大宗商品研究所 有色研发报告 有色金属日报 2025 年 5 月 22 日星期四 研究所副所长、有色及贵 金属板块负责人：车红云 期货从业证号：F03088215 投资咨询从业证号：Z0017510 研究员：王伟 期货从业证号：F03143400 投资咨询从业证号：Z0022141 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询从业证号：Z0018401 研究员：陈寒松 期货从业证号：F03129697 投资咨询从业证号：Z0020351 联系方式： 上海：021-65789219 北京：010-68569781 1.期货：今日沪铜 2506 合约收于 77920 元，跌幅 0.22%，沪铜指数减仓 6043 手至 52.50 万 手。 2.现货：现货商甩货，现货升水大幅下降。上海报升水 135 元/吨，较上一交易日下跌 140 元/吨。天津报贴水 70 元/吨，下降 70 元/吨，由于持货商对后市悲观低价出货。广东库存 和铜价均走低，持货商挺价出货，报升水 205 元/吨，上涨 20 元/吨。 【重要资讯】 1. 5 月 22 日，铜矿商自由港印尼公司称，其位于东爪哇岛、耗资 37 亿美元 ...

Group 1: Report Summary Investment Rating - No report industry investment rating was provided in the content [1][21][35] Core View - The report analyzes the market conditions of various non - ferrous metals including copper, aluminum, zinc, etc., and provides trading strategies based on market data, industry news, and logical analysis [4][23][37] Section Summaries Copper - **Market Review**: The Shanghai Copper 2506 contract closed at 78,100 yuan with a 0.31% increase, and the Shanghai Copper index increased its position by 3,097 lots to 531,000 lots. Spot prices in different regions showed different trends [2] - **Important Information**: Ivanhoe Mining suspended the operation of its Kakula underground mine due to earthquake activity [3] - **Logic Analysis**: The mid - year negotiation between Antofagasta and smelters is approaching, and the copper concentrate processing fee is under pressure. The import of recycled copper may increase, but the long - term supply is still tight. The market may show a back structure in the medium term [4] - **Trading Strategy**: It is recommended to temporarily observe for single - sided trading, arbitrage, and options [5][7] Alumina - **Market Review**: The Alumina 2509 contract rose by 98 yuan/ton to 3,246 yuan/ton, with an increase of 3.11%. Spot prices in various regions also increased [9] - **Related Information**: Guinea's Axis mining area had its mining license revoked, and the transition authorities designated multiple mining rights as strategic reserve areas [10][11] - **Logic Analysis**: The Guinea event may reduce the annual surplus of bauxite supply and support the bauxite price. Short - term attention should be paid to the resumption of alumina production capacity [13][14] - **Trading Strategy**: It is expected that the alumina price will be strongly volatile in the short term. Temporarily observe for arbitrage and options [15][16] Electrolytic Aluminum - **Market Review**: The Shanghai Aluminum 2506 contract decreased by 80 yuan/ton to 20,125 yuan/ton. Spot prices in different regions also changed [18] - **Related Information**: There were news about Sino - US trade, real - estate data, bank interest rates, and Fed officials' statements. Aluminum inventory decreased [19][20] - **Trading Logic**: Fed officials hinted at no interest rate cut before September, and domestic banks lowered deposit rates. Aluminum consumption maintained an upward trend, and low inventory supported the price difference [23] - **Trading Strategy**: It is expected that the aluminum price will fluctuate. Consider the positive arbitrage opportunity for the 06 - 09 contract and temporarily observe for options [24] Zinc - **Market Review**: The Shanghai Zinc 2507 rose by 0.83% to 22,410 yuan/ton. Spot trading was mainly among traders, and the spot premium declined slightly [26] - **Related Information**: The Hong Kong Exchange plans to add three storage facilities in Hong Kong, and the zinc ore tender price in North China increased [27] - **Logic Analysis**: Some smelters resumed production, downstream orders did not improve, and short - term zinc prices may fluctuate within a range [28] - **Trading Strategy**: For single - sided trading, short positions can be lightly tested at high prices. Temporarily observe for arbitrage and options [29] Lead - **Market Review**: The Shanghai Lead 2506 rose by 0.45% to 16,900 yuan/ton. Spot trading was mainly for rigid demand, and regional trading was acceptable [30] - **Related Information**: Some recycled lead smelters reduced the purchase price of waste batteries and planned to stop production [31] - **Logic Analysis**: Recycled lead smelters are in a loss state, and the short - term resumption of production willingness is not strong. The demand off - season restricts the upward space of lead prices [32] - **Trading Strategy**: The lead price is expected to fluctuate within a range. Temporarily observe for arbitrage and options [33] Nickel - **Market Review**: The main contract of Shanghai Nickel NI2506 decreased by 60 to 123,280 yuan/ton. Spot premiums changed [34] - **Related Information**: In April 2025, nickel ore imports increased seasonally, and the export of ternary precursors decreased [36] - **Logic Analysis**: LME nickel inventory increased, nickel ore prices supported the nickel price, but the supply surplus is expected to expand after May [37] - **Trading Strategy**: The nickel price is expected to weaken. Consider the double - selling strategy for options and temporarily observe for arbitrage [38] Stainless Steel - **Market Review**: The main contract of stainless steel SS2507 rose by 30 to 12,870 yuan/ton. Spot prices were given [39] - **Important Information**: The European stainless steel market is facing challenges, and prices are falling [40] - **Logic Analysis**: In May, steel mills' production decreased, demand was mainly for rigid demand, and the price is expected to fluctuate widely in the short term [41] - **Trading Strategy**: The stainless - steel price is expected to be slightly stronger in the short - term. Temporarily observe for arbitrage [43][44] Tin - **Market Review**: The main contract of Shanghai Tin closed at 267,730 yuan/ton, with a 1.11% increase. Spot trading was limited [46] - **Related Information**: There was news about the US missile defense system, but it had little impact on the tin market [47] - **Logic Analysis**: Tin prices are in a high - level shock. African tin mines are gradually resuming production, and the supply - demand situation is expected to ease [48] - **Trading Strategy**: The tin price is expected to adjust in the short term. Temporarily observe for options [49][50] Industrial Silicon - **Market Review**: The main contract of industrial silicon futures weakened, and spot prices were generally lowered [52] - **Related Information**: The US launched anti - dumping and anti - subsidy investigations on imported industrial silicon from multiple countries [53] - **Logic Analysis**: Demand is weak, supply will increase, and high inventory suppresses prices [54] - **Trading Strategy**: Hold short positions, sell out - of - the - money call options, and conduct reverse arbitrage for Si2511 and Si2512 [54] Polysilicon - **Market Review**: The main contract of polysilicon futures strengthened, and spot prices were given [55] - **Related Information**: The US electricity consumption is expected to reach a record high, and solar power installation capacity is expected to remain stable [56] - **Logic Analysis**: In May, production decreased, inventory decreased, and the 07 contract is facing a game between fundamentals and delivery contradictions [57][58] - **Trading Strategy**: Hold short positions for the PS2507 contract, sell PS2507 - C - 40000, and temporarily observe for arbitrage [59] Lithium Carbonate - **Market Review**: The main contract of lithium carbonate rose, and spot prices decreased [60] - **Related Information**: In April 2025, lithium carbonate imports increased significantly [61] - **Logic Analysis**: Some smelters and mines are reducing production, but demand is not optimistic, and inventory is high [62] - **Trading Strategy**: Short on rebounds, hold put ratio options, and temporarily observe for arbitrage [63][65][66] Second Part: Non - ferrous Industry Price and Related Data - The report provides daily data tables for various non - ferrous metals, including price, spread, inventory, and profit data, as well as multiple charts showing the historical trends of price, spread, inventory, etc. for each metal [68][79][184]

Group 1: Implementation of Policies for Private Economy - The National Development and Reform Commission (NDRC) has officially implemented the Private Economy Promotion Law, marking a significant milestone in the development of the private economy in China [1] - NDRC has planned 53 policy measures across 7 areas to support the law's implementation, including actions to improve the social credit system and eliminate market access barriers [1] - NDRC aims to address concerns of private enterprises by utilizing new local government special bonds and enhancing transparency in enterprise-related fees [1] Group 2: Employment and Economic Stability - NDRC is accelerating the rollout of employment stabilization and economic growth policies, with most measures expected to be implemented by the end of June [2] - The commission emphasizes the need for ongoing policy research and reserves to ensure timely responses to economic needs [2] Group 3: Infrastructure and Urban Development - NDRC plans to finalize the list of this year's "two heavy" construction projects by the end of June, focusing on high standards for implementation [3] - A special central budget for urban renewal projects will be established, supporting various infrastructure improvements, including the renovation of old residential areas [8] Group 4: Foreign Investment Encouragement - The revised foreign investment encouragement directory will prominently feature high-end manufacturing and digital economy sectors, reflecting the government's focus on these areas [4] Group 5: Addressing Market Competition Issues - NDRC acknowledges that "involution" in competition distorts market mechanisms and disrupts fair competition, necessitating corrective measures [5] - The commission proposes targeted strategies to address structural contradictions in key industries, promoting innovation and optimizing industrial layouts [7] Group 6: Credit and Contract Enforcement - NDRC is working to enhance the government’s integrity in contract enforcement and improve standards for recognizing government debt and penalties for dishonesty [10][11] - The commission aims to streamline the credit repair process and ensure timely removal from dishonesty lists for compliant entities [11] Group 7: Low-altitude Economy Development - NDRC is focused on safely expanding low-altitude economic applications while addressing safety risks associated with low-altitude flying [12][13] - The commission emphasizes the importance of regulatory compliance and safety governance in the development of low-altitude tourism and related activities [12] Group 8: Equipment Renewal and Consumer Support - NDRC plans to expedite the funding for consumer goods replacement programs and implement loan interest subsidies for equipment updates to reduce financing costs for businesses [14][15]

Group 1: Report Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. However, investment suggestions are given for different sectors, including "long - position reduction", "short - selling opportunities", "interval trading", etc. [1] Group 2: Core Views of the Report - The market shows complex trends due to various factors such as economic data, policy changes, and supply - demand relationships across different commodity sectors. The overall market sentiment is affected by factors like the US consumer confidence index, inflation expectations, and geopolitical events. [1] Group 3: Summaries by Related Catalogs Macro - Financial - For stock index futures, it is recommended to consider reducing long positions and be vigilant about further adjustment risks [1]. - The bond futures are supported by asset shortage and weak economy in the long - term, but the short - term rise is suppressed by the central bank's interest - rate risk reminder [1]. - Gold prices may enter a consolidation phase in the short - term, while the long - term upward logic remains unchanged. Silver prices may be more resilient than gold in the short - term due to potential tariff impacts [1]. Non - Ferrous Metals - Copper prices are expected to be weak in the short - term due to lower downstream demand and other factors [1]. - Aluminum prices will remain strong in the short - term supported by low inventory and alumina price rebounds. Alumina prices continue to rise due to supply disruptions [1]. - Zinc fundamentals are weak, and it is recommended to look for short - selling opportunities [1]. - Nickel prices will oscillate in the short - term and face long - term oversupply pressure. Short - term interval trading is suggested [1]. - Stainless steel futures will oscillate in the short - term with long - term supply pressure. Interval trading is recommended [1]. - Tin prices have strong fundamental support before the复产 of Wa State [1]. Chemicals - Silicon presents a situation of strong supply, weak demand, and low - valuation, with no improvement in demand and high inventory pressure [1]. - Lithium carbonate has no further supply contraction, increasing inventory, and downstream rigid - demand purchasing [1]. - For methanol, the short - term spot market will trade in a range, and the long - term market may turn from strong to weak and oscillate [1]. - PVC has weak fundamentals but is boosted by macro - factors, and its price will oscillate [1]. - LPG prices are expected to decline in the short - term due to tariff easing and demand off - season [1]. Black Metals - Rebar is in a window of switching from peak to off - season, with cost loosening and a supply - demand surplus, lacking upward momentum [1]. - Iron ore prices will oscillate, and manganese ore prices are expected to decline due to oversupply [1]. - Coke and coking coal are in a relatively oversupplied situation, and it is recommended to take advantage of price rebounds for hedging [1]. Agricultural Products - Brazilian sugar production in the 2025/26 season is expected to reach a record high, but it may be affected by crude oil prices [1]. - Grains are expected to oscillate, and a strategy of buying on dips is recommended considering the tight annual supply - demand situation [1]. - Soybean prices are expected to oscillate due to lack of speculation and market pressure [1]. - Cotton prices are expected to oscillate weakly as the domestic cotton - spinning industry enters the off - season [1]. - Pulp prices will oscillate due to lack of upward momentum after the tariff - related boost [1]. - Livestock prices will oscillate as the pig inventory recovers and the market is in a state of abundant supply expectation [1]. Energy - Crude oil and fuel oil prices are affected by the progress of the Iran nuclear deal and the end of the Sino - US trade negotiation drive [1]. - Asphalt prices will oscillate as cost drags, inventory returns to normal, and demand slowly recovers [1]. - Natural rubber prices are affected by rainfall, cost support, and the end of the trade negotiation drive [1].

有 色 金 属 原料：上周国内矿石价格短期暂稳，山西矿 58/5 的含税报价 700 元/吨，河南的 58/5 的含税价格为 668 元/吨, 贵州 60/6 铝土矿 的到厂含税价格维持 596 元/吨。五一假期间检查组再次入驻山 西地区，节后相关部门加强对矿山检查。受安全环保、资源整合 及品位下降等影响，国内矿整体供应仍呈现紧缺的状态，复产矿 山以及存量矿山的产出稳定性有待观察。进口方面，市场成交处 于僵持阶段，矿石销售出现阶段性困难，几矿（45/3）暂时报价 70 美元/干吨。几内亚政府陆续撤销部分矿山采矿许可证问题进 一步升级，Axis 矿区在前几日已经被列入政府撤销采矿许可证名 单。该矿区包含顺达矿业等矿业公司，涉及产能约 4000 万吨/ 年，规模较大令市场对远期矿石供应担忧加剧。到货方面，期内 新到矿石 409.9 万吨，其中新到几内亚资源 324.2 万吨，澳大利 亚资源 80.5 万吨。几内亚至中国的 Cape 船运费小幅下降于 19 美元/吨。 周度报告—氧化铝 、smingfTable_Title] 几内亚矿石扰动加剧， 氧化铝期价反弹 [T走ab势le_评R级an：k] 氧化铝：震荡 报 ...

Report Summary 1. Industry Investment Ratings The report does not provide an overall investment rating for the entire有色金属 industry. Instead, it offers specific trading strategies for different metals, which can be considered as implicit investment suggestions for each metal sub - sector. 2. Core Viewpoints The report analyzes multiple metals including precious metals, copper, alumina, electrolytic aluminum, zinc, lead, nickel, stainless steel, industrial silicon, polycrystalline silicon, lithium carbonate, and tin. It notes that market risk sentiment has improved due to potential trade agreements, but US macro - data is mixed, affecting the dollar and metal prices. For most metals, it believes that current prices are in an adjustment phase after a period of movement, with varying degrees of uncertainty in future supply and demand and price trends [3]. 3. Summary by Metal Precious Metals - **Market Review**: London gold rose 1.98% to $3239.6/oz, London silver rose 1.3% to $32.63/oz. The US dollar index fell 0.16% to 100.88, and the 10 - year US Treasury yield was 4.449%. The RMB - US dollar exchange rate rose 0.03% to 7.2067 [2]. - **Important News**: Japan seeks a third - round US - Japan trade negotiation, and the EU and the US will accelerate trade talks. US macro - data shows mixed results, with the 4 - month retail sales rate at 0.1%, and the 4 - month PPI annual rate at 2.4%. The probability of the Fed maintaining interest rates in June is 91.7% [2]. - **Logic Analysis**: The risk premium of precious metals may be cleared in the short term, but considering inflation and trade uncertainties, they are in an adjustment phase after a rapid rise [3]. - **Trading Strategy**: Buy on dips with light positions for single - side trading; wait and see for arbitrage and options [3]. Copper - **Market Review**: LME copper closed at $9600, up $8 or 0.08%. LME inventory decreased by 925 tons to 184,600 tons, and COMEX inventory increased by 1523 short tons to 168,563 short tons [5]. - **Important News**: US April PPI decreased by 0.5% month - on - month, the largest decline in five years [5]. - **Logic Analysis**: Macro sentiment supports prices. After the reduction of Sino - US tariffs, US scrap copper imports may flow back to China. The scrap - refined copper spread has decreased, and some enterprises have cut production. Copper inventory has increased [5]. - **Trading Strategy**: Not provided in the text. Alumina - **Market Review**: The night - session alumina 2509 contract rose to 2995 yuan/ton. Spot prices in various regions increased, and overseas market prices also rose [8]. - **Important News**: Overseas and domestic spot alumina transactions occurred, and the national alumina inventory decreased by 42,000 tons to 3.246 million tons [8][9]. - **Logic Analysis**: The balance between supply and demand has tightened due to increased maintenance capacity, but new production and potential resumption of production may change the situation [11]. - **Trading Strategy**: Single - side trading: expect high - level fluctuations, consider shorting if supply - demand returns to surplus; wait and see for arbitrage and options [9][11]. Electrolytic Aluminum - **Market Review**: The night - session Shanghai aluminum 2506 contract rose to 20,295 yuan/ton, and spot prices in different regions increased [13]. - **Important News**: The US revoked 91% of tariffs on Chinese goods, and China's April social financing and other financial data were announced. Aluminum inventory decreased by 8000 tons [13][16]. - **Logic Analysis**: The easing of Sino - US trade relations improves demand expectations, and low inventory in May may support prices [16]. - **Trading Strategy**: Single - side trading: expect prices to oscillate strongly; wait and see for arbitrage and options [16]. Zinc - **Market Review**: LME zinc fell 1.25% to $2726/ton, and Shanghai zinc 2506 fell 0.64% to 22,595 yuan/ton. Spot trading was light [18]. - **Important News**: US April PPI data was released, and domestic zinc inventory increased by 30,000 tons to 863,000 tons [19]. - **Logic Analysis**: Global zinc mine supply is increasing, and domestic production is expected to be stable in May. Supply growth exceeds demand growth, and inventory may accumulate [21]. - **Trading Strategy**: Single - side trading: consider shorting on rallies, beware of capital - driven price fluctuations; wait and see for arbitrage and options [21]. Lead - **Market Review**: LME lead rose 0.52% to $2004.5/ton, and Shanghai lead 2506 rose 0.62% to 17,025 yuan/ton. Spot trading was mainly for rigid demand [23]. - **Important News**: Lead inventory increased by 85,000 tons to 560,000 tons, and sellers' willingness to sell increased while buyers were cautious [24]. - **Logic Analysis**: Both supply and demand of lead are weak, and prices may oscillate [25]. - **Trading Strategy**: Not provided in the text. Nickel - **Market Review**: LME nickel rose to $15,805/ton, and Shanghai nickel NI2506 rose to 125,230 yuan/ton. Spot premiums decreased [26]. - **Important News**: A nickel project in Tanzania is planned to start construction, and a Philippine company's Q1 net profit increased significantly [26][29]. - **Logic Analysis**: Short - term news affects sentiment, but fundamentals change little. Supply may increase after weather improves, and demand is entering the off - season [30]. - **Trading Strategy**: Single - side trading: expect range - bound fluctuations; wait and see for arbitrage; consider selling options within the range [30]. Stainless Steel - **Market Review**: The stainless steel SS2507 contract fell to 13,020 yuan/ton, and spot prices were stable. Social inventory decreased by 0.42% [32]. - **Important News**: Not provided in the text. - **Logic Analysis**: Short - term prices may oscillate above cost. 300 - series production is decreasing, and demand is affected by macro - factors [34]. - **Trading Strategy**: Single - side trading: expect short - term strong oscillations; wait and see for arbitrage [34]. Industrial Silicon - **Market Review**: The industrial silicon futures contract rose 0.36% to 8410 yuan/ton, and spot prices were stable [36]. - **Important News**: A new project's environmental impact report was publicized [36]. - **Logic Analysis**: Production is expected to increase in May, while demand from organic silicon and polycrystalline silicon is weak. Supply exceeds demand, and inventory is over 800,000 tons [36]. - **Trading Strategy**: Single - side trading: short on rallies; wait and see for options; conduct reverse arbitrage for Si2511 and Si2512 [36][38]. Polycrystalline Silicon - **Market Review**: The polycrystalline silicon futures contract fell 0.68% to 37,920 yuan/ton, and spot prices declined slightly [39]. - **Important News**: A report predicted global photovoltaic market growth [40]. - **Logic Analysis**: Supply and demand both decreased in May, and there may be a shortage of deliverable goods for the 06 contract. The 07 contract may follow fundamental logic [41]. - **Trading Strategy**: Single - side trading: short the PS2507 contract; or short - term long PS2506 and short PS2507, then switch to short - side allocation; sell PS2507 - C - 40000 options; conduct long PS2506 and short PS2507 arbitrage [42][43]. Lithium Carbonate - **Market Review**: The 2507 contract fell to 64,120 yuan/ton, and spot prices rose slightly [44]. - **Important News**: A futures brand was solicited, and a UK miner faced export obstacles [44]. - **Logic Analysis**: Low - cost producers have profits, demand is weak, and there is an oversupply expectation in May and June [44]. - **Trading Strategy**: Single - side trading: short on rebounds; wait and see for arbitrage; hold put ratio options [45]. Tin - **Market Review**: Shanghai tin rose 0.18% to 265,850 yuan/ton, and spot trading was light [47]. - **Important News**: Indonesia's tin exports increased year - on - year in April, and US PPI data was released [47][48]. - **Logic Analysis**: Macro sentiment is positive, and short - term supply is tight, but the annual supply - demand tightness is relieved [48]. - **Trading Strategy**: Single - side trading: expect short - term oscillations, pay attention to supply; wait and see for options [48].

Group 1 - The booking volume for container transport from China to the US surged nearly 300% after the mutual tariff reductions between the US and China, with an average of 21,530 standard containers booked in the week ending May 14, up from 5,709 containers in the week ending May 5 [1] - Rebar production in China increased to 2.2653 million tons, a rise of 30,000 tons or 1.34% from the previous week, while apparent demand rose by 460,000 tons or 21.69% to 2.6029 million tons [1] - Brazil's Mato Grosso state achieved a record soybean yield of 66.3 bags per hectare for the 2024/2025 season, exceeding recent averages by 14 bags [1] Group 2 - The expected biodiesel blending obligation in the US is projected to be between 4.6 to 4.8 billion gallons, significantly lower than the previous estimate of 5.5 to 5.75 billion gallons [2] - Brazil's soybean exports are forecasted to reach 3.9898 million tons for the week of May 11 to May 17, up from 3.1062 million tons the previous week [2] - Approximately 17% of US soybean planting areas are affected by drought, an increase from 15% the previous week, while 22% of corn planting areas are affected, up from 20% [2] Group 3 - The float glass industry in China is experiencing a supply contraction, with an average operating rate of 75%, down 0.24% week-on-week, and production falling to 1.0917 million tons, the lowest in two and a half months [3] - The total production capacity for metallurgical-grade alumina in China is 10.9222 million tons per year, with an operating capacity of 8.412 million tons per year, and the weekly operating rate decreased by 2.66 percentage points to 77.02% [3]

有色金属日报 2025-5-15 五矿期货早报 | 有色金属 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 铜 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 国内权益市场走强，商品氛围偏暖，贵金属价格走弱，铜价冲高回落，昨日伦铜收跌 0.34%至 9592 美 元/吨，沪铜主力合约收至 78650 元/吨。产业层面，昨日 LME 库存减少 4075 至 185575 吨，注销仓 单比例下滑至 41.8%，Cash/3M 升水 15.8 美元/吨。国内方面，昨日上期所 ...

银河有色 有色研发报告 有色和贵金属每日早盘观察 2025 年 5 月 12 日星期一 | 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：上周五受贸易进展不确定性和地缘冲突的影响伦敦金下破 3280 美元后 | | 研究员：王伟 | 持续反弹，最终收涨 0.63%，报 3326.46 美元/盎司。但周末中美经贸高层宣布会谈取得 | | 期货从业证号：F03143400 | 了实质性进展，伦敦金今晨跳空低开；现货白银周五收涨 0.84%，报 32.72 美元/盎司。 | | 投资咨询从业证号： Z0022141 | 受外盘驱动，沪金主力合约收涨 0.33%，报 790.74 元/克，沪银主力合约收涨 0.88%， | | 报 | 8221 元/千克。 | | 研究员：王露晨 CFA | 2.美元指数：美元指数回吐前日部分涨幅，收跌 0.3%，报 100.339。 | | 期货从业证号：F03110758 ...

周度报告—氧化铝 国内氧化铝新投现变数 | [T走ab势le_评R级an：k] | 氧化铝：震荡 | | | | | --- | --- | --- | --- | --- | | 报告日期： | 2025 5 月 | 年 | 11 | 日 | [Table_Summary] ★几内亚矿价进一步降低，国内氧化铝新投现变数 有 色 金 属 原料：上周国内矿石价格处于下行通道，山西矿 58/5 的含税报 价 700 元/吨，河南的 58/5 的含税价格为 668 元/吨, 贵州 60/6 铝土矿的到厂含税价格维持 596 元/吨。五一假期间检查组再次 入驻山西地区，节后相关部门加强对矿山检查。受安全环保、资 源整合及品位下降等影响，国内矿整体供应仍呈现紧缺的状态， 复产矿山以及存量矿山的产出稳定性有待观察。进口方面，大型 矿企对二季度长协价格做出修订，几内亚主流矿 45/3 价格下调 至 75 美元/干吨（CIF）。部分低品质散弹矿石报价到 72 美元/ 干吨。国内用户对该价格仍较排斥，远期价格有意压至 CIF 68-70 美元/吨。GIC 码头恢复作业，先前矿山积压库存开始陆续发出。 GIC 方面表示纠纷问题会 ...