Report Industry Investment Rating - Gold and silver are rated ★☆☆, indicating a bullish bias but poor operability on the trading floor. Platinum and palladium are also rated ★☆☆ [1] Core Viewpoints - Overnight, the US Q3 GDP recorded 4.3%, the fastest growth in two years, causing a temporary decline in gold and silver prices, which later recovered. Geopolitical risks in regions like the US - Venezuela and Israel - Iran have intensified, and the new all - time high of gold has strengthened the overall trend of precious metals [1] - Although the Guangzhou Futures Exchange has issued policies to increase margin requirements and limit positions for platinum and palladium, the actual delivery business will start on May 1, 2026, so long - position funds remain active. Long - position funds in the far - month contracts are crowded, and platinum and palladium hit the daily limit [1] - The large price difference between domestic and foreign markets has attracted wide attention. The price difference between domestic and foreign active contracts is expected to attract cross - market arbitrage funds when it exceeds 40 yuan/gram. The market is mainly driven by domestic funds, and the foreign platinum price has hit a new high. The upper price limit lacks a reference range, so focus on tracking capital movements. With the Christmas holiday approaching, foreign trading volume will decline, and attention should be paid to capital trends. Tonight, focus on the early - released US weekly initial jobless claims [1] Other Key Points from Related Information ADP Employment Report - In the four weeks ending December 6, 2025, private - sector employers added an average of 11,500 jobs per week [2] Statements from Trump and Fed Candidates - Trump said those who disagree with him will never become Fed chair [2] - Hassett, the next Fed candidate, predicted that monthly new jobs may return to over 100,000 and that the Fed is far behind the curve on interest - rate cuts [2] Suggestions from the US Treasury Secretary - US Treasury Secretary Bessent suggested that the Fed should discuss adjusting the inflation target to a range of 1.5% - 2.5% or 1% - 3% [3] Holiday Trading Suspensions - Due to the Christmas Eve holiday, the New York Stock Exchange will close early at 2:00 am Beijing time on the 25th; the Brent crude oil futures contract trading on the Intercontinental Exchange (ICE) will end at 3:00 am Beijing time on the 25th; the US Treasury bond futures contract trading on the Chicago Mercantile Exchange (CME) will end at 3:30 am Beijing time on the 25th [3]

易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 铅：跨市套利跟踪 2025/12/19 有色套利早报 研究中心有色团队 2025/12/19 铜：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 92190 - - 三月 92660 11715 7.90 均衡比价 盈利 现货进口 - - 现货出口 - 锌：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 23110 - - 三月 23045 3066 5.46 均衡比价 盈利 现货进口 - - 铝：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 21740 - - 三月 22000 2894 7.58 均衡比价 盈利 现货进口 - - 镍：跨市套利跟踪 2025/12/19 国内价格 LME价格 比价 现货 11585 ...

有色套利早报 研究中心有色团队 2025/12/15 铜：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 93630 11919 7.73 三月 94170 11898 7.89 均衡比价 盈利 现货进口 8.01 -1469.82 现货出口 1046.05 锌：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 23690 3283 7.22 三月 23635 3192 5.36 均衡比价 盈利 现货进口 8.42 -3937.82 铝：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 22050 2863 7.70 三月 22170 2896 7.67 均衡比价 盈利 现货进口 8.30 -1719.93 镍：跨市套利跟踪 2025/12/15 国内价格 LME价格 比价 现货 118200 14444 8.18 均衡比价 盈利 现货进口 8.11 -1091.76 铅：跨市套利跟踪 2025/12/15 | 国内价格 | | LME价格 | 比价 | | 均衡比价 | 盈利 | | --- | --- | --- | --- | --- | - ...

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 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 锌 当月合约-现货 次月合约-现货 价差 -45 5 理论价差 - - 铅 当月合约-现货 次月合约-现货 价差 115 115 理论价差 - - 跨品种套利跟踪 2025/12/11 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.98 4.18 5.37 0.95 1.28 0.74 伦（三连） 3.75 4.03 5.84 0.93 1.45 0.64 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储 ...

跨品种套利跟踪 2025/12/09 | 铜/锌 | 铜/铝 | 铜/铅 | 铝/锌 | 铝/铅 | 铅/锌 | 3.99 | 4.16 | 5.37 | 0.96 | 1.29 | 0.74 | 沪（三连） | 3.73 | 4.03 | 5.82 | 0.93 | 1.45 | 0.64 | 伦（三连） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 | 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权 ...

跨期套利跟踪 2025/12/08 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1820 1860 1840 1760 理论价差 557 1012 1475 1939 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 485 495 515 505 理论价差 217 340 463 586 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 290 345 360 375 理论价差 221 344 466 588 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 70 85 110 120 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 450 610 860 1100 锡 5-1 价差 530 理论价差 6540 期现套利跟踪 2025/12/08 铜 当月合约-现货 次月合约-现货 价差 -565 1255 理论价差 138 909 锌 当月合约-现货 次月合约-现货 价差 -300 185 理论价差 137 272 免责声明: 锌 当月合约-现货 次月合约-现货 价差 -30 ...

有色套利早报 研究中心有色团队 2025/12/05 铜：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 91250 11526 7.75 三月 91020 11476 7.94 均衡比价 盈利 现货进口 8.03 -1611.35 现货出口 - 锌：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 22980 3302 6.96 三月 22905 3060 5.63 均衡比价 盈利 现货进口 8.43 -4870.73 铝：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 22010 2868 7.68 三月 22115 2899 7.63 均衡比价 盈利 现货进口 8.32 -1844.30 镍：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 120300 14694 8.19 均衡比价 盈利 现货进口 8.13 -1266.98 铅：跨市套利跟踪 2025/12/05 国内价格 LME价格 比价 现货 17150 1966 8.70 三月 17235 2005 11.43 均衡比价 盈利 现货进口 8.68 39.38 ...

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]

有色套利早报 研究中心有色团队 2025/12/01 铜：跨市套利跟踪 2025/12/01 国内价格 LME价格 比价 现货 87440 11040 7.88 三月 87400 10995 7.94 均衡比价 盈利 现货进口 8.03 -1071.50 现货出口 869.25 锌：跨市套利跟踪 2025/12/01 国内价格 LME价格 比价 现货 22370 3261 6.86 三月 22450 3037 5.62 均衡比价 盈利 现货进口 8.44 -5161.67 铝：跨市套利跟踪 2025/12/01 国内价格 LME价格 比价 现货 21450 2819 7.61 三月 21650 2845 7.56 均衡比价 盈利 现货进口 8.31 -1969.45 镍：跨市套利跟踪 2025/12/01 国内价格 LME价格 比价 现货 119500 14663 8.15 均衡比价 盈利 现货进口 8.13 -1633.66 铅：跨市套利跟踪 2025/12/01 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市 ...

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]