Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The macro - situation is mixed. Moody's downgraded the US sovereign credit rating, and there are concerns about US debt expansion. However, the good performance of the US manufacturing PMI provides support for metals. The Fed may release a dovish signal if interest rates rise rapidly. The supply of electrolytic aluminum is stable with mainly capacity replacement in Shandong and Xinjiang. The consumption of aluminum has a seasonal off - peak expectation, but the weakening speed is expected to be slow. Aluminum prices are expected to fluctuate in the current range [2][7] Group 3: Summary by Related Catalogs Transaction Data - The price of LME aluminum 3 - month decreased by 18.5 yuan/ton from 2484.5 on May 16th to 2466 on May 23rd. SHFE aluminum continuous three increased by 35.0 dollars/ton from 20020 to 20055. The LME aluminum inventory decreased by 10875.0 tons to 384575 tons, and SHFE aluminum warehouse receipt inventory decreased by 6750.0 tons to 56070 tons. The aluminum ingot social inventory decreased by 2.4 tons to 55.7 tons. The electrolytic aluminum theoretical average cost increased by 326.8 yuan/ton to 16670.58 yuan/ton, and the electrolytic aluminum weekly average profit decreased by 160.8 yuan/ton to 3627.42 yuan/ton [3] Market Review - The weekly average price of Yangtze River spot aluminum was 20298 yuan/ton, an increase of 166 yuan/ton from last week. The weekly average price of Nanchu spot aluminum was 20186 yuan/ton, an increase of 146 yuan/ton from last week [4] Market Outlook - Similar to the core views, the macro - situation is mixed, supply is stable, and consumption has a slow - weakening trend. Aluminum prices are expected to fluctuate in the current range [7] Industry News - In March 2025, the global primary aluminum production was 616.09 million tons, consumption was 588.36 million tons, with a supply surplus of 27.72 million tons. From January to March 2025, the production was 1797.83 million tons, consumption was 1743.96 million tons, with a supply surplus of 53.87 million tons. Guangyuan Economic Development Zone has gathered over 90 aluminum - related enterprises. In April 2025, China exported 52 million tons of unwrought aluminum and aluminum products, a year - on - year decrease of 0.3%. From January to April, the cumulative export was 188 million tons, a year - on - year decrease of 5.7% [8][9] Related Charts - The report provides 10 charts including LME aluminum 3 - SHFE aluminum continuous three price trends, Shanghai - London aluminum ratio, LME aluminum premium, etc., which are used to show the price, ratio, premium, cost - profit, and inventory changes of aluminum [10][11][14]

研究员: 廖宏斌 期货从业资格号F3082507 期货投资咨询从业证书号Z0020723 度陷入僵局，未来经济预期摇摆不定，金银比中长期中枢上移的背景下，金银价走势相关性下行，白银或 维持震荡偏弱运行。短期内，贵金属市场或维持区间震荡格局，关注后续关税谈判进展以及美联储官员最 免责声明 新发言。操作上建议，暂时观望为主，沪金2508合约关注区间：730-770元/克；沪银2508合约关注区间： 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 7800-8200元/千克。COMEX黄金期货关注区间：3200-3260美元/盎司，COMEX白银期货关注区间：31.20- 32.80美元/盎司。 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 | | | 贵金属产业日报 2025-05-20 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价(日,元/ ...

4、对劳动力供需的讨论情况，比如马斯克的政府效率部（DOGE）推动联邦政府裁员、特朗普驱赶移 民等因素。 5、美联储对于金融市场（美国国债、股市等）的看法。 6、美联储对于美国债务上限问题的看法。 1、美联储是否会就利率路径给出线索。 2、对美国总统特朗普关税政策的讨论情况，其对通胀的潜在风险。 3、是否会披露与政策框架评估进度相关的情况，美联储已经宣布将于5月15-16日举办研究会议。 ...