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铅：跨市套利跟踪 2025/12/04 国内价格 LME价格 比价 现货 17125 1963 8.70 三月 17180 2007 11.33 均衡比价 盈利 现货进口 8.67 55.95 跨期套利跟踪 2025/12/04 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 340 360 360 290 理论价差 546 991 1444 1897 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 55 95 115 130 理论价差 217 339 462 584 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 70 120 135 140 理论价差 220 342 463 584 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 30 0 5 -20 理论价差 211 318 425 532 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 170 370 630 840 锡 5-1 价差 380 理论价差 6437 期现套利跟踪 2025/12/04 铜 当月合约-现货 次月合约-现货 价差 -55 285 理论价 ...

Report Industry Investment Rating - Not provided Core View - 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 November 28, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 87060, LME price is 10952, and the ratio is 7.95; for three - month, the price in China is 87030, LME price is 10936, and the ratio is 7.96. Spot import equilibrium ratio is 8.04 with a profit of - 1077.91, and spot export profit is 539.42 [1] - **Zinc**: Spot price in China is 22450, LME price is 3214, and the ratio is 6.99; for three - month, the price in China is 22445, LME price is 3049, and the ratio is 5.56. Spot import equilibrium ratio is 8.45 with a profit of - 4718.86 [1] - **Aluminum**: Spot price in China is 21460, LME price is 2826, and the ratio is 7.60; for three - month, the price in China is 21545, LME price is 2854, and the ratio is 7.54. Spot import equilibrium ratio is 8.31 with a profit of - 2019.25 [1] - **Nickel**: Spot price in China is 119150, LME price is 14633, and the ratio is 8.14. Spot import equilibrium ratio is 8.14 with a profit of - 1696.98 [1] - **Lead**: Spot price in China is 16850, LME price is 1938, and the ratio is 8.72; for three - month, the price in China is 16955, LME price is 1977, and the ratio is 11.34. Spot import equilibrium ratio is 8.70 with a profit of 51.81 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 60, 100, 90, and 40 respectively, while the theoretical spreads are 537, 971, 1415, and 1859 [4] - **Zinc**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 35, 65, 95, and 130 respectively, and the theoretical spreads are 215, 336, 457, and 578 [4] - **Aluminum**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 30, 75, 95, and 130 respectively, and the theoretical spreads are 218, 338, 457, and 576 [4] - **Lead**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 10, 10, 35, and 95 respectively, and the theoretical spreads are 210, 315, 421, and 527 [4] - **Nickel**: The spreads of the next month, three - month, four - month, and five - month relative to the spot month are 190, 400, 610, and 890 respectively [4] - **Tin**: The spread of 5 - 1 is - 180, and the theoretical spread is 6234 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract and the next - month contract relative to the spot are - and - 45 respectively, and the theoretical spreads are 338 and 828 [4] - **Zinc**: The spreads of the current - month contract and the next - month contract relative to the spot are - 70 and - 35 respectively, and the theoretical spreads are 139 and 269 [4] - **Lead**: The spreads of the current - month contract and the next - month contract relative to the spot are 95 and 105 respectively, and the theoretical spreads are 154 and 266 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - consecutive) are 3.88, 4.04, 5.13, 0.96, 1.27, and 0.76 respectively, and for LME (triple - consecutive) are 3.63, 3.87, 5.51, 0.94, 1.42, and 0.66 respectively [5]

有色套利早报 研究中心有色团队 2025/11/25 铜：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 86240 10802 7.97 三月 86100 10777 8.00 均衡比价 盈利 现货进口 8.07 -1067.61 现货出口 507.43 锌：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 22370 3148 7.11 三月 22410 3008 5.71 均衡比价 盈利 现货进口 8.49 -4351.18 铝：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 21360 2773 7.70 三月 21410 2806 7.62 均衡比价 盈利 现货进口 8.34 -1774.32 镍：跨市套利跟踪 2025/11/25 国内价格 LME价格 比价 现货 119900 14370 8.34 均衡比价 盈利 现货进口 8.17 -1692.67 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 ...

Industry Investment Rating - No information provided Core View - The report presents cross - market, cross - term, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 18, 2025 [1][4][5] Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: On November 18, 2025, the domestic spot price was 86490, the LME spot price was 10779, and the ratio was 8.07; the domestic three - month price was 86450, the LME three - month price was 10812, and the ratio was 8.01. No profit data for spot import and export was provided [1] - **Zinc**: The domestic spot price was 22380, the LME spot price was 3126, and the ratio was 7.16; the domestic three - month price was 22490, the LME three - month price was 3022, and the ratio was 5.76. No profit data for spot import and export was provided [1] - **Aluminum**: The domestic spot price was 21620, the LME spot price was 2809, and the ratio was 7.70; the domestic three - month price was 21725, the LME three - month price was 2848, and the ratio was 7.64. No profit data for spot import and export was provided [1] - **Nickel**: The domestic spot price was 120300, the LME spot price was 14616, and the ratio was 8.23. The profit for spot import was - 2326.46 [1] - **Lead**: The domestic spot price was 17200, the LME spot price was 2037, and the ratio was 8.48; the domestic three - month price was 17355, the LME three - month price was 2054, and the ratio was 10.93. No profit data for spot import was provided [3] Cross - Term Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 370, - 370, - 410, and - 410 respectively, while the theoretical spreads were 536, 970, 1413, and 1856 [4] - **Zinc**: The spreads were 10, 35, 75, and 105, and the theoretical spreads were 215, 337, 458, and 579 [4] - **Aluminum**: The spreads were - 75, - 25, 0, and - 5, and the theoretical spreads were 220, 341, 461, and 582 [4] - **Lead**: The spreads were - 120, - 90, - 65, and - 75, and the theoretical spreads were 212, 320, 429, and 537 [4] - **Nickel**: The spreads were - 490, - 290, - 60, and 190 [4] - **Tin**: The 5 - 1 spread was - 630, and the theoretical spread was 6008 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 360 and - 10 respectively [4] - **Zinc**: The spreads were 75 and 85 respectively [4][5] - **Lead**: The spreads were 245 and 125 respectively [5] Cross - Variety Arbitrage Tracking - On November 18, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.84, 3.98, 4.98, 0.97, 1.25, and 0.77 respectively; for LME (three - continuous), they were 3.60, 3.83, 5.29, 0.94, 1.38, and 0.68 respectively [5]

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]