LME铜库存降至历史低位，关注有色60ETF

Group 1 - The core viewpoint is that the non-ferrous metal sector is experiencing a phase of supply-demand mismatch, profit recovery, and expectations of liquidity easing, particularly in areas with resource scarcity, leading to continuous investment value release [1][2]. Group 2 - The recent decline of the US dollar, easing geopolitical tensions, and low copper inventory levels have contributed to the ongoing rise in the non-ferrous metal sector [1]. - Since 2025, the US dollar index has accelerated its decline, reaching a nearly three-year low, which enhances the purchasing power of non-US currencies and increases global demand elasticity for copper, aluminum, and precious metals [1]. - The expectation of interest rate cuts has increased the financial attributes and investment appeal of bulk commodities [1]. - On the supply side, the constraints on metal resources are becoming more pronounced, with a continued tight supply of copper mines [1]. - Global copper inventory levels are currently low, with LME copper inventory decreasing from 270,000 tons at the beginning of the year to 90,000 tons, a historical low [1]. - The LME copper futures premium has risen to a historical high of $320, driven by tight spot market conditions [1]. - Despite being a "low season," the operating rates for copper rods and electrical wires remain above 70%, indicating strong demand [1]. - Emerging demands from investments in power grids, energy storage, new energy vehicles, and AI servers are driving unexpected growth in minor metals such as rare earths, antimony, molybdenum, and tantalum [1]. - Although smelting profits remain low, there is a clear trend of marginal improvement, with significant year-on-year growth in electrolytic copper and aluminum production in the first quarter [1]. - Orders for minor metal companies have increased significantly, with total prepayments rising by 9.35% year-on-year, reflecting a recovery in downstream demand [1].