世界500强投资企业 E 突期货有限公司 成为一流的衍生品综合服务商 市 市 官 方 网 站 服 热 线 同 有 课 风 400-8888-598 www.itf.com.cn ts no 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/5/28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX更金 | CONEX日银 | AU2508 | AG2508 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/盗司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点机 | | | | | | | | | | | 格跟踪 | 2025/5 ...

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - For nickel, due to the cost - inversion of Indonesian nickel - iron plants and supply tension in the nickel ore market, it is expected to oscillate weakly in the near term, and the mid - to - long - term strategy is to sell on rallies for hedging [3]. - For stainless steel, considering the cost - inversion of Indonesian nickel - iron plants, potential price pressure on the ore end, and the maintenance plans of some stainless - steel plants, it is expected to oscillate within a range in the near term, and the mid - to - long - term strategy is also to sell on rallies for hedging [4]. 3) Summary by Related Catalogs Nickel Variety - **Market Analysis** - On May 27, 2025, the Shanghai nickel main contract 2507 opened at 122,500 yuan/ton and closed at 122,170 yuan/ton, a - 0.55% change from the previous trading day. The trading volume was 52,308 lots, and the open interest was 29,331 lots [1]. - The night session of the Shanghai nickel main contract opened slightly lower and oscillated weakly sideways, while the day session oscillated and declined weakly, closing with a small negative line. The trading volume decreased slightly, and the open interest increased slightly [2]. - The nickel ore market was quiet. Philippine resources in June were on sale, but shipping was affected by rain. Downstream iron plants were in losses and had a strong desire to lower nickel ore prices. In Indonesia, the domestic benchmark price for nickel ore in June (Phase I) dropped by about $0.02, and the premium was still under negotiation. Some Indonesian iron plants had the intention to cut production due to high costs [2][3]. - In the spot market, the morning quotation of Jinchuan nickel was about 850 yuan/ton lower than the previous trading day. The supply of refined nickel remained in surplus, and the market sentiment was pessimistic. The premium of Jinchuan nickel was 0 - 2,200 yuan/ton, that of imported nickel was 0 - 250 yuan/ton, and the premium of nickel beans was - 450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 22,120 (- 130) tons, and the LME nickel inventory was 199,998 ( + 1362) tons [2]. - **Strategy** - The cost of Indonesian nickel - iron plants is inverted, and some plants plan to cut production. Price pressure may shift to the ore end, but the nickel ore supply is tight. New transactions need to be monitored. It is expected to oscillate weakly in the near term, and the mid - to - long - term strategy is to sell on rallies for hedging. The unilateral strategy is mainly range - bound operations, and there are no strategies for inter - period, cross - variety, spot - futures, or options [3]. Stainless Steel Variety - **Market Analysis** - On May 27, 2025, the stainless - steel main contract 2507 opened at 12,880 yuan/ton and closed at 12,855 yuan/ton. The trading volume was 98,902 lots, and the open interest was 92,426 lots [3]. - The stainless - steel main contract oscillated in a narrow range and consolidated throughout the day, closing with a small doji. The trading volume decreased slightly, and the open interest decreased [3]. - Similar to the nickel market, the nickel ore market was quiet, and some Indonesian iron plants planned to cut production. Some stainless - steel plants had maintenance plans [3]. - In the spot market, the stainless - steel futures oscillated sideways. Most merchants kept their prices unchanged. Downstream demand was weak, and merchants were reluctant to sell at low prices. The supply pressure of cold - rolled products remained. The stainless - steel price in Wuxi and Foshan markets was 13,150 yuan/ton, and the 304/2B premium was 385 - 585 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 2.50 yuan/nickel point to 953.5 yuan/nickel point [4]. - **Strategy** - Similar to the nickel market, the cost of Indonesian nickel - iron plants is inverted, and some plants plan to cut production. Price pressure may shift to the ore end, and new transactions need to be monitored. The maintenance plans of some stainless - steel plants may support the market. It is expected to oscillate within a range in the near term, and the mid - to - long - term strategy is to sell on rallies for hedging. The unilateral strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, or options [4].

Core Viewpoint - The impact of U.S. tariffs on Japanese industries is becoming evident, prompting the Japanese government to fully support domestic industries [1] Group 1: Government Response - Japanese Prime Minister Shigeru Ishiba stated that the effects of U.S. tariff measures on Japan's industry are now apparent [1] - The Japanese government has decided to provide comprehensive support to its domestic industries in response to these impacts [1] Group 2: Ongoing Negotiations - Japan and the U.S. are scheduled to hold another round of tariff negotiations on May 30 in Washington, D.C. [1] - Japanese Economic Revitalization Minister Akira Amari emphasized the need for careful progress in reaching an agreement to avoid harming national interests [1] - So far, three rounds of tariff negotiations have taken place, with Japan requesting the complete removal of additional tariffs, which the U.S. has rejected [1]

Gold Market - The probability of the Federal Reserve maintaining interest rates in June is 94.4%, and in July, it is 74.9%, indicating a low likelihood of short-term rate cuts, which may pressure gold prices [2] - The EU plans to accelerate trade negotiations with the US under pressure, while Japan is set to hold the fourth round of tariff talks with the US on the 30th, suggesting a cooling of trade tensions [2] - Analysts warn of further risks of gold price declines due to reduced safe-haven demand and the recent bearish market trend, with key resistance at $3328 and support at $3285 [2] Oil Market - OPEC+ has not yet discussed increasing oil production by 410,000 barrels per day ahead of their upcoming meetings, which may impact oil prices negatively [3] - Geopolitical uncertainties remain, with Germany lifting restrictions on military aid to Ukraine and Iran preparing for potential actions against Israel, which may limit the downside for oil prices [3] Copper Market - Recent trading shows a decline from high levels, with a warning of further potential drops; support may be found at the 62-day moving average [7] Nikkei 225 Index - The index has shown strong upward movement, closing positively, and has regained its position above the 20-day moving average, indicating potential for further gains [8]

Core Viewpoint - The recent fluctuations in gold prices have created a dramatic market environment, with significant highs and lows impacting investors and consumers [1][2]. Group 1: Price Movements - Gold prices experienced a sharp rise to a historical high followed by a sudden decline, causing losses for many investors and consumers [1]. - On May 21, gold prices rebounded sharply, indicating a volatile market [1]. - In the first quarter of 2025, global gold investment demand surged, with China's demand for gold bars and coins reaching the second-highest record in history [1]. Group 2: Market Influences - The volatility in gold prices is primarily driven by changes in market risk sentiment, influenced by uncertainties in US-China trade negotiations and regional conflicts [1]. - As negotiations progressed and tensions eased, market risk sentiment diminished, leading to a decline in gold prices [1][2]. - The relationship between gold prices and the US dollar is significant, with expectations of tighter monetary policy from the Federal Reserve potentially strengthening the dollar and suppressing gold prices [2]. Group 3: Future Outlook - Experts suggest that gold prices may enter a phase of high-level fluctuations in the medium to long term, influenced by central bank gold purchases and geopolitical uncertainties [2]. - Investors are advised to approach gold investments cautiously, avoiding impulsive decisions in response to market volatility [2].

据央视新闻此前报道，当地时间5月19日，波兰国家选举委员会公布了总统选举首轮投票的最终计票结 果。根据计票结果，公民联盟候选人、华沙市长恰斯科夫斯基，与反对党法律与公正党支持的独立候选 人纳夫罗茨基的得票率分列一二。他们将进入定于6月1日举行的第二轮投票。 法国总统马克龙开启六天东南亚访问之行 本周5月26日至6月1日： 据《环球时报》报道，当地时间5月25日，法国总统马克龙已开启为期六天的东南亚访问之行，他将先 后访问越南、印度尼西亚和新加坡，并出席在新加坡举行的香格里拉对话会。香格里拉对话会官网议程 显示，今年的香格里拉对话会将于5月30日至6月1日举行。马克龙将在5月30日的开幕晚宴上发表主旨演 讲。 据香格里拉对话会官网公布的信息，本届香格里拉对话会汇集了来自亚太、欧洲、北美及其他地区的国 防部长、军事领导人和高级国防官员以及商界领袖和安全专家，共同讨论关键的安全挑战。相关会议主 题包括"美国对印太安全的新战略愿景""竞争世界中如何维护稳定""管控亚太地区的扩散风险网络""海 底与太空防御挑战"等。 据日本《读卖新闻》报道，多位日本政府消息人士透露，第四轮日美关税谈判将于5月30日左右举行。 日本首席 ...

在华盛顿进行第三轮日美关税谈判的日本经济财政兼再生相赤泽亮正（右）与美国贸易代表格里尔（5月23日，日本内阁官房提供） 日本经财相赤泽亮正在会谈结束后表示"希望能借那个（6月G7峰会的首脑会谈）时机达成某些共 识"。日本方面准备好了扩大农产品进口、简化美国汽车进口程序、造船领域合作等筹码，将继续 寻找妥协点…… 日本经济财政兼再生相赤泽亮正于当地时间5月23日在美国首都华盛顿参加了对美关税谈判的第 三轮部长级磋商。赤泽再次提出希望美方对特朗普关税进行全面调整。双方就继续紧密磋商达成 一致，力争在6月的首脑会谈中达成协议。赤泽计划5月内再次访问美国。 在本次谈判之前的日本时间5月23日，日本首相石破茂与特朗普总统举行了电话磋商。双方确 认，将借加拿大的七国集团(G7)峰会期间举行首脑会谈。 赤泽在部长级磋商结束后的记者会上表示："希望能在那个时机达成某些共识"，他同时强调："即 使到了最后期限，也不会达成损害国家利益的协议",表明了希望避免草率进行讨论的想法。 日本将扩大企业的对美投资作为关税谈判的有力筹码。还表达了特朗普政府的一系列关税措施导 致日方投资能力减退的隐忧。如果伴随巨额投资的日铁对美国钢铁的收购计 ...

电话.1 LJY0 / / 70 香港恒生指数 35% 65% 标普500指数 20% 80% 纳斯达克指数 74% 26% 道琼斯指数 49% 51% 日经225指数 70% 30% 德国DAX40指 42% 58% 数 外汇 T 多头 |空头 欧元/美元 20% 80% 欧元/英镑 84% 16% 欧元/日元 27% 73% 欧元/澳元 63% 37% 英镑/美元 82% 18% 英镑/日元 60% 40% 美元/日元 52% 48% 美元/加元 18% 82% 美元/瑞郎 11% 89% 澳元/美元 49% 51% 澳元/日元 37% 63% 加元/日元 78% 22% 纽元/美元 47% 53% 纽元/日元 36% 64% 美元/离岸人 25% 75% 民币 特朗普反复无常，在欧盟"服软"下愿意恢复关税谈判期，现货黄金周一闻声跳空低开，当前多空争夺胶着；俄乌局势再度不明 朗，特朗普公开谴责普京，欧盟酝酿对俄新制裁，后市情绪如何？欢迎前往"数据库-嘉盛市场晴雨表"查看并订阅（数据每10分 钟更新1次） 免责声明:本图表数据来源于公众号:嘉盛集团,数据仅供参考,不作为任何投资建议。 ...

昨天，发生了哪些财经大事？ 关税突发 特朗普：谈判延长 据新华社，当地时间25日，美国总统特朗普表示，欧盟请求将关税谈判期限延长至7月9 日，他已同意这一请求。特朗普称，本次与欧盟就关税问题的谈话"非常愉快"。 受到该消息影响，美股指期货、欧股主要股指期货早间走高。 当地时间5月23日，特朗普在社交媒体发文称，他建议从6月1日开始对来自欧盟的商品征 收50%的关税。 特朗普称，欧盟成立的主要目的就是"在贸易上占美国的便宜"，美国与欧盟的谈判"毫无进 展"。因此，他建议从2025年6月1日起对来自欧盟的商品征收50%的关税。如果商品在美 国制造或生产，则无需缴纳关税。 据央视新闻，欧盟委员会当地时间23日表示，拒绝就美国贸易关税新动向发表评论，直至 欧盟委员会贸易和经济安全委员谢夫乔维奇与美国贸易代表格里尔通话。当天晚些时候，双 方将通话讨论贸易问题。 受到特朗普关税言论影响，上周五（5月23日），全球金融市场动荡，欧美股市普跌。截至 当天收盘，美股道指跌0.61%，纳指跌1%，标普500指数跌0.67%；欧股方面，英国富时 100指数跌0.24%，盘中一度跌近2%，法国CAC40指数、德国DAX指数、意大利富 ...

欧盟多国贸易部长明确表态，最近美英之间达成的协议并非欧盟的参照模板。瑞典国际发展合作与外贸 部长本杰明·杜萨表示："我们不会对这种协议感到高兴，美国应该做好迎接欧盟反制措施的准备。" 【最新伦敦银行情解析】 周五，白银价格在周四的交易区间内波动，约为33.00美元。白金属一个月的交易价格在31.65美元到 33.70美元之间。白金属的近期趋势不确定，因为它在20周期指数移动平均线（EMA）周围波动，交易 价格接近32.75美元。 14周期相对强弱指数（RSI）在40.00-60.00范围内波动，表明了横向趋势。 展望来看，3月28日34.60美元的高点将成为金属的关键阻力。缺点是，4月11日30.90美元的低点将是关 键支撑区。 今日周日(5月25日)休市，伦敦银目前交投于33.54一线上方，今日开盘于33.03美元/盎司，截至发稿，伦 敦银暂报33.48美元/盎司，上涨1.33%，最高触及33.54美元/盎司，最低下探32.88美元/盎司，目前来 看，伦敦银盘内短线偏向看涨走势。 【要闻速递】 欧盟与美国的关税谈判目前进入重启阶段，但仍存在诸多不确定性。从双方诉求分歧来看，欧盟有意在 购买美国天然气、武器和 ...