资讯 0毫临精工公告称，公司子公司江西升华与宁德的代签订补充协议，观原《业务合作协议》进行了修订，主要修订内容包括将江西墓地产能提升至16万吨年，四川三期产销提升至20万吨年，并承诺2025-000年间优先 满足宁德时代需求，此外，宁德时代承诺每年度采购量不低于江西升华商诺产能的30%。该补充协议须计修管强公司磷酸铁胆压极材料业务的竞争力和可持续发展能力，对公司未来经营业绩产生积规影响。 @藍飾體約月日在机构鋼研神表示，公司包印尼斯蘭的50年盤級戶日于2024年投入改生平，目前的分數 客户的人近已进入最后不节，预扩第一季度假提是代。 的一公司非看得巴西的战发展前景。 因西 电池关键材料会属密方面有业务布局，公司金属管项目已建成产能500吨，超薄超宽跑带已实现以量生产，公司也在积极简新规划的3500吨金属管带领项目的进展和建设工作。公司也在固在电竞网技术的贡献于fi 研发工作。 【重要资讯】 供给端，天齐担山面下降冰布什완厂3.万吨湿法项目或于26年01月投产后总产能将达到201万吨年，引导国产(进口)超好价格震荡下降1下降)，或费国内锂隔矿6月生产(进口)量环比增加(减少)，中国碳酸智能新工率 t生产量成上周 ...

Report Industry Investment Rating No relevant information provided. Core View of the Report - The third round of coke price cuts has been implemented, with wet - quenched coke down by 70 yuan/ton and dry - quenched coke down by 75 yuan/ton. The results of the first meeting of the China - US economic and trade consultation mechanism may have a significant impact on macro sentiment. The prices of coking coal and coke futures have rebounded to near the spot parity level. The current weak fundamentals of coking coal and coke remain unchanged, and it is difficult for prices to continue rising. [6] - With the increase in the impact of summer high temperatures and heavy precipitation, steel consumption is seasonally weakening, and prices are expected to fluctuate weakly. However, steel mills are still profitable, and their enthusiasm for production cuts is limited. The decline in iron - water production has slowed down and remains at a relatively high level. Steel mills have sufficient raw material inventories and are trying to reduce inventory by controlling and reducing purchases, with a strong willingness to suppress raw material prices. [6] - Coke enterprises are facing greater shipment pressure, with continuously and rapidly increasing passive inventory. Affected by environmental protection and inventory pressure, the coke enterprises' production has slightly decreased. After the third round of price cuts, coke enterprises' profits are near the break - even point, and there may be further price cuts in the future. Coke supply is relatively loose, and futures prices are expected to fluctuate weakly. [6] - In terms of coking coal supply, there have been many safety accidents in Shanxi coal mines recently, and with the arrival of the production safety month, the uncertainty of coal mine supply has increased. At the same time, due to inventory and loss pressure, more coal mines are reducing production, resulting in a slight reduction in coal supply, but it is still relatively loose. The coking coal spot market is operating weakly, and the futures market is expected to fluctuate weakly. [6] Summary by Relevant Catalogs 1. Market Data Coke Futures - For J2601, yesterday's price was 12601, today's price is 1358.5, with a rise of 56; for J2605, yesterday's price was 1377.0, today's price is 1363.0, with a rise of 14.0; for J2509, yesterday's price was 9056T, today's price is 1345.0, with a rise of 8.5. [2] Coking Coal Futures - For JM2601, yesterday's price was 7925, today's price is 773.0, with a fall of 19.5; for JM2605, yesterday's price was 818.5, today's price is 802.5, with a fall of 16.0; for JM2509, yesterday's price was 778.5, today's price is 757.0, with a fall of 5.15. [2] Spot Market - Coke: The ex - factory prices in Xingtai, Lvliang, Heze, and Tangshan all decreased, with a decrease of 70 - 75 yuan/ton. The warehouse - receipt prices of coke in Rizhao Port, Shanxi wet - quenched coke, and Xuyang dry - quenched coke also decreased. [2] - Coking Coal: The prices of Australian low - volatile and medium - volatile coking coal changed, with the low - volatile remaining unchanged and the medium - volatile decreasing by 53 yuan/ton. The warehouse - receipt prices of some coking coal also changed, with the optimal coking coal warehouse - receipt price decreasing by 20 yuan/ton. [2] Coking Profit - The 01, 05, and 09 contract coking profits all decreased, with decreases of 16.0, 6.9, and 19.8 yuan/ton respectively. The Shanxi spot profit decreased by 62.4 yuan/ton. [2] Fundamentals - Coke: The daily average production of 247 steel enterprises' coke decreased by 0.04, a decrease of 0.08%; the daily average consumption decreased by 0.05, a decrease of 0.05%. The inventory of all - sample independent coking plants increased by 15.6, an increase of 14.03%. [2] - Coking Coal: The daily average production of 110 coal - washing plants' clean coal decreased by 0.3, a decrease of 0.60%; the daily average production of 523 mines' clean coal decreased by 1.8, a decrease of 2.29%. The inventory of all - sample independent coking plants' coking coal decreased by 27.4, a decrease of 3.24%. [2] 2. Night - session Review - The JM2509 contract of coking coal futures closed at 778 yuan/ton, and the J2509 contract of coke futures closed at 1336 yuan/ton. The coking profit of the 2509 contract was 250.9 yuan/ton, down 19.8 yuan/ton from the previous day. [2] 3. Important News - The China - US economic and trade consultation mechanism will hold its first meeting. The negotiation on the price commitment of the China - EU electric vehicle case is in the final stage. Trump urged the Fed to cut interest rates by one percentage point. [4] - The price of billets in Tangshan Qian'an decreased by 20 yuan/ton over the weekend. The trading volume of iron ore in major ports decreased by 22.8% on June 6, while the trading volume of construction steel of 237 mainstream traders increased by 4.9%. [4] - The planned output of 79 domestic hot - rolled strip steel mills in June 2025 is expected to increase by 18.11 million tons compared with May. The price of Mongolian imported coking coal has been declining since May to early June, with a cumulative decline of 15.06%. [5] - As of June 5, the freight volume of Xinjiang Railway this year reached 101 million tons, a year - on - year increase of 2.0%. The export volume of Mongolian coal from January to May 2025 decreased by 2.35% year - on - year, and the export value decreased by 40.77% year - on - year. [5] 4. Trading Strategy - The third round of coke price cuts has been implemented. The results of the China - US economic and trade consultation may affect macro sentiment. The prices of coking coal and coke futures are near the spot parity level, and it is difficult for prices to continue rising. [6] - Steel consumption is seasonally weakening, but steel mills are still profitable, and their production - cut enthusiasm is limited. Steel mills are trying to reduce inventory and suppress raw material prices. Coke enterprises are facing greater shipment pressure, and there may be further price cuts. [6] - Coke supply is relatively loose, and futures prices are expected to fluctuate weakly. Coking coal supply has some uncertainties, but it is still relatively loose. The coking coal spot market is weak, and the futures market is expected to fluctuate weakly. [6]

| | | 尿素早评20250609:关注后市反弹机会 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日度 | 6月6日 6月5日 | 单位 | | | | | | | | | | | | (绝对值) | (相对值) | | 期现价格 | 尿素期货价格 | UR01 山东 | 元/吨 元/吨 | 1669.00 1830.00 | 1670.00 1850.00 | -1.00 -20.00 | | | | | UR05 | 元/吨 | 1700.00 | 1701.00 | -1.00 | -0.06% | | (收盘价) | | UR09 | 元/吨 | 1720.00 | 1722.00 | -2.00 | -0.12% | | | | 河南 | 元/吨 | 1830.00 | 1840.00 | -10.00 | -0.54% | | 国内现货价格 | | | | | | | | | (小額粒) | | 河北 | 元/吨 | 1850.00 | 1860.00 | -10.00 | -0.54% | | | | 东北 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - In the short term, methanol has a rebound momentum due to the recent rebound of oil prices and coal, and the impact of maritime new regulations on methanol unloading. However, the upward momentum of methanol is insufficient. From a valuation perspective, methanol is not cheap compared to upstream coal, but it is relatively cheap compared to downstream polyolefins, and there is room for valuation repair. From a driving perspective, after the weakening of macro - impact, methanol returns to its own fundamental pricing. The supply of imports and inland supply recovers quickly, while the demand side has limited room for further improvement, resulting in a loose supply - demand pattern and insufficient upward momentum for methanol [1] Group 3: Summary According to the Catalog 1. Futures and Spot Prices - Methanol futures prices: MA01 increased from 2327.00 yuan/ton to 2319.00 yuan/ton, up 0.34%; MA05 increased from 2270.00 yuan/ton to 2263.00 yuan/ton, up 0.31%; MA09 increased from 2264.00 yuan/ton to 2259.00 yuan/ton, up 0.22% [1] - Methanol spot prices: In some regions like Guangdong, it increased by 0.11% (from 2292.50 yuan/ton to 2295.00 yuan/ton), and in Hubei, it increased by 0.23% (from 2220.00 yuan/ton to 2225.00 yuan/ton). While in regions such as Shandong, Shaanxi, etc., there was no change [1] - The difference between Taicang spot and MA decreased by 10.50 yuan/ton [1] 2. Raw Material Prices - Coal spot prices: There was no change in the prices of Ordos Q5500 (425.00 yuan/ton), Datong Q5500 (470.00 yuan/ton), and Yulin Q6000 (480.00 yuan/ton) [1] - Industrial natural gas prices: There was no change in the prices in Hohhot (3.94 yuan/cubic meter) and Chongqing (3.30 yuan/cubic meter) [1] 3. Profit Situation - Methanol production profit: The profit of coal - to - methanol remained unchanged at 299.70 yuan/ton, and the profit of natural - gas - to - methanol remained unchanged at - 600.00 yuan/ton [1] - Downstream profit: The profit of Northwest MTO increased by 1.73% (from 577.60 yuan/ton to 587.60 yuan/ton), while the profit of East China MTO decreased by 5.23% (from - 477.57 yuan/ton to - 502.57 yuan/ton). The profit of MTBE increased by 14.36% (from 221.52 yuan/ton to 253.32 yuan/ton), and the profit of acetic acid decreased by 0.53% (from 515.45 yuan/ton to 512.70 yuan/ton) [1] 4. News and Information - Abroad: Two methanol plants with a total capacity of 3.3 million tons in a Middle - Eastern country are under maintenance. Attention should be paid to the recent natural gas supply [1] - Domestic: The main methanol contract MA2509 fluctuated within a range, opening at 2269 yuan/ton, closing at 2264 yuan/ton, up 7 yuan/ton, with a trading volume of 607,691 lots and a position of 7,996,440. It was a trading day with volume reduction and position reduction [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - PX futures weakened this week, with the spot price down 2.9% week-on-week to $818/ton CFR by Friday. The weekly average price also decreased by 1.8% to $826/ton CFR. The market sentiment was bearish due to poor May PMI data in China and new short - fiber production cuts in polyester, though overall polyester开工 remained stable. Despite increased supply from some PX units restarting and ramping up, PX is expected to be in a de - stocking phase in the next few months. The CFR China price of PX on June 6 was $818/ton, and with international oil prices fluctuating, there was insufficient cost guidance for PX. The domestic PX operating rate recovered to over 85%, and with some maintenance schedules postponed, there was no obvious fundamental driver [2]. - The PTA market rose due to improved market confidence from the China - US leaders' call and PTA spot de - stocking. However, with the end of the PTA maintenance peak, new capacity planned for trial runs, and more planned restarts than maintenance this week, PTA supply will increase in the month. Although most polyester products are in theoretical production losses, the announced polyester unit maintenance plans are limited, and the rigid demand is expected to be stable. In June, the domestic weaving market continued to weaken, while there were small - volume US orders. Overall, PTA prices are expected to trade in a range, and attention should be paid to whether new PTA capacity in East China will start trial runs in early June [2]. - The polyester bottle - chip market in Jiangsu and Zhejiang was trading in the range of 5900 - 6000 yuan/ton, up 10 yuan/ton from the previous trading day. The futures of polyester raw materials and bottle - chips fluctuated slightly, and the supply - side quotes were mostly stable. The downstream buying enthusiasm was low, and the market negotiation atmosphere was average. The bottle - chip operating rate may decline, and the overall market supply is sufficient. The downstream is digesting previous inventory, and the market trading is light [2]. - It is expected that PX, PTA, and PR will trade in a range (PX view score: 0, PTA view score: 0, PR view score: 0) [2]. Summary by Related Catalogs Price Information - **Upstream**: On June 6, 2025, the WTI crude oil futures settlement price was $64.58/barrel, up 1.91%; the Brent crude oil futures settlement price was $66.47/barrel, up 1.73%. The spot price of naphtha CFR Japan was $560.50/ton, up 0.60%. The spot price of isomeric xylene FOB Korea was $697.50/ton, down 0.14%. The spot price of PX CFR China Main Port was $818.00/ton, down 0.28% [1]. - **PTA Price**: The CZCE TA main - contract closing price was 4652 yuan/ton, up 0.17%; the settlement price was 4672 yuan/ton, up 0.95%. The near - month contract closing price was 4888 yuan/ton, up 0.74%; the settlement price was 4894 yuan/ton, up 0.58%. The domestic PTA spot price was 4884 yuan/ton, up 1.03%. The CCFEI PTA domestic price index was 4897 yuan/ton, up 1.26%, and the CCFEI PTA foreign price index on June 5 was $615.00/ton, down 1.44%. The near - far month spread was 222 yuan/ton, down 16 yuan; the basis was 245 yuan/ton, up 53 yuan [1]. - **PX Price**: The CZCE PX main - contract closing price was 6556 yuan/ton, up 0.24%; the settlement price was 6586 yuan/ton, up 1.07%. The near - month contract closing and settlement prices were both 7000 yuan/ton, unchanged. The domestic PX spot price was 6592 yuan/ton, down 0.65%. The PX CFR China Taiwan spot price was $819.00/ton, down 0.24%, and the PX FOB Korea spot price was $794.00/ton, down 0.25%. The PXN spread was $257.50/ton, down 2.17%, and the PX - MX spread was $120.50/ton, down 1.09%. The basis was 36 yuan/ton, down 59 yuan [1]. - **PR Price**: The CZCE PR main - contract closing price was 5900 yuan/ton, up 0.48%; the settlement price was 5908 yuan/ton, up 0.65%. The near - month contract closing and settlement prices were both 5910 yuan/ton, up 0.41%. The mainstream market price of polyester bottle - chips in the East China market was 5900 yuan/ton, up 0.17%; in the South China market, it was 5990 yuan/ton, up 0.17%. The basis in the East China market was 0 yuan/ton, down 18 yuan; in the South China market, it was 90 yuan/ton, down 18 yuan [1]. - **Downstream Price**: On June 6, 2025, the CCFEI price index of polyester DTY was 8925 yuan/ton, unchanged; the CCFEI price index of polyester POY was 7200 yuan/ton, unchanged; the CCFEI price index of polyester FDY68D was 7250 yuan/ton, unchanged; the CCFEI price index of polyester FDY150D was 7200 yuan/ton, unchanged; the CCFEI price index of polyester short - fiber was 6490 yuan/ton, up 0.08%; the CCFEI price index of polyester chips was 5885 yuan/ton, up 0.60%; the CCFEI price index of bottle - grade chips was 5900 yuan/ton, up 0.17% [2]. Operating Conditions - The operating rate of the PX in the polyester industry chain was 84.52%, up 3.07 percentage points. The PTA industry chain load rate of PTA plants was 80.84%, unchanged; of polyester plants was 89.59%, down 0.25 percentage points; of bottle - chip plants was 82.46%, down 1.36 percentage points; of Jiangsu and Zhejiang looms was 69.09%, unchanged [1]. Production and Sales - On June 6, 2025, the sales rate of polyester filament was 44.00%, down 12 percentage points; the sales rate of polyester short - fiber was 71.00%, up 7 percentage points; the sales rate of polyester chips was 52.00%, up 3 percentage points [1]. Device Information - A 1.2 - million - ton PTA plant in the Northwest is planned to restart between May 15 and 20 [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The Fed's rate - cut expectations are postponed, but due to the uncertainty of Trump's tariff policy, continuous gold purchases by central banks globally, and geopolitical risks, precious metal prices are likely to rise and difficult to fall. It is recommended that investors mainly lay out long positions on pullbacks [1]. 3. Summary According to Related Catalogs Gold and Silver Market Data - **Shanghai Gold**: The closing price was 779.56 yuan/g, with a change of - 1.43 yuan compared to the previous day and 11.54 yuan compared to the previous week. The trading volume was 52,784.00, and the open interest decreased by 1,544.00 [1]. - **Shanghai Silver**: The closing price was 8,839.00 yuan/10g, with a change of - 1.62 yuan compared to the previous day. The trading volume was 437,220.00, and the open interest decreased by 1,324.00 [1]. - **COMEX Gold Futures**: The closing price was 3,331.00 dollars/ounce, with a change of - 45.10 dollars compared to the previous day. The trading volume was 183,467.00, and the open interest increased by 2,726.00 [1]. - **COMEX Silver Futures**: The closing price was 36.13 dollars/ounce, with a change of 0.34 dollars compared to the previous day. The trading volume was 32,099.00, and the open interest increased by 1,381.00 [1]. Important Information - **Gold**: The People's Bank of China increased its gold holdings for the 7th consecutive month, with a month - on - month increase of 60,000 ounces, and the pace of increase continued to slow down. The Fed's G.98 report showed that consumer credit growth in April soared from the revised 3.6 billion dollars to 17.9 billion dollars [1]. - **Silver**: Trump's uncertain tariff policy raised concerns about consumer inflation rebound. The non - farm payrolls in the US in May were 139,000, higher than expected but lower than the previous value, and the average hourly wage rate was 3.9%, higher than expected and the previous value, delaying the Fed's rate - cut expectation to September/December [1]. Central Bank Policies - **European Central Bank**: Cut interest rates by 25 basis points in June, lowering the deposit mechanism rate to 2%. The market expects the ECB to cut interest rates about once more before the end of 2025 [1]. - **Bank of England**: Cut the key interest rate by 25 basis points to 4.25% in May. The market expects the BoE to cut interest rates only once more before the end of 2025 [1]. - **Bank of Japan**: Raised interest rates by 25 basis points in January, raising the benchmark rate to 0.5%. The market expects the BoJ to raise interest rates around July [1]. Trading Strategy - For London gold, focus on the support level around 3,000 - 3,200 dollars/ounce and the resistance level around 3,500 - 3,700 dollars/ounce. For Shanghai gold, focus on the support level around 730 - 750 yuan/g and the resistance level around 840 - 900 yuan/g. For London silver, focus on the support level around 28 - 30 dollars/ounce and the resistance level around 35 - 36 dollars/ounce. For Shanghai silver, focus on the support level around 7,800 - 8,000 yuan/10g and the resistance level around 8,600 - 8,900 yuan/10g [1].

黑色金属周报-双焦 政策预期扰动 焦化利润快速收缩 2025年6月6日 目录 第一部分 焦煤 第二部分 焦炭 1 焦煤 价格方面，本周焦煤现货价格仍为跌势。现货方面：截至6月5日，唐山蒙5仓单792元/吨，环比降 20元/吨，山西低硫主焦煤仓单856元/吨，环比持平，进口煤方面，加拿大鹿景仓单价格926，环比下降 27元/吨；期货方面，焦煤主力合约价格反弹，环比上一交易周上涨7.23%，JM9-1价差-14 (+7.5）元/ 吨。 基本面方面，从供应端来看，近期因事故以及库存压力等停限产煤矿增多，煤矿连续四周减量， 钢联数据显示，本期炼焦煤（523家）开工率84.65%，环比下降0.84%，日均精煤产量74.53万吨，环比 下降2.31万吨；需求方面，本期铁水产量小幅下降，日均产量241.91万吨，环比减少1.7万吨；今日焦 炭第三轮提降落地，下游仍多维持按需采购操作，现货煤价重心继续向下调整。煤矿方面，出货仍不畅， 库存压力较大，部分有顶仓压力，钢联523口径精煤库存480.73万吨，环比回升7.7万吨。进口海运煤方 面，海外终端刚需采买，周中澳洲准一线焦煤Goonyella贡耶拉远期成交价格FOB193美 ...

1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Views of the Report - The anticipation of a looser supply situation in the zinc concentrate mining sector has largely materialized, with the treatment charge (TC) continuing to rise. The annual production guidance for major overseas zinc concentrate producers remains mostly unchanged, and the upward trend in annual zinc concentrate production is expected to continue [3][50]. - Given the strong expectation of refinery复产 and the off - peak demand season, an inflection point in zinc ingot inventory may emerge [3]. - The zinc price is expected to be strong in the short - term and weak in the long - term. In the short run, low inventory provides some support, but weak demand restricts upward movement. In the long run, with increased supply and limited demand growth, the zinc price may face pressure [4]. 3. Summary by Directory 3.1 Total Overview - In March 2025, the global zinc market surplus narrowed to 23,700 tons. The first three months of 2025 saw a global supply surplus of 143,000 tons, slightly lower than the 148,000 tons surplus in the same period last year [12]. - In Q1 2025, global zinc concentrate production was 2.9021 million tons, a 9.75% decrease quarter - on - quarter and a 2.99% increase year - on - year. Global refined zinc production was 3.278 million tons, a 2.32% decrease quarter - on - quarter and a 3.55% decrease year - on - year [12]. 3.2 Glencore - Glencore's 2025 zinc concentrate production guidance is 93 - 990,000 tons, consistent with the initial expectation. Q1 production was 213,600 tons, a 18.29% decrease quarter - on - quarter and a 3.89% increase year - on - year. Increases mainly came from Antamina and the Australian region [19]. 3.3 Teck - Teck's 2025 zinc concentrate production guidance is 525,000 - 575,000 tons. Q1 production was 177,300 tons, a 6.19% decrease quarter - on - quarter and a 14.08% decrease year - on - year. Reductions mainly came from the Red Dog mine [22]. 3.4 Boliden - In Q1 2025, Boliden's zinc concentrate production was 57,900 tons, a 38.95% increase quarter - on - quarter and a 45.78% increase year - on - year. Increases mainly came from the复产 of the Tara mine [24]. 3.5 Vedanta - In Q1 2025, Vedanta's zinc concentrate production was 264,000 tons, a 5.60% increase quarter - on - quarter and a 4.35% increase year - on - year. Increases mainly came from Gamsberg, partially offset by the reduction at Black Mountain Mine [27]. 3.6 Nexa - Nexa's 2025 zinc concentrate production guidance is 311,000 - 351,000 tons. Q1 production was 67,300 tons, an 8.44% decrease quarter - on - quarter and a 22.82% decrease year - on - year. Except for Cerro Lindo, zinc production at other mines declined [31]. 3.7 MMG - MMG's 2025 zinc concentrate production guidance is 215,000 - 240,000 tons. Q1 production was 51,800 tons, a 19.02% decrease quarter - on - quarter and a 12.65% decrease year - on - year [37]. 3.8 Newmont Goldcorp - Newmont's 2025 zinc concentrate production guidance is 236,000 tons. Q1 production was 59,000 tons, a 23.38% decrease quarter - on - quarter and a 2.42% increase year - on - year [38]. 3.9 BHP - BHP's fiscal 2025 zinc concentrate production guidance is 90,000 - 110,000 tons. Q1 production was 26,000 tons, a 14.19% increase quarter - on - quarter and a 41.38% increase year - on - year [40]. 3.10 Lundin Mining - In Q1 2025, Lundin Mining's zinc concentrate production was 48,900 tons, a 5.77% decrease quarter - on - quarter and a 7.14% increase year - on - year [41]. 3.11 South32 - In Q1 2025, South32's zinc concentrate production was 11,000 tons, a 1.85% increase quarter - on - quarter and a 23.08% decrease year - on - year. The production guidance for the Cannington mine in fiscal 2025 was lowered to 45,000 tons [43]. 3.12 Grupo Mexico - SCC - In Q1 2025, SCC's zinc concentrate production was 39,400 tons, an 8.75% decrease quarter - on - quarter and a 49.40% increase year - on - year. The full - load operation of the Buenavista zinc concentrator contributed to the increase [44]. 3.13 Industrials Pelones - In Q1 2025, Pelones' zinc concentrate production was 57,700 tons, a 5.65% decrease quarter - on - quarter and a 13.86% decrease year - on - year. Reductions mainly came from the closure of the Tizapa mine and the depletion of the San Julian mine [45]. 3.14 Fresnillo plc - Fresnillo plc's 2025 zinc concentrate production guidance is 93,000 - 103,000 tons. Q1 production was 25,200 tons, a 12.79% decrease quarter - on - quarter and a 3.47% decrease year - on - year. Reductions mainly came from lower ore grades at Fresnillo and Cienega and the shutdown of the San Julian mine [47]. 3.15 Kaz Mineral - In Q1 2025, Kaz Mineral's zinc concentrate production was 9,300 tons, a 19.13% decrease quarter - on - quarter and a 11.43% decrease year - on - year, despite the highest quarterly throughput of ore [50]. 3.16 Market Outlook - The anticipation of a looser supply situation in the mining sector has materialized, and the TC continues to rise. The annual production guidance for major overseas zinc concentrate producers remains mostly unchanged, and the upward trend in annual zinc concentrate production is expected to continue. The TC for domestic and imported zinc concentrates has increased [50]. - Given the strong expectation of refinery复产 and the off - peak demand season, an inflection point in zinc ingot inventory may emerge. The zinc price is expected to be strong in the short - term and weak in the long - term [3][4].

| 元前期货 | | | 碳 锌 8 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 交易日期(日) | 2025-06-05 | 2025-06-04 | 2025-05-29 | 较昨日变化 | 近两周走势 | | | 近月合约 | | 60140.00 | 61220.00 | 58920.00 | -1,080.00 | | | | 连一合约 | 收盘价 收盘价 | 60100.00 | 61080.00 | 58860.00 | -980.00 | | | | 连二合约 | 收盘价 | 60540.00 | 61220.00 | 59180.00 | -680-00 | | | | 连三合约 | 收盘价 | 60540.00 | 61220.00 | 59100.00 | -680.00 | | | | | 收盘价 | 60100.00 | 61080.00 | 58860.00 | -980.00 | | | 碳酸锂期货 | 活跃合约 | 成交量(手) | 244592.00 | 413239.00 | 38614 ...

| | 变量名称 | 2025-06-05 | 2025-06-04 | 2025-05-27 | 较昨日变动 | 近期走势 | | --- | --- | --- | --- | --- | --- | --- | | 沪铜期货活跃合约 | 收盘价 | 78170 | 78200 | 78210 | -30.00 | | | | 成交量(手) | 64095 | 111382 | 67182 | -47,287.00 | | | | 持仓量(手) | 193023 | 195214 | 127084 | -2,191.00 | | | | 库存(吨) | 31687 | 31933 | 34961 | -246.00 | | | 沪铜基差或现货升贴水 | SMN 1#电解铜平均价 | 78415 | 78485 | 78515 | -70.00 | | | | 沪铜县差 | 245 | 285 | 305 | -40.00 | | | | 广州电解铜现货升贴水 | -15 | -65 | 220 | 50.00 | nonin | | (现货与期货) | 华北电解铜现货升贴水 | -220 | -220 | ...