Core Insights - The Federal Reserve Governor, Christopher Waller, indicates that a surge in imports expected in the coming months will reverse, signaling a potential for larger price increases [1] - Core services inflation remains above pre-pandemic levels, suggesting persistent inflationary pressures in this sector [1] - Improvement in core goods inflation has shown signs of reversal, indicating challenges in controlling inflation in this category [1]

期货热点追踪 尿素市场迎来转折点？天然气短缺+假期导致物流延误=价格上涨？ 相关链接 ...

美联储理事沃勒：关税可能导致一次性的价格上涨，美联储可以对此持宽容态度。 ...

美联储古尔斯比：企业普遍担忧持续的关税公告可能会扰乱供应链，导致价格上涨。 ...

1-4月进口占比78.38%，同比大增42.2%！数据影响下，几内亚矿石政策能否继续推动氧化铝价格上涨？ 相关链接 期货热点追踪 ...

日本经济再生大臣赤泽亮正：持续的价格上涨对消费和家庭信心造成了冲击，成为日本经济的下行风 险。 ...

Core Viewpoint - The Federal Reserve's Barr indicates that trade shocks may have particularly severe impacts on small businesses, potentially leading to price increases in the event of supply chain disruptions or business closures [1] Group 1 - Trade shocks are expected to disproportionately affect small enterprises [1] - Supply chain disruptions could trigger price hikes [1] - Business closures may result from the adverse effects of trade shocks [1]

沃尔玛(WMT.N)CFO：关税导致的价格上涨可能从本月开始。 ...

94000美元/枚，日内涨0.70%。 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **non-ferrous metals industry**, with a focus on the **electrolytic aluminum** and **steel** sectors [1][2][11]. Key Points on Electrolytic Aluminum Sector - **Market Performance**: The electrolytic aluminum sector is expected to perform well, with a confirmed inventory turning point. Social inventories of aluminum ingots and bars have decreased, with aluminum ingots down by 0.2 thousand tons and aluminum bars down by 0.86 thousand tons [3][4]. - **Price Trends**: Aluminum prices have started to rise, reaching 2,835 RMB/ton, marking a 1% increase this week. This aligns with expectations of improved demand [4]. - **Cost Improvements**: The cost structure for electrolytic aluminum is improving due to declining alumina prices and increased upstream supply. Additionally, lower coal prices are reducing electricity costs for self-supplied power plants, benefiting profitability [5][6]. - **Profitability**: Companies in the Xinjiang region, such as Shenhuo, have seen significant improvements in profitability, with net profit per ton of aluminum around 4,000 RMB. However, these improvements may reflect in financial statements with a delay of one to two months [6]. - **Future Outlook**: The overall market logic for electrolytic aluminum is gradually being realized, with expectations for continued price increases driven by cost reductions, tightening supply, and improving demand [8]. Key Points on Steel Sector - **Market Dynamics**: The steel sector is experiencing a positive sentiment due to expectations of capacity reduction and improved demand from the real estate sector. The government has indicated a focus on reducing crude steel production [2][9]. - **Profitability Outlook**: The steel industry's profitability is expected to improve as coal and ore prices decline, providing a safety margin for the sector [9]. - **Investment Recommendations**: Companies with strong cost control and good regional competitive positions, such as New Steel and Hualian Steel, are recommended for investment [9]. Key Points on Copper Market - **Supply and Demand**: The copper market is showing signs of a supply constraint due to a lack of new capacity in recent years. Current inventory levels are relatively healthy, and demand is expected to improve as the traditional consumption peak approaches [7][10]. - **Price Drivers**: Factors such as the U.S. imposing a 25% tariff on copper imports and a declining U.S. dollar index are likely to support copper price increases [10]. - **Investment Opportunities**: Companies like Zijin Mining, Luoyang Molybdenum, and China Nonferrous Metal Mining are highlighted as potential investment opportunities in the copper sector [10]. Additional Insights - The overall non-ferrous metals sector is gaining attention, with aluminum and steel showing sustained performance. The copper market is also beginning to show clearer turning points, suggesting potential investment opportunities in leading companies [11].