Report Industry Investment Rating - The report does not provide an industry investment rating. Core Viewpoints - Copper prices are showing a weak trend due to intensified tariff disturbances [2]. - The trend strength of copper is -1, indicating a bearish outlook [4]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Copper main contract yesterday was 73,360, with a daily decline of 0.38%, and the night - session closing price was 72,520, with a decline of 1.15%. The closing price of the LME Copper 3M electronic disk yesterday was 8,588, with a decline of 1.87%. The trading volume and positions of the Shanghai Copper main contract and LME Copper 3M electronic disk have changed compared with the previous day. The inventory of Shanghai Copper decreased by 8,056 to 108,768, and the inventory of LME Copper increased by 3,225 to 213,450. The cancellation warrant ratio of LME Copper was 43.52%, a decrease of 1.05% [2]. - **Spot Data**: The price of Shanghai 1 bright copper decreased by 500 to 67,800. The spot - to - futures near - month spread decreased by 30 to 120, and the near - month contract to the continuous - first contract spread increased by 200 to 130. The cross - period arbitrage cost of buying the near - month and selling the continuous - first contract was 208 [2]. Macro and Industry News - **Macro News**: Trump had a pleasant call with the Acting President of South Korea. The US Trade Representative stated that the president would not accept the situation where Wall Street dominates the economy, and there are no "exceptions and exemptions" for tariffs and no negotiation schedule. The US threatens to further impose a 50% tariff on China, and the Chinese Ministry of Commerce stated that if the US acts willfully, China will surely respond in kind [2]. - **Micro News**: Codelco in Chile produced 144 million tons of copper in 2024 and regained the title of the world's largest copper producer. Sumitomo Metal in Japan plans to produce 433,000 tons of refined copper in the 2025/26 fiscal year, a decrease of 2.6% compared with the previous year. In March, Chile's copper export volume was 182,338 tons, and the export volume of copper ore and concentrates was 1,304,782 tons. The exports to China were 33,496 tons and 810,135 tons respectively. Codelco's copper production increased in the first quarter, and the chairman is optimistic about the long - term demand prospects [2][4].

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：600362 股票简称：江西铜业 公告编号：临2025-014 债券代码：137816 债券简称：22江铜01 江西铜业股份有限公司 关于控股股东增持公司股份进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者重大 遗漏负连带责任。 ● 增持计划情况：2024年12月13日，公司发布了《江西铜业股份有限公司关于控股股东增持公司H股股 份计划的公告》（公告编号：临2024-056），江铜集团拟累计增持H股股份数量不低于34,627,294股 （约占公司发行总股本的1%）但不超过69,254,588股（约占公司发行总股本的2%）。 ● 增持计划进展情况：自2024年12月12日至本公告日，江铜集团累计增持公司H股股份36,863,000股， 约占公司已发行股份的1.06%（占已发行H股股份的2.66%）。 ● 本次增持计划不触及要约收购，不会导致公司控股股东及实际控制人发生变化。 一、增持主体基本情况 （一）增持主体：江西铜业集团有限公司（以下简称江铜集团），为公司控股股东。 （二）首次增持前，江铜集团持有公 ...

力拓集团铜业CEO：特朗普政府对美国大型铜供应的关注度有所增加，我们希望这能成为推动解决矿山 项目的一个部分。 ...

记者了解到，3月25日晚，云南铜业发布了关于开展商品类期货和衍生品套期保值业务的公告，表示将针对生产的铜、金、银主产品和铜、银、锌贸易商 品，开展铜、金、银、锌套期保值业务。投入套期保值业务任意时点保证金最高不超过48.5亿元。 西部矿业方面表示，针对铜价大幅波动，公司管理层目前还在商讨应对措施。为了规避商品价格风险，公司一直在做套期保值，且公司签的都是长单，但期 货跟现货走势同向，所以铜价下跌对公司业绩的影响会滞后。至于维护股价的相关措施，西部矿业方面表示，上一轮大股东增持已经结束，未来可能还会有 增持计划，投资者可以关注公司后续公告。 铜陵有色方面表示，目前行情较为极端，公司还在商讨应对措施，也有套期保值业务。维护股价的相关措施方面，公司方面称回购方案已经获得通过，但具 体实施时间不方便透露。 每经记者 梁枭 每经编辑 张海妮 近日，国际铜价大幅下挫。同花顺数据显示，4月3日、4日，LME（伦敦金属交易所）期铜价格分别大跌4.02%、6.86%。今日（4月7日），沪铜主力合约开 盘跌停。或受此影响，A股上市铜企股价亦大幅下挫，截至午间收盘，金诚信（603979.SH）、北方铜业（000737.SZ）、云南 ...

Investment Rating - Industry rating: Recommended [8] Core Insights - In 2024, CODELCO's copper production increased by 0.3% year-on-year to 1.328 million tons, while total copper production reached 1.4419 million tons, a 1.2% increase from 2023 [1][24] - The average realized copper price rose by 7.8% to 411.6 cents per pound in 2024, compared to 381.7 cents per pound in 2023 [3][24] - The direct C1 cash cost decreased by 1.97% to 199.1 cents per pound in 2024, down from 203.1 cents per pound in 2023 [4][11] - The company's revenue for 2024 reached $16.993 billion, a 3.66% increase from $16.393 billion in 2023, primarily driven by the rise in copper prices [7][24] - Gross profit for 2024 was $4.088 billion, reflecting a 31% year-on-year increase, with a gross margin of 24.1% [12][24] - Adjusted EBITDA increased by 30% to $5.439 billion in 2024, up from $4.184 billion in 2023 [13][24] - The net financial debt rose to $22.250 billion in 2024, a 12.1% increase from $19.255 billion in 2023 [17][24] Production and Sales - In Q4 2024, CODELCO's copper production was 454,400 tons, compared to 338,000 tons in Q3 2024 and 384,900 tons in Q4 2023 [1][2] - The total copper sales for 2024 were 1.5702 million tons, a 0.5% increase from 1.5626 million tons in 2023 [3][24] Cost and Pricing - The average exchange rate for 2024 was 944 Chilean pesos per US dollar, compared to 839 Chilean pesos per US dollar in 2023, reflecting a 12.5% depreciation of the Chilean peso [11][24] - Molybdenum production decreased by 6.1% to 15,300 tons in 2024, with a corresponding price drop of 11.8% to $21.3 per pound [6][24] Financial Performance - The pre-tax profit for 2024 was $791 million, a significant turnaround from a loss of $757 million in 2023 [14][24] - The net cash flow from operating activities increased by 52.4% to $3.6 billion in 2024, compared to $2.4 billion in 2023 [16][24] Capital Expenditure and Future Guidance - Total capital expenditure for 2024 was $4.4 billion, with plans for 2025 to increase to between $4.6 billion and $5.6 billion [20][24] - The guidance for 2025 includes a projected copper production of 1.37 to 1.4 million tons and a cash cost of 195 to 198 cents per pound [22][24]

公司董事长孔德颂表示，2025年公司聚焦极致经营，清单式推进重点经营工作，力争成本竞争力处于行业前列。而在之前的投资者调研中，云南铜业表示要 推进铁血降本。 尽管去年实现盈利，但公司去年第四季度呈现亏损，这和市场加工费(TC)持续走低相关。云南铜业表示，公司在经营好现有矿山、冶炼厂的基础上，积极关 注优质铜资源项目。 每经记者 胥帅 每经编辑 魏官红 4月2日，A股铜业热门股云南铜业（000878.SZ，股价12.95元，市值259.47亿元）举行了线上业绩说明会。《每日经济新闻》记者发现，公司董事长孔德颂 和财务总监、董事会秘书高洪波出席会议，说的内容挺有"料"。 图片来源：由每经财报智能体一键生成 要推进铁血降本 4月2日，云南铜业举行了业绩说明会，投资者对公司业绩、产量和铜价等方面进行了提问。3月25日晚间，云南铜业披露了2024年年报，公司2024年实现营 业收入1780.12亿元，同比增长21.11%；归母净利润12.65亿元，同比下降19.9%。 云南铜业去年第四季度的归母净利润为亏损2.6亿元。公司董事长孔德颂和财务总监、董事会秘书高洪波均表示，公司2024年第四季度归母净利润下降，与 市场加工 ...

1. Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Before the tariff is implemented, market uncertainty is high. The supply side has continuous disturbances, and it is generally believed that the supply will decline slightly in April. The peak season demand in March and April fails to meet expectations, and the market sentiment is weak. After the tariff issue is resolved, the market may stabilize and return to fundamentals. The market sentiment is overshadowed by macro - uncertainties, with signs of weak supply and demand in the spot market, and the price is expected to fluctuate around 79,000 - 82,000 [1] 3. Summary by Directory Strategy Analysis - The Shanghai copper market closed down in shock today. Codelco will supply copper concentrate to Adani Group's $1.2 billion copper smelter. The US March ISM manufacturing index was 49, lower than expected and the previous value, showing the first contraction this year. The market is uncertain before the tariff is implemented. Supply may decline slightly in April, demand fails to meet expectations, and inventory increases recently, putting pressure on the market. After the tariff issue is resolved, the market may return to fundamentals, and the price is expected to fluctuate around 79,000 - 82,000 [1] Futures and Spot Market - Futures: The main contract of Shanghai copper opened high and moved high, then closed down at 79,890 per ton. The number of long orders of the top 20 decreased by 2,140 to 124,775, and the number of short orders increased by 542 to 129,600. Spot: The spot premium in East China is 15 yuan/ton, and in South China is 30 yuan/ton. On April 1, 2025, the LME official price was $9,703/ton, with a spot premium of -$51/ton [3] Supply Side - As of March 28, the spot rough smelting fee (TC) was -$24.32/dry ton, and the spot refining fee (RC) was -2.44 cents/pound [4] Inventory - SHFE copper inventory is 130,400 tons, a decrease of 5,600 tons from the previous period. As of March 31, Shanghai bonded area copper inventory is 112,100 tons, an increase of 1,000 tons. LME copper inventory is 211,900 tons, a slight decrease of 1,400 tons. COMEX copper inventory is 97,500 short tons, an increase of 1,349 short tons [7]

Report Industry Investment Rating No relevant information provided. Core Views of the Report - Tariff expectations intensify risk - averse trading. Overseas, tariff disturbances increase market risk - averse sentiment. Domestically, the economy may cool down in Q2. Trump's tariff increase expectations disrupt global risk assets, and the bond market pressure will weaken compared to March [2][3]. - Gold prices hit a new high due to concerns about US tariffs triggering inflation and hindering economic growth. Silver prices are weak due to the decline in copper prices. The short - term gold price is expected to remain strong, but caution is needed after the tariff policy is implemented [4]. - Copper prices are expected to decline in the short - term. The US economic stagflation risk is rising, and the global economic slowdown expectation is strengthened. The copper market's fundamental tightness at the mine end remains unchanged, but the current trading focus is on overseas trade situations [6][7]. - Aluminum prices are under pressure due to tariff uncertainties. Although the fundamentals support is still good, the aluminum price is expected to fluctuate [8][9]. - Alumina prices are expected to remain weak as the market supply is still abundant, and there is no large - scale maintenance or production reduction in the short term [10][11]. - Zinc prices have fallen significantly. The approaching of the equal - tariff policy makes the market trading sentiment cautious, and the zinc price is expected to remain weak before the tariff is implemented [12]. - Lead prices are weakly sorted due to weak supply and demand. The short - term lead price will fluctuate around the macro - sentiment and is expected to be weakly adjusted [13]. - Tin prices are supported by supply - side tightening expectations, but the approaching of Trump's tariff increases macro - risks. Short - term chasing of high prices should be cautious, and attention should be paid to the situation in Myanmar [14][15]. - Industrial silicon prices are bottom - oscillating. High inventory restricts the upward momentum of the spot market, and the short - term price is expected to continue to build the bottom [16][17]. - Lithium carbonate prices are oscillating at a low level. High inventory suppresses demand, and the price is expected to continue to oscillate [18]. - Nickel prices may fluctuate. The cost and demand drive the nickel - iron price to be strong, but the stainless - steel inventory pressure may affect the demand for nickel - iron. Pay attention to the implementation of Indonesian policies [19][20]. - Crude oil prices have risen due to the intensification of the US - Iran conflict. The short - term oil market may be affected by emotions, and it is recommended to wait and see [21]. - Steel prices are oscillating. The demand growth rate is slowing down, and attention should be paid to the impact of the main contract change on the market [22]. - Iron ore prices are mainly oscillating. The overseas supply has increased, and the iron - water production growth rate has slowed down [23][24]. - Bean and rapeseed meal prices may oscillate. The USDA's end - of - month report is relatively neutral, and the domestic soybean inventory decline is slowing down [25][26]. - Palm oil prices may oscillate within a range. The export of Malaysian palm oil may increase, and the domestic palm oil is slowly destocking [27][28]. Summary by Related Catalogs 1. Metal Main Variety Trading Data - The table shows the closing data of major futures markets yesterday, including contracts such as SHFE copper, LME copper, SHFE aluminum, etc., with details of closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units [29]. 2. Industrial Data Perspective - The table presents the industrial data of various metals on March 31 and March 28, including price changes, inventory changes, and other information of copper, nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, coke, coking coal, lithium carbonate, industrial silicon, and bean and rapeseed meal [30][33][35].

随着4月2日美国实施对等关税的临近，全球金融市场避险情绪越发高涨。3月31日周一，市场上黄金闪耀、日元狂舞、美债收益率下滑三大信号同时闪现，市 场已对潜在风险拉响最高级别警报。 3月31日，纽约期货交易所（COMEX）黄金期货价格，盘中一度刷新历史高点至3162美元/盎司，再创历史纪录新高。伦敦现货黄金盘中一度至3128美元/盎 司，今年以来，全球现货黄金的累计涨幅已经超过18%，大幅跑赢全球股市主要股指，是表现最好的资产之一。 国内黄金期货主力合约盘中最高达到732.10元/克，现货黄金T+D以最高价收盘达到730.60元/克。值得注意的是，在商品期货市场上，黄金成为市场为数不多 的资金净流入板块。3月31日，黄金期货市场有超过11亿元资金流入，而有色板块则出现资金净流出，其中沪铜成资金撤离重灾区，沉淀资金流出逾9亿元， 铜价的下跌也导致铜业个股大幅跳水，北方铜业、铜陵有色、云南铜业跌幅靠前。 美国全面对等征税正在引发市场资金涌入黄金市场避险。 3月31日，全球金融市场上演经典避险行情，大量资金涌入黄金、日元、美债等传统避险板块。纽约黄金期货价格最高达到3162美元/盎司，刷新历史高点； 美元兑日元跌至14 ...

长江商报消息 ●长江商报记者 沈右荣 中国最大的铜产品加工企业江西铜业（600362.SH）盈利能力仍然在提升。 最新披露的2024年年度报告显示，江西铜业实现营业收入约5209亿元，较上年略有下降；归属于母公司 股东的净利润（以下简称"归母净利润"）接近70亿元，同比增长逾7%；扣除非经常性损益的净利润 （简称"扣非净利润"）约83亿元，同比增长约54%。 归母净利润与扣非净利润之间相差约13亿元，源于非经常性损益。2024年，公司期货平仓亏损，投资净 收益出现大额亏损。 2024年，江西铜业财务承压。截至2024年底，公司货币资金303.76亿元，较上年末减少约50亿元，对应 的债务增加百亿左右。（均不含购买理财、关联方存款等） 投资收益拖累净利增速 江西铜业经营业绩继续保持了增长。 年报显示，2024年，江西铜业实现营业收入5209.28亿元，同比微降0.18%；归母净利润69.62亿元，同 比增长7.03%；扣非净利润82.87亿元，同比增长54.22%。 此前的2022年、2023年，公司实现的营业收入分别为4799.38亿元、5218.93亿元，同比增长8.40%、 8.74%；归母净利润分别为5 ...