铜冠金源期货商品日报-20250523

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the US soft data improved, with the May Markit manufacturing and services PMIs rebounding significantly above 52, and the initial jobless claims lower than expected. The market risk appetite slightly increased, and the US stocks showed a weak recovery. The long - term US Treasury yields first rose and then fell after the Trump tax - reform bill passed the House of Representatives. Gold prices rose and then fell, oil prices回调 due to OPEC +'s expected production increase in July, and copper prices dropped to a 3 - week low [2]. - Domestically, the A - share market adjusted with shrinking volume, and the bond market remained weakly volatile. China had positive diplomatic interactions, such as the call between Xi Jinping and the French President and the talks between Chinese and Dutch foreign ministers [3]. - For different commodities, the prices of precious metals are expected to be weakly volatile in the short term; copper prices will maintain range - bound oscillations; aluminum prices will continue to oscillate above 20,000 yuan; alumina is expected to be strong but attention should be paid to the rhythm; zinc prices are expected to be weak; lead prices will continue to be weakly volatile; tin prices will continue to adjust; industrial silicon prices will maintain a low - level weak oscillation; lithium carbonate prices can be shorted on high; nickel prices will maintain a low - level oscillation; oil prices should be observed in the short term; steel prices will oscillate; iron ore prices will mainly oscillate; double - meal prices will oscillate; and palm oil prices will oscillate [4][6][8][10][11][13][15][17][18][19][20][22][23][25]. Summary by Related Catalogs 1. Metal Main Varieties Yesterday's Trading Data - Copper: SHFE copper closed at 77,920 yuan/ton, down 0.23%; LME copper closed at 9,520 dollars/ton, up 0.34% [26]. - Aluminum: SHFE aluminum closed at 20,210 yuan/ton, up 0.10%; LME aluminum closed at 2,457 dollars/ton, down 0.77% [26]. - Alumina: SHFE alumina closed at 3,216 yuan/ton, down 0.92% [26]. - Zinc: SHFE zinc closed at 22,245 yuan/ton, down 1.48%; LME zinc closed at 2,705 dollars/ton, up 0.75% [26]. - Lead: SHFE lead closed at 16,685 yuan/ton, down 1.27%; LME lead closed at 1,964 dollars/ton, down 0.73% [26]. - Nickel: SHFE nickel closed at 123,400 yuan/ton, up 0.10%; LME nickel closed at 15,490 dollars/ton, down 0.90% [26]. - Tin: SHFE tin closed at 264,780 yuan/ton, down 1.10%; LME tin closed at 32,430 dollars/ton, down 1.05% [26]. - Precious Metals: COMEX gold closed at 3,323.30 dollars/ounce, up 0.20%; SHFE silver closed at 8,301.00 yuan/kg, up 0.35%; COMEX silver closed at 33.18 dollars/ounce, down 1.18% [26]. - Steel Products: SHFE rebar closed at 3,061 yuan/ton, unchanged; SHFE hot - rolled coil closed at 3,210 yuan/ton, down 0.03% [26]. - Iron Ore: DCE iron ore closed at 727.0 yuan/ton, down 0.21% [26]. - Coking Coal and Coke: DCE coking coal closed at 827.5 yuan/ton, down 1.72%; DCE coke closed at 1,406.5 yuan/ton, down 0.78% [26]. - Industrial Silicon: GFEX industrial silicon closed at 7,880.0 yuan/ton, up 0.19% [26]. - Soybean and Meal: CBOT soybeans closed at 1,067.8 yuan/ton, up 0.57%; DCE soybean meal closed at 2,939.0 yuan/ton, up 0.17%; CZCE rapeseed meal closed at 2,562.0 yuan/ton, up 0.39% [26]. 2. Industrial Data Perspective - Copper: On May 22, SHFE copper's main contract was 77,920 yuan/ton, down 180 yuan from May 21; LME copper's 3 - month contract was 9,519.5 dollars/ton, up 32.5 dollars. LME inventory decreased by 2,300 tons [27]. - Nickel: On May 22, SHFE nickel's main contract was 123,400 yuan/ton, up 120 yuan from May 21; LME nickel's 3 - month contract was 15,490 dollars/ton, down 140 dollars. LME inventory decreased by 876 tons [27]. - Zinc: On May 22, SHFE zinc's main contract was 22,245 yuan/ton, down 335 yuan from May 21; LME zinc was 2,704.5 dollars/ton, up 20 dollars. LME inventory decreased by 1,650 tons [30]. - Lead: On May 22, SHFE lead's main contract was 16,685 yuan/ton, down 160 yuan from May 21; LME lead was 1,978.5 dollars/ton, down 8 dollars. LME inventory increased by 36,375 tons [30]. - Aluminum: On May 22, SHFE aluminum's continuous - third contract was 20,100 yuan/ton, down 10 yuan from May 21; LME aluminum's 3 - month contract was 2,456.5 dollars/ton, down 19 dollars. LME inventory decreased by 2,000 tons [30]. - Alumina: On May 22, SHFE alumina's main contract was 3,216 yuan/ton, down 30 yuan from May 21; the national alumina spot average price was 3,171 yuan/ton, up 50 yuan [30]. - Tin: On May 22, SHFE tin's main contract was 264,780 yuan/ton, down 2,950 yuan from May 21; LME tin was 32,430 dollars/ton, down 345 dollars. LME inventory decreased by 5 tons [30]. - Precious Metals: On May 22, SHFE gold was 780.1 yuan, unchanged; SHFE silver was 8,301.00 yuan/kg, unchanged. COMEX gold and silver also had no price changes [30]. - Rebar: On May 22, the rebar's main contract was 3,061 yuan/ton, unchanged; the Shanghai spot price was 3,190 yuan/ton, unchanged [32]. - Iron Ore: On May 22, the iron ore's main contract was 727.0 yuan/ton, down 1.5 yuan from May 21; the PB powder price at Rizhao Port was 760 yuan/ton, down 5 yuan [32]. - Coke and Coking Coal: On May 22, the coke's main contract was 1,406.5 yuan/ton, down 11.0 yuan from May 21; the coking coal's main contract was 827.5 yuan/ton, down 14.5 yuan [32]. - Lithium Carbonate: On May 22, the lithium carbonate's main contract was 6.22, up 0.10 from May 21; the electric - carbon spot price was 6.48, unchanged [32]. - Industrial Silicon: On May 22, the industrial silicon's main contract was 7,880 yuan/ton, up 15.00 yuan from May 21; the average price of East China's oxygen - containing 553 was 8,650 yuan/ton, down 50 yuan [32]. - Soybean and Meal: On May 22, the CNF import price of Brazilian soybeans was 444, up 9.0 from May 21; the spot price of Tianjin's soybean meal was 3,000 yuan/ton, up 20 yuan [34].