Group 1: Metal Market Overview - LME copper experienced a decline of 1.2%, settling at $9,406 per ton, while SHFE copper dropped 0.74% to 77,450 CNY per ton, with domestic import profits slightly positive [1] - LME nickel fell by 0.38% to $15,630 per ton, and SHFE nickel decreased by 0.35% to 123,640 CNY per ton, with LME inventory down by 300 tons and SHFE warehouse receipts down by 416 tons [1] - Aluminum and alumina markets showed weakness, with alumina at 2,700 CNY per ton (down 0.22%) and SHFE aluminum at 19,340 CNY per ton (down 1.55%), indicating a potential oversupply situation [1] Group 2: Supply and Demand Dynamics - The supply side for nickel iron shows signs of production cuts, while demand remains under pressure, leading to short-term price fluctuations [1] - The silicon market is also experiencing weakness, with polysilicon at 35,520 CNY per ton (down 3.14%) and industrial silicon at 8,290 CNY per ton (down 0.96%), as traders push for lower prices ahead of the holiday [1] - Lithium carbonate futures fell by 1.99% to 64,160 CNY per ton, with spot prices for battery-grade lithium carbonate also declining, indicating ongoing inventory accumulation despite some demand replenishment [1]

LME金属市场涨跌互现，特朗普"神秘预告"再现，能否为金属市场带来新的转机？ 相关链接 期货热点追踪 ...

1、现货市场：日照嘉吉一级豆油 8140 元/吨，较上一交易日跌 120 元/吨。 2、宏观：特朗普时期的"对等关税"政策通过重塑全球贸易流、产业链定价权及市场风险 偏好，对期货市场形成了系统性冲击。 3、市场分析：当前时间窗口下，正处美豆播种与南美豆收割、出口季，目前巴西豆收割基 本完成。总体来看，南美新作丰产格局或将大概率成为事实。后市豆油中期新增供给与下 游需求或维持中性，豆油中期库存或维持整理。 4、参考观点：豆油 2509 合约，短线或区间震荡整理。 现货信息：43 豆粕各地区现货报价：张家港 3450 元/吨（-200）、天津 3580 元/吨（-170）、 日照 3650 元/吨（-50）、东莞 3690 元/吨（-10）。 市场分析：（1）宏观面: 中美贸易关税问题暂未解决，影响中美大豆贸易。 （2）国际大豆：美豆开启播种，进度超过预期。巴西大豆即将进入出口高峰期。 （3）国内豆粕供需面：巴西大豆逐渐到港，油厂开机率回升，豆粕供给预期将逐渐转为宽 松。现货市场五一节前备货与油厂开工出现错配，豆粕库存降至低点。 参考观点：豆粕短线或震荡运行。 现货信息：东北三省及内蒙重点深加工企业新玉米主流收购 ...

金十期货4月28日讯，伦敦金属交易所（LME）有色金属注册及注销仓单如下： 1. 铜注册仓单132025吨，注销仓单70775吨，减少6475吨。 2. 铝注册仓单250875吨，注销仓单168700吨，减少2000吨。 3. 镍注册仓单177924吨，注销仓单23502吨，增加1644吨。 4. 锌注册仓单149800吨，注销仓单29525吨，减少50吨。 5. 铅注册仓单116625吨，注销仓单154400吨，减少3050吨。 6. 锡注册仓单2415吨，注销仓单430吨，增加45吨。 LME注册及注销仓单日报 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Aluminum prices are expected to have a small increase in the short - term and remain at a high level in the medium - term due to low inventory and a positive automotive market [1]. - Steel prices are expected to decline gradually in the short - term and face pressure in the medium - term because of high raw material inventory and weak downstream demand [2][3][4]. 3. Summary by Related Catalogs Metal and New Energy Materials Sector (Aluminum) - **Price Outlook**: Short - term, small increase with a running range of 19800 - 20100; medium - term, high - level operation in the range of 19500 - 21500 [1]. - **Reference Strategy**: Sell AL2505 - P - 19500 and hold until maturity [1]. - **Core Logic**: As of April 21, 5 - location electrolytic aluminum social inventory was 67.2 million tons, down 1.60 million tons from last week and lower than the 80.6 million tons of the same period last year, at a 5 - year low. From January to March, automobile production and sales increased by 14.5% and 11.2% year - on - year respectively, which is positive for aluminum prices [1]. Black and Building Materials Sector (Steel) - **Price Outlook**: Short - term, gradual decline; medium - term, under pressure [2]. - **Reference Strategy**: Hold the sold call option RB2510 - C - 3450 of rebar and hold the purchased in - the - money put option RB2510 - P - 3150 of rebar [2]. - **Core Logic**: - **Raw Material Inventory**: Total 45 - port iron ore inventory this week was 14181.41 million tons, down 10.04 million tons week - on - week. Low - grade tradable port iron ore inventory is at a 5 - year high, and 6000 million tons of iron ore from Guinea's Simandou iron ore mining area may enter the market this year. Sample mine coking coal inventory was 333.34 million tons, down 0.65% week - on - week and up 7.05% year - on - year. Coal washing plant coking coal inventory was 181.33 million tons, down 6.03% week - on - week and down 2.45% year - on - year, still at a 5 - year high [3]. - **Downstream Demand**: Overall steel downstream demand is average. Building material demand drags down the consumption of five major steel products, which is weaker than in previous years. Construction project funds are in short supply, and construction progress is slow, resulting in weak consumption of construction steel. This week, rebar consumption was 259.94 million tons, down 5.07% week - on - week and 9.74% year - on - year. Consumption of five major steel products was 926.25 million tons, down 2.36% week - on - week and 3.30% year - on - year. The impact of US tariff hikes on global consumption has not fully materialized, and relevant downstream industry demand support policies are yet to be introduced [4].