1. Report Industry Investment Ratings - Nickel - Rolling short [1] - Stainless steel - Wait - and - see [1] - Zinc - Bearish outlook [5] 2. Core Views - **Nickel and Stainless Steel**: The rumor of the Philippine nickel ore ban has been falsified, and the logic returns to the fundamentals. There is still an excess pressure in the nickel market, and it is recommended to roll short between 120,000 - 127,000 [1][2]. - **Zinc**: The impact of tariffs has temporarily subsided. In the short - term, supply is stable with a slight increase, while the peak demand season has passed. Manufacturers are pessimistic about terminal demand, so it is overall bearish [3][4]. 3. Summary by Relevant Catalogs **Nickel and Stainless Steel** - **Macro & Industry News**: In April 2025, China's nickel plate production was 33,120 tons, a month - on - month decrease of 2.1% and a year - on - year increase of 6.9%. The production of nickel sulfate was 29,600 tons, a month - on - month decrease of 12.9% and a year - on - year decrease of 17.8% [1]. - **Supply**: The rumor of the Philippine nickel ore ban is falsified. The mining end is likely to turn looser. The overall supply of domestic electrolytic nickel has shrunk month - on - month but remains at the highest level in the same period in history. The production cost of electrowinning nickel is expected to decline [1]. - **Demand**: In the process of producing nickel sulfate from nickel beans, the nickel cost is about 127,000 yuan. The demand support from downstream nickel sulfate cost is about 134,000 yuan/ton, and the profit critical point of external procurement manufacturers is about 137,000 yuan/ton. The possibility of stainless steel production cuts is small [2]. **Zinc** - **Macro & Industry News**: In April 2025, the retail sales of the national passenger car market were 1.755 million vehicles, a year - on - year increase of 14.5% and a month - on - month decrease of 9.4%. The cumulative retail sales this year were 6.872 million vehicles, a year - on - year increase of 7.9% [3]. - **Supply**: Although the profits of mining enterprises have shrunk, the TC price has not declined, indicating no production cuts at the mining end. The supply side generally shows a loosening trend, and the possibility of production cuts for both smelting and integrated enterprises is extremely small [3]. - **Demand**: The peak demand season is approaching the end. The production enthusiasm of galvanizing, die - casting alloy, and zinc oxide manufacturers is low, and the terminal demand is expected to decline [4].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Tin - The current supply of tin ore remains tight, but the supply is expected to recover in July. The demand improvement is limited, and the subsequent demand outlook is pessimistic. The Sino - US tariff negotiation consensus may drive the price to rebound, but considering supply recovery and weak demand, try shorting in the 265,000 - 270,000 range and focus on the supply recovery rhythm [1]. Copper - Macroeconomic factors such as tariffs and the "232" investigation affect copper prices. The supply of raw materials is tight, and domestic inventories are low. The demand in the peak season may not be sustainable. The copper market shows a "strong current + weak expectation" pattern, with prices expected to be volatile in the short - term, and focus on the demand after May and tariff negotiation progress [2]. Aluminum - For alumina, the operating capacity may fluctuate, demand is stable with limited growth, and the cost support is weakening. Prices are expected to be volatile. For electrolytic aluminum, the supply is stable, demand may decline, but the low inventory and tariff relaxation support the price. Overall, the price is expected to be weak, with a support range of 18,000 - 18,500 [4]. Zinc - The supply of zinc ore is loose. Refined zinc supply was affected by over - expected maintenance in April. Downstream demand is weak, and the purchasing index is weakening. Short - term prices may be supported by tariff relaxation. In the long - term, consider shorting, and focus on ore production and downstream demand changes [6]. Lithium Carbonate - The futures market fluctuates. The tariff negotiation result has a short - term impact on sentiment. The supply pressure is clear, demand is relatively flat, and inventory is high. Prices may stabilize in the short - term, but the upside is limited. The overall strategy is to short on rallies, with a reference range of 62,000 - 66,000 [9]. Nickel - The nickel market is affected by the rumored Philippine ore ban and tariff negotiation results. The cost support is strong, but the medium - term supply is loose, restricting the upside. The price is expected to be in a range - bound adjustment, with a reference range of 122,000 - 128,000 [11]. Stainless Steel - The stainless - steel market is affected by tariff negotiation results. The ore price provides support, but the supply is excessive, and demand is slowly recovering. The inventory pressure eases slightly. The price is expected to be volatile, with a reference range of 12,600 - 13,200 [14]. 3. Summary by Relevant Catalogs Tin Spot Price and Basis - SMM 1 tin price increased by 1.23% to 262,800 yuan/ton, and the SMM 1 tin premium remained unchanged. The LME 0 - 3 premium increased by 72.79% to - 43.01 dollars/ton [1]. Internal - External Price Ratio and Import Profit/Loss - The import loss decreased by 74.84% to - 2,373.05 yuan/ton, and the Shanghai - London ratio was 8.19 [1]. Monthly Spread - The spreads of different contracts showed various changes, such as the 2505 - 2506 spread increased by 37.50% [1]. Fundamental Data - In March, tin ore imports decreased by 4.83%, SMM refined tin production increased by 8.75%, and refined tin imports increased by 12.41%. The export of refined tin decreased by 29.50%, and the export of Indonesian refined tin increased by 46.15% [1]. Inventory Change - SHEF inventory decreased by 2.13%, social inventory increased by 3.66%, SHEF warrants decreased by 0.85%, and LME inventory increased by 3.14% [1]. Copper Price and Basis - SMM 1 electrolytic copper price increased by 0.09% to 78,275 yuan/ton, and the SMM 1 electrolytic copper premium decreased. The import loss increased to - 570 yuan/ton [2]. Monthly Spread - The spreads of different contracts decreased, such as the 2505 - 2506 spread decreased by 180 yuan/ton [2]. Fundamental Data - In April, electrolytic copper production increased by 0.32% to 112.57 million tons. In March, imports increased by 15.24% to 30.88 million tons. The operating rate of electrolytic copper rod decreased, and inventories in various regions decreased [2]. Aluminum Price and Spread - SMM A00 aluminum price increased by 1.02% to 19,810 yuan/ton. The spreads of different contracts showed various changes [4]. Fundamental Data - In April, alumina production decreased by 6.17% to 754.90 million tons, and electrolytic aluminum production decreased by 2.91% to 371.42 million tons. The operating rates of some aluminum products changed, and inventories decreased [4]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 0.22% to 22,720 yuan/ton. The spreads of different contracts decreased [6]. Fundamental Data - In April, refined zinc production increased by 0.31% to 50.98 million tons. In March, imports increased by 9.47% to 5.78 million tons, and exports decreased by 77.37% to 0.02 million tons. The operating rates of downstream industries increased, and inventories increased [6]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate price decreased by 1.00% to 64,600 yuan/ton. The basis decreased by 147.71% [9]. Monthly Spread - The spreads of different contracts showed various changes [9]. Fundamental Data - In April, lithium carbonate production decreased by 6.65% to 73,810 tons, and demand increased by 3.02% to 89,627 tons. In March, imports increased by 47.03% to 18,125 tons, and exports decreased by 47.25% to 220 tons [9]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 1.92% to 127,225 yuan/ton. The import loss increased by 3.73% [11]. Monthly Spread - The spreads of different contracts showed various changes [11]. Supply, Demand, and Inventory - In April, China's refined nickel production increased by 6.08% to 36,300 tons, and imports decreased by 68.84%. Inventories in various regions decreased [11]. Stainless Steel Price and Basis - The price of 304/2B stainless - steel coils increased, and the basis decreased [14]. Monthly Spread - The spreads of different contracts showed various changes [14]. Fundamental Data - In April, China's 300 - series stainless - steel crude steel production increased by 11.37% to 344.01 million tons, and Indonesian production decreased by 6.67%. Imports decreased, exports increased, and inventories changed slightly [14].

第三部分：产业基本面消费端 第四部分：其他指标 宏观：5月12日讯，5月10日至11日，中美双方在瑞士日内瓦举行经贸高层会谈。中方代表团在新闻发布会上表示，双方就彼此关心的经贸问 题开展了深入交流。会谈氛围是坦诚的、深入的、具有建设性的，取得了实质性进展，达成了重要共识。双方一致同意建立中美经贸磋商机 制，明确双方牵头人，就各自关切的经贸问题开展进一步的磋商。中美双方将尽快敲定有关的细节，并且将于5月12日发布会谈达成的联合 声明。 核心观点 基本面：主要经济体与美国开始有不同程度的贸易谈判接洽，国内出台多项货币、财政刺激措施，宏观氛围趋于缓和，锌价延续震荡整理。 从大的基本面格局看，供给端锌矿周期性供给转宽正在落地，2025年内外几个大的锌矿项目均有增产安排，全球锌矿产量回升带动锌矿现货 TC边际持续走强。矿端增产传导至冶炼端，在冶炼利润回暖之下，国内炼厂开工率提升，延期检修，精炼锌产量边际恢复，且预计矿端和冶 炼端的增产形势会延续下去。需求一侧，贸易争端可能拖累全球经济增速，锌需求总量存收缩隐忧，即使各国快速达成新的贸易协议，全球 经济增速维持韧性，锌的总需求也难有增量预期，维持存量为主。无论对需求是偏乐 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints Bullish Factors - Domestic social inventory has dropped to 83,300 tons, entering the destocking cycle. Tight spot supply supports prices [3]. - Spot premium remains at a high level (Shanghai basis is 480 yuan/ton). The tight situation on the spot side restricts the downside space of zinc prices [3]. Bearish Factors - Zinc ore imports have increased, and rising processing fees have promoted the repair of smelting profits, leading to an increase in smelter output [3]. - The downstream has entered the traditional off - season, and export orders are restricted by tariff policies, weakening demand support [3]. Trading Advisory Viewpoint - The fundamentals of the domestic zinc market provide limited support. The growth in supply and off - season demand are in a tug - of - war, and it may maintain a volatile pattern in the short term [3]. 3. Summary by Relevant Catalogs Processing and Terminal Demand - Multiple data on zinc - related products are presented, including the market sentiment index, inventory, production, and net export seasonality of galvanized coils, galvanized sheets (strips), die - cast zinc alloys, etc. Also, data on real estate development investment, engineering progress, land transactions, and infrastructure fixed - asset investment are provided [5][12][17] Futures and Spot Market Review - Information on the trading volume, open interest, and price trends of Shanghai zinc futures and LME zinc is presented, as well as the relationship between LME zinc prices and the US dollar index, and the term structure and basis trends of LME zinc and domestic zinc [22][23][25] Supply and Supply - side Profits - Data on zinc concentrate imports, processing fees, zinc ingot production, enterprise production profits, and inventory are provided, including the inventory of zinc concentrates, LME zinc, and SHFE zinc [33][36][38]

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Lithium Carbonate**: The market is bearish with weak fundamentals and high inventory. The price is expected to remain weak, with the main contract ranging from 62,000 to 66,000 yuan/ton [1][3]. - **Tin**: The supply side is expected to recover, while the demand outlook is pessimistic. The price may rebound due to macro - sentiment but is likely to be bearish in the medium - term. Attention should be paid to the supply recovery rhythm [4]. - **Nickel**: The macro - sentiment is temporarily stable, and the cost provides support, but the medium - term supply is abundant. The price is expected to fluctuate, with the main contract ranging from 122,000 to 128,000 yuan/ton [5]. - **Stainless Steel**: The short - term supply - demand contradiction is expanding, and the inventory pressure is slightly relieved. The price is expected to fluctuate weakly, with the main contract ranging from 12,600 to 13,000 yuan/ton [6][7]. - **Zinc**: The supply side may become looser, and the demand is weak. The price may be supported in the short - term, but in the long - term, a short - selling strategy is recommended. The main contract reference range is 21,500 - 23,500 yuan/ton [9]. - **Aluminum**: The alumina price is expected to fluctuate, and the aluminum price is expected to be weak, with the support level at 18,000 - 18,500 yuan/ton [12]. - **Copper**: The copper market shows a "strong reality + weak expectation" pattern. The price is expected to fluctuate in the short - term, with the main contract focusing on the 77,500 - 78,500 yuan/ton pressure level [13]. 3. Summary by Related Catalogs Price and Basis - **Lithium Carbonate**: SMM battery - grade lithium carbonate remained unchanged at 65,250 yuan/ton, while battery - grade lithium hydroxide decreased by 0.23%. The basis (SMM electric carbon benchmark) increased by 10,800% [1]. - **Tin**: SMM 1 tin decreased by 0.99% to 259,600 yuan/ton [4]. - **Nickel**: SMM 1 electrolytic nickel decreased by 0.06% to 124,825 yuan/ton [5]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 roll) remained unchanged at 13,050 yuan/ton [6]. - **Zinc**: SMM 0 zinc ingot decreased by 0.35% to 22,770 yuan/ton [9]. - **Aluminum**: SMM A00 aluminum decreased by 0.05% to 19,610 yuan/ton [12]. - **Copper**: SMM 1 electrolytic copper decreased by 0.29% to 78,205 yuan/ton [13]. Fundamentals - **Lithium Carbonate**: In April, lithium carbonate production decreased by 6.65%, while demand increased by 3.02%. Inventory increased by 6.81% [1]. - **Tin**: In March, tin ore imports decreased by 4.83%, and SMM refined tin production increased by 8.75% [4]. - **Nickel**: In April, China's refined nickel products increased by 6.08%, and imports decreased by 68.84% [5]. - **Stainless Steel**: In April, China's 300 - series stainless - steel crude steel production decreased by 2.65%, and exports increased by 70.98% [6]. - **Zinc**: In April, refined zinc production increased by 0.31%, and the social inventory increased by 8.18% [9]. - **Aluminum**: In April, alumina production decreased by 6.17%, and electrolytic aluminum production decreased by 2.91% [12]. - **Copper**: In April, electrolytic copper production increased by 0.32%, and the domestic social inventory decreased by 7.33% [13].

| 锌产业期现日报 | | --- | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月9日 星期五 FE Z0015979 | 价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | SMM 0#锌锭 | 22850 | 22770 | +80.00 | 0.35% | 元/吨 | | 升贴水 | 500 | 85 | +415.00 | / | 元/吨 | | SMM 0#锌锭 (广东) | 22850 | 22770 | +80.00 | 0.35% | 元/吨 | | 升贴水(广东) | 500 | ਦਾ ਦ | -15.00 | / | 元/吨 | | 比价和盈亏 | | | | | | | | 现值 | 前值 | 涨跌 | | 单位 | | 进口盈亏 | 629 | 713 | -84.78 | | 元/吨 | | 沪伦比值 | 8.68 | 8.67 | +0.01 | | / | | 月间价差 | | | | | | | | 现值 | 前值 | 涨跌 | | ...

Report Industry Investment Ratings No relevant information provided. Core Views Tin - Market sentiment has improved, driving up tin prices. However, considering the gradual recovery of the supply side and pessimistic demand expectations, a bearish view on the rebound of tin prices is maintained. Attention should be paid to the recovery rhythm of raw materials on the supply side [1]. Aluminum - For alumina, the futures price is under pressure in the short - term due to the expected decline in ore prices, while the spot price provides some support. It is expected to be weakly volatile in the short - term. For electrolytic aluminum, inventory depletion, easing tariff attitudes, and domestic stimulus policy expectations support aluminum prices. But as domestic demand transitions to the off - season, aluminum prices may face downward pressure in the future. The short - term focus is on post - holiday consumption and the pressure around 20,000 yuan/ton [2]. Zinc - In the pessimistic scenario, if tariff policies lead to insufficient terminal consumption, the zinc price center may shift downward. If the growth rate of the ore end is lower than expected and downstream consumption performs better than expected, the zinc price may maintain a high - level shock pattern. In the medium - to - long - term, a short - selling approach is recommended, with the main reference range of 21,500 - 23,500 yuan/ton [4]. Copper - Macroscopically, the issue of reciprocal tariffs is the core variable for asset pricing. The pressure of tariffs has slightly eased, and attention should be paid to the introduction of domestic monetary and fiscal policies. Fundamentally, the supply of raw materials is still tight, and the demand is resilient. In the short - term, the price is expected to be volatile, with the main focus on the pressure level of 77,500 - 78,500 yuan/ton [6]. Nickel - Macroscopically, the situation is stable. With the implementation of Indonesian policies and relatively firm raw material nickel ore, there is still cost support for nickel prices. However, the medium - term supply is abundant, restricting the upward space. In the short - term, the macro situation is still uncertain, and the fundamentals change little. The disk is expected to be in a narrow - range shock, with the main reference range of 122,000 - 128,000 yuan/ton [8]. Stainless Steel - The ore end provides some support for prices, while the nickel - iron price is weak. In the short - term, the supply is relatively abundant, domestic demand has some resilience but recovers slowly, and export demand is blocked. The inventory pressure has slightly eased. Considering the cost - demand game and the uncertain macro - environment, the disk is expected to be weakly volatile, with the main operating range of 12,600 - 13,000 yuan/ton [10]. Lithium Carbonate - The fundamentals lack positive factors. The supply pressure is obvious, and the demand is generally stable but fails to meet expectations. The inventory is still high. In the short - term, the disk is expected to remain weakly operating, with the main reference range of 65,000 - 70,000 yuan/ton. Attention should be paid to the performance of funds around 65,000 yuan/ton [13]. Summary by Relevant Catalogs Tin - **Price and Spread**: SMM 1 tin price decreased by 0.38%, SMM 1 tin premium increased by 12.50%. Import profit and loss increased by 32.10%. Some month - to - month spreads changed significantly, such as the 2505 - 2506 spread increasing by 90.00% [1]. - **Fundamental Data**: In March, tin ore imports decreased by 4.83%, SMM refined tin production increased by 8.75%, refined tin imports increased by 12.41%, and exports decreased by 29.50%. Indonesian refined tin exports increased by 46.15%. The SMM refined tin average operating rate in March increased by 8.75% [1]. - **Inventory**: SHEF inventory decreased by 3.68%, social inventory decreased by 5.57%, SHEF daily inventory decreased by 0.98%, and LME inventory increased by 1.69% [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price decreased by 1.05%, and the import profit and loss increased. Some month - to - month spreads changed, such as the 2505 - 2506 spread increasing by 75 yuan/ton [2]. - **Fundamental Data**: In April, alumina production decreased by 6.17%, electrolytic aluminum production decreased by 2.91%. In March, electrolytic aluminum imports increased by 2.2 million tons, and exports increased by 0.5 million tons. The aluminum profile operating rate decreased by 0.84%, and the aluminum cable operating rate increased by 0.94% [2]. - **Inventory**: The Chinese electrolytic aluminum social inventory decreased by 1.09%, and the LME inventory remained unchanged [2]. Zinc - **Price and Spread**: SMM 0 zinc ingot price decreased by 0.22%, and the import profit and loss changed. Some month - to - month spreads changed, such as the 2505 - 2506 spread increasing by 185 yuan/ton [4]. - **Fundamental Data**: In April, refined zinc production increased by 0.31%, in March, imports increased by 9.47%, and exports decreased by 77.37%. The galvanizing operating rate decreased by 12.83%, the die - casting zinc alloy operating rate decreased by 9.97%, and the zinc oxide operating rate decreased by 1.20% [4]. - **Inventory**: The Chinese zinc ingot seven - region social inventory decreased by 2.10%, and the LME inventory decreased by 0.50% [4]. Copper - **Price and Spread**: SMM 1 electrolytic copper price increased by 0.31%, the refined - scrap price difference increased by 25.70%, and the import profit and loss increased. Some month - to - month spreads changed, such as the 2505 - 2506 spread increasing by 80 yuan/ton [6]. - **Fundamental Data**: In April, electrolytic copper production increased by 0.32%, in March, imports increased by 15.24%. The electrolytic copper rod operating rate increased, and various inventories decreased, such as the SHFE inventory decreasing by 23.51% [6]. Nickel - **Price and Spread**: SMM 1 electrolytic nickel price increased by 0.32%, and the futures import profit and loss increased by 19.50%. Some month - to - month spreads changed, such as the 2506 - 2507 spread decreasing by 10 yuan/ton [8]. - **Cost**: The cost of integrated MHP production of electrowon nickel increased by 1.85%, and the cost of integrated high - grade nickel matte production of electrowon nickel increased by 2.47% [8]. - **Supply and Inventory**: Chinese refined nickel products decreased by 2.62%, imports increased by 8.18%. SHFE inventory decreased by 3.08%, social inventory decreased by 1.25%, and LME inventory decreased by 0.92% [8]. Stainless Steel - **Price and Spread**: The price of 304/2B stainless steel coils remained stable, and the futures - spot price difference decreased by 11.82%. Some month - to - month spreads changed, such as the 2506 - 2507 spread increasing by 20 yuan/ton [10]. - **Raw Material Price**: The price of 8 - 12% high - nickel pig iron decreased by 0.98%, and the price of 304 waste stainless steel increased by 1.05% [10]. - **Fundamental Data**: Chinese 300 - series stainless steel crude steel production increased by 11.37%, Indonesian production decreased by 6.67%. Stainless steel imports decreased by 19.45%, exports increased by 70.98%, and net exports increased by 196.56%. The 300 - series social inventory increased by 0.94% [10]. Lithium Carbonate - **Price and Spread**: SMM battery - grade lithium carbonate price decreased by 1.25%, and some month - to - month spreads changed, such as the 2505 - 2506 spread increasing by 20 yuan/ton [13]. - **Fundamental Data**: In April, lithium carbonate production decreased by 6.65%, battery - grade lithium carbonate production decreased by 9.55%, and industrial - grade lithium carbonate production increased by 0.27%. In March, lithium carbonate demand increased by 15.07%, imports increased by 47.03%, and exports decreased by 47.25% [13]. - **Inventory**: In March, the total lithium carbonate inventory increased by 16.79%, downstream inventory increased by 27.94%, and smelter inventory increased by 9.40% [13].

术面，持仓减量，MACD低位金叉，关注MA10支撑。操作上，建议逢回调轻仓多头。 免责声明 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 沪锌产业日报 2025-04-29 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 22550 | 30 06-07月合约价差:沪锌(日,元/吨) | 225 | -40 | | | LME三个月锌报价(日,美元/吨) | 2633.5 | -12 沪锌总持仓量(日,手) | 214581 | -5554 | | | 沪锌前20名净持仓(日,手) | 3234 | 775 沪锌仓单(日,吨) | 2429 | -427 | | | 上期所库存(周,吨) | 51378 | -7207 LME库存(日,吨) | 179325 | -725 | | | 上海有色网0#锌现货价(日,元/吨) | 22970 | 90 长江有色市场1#锌现货价(日,元/吨) ...

【周二沪铜阴线整理，现钢报 76195 元】上海升水 40 元，广东升水 55 元，精废价差 660 元。晚间市场 关注联储官员讲话，明日关注国内一季度指标。3 月进出口数据显示，国内家电、集成电路板块抢出口 增量明显。精铜一季度累计进口量减少 5.2%至 130.3 万吨，铜精矿进口环增 1.8%。短期铜市由中国供 需基本面及美铜物流支撑。伦铜倾向 9300 - 9500 美元阻力强，沪铜上方阻力在 7.65 - 7.7 万，反弹空 配。【今日沪铝小幅回落】华东现货平水，华南贴水 20 元。铝市供应低增速下近期去库强劲，过去一 周铝锭铝棒社库分别下降 5 万吨和 2.2 万吨，总库存处于近年最低水平。不过贸易战对全球需求前景的 打击程度仍有待观察，市场对于宏观风险的交易会有反复。沪铝技术面向下破位后，上方面临两万整数 关口和均线压制，预计本周 19000 元运行。4 月氧化铝厂集中检修，平衡有改善，但多数企业将在检修 后恢复生产，长期产量影响量级难改过剩格局。矿石价格处于下跌通道，上周氧化铝低点 2600 元附近 已经对应了矿石价格跌至 70 美元的成本预期，该位置继续向下空间已有限。近日几内亚某矿企运营出 ...