基本金属迈向4月初以来高位 因风险偏好提高【5月14日LME收盘】

Core Viewpoint - The prices of copper, aluminum, and zinc on the London Metal Exchange (LME) reached their highest levels since early April due to the U.S. adjusting tariffs on Chinese imports, which temporarily increased the risk appetite for metals reliant on economic growth [1][3]. Price Movements - As of May 14, 2023, LME three-month copper rose by $7 to $9,606.50 per ton, having previously hit a peak of $9,664, the highest since April 2 [1][2]. - Three-month aluminum reached $2,543.5 per ton, marking its highest point since April 1 [1]. - Three-month zinc increased by 2.22%, closing at $2,765.00 per ton [1][2]. Tariff Adjustments - The U.S. has rescinded a total of 91% of tariffs on Chinese goods and modified a 34% tariff, with 24% of it suspended for 90 days, while retaining 10% [3]. - The adjustments are in line with the consensus reached during high-level economic talks between the U.S. and China [3]. Market Conditions - The U.S. dollar has weakened following disappointing consumer inflation data, providing further support to the market [4]. - China's social financing scale stock was reported at 424 trillion yuan at the end of April 2025, reflecting an 8.7% year-on-year growth, indicating future demand for industrial metals [4]. - The premium of COMEX copper over LME copper has decreased from 18% at the end of March to around 10% currently, with COMEX copper inventories increasing by 77% since late February [4].