金十期货4月28日讯，伦敦金属交易所（LME）有色金属库存及变化如下： 1. 铜库存202800吨，减少650吨。 2. 铝库存419575吨，减少2000吨。 3. 镍库存201426吨，减少1044吨。 4. 锌库存179325吨，减少725吨。 5. 铅库存271025吨，减少3050吨。 6. 锡库存2845吨，增加35吨。 LME有色金属库存日报 ...

Summary of Conference Call Records Industry Overview - The records discuss the **commodities market**, highlighting the current trends and historical comparisons to the 1970s and 1930s [1][2][3]. Key Points and Arguments 1. **Globalization and Economic Trends**: - Increasing trade frictions are exacerbating the trend of de-globalization, resembling the 1930s and 1970s, with the current situation more akin to the 1970s stagflation environment [1][2]. - The current asset price structure reflects a stagflation bull market, with significant increases in gold and copper prices, while the dollar and U.S. stock markets are declining [1][4]. 2. **Supply Shocks**: - Supply shocks are a natural outcome of the de-globalization trend, with resource-rich countries implementing export bans on commodities like nickel, bismuth, cobalt, and tin [1][5]. - Historical parallels are drawn to the 1978 weather extremes and Middle Eastern geopolitical uncertainties that caused supply shocks [5]. 3. **Demand Dynamics**: - Despite economic downturns, the apparent consumption of industrial metals like copper and aluminum has not significantly decreased, indicating structural demand stability [8]. - Strategic reserve policies, similar to the 1979 U.S. mineral reserve amendments, are driving commodity demand upward [8][9]. 4. **Geopolitical Influences**: - The current geopolitical landscape, including the Russia-Ukraine conflict, has led to increased inventory levels across industries, with countries like China, the U.S., and Europe boosting resource strategic reserves [9]. 5. **Dollar Supply and Inflation**: - The oversupply of dollars, driven by fiscal expansion, has historically led to rising resource prices, a trend that is currently being observed due to extensive fiscal stimulus measures [10][11]. - The current U.S. national debt exceeds 120% of GDP, significantly impacting interest expenses and indicating a more severe dollar crisis compared to the 1980s [14]. 6. **Comparison with Historical Context**: - The current situation is contrasted with the 1970s, where the latter part of that decade saw a commodity bull market followed by a prolonged downturn, while the present may mark the beginning of a long-term commodity bull market [13][16]. 7. **Investment Recommendations**: - It is advised to invest in dollar-denominated short-duration assets like gold and copper, as their pricing is expected to rise due to the weakening dollar [17]. - Long-duration assets priced in RMB are also recommended, anticipating an increase in the value of future cash flows due to China's rising power and currency appreciation [17]. Other Important Insights - The long-term impact of tariffs imposed by the Trump administration could lead to a 1-2% increase in U.S. CPI, affecting inflation dynamics beyond his term [16]. - The transition of certain metals from industrial to financial assets due to the depreciation of the dollar index has increased their market demand [12].

LME有色金属库存日报 金十期货4月23日讯，伦敦金属交易所（LME）有色金属库存及变化如下： 1. 铜库存205250吨，减少7450吨。 2. 铝库存425600吨，减少6100吨。 3. 镍库存204252吨，减少2178吨。 4. 锌库存185025吨，减少7200吨。 5. 铅库存277075吨，减少4200吨。 6. 锡库存2830吨，减少50吨。 ...

智通财经4月22日电，据伦敦金属交易所(LME)，锡库存增加30吨，镍库存增加1902吨，铅库存减少350 吨，铝库存减少2450吨，铜库存减少700吨，锌库存减少3125吨。 ...

2025 年 4 月 21 日 股指期货将偏强震荡 黄金、螺纹钢、铁矿石、原油、 PTA、豆粕、菜籽粕期货将偏强震荡 多晶硅、烧碱期货将震 荡偏弱 工业硅、铜、镍期货将偏弱震荡 陶金峰 期货投资咨询从业资格号：Z0000372 TaoJinfeng013026@gtjas.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2506 阻力位 3729 和 3748 点，支撑位 3690 和 3673 点；IH2506 阻力位 2650 和 2658 点，支撑位 2620 和 2612 点；IC2506 阻力位 5470 和 5498 点，支撑位 536 ...

报告日期： 2025 年 4 月 17 日 申银万国期货研究所 首席点评：商品涨跌互现，金价再创新高 国家统计局公布数据，一季度国内生产总值同比增长 5.4% ，环比增长 1.2% 。 3 月规模以上工业增加 值同比实际增长 7.7% ，装备制造业和高技术制造业较快增长，新能源汽车继续保持高速增长态势。由 于汽车购买量大幅增加，美国 3 月零售销售环比增长 1.4% ，增幅创两年多来最大，表明消费者正赶在 惩罚性汽车关税之前购买汽车。但随着特朗普推进关税，一些通胀预期指标飙升，削弱了美国人对自己 财务状况的看法，低收入消费者已面临困境，而较富裕的消费者则受到股市抛售打击，这给支出前景蒙 上了阴影。现货黄金史上首次站上 3300 美元 / 盎司，日内暴涨 70 美元，涨幅超 2% 。受金价大幅波动 影响，部分投资者选择囤货待涨。 重点品种： 橡胶、原油、 贵金属 橡胶 ：周三橡胶走势回落，国内产区气候较好，产区逐步开割，泰国减产季即将结束。青岛地区总库 存持续增加，库存周期转变较为明显，美关税政策影响短期反复，预计仍将延续，关税政策本质上对原 料端不利，中长期终端消费的变化路径仍存在不确定性，消费端分析逻辑可能 ...

4月16日，沪指震荡收涨，涨幅为0.26%，科创50指数涨0.81%，A股全天成交额1.14万亿元，较上一交 易日小幅放量，收盘上涨个股超1000只，其中，收盘股价涨停的有54只，跌停的有16只。 行业方面，贵金属板块收盘上涨3.51%，赤峰黄金、山金国际、西部黄金等涨超5%。旅游及酒店、港口 航运、机场航运、银行等均涨超1%。 银行股集体创历史新高 不含近一年上市的次新股，今日共有18股收盘价创历史新高，从行业属性来看，银行、食品饮料、有色 金属行业创新高的个股较为集中，分别有4只、3只、2只个股出现在名单中。 从股价表现看，收盘价创历史新高股中，今日股价平均上涨3.71%，涨幅居前的有盖世食品、赤峰黄 金、民士达等。 | | | 4月16日收盘价创历史新高股涨幅排名 | | | | --- | --- | --- | --- | --- | | 代码 | 简称 | 收盘价 (元) | 日涨幅 (%) | 行业 | | 836826 | 盖世食品 | 16.80 | 12.00 | 食品饮料 | | 600988 | 赤峰黄金 | 29.95 | 8.08 | 有色金属 | | 833394 | 民士达 | ...

Core Viewpoint - The rising tin prices have significantly boosted the performance of Xiyeshare Co., which is expected to report a net profit of 470 million to 530 million yuan for Q1 2025, marking a year-on-year increase of 44.06% to 62.45% [1][2] Group 1: Financial Performance - For Q1 2025, Xiyeshare Co. anticipates a net profit of 470 million to 530 million yuan, with a year-on-year growth of 44.06% to 62.45% [2] - The company's non-recurring net profit is projected to be between 464 million and 524 million yuan, reflecting a growth of 52.68% to 72.42% year-on-year [2] - The increase in profit is attributed to the rising prices of key metals such as tin, copper, and zinc, alongside optimized resource allocation and enhanced production capabilities [2][3] Group 2: Market Position and Production - Xiyeshare Co. is recognized as a global leader in tin and indium production, maintaining the largest market share in tin since 2005, with a global market share of 25.03% in 2024 [1][4] - The total production of non-ferrous metals reached 361,000 tons in 2024, with record outputs of tin (84,800 tons), copper (130,300 tons), and zinc (144,000 tons) [1][5] - The company has a significant presence in the tin industry, with a domestic market share of 47.98% and a global market share of 25.03% in 2024 [4] Group 3: Resource Development and Strategic Partnerships - Xiyeshare Co. has established a strategic partnership with the government of Keshiketeng, focusing on enhancing tin resource development [5][6] - The company signed a strategic cooperation framework agreement with Indonesia's PT Timah and Inner Mongolia Xingye Silver Tin Mining Co., aiming for multi-faceted collaboration in resources, business, and technology [6]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.78% at 40,524.79 points, the S&P 500 up 0.79% at 5,405.97 points, and the Nasdaq up 0.64% at 16,831.48 points [1] - European stock indices also closed higher, with the German DAX up 2.85% at 20,954.83 points, the French CAC40 up 2.37% at 7,273.12 points, and the UK FTSE 100 up 2.14% at 8,134.34 points [1] Sector Performance - Large-cap tech stocks showed mixed results, with Apple rising over 2%, Google up more than 1%, while Microsoft fell 0.16%, Nvidia down 0.2%, Amazon down over 1%, and Facebook down more than 2% [1] - Popular Chinese concept stocks generally rose, with MGI Tech up over 19%, Canaan up more than 10%, EHang up over 8%, and JD Health up over 8% [1] Commodity Prices - International oil prices saw slight increases, with WTI crude oil up 0.10% at $61.56 per barrel and Brent crude oil up 0.09% at $64.82 per barrel [1] - International precious metals futures closed mixed, with COMEX gold futures down 0.55% at $3,226.8 per ounce and COMEX silver futures up 1.14% at $32.275 per ounce [1] Currency and Bond Markets - The U.S. dollar index fell 0.1% to 99.69, while the offshore RMB against the U.S. dollar dropped 308 basis points to 7.3121 [1] - U.S. Treasury yields fell across the board, with the 2-year yield down 11.29 basis points to 3.8429%, the 10-year yield down 11.56 basis points to 4.372%, and the 30-year yield down 6.22 basis points to 4.8101% [1] - European bond yields also generally declined, with the UK 10-year yield down 9.7 basis points to 4.657%, the French 10-year yield down 8 basis points to 3.269%, and the German 10-year yield down 5.8 basis points to 2.507% [1]

金十期货4月14日讯，伦敦金属交易所（LME）有色金属库存及变化如下： LME有色金属库存日报 1. 铜库存207825吨，减少950吨。 2. 铝库存440150吨，减少2075吨。 3. 镍库存204372吨，减少120吨。 4. 锌库存117300吨，减少2050吨。 5. 铅库存257325吨，增加9900吨。 6. 锡库存3090吨，减少50吨。 ...