Group 1 - The company is a leading domestic producer of electrolytic aluminum and coal, established in 1998, with a significant production capacity of 1.7 million tons/year for electrolytic aluminum and 12.86 billion tons of coal reserves [1] - The company benefits from a complete industrial chain integration, enhancing its profitability as electrolytic aluminum prices continue to rise and new production capacities come online [1][2] - The company has a strong coal production capacity, with 3.45 million tons/year of smokeless coal and 5.1 million tons/year of lean coal, positioning it as a key supplier for metallurgical enterprises [3] Group 2 - The electrolytic aluminum supply is constrained by domestic capacity limits and ongoing "dual carbon" policies, which are expected to maintain upward pressure on aluminum prices in the medium to long term [2] - The company’s operations in Xinjiang benefit from abundant coal resources, resulting in lower production costs compared to industry standards, thus enhancing profitability [2] - The company is expanding its aluminum foil production capacity, with a new project expected to come online by 2025, which will significantly increase its production capabilities [3] Group 3 - The company is well-positioned to capitalize on the cost advantages of its dual-base electrolytic aluminum production in Yunnan and Xinjiang, along with the potential growth in the aluminum foil market [4] - Forecasted net profits for the company are projected to increase from 5.2 billion yuan in 2025 to 7 billion yuan in 2027, indicating strong growth potential [4]

有色早报 研究中心有色团队 2025/07/28 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/07/21 215 848 84556 28177 -44.80 476.03 49.0 66.0 -66.96 122075 12575 2025/07/22 250 794 84556 25507 76.62 427.41 49.0 66.0 -68.24 124850 12250 2025/07/23 180 784 84556 15535 -263.59 309.62 49.0 66.0 -52.36 124825 17525 2025/07/24 150 717 84556 16183 -630.69 18.05 49.0 66.0 -49.92 124775 19850 2025/07/25 125 434 73423 16133 -722.84 151.43 50.0 67.0 -53.68 128475 18850 变化 -25 -283 ...

Group 1: Market Dynamics - The commodity market has seen a surge in capital, reaching 778.3 billion yuan, the highest since 2014, with coking coal and lithium carbonate futures exceeding 10 billion yuan for the first time, indicating increased speculative activity amid market volatility [1] - The A-share market's non-ferrous metal sector experienced a net capital outflow of 6.911 billion yuan on July 25, with significant sell-offs in Northern Rare Earth and leading companies like Tianqi Lithium and Zhongtung High-tech [5][6] - The strong rise of the US dollar, reaching a three-month high of 104.5, has led to a decline in the attractiveness of non-ferrous metals priced in dollars, causing widespread price drops across industrial metals [8][10] Group 2: Corporate Strategies - Companies are adopting hedging strategies to manage raw material costs amid price volatility, such as a copper processing plant in Jiangsu locking in prices through futures contracts and reallocating 20% of production capacity to high-demand copper rods [2] - Lead-acid battery manufacturers are seizing low-price opportunities to stockpile lead, with LME lead inventories declining for five consecutive weeks, reflecting strong industry demand for bottom-fishing [2] Group 3: Price Movements - In the precious metals market, silver prices plummeted by 2.44% to $38.33 per ounce, while gold fell by 0.97% to $3,338 per ounce, driven by rising US Treasury yields and reduced industrial demand for silver [7] - Industrial metals faced significant declines, with tin dropping by $880 per ton to $34,140 due to increased LME inventories and reduced semiconductor orders, while nickel fell below $15,230 per ton amid rumors of increased Indonesian nickel exports [8] Group 4: Policy Impacts - The domestic futures market for lithium carbonate saw a dramatic increase, with main contracts hitting 80,520 yuan per ton, contrasting with a backdrop of declining international metal prices, highlighting the influence of policy interventions on market dynamics [4]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the sector [6]. Core Views - The report highlights a positive outlook for industrial metals driven by domestic policies aimed at reducing competition and boosting infrastructure investment, alongside U.S. fiscal expansion and ongoing interest rate cuts [2][3]. - Energy metals, particularly lithium and cobalt, are expected to see price increases due to supply disruptions and strong demand from the new energy sector [3]. - Precious metals are favored due to heightened demand for gold as a safe haven amid global trade tensions and ongoing central bank purchases [4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are rising due to domestic "anti-involution" policies and infrastructure investment, with copper prices experiencing short-term fluctuations due to trade changes [2]. - Key statistics include a weekly increase in aluminum prices by 1.22% and copper prices by 1.07%, while zinc prices rose by 2.65% [11]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2]. Energy Metals - Lithium prices are rebounding significantly due to supply concerns from regions like Jiangxi and Qinghai, with expectations for continued price increases [3]. - Cobalt prices are also anticipated to rise due to raw material shortages and increased demand as the market recovers from a low trading volume [3]. - Recommended companies in this sector include Huayou Cobalt and Zangge Mining [3]. Precious Metals - The report emphasizes the increasing demand for gold driven by global trade uncertainties and central bank purchases, predicting a long-term upward trend in gold prices [4]. - Gold prices have shown a weekly increase of 0.68%, while silver prices rose by 2.13% [11]. - Recommended companies include Shandong Gold and Zhongjin Gold [4].

有色金属周度报告 新纪元期货研究 20250725 投资有风险，入市需谨慎 国内主要金属现货价格走势 | 品种 | | | 期货主力合约收盘价格 | | | | 现货价格 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主力合约 | 2025.7.18 | 2025.7.25 | 周变动 | 周涨跌幅 | 现货指标 | 2025.7.18 | 2025.7.25 | 周变动 | 周涨跌幅 | | 铜 | CU2509 | 78440 | 79250 | 810 | 1.03% | 平均价:1#铜:上海现货 | 78620 | 79810 | 1190 | 1.51% | | 铝 | AL2509 | 20510 | 20760 | 250 | 1.22% | 平均价:A00铝:上海现货 | 20690 | 20710 | 20 | 0.10% | | 锌 | ZN2509 | 22295 | 23015 | 720 | 3.23% | 平均价:0#锌:上海现货 | 22350 | 22900 | 5 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Copper - Copper pricing has returned to macro trading. Market sentiment is positive, but there is a risk of short - term sentiment reversal. The demand side has weakened, but domestic macro policies and low inventory support the price. The main reference range is 78,000 - 80,000 [1]. Aluminum - For alumina, short - term price may be strong above 3100 yuan, but there are risks such as policy changes and squeeze - out risks. Mid - term, it is recommended to short at high prices. For aluminum, short - term prices are under pressure at high levels, with the main contract reference range of 20,200 - 21,000. Focus on de - stocking inflection points and demand changes [4]. Aluminum Alloy - The market is expected to be weak and volatile, with the main reference range of 19,600 - 20,400. Pay attention to upstream scrap aluminum supply and import marginal changes [5]. Zinc - Short - term zinc prices are expected to fluctuate, with the main reference range of 22,000 - 23,500. Long - term supply is expected to be loose, and follow - up attention should be paid to macro - sentiment changes [9]. Nickel - Short - term nickel prices are expected to adjust within a range, with the main reference range of 120,000 - 128,000. Focus on macro - expectation changes [11]. Tin - Short - term tin prices are strong. It is recommended to wait and see, and pay attention to market sentiment changes and Myanmar's resumption of production progress [14]. Stainless Steel - Short - term stainless steel prices will fluctuate, with the main reference range of 12,600 - 13,200. Pay attention to policy trends and supply - demand rhythms [17]. Lithium Carbonate - Short - term lithium carbonate prices are expected to fluctuate widely. It is advisable to increase volatility and be cautious in unilateral trading. Focus on macro - expectation changes and supply adjustments [20]. 3. Summary by Directory Copper - **Price and Basis**: SMM 1 electrolytic copper price increased by 0.01% to 79,795 yuan/ton. The refined - scrap price difference decreased by 9.15% to 1,304 yuan/ton [1]. - **Fundamental Data**: In June, electrolytic copper production decreased by 0.30% to 113.49 million tons, and imports increased by 18.74% to 30.05 million tons [1]. Aluminum - **Price and Spread**: SMM A00 aluminum price decreased by 0.62% to 20,850 yuan/ton. The alumina price in Shandong increased by 0.16% to 3,220 yuan/ton [4]. - **Fundamental Data**: In June, alumina production decreased by 0.19% to 725.81 million tons, and electrolytic aluminum production decreased by 3.22% to 360.90 million tons [4]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 price decreased by 0.25% to 20,200 yuan/ton [5]. - **Fundamental Data**: In June, the production of recycled aluminum alloy ingots increased by 1.49% to 61.50 million tons, and the production of primary aluminum alloy ingots decreased by 2.30% to 25.50 million tons [5]. Zinc - **Price and Spread**: SMM 0 zinc ingot price increased by 0.26% to 22,880 yuan/ton [9]. - **Fundamental Data**: In June, refined zinc production increased by 6.50% to 58.51 million tons, and imports increased by 34.97% to 3.61 million tons [9]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price increased by 0.52% to 124,700 yuan/ton. The cost of integrated MHP to produce electrolytic nickel increased by 0.88% to 121,953 yuan/ton [11]. - **Fundamental Data**: In June, China's refined nickel production decreased by 10.04% to 31,800 tons, and imports increased by 116.90% to 19,157 tons [11]. Tin - **Price and Basis**: SMM 1 tin price increased by 1.30% to 272,400 yuan/ton [14]. - **Fundamental Data**: In June, tin ore imports decreased by 11.44% to 11,911 tons, and SMM refined tin production decreased by 6.94% to 13,810 tons [14]. Stainless Steel - **Price and Spread**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained unchanged at 12,900 yuan/ton [17]. - **Fundamental Data**: In June, China's 300 - series stainless steel crude steel production decreased by 3.83% to 171.33 million tons, and imports decreased by 12.48% to 10.95 million tons [17]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate price increased by 0.14% to 70,550 yuan/ton. The basis (SMM electric carbon benchmark) increased by 152.34% to 1,230 yuan/ton [20]. - **Fundamental Data**: In June, lithium carbonate production increased by 8.34% to 78,090 tons, and demand decreased by 0.15% to 93,815 tons [20].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the provided content. Group 2: Core Viewpoints - The non - ferrous metals sector generally rebounded last weekend and strengthened. The impact of trade negotiations and tariffs has temporarily eased, and the market is now focusing on changes in interest - rate cut expectations. China's anti - involution policies and expected major infrastructure projects are boosting the demand for industrial products, driving the non - ferrous metals sector to follow the upward trend, but the sustainability is average. The current rebound is regarded as a phased one, with short - term cautious bullish operations recommended, while avoiding over - chasing the rise [12][13]. Group 3: Summary by Section Part 1: Non - ferrous Metals Operation Logic and Investment Advice - **Macro Logic**: The non - ferrous metals sector rebounded, influenced by trade negotiations, interest - rate cut expectations, China's anti - involution policies, and large - scale infrastructure projects. The market is cautiously bullish in the short term, and attention should be paid to specific policies, individual supply - demand drivers, and leading varieties [12][13]. - **Weekly Focus**: Powell's speech, ECB interest - rate decision, European and US economic data, and China's LPR are the key points to watch this week [14]. - **Variety Strategies** - **Copper**: Social inventory is decreasing, supply is expected to tighten, and demand is likely to increase. It is expected to rebound, with a recommended strategy of buying on dips [3][15]. - **Zinc**: It is showing a phased upward trend, with increasing supply and moderate demand. Short - term bullish, medium - term bearish on rallies [4][15]. - **Aluminum Industry Chain**: Aluminum is in a volatile consolidation, alumina has a wide - range fluctuation, and cast aluminum alloy is also in consolidation. It is recommended to reduce long positions and wait and see [5][17]. - **Tin**: Fundamentals are weak, but it is rising due to external factors. Short - term bullish thinking, with attention to the mining end and macro factors [6][17]. - **Lead**: Supply is expected to increase, demand is recovering slowly, and it is in a volatile and weak state. A bearish - on - volatility strategy is recommended [7][18]. - **Nickel**: There is a phased rebound, but the long - term supply - demand situation is bearish. Short - term bullish, medium - term bearish on rallies [9][18]. - **Stainless Steel**: It is in a range - bound and relatively strong state, with a recommended high - selling and low - buying strategy [9][18]. Part 2: Non - ferrous Metals Market Review - **Futures Closing Prices**: Copper closed at 79,890 yuan/ton with a 0.38% increase; zinc at 23,015 yuan/ton with a 0.17% increase; aluminum at 20,760 yuan/ton with a 0.14% decrease; alumina at 3,427 yuan/ton with a 2.15% increase; tin at 273,950 yuan/ton with a 2.01% increase; lead at 16,890 yuan/ton with a 0.24% increase; nickel at 124,360 yuan/ton with a 0.80% increase; stainless steel at 12,935 yuan/ton with a 0.27% increase; and cast aluminum alloy at 20,135 yuan/ton with a 0.10% decrease [19]. Part 3: Non - ferrous Metals Position Analysis - Different non - ferrous metal futures contracts show varying net long - short positions and changes, affected by non - main - force funds or main - force position adjustments [21]. Part 4: Non - ferrous Metals Spot Market - **Copper Spot**: Yangtze River spot price is 79,900 yuan/ton with a 0.04% decrease; Wumaomao 1 average price is 79,755 yuan/ton with a 0.15% decrease [22]. - **Zinc Spot**: Yangtze River 0 zinc average price is 22,860 yuan/ton with a 0.13% increase; Yangtze River 1 zinc is 22,760 yuan/ton with a 0.13% increase [22]. - **Aluminum Spot**: Yangtze River average price is 20,720 yuan/ton with a 0.67% decrease; Nanchu Foshan A00 aluminum ingot average price is 20,710 yuan/ton with a 0.53% decrease [22]. - **Alumina Spot**: Antai Ke national average price is 3,255 yuan/ton with a 0.31% increase; hydrated bauxite in Henan is 550 yuan/ton with no change [22]. Part 5: Non - ferrous Metals Industry Chain - The report provides various charts related to the industry chain of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel, including inventory changes, processing fees, and price trends [25][30][32]. Part 6: Non - ferrous Metals Arbitrage - The report presents multiple charts for different non - ferrous metals, such as copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel, to analyze their arbitrage opportunities, including ratio changes, basis, and spread trends [56][60][62]. Part 7: Non - ferrous Metals Options - The report includes charts on option historical volatility, weighted implied volatility, trading volume, and position changes for copper, zinc, and aluminum, providing references for option trading [76][78][81].

Report Overview - The report is a daily review of lead and zinc markets on July 25, 2025, focusing on price movements, market fundamentals, and industry news [1] Industry Investment Rating - No investment rating provided in the report Core Viewpoints - Lead prices are expected to move in a range in the short - term due to a balanced supply - demand situation, tight raw materials, and expectations of the peak consumption season [1] - Zinc prices are also expected to move in a range in the short - term. Despite weak fundamentals with increased supply of ore and ingots and low demand in the off - season, strong market sentiment may support prices [1] Summary by Related Catalogs Price Movements - SMM1 lead ingot average price was 16,700 yuan/ton, down 0.15%; futures主力合约收盘价 was 16,890 yuan/ton, up 0.24%. SMM1 zinc ingot average price was 22,810 yuan/ton, up 0.26%; futures主力合约收盘价 was 23,015 yuan/ton, up 0.17% [1] Market Fundamentals - Lead - A lead smelter in North China is expected to fully resume production next week after a regular maintenance. Lead concentrate imports have no expected increase, and processing fees are likely to rise. The start - up rate of primary lead smelters decreased slightly due to equipment failure, and the start - up rate of secondary lead smelters is low due to high raw material costs. Demand is expected to improve as the peak season approaches [1] Market Fundamentals - Zinc - Zinc smelters have sufficient raw material stocks, and zinc ore processing fees are rising. The production of zinc is increasing, but demand is in the off - season, and overall procurement is limited [1] Industry News - Glencore will sell its Lady Loretta zinc mine, which may cause a 1/3 reduction in Mount Isa's lead - zinc concentrate output. Teck Resources' Red Dog mine had a slight decline in zinc concentrate output in Q2 2025 due to lower ore grades, and lead concentrate output remained stable. The company expects to release inventory in Q3 [1] Trading Data - For lead, futures active contract volume decreased by 33.89% to 46,419 lots, and open interest increased by 12.40% to 69,992 lots. LME lead inventory was 269,325 tons, and Shanghai lead warehouse receipts decreased by 0.50% to 59,959 tons. For zinc, futures active contract volume decreased by 12.43% to 152,003 lots, and open interest decreased by 2.14% to 134,935 lots. LME zinc inventory was 116,900 tons, and Shanghai zinc warehouse receipts decreased by 1.24% to 11,940 tons [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The domestic macro situation is favorable for non - ferrous metals this week. The copper price has obvious support at the bottom, and attention should be paid to restocking opportunities around 7.6 - 7.7. The aluminum market has a short - term good fundamental situation, and attention should be paid to demand and anti - arbitrage opportunities. The zinc price fluctuates upward, and attention should be paid to the squeeze - out market and arbitrage opportunities. The nickel market has a general short - term fundamental situation, and attention can be paid to the contraction opportunity of the nickel - stainless steel price ratio. The stainless - steel market has a weak fundamental situation, and attention should be paid to policy trends. The lead price has a slight correction, and it is expected to fluctuate between 16800 - 17500 next week. The tin price fluctuates widely, and it is recommended to wait and see in the short term. The industrial silicon market is expected to change from inventory accumulation to inventory reduction, and the disk is expected to fluctuate. The lithium carbonate price is expected to fluctuate, and the downward inflection point needs to see significant inventory accumulation of warehouse receipts and spot goods [1][2][3] Group 3: Summary by Metal Copper - **Price and Inventory Changes**: From July 18 to 24, the spot premium had a change of - 30, the waste - refined copper price difference had a change of - 67, the SHFE inventory had a change of 648, etc. - **Market Situation**: Domestically, the GDP data in the second quarter is good, and the "anti - involution" policy on commodities boosts the non - ferrous market. The refined - waste price difference has shrunk significantly, the refined copper rod operating rate has rebounded, and the spot premium and downstream restocking sentiment are good. The spot import window has opened once this week, and attention should be paid to the opportunity of long - position import logistics in the third and fourth quarters. The market is insensitive to tariff pricing, overseas liquidity is loose with a possible interest - rate cut in the second half of the year, and the domestic downstream operating rate is okay in the off - season. Attention should be paid to the possibility of copper logistics reversal [1] Aluminum - **Price and Inventory Changes**: From July 18 to 24, the Shanghai aluminum ingot price decreased by 120, the domestic alumina price increased by 4, the SHFE social inventory remained unchanged, and the LME inventory increased by 3300. - **Market Situation**: Supply has increased slightly, with aluminum ingot imports providing an increment from January to May. The demand in July is expected to weaken seasonally, with flat supply and demand. The inventory is expected to be balanced in July. The short - term fundamental situation is okay, and attention should be paid to demand. In the context of low inventory, attention should be paid to the inter - month and internal - external anti - arbitrage [1] Zinc - **Price and Inventory Changes**: From July 18 to 24, the zinc price fluctuated upward, the domestic social inventory was stable, and the LME inventory decreased by 1575. - **Market Situation**: In July, the domestic TC increased, and some smelters had maintenance, but new production capacity in the southwest and central China was put into operation. Domestic demand weakened seasonally, and overseas demand in Europe was weak. The domestic social inventory increased slowly, and the LME inventory decreased after May, increasing the risk of short - squeezing. In the short term, it is recommended to wait and see the sustainability of the short - squeezing market and manage positions. In the long - term, it is advisable to short on rallies. Internal - external positive arbitrage can be held, and attention can be paid to inter - month positive arbitrage opportunities [2] Nickel - **Price and Inventory Changes**: From July 18 to 24, the price of 1.5% Philippine nickel ore remained unchanged, and the Shanghai nickel spot price increased by 700. - **Market Situation**: The supply of pure nickel remains at a high level, the demand is weak, and the premium is stable. The domestic and overseas nickel plate inventories have increased slightly. The tariff agreement between Indonesia and the US has no direct impact on pure nickel. The short - term fundamental situation is general, and the macro - situation is favorable for commodities. Attention can be paid to the contraction opportunity of the nickel - stainless steel price ratio [3] Stainless Steel - **Price and Inventory Changes**: From July 18 to 24, the prices of 304 cold - rolled coils, 304 hot - rolled coils, etc., remained unchanged. - **Market Situation**: Since late May, some steel mills have reduced production passively. The demand is mainly for rigid needs, and some restocking has increased due to the macro - environment. The prices of nickel iron and chrome iron remain stable. The inventories in Xijiao and Foshan have decreased slightly, and the exchange warehouse receipts have continued to decrease slightly. The fundamental situation is weak, and attention should be paid to policy trends [3] Lead - **Price and Inventory Changes**: From July 18 to 24, the lead price decreased slightly, the domestic social inventory remained unchanged, and the LME inventory increased by 6175. - **Market Situation**: The supply side has weak scrap volume, tight waste battery demand, and low operating rate of recycled lead. The demand side has high battery inventory, flat battery operating rate, and weakening peak - season expectation. The refined - waste price difference is 0, and the inventory in Jiyuan is tight. It is expected that the supply will increase slightly in July, and there will be inventory accumulation. Affected by the supply - side reform sentiment of the Ministry of Industry and Information Technology, the lead price is expected to fluctuate between 16800 - 17500 next week [6] Tin - **Price and Inventory Changes**: From July 18 to 24, the tin price fluctuated widely, the domestic inventory increased, and the LME inventory remained unchanged. - **Market Situation**: The supply side has low processing fees at the mine end, some domestic smelters reducing production and entering the maintenance period, and possible slight decline in domestic smelting output in July and August. Overseas, there are signals of production resumption in Wa State, and the import volume from the DRC in June exceeded expectations. The demand side has limited solder elasticity, strong expectation of decline in terminal electronics and photovoltaic growth, and increasing domestic inventory. The LME inventory is at a low level, but the inventory - accumulation inflection point is emerging. The short - term supply and demand are both weak, and it is recommended to wait and see [8] Industrial Silicon - **Price and Inventory Changes**: From July 18 to 24, the 421 Yunnan basis decreased by 165, and the 421 Sichuan basis decreased by 165. - **Market Situation**: The operating rate of leading enterprises has decreased again due to power - station problems, and there is no expected resumption date. There is slight production resumption in Yunnan and Sichuan, with low operating rate in Yunnan. The monthly output in July and subsequent months is expected to decline from the previous significant increase, and the supply - demand balance has changed to inventory reduction. The basis has strengthened rapidly, stimulating downstream speculative and restocking sentiment. The industrial silicon disk is expected to fluctuate if the operating rate does not recover significantly in the short term [10] Lithium Carbonate - **Price and Inventory Changes**: From July 18 to 24, the SMM electric - grade lithium carbonate price increased by 100, and the SMM industrial - grade lithium carbonate price increased by 100. - **Market Situation**: Affected by factors such as warehouse - receipt game, supply - side news disturbance, and weak - demand expectation repair, the lithium carbonate futures price has continued to rise. The basis has weakened slightly, and the market trading is mainly in the trader segment. The short - term supply and demand are both strong, and the inventory pressure in the intermediate link is gradually accumulating. The upstream has weak delivery willingness, and the downstream large enterprises actively receive goods. The lithium carbonate price is expected to fluctuate, and the downward inflection point needs to see significant inventory accumulation of warehouse receipts and spot goods [12]

银河有色 有色研发报告 铜 有色和贵金属每日早盘观察 2025 年 7 月 23 日星期三 | 研究所副所长、有色及贵 | 有色和贵金属每日早盘观察 | | --- | --- | | 金属板块负责人：车红云 | | | 期货从业证号：F03088215 | 贵金属 | | 投资咨询号：Z0017510 | 【市场回顾】 | | | 1. 贵金属市场：昨日，伦敦金由跌转涨，站上 3430 美元关口，最终收涨 1.02%，收报 | | 研究员：王伟 | 3431.2 美元/盎司，再创一个多月新高；伦敦银再度突破 39 美元关口，最终收涨 | | 期货从业证号：F03143400 | 0.95%，报 39.265 美元/盎司，续刷 2011 年 9 月新高。受外盘影响，沪金主力合约收涨 | | 投资咨询从业证号： Z0022141 | 0.91%，报 792.94 元/克，沪银主力合约盘中将历史新高刷至 9522，最终收涨 0.75%， | | | 报 9453 元/千克。 | | 研究员：王露晨 CFA | 2.美元指数：美元指数延续跌势，美盘初持续下挫，最终收跌 0.5%，报 97.322。 | | 期货从业 ...