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每日大宗商品报告穆迪下调美国评级推动黄金上涨1.4%
2025-05-20 07:50

Investment Ratings - BHP: Neutral (CBE) with a price of A38.75[30]−MineralResources:Buy(CBE)withapriceofA38.75 [30] - Mineral Resources: Buy (CBE) with a price of A24.08 [30] Core Insights - BHP is focusing on executing its organic copper and potash growth pipeline, increasing capex from 7billioninFY23toapproximately7 billion in FY23 to approximately 10 billion in FY25, and expects to maintain around 11billioninthemediumterm[12]−TheJansenpotashprojectisontracktodeliversignificantnewvolumegrowth,followedbycopperprojectsinthe2030s[12]−MineralResourceshasappointedMalcolmBundeyasthenewchair,indicatingastrategicleadershipchange[13]−TheChineseeconomyisshowingsloweryear−on−yeargrowth,withretailsalesgrowthdownto5.111 billion in the medium term [12] - The Jansen potash project is on track to deliver significant new volume growth, followed by copper projects in the 2030s [12] - Mineral Resources has appointed Malcolm Bundey as the new chair, indicating a strategic leadership change [13] - The Chinese economy is showing slower year-on-year growth, with retail sales growth down to 5.1% and industrial production growth at 6.1% [14] Summary by Sections Economic Headlines - Wall Street stocks finished flat due to weakened sentiment from Moody's downgrade [9] - China's economic activities moderated in April, with notable declines in property sales and new starts [14] Commodity Prices - Gold increased by 1.4% to 3,232/oz driven by safe haven demand [4] - Iron ore prices fell by 0.7% to 100/dmtamidweakChineseeconomicdata[3]−Copperroseby0.6100/dmt amid weak Chinese economic data [3] - Copper rose by 0.6% to 4.33/lb due to a weaker dollar [4] Company Developments - Codelco has selected Rio Tinto as a partner for the Maricunga lithium project [6] - Nippon Steel plans to invest 14billioninU.S.Steel,including14 billion in U.S. Steel, including 4 billion for a new mill [7] - Kodal anticipates receiving a permit soon to export 27,000 tons of stockpiled lithium from Mali [8]