镍&不锈钢：短期仍以震荡为主 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 11.9-12.9 | 13.67% | 0.4% | source： 南华研究,wind 沪镍管理策略 | 行为导 | 情景分析 | 策略推荐 | 套保工具 | 买卖方 | 套保比例 | 策略等级（满分 | | --- | --- | --- | --- | --- | --- | --- | | 向 | | | | 向 | | 5） | | 库存管 理 | 产品销售价格下跌，库存有减值风险 | 根据库存水平做空沪镍期货来锁定利润，对冲现货下跌风 险 | 沪镍主力合约 卖出 | | 60% | 2 | | | | | 场外/场内期 | | | | | | | 卖出看涨期权 | 权 | 卖出 | 50% | 2 | | 采购管 理 | 公司未来有生产采购需求，担心原料价格上 涨 | 根据生产 ...

Specialist Sales APAC Specialist Sales 22 May 2025 J P M O R G A N Rio unification, ONGC miss, FMG update, Strong Refining vs Weak Crude Anmol Mehta +852 2800 8896 anmol.mehta@jpmorgan.com Key Highlights Today Commodities Price Action | Best Movers | | | | --- | --- | --- | | Ticker | Last Price | %1D | | Alumina (RMB/t) | 3230.0 | 1.5 | | LME ZINC 3MO ($) | 2710.5 | 1.3 | | Aluminium ($/t) | 2465.3 | 0.8 | | China Li2Co3 (Rmb/t) | 62500.0 | 0.6 | | US NatGas ($/mmbtu) | 3.4 | 0.2 | | Best Movers | | | Wors ...

Core Viewpoint - Imperial Metals Corporation reports promising initial diamond drill results from the Mount Polley 2025 exploration program, highlighting significant mineralization in the C2 Zone, particularly with a notable interval of 152.5 metres grading 0.46% copper and 0.97 g/t gold [1][6]. Group 1: Exploration Results - The C2 Zone, located south of the Cariboo Pit, shows gold values exceeding copper values, with much of the copper mineralization being oxidized, leading to lower recovery rates [2]. - The exploration program prioritizes the C2 Zone due to the recent increase in gold prices, aiming to fill gaps in historic drilling and target higher-grade zones at depth [2]. - Significant intercepts include: - Hole C2-25-116: 35.0 metres grading 0.31% copper and 0.62 g/t gold [3][4]. - Hole C2-25-117: 48.0 metres grading 0.41% copper and 1.10 g/t gold [5]. - Hole C2-25-118: 91.2 metres grading 0.53% copper and 1.10 g/t gold [5]. - Hole C2-25-121: 152.5 metres grading 0.46% copper and 0.97 g/t gold, including 85.0 metres grading 0.67% copper and 1.56 g/t gold [6]. Group 2: Company Overview - Imperial Metals is based in Vancouver and operates the Mount Polley mine, along with other properties including the Huckleberry mine and the Red Chris mine [10]. - The company holds a portfolio of 23 greenfield exploration properties in British Columbia, which have defined areas of mineralization and clear exploration potential [10].

Core Insights - Wheaton Precious Metals Corp. published its 2024 Sustainability Report and Climate Change Report, emphasizing its commitment to integrating ESG considerations into its operations and decision-making processes [1][2] Sustainability Report Highlights - The 2024 Sustainability Report provides a comprehensive review of Wheaton's performance in environmental, social, and governance (ESG) topics, including updates on its ESG strategy, targets, and commitments [3] - The report indicates that 100% of new streaming agreements in 2024 were screened for ESG issues and risks [7] - Wheaton has contributed over $53 million globally since 2009 through its Community Investment Programs, with more than $8.5 million allocated to charitable causes in 2024 [7] Climate Change Report Highlights - The 2024 Climate Change Report outlines how Wheaton is addressing climate change risks and opportunities, as well as potential climate-related impacts [4] - The company refreshed its climate scenario analysis to support ongoing assessment and management of climate risks [7] - A gap analysis was completed against the International Sustainability Standards Board's S2 standard, leading to updates in the Climate Change Report [7] Standards and Recognition - Wheaton's reports are informed by GRI Standards and SASB Asset Management, and Metals and Mining Standard, as well as the IFRS S2 Climate-Related Disclosures Standard [5] - The company has received top ratings in ESG from various agencies, including Sustainalytics and MSCI, and is recognized among Corporate Knights' most sustainable corporations [7] Governance and Diversity - 50% of Wheaton's board members represent diverse backgrounds, including women and visible minorities [7] - 86% of 2023 Scope 3 financed emissions are covered by emissions reduction targets aligned with a 2°C or less scenario [7]

21日上午9时左右，现货黄金上破3300美元/盎司大关，为5月9日以来首次。 | < W | 伦敦金现(SPTAUUSDOZ.IDC) 交易中 05-21 11:46:42 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 3306.843 | 3289.290 | | | | 总量 | 0 | | +17.553 +0.53% | | 十六 | 3290.020 | | 现手 | 0 | | 3314.570 最高价 | | 将 10 | | 0 25 | | 0 | | 最低价 3285.105 | | 播 10 | | 0 K | ﺍﻟﻤ | 0 | | 分时 5日 | | FK | 图K | 月K | 申念 | | | 叠加 | | | | 均价:0.000 | | | | 3314.970 | | | | 0.77% | 3307.186 | | | | | | | | 3306.843 | | | | | | | | 11:46 3306.990 | 0 | | | | | | | 11:46 3306 940 | 0 | | | ...

地缘局势： 行情回顾： 国际黄金周三（5月21日）维持震荡走势，开盘价3277.18美元/盎司，最高价3320.61美元/盎司，最低价3275.19 美元/盎司，收盘价3311.91美元/盎司。 消息面： 贸易局势： 据外媒报道，预计欧盟将与美国分享一份修订后的贸易提案，此举旨在为与特朗普政府的谈判注入动力，目前 外界对能否达成一项跨大西洋协议仍持怀疑态度。据知情人士透露，新文件包含考虑美国利益的提议，包括国 际劳工权利、环境标准、经济安全，以及逐步将双方非敏感农产品和工业品的关税降至零。知情人士称，这份 文件于本周早些时候提交给华盛顿的官员，文件还概述了在能源、人工智能和数字连接领域的相互投资和战略 采购。知情人士表示，欧盟的目标是与美国合作，并寻求达成一项平衡和互利的协议。其中一位知情人士说， 双方仍在相互研究，欧盟委员会可能需要得到成员国的授权才能开始正式谈判。 美国商务部长卢特尼克：希望在今年夏天关税暂停到期之前与大多数主要合作伙伴达成贸易协议。 RSI呈超买表现，短期金价仍有较强调整需求。金价短线单边上行破位走高，高位整理走势继续加剧短期多头 持续表现，日内谨慎维持偏多交易思路。 日内操作区间： 据 ...

有色套利早报 研究中心有色团队 2025/05/22 铜：跨市套利跟踪 2025/05/22 国内价格 LME价格 比价 现货 78440 9590 8.11 三月 77550 9576 8.17 均衡比价 盈利 现货进口 8.23 -527.73 现货出口 62.48 锌：跨市套利跟踪 2025/05/22 国内价格 LME价格 比价 现货 22760 2698 8.44 三月 22285 2727 6.19 均衡比价 盈利 现货进口 8.67 -634.36 铝：跨市套利跟踪 2025/05/22 国内价格 LME价格 比价 现货 20310 2484 8.17 三月 20140 2491 8.10 均衡比价 盈利 现货进口 8.69 -1273.39 镍：跨市套利跟踪 2025/05/22 国内价格 LME价格 比价 现货 124650 15324 8.13 均衡比价 盈利 现货进口 8.28 -3303.64 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担 ...

May 21, 2025 06:36 AM GMT Investor Presentation | Asia Pacific China Materials Updates We prefer gold, steel and cement in the near term, and see more opportunities for metals in 2H. | M | | Foundation | | --- | --- | --- | | May 21, 2025 06:36 AM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Asia Limited+ Rachel L Zhang | | | | Equity Analyst | | | China Materials Updates | Rachel.Zhang@morganstanley.com | +852 2239-1520 | | | Hannah Yang, CFA | | | | Equity Analyst | | | | Hannah.Yang1@m ...

Group 1 - Adriatic Metals PLC is in discussions with Dundee Precious Metals Inc regarding a potential full takeover [1] - Adriatic has provided Dundee with access to certain confidential documents to facilitate due diligence [2] - The company has advised shareholders that there is no certainty of a formal bid or its terms, urging them to take no action [3] Group 2 - Dundee has a deadline until 5pm London time on June 17 to either make a formal bid or withdraw from discussions [3] - The 28-day period for Dundee to act is known as a "put up or shut up" period, which can only be extended with mutual consent [3]

Company Overview - ATI Inc. is a producer of high-performance materials and solutions for the global aerospace and defense markets, as well as critical applications in electronics, medical, and specialty energy [2] - The company focuses on solving complex challenges through materials science and partners with customers to deliver extraordinary materials that enhance product performance [2] Upcoming Event - Kimberly A. Fields, President and CEO of ATI, will speak at the Bernstein 41st Annual Strategic Decisions Conference on May 29, 2025, at 11:00 a.m. ET [1] - An audio replay and full transcript of the event will be available after the presentation [1]