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新能源及有色金属日报:下游刚需补库,现货成交尚可-20250703
Hua Tai Qi Huo· 2025-07-03 05:11
1. Report Industry Investment Rating - The investment rating is cautiously bullish [4] 2. Core View of the Report - The lead - acid battery consumption season is approaching, and the downstream procurement enthusiasm is stimulated by rising prices with a significant "buy - on - rising" feature. The improvement of macro - sentiment and the spill - over of risk sentiment will benefit lead prices. For the SHFE lead 2508 contract, it is advisable to conduct long - hedging at dips between 16,800 yuan/ton and 17,000 yuan/ton [4] 3. Summary According to Related Catalogs Market News and Important Data Spot - On July 2, 2025, the LME lead spot premium was - 32.45 dollars/ton. The SMM1 lead ingot spot price remained unchanged at 16,925 yuan/ton. The SMM Shanghai lead spot premium remained unchanged at - 35.00 yuan/ton. The SMM Guangdong lead price remained unchanged at 16,950 yuan/ton. The SMM Henan lead price decreased by 25 yuan/ton to 16,925 yuan/ton. The SMM Tianjin lead spot premium increased by 25 yuan/ton to 17,025 yuan/ton. The lead refined - scrap price spread remained unchanged at - 50 yuan/ton. The price of waste electric vehicle batteries remained unchanged at 10,275 yuan/ton, waste white - shell at 10,175 yuan/ton, and waste black - shell at 10,525 yuan/ton [1] Futures - On July 2, 2025, the SHFE lead main contract opened at 17,115 yuan/ton and closed at 17,175 yuan/ton, up 75 yuan/ton. The trading volume was 27,524 lots, down 3,863 lots. The open interest was 51,254 lots, down 157 lots. The intraday price fluctuated, with a high of 17,210 yuan/ton and a low of 17,110 yuan/ton. In the night session, it opened at 17,235 yuan/ton and closed at 17,270 yuan/ton, up 0.64% from the afternoon close. Lead prices stopped falling briefly, downstream enterprises replenished stocks due to rigid demand, and the spot trading of primary lead improved compared to the previous day [2] Inventory - On July 2, 2025, the SMM lead ingot inventory was 56,000 tons, an increase of 300 tons from last week. As of July 2, the LME lead inventory was 268,150 tons, a decrease of 1,925 tons from the previous trading day [3] Strategy - The strategy is to be cautiously bullish. For the SHFE lead 2508 contract, long - hedging can be carried out at dips between 16,800 yuan/ton and 17,000 yuan/ton [4] Option Strategy - Sell put options at 16,500 yuan/ton [5]
金价降至6月以来最低点!水贝商家:不如上涨时卖得好
第一财经· 2025-06-30 12:59
Core Viewpoint - The article highlights the recent decline in gold prices, reaching a new low since June, and discusses its impact on consumer behavior in the gold trading market [1]. Group 1: Market Trends - Gold prices have been continuously falling, leading to a significant decrease in sales at gold trading markets, particularly in Shenzhen [1]. - A local merchant reported that sales have dropped by approximately 30% compared to periods when gold prices were rising, indicating a consumer preference for buying during price increases rather than declines [1]. Group 2: Merchant Strategies - To stimulate sales, some merchants have reduced processing fees slightly; however, this strategy has not yielded significant results in boosting sales [1].
金价降至6月以来最低点 商家称不如上涨时卖得好 有水贝商家为促销降工费
news flash· 2025-06-30 11:36
Core Viewpoint - The price of gold has dropped to its lowest point since June, leading to decreased sales for merchants in the Shenzhen Shui Bei gold trading market, as consumers prefer to buy when prices are rising rather than falling [1] Group 1: Market Trends - Gold prices have been continuously declining, reaching a new low since June [1] - Merchants report a significant drop in sales, with recent sales figures down by approximately 30% compared to when gold prices were rising [1] Group 2: Merchant Strategies - Some merchants have attempted to promote sales by reducing processing fees, but the impact of this strategy has been minimal [1]
光伏周价格 | 3月产业链排产回升,组件价格呈V型反弹
TrendForce集邦· 2025-03-06 07:31
Core Viewpoint - The article provides a comprehensive overview of the current pricing trends and dynamics within the photovoltaic (PV) industry, highlighting stability in prices across various segments and potential upward movements in the future due to supply-demand dynamics [4][24]. Silicon Material Segment - The mainstream transaction prices for N-type recycled silicon are at 40 RMB/KG, N-type dense silicon at 38 RMB/KG, and N-type granular silicon also at 38 RMB/KG [6]. - The overall transaction volume remains low as companies are in the negotiation phase, with some manufacturers considering price increases, but downstream acceptance is low [7]. - Current silicon material inventory levels have decreased to the range of 250,000 to 260,000 tons, driven by factors such as futures registration and increased downstream demand [8]. - Under the consensus of self-discipline in production cuts, silicon material companies are maintaining low operational levels compared to the same period last year, leading to expectations of stable prices [10]. - Prices have stabilized this week, with a potential for gradual increases in the future, although the impact of futures on prices remains a consideration [11]. Silicon Wafer Segment - The mainstream transaction prices for P-type M10 wafers are at 1.10 RMB/piece, P-type G12 at 1.65 RMB/piece, N-type M10 at 1.18 RMB/piece, and N-type G12 at 1.55 RMB/piece [13]. - In March, wafer production has slightly increased to the range of 50-51 GW, with leading manufacturers remaining cautious in their production strategies due to self-discipline production cuts [14]. - The demand for 210RN wafers has increased, leading to price support, while other models remain stable [15]. Battery Cell Segment - The mainstream transaction prices for M10 battery cells are at 0.330 RMB/W, G12 at 0.270 RMB/W, and both M10 and G12 single crystal TOPCon cells at 0.290 RMB/W [17]. - Battery cell production in March has increased by approximately 22% month-on-month, driven by a small peak in installations expected in Q2, with total production in the range of 54-55 GW [18]. - The price of 210RN cells has increased due to tight supply conditions [19]. Module Segment - The mainstream transaction prices for 182mm single-sided PERC modules are at 0.69 RMB/W, 210mm single-sided PERC modules at 0.70 RMB/W, and 182mm double-sided double-glass PERC modules at 0.70 RMB/W [21]. - In March, module production is expected to increase due to favorable factors such as the "New 531" policy and the traditional overseas peak season, with domestic demand in the ground and distributed segments beginning to develop [22]. - Module prices have remained stable, with an increasing number of manufacturers reporting price hikes, indicating a potential shift towards a buy-up atmosphere in the module segment [23].