LME期铜收跌315美元，报9125美元/吨。 LME期铝收跌66美元，报2400美元/吨。 LME期锌收跌57美元，报2592美元/吨。 LME期铅收跌20美元，报1958美元/吨。 LME期镍收跌132美元，报15418美元/吨。 LME期锡收跌571美元，报31348美元/吨。 LME期钴收平，报33700美元/吨。 ...

安如泰山 信守承诺 硅系:安泰科 2025年有色金属报告会热点 研究院 2025年一季度硅产业特点和发展趋势:价格低位运行,工业结下跌12%、多晶硅基本持平;供应大幅下 跌，工业硅减少1.1%、多晶硅减少44.7%;国内需求持续减少,工业硅醇求同比减少16.8%;多晶硅需求同比减 少44.6%;进出口变化,工业硅出口同比减少7.9%,多晶硅出口少于进口;跌破现金成本强支撑,全产业链号 损,全面跌破行业现金成本;库存维持高位,工业硅95万吨、多晶硅40万吨。 2025年硅能源产业市场关注点:产业政策对市场影响变化;各环节新增项目投产情况;中美关税战对产业 的影响:期货市场对产业的影响:各环节市场供需平衡以及阵存变化。 本报告版权属于国投期货有限公司 不可作为投资依据,转载请注明出处 2025年4月29日,安泰科在北京举行了新能源金属主题报告会,并邀请了广州期货交易所参会。我们对硅系的 期现货市场的会议内容进行了整理,以供参考。 一、广州期货交易所 -- 期现结合服务新能源产业稳定发展 工业硅期货市场运行稳中有进。成交、持仓规模稳步扩大,日均成交量达23.77万手,日均持仓22.20万手; 法人客户参与持续深化, ...

有色商品日报 有色商品日报（2025 年 4 月 30 日） 一、研究观点 | 品 种 | 点评 | | --- | --- | | 铜 | 隔夜 LME 铜上涨 0.44%至 9446.5 美元/吨；SHFE 铜主力上涨 0.19%至 77740 元/吨；国 | | | 内现货进口维系亏损。宏观方面，美国 3 月 JOLTS 职位空缺 719.2 万人，大幅低于预期 | | | 750 万人和前值 756.8 万人；美国 4 月谘商会消费者信心指数降至 86，创 2020 年 5 月份 | | | 以来新低。美国总统特朗普预计将采取措施减轻其汽车关税政策带来的冲击。这也表明 | | | 虽然美政府态度仍会反复，但在发债压力下总体相比 4 月份将缓和。库存方面来看， | | | LME 库存下降 300 吨至 20.25 万吨；Comex 库存增加 2372.31 吨至 12.49 万吨；SHFE | | | 铜仓单下降 2842 吨至 34042 吨；BC 铜仓单下降 100 吨至 9863 吨。需求方面，总体来 | | | 看订单较为平稳。外围宏观情绪缓和，国内旺季成色较足，快速去库下看空情绪偏弱， | ...

Market Overview - Domestic precious metal futures experienced an overall increase, with the main Shanghai gold price at 785.14 CNY per gram, up by 0.47%, and the main Shanghai silver price at 8215.00 CNY per kilogram, up by 0.12% [1] - In contrast, international precious metal futures saw a decline, with COMEX gold priced at 3325.80 USD per ounce, down by 0.86%, and COMEX silver at 33.34 USD per ounce, down by 0.18% [1] Price Movement - On April 29, 2025, the opening, highest, and lowest prices for the main Shanghai gold were 782.90 CNY, 794.66 CNY, and 780.52 CNY per gram respectively [2] - The main Shanghai silver had opening, highest, and lowest prices of 8190.00 CNY, 8258.00 CNY, and 8176.00 CNY per kilogram respectively [2] - For COMEX gold, the opening, highest, and lowest prices were 3354.90 USD, 3359.30 USD, and 3314.80 USD per ounce respectively [2] - COMEX silver had opening, highest, and lowest prices of 33.40 USD, 33.50 USD, and 33.10 USD per ounce respectively [2] Economic Context - Recent observations indicate that U.S. President Trump's "pain threshold" is becoming a key factor limiting his potential market disruptions, as he has retreated from aggressive stances in response to financial market pressures [3] - Trump's concessions include postponing a planned tariff policy for 90 days after bond market volatility and retracting threats to dismiss Federal Reserve Chairman Powell amid declines in the stock market, bond market, and U.S. dollar [3] - These adjustments reflect the reality of economic interests, as stock market performance impacts his political image and public pensions, while bond market stability is crucial for government financing and his signature tax cuts [3] Federal Reserve Outlook - As of April 28, 2025, COMEX gold closed at 3354.8 USD per ounce, with a gain of 1.71%, while domestic SHFE gold closed at 793.68 CNY per gram, up by 1.57% [4] - According to CME's "FedWatch," the probability of the Federal Reserve maintaining interest rates in May is 91.1%, with an 8.9% chance of a 25 basis point cut [4] - The likelihood of the Fed keeping rates unchanged until June is 37.4%, with a cumulative 25 basis point cut probability of 57.3% and a 50 basis point cut probability of 5.3% [4]

有色商品日报 有色商品日报（2025 年 4 月 29 日） 一、研究观点 | 品 种 | | | | | 点评 | | | --- | --- | --- | --- | --- | --- | --- | | | 隔夜 LME 铜上涨 0.49%至 9405.5 美元/吨；SHFE 铜主力上涨 0.34%至 77630 元/吨；国 内现货进口亏损。宏观方面，美国 4 月达拉斯联储商业活动指数-35.8，大幅低于预期 | | | | | | | | 14.1 和前值-16.3，美政府关税引起的动荡在当地制造业开始显现。美国财政部目前预 计，4 月至 6 月期间的净借款将达到 5140 亿美元，高于今年 2 月时预测的 1230 亿美 | | | | | | | | 元，但剔除债务上限影响后不增反降，这或表明美国融资需求实际上正在下降。库存方 | | | | | | | 铜 | 万吨；Comex 库存增加 2873.99 吨至 12.26 万 | | | 面来看，LME 库存下降 650 吨至 20.28 | | | | | | 吨；SMM 全国主流地区铜库存环比上周五下降 2.66 万吨至 15.51 万吨 ...

Group 1 - Precious metal futures experienced a sharp increase, with the main gold contract in Shanghai rising over 1% to a current price of 791.16 yuan per gram [1] - The main silver contract in Shanghai turned positive, currently up 0.24% at a price of 8225 yuan per kilogram [1]

投资咨询业务资格：证监许可【2011】1778 号 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 4 月 24 日 有色日报 专业研究·创造价值 有色震荡运行 核心观点 沪铜 今日铜价冲高回落，主力期价由昨日的 7.8 万一线回落至 7.7 万 一线。短期铜价已修复至 2 月的水平，精废价差有所走阔，产业支撑 较强但推动意愿会有所下降。美元指数大幅下挫后迎来反弹，一定 程度上也将抑制铜价上涨。短期关注 5 日均线支撑，预计期价将趋于 震荡运行。 沪铝 今日铝价围绕 1.99 万一线窄幅震荡。Mysteel 报道，华东现货市 场表现弱稳运行，铝价涨至近期高位，基差延续下调，持货商挺价控 制节奏 ...