was 21440, the LME spot price was 2906, with a ratio of 7.38; the domestic three - month price was 21605, the LME three - month price was 2911, with a ratio of 7.38. The equilibrium ratio for spot import was 8.33, and the profit was - 2776.92 [1]. - **Nickel**: The domestic spot price was 123150, the LME spot price was 15049, with a ratio of 8.18. The equilibrium ratio for spot import was 8.18, and the profit was - 1794.93 [1]. - **Lead**: The domestic spot price was 17175, the LME spot price was 1999, with a ratio of 8.62; the domestic three - month price was 17430, the LME three - month price was 2027, with a ratio of 11.07. The equilibrium ratio for spot import was 8.73, and the profit was - 228.43 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 4, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 270, 350, 300, and 300 respectively, while the theoretical spreads were 537, 972, 1416, and 1861 [4]. - **Zinc**: The spreads were 215, 245, 250, and 260, and the theoretical spreads were 215, 336, 456, and 577 [4]. - **Aluminum**: The spreads were 305, 310, 300, and 305, and the theoretical spreads were 217, 336, 454, and 573 [4]. - **Lead**: The spreads were 110, 120, 90, and 130, and the theoretical spreads were 212, 319, 427, and 534 [4]. - **Nickel**: The spreads were 660, 890, 1070, and 1290 [4]. - **Tin**: The spread of the 5 - 1 contract was - 920, and the theoretical spread was 5910 [4]. Spot - Futures Arbitrage Tracking - **Copper**: On November 4, 2025, the spreads of the current - month and next - month contracts relative to the spot were 215 and 485 respectively, while the theoretical spreads were 288 and 808 [4]. - **Zinc**: The spreads were 10 and 225, and the theoretical spreads were 150 and 280 [4]. - **Lead**: The spreads were 135 and 245, and the theoretical spreads were 138 and 252 [5]. Cross - Variety Arbitrage Tracking - On November 4, 2025, for cross - variety arbitrage, the Shanghai (three - continuous) ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.87, 4.04, 5.01, 0.96, 1.24, and 0.77 respectively; the London (three - continuous) ratios were 3.50, 3.74, 5.36, 0.94, 1.43, and 0.65 [5].

Report Industry Investment Rating - No information provided Core View - The report tracks cross - market, cross - period, spot - futures, and cross - variety arbitrage of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on November 3, 2025, including prices, ratios, spreads, and theoretical spreads [1][4][5] Cross - Market Arbitrage Tracking Copper - Spot price: domestic 87540, LME 10869, ratio 8.09; March price: domestic 87030, LME 10883, ratio 8.05; spot import equilibrium ratio 8.09 [1] Zinc - Spot price: domestic 22270, LME 3115, ratio 7.15; March price: domestic 22390, LME 3029, ratio 5.74; spot import equilibrium ratio 8.52, profit - 4254.44 [1] Aluminum - Spot price: domestic 21280, LME 2852, ratio 7.46; March price: domestic 21325, LME 2858, ratio 7.48; spot import equilibrium ratio 8.34, profit - 2503.54 [1] Nickel - Spot price: domestic 123150, LME 14980, ratio 8.22; spot import equilibrium ratio 8.18, profit - 1939.89 [1] Lead - Spot price: domestic 17150, LME 1992, ratio 8.65; March price: domestic 17400, LME 2019, ratio 11.09; spot import equilibrium ratio 8.74, profit - 175.90 [3] Cross - Period Arbitrage Tracking Copper - Spreads (next month - spot month, March - spot month, April - spot month, May - spot month): - 900, - 880, - 920, - 930; theoretical spreads: 542, 981, 1430, 1878 [4] Zinc - Spreads: 30, 65, 75, 95; theoretical spreads: 215, 335, 456, 577 [4] Aluminum - Spreads: 70, 95, 90, 100; theoretical spreads: 217, 335, 453, 572 [4] Lead - Spreads: 30, 40, 30, 25; theoretical spreads: 212, 320, 427, 535 [4] Nickel - Spreads: - 70, 120, 260, 540 [4] Tin - 5 - 1 spread: - 950; theoretical spread: 5875 [4] Spot - Futures Arbitrage Tracking Copper - Current month contract - spot spread 390, next month contract - spot spread - 510; theoretical spreads 348, 701 [4] Zinc - Current month contract - spot spread 55, next month contract - spot spread 85; theoretical spreads 138, 268 [4] Lead - Current month contract - spot spread 210, next month contract - spot spread 240; theoretical spreads 156, 270 [5] Cross - Variety Arbitrage Tracking - Ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc: Shanghai (three - continuous) 3.89, 4.08, 5.00, 0.95, 1.23, 0.78; London (three - continuous) 3.57, 3.77, 5.38, 0.95, 1.43, 0.66 [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on October 30, 2025, to assist in identifying potential arbitrage opportunities [1][4][5]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 30, 2025, the domestic spot price was 87,770, the LME spot price was 11,095, and the spot price ratio was 7.84; the domestic three - month price was 88,700, the LME three - month price was 11,115, and the three - month price ratio was 7.90. No profit data for spot import and export was provided [1]. - **Zinc**: The domestic spot price was 22,280, the LME spot price was 3,198, and the spot price ratio was 6.97; the domestic three - month price was 22,455, the LME three - month price was 3,065, and the three - month price ratio was 5.66. The equilibrium ratio for spot import was 8.48, with a loss of 4,825.07 [1]. - **Aluminum**: The domestic spot price was 21,170, the LME spot price was 2,904, and the spot price ratio was 7.29; the domestic three - month price was 21,330, the LME three - month price was 2,905, and the three - month price ratio was 7.31. The equilibrium ratio for spot import was 8.30, with a loss of 2,941.11 [1]. - **Lead**: The domestic spot price was 17,150, the LME spot price was 1,989, and the spot price ratio was 8.65; the domestic three - month price was 17,380, the LME three - month price was 2,024, and the three - month price ratio was 11.06. The equilibrium ratio for spot import was 8.70, with a loss of 112.78 [3]. - **Nickel**: The domestic spot price was 122,950, the LME spot price was 15,121, and the spot price ratio was 8.13. The equilibrium ratio for spot import was 8.16, with a loss of 1,245.29 [1]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were 1,720, 1,710, 1,650, and 1,630 respectively, while the theoretical spreads were 537, 972, 1,416, and 1,860 respectively [4]. - **Zinc**: The spreads were 155, 180, 210, and 240 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - **Aluminum**: The spreads were 175, 210, 225, and 230 respectively, and the theoretical spreads were 217, 334, 452, and 569 respectively [4]. - **Lead**: The spreads were - 20, 5, 15, and 25 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were 1,240, 1,390, 1,620, and 1,870 respectively [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts was - 890, and the theoretical spread was 5,929 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 740 and 980 respectively, and the theoretical spreads were 214 and 950 respectively [4]. - **Zinc**: The spreads were - 5 and 150 respectively, and the theoretical spreads were 156 and 286 respectively [4]. - **Lead**: The spreads were 225 and 205 respectively, and the theoretical spreads were 166 and 280 respectively [5]. Cross - Variety Arbitrage Tracking - **Ratio of Different Metals**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.95, 4.16, 5.10, 0.95, 1.23, and 0.77 respectively; for LME (three - continuous contracts), they were 3.61, 3.86, 5.49, 0.93, 1.42, and 0.66 respectively [5].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on October 28, 2025, including domestic and LME prices, ratios, equilibrium ratios, profits, spreads, and theoretical spreads [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 28, 2025, the domestic spot price was 88210, LME spot price was 11036, with a ratio of 7.94; the domestic March price was 88360, LME March price was 11060, with a ratio of 7.98. The equilibrium ratio for spot import was 8.07, and the profit was - 797.43 [1]. - **Zinc**: The domestic spot price was 22210, LME spot price was 3251, with a ratio of 6.83; the domestic March price was 22390, LME March price was 3039, with a ratio of 5.74. The equilibrium ratio for spot import was 8.48, and the profit was - 5375.30 [1]. - **Aluminum**: The domestic spot price was 21160, LME spot price was 2890, with a ratio of 7.32; the domestic March price was 21380, LME March price was 2887, with a ratio of 7.36. The equilibrium ratio for spot import was 8.32, and the profit was - 2886.43 [1]. - **Nickel**: The domestic spot price was 124400, LME spot price was 15155, with a ratio of 8.21. The equilibrium ratio for spot import was 8.17, and the profit was - 1527.44 [1]. - **Lead**: The domestic spot price was 17275, LME spot price was 1984, with a ratio of 8.70; the domestic March price was 17525, LME March price was 2018, with a ratio of 11.06. The equilibrium ratio for spot import was 8.72, and the profit was - 49.75 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 670, 660, 680, and 610 respectively, while the theoretical spreads were 541, 979, 1427, and 1874 [4]. - **Zinc**: The spreads were 50, 75, 110, and 120, and the theoretical spreads were 215, 335, 456, and 576 [4]. - **Aluminum**: The spreads were 155, 175, 175, and 175, and the theoretical spreads were 217, 335, 453, and 571 [4]. - **Lead**: The spreads were - 115, - 110, - 120, and - 190, and the theoretical spreads were 213, 322, 432, and 541 [4]. - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 540, 700, 870, and 1080 [4]. - **Tin**: The 5 - 1 spread was 200, and the theoretical spread was 5928 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot were - 485 and 185, and the theoretical spreads were 287 and 872 [4]. - **Zinc**: The spreads were 105 and 155, and the theoretical spreads were 153 and 302 [5]. - **Lead**: The spreads were 360 and 245, and the theoretical spreads were 194 and 309 [5]. Cross - Variety Arbitrage Tracking - On October 28, 2025, for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc, the Shanghai (three - continuous) ratios were 3.95, 4.13, 5.04, 0.95, 1.22, and 0.78 respectively, and the London (three - continuous) ratios were 3.60, 3.82, 5.44, 0.94, 1.42, and 0.66 [5].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, lead, and tin on October 24, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 24, 2025, the domestic spot price was 85,500, the LME price was 10,733, and the ratio was 7.96; the domestic three - month price was 86,000, the LME price was 10,745, and the ratio was 7.97. The equilibrium ratio for spot import was 8.09 [1] - **Zinc**: The domestic spot price was 22,100, the LME price was 3,260, and the ratio was 6.78; the domestic three - month price was 22,370, the LME price was 3,035, and the ratio was 5.77. The equilibrium ratio for spot import was 8.50, with a profit of - 5,619.46 [1] - **Aluminum**: The domestic spot price was 21,040, the LME price was 2,819, and the ratio was 7.46; the domestic three - month price was 21,170, the LME price was 2,811, and the ratio was 7.51. The equilibrium ratio for spot import was 8.37, with a profit of - 2,543.81 [1] - **Nickel**: The domestic spot price was 123,400, the LME price was 14,999, and the ratio was 8.23. The equilibrium ratio for spot import was 8.19, with a profit of - 1,318.15 [1] - **Lead**: The domestic spot price was 17,125, the LME price was 1,971, and the ratio was 8.69; the domestic three - month price was 17,490, the LME price was 2,008, and the ratio was 11.08. The equilibrium ratio for spot import was 8.82, with a profit of - 250.04 [3] Cross - Period Arbitrage Tracking - **Copper**: On October 24, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 690, 620, 600, and 570 respectively, while the theoretical spreads were 529, 956, 1392, and 1828 [4] - **Zinc**: The spreads were 360, 385, 420, and 445, and the theoretical spreads were 213, 332, 451, and 570 [4] - **Aluminum**: The spreads were 150, 155, 145, and 150, and the theoretical spreads were 216, 333, 450, and 567 [4] - **Lead**: The spreads were 405, 330, 290, and 315, and the theoretical spreads were 211, 318, 424, and 531 [4] - **Nickel**: The spreads were 260, 450, 670, and 930 [4] - **Tin**: The spread of the 5 - 1 contract was - 790, and the theoretical spread was 5827 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were - 90 and 600, and the theoretical spreads were 397 and 971 [4] - **Zinc**: The spreads were - 115 and 245, and the theoretical spreads were 195 and 325 [4] - **Lead**: The spreads were 35 and 440, and the theoretical spreads were 161 and 275 [5] Cross - Variety Arbitrage Tracking - On October 24, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.84, 4.06, 4.92, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous contracts) were 3.58, 3.78, 5.38, 0.95, 1.42, and 0.67 [5]

1. Report Industry Investment Rating - No information provided 2. Core View - The report mainly presents the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 23, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 23, 2025, the domestic spot price was 84980, LME spot price was 10663, and the spot ratio was 8.01. The domestic March price was 85370, LME March price was 10669, and the March ratio was 7.96. The equilibrium ratio for spot import was 8.09 [1] - **Zinc**: The domestic spot price was 21910, LME spot price was 3350, and the spot ratio was 6.54. The domestic March price was 22040, LME March price was 3011, and the March ratio was 5.70. The equilibrium ratio for spot import was 8.49, with a profit of - 6539.20 [1] - **Aluminum**: The domestic spot price was 20980, LME spot price was 2800, and the spot ratio was 7.49. The domestic March price was 21050, LME March price was 2797, and the March ratio was 7.50. The equilibrium ratio for spot import was 8.37, with a profit of - 2452.65 [1] - **Nickel**: The domestic spot price was 123500, LME spot price was 14998, and the spot ratio was 8.23. The equilibrium ratio for spot import was 8.19, with a profit of - 1463.49 [1] - **Lead**: The domestic spot price was 16975, LME spot price was 1953, and the spot ratio was 8.70. The domestic March price was 17185, LME March price was 1993, and the March ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a profit of - 232.67 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 40, - 10, - 40, - 80 respectively, while the theoretical spreads were 529, 956, 1392, 1828 respectively [4] - **Zinc**: The spreads were 15, 55, 70, 100 respectively, and the theoretical spreads were 213, 332, 451, 570 respectively [4] - **Aluminum**: The spreads were 30, 35, 35, 35 respectively, and the theoretical spreads were 216, 333, 450, 567 respectively [4] - **Lead**: The spreads were 15, 25, 35, 40 respectively, and the theoretical spreads were 211, 318, 424, 531 respectively [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 260, 440, 590, 790 respectively [4] - **Tin**: The 5 - 1 spread was - 620, and the theoretical spread was 5833 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot were 445 and 485 respectively, and the theoretical spreads were 487 and 963 respectively [4] - **Zinc**: The spreads were 75 and 90 respectively, and the theoretical spreads were 176 and 304 respectively [4] - **Lead**: The spreads were 185 and 200 respectively, and the theoretical spreads were 186 and 299 respectively [5] Cross - Variety Arbitrage Tracking - On October 23, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.87, 4.06, 4.97, 0.96, 1.22, 0.78 respectively, and for London (three - continuous) were 3.53, 3.80, 5.34, 0.93, 1.41, 0.66 respectively [5]