据外媒报道，在阿塞拜疆从事黄金、白银和铜矿开采的英国盎格鲁亚洲矿业公司(Anglo-AsianMining Plc.)表示，Gilar矿已经开始生产。该矿是阿塞拜疆Gedabek矿场的一部分。该公司的目标是每年开采 2000吨左右矿石，随着运营增加，月度产量目标为5-6万盎司。 据外媒报道，加拿大Ivanhoe Mines周二表示，由于地震活动，公司已暂停刚果（金）Kakula铜矿地下开 采作业。 一、行情回顾 昨日夜盘，沪铜期货震荡走弱，主力2506合约收于77770元/吨，跌幅0.42%。 二、基本面汇总 三、机构观点 冠通期货：整体来说，市场对经济保持不确定性预期，铜价有所承压，基本面方面，需求端边际走弱， 但目前社会库存仍处于低位水平，供应端偏紧预期依然存在，铜价呈现震荡上行趋势，但临近需求旺季 尾声，虽有国内增量政策提振，但目前呈现强预期弱现实状态，整体依然承压，需持续关注美联储降息 概率及中美关税政策情况。 广州期货：宏观面，地缘政治紧张情绪急剧升温，黄金上涨提振铜价。当前美国制造业和就业数据暂 稳，叠加贸易战缓和，衰退风险减弱，但整体经济仍处于持续走弱态势中，对于铜价仍有压制。基本 面，当前铜矿 ...

行业 铜期货日报 日期 2025 年 5 月 22 日 有色金属研究团队 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 沪铜震荡偏强，主力合约重回牛熊线上方，日内主要是受到美元走弱和最大消费 国中国出台刺激措施带来支撑，不过国内期现价差受到进口货源以及仓单流出冲 击，现货升水坍塌，日内现货升水跌 115 至 275，盘面近月价差降至 290，现货进 口亏损扩大至 450 附近，海外库存延续 LME 下降而 COMEX 增加，总库存依旧在 32 万吨附近，短期内外现货市场转宽松对铜价的支撑有所弱化。不过近期市场在传 闻年中冶炼厂加工费谈判，从目前消息来看下半年 ...

Group 1 - The fourth China-Africa Economic and Trade Expo will be held from June 12 to 15 in Changsha, Hunan, focusing on "China-Africa Cooperation for Modernization" [1] - In 2024, the trade volume between China and Africa reached $295.6 billion, a year-on-year increase of 4.8%, marking the fourth consecutive year of record highs [1] - China has maintained its position as Africa's largest trading partner for 16 consecutive years, with imports from Africa totaling $116.8 billion (up 6.9%) and exports to Africa reaching $178.8 billion (up 3.5%) [1] Group 2 - Chinese enterprises are increasingly investing in various economic and trade zones in Africa, contributing significantly to local tax revenue, employment, and export earnings [2] - Successful examples include the Suez Economic and Trade Cooperation Zone in Egypt and the East Africa Trade and Logistics Park in Tanzania, which is expected to create over 20,000 jobs [2] - In Zambia, the Zambia-China Economic and Trade Cooperation Zone is developing a full industrial chain for copper mining, refining, and processing [2] Group 3 - Cooperation in emerging fields is deepening, with Chinese companies building large data centers in Africa and providing cloud computing services [2] - The cumulative installed capacity of photovoltaic power stations built through China-Africa cooperation exceeds 1.5 GW, meeting the electricity needs of millions of African households [2] - Financial cooperation has also progressed, with Egypt and the African Export-Import Bank successfully issuing RMB "Panda Bonds" in China [2] Group 4 - The upcoming expo is significant as it coincides with the successful Beijing Summit of the Forum on China-Africa Cooperation in September 2024, where major initiatives for modernization were proposed [3] - The expo will focus on the "Ten Partnership Actions" and showcase cooperation achievements, aiming to gather resources and enhance collaboration for high-quality development of China-Africa economic and trade relations [3]

所长 早读 国泰君安期货 2025-05-21 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-05-21 所长 早读 今 日 发 现 5 年期和 1 年期 LPR 利率均下调 10 基点 观点分享： 5 月 20 日，中国人民银行授权全国银行间同业拆借中心公布，2025 年 5 月 20 日贷款市 场报价利率（LPR）为：1 年期 LPR 为 3.0%，5 年期以上 LPR 为 3.5%。此前政策利率已于 5 月 8 日下调，此次 LPR 下调 10 基点符合市场预期。当日稍早，中国四大行以及招商银行、 交通银行纷纷官宣下调存款利率，最高 25 基点。新一轮存款利率下调意味着持有现金的机会 成本进一步降低，这可能会推动更多资金转向股市、债市和理财产品等投资渠道，为资本市 场带来新的流动性。据央行披露，4 月，企业新发放贷款加权平均利率约 3.2%，比上年同期 低约 50 个基点；个人住房新发放贷款加权平均利率约 3.1%，比上年同期低约 55 个基点。 贷款利率持续处于下行通道之中。有分析认为，本次 LPR 下行，有望进一步提振居民住房消 费的意愿和能力，促进住房消费需求释放。我们认 ...

商 品 研 究 2025 年 05 月 19 日 铜：缺乏驱动，价格震荡 季先飞 投资咨询从业资格号：Z0012691 jixianfei015111@gtjas.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 78,140 | 0.35% | 77670 | -0.60% | | | 伦铜3M电子盘 | 9,440 | -1.67% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 72,311 | -37,865 | 180,490 | -6,084 | | | 伦铜3M电子盘 | 7,610 | 1,376 | 294,000 | -171 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 63,247 | 2,712 | - | - | | | 伦铜 | 179,375 | -5,275 | 40.08% | -1 ...

云南铜业近日公告，公司正在筹划发行股份购买资产并募集配套资金事项，因有关事项尚存不确定性，根据深圳证券交易所的相关规定，经公 司申请，公司证券自5月13日开市起停牌。 Yunnan Copper Industry recently announced that the company is planning to issue shares to purchase assets and raise supporting funds. Due to the uncertainties surrounding these matters, in accordance with the relevant regulations of the Shenzhen Stock Exchange, the company's securities will be suspended from trading starting May 13. 公司预计在不超过10个交易日的时间内披露本次交易方案，即在2025年5月27 日前按照《公开发行证券的公司信息披露内容与格式准则第26号 ——上市公司重大资产重 组》的要求披露相关信息。 ...

Report Industry Investment Ratings - No industry investment ratings are provided in the report. Core Viewpoints - Gold has broken below the support level, and silver is oscillating downward. Copper lacks a clear driving force and its price is oscillating. Aluminum is in a range-bound oscillation, while alumina continues to rebound. Zinc's price is declining, lead is in a range adjustment, and tin is oscillating within a narrow range [1]. Summary According to Relevant Catalogs Gold - **Fundamentals**: Yesterday, the closing prices of Shanghai Gold 2506 and Gold T+D decreased by 2.90% and 3.06% respectively, while Comex Gold 2506 and London Gold Spot increased by 1.61% and 1.98%. The trading volume and open interest of some contracts changed to varying degrees, and the ETF and inventory data also had corresponding changes [4]. - **News**: The Fed Chairman Powell will re - evaluate the "key parts" of the 2020 monetary policy framework, and long - term interest rates may rise. The US April PPI was lower than expected, and retail sales showed signs of weak consumer spending [4][9]. - **Trend Intensity**: - 1, indicating a bearish outlook [8]. Silver - **Fundamentals**: Yesterday, the closing prices of Shanghai Silver 2506 and Silver T+D decreased by 2.20% and 2.50% respectively, while Comex Silver 2506 and London Silver Spot increased by 1.23% and 1.31%. Trading volume, open interest, ETF, and inventory data all had corresponding changes [4]. - **News**: Similar to gold, including Fed policy and US economic data [4][9]. - **Trend Intensity**: - 1, indicating a bearish outlook [8]. Copper - **Fundamentals**: Yesterday, the closing price of the Shanghai Copper main contract decreased by 1.36%, and the LME Copper 3M electronic disk increased by 0.08%. Trading volume, open interest, inventory, and various price spreads all had changes [10]. - **News**: Macroscopically, the Fed may adjust the interest - rate framework, and long - term low - interest rates may end. Microscopically, China's copper imports in April 2025 were flat compared to the same period last year, and the cumulative imports from January to April decreased by 3.9% year - on - year [10][12]. - **Trend Intensity**: 0, indicating a neutral outlook [12]. Aluminum and Alumina - **Fundamentals**: For aluminum and alumina, on May 15, 2025, 0.2 million tons of spot alumina were traded in Henan at an ex - factory price of 3100 yuan/ton [13]. - **Trend Intensity**: 0 for both aluminum and alumina, indicating a neutral outlook [15]. Zinc - **Fundamentals**: Yesterday, the closing price of the Shanghai Zinc main contract decreased by 0.53%, and the LME Zinc 3M electronic disk increased by 1.51%. Various data such as trading volume, open interest, and price spreads changed [16]. - **News**: The US April PPI was lower than expected, and retail sales showed signs of weak consumer spending [17]. - **Trend Intensity**: - 1, indicating a bearish outlook [17]. Lead - **Fundamentals**: Yesterday, the closing price of the Shanghai Lead main contract increased by 0.24%, and the LME Lead 3M electronic disk decreased by 0.03%. Various data such as trading volume, open interest, and price spreads changed [19]. - **News**: Similar to zinc, including US economic data [20]. - **Trend Intensity**: 0, indicating a neutral outlook [20]. Tin - **Fundamentals**: Yesterday, the closing price of the Shanghai Tin main contract decreased by 0.21%, and the LME Tin 3M electronic disk increased by 0.18%. Trading volume, open interest, inventory, and spot prices all had changes [23]. - **News**: A series of macro and corporate news, including Fed policy, US economic data, and corporate cooperation and development news [24]. - **Trend Intensity**: - 1, indicating a bearish outlook [27].

嘉能可位于智利的铜矿冶炼厂恢复运营。 ...

秘鲁是世界上第三的铜生产国，世界上10%的铜矿资源都汇聚于此，而这座位于秘鲁南部的拉斯邦巴斯铜矿，被预计储 存量达到1000万吨，这么大的一块"肥肉"，秘鲁怎会忍心卖给中国？ 究其原因，就是当时铜产业正处于熊市，自13年开始，全球铜价就开始暴跌，以前可以身价上万美元的铜矿直接跌到 6000美元左右。 而作为秘鲁铜产业巨头嘉能为了及时止损就开始抛售自己的铜资产，这对于中国来讲更是天赐良机。 要知道，中国是全球最大的铜资源消耗国，上到工业下到电力，无一例外，都需要铜。可是无奈我国所拥有的铜资源着 实太少。 文|江卿曻 编辑|江卿昇 你敢相信吗，一场豪赌直接改变了一个国家的资源版图，中国五矿就曾以70亿的本金购买过一座矿山，11年后直接摇身 一变成为千亿资产！铜价疯涨，一石激起千重浪，这个铜矿已经稳定保持在每年产出就有40万吨，预估计还未开发的铜 矿更是超过1000万吨，资源价值高达6700亿人民币。 不仅使我国成功摆脱铜业危机，同时也带动秘鲁实现经济腾飞，这座世界级的矿山到底蕴含什么潜力？才能让五矿买得 如此爽快? 放眼中国，经过将近30年的勘察，我国铜的总储量不过99100万吨，仅仅占全球的3.9%。 既然自家 ...

2025年05月15日 国泰君安期货商品研究晨报-贵金属及基本金属 | | 观点与策略 | | | --- | --- | --- | | 黄金：下破支撑位 | | 2 | | 白银：震荡回落 | | 2 | | 铜：美元下测后回升，限制价格上涨 | | 4 | | 铝：偏强运行 | | 6 | | 氧化铝：大幅反弹 | | 6 | | 锌：短期存支撑 | | 8 | | 铅：区间震荡 | | 9 | | 锡：窄幅震荡 | | 10 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 2025 年 5 月 15 日 请务必阅读正文之后的免责条款部分 1 2 期货研究 业 服 务 研 究 所 | 王蓉 | 投资咨询从业资格号：Z0002529 | wangrong013179@gtjas.com | | --- | --- | --- | | 刘雨萱 | 投资咨询从业资格号：Z0020476 | liuyuxuan023982@gtjas.com | 【基本面跟踪】 贵金属基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | ...