有色金属期货

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方正中期期货有色金属日度策略-20250729
Fang Zheng Zhong Qi Qi Huo· 2025-07-29 07:29
1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report - The non - ferrous metals sector is generally in an adjustment phase, following the profit - taking adjustment of domestic anti - involution stocks. The overall non - ferrous metals market continues to fluctuate and consolidate. Attention should be paid to the changes in the manufacturing industry and the lagged impact of tariff increases after the trade situation becomes clear [12]. - The US and the EU have reached a trade agreement, which may boost the US dollar in the short term. The progress of China - US trade negotiations also needs to be closely monitored [12]. - The domestic policy benefits have led to a rotational upward movement in the industrial product sector, but the sustainability and intensity of the spillover effect are average, and the impact during adjustments is also limited. Future attention should be paid to specific policies and their implementation [13]. 3. Summary by Directory 3.1 First Part: Operating Logic and Investment Recommendations for Non - Ferrous Metals 3.1.1 Macro Logic - The non - ferrous metals sector is adjusting, and the varieties that had a relatively obvious weekly rebound last week are also those with relatively large adjustment amplitudes. The market continues to focus on China's future policy direction and the progress of China - US trade negotiations [12]. - The US and the EU have reached a trade agreement, covering 15% of EU goods exported to the US. The US has reached agreements with important trading partners, which may boost the US dollar in the short term [12]. 3.1.2 Investment Recommendations for Different Metals - **Copper**: The COMEX copper premium over LME copper may decline. Although the "siphon effect" in the US market has ended, the non - US market inventory is low. The domestic copper market is expected to show a situation of weak supply and strong demand, but the short - term upward drive for copper prices is lacking. It is recommended to sell near - month slightly out - of - the - money put options [4]. - **Zinc**: Zinc follows the adjustment. The supply of zinc ingots is increasing, and the demand shows mixed trends. It is recommended to be bearish on rallies [14]. - **Aluminum Industry Chain**: The market sentiment has declined. For electrolytic aluminum, alumina, and cast aluminum alloy, it is recommended to take a short - selling approach and buy out - of - the - money put options for protection [6]. - **Tin**: The fundamentals of tin are weak in both supply and demand. It is recommended to take a short - selling approach and pay attention to the situation of the ore end and macro - impacts. Buying out - of - the money put options is also suggested [7]. - **Lead**: The lead price is in a consolidation phase. The social inventory is rising, but the demand is recovering. It is recommended to go long on dips and use a wide - range option straddle strategy [8]. - **Nickel and Stainless Steel**: The overall supply of refined nickel is in surplus. Nickel and stainless steel are in an adjustment phase. It is recommended to be bearish on rallies for nickel and take a short - selling approach within the range for stainless steel [9]. 3.2 Second Part: Non - Ferrous Metals Market Review - The closing prices and daily percentage changes of various non - ferrous metals futures are presented, including copper (- 0.32% to 79000), zinc (- 1.05% to 22645), aluminum (- 0.70% to 20615), etc. [17] 3.3 Third Part: Non - Ferrous Metals Position Analysis - Information on the latest position analysis of the non - ferrous metals sector is provided, including the percentage change, net long - short strength comparison, net long - short position difference, changes in net long and net short positions, and influencing factors for each variety such as Shanghai Aluminum, Shanghai Gold, etc. [19] 3.4 Fourth Part: Non - Ferrous Metals Spot Market - The spot prices and daily percentage changes of various non - ferrous metals are given, such as the Yangtze River Non - Ferrous copper spot price (- 0.48% to 79260 yuan/ton), the Yangtze River Non - Ferrous 0 zinc spot average price (- 0.57% to 22630 yuan/ton), etc. [20] 3.5 Fifth Part: Non - Ferrous Metals Industry Chain - For each metal (copper, zinc, aluminum, etc.), relevant industry chain charts are provided, including inventory changes, processing fees, and price trends. 3.6 Sixth Part: Non - Ferrous Metals Arbitrage - Charts related to the arbitrage of various non - ferrous metals are presented, such as the copper Shanghai - London ratio change, the Shanghai zinc - Shanghai lead price difference, etc. 3.7 Seventh Part: Non - Ferrous Metals Options - Charts related to the options of various non - ferrous metals are provided, including historical volatility, weighted implied volatility, trading volume and open interest changes, and the ratio of call to put open interest.
永安期货有色早报-20250729
Yong An Qi Huo· 2025-07-29 05:02
Report Industry Investment Rating - No information provided Core Views - The current demand for copper is temporarily weak due to the downstream off - season and weakened trans - shipment momentum, but the balance will be relatively tight after August. The annual apparent demand for copper is expected to be in the range of 4.8% - 5.5%. A short - term cautious but medium - to long - term bullish view on Shanghai copper is maintained, and virtual inventory can be considered to be established in the third quarter [1]. - For aluminum, supply has increased slightly, and the demand in August is expected to be in the seasonal off - season. There will be a slight inventory build - up in July and August. Pay attention to demand and consider inter - month and domestic - foreign reverse arbitrage [1][2]. - Zinc prices fluctuated narrowly this week. Supply is expected to increase, and demand is seasonally weak. Short - term advice is to wait and see, hold domestic - foreign positive arbitrage, and pay attention to inter - month positive arbitrage opportunities [5]. - For nickel, the supply of pure nickel remains at a high level, demand is weak, and inventory is stable. Pay attention to the opportunity of the shrinking ratio of nickel to stainless steel [6]. - The fundamentals of stainless steel are weak. With the spread of anti - involution expectations in the short - term macro - environment, pay attention to the policy trend [6][7]. - Lead prices declined slightly this week. Supply and demand are expected to increase slightly in July, but inventory build - up is still expected. Lead prices are expected to fluctuate between 16800 - 17500 next week [9]. - Tin prices fluctuated widely this week. Supply may decline slightly, and demand is weak. It is recommended to wait and see or short - sell lightly on rallies [12]. - For industrial silicon, the production of Hesheng may have a significant impact on the supply - demand balance. The market is currently in a de - stocking stage, and the price trend depends on the resumption of production [15]. - The price of lithium carbonate has risen due to resource - end disturbances. The current situation is strong supply and demand, with significant inventory pressure in the middle - link. The long - term situation depends on whether the resource - end risks are resolved [17]. Summary by Metal Copper - **Price and Inventory Data**: From July 22 - 28, the spot price of Shanghai copper decreased from 250 to 95, and the inventory of the Shanghai Futures Exchange increased by 1699. Other indicators such as import profit and LME inventory also changed [1]. - **Market Analysis**: The current demand is affected by the off - season and weak trans - shipment. The annual apparent demand is expected to be in the 4.8% - 5.5% range. A short - term cautious but medium - to long - term bullish view is maintained [1]. Aluminum - **Price and Inventory Data**: From July 22 - 28, the price of Shanghai aluminum ingots decreased by 120, and the inventory of the Shanghai Futures Exchange remained unchanged. Other indicators such as import profit and LME inventory also changed [1]. - **Market Analysis**: Supply has increased slightly, and demand in August is expected to be in the off - season. There will be a slight inventory build - up in July and August [1][2]. Zinc - **Price and Inventory Data**: From July 22 - 28, the price of Shanghai zinc ingots decreased by 120, and the inventory of the Shanghai Futures Exchange remained unchanged. Other indicators such as import profit and LME inventory also changed [5]. - **Market Analysis**: Supply is expected to increase, and demand is seasonally weak. Short - term advice is to wait and see, hold domestic - foreign positive arbitrage, and pay attention to inter - month positive arbitrage opportunities [5]. Nickel - **Price and Inventory Data**: From July 22 - 28, the price of Shanghai nickel decreased by 1500, and the inventory of LME increased by 114. Other indicators such as import profit and LME C - 3M also changed [6]. - **Market Analysis**: The supply of pure nickel remains at a high level, demand is weak, and inventory is stable. Pay attention to the opportunity of the shrinking ratio of nickel to stainless steel [6]. Stainless Steel - **Price and Inventory Data**: From July 22 - 28, the price of 304 cold - rolled coil remained unchanged, and the price of 201 cold - rolled coil increased by 50. Other indicators such as waste stainless steel price also changed [6]. - **Market Analysis**: The fundamentals are weak. With the spread of anti - involution expectations in the short - term macro - environment, pay attention to the policy trend [6][7]. Lead - **Price and Inventory Data**: From July 22 - 28, the spot price premium increased by 5, and the inventory of LME decreased by 2625. Other indicators such as import profit and LME C - 3M also changed [8]. - **Market Analysis**: Supply and demand are expected to increase slightly in July, but inventory build - up is still expected. Lead prices are expected to fluctuate between 16800 - 17500 next week [9]. Tin - **Price and Inventory Data**: From July 22 - 28, the spot import profit increased by 239.11, and the inventory of LME increased by 80. Other indicators such as LME C - 3M also changed [12]. - **Market Analysis**: Supply may decline slightly, and demand is weak. It is recommended to wait and see or short - sell lightly on rallies [12]. Industrial Silicon - **Price and Inventory Data**: From July 22 - 28, the 421 Yunnan basis increased from - 1105 to - 165, and the 553 East China basis increased from 45 to 1035. The number of warehouse receipts increased [15]. - **Market Analysis**: The production of Hesheng has a significant impact on the supply - demand balance. The market is currently in a de - stocking stage, and the price trend depends on the resumption of production [15]. Lithium Carbonate - **Price and Inventory Data**: From July 22 - 28, the SMM electric carbon price increased by 1000, and the number of warehouse receipts increased by 280. Other indicators such as basis also changed [17]. - **Market Analysis**: The price has risen due to resource - end disturbances. The current situation is strong supply and demand, with significant inventory pressure in the middle - link. The long - term situation depends on whether the resource - end risks are resolved [17].
宝城期货有色日报-20250724
Bao Cheng Qi Huo· 2025-07-24 11:54
Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Copper**: Today, Shanghai copper slightly increased its positions and rose, with the main contract price briefly reaching the 80,000 yuan mark at the end of the session. Macroscopically, the market showed a bullish sentiment, and non - ferrous metals as a whole were in a strong oscillation. Industrially, on Thursday, Mysteel's electrolytic copper social inventory was 121,800 tons, a decrease of 3,700 tons from Monday. Against the backdrop of continuous macro - economic improvement, copper prices are likely to maintain a strong trend [5]. - **Aluminum**: Today, Shanghai aluminum oscillated weakly, and its open interest continued to decline. Macroscopically, the market showed a bullish sentiment, and non - ferrous metals as a whole were in a strong oscillation, but aluminum underperformed in the sector. Industrially, on Thursday, Mysteel's electrolytic aluminum social inventory was 494,000 tons, an increase of 14,000 tons from Monday. In the short term, there are macro - level positives and industry - level negatives. Attention should be paid to the support of the 5 - day moving average [6]. - **Nickel**: Today, Shanghai nickel oscillated strongly, with little change in open interest, and the main contract price reached the 124,000 yuan mark. Macroscopically, the market showed a bullish sentiment, and non - ferrous metals as a whole were in a strong oscillation, and nickel outperformed in the sector. Industrially, the trading atmosphere in the downstream stainless - steel market improved, which is a short - term positive for nickel prices. Technically, nickel prices increased in positions and broke through the high point in early July, with strong upward momentum, and are expected to maintain a strong trend [7]. 3. Summaries by Relevant Catalogs 3.1 Industry Dynamics - **Copper**: US policy changes have affected the recycling market. Trump announced a 50% tariff on copper imports starting from August 1, and China and the US jointly declared to cut reciprocal tariffs within 90 days. The new tariffs have led to more aluminum scrap being supplied to Mexican consumers. In the US, most aluminum rolling mills have sufficient recycled aluminum reserves, and the price of recycled aluminum scrap remained flat. In Canada, the flow of recycled aluminum decreased, and the factory output shrank significantly. In Thailand, many recycling and processing plants stopped operations due to stricter inspections of illegal waste dumping. On July 24, the domestic spot inventory of electrolytic copper was 121,800 tons, a decrease of 22,600 tons from the 17th and 3,700 tons from the 21st [9]. - **Aluminum**: On July 24, Mysteel's electrolytic aluminum social inventory was 494,000 tons, an increase of 23,000 tons from the 17th and 14,000 tons from the 21st [9]. - **Nickel**: On July 24, for the refined nickel Shanghai market's mainstream reference contract, the Jinchuan electrolytic nickel's mainstream premium was +1,900 yuan/ton, with a price of 125,620 yuan/ton; Russian nickel's mainstream premium was +550 yuan/ton, with a price of 124,270 yuan/ton; Norwegian nickel's mainstream premium was +3,600 yuan/ton, with a price of 127,320 yuan/ton; and nickel beans' mainstream premium was - 900 yuan/ton, with a price of 122,820 yuan/ton [10]. 3.2 Relevant Charts - **Copper**: Multiple charts are provided, including copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [11][13][14]. - **Aluminum**: Charts include aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [24][26][28]. - **Nickel**: Charts include nickel basis, nickel monthly spread, LME nickel trend, SHFE inventory, and nickel ore port inventory [37][41][44].
五矿期货早报有色金属-20250717
Wu Kuang Qi Huo· 2025-07-17 01:03
1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - Overall, the prices of various non - ferrous metals are affected by factors such as inventory changes, trade policies, supply and demand fundamentals, and market sentiment. Different metals show different trends, with some expected to be weak, some to be volatile, and others to be affected by short - term factors [2][4][6]. 3. Summary by Metal Copper - **Price Movement**: LME copper closed down 0.21% to $9,637/ton, and the Shanghai copper main contract closed at 77,950 yuan/ton. Trump's 50% copper tariff announcement will put pressure on LME and Shanghai copper prices [2]. - **Inventory**: LME inventory increased by 10,525 tons to 121,000 tons, and the Shanghai Futures Exchange copper warehouse receipts slightly increased to 50,000 tons [2]. - **Market Outlook**: The copper price is expected to be in a weak and volatile trend due to the tariff impact and the off - season [2]. - **Price Range**: The Shanghai copper main contract is expected to operate in the range of 77,200 - 78,600 yuan/ton, and LME copper 3M in the range of $9,500 - 9,720/ton [2]. Aluminum - **Price Movement**: LME aluminum closed down 0.29% to $2,575/ton, and the Shanghai aluminum main contract closed at 20,425 yuan/ton [4]. - **Inventory**: The domestic three - place aluminum ingot inventory decreased by 0.65 tons to 33.6 tons, and the LME aluminum inventory increased by 0.7 tons to 42.4 tons [4]. - **Market Outlook**: The short - term aluminum price may be volatile due to the low inventory and the off - season [4]. - **Price Range**: The domestic main contract is expected to operate in the range of 20,200 - 20,550 yuan/ton, and LME aluminum 3M in the range of $2,540 - 2,600/ton [4]. Lead - **Price Movement**: The Shanghai lead index closed down 0.20% to 16,911 yuan/ton, and LME lead 3S fell by $2.5 to $1,986/ton [6]. - **Inventory**: The Shanghai Futures Exchange lead ingot futures inventory was 58,100 tons, and the LME lead ingot inventory was 271,100 tons [6]. - **Market Outlook**: The lead price is expected to be weak due to the relatively loose supply [6]. Zinc - **Price Movement**: The Shanghai zinc index closed down 0.21% to 22,023 yuan/ton, and LME zinc 3S fell by $12.5 to $2,699/ton [8]. - **Inventory**: The domestic social inventory increased to 93,100 tons [8]. - **Market Outlook**: In the long - term, the zinc price is expected to be bearish, while in the short - term, it is expected to be volatile [8]. Tin - **Price Movement**: The tin price was in a weak and volatile trend [9]. - **Supply and Demand**: The supply shortage persists, and the demand is weak. The combined operating rate of Yunnan and Jiangxi provinces is 54.07% [9]. - **Inventory**: The national main market tin ingot social inventory decreased by 110 tons to 9,644 tons [9]. - **Market Outlook**: The tin price is expected to be in a weak and volatile trend due to the expected resumption of production in Myanmar [9]. - **Price Range**: The domestic tin price is expected to operate in the range of 250,000 - 280,000 yuan/ton, and the LME tin price in the range of $31,000 - 35,000/ton [9]. Nickel - **Price Movement**: The nickel price fell and adjusted [10]. - **Supply Impact**: The fire at Zhejiang Zhongneng has limited impact on pure nickel supply [10]. - **Market Outlook**: The nickel iron price is expected to continue to fall, and it is recommended to short the nickel price at high levels [10]. - **Price Range**: The Shanghai nickel main contract is expected to operate in the range of 115,000 - 128,000 yuan/ton, and LME nickel 3M in the range of $14,500 - 16,000/ton [10]. Carbonate Lithium - **Price Movement**: The MMLC index was flat, and the LC2509 contract closed down 0.36% [12]. - **Market Outlook**: The supply - demand imbalance persists, and the price is expected to be affected by news and market sentiment [12]. - **Price Range**: The Guangzhou Futures Exchange carbonate lithium 2509 contract is expected to operate in the range of 64,800 - 67,600 yuan/ton [12]. Alumina - **Price Movement**: The alumina index fell 1.56% to 3,094 yuan/ton [15]. - **Inventory**: The futures warehouse receipts remained unchanged at 25,500 tons [15]. - **Market Outlook**: The alumina price is expected to be volatile, and it is recommended to short at high levels [15]. - **Price Range**: The domestic main contract AO2509 is expected to operate in the range of 2,850 - 3,300 yuan/ton [15]. Stainless Steel - **Price Movement**: The stainless steel main contract closed at 12,670 yuan/ton, down 0.20% [17]. - **Inventory**: The social inventory increased to 116,750 tons [17]. - **Market Outlook**: The stainless steel price is expected to be volatile due to the off - season demand [17]. Casting Aluminum Alloy - **Price Movement**: The AD2511 contract rose 0.15% to 19,820 yuan/ton [19]. - **Inventory**: The inventory in Foshan, Ningbo, and Wuxi increased by 40 tons to 28,000 tons [19]. - **Market Outlook**: The casting aluminum alloy price is expected to face resistance due to the off - season and the aluminum price pressure [19].
有色日报:有色普涨,铜偏弱-20250710
Bao Cheng Qi Huo· 2025-07-10 09:48
Report Summary Industry Investment Rating No investment rating for the industry is provided in the report. Core Views - **Copper**: Copper prices stabilized and rebounded today with a continuous decline in open interest. The domestic macro - atmosphere improved, but the announcement of a 50% import tariff on copper by Trump put pressure on copper prices. The market may worry about the closure of the US import window and a potential decline in non - US copper demand. Technically, there is strong support at the June price center [5]. - **Aluminum**: Aluminum prices increased with open interest last night and the main contract price fluctuated narrowly around 20,700 yuan today. The domestic macro - atmosphere improved, and the rise in the black and production - cut sectors was beneficial to aluminum prices. On July 10th, the electrolytic aluminum inventory decreased by 10,000 tons to 455,000 tons. With improved domestic macro - expectations, downstream industries' willingness to replenish inventory increased. Technically, attention should be paid to the pressure at the June high, and the price is expected to remain strong [6]. - **Nickel**: Nickel prices increased with open interest in the afternoon and the main contract price stood above 121,000 yuan. The domestic macro - atmosphere improved. Upstream mines were stable, downstream expectations improved, stainless steel strengthened, and downstream demand might improve, supporting nickel prices. Technically, the price stood above 120,000 yuan again and is expected to remain strong driven by the macro - environment [7]. Industry Dynamics - **Copper**: Trump announced on July 9th that a 50% tariff on all imported copper to the US would be imposed starting from August 1st. In Q2 2025, the I, II, and III phase concentrators of Kamoa - Kakula processed 3.62 million tons of ore, producing 112,000 tons of copper, a year - on - year increase of 11%. In the first half of 2025, it produced 245,000 tons of copper [9]. - **Aluminum**: The Shanghai Futures Exchange listed the first recycled metal variety, cast aluminum alloy futures and options, on June 10th. As of July 9th, after 22 trading days, the cast aluminum alloy futures had a cumulative trading volume of 205,700 lots, with a post - market open interest of 10,200 lots, equivalent to 102,000 tons of spot, accounting for about 27% of the domestic monthly consumption of cast aluminum alloy. The cast aluminum alloy options had a cumulative trading volume of 41,500 lots and a post - market open interest of 6,000 lots [9]. - **Nickel**: On July 10th, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2508 contract. The mainstream premium of Jinchuan electrolytic nickel was + 2050 yuan/ton at a price of 121,740 yuan/ton; that of Russian nickel was + 550 yuan/ton at 120,240 yuan/ton; that of Norwegian nickel was + 2750 yuan/ton at 122,440 yuan/ton; and that of nickel beans was - 900 yuan/ton at 118,790 yuan/ton [9]. Related Charts - **Copper**: Charts include copper basis, copper monthly spread, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, and SHFE warrant inventory [10][12][13] - **Aluminum**: Charts cover aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [24][26][28] - **Nickel**: Charts involve nickel basis, nickel monthly spread, LME inventory, SHFE inventory, LME nickel trend, and nickel ore port inventory [35][37][39]
宝城期货有色日报:有色震荡上行-20250708
Bao Cheng Qi Huo· 2025-07-08 14:08
Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views - **Copper**: Today, Shanghai copper fluctuated upward with a slight decline in open interest. The domestic macro - atmosphere warmed up, and the stock and commodity markets rose generally. After the futures price declined, the downstream's willingness to replenish inventory increased, and the spread between July and August strengthened. With short - term macro improvement and enhanced industrial support, the futures price stabilized and rebounded at the 20 - day moving average and is expected to continue to rebound [5]. - **Aluminum**: Today, Shanghai aluminum showed a strong - side fluctuation. The domestic macro - atmosphere warmed up, and the stock and commodity markets rose generally. Downstream entered the off - season and had a fear - of - high - price sentiment, causing the destocking of Mysteel's electrolytic aluminum social inventory to slow down. Technically, the futures price faced some pressure at the June high, and the support at the 20 - day moving average should be watched [6]. - **Nickel**: Today, Shanghai nickel dived in the morning session, and the main futures price fluctuated narrowly above 120,000. The domestic macro - atmosphere warmed up, and the stock and commodity markets rose generally, but nickel performed weakly in the non - ferrous sector. Fundamentally, with the domestic macro improvement and the strengthening of stainless steel, downstream demand may improve, supporting the nickel price. Technically, the support at the 120,000 mark should be watched [7]. Group 3: Industry Dynamics - **Copper**: Recently, many copper enterprises announced their production and operation conditions in the first half of 2025, with production and operation continuing to be stable and good, achieving the "double - half" goal and laying a solid foundation for the full - year goal. On July 7, Mysteel's domestic market electrolytic copper spot inventory was 147,500 tons, an increase of 24,000 tons compared with the 30th and an increase of 18,100 tons compared with the 3rd [9]. - **Aluminum**: On July 7, Mysteel's electrolytic aluminum social inventory was 465,000 tons, a decrease of 1,000 tons compared with the 3rd and an increase of 3,000 tons compared with the 30th [9]. - **Nickel**: On July 8, Mysteel reported that the mainstream reference contract for refined nickel in the Shanghai market was the Shanghai nickel 2508 contract. The mainstream premium of Jinchuan electrolytic nickel was + 1,950 yuan/ton, with a price of 122,190 yuan/ton; that of Russian nickel was + 500 yuan/ton, with a price of 120,740 yuan/ton; that of Norwegian nickel was + 2,750 yuan/ton, with a price of 122,990 yuan/ton; and that of nickel beans was - 900 yuan/ton, with a price of 119,340 yuan/ton [10]. Group 4: Related Charts - **Copper**: The report includes charts such as copper basis, domestic visible inventory of electrolytic copper, LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [11][13][14]. - **Aluminum**: The report includes charts such as aluminum basis, domestic social inventory of electrolytic aluminum, alumina price trend, and alumina inventory [23][25][27]. - **Nickel**: The report includes charts such as nickel basis, LME inventory, LME nickel trend, and nickel ore port inventory [35][37][39].
五矿期货早报有色金属-20250702
Wu Kuang Qi Huo· 2025-07-02 03:11
铜 有色金属小组 吴坤金 有色金属日报 2025-7-2 五矿期货早报 | 有色金属 从业资格号:F3036210 交易咨询号:Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号:F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号:F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号:F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号:F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号:F03137504 0755-23375125 cheny40@wkqh.cn 铅 周二沪铅指数收跌 0.56%至 17108 元/吨,单边交易总持仓 8.36 万手。截至周二下午 15:00,伦铅 3S 较前日同期跌 7 至 2041 美元/吨,总持仓 15.09 万手。SMM1#铅锭均价 16925 元/吨,再生精铅 均价 16875 元/吨,精废价差 50 元/吨,废电动车电池均价 1 ...
有色商品日报-20250627
Guang Da Qi Huo· 2025-06-27 07:23
有色商品日报 有色商品日报 | | 收至 130 元/吨。佛山 A00 报价回落至 20490 元/吨,对无锡 A00 贴水 140 元/吨,铝棒 | | | --- | --- | --- | | | 加工费包头河南临沂持稳,新疆南昌无锡广东下调 20-50 元/吨,铝杆 1A60 系、6/8 | 系 | | | 加工费持稳,低碳铝杆上调 93 元/吨。氧化铝远月矿石扰动和新增投产压力并存,区间 | | | | 震荡为主。电解铝需求边际走弱与低铸锭量和低仓单挤仓效应间存在博弈,宏观风险 | | | | 计价加码,警惕波动风险。废铝成本支撑仍在,铝合金持续关注滚动做多 AD-AL 价差 | | | | 机会。 | | | | 隔夜 LME 镍涨 0.5%报 15150 美元/吨,沪镍涨 0.75%报 120680 元/吨。库存方面,昨日 | | | | LME 库存减少 144 吨至 204216 吨,国内 SHFE 仓单减少 96 至 21263 吨。升贴水来 | | | | 看,LME0-3 月升贴水维持负数;进口镍升贴水维持 250 元/吨。据铁合金,大厂 6 | 月 | | | 高镍铁第三轮招标价为 ...
有色金属期货走高
news flash· 2025-06-27 01:08
Group 1 - Non-ferrous metal futures have risen, with aluminum oxide futures main contract increasing by over 2% [1] - Shanghai tin main contract rose by 1.63% [1] - International copper main contract increased by 1.47% [1] - Shanghai copper main contract rose by 1.32% [1] - Shanghai aluminum main contract increased by 1.28% [1]
有色商品日报(2025 年 6 月 24 日)-20250624
Guang Da Qi Huo· 2025-06-24 08:32
有色商品日报 有色商品日报(2025 年 6 月 24 日) 一、研究观点 | 品 种 | 点评 | | --- | --- | | | 隔夜 LME 铜震荡走高,上涨 0.35%至 9694.5 美元/吨;SHFE 铜主力上涨 0.15%至 | | | 78450 元/吨;现货进口维系亏损态势,且亏损幅度加大。宏观方面,美国 6 月 Markit | | | 综合 PMI 初值 52.8,高于预期 52.1,低于前值 53,创两个月新低,数据显示经济仍 | | | 在扩张之势,减缓了市场的担忧,但制造业和服务业都面临显著的价格上涨,通胀压 | | | 力逐渐显现。欧元区综合 PMI 从 5 月份的 52.2 降至 50.8,触及五个月低点,疲软的 | | | 欧元区经济与美经济韧性形成对比,或有利于美元的企稳。库存方面,LME 库存下降 | | | 3325 吨至 95875 吨;Comex 铜库存增加 1132 吨至 182524 吨;SMM 周一统计全国主 | | | 流地区铜库存环比上周五下降 1.63 万吨至 12.96 万吨,相比上周四库存的变化,全国 | | 铜 | 各地区的库存均是下降的。伊以 ...