[table_reportdate] 铂钯期货系列专题 2025 年 4 月 钯期货系列专题二之 钯基础知识与生产工艺及成本 [table_main] 宏源公司类模板 报告摘要： [table_research] 分析师：王文虎（F03087656，Z0019472） 研究所 金属研究室 | 一、铂金属简介 3 | | | --- | --- | | （一）纯铂金 | 5 | | （二）铂合金 | 6 | | 二、铂的应用领域 8 | | | （一）铂基催化剂 | 8 | | （二）医疗用途 | 9 | | （三）珠宝首饰 | 9 | | （四）中国对铂的需求 | 9 | | 三、铂的生产工艺 10 | | | （一）铂的提炼制备方法 | 10 | | （二）铂族金属的富集方法 | 11 | | （三）分离、提纯铂 | 12 | | （四）铂的精制 | 14 | | 四、废料中提取铂 15 | | | （一）湿法提取 | 15 | | （二）热法提取 | 17 | | 五、铂生产成本 19 | | Tel：010-82293558 Email：wangwenhu@swhysc.com 相关研究 《美联储货币政 ...

【重要资讯】 供给筛，天齐锂业旗下格林布什键句"3.万吨湿法项目或于25年10月投产后总产能将达到2.1万吨年，引导围产(进口)跑矿价格震荡趋降(下降)，或使国内锂情们 4月生产(进口)量和比增加(增加); 中国碳酸密气舒汗工氧(生产量)疫上周下降(减少)，中国碳酸图工业与电池级)月生产量或环化简加/智加、增加而供给预期偏检, 雅保成磷塑盐产线将于2.5年6月前开启检修，紫金塑冠混碳制 备电池级减额锂2.5万吨产能将于:25年12月建成投产，外购锂挥石和锂云母精矿产碳酸锂目度现金生产成本分别为74300和7600元@电左右致生产利润为负、中国智辉石与提云母及盐湖产碳酸锂 体化季度现金生产成本分别为3000年[63000]及1900元 吨左右致生产利润为正：进口窗口关闭，巍锋锂山位于阿根廷Mariana梁盐湖项目一期均万吨氯化银产能2月正式投产，或使中国碳酸煌月进 【量硕比增加: 中国碳酸锂日度贸论交割利润为负，使广期所碳酸塑库存量较上周增加: 中国碳酸锂社会冶烧厂、贸易商、下游库存量较上同增加/箱加、减少、增加, 中国冶炼(芯)花氢氧, 化锂目度现金生产成本为66500个 4700万 @日生产利润为正(负)， ...

Report Industry Investment Rating - Not provided in the given content Core View of the Report - Global central banks' expectations of interest rate cuts and fiscal easing, a slight easing of the US ORt financial stress index, continuous gold purchases by central banks, and geopolitical risks may make precious metal prices more likely to rise than fall. It is recommended that investors mainly set up long positions when prices decline [1]. Summary by Relevant Catalogs Precious Metal Market Data - **Gold**: Shanghai gold futures' closing price was 805.06 yuan/g on April 18, with a volume of 385,994. The spot Shanghai gold T+D's closing price was 803.87 yuan/g, with a volume of 25,222. COMEX gold futures' closing price was 3,341.30 dollars/ounce, and the London gold spot price was 1,62.50 dollars/ounce. SPDR gold ETF holdings were 952.29 tons, and iShare gold ETF holdings were 433.33 tons [1]. - **Silver**: Shanghai silver futures' closing price was 8,247.00 yuan/ten grams on April 18, with a volume of 540,406. The spot Shanghai silver T+D's closing price was 8,227.00 yuan/ten grams, with a volume of 497,806. COMEX silver futures' closing price was 32.55 dollars/ounce, and the London silver spot price was 32.31 dollars/ounce. The US iShare silver ETF holdings were 14,120.10 tons, and the Canadian PSLV silver ETF holdings were 5,767.09 tons [1]. - **Price Ratios**: The ratio of Shanghai gold to Shanghai silver was 97.62, the ratio of New York gold futures to New York silver futures was 2.59, and the ratio of London gold spot to London silver spot was 102.31 [1]. Important Information - **Tariff Negotiations**: Japan will not blindly yield in US tariff negotiations. Trump said the tariff negotiation progress was good, but the Mexican president said there was no consensus [1]. - **Interest Rate Statements**: Trump criticized Powell and demanded an immediate interest rate cut. Republican lawmakers supported Powell, stating that no president has the right to dismiss the US central bank governor [1]. - **US Fiscal Policy**: The US Congress passed a temporary spending bill until September 30, including a 5.3 - trillion - dollar tax cut and a 5 - trillion - dollar increase in the debt ceiling over the next decade, in exchange for a 4 - billion - dollar reduction in government spending. The CBO predicts that the Treasury's funds may be exhausted between August and September, which may slow down the Fed's balance - sheet reduction [1]. - **Global Central Bank Policies**: The European Central Bank cut interest rates by 25 basis points in March, and there are expectations of 2 - 3 more rate cuts by the end of 2025. The Bank of England may cut interest rates in May and 2 - 3 more times by the end of 2025. The Bank of Japan may raise interest rates around July [1]. Trading Strategy - Investors are advised to mainly set up long positions when precious metal prices decline. For London gold, pay attention to the support level around 3,050 - 3,150 dollars/ounce and the resistance level around 3,500 - 3,700 dollars/ounce. For Shanghai gold, focus on the support level around 720 - 740 yuan/g and the resistance level around 820 - 870 yuan/g. For London silver, pay attention to 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 7,400 - 7,800 yuan/ten grams and the resistance level around 8,600 - 8,900 yuan/ten grams [1].

【重要资讯】 1）宏观：美国参众两院2月0日就订算决议达成一致，包括未来十年,湖税5. 3万亿美元，债务上限提高5厅在美元，换取政府减少支出40亿美元，特朗普政府与多数国家的对等关税谈判 仍存不确定性,引导美国经济"滞胀"担忧,使美联储降息预期增加至6/7/9/12月。 22）上说：波兰钢业8GBIK位于智利SLeerra Gooda钢矿因工人死亡而暂停生产（24年生产量力14.6万金属吨），哈萨克钢业公司Kazakhovs旗下鸟勒套州江阿尔卡县境内一座钢厂发生矿 读事故而暂停生产，aCC-Metals旗下Gedikroge多金属矿山的硫化铜矿拉建项目将于2026年一季度投产日初期车产量为2.5万吨，印尼自由港麦克莫兰公司（Freeovort Mallkan）3月 12日被准许6个月内出口127万吨银情矿但将被征收更高出口税，铜陵有卓馆下位于厄瓜多尔的米拉多钢矿二期15万吨产能或于25年下半年投产，巨龙铜矿新增二期20万吨/日扩建工程 或于25年底投产，或使国内4月钢精矿生产《进口》量环比减少〈增加〉，中国锯情矿进口猪数为负目较上周下降，世界〈中国〉港口钢精矿出选〈入港〉量较上周增加〈曽加〉，中国 主说港口钢 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The supply - side support for ethylene glycol is expected to increase due to equipment maintenance, which may drive up the price. However, the downstream market has different sales situations, and the market volume is expected to be strong in the short - term but may enter a shock period later. The inventory of ethylene glycol will generally maintain an upward trend, and attention should be paid to the changes in downstream equipment and prices [2]. 3. Summary According to Relevant Catalogs 3.1 Price Information - **Crude Oil**: On April 22, 2025, the price was $572.50 per ton, up 0.84% from the previous day [1]. - **Fiber Price Index**: The Northeast Asia ethylene price index remained unchanged at $791.00 per ton on April 21, 2025 [1]. - **Ethylene Glycol**: The ex - factory price in the East China region on April 22, 2025, was 6,800 yuan per ton, unchanged from the previous day. The intermediate price in the East China market on April 21, 2025, was 4,170 yuan per ton, unchanged from the previous day. The internal - market ethylene glycol price index on April 21, 2025, was 4,180 yuan per ton, up 1.79% [1]. - **Polyester Products**: The polyester price index on April 21, 2025, was 8,375 yuan per ton, up 0.89%. The polyester staple fiber price index was 6,265 yuan per ton, up 0.16% [1]. 3.2 Equipment Maintenance Information - A 210,000 - ton/year equipment in North China is planned to be shut down for maintenance, with the maintenance duration around half a year. A 400,000 - ton/year equipment in South China is expected to shut down in April, and the start - up time is to be determined [2]. 3.3 Market Transaction Information - **Ethylene Glycol**: In the market, the basis difference showed a weak and fluctuating trend. The spot basis difference was concentrated around a premium of 56 - 67 yuan per ton. The negotiation and transaction of foreign - market ethylene glycol were relatively concentrated, with the price around a premium of $8 - 35 per ton. The transaction price was generally around $485 - 492 per ton [2]. - **Downstream Products**: The sales of polyester filament, polyester staple fiber, and polyester chips showed different trends. The sales situation of polyester products at the end of the week on April 21 was 37.59%, 85.00%, and 51.74% respectively [2].

王江楠（F03108382，Z0021543），联系电话：010-82295006 | | PX&PTA&PR | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/4/22 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/4/21 | 美元/桶 | 63.08 | 64.68 | -2.47% | | 上 | 期货结算价(连续):布伦特原油 | 2025/4/21 | 美元/桶 | 66.26 | 67.96 | -2.50% | | 游 | 现货价(中间价):石脑油:CFR日本 | 2025/4/21 | 美元/吨 | 572.50 | 567.75 | 0.84% | | | 现货价(中间价):二甲苯(异构级):FOB韩国2025/4/21 | | 美元/吨 | 658.00 | 649.50 | 1.31% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/4/21 | 美元/吨 | 741.00 | 740.00 | 0.14% | | ...

王文虎(F03087656,Z0019472),联系电话:010-82293558 | | 变量名称 | 2025-04-18 | 2025-04-17 | 2025-04-14 | 较昨日变动 | 近期走势 | | --- | --- | --- | --- | --- | --- | --- | | | 收盘价 | 196961 | 19645 | 19685 | 50. 00 | | | 沪铝期货活跃合约 | 成交量(手) | 124520 | 147942 | 145868 | -23, 422. 00 | | | | 持仓量(手) | 214221 | 218124 | 200700 | -3, 903.00 | | | | 库存(吨) | 92475 | a and en and en de service of the series of the series of the | 102713 | -3, 434. 00 | | | 沪铝基差 | SMM A00电解铝平均价 | 19830 | 19800 | 19760 | 30. 00 | | | (现货与期货) | 沪铝基差 | 135 | ...

王文虎(F03087656,Z0019472),联系电话:010-82293558 | 碳 锌 8 详20250421: 国内碳酸锂4月供给预期偏松,三元材料厂库存量较上周减少 | 较昨日变化 | 交易日期(日) | 2025-04-08 | 2025-04-15 | 2025-04-14 | 近两周走势 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 近月合约 | 收盘价 | 70600.00 | 71000.00 | 70000.00 | -400.00 | 70720.00 | 70760.00 | 70280.00 | 连一合约 | 收盘价 | -40.00 | | 70900.00 | 连二合约 | 收盘价 | 70840.00 | 70480.00 | 60.00 | 收盘价 | 70900.00 | 70840.00 | 70540.00 | 60.00 | 连三合约 | | 70720.00 | 收盘价 | 70760.00 | 70280.00 | -40.00 | ...

| 收盘价 791.02 789. 22 763. 64 1.80 27. 38 | | --- | | 库存(十克) 15678.00 15678.00 15678.00 0. 00 0. 00 上海黄金 | | 收盘价 787. 20 787. 32 762.14 -0.12 25. 06 (元/克) 现货沪金T+D 成交重 38420.00 74514.00 59868.00 -36, 094. 00 -21, 448. 00 | | 持仓量 204708.00 206222. 00 199716.00 -1, 514. 00 4, 992. 00 | | 价差(近月与远月》 近月连续-远月活跃 -1.28 -1. 06 -0. 06 -0. 22 -1.22 | | 基差(现货与期货) 现货价格-期货价格 -3.82 -1.90 -1.50 -1.92 -2. 32 | | 收盘价 8160.00 8161.00 8091.00 -1.00 69. 00 | | 成交量 746753.00 997086.00 1238730.00 -250, 333. 00 -491, 977.00 期货活跃合约 | ...

| | PX&PTA&PR | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/4/21 | 品种 | 更新日期 | 单位 | 现值 | 前值 | 涨跌(幅) | | | 期货结算价(连续):WTI原油 | 2025/4/17 | 美元/桶 | 64.68 | 62.47 | 3.54% | | 上 | 期货结算价(连续):布伦特原油 | 2025/4/17 | 美元/桶 | 67.96 | 65.85 | 3.20% | | 游 | 现货价(中间价):石脑油:CFR日本 | 2025/4/17 | 美元/吨 | 567.75 | 553.00 | 2.67% | | | 现货价(中间价):二甲苯(异构级):FOB韩国2025/4/18 | | 美元/吨 | 649.50 | 649.50 | 0.00% | | | 现货价:对二甲苯PX:CFR中国主港 | 2025/4/17 | 美元/吨 | 740.00 | 722.00 | 2.49% | | | CZCE TA 主力合约 收盘价 | 2025/4/18 | 元/吨 | 4330 ...