Report Industry Investment Rating - No information provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on October 29, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 29, 2025, the domestic spot price was 87,900, the LME spot price was 10,882, and the spot price ratio was 8.12; the domestic three - month price was 86,950, the LME three - month price was 10,902, and the three - month price ratio was 8.06. There was no data on spot import and export profitability [1] - **Zinc**: The domestic spot price was 22,260, the LME spot price was 3,207, and the spot price ratio was 6.94; the domestic three - month price was 22,335, the LME three - month price was 3,036, and the three - month price ratio was 5.73. The equilibrium ratio for spot import was 8.47, with a loss of 4,911.54 [1] - **Aluminum**: The domestic spot price was 21,160, the LME spot price was 2,863, and the spot price ratio was 7.39; the domestic three - month price was 21,180, the LME three - month price was 2,861, and the three - month price ratio was 7.42. The equilibrium ratio for spot import was 8.31, with no profitability data [1] - **Nickel**: The domestic spot price was 123,450, the LME spot price was 14,978, and the spot price ratio was 8.24. The equilibrium ratio for spot import was 8.15, with a loss of 1,509.48 [1] - **Lead**: The domestic spot price was 17,225, the LME spot price was 1,978, and the spot price ratio was 8.71; the domestic three - month price was 17,365, the LME three - month price was 2,014, and the three - month price ratio was 11.11. The equilibrium ratio for spot import was 8.71, with no profitability data [3] Cross - Period Arbitrage Tracking - **Copper**: On October 29, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 1410, - 1440, - 1430, and - 1500 respectively, while the theoretical spreads were 544, 986, 1437, and 1888 respectively [4] - **Zinc**: The spreads were 0, 25, 40, and 75 respectively, and the theoretical spreads were 215, 335, 456, and 576 respectively [4] - **Aluminum**: The spreads were - 165, - 125, - 110, and - 110 respectively, and the theoretical spreads were 218, 336, 455, and 573 respectively [4] - **Lead**: The spreads were - 170, - 160, - 160, and - 80 respectively, and the theoretical spreads were 213, 321, 430, and 539 respectively [4] - **Nickel**: The spreads were - 1500, - 1320, - 1100, and - 800 respectively [4] - **Tin**: The 5 - 1 spread was - 940, and the theoretical spread was 5858 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 515 and - 895 respectively, and the theoretical spreads were 415 and 695 respectively [4] - **Zinc**: The spreads were 50 and 50 respectively, and the theoretical spreads were 146 and 276 respectively [4] - **Lead**: The spreads were 300 and 130 respectively, and the theoretical spreads were 181 and 295 respectively [5] Cross - Variety Arbitrage Tracking - On October 29, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.89, 4.11, 5.01, 0.95, 1.22, and 0.78 respectively, and for London (triple - continuous) were 3.61, 3.81, 5.45, 0.95, 1.43, 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 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]

钢材产业期现日报 投资咨询业务资格：证监许可 【20 11】1292号 周敏波 Z0010559 投资咨询业务资格：证监许可 【20 11】1292号 2025年10月23日 数据来源：Wind、Mystee、富宝资讯、广发期货发展研究中心。请仔细阅读报告尾端免责声明。 免责声明 知识图强，求实奉献，客户至上，合作共赢 前，钢厂利润将继续收敛。 关注微信公众号 | 2025年10月23日 | | | | | | | --- | --- | --- | --- | --- | --- | | 钢材价格及价差 | | | | | | | 品 种 | 现 值 | 前 值 | 涨 跌 | 基 差 | 单 位 | | 螺纹钢现货（华东） | 3210 | 3200 | 1 0 | 142 | | | 螺纹钢现货（华北） | 3110 | 3110 | 0 | 42 | | | 螺纹钢现货（华南） | 3250 | 3230 | 2 0 | 182 | | | 螺纹钢05合约 | 3120 | 3104 | 1 6 | 90 | | | 螺纹钢10合约 | 3159 | 3144 | 1 5 | 51 | | | 螺纹钢 ...

Report Industry Investment Rating - Not mentioned in the provided content Report's 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 October 22, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 22, 2025, the domestic spot price was 85720, the LME spot price was 10639, and the spot import equilibrium ratio was 8.09. The domestic three - month price was 85350, and the LME three - month price was 10670 [1] - **Zinc**: The domestic spot price was 21950, the LME spot price was 3278, and the spot import equilibrium ratio was 8.50 with a loss of 5922.81. The domestic three - month price was 22000, and the LME three - month price was 2979 [1] - **Aluminum**: The domestic spot price was 20970, the LME spot price was 2771, and the spot import equilibrium ratio was 8.37 with a loss of 2234.72. The domestic three - month price was 20975, and the LME three - month price was 2770 [1] - **Nickel**: The domestic spot price was 123950, the LME spot price was 15009, and the spot import equilibrium ratio was 8.19 with a loss of 1173.88 [1] - **Lead**: The domestic spot price was 16975, the LME spot price was 1947, and the spot import equilibrium ratio was 8.83 with a loss of 181.73. The domestic three - month price was 17155, and the LME three - month price was 1987 [3] Cross - Period Arbitrage Tracking - **Copper**: On October 22, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 20, - 30, - 60, - 60 respectively, while the theoretical spreads were 529, 956, 1392, 1828 [4] - **Zinc**: The spreads were 115, 145, 180, 220, and the theoretical spreads were 212, 331, 449, 567 [4] - **Aluminum**: The spreads were 75, 85, 95, 95, and the theoretical spreads were 215, 332, 448, 565 [4] - **Lead**: The spreads were 95, 95, 100, 160, and the theoretical spreads were 210, 317, 423, 529 [4] - **Nickel**: The spreads were 670, 820, 950, 1230 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts was - 150, and the theoretical spread was 5818 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 325 and - 305 respectively, while the theoretical spreads were 398 and 874 [4] - **Zinc**: The spreads were - 95 and 20, and the theoretical spreads were 153 and 299 [4] - **Lead**: The spreads were 85 and 180, and the theoretical spreads were 175 and 289 [5] Cross - Variety Arbitrage Tracking - On October 22, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.88, 4.07, 4.98, 0.95, 1.22, 0.78 respectively, and in London (three - continuous) were 3.54, 3.81, 5.32, 0.93, 1.40, 0.67 [5]

Group 1: Stock Index Futures Market Overview - The main performance of the four major index futures contracts showed a decline, with the CSI 500 index futures experiencing the largest drop of -5.32%, while the SSE 50 index futures had the smallest decline of -0.32% [3][11] - Average trading volumes for the current, next, and seasonal contracts of IC, IF, and IH increased, with IH showing the largest increase of 23.91% [3][11] - As of last Friday's close, the annualized basis rates for the current contracts of IF, IC, IM, and IH were -3.60%, -12.20%, -12.83%, and -0.90% respectively, indicating a deepening of the basis for IF and IC, while IH shifted from premium to discount [3][11] Group 2: Cross-Period Price Differences - The cross-period price difference rates for the current contracts of IF, IC, IM, and IH were at the 92.30%, 97.70%, 92.80%, and 85.30% percentiles since 2019 [4][12] - Currently, there are no arbitrage opportunities for the main IF contract and the next month contract based on the closing prices [4][12] - The estimated impact of dividends on the CSI 300, CSI 500, SSE 50, and CSI 1000 indices over the next year is projected to be 76.75, 82.44, 68.62, and 63.50 points respectively [4][12] Group 3: Recent Sell-Side Strategy Insights - Seven brokerages are optimistic about the A-share market outlook, while six believe that policy expectations and liquidity easing will support the market [5][49] - There is a consensus among brokerages regarding the AI industry chain, non-ferrous metals, deep technology, green transformation, modern services, and high-dividend assets [5][49] - Divergence exists among brokerages regarding market trends, with some expecting a stable or slow bull market while others anticipate short-term adjustments [5][52]

Report Overview - The report is a colored arbitrage morning report by the colored team of the research center on October 21, 2025, covering cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking for multiple metals including copper, zinc, aluminum, lead, nickel, and tin [1][2][4] Cross - Market Arbitrage Tracking Copper - The domestic spot price is 85,650, the LME spot price is 10,656; the domestic March price is 85,360, the LME March price is 10,680, with a ratio of 8.04. The spot import profit is - 888.92 [1] Zinc - The domestic spot price is 21,870, the LME spot price is 3,178, with a ratio of 6.88; the domestic March price is 21,880, the LME March price is 2,948, with a ratio of 5.80. The spot import profit is - 5,169.01 [1] Aluminum - The domestic spot price is 20,930, the LME spot price is 2,782, with a ratio of 7.52; the domestic March price is 20,920, the LME March price is 2,777, with a ratio of 7.54 [1] Lead - The domestic spot price is 16,900, the LME spot price is 1,935, with a ratio of 8.75; the domestic March price is 17,100, the LME March price is 1,977, with a ratio of 11.08 [3] Nickel - The domestic spot price is 123,550, the LME spot price is 14,935, with a ratio of 8.27. The spot import profit is - 1,445.62 [1] Cross - Period Arbitrage Tracking Copper - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 990, 970, 900, 890 respectively, while the theoretical spreads are 524, 946, 1377, 1808 [4] Zinc - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 35, 65, 90, 130 respectively, and the theoretical spreads are 212, 330, 448, 566 [4] Aluminum - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 25, 35, 40, 45 respectively, and the theoretical spreads are 215, 332, 448, 565 [4] Lead - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 15, 25, 60, 100 respectively, and the theoretical spreads are 210, 317, 423, 530 [4] Nickel - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 300, - 60, 180, 380 respectively [4] Tin - The 5 - 1 spread is - 460, and the theoretical spread is 5791 [4] Spot - Futures Arbitrage Tracking Copper - The spreads of the current - month contract - spot and the next - month contract - spot are - 1215 and - 225 respectively, and the theoretical spreads are 279 and 897 [4] Zinc - The spreads of the current - month contract - spot and the next - month contract - spot are - 55 and - 20 respectively, and the theoretical spreads are 169 and 296 [4] Lead - The spreads of the current - month contract - spot and the next - month contract - spot are 175 and 190 respectively, and the theoretical spreads are 192 and 305 [5] Cross - Variety Arbitrage Tracking - For copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc, the Shanghai (three - continuous) ratios are 3.90, 4.08, 4.99, 0.96, 1.22, 0.78 respectively, and the London (three - continuous) ratios are 3.60, 3.87, 5.37, 0.93, 1.39, 0.67 respectively [5]

Report Industry Investment Rating - Not provided Core Viewpoints - 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 October 20, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 20, 2025, the domestic spot price was 84775, the LME spot price was 10506, and the spot price ratio was 8.10; the domestic three - month price was 84350, the LME three - month price was 10523, and the three - month price ratio was 8.05 [1] - **Zinc**: The domestic spot price was 21860, the LME spot price was 3084, and the spot price ratio was 7.09; the domestic three - month price was 21870, the LME three - month price was 2948, and the three - month price ratio was 5.78 [1] - **Aluminum**: The domestic spot price was 20950, the LME spot price was 2791, and the spot price ratio was 7.50; the domestic three - month price was 20920, the LME three - month price was 2778, and the three - month price ratio was 7.55 [1] - **Nickel**: The domestic spot price was 123700, the LME spot price was 14983, and the spot price ratio was 8.26. The profit from spot import was - 1658.10 [1] - **Lead**: The domestic spot price was 16825, the LME spot price was 1930, and the spot price ratio was 8.76; the domestic three - month price was 17090, the LME three - month price was 1972, and the three - month price ratio was 11.10 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 660, - 700, - 800, and - 880 respectively, while the theoretical spreads were 527, 953, 1387, and 1821 [4] - **Zinc**: The spreads were - 110, - 70, - 35, and 10 respectively, and the theoretical spreads were 213, 331, 450, and 569 [4] - **Aluminum**: The spreads were - 65, - 55, - 50, and - 40 respectively, and the theoretical spreads were 216, 333, 450, and 567 [4] - **Lead**: The spreads were - 10, - 10, - 10, and 20 respectively, and the theoretical spreads were 211, 317, 424, and 530 [4] - **Nickel**: The spreads were 60, 240, 490, and 780 respectively [4] - **Tin**: The 5 - 1 spread was - 390, and the theoretical spread was 5818 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 300 and - 360 respectively, and the theoretical spreads were 546 and 918 [4] - **Zinc**: The spreads were 80 and - 30 respectively, and the theoretical spreads were 191 and 307 [5] - **Lead**: The spreads were 275 and 265 respectively, and the theoretical spreads were 217 and 330 [5] Cross - Variety Arbitrage Tracking - On October 20, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.86, 4.03, 4.94, 0.96, 1.22, and 0.78 respectively; for London (triple - continuous), they were 3.60, 3.82, 5.38, 0.94, 1.41, and 0.67 respectively [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on October 17, 2025 [1][4][5] Group 3: Summary by Relevant Catalogs Cross - market Arbitrage Tracking - **Copper**: On October 17, 2025, the domestic spot price was 85,180, the LME price was 10,617, and the ratio was 8.07; the domestic three - month price was 85,010, the LME price was 10,628, and the ratio was 8.03 [1] - **Zinc**: The domestic spot price was 21,920, the LME price was 3,093, and the ratio was 7.09; the domestic three - month price was 22,005, the LME price was 2,956, and the ratio was 5.79 [1] - **Aluminum**: The domestic spot price was 20,950, the LME price was 2,781, and the ratio was 7.53; the domestic three - month price was 20,995, the LME price was 2,763, and the ratio was 7.58 [1] - **Nickel**: The domestic spot price was 123,600, the LME price was 15,034, and the ratio was 8.22, with a spot import profit of - 1,568.23 [1] - **Lead**: The domestic spot price was 16,900, the LME price was 1,943, and the ratio was 8.72; the domestic three - month price was 17,135, the LME price was 1,988, and the ratio was 11.05 [3] Cross - period Arbitrage Tracking - **Copper**: On October 17, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot - month contract were - 580, - 640, - 750, and - 800 respectively, while the theoretical spreads were 530, 959, 1396, and 1833 [4] - **Zinc**: The spreads were 20, 60, 85, and 120 respectively, and the theoretical spreads were 213, 331, 450, and 569 [4] - **Aluminum**: The spreads were 140, 140, 140, and 145 respectively, and the theoretical spreads were 215, 332, 448, and 564 [4] - **Lead**: The spreads were - 70, - 65, - 55, and - 15 respectively, and the theoretical spreads were 211, 318, 425, and 532 [4] - **Nickel**: The spreads were 410, 650, 890, and 1170 respectively [4] - **Tin**: The 5 - 1 spread was - 270, and the theoretical spread was 5,827 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 495 and - 85 respectively, and the theoretical spreads were 592 and 978 [4] - **Zinc**: The spreads were 25 and 45 respectively, and the theoretical spreads were 195 and 323 [4] - **Lead**: The spreads were 300 and 230 respectively, and the theoretical spreads were 225 and 338 [5] Cross - variety Arbitrage Tracking - On October 17, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in the Shanghai market (three - continuous) were 3.86, 4.05, 4.96, 0.95, 1.23, and 0.78 respectively; in the London market (three - continuous), they were 3.58, 3.80, 5.39, 0.94, 1.42, and 0.66 respectively [5]

Report Industry Investment Rating - No information provided Core Viewpoint - 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 October 16, 2025 [1][4][5] Summary by Category Cross - Market Arbitrage - **Copper**: On October 16, 2025, the domestic spot price was 85250, the LME spot price was 10745, with a spot ratio of 7.86; the domestic three - month price was 85850, the LME three - month price was 10717, with a ratio of 7.97; the spot import profit was - 1521.41 [1] - **Zinc**: The domestic spot price was 22010, the LME spot price was 3076, with a spot ratio of 7.16; the domestic three - month price was 22040, the LME three - month price was 2936, with a ratio of 5.83 [1] - **Aluminum**: The domestic spot price was 20920, the LME spot price was 2764, with a spot ratio of 7.57; the domestic three - month price was 20935, the LME three - month price was 2757, with a ratio of 7.59 [1] - **Nickel**: The domestic spot price was 123550, the LME spot price was 15044, with a spot ratio of 8.21; the spot import profit was - 1281.18 [1] - **Lead**: The domestic spot price was 16900, the LME spot price was 1946, with a spot ratio of 8.68; the domestic three - month price was 17130, the LME three - month price was 1991, with a ratio of 11.08 [3] Cross - Period Arbitrage - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 1400, 1450, 1390, and 1250 respectively, while the theoretical spreads were 524, 946, 1377, and 1808 [4] - **Zinc**: The spreads were - 185, - 160, - 125, and - 100, and the theoretical spreads were 214, 334, 454, and 574 [4] - **Aluminum**: The spreads were 70, 95, 105, and 100, and the theoretical spreads were 215, 331, 448, and 564 [4] - **Lead**: The spreads were 60, 80, 85, and - 110, and the theoretical spreads were 210, 317, 423, and 529 [4] - **Nickel**: The spreads were 690, 840, 1060, and 1330 [4] - **Tin**: The 5 - 1 spread was - 240, and the theoretical spread was 5832 [4] Spot - Futures Arbitrage - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 815 and 585, and the theoretical spreads were 415 and 1091 [4] - **Zinc**: The spreads were 190 and 5, and the theoretical spreads were 194 and 323 [4] - **Lead**: The spreads were 150 and 210, and the theoretical spreads were 207 and 320 [5] Cross - Variety Arbitrage - On October 16, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.90, 4.10, 5.01, 0.95, 1.22, and 0.78 respectively; for London (three - continuous) were 3.60, 3.85, 5.33, 0.93, 1.38, and 0.68 [5]