其他有色金属也同样如此。作为不锈钢和纯电动汽车（EV）电池材料的镍在4月上旬经历了急 跌，但目前价格仍高于年初水平，表现稳健。 2025年预计铜会出现供应过剩（REUTERS） 由于对中美贸易摩擦的警惕感减退，近期市场开始出现重新买入铜、镍等有色金属的动向。 然而市场普遍预测2025年供应过剩的幅度将扩大。有预测显示，2025年铜供应过剩28.9万 吨，镍供应过剩19.8万吨，锌…… 由于对中美贸易摩擦的警惕感减退，近期市场开始出现重新买入铜、镍等有色金属的动向。 然而关于2025年的供需情况，市场普遍预测供应过剩的幅度将扩大，这被视为影响市场行情 的因素。 有色金属市场因美国总统特朗普的言行持续波动。作为铜的国际指标，伦敦金属交易所 （LME）3个月期货在4月上旬因特朗普宣布对等关税而急跌至每吨近8000美元。随后，把快 速降价视为良机的投资者纷纷买入，价格上升趋势明显。 中美两国政府于5月12日达成协议，把互相征收的附加关税降低115%。中美贸易摩擦加剧导 致中国经济放缓的担忧减退。中国占到全球铜消费的约6成，市场更易出现买入潮。目前铜价 已回升到每吨9500美元附近，接近对等关税公布前的水平。 锌矿的产 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report analyzes the market conditions of various non - ferrous metals. Overall, the macro - economic situation is complex with concerns such as high tariffs and weakening economic data in the US. Industry - specific factors like raw material supply, inventory levels, and demand also impact metal prices. Some metals face upward price pressure due to supply disruptions, while others may decline due to oversupply or weak demand [1][3][6]. Summary by Metal Copper - Yesterday, LME copper prices rose 0.81% to $9516/ton, and SHFE copper closed at 78160 yuan/ton. LME inventory decreased by 5050 tons to 174325 tons, and the cancellation warrant ratio dropped to 38.8%. In China, social inventory of electrolytic copper increased slightly, and the spot in Shanghai shifted to a premium over futures. The short - term upward space of copper prices may be limited due to factors such as weak macro - sentiment and weakening price support [1]. Aluminum - LME aluminum prices fell 1.95% to $2436/ton, and SHFE aluminum closed at 20040 yuan/ton. LME registered warrants increased, putting pressure on prices. The total inventory of aluminum ingots and aluminum rods decreased at a slower pace. It is recommended to pay attention to the inter - month positive spread opportunity of aluminum [3]. Lead - The SHFE lead index fell 0.09% to 16871 yuan/ton. After the Sino - US economic and trade talks on May 12, the short - term sentiment of commodities improved. The medium - term SHFE lead index is expected to fluctuate in a range of 16300 - 17800 yuan/ton, and the short - term price shows a relatively strong oscillation [4]. Zinc - The SHFE zinc index fell 0.42% to 22285 yuan/ton. After the Sino - US economic and trade talks, the short - term sentiment of commodities improved. A Russian lead - zinc mine is expected to stop production in June, which may boost zinc prices sentimentally. However, there is still a risk of price decline in the medium - term due to factors such as increasing inventory [6]. Tin - On May 19, the SHFE tin main contract rose 0.04%. The supply side of tin is currently tight but is expected to loosen. If downstream demand remains weak, the tin price center may move down [7][8]. Nickel - Nickel prices fluctuated. The cost side of nickel is expected to loosen, and the inventory may return to the accumulation trend. It is recommended to pay attention to the change of LME nickel 0 - 3 month premium [9]. Lithium Carbonate - The MMLC spot index of lithium carbonate decreased by 1.24%. The fundamentals lack favorable drivers, and the market may run weakly. Attention should be paid to factors such as mine operations and inventory changes [11]. Alumina - On May 19, the alumina index rose 8.1% to 3123 yuan/ton. Due to continuous disturbances in the mine and supply sides, it is recommended to wait and see in the short - term [13]. Stainless Steel - The stainless - steel main contract closed at 12965 yuan/ton on Friday. The cost support is enhanced, but terminal procurement is still cautious. The market may maintain a narrow - range oscillation in the short - term, and attention should be paid to raw material trends and inventory changes [15].

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 锌 当月合约-现货 次月合约-现货 价差 120 -435 理论价差 178 289 铅 当月合约-现货 次月合约-现货 价差 140 95 理论价差 201 313 跨品种套利跟踪 2025/05/19 铜/锌 铜/铝 铜/铅 铝/锌 铝/铅 铅/锌 沪（三连） 3.48 3.85 4.58 0.90 1.19 0.76 伦（三连） 3.51 3.81 4.72 0.92 1.24 0.74 有色套利早报 研究中心有色团队 2025/05/19 铜：跨市套利跟踪 2025/05/19 国内价格 LME ...

有色金属日报 2025-5-16 五矿期货早报 | 有色金属 铜 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 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 国内权益市场走弱，美国零售增长放缓，贵金属价格企稳，铜价下探回升，昨日伦铜微涨 0.08%至 9600 美元/吨，沪铜主力合约收至 78490 元/吨。产业层面，昨日 LME 库存减少 925 至 184650 吨，注销仓 单比例下滑至 41.6%，Cash/3M 升水 14.8 美元/吨。国内方面，电解铜社会 ...

从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 有色金属日报 2025-5-13 五矿期货早报 | 有色金属 铜 有色金属小组 吴坤金 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 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 中美贸易谈判取得进展，关税大幅降低，权益市场走强，贵金属走弱，铜价冲高后有所回落，昨日伦 铜收涨 0.67%至 9502 美元/吨，沪铜主力合约收至 77820 元/吨。产业层面，昨日 LME 库存减少 10253 至 190750 吨，注销仓单比例下滑至 43.1%，Cash/3M 升水 23.9 美元/吨。 ...

有色、钢铁行业 行业研究 | 行业周报 铁矿价格出现明显松动，继续关注钢铁板 块的投资机会 ——有色钢铁行业周观点（2025 年第 19 周） 核心观点 投资建议与投资标的 风险提示 国内宏观经济增速放缓；美国通胀增速放缓；原材料价格波动 国家/地区 中国 行业 有色、钢铁行业 报告发布日期 2025 年 05 月 11 日 看好（维持） 刘洋 021-63325888*6084 liuyang3@orientsec.com.cn 执业证书编号：S0860520010002 香港证监会牌照：BTB487 | 铁矿价格出现明显松动，积极关注钢铁板 | 2025-04-27 | | --- | --- | | 块的投资机会：——有色钢铁行业周观点 | | | （2025 年第 17 周） | | | 持续关注钢铁板块的投资机会：——有色 | 2025-04-20 | | 钢铁行业周观点（2025 年第 16 周） | | | 金价再创新高，积极关注黄金板块投资机 | 2025-03-30 | | 会：——有色钢铁行业周观点（2025 年第 | | | 13 周） | | 有关分析师的申明，见本报告最后部分。其他重 ...

投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 有色金属 | 日报 2025 年 5 月 9 日 有色日报 专业研究·创造价值 低库存给予铜铝支撑 核心观点 沪铜 沪铜主力期价昨日夜盘冲高，站上 7.8 万关口，今日早盘跳水， 日内震荡运行。美联储 5 月议息会议落地，整体偏鹰派，利空铜价。 短期铜价在 7.8 万一线仍有较强的技术压力。短期可持续关注 7.8 万 关口多空博弈，也可关注月间正套。消息面上，关注中美在瑞会 议，若中美贸易摩擦趋于缓和，将在宏观氛围和终端需求上利好铜 价。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 6 请务必阅读文末免责条款 ...

Core Viewpoint - The FTSE China A50 index components showed mixed performance with sectors like non-ferrous metals, insurance, liquor, and semiconductors rising, while oil, electricity, and home appliances sectors declined [1] Sector Summaries Insurance - Major companies include China Pacific Insurance (market cap: 292.65 billion), Ping An Insurance (market cap: 321.07 billion), and China Life Insurance (market cap: 925.08 billion) with trading volumes of 8.47 million, 19.92 million, and 5.97 million respectively [3] - China Pacific Insurance rose by 0.57 (+1.91%), Ping An by 0.09 (+0.18%), and China Life by 0.20 (+2.83%) [3] Liquor Industry - Key players are Kweichow Moutai (market cap: 1947.36 billion), Shanxi Fenjiu (market cap: 249.29 billion), and Wuliangye (market cap: 502.63 billion) with trading volumes of 28.39 million, 8.70 million, and 18.89 million respectively [3] - Kweichow Moutai increased by 3.20 (+0.21%), Shanxi Fenjiu by 0.24 (+0.12%), and Wuliangye by 0.79 (+0.61%) [3] Semiconductor - Notable companies include North Huachuang (market cap: 244.42 billion), Cambricon Technologies (market cap: 295.23 billion), and Haiguang Information (market cap: 348.67 billion) with trading volumes of 18.49 million, 39.07 million, and 18.70 million respectively [3] - North Huachuang rose by 3.62 (+0.51%), Cambricon by 1.41 (+0.95%), and Haiguang by 6.61 (+1.47%) [3] Oil Industry - Major firms are Sinopec (market cap: 684.03 billion), PetroChina (market cap: 227.63 billion), and COSCO Shipping (market cap: 1456.85 billion) with trading volumes of 9.73 million, 5.80 million, and 11.59 million respectively [3] - Sinopec increased by 0.20 (+1.39%), while PetroChina and COSCO Shipping saw slight declines [3] Coal Industry - Key companies include China Shenhua (market cap: 186.24 billion), Shaanxi Coal and Chemical (market cap: 761.96 billion), and CATL (market cap: 1019.96 billion) with trading volumes of 8.12 million, 45.91 million, and 6.62 million respectively [3] - China Shenhua rose by 0.05 (+0.13%), Shaanxi Coal by 0.04 (+0.21%), and CATL by 0.13 (+0.06%) [3] Electricity Industry - Important players are China Yangtze Power (market cap: 713.98 billion), China Nuclear Power (market cap: 191.08 billion), and Long江电力 (market cap: 331.34 billion) with trading volumes of 24.27 million, 6.20 million, and 68.68 million respectively [4] - China Yangtze Power decreased by 0.32 (-1.08%), while the other two companies saw slight increases [4] Food and Beverage - Major companies include Citic Securities (market cap: 378.07 billion), Guotai Junan (market cap: 232.32 billion), and Haitian Flavoring (market cap: 304.47 billion) with trading volumes of 20.86 million, 9.80 million, and 4.73 million respectively [4] - Citic Securities rose by 0.43 (+1.71%), Guotai Junan by 0.04 (+0.23%), while Haitian Flavoring decreased by 0.14 (-0.33%) [4] Consumer Electronics - Key players are Industrial Fulian (market cap: 325.33 billion), Luxshare Precision (market cap: 373.55 billion), and Heng Rui Medicine (market cap: 230.54 billion) with trading volumes of 19.72 million, 18.50 million, and 43.26 million respectively [4] - Industrial Fulian decreased by 0.10 (-0.20%), while Luxshare and Heng Rui saw increases [4] Home Appliances - Notable companies include Gree Electric (market cap: 254.70 billion), Haier Smart Home (market cap: 235.70 billion), and Muyuan Foods (market cap: 216.98 billion) with trading volumes of 17.84 million, 9.91 million, and 10.41 million respectively [4] - Gree Electric decreased by 0.09 (-0.20%), while Haier and Muyuan saw slight increases [4] Logistics Industry - Key firms are Mindray Medical (market cap: 267.03 billion), Wanhua Chemical (market cap: 218.48 billion), and Guofeng Holdings (market cap: 172.87 billion) with trading volumes of 9.47 million, 13.83 million, and 14.65 million respectively [4] - Mindray Medical rose by 0.28 (+0.64%), while Wanhua and Guofeng saw slight increases [4] Communication Services - Major companies include China Unicom (market cap: 171.33 billion) and China Construction (market cap: 228.50 billion) with trading volumes of 25.07 million and 9.22 million respectively [4] - China Unicom increased by 0.02 (+0.36%), while China Construction rose by 0.30 (+1.72%) [4]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Viewpoints of the Report - Overall, the report analyzes the market conditions of various non - ferrous metals. The market trends are affected by factors such as supply and demand, inventory changes, and macro - economic factors. Some metals show short - term fluctuations and long - term trends, with both upward and downward risks [2][4][7][8]. 3. Summary by Metal Copper - Price: LME copper rose 0.92% to $9455/ton, and SHFE copper main contract reached 77770 yuan/ton. - Inventory: LME inventory decreased by 1825 to 203425 tons, and SHFE warehouse receipts decreased by 0.2 to 4.3 million tons. - Market: Domestic copper spot import had a small loss, and the scrap - refined copper price difference narrowed. Short - term copper prices may be volatile, and the impact of US tariffs on market sentiment should be noted [2]. Aluminum - Price: LME aluminum rose 0.68% to $2459/ton, and SHFE aluminum main contract reached 19955 yuan/ton. - Inventory: LME aluminum inventory decreased by 0.2 to 42.4 million tons, and domestic aluminum ingot social inventory decreased by 1.5 to 65.8 million tons. - Market: The short - term trade situation is uncertain. Aluminum prices are supported by strong demand in the peak season, and there is an opportunity for the inter - month spread to widen [4]. Lead - Price: SHFE lead index rose 0.13% to 16930 yuan/ton, and LME lead 3S rose to $1938/ton. - Inventory: SHFE lead futures inventory was 3.83 million tons, and LME lead inventory was 27.71 million tons. - Market: Lead supply is generally loose, demand is stable, and short - term lead prices show a strong - side shock [7]. Zinc - Price: SHFE zinc index rose 0.52% to 22536 yuan/ton, and LME zinc 3S rose to $2666/ton. - Inventory: SHFE zinc futures inventory was 0.36 million tons, and domestic social inventory decreased to 8.58 million tons. - Market: The medium - term bearish scenario remains. Zinc supply is expected to be loose, and there is a risk of price decline as inventory accumulates [8]. Tin - Price: SHFE tin main contract reached 259520 yuan/ton, up 0.08%. - Inventory: SHFE registered warehouse receipts were 8977 tons, and LME inventory decreased by 20 to 2810 tons. - Market: Mine supply is gradually recovering, which suppresses tin prices, but domestic demand is strong, and short - term tin prices are expected to fluctuate [9][10]. Nickel - Price: SHFE nickel main contract closed at 125880 yuan/ton, up 0.58%, and LME nickel closed at $15880/ton, up 1.96%. - Market: The supply - demand pattern is oversupplied. Stainless steel mills' raw material procurement is light, and nickel prices are expected to be under pressure. It is recommended to short at high prices [11]. Lithium Carbonate - Price: MMLC was reported at 69,028 yuan, and LC2507 contract closed at 68,300 yuan, down 0.99%. - Inventory: Domestic lithium carbonate production decreased by 2.8%, and inventory increment narrowed to 0.2%. - Market: High inventory and approaching off - season make it difficult to reduce inventory. Prices are likely to fluctuate at the bottom [13]. Alumina - Price: Alumina index rose 0.7% to 2864 yuan/ton. - Inventory: Thursday's futures warehouse receipts were 28.04 million tons, down 0.21 million tons. - Market: The supply surplus pattern remains, and it is recommended to short at high prices [15][16]. Stainless Steel - Price: Stainless steel main contract closed at 12780 yuan/ton, down 0.08%. - Inventory: Futures inventory was 170965 tons, down 2205, and social inventory decreased by 0.78%. - Market: Raw material prices are stable, and the price is under pressure due to prominent supply - demand contradictions [18].

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 有色金属日报 2025-4-18 五矿期货早报 | 有色金属 铜 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 原油价格走强，贵金属价格下探回升，铜价震荡上涨，昨日伦铜收涨 0.71%至 9254 美元/吨，沪铜主 力合约收至 76070 元/吨。产业层面，昨日 LME 库存转为减少 2850 至 213400 吨，注销仓单比例下滑 至 41.3%，Cash/3M 贴水 32.2 美元/吨。国内方面，社会库存较周一减少逾 ...