商 品 研 2025 年 06 月 10 日 铜：伦铜现货走强，支撑价格 【宏观及行业新闻】 宏观方面，美国纽约联储发布的 5 月最新调查结果显示，一年期通胀预期从 4 月的 3.6%降至 3.2%， 降幅最大。三年期通胀预期从 3.2%降至 3%。五年期通胀预期从 2.7%降至 2.6%。（华尔街见闻） 季先飞 投资咨询从业资格号：Z0012691 jixianfei015111@gtjas.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 78,910 | -0.03% | 79330 | 0.53% | | | 伦铜3M电子盘 | 9,769 | 1.01% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 75,321 | -52,960 | 202,306 | -1,812 | | | 伦铜3M电子盘 | 14,115 | -1,488 | 285,000 | - ...

近期铂金涨价，从全球视角来看后续持续性 20250608 近年来铂金市场经历了哪些重大变化？ 近年来铂金市场经历了显著变化。2025 年一季度全球产量仅 45 吨，同比下降 10%，而同期全球消耗 71 吨，同比增长 10%。库存拉响红色警报，全球地上 库存仅存 67 吨，仅够全球使用 3 个月，而行业安全线为 6 个月。近期伦敦现 货价格突破 1,170 美元每盎司，中国上海黄金交易所价格达到 277 元每克，双 双创下一年新高，年初至今暴涨 20%。 摘要 2025 年一季度全球铂金产量同比下降 10%至 45 吨，而需求同比增长 10%至 71 吨，导致库存告急，地上库存仅够全球使用 3 个月，远低于 6 个月的安全线，推动伦敦现货价格突破 1,170 美元/盎司，上海金交所 价格达 277 元/克，年初至今上涨 20%。 铂金价格上涨主要受宏观经济变局（如美联储降息预期）、供需裂口 （产量暴跌与需求逆增）及产业韧性（金融波动影响有限，产业短缺是 定价核心）三重因素驱动，美国非农数据超预期后黄金下跌，但铂金持 稳高位印证了这一点。 2024 年初以来，铂金价格受南非电力危机、津巴布韦出口税、美元走 弱、 ...

Energy - China's rare earth exports in May reached 5,864.6 tons, an increase from 4,784.8 tons in April, with total exports from January to May amounting to 24,827.0 tons [1] - In May, China imported 36.04 million tons of coal and lignite, down from 37.82 million tons in April [3] Trade Situation - In the first five months of this year, China's goods trade imports and exports grew by 2.5% year-on-year, with trade value with the United States declining by 8.1% [2] - U.S. companies are requesting a reduction in tariffs on imports from Vietnam [2] - Japan is considering reaching a tariff agreement with the U.S. ahead of the G7 summit on June 15 [2] Oil and Gas - The Venezuelan government plans to increase oil prices by 50% [3] - OPEC+ quota increases have not yet led to a surge in production, according to Morgan Stanley [3] - Slovakia's Prime Minister stated that if EU sanctions against Russia harm Slovakia's national interests, the country will not support them [3]

Core Viewpoint - The Qinghai Securities Regulatory Bureau is implementing a systematic and efficient visiting mechanism to enhance communication among financial regulatory departments, local governments, and listed companies, aiming to address challenges faced by these companies and achieve significant results in service work [1][6]. Group 1: Company Visits and Research - Since the initiation of the new round of company visits, the Qinghai Securities Regulatory Bureau has collaborated closely with local governments, achieving a coverage rate of 70% of listed companies in the region through continuous visits and research [2]. - The bureau emphasizes regulatory service by visiting companies on-site, introducing the capital market's "1+N" policy system, and promoting recent reforms such as the "six merger rules" to encourage companies to utilize capital market financing tools effectively [3]. Group 2: Problem Solving and Support - During visits, the bureau integrates multiple efforts including fraud prevention, regulatory reminders, corporate governance enhancement, and operational improvement, actively listening to companies' difficulties and addressing their needs [4]. - Specific issues addressed include tax risks from mismatched production scales and actual capacities, as well as water supply challenges for lithium salt project expansions, with the bureau facilitating communication with financial institutions and supporting bond issuance [5]. Group 3: Promoting Consensus and Development - The high-quality development of listed companies relies on their operational management, internal controls, and effective decision-making, as well as support from national policies and local governments [6]. - The bureau actively promotes national policies and economic strategies to boost entrepreneurs' confidence and fosters a positive atmosphere for business operations, ensuring that regular visits to listed companies serve as a vital channel for understanding risks and delivering regulatory services [6]. Group 4: Future Plans - The Qinghai Securities Regulatory Bureau plans to deepen collaboration with securities exchanges and local governments to effectively address companies' challenges and support high-quality development in the region [7].

2025 年 06 月 09 日 铜：美元回升，限制价格上涨 季先飞 投资咨询从业资格号：Z0012691 jixianfei015111@gtjas.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 78,930 | 0.97% | 78620 | -0.39% | | | 伦铜3M电子盘 | 9,671 | -0.38% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 128,281 | 64,186 | 204,118 | 11,095 | | | 伦铜3M电子盘 | 15,603 | -11,986 | 288,000 | 5,236 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 32,278 | 591 | - | - | | | 伦铜 | 132,400 | -5,600 | 58.76% | -1.60% ...

Core Insights - The **Expomina Peru** is one of the most influential mining exhibitions in South America, organized by the DIGAMMA Group in Peru, attracting 1,270 exhibitors and covering nearly 47,000 square meters, with approximately 110,000 professional visitors expected in 2024 [3][4] - Peru is renowned for its rich mineral resources, holding the world's largest silver reserves and ranking among the top three for copper, lead, and molybdenum, making mining a pillar industry for the country [3] - The Peruvian government offers tax and administrative incentives to promote mining development, creating significant collaboration opportunities for Chinese enterprises, as Peru is a key trade partner for China in Latin America [3] Exhibition Details - The exhibition will take place from **September 9 to 11, 2026**, and occurs every two years at the **Jockey Exhibition Center in Lima, Peru** [4] - The exhibition covers a wide range of products, including geological exploration services, mining machinery, heavy machinery, electrical equipment, material handling and logistics, safety and environmental equipment, and other related services [6]

弧光闪烁、焊花飞舞，甘肃兰州兰石集团有限公司生产车间里，各类产品整装待发，即将验货出海。从 全球首套3000马力超深井沙漠快移钻机出厂发货，到HAST炼化反应器和70兆帕撬装加氢站打开国际市 场，兰州兰石集团以科技创新推动产业创新。"有的子公司在手订单排产已至年底，正在加班生产。"集 团董事长王彬信心十足。 2024年9月，习近平总书记在甘肃考察时指出，"甘肃要积极推进新型工业化，加快传统产业改造升级， 做强做优特色优势产业，积极发展战略性新兴产业，因地制宜发展新质生产力"。 深入贯彻落实习近平总书记重要指示精神，甘肃扎实推动科技创新和产业创新深度融合，着力打造科技 创新及转化基地。 步入金川集团股份有限公司龙首矿，螺旋状矿道一圈圈向下延伸，深不见底。 "龙首矿虽保有资源储量近亿吨，但约80%为贫矿。"金川集团副总经理郭慧高说，"我们向贫矿要产 能，以技术攻关突破发展瓶颈，使镍的最低可采工业品位由0.5%降至0.3%。" 促进科技创新和产业创新深度融合，强化企业创新主体地位是重点。"我们自主研发的制种玉米去雄 机，已实现量产。"酒泉奥凯种子机械股份有限公司董事长贾峻说，"去雄机效率是人工的200倍，每亩 节约 ...

Investment Rating - The report provides a "Recommended" investment rating for the industry, indicating a positive outlook for the sector [4]. Core Insights - The Sangdong tungsten mine is expected to commence operations shortly, with final preparations underway and processing equipment installed [1]. - A binding purchase agreement has been established with U.S. defense contractors for the supply of tungsten oxide, specifically for defense applications [1][6]. - The company has received shareholder approval to relocate production from Canada to the U.S., enhancing long-term competitiveness amid geopolitical tensions [1]. - The company has engaged a strategic partnership with American Defense International to strengthen its position in the U.S. defense and technology sectors [1][7]. Financial Performance Summary - In Q1 2025, revenue increased by 1.3% year-on-year to 7.9 million CAD, driven by higher tungsten concentrate sales [2]. - Mining business revenue grew by 24.1% year-on-year to 0.75 million CAD, attributed to improved production and pricing [2]. - Operating expenses totaled 9.5 million CAD in Q1 2025, up from 4.3 million CAD in the same period last year, primarily due to increased non-cash equity incentive costs [2]. - The net loss for Q1 2025 was 34.6 million CAD, compared to a loss of 3.8 million CAD in the previous year, largely due to non-cash losses from warrant liability valuation [2]. Cash Position - As of March 31, 2025, the total cash and cash equivalents amounted to 16.9 million CAD, an increase from 7.8 million CAD as of December 31, 2024 [3]. Strategic Agreements - A binding purchase agreement was signed with Tungsten Parts Wyoming, Inc. and Metal Tech for a minimum monthly supply of 40 tons of tungsten oxide for U.S. defense applications [6]. - The strategic partnership with American Defense International aims to enhance the company's engagement in U.S. government policies and industry priorities [7].

重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息仅作参考之用,不构成对任何人的投资建议。我司不会因为关注、收 到或阅读本报告内容而视相关人员为客户;市场有风险,投资需谨慎。 免责声明:除非另有说明,中信期货有限公司(以下简称"中信期货）拥有本报告的版权/或其他相关知识产权。未经授权,不得发送或 复制本报告任何内容。中信期货对于本报告所载的信息、观点以及数据的准确性、可靠性、时效性以及完整性不作任何明确或隐含的保证 。本报告并不构成中信期货给予的任何私人咨询建议。 | 4 中信期货有限公司 | | 全球铁矿发运数据 | | 2025/6/6 | | --- | --- | --- | --- | --- | | 研究员: | | | | | | 余典 | 陶存辉 | 张真 | 投资咨询业务资格: | | | 从业资格号:F03122523 | 从业资格号:F03099559 | 从业资格号:F03106996 | 正版许可 (2012) 669号 | | | 投资咨询号: Z0019832 | 投资咨询号:Z0020955 | 投资咨询号:Z0021418 | | | | 薛原 | 冉宇蒙 | | ...

Report Information - Report Title: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: June 6, 2025 [1] Market Data Summary Spot Market - **Australian Iron Ore**: Newman powder was priced at 721 yuan, down 5 yuan daily and 7 yuan weekly; PB powder at 727 yuan, down 5 yuan daily and 5 yuan weekly; Mac powder at 708 yuan, down 3 yuan daily and 5 yuan weekly; etc [2]. - **Brazilian Iron Ore**: Ba Hun was priced at 749 yuan, down 5 yuan daily and 3 yuan weekly; Ba Coarse IOC6 at 700 yuan, down 5 yuan daily and 5 yuan weekly; etc [2]. - **Other Regions**: Ukrainian concentrate powder was priced at 794 yuan, down 3 yuan daily and up 1 yuan weekly; 61% Indian powder at 664 yuan, down 3 yuan daily and 4 yuan weekly; etc [2]. - **Domestic Iron Ore**: Tangshan iron concentrate powder was priced at 914 yuan, unchanged daily and down 6 yuan weekly [2]. Futures Market - **DCE Contracts**: i2601 was priced at 665.0 yuan, down 1.0 yuan daily and up 1.0 yuan weekly; i2605 at 646.5 yuan, down 1.5 yuan daily and up 2.5 yuan weekly; i2509 at 701.0 yuan, down 3.5 yuan daily and up 2.5 yuan weekly [2]. - **SGX Contracts**: FE01 was priced at 92.07, up 1.12 daily and up 0.17 weekly; FE05 at 90.26, up 1.04 daily and down 8.86 weekly; FE09 at 94.10, up 1.15 daily and down 0.13 weekly [2]. Other Data - **Import Profits**: Import profits varied among different iron ore varieties, such as -23.25 for Newman powder and -4.91 for PB powder [2]. - **Monthly Spreads**: Monthly spreads also showed different values, e.g., 36.0 for i2601 and 18.5 for i2605 [2].