有色金属日报 2025-7-11 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 国内商品氛围较为高涨，铜价在美国征收高关税预期下震荡运行，昨日伦铜收涨 0.23%至 9682 美元 /吨，沪铜主力合约收至 78590 元/吨。产业层面，昨日 LME 库存增加 975 至 108100 吨，注销仓单比 例提高至 37.9%，Cash/3M 升水收缩至零附近。国内方面，精炼铜社会库存量环比周一 ...

本月有色金属来了一波先扬后抑，此前政策密集释放"反内卷"信号，并明确指向"治理企业低价无序竞争，推动落后产能退出"，而本轮"供给侧"改革最大的 受益者无疑是此前供大于求的铝、钢铁、煤炭等传统工业赛道，国内"反内卷"及低库存也支撑了其价格的上行。 从二级市场中我们看的尤为明显，以中证有色金属指数为例，在月初供给侧改革持续催化的期间，整体保持上行区间，8个交易日收获7条阳线。而到了关税 风波期间，一条大阴线直接让该指数跌回了6月底。 中证有色金属指数近期走势 数据来源：Wind 截至：2025.07.09 面对震荡行情，有人获利了结，有人逢低布局。那目前有色ETF的十字路口要如何抉择？ 资金昨日已经抢跑 就在昨日铜价下行的节点中，不少资金已经"抢跑"布局。截至7月9日，市场最新融资余额为18557.37亿。有色金属行业融资余额增加最多，较上一日增加 9.64亿元；融资余额增加居前的行业还有电子、医药生物、汽车等，融资余额分别增加8.69亿元、6.22亿元、5.66亿元。 但市场风云瞬息万变，当地时间7月9日，美国总统特朗普在社交媒体平台"真实社交"上表示，美国将对进口铜征收50%的关税，自2025年8月1日起生效 ...

贵金属周报(黄金与白银) 王文虎 债务上限提高后美国财政部开始发债， 美联储降息时点延迟但央行持续购金 www.hongyuanqh.com 2025年07月09日 宏源期货 研究所 （F03087656，Z0019472） 黄金和白银 1.美国参议院版"大漂亮"法案获得通过，计划将债务上限提高至5万亿美元，且财政赤字扩张或超3 万亿美元；特朗普政府关税政策仍未引动消费端通胀显著反弹，但因美国6月新增非农就业人数为14.7万高 于预期和前值，使美联储7月降息概率几无，但降息预期时点仍为9/10/12月。 2.欧洲央行6月降息25个基点使存款机制利率降至2%。欧元区与德国(法国)6月制造业PMI为 49.4/49(47.8)延续回升(低于预期和前值)，叠加欧元区(德国)6月消费者物价指数CPI年率为2%(2%)持平预 期但高于前值(低于预期和前值)，使拉加德表示欧洲央行降息接近尾声，但市场预期欧洲央行25年底前或 降息1-2次左右。 3.英国央行5月关键利率下降25个基点至4.25%，延续24年10月至25年9月减持1000亿英镑政府债券。英 国5月消费者物价指数CPI（核心CPI）年率为3.4%（3.5%）持 ...

有色金属日报 2025-7-9 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 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 对等关税忧虑有所缓和，LME 库存增幅较大，特朗普威胁对铜征收 50%关税，美铜相对伦铜大幅上涨， 昨日伦铜收跌 1.22%至 9665 美元/吨，沪铜主力合约收至 80030 元/吨。产业层面，昨日 LME 库存增 加 5100 至 102500 吨，注销仓单比例下滑至 36.2%，Cash/3M 升水 98 美元/吨。国内方面，昨日上期 ...

转自：新华财经 新华财经北京7月5日电（记者刘玉龙）5日，由中物联大宗商品流通分会和上海钢联等单位联合调查，中国物流与采购联合会发布的2025年6月份中国大宗商 品价格指数（CBPI）为110.8点，环比上涨0.5%，同比下跌5.2%。 业内人士分析，从指数运行情况看，随中美伦敦经贸会谈释放积极信号，国内逆周期调节政策加力实施，企业生产经营活动继续回暖，指数连续两月温和回 升，大宗商品市场运行总体平稳，呈现稳中有进发展态势。 | 项目 | 中国大宗商品 | 能源价格 | 化工价格 | 黑色价格 | 有色价格 | 矿产价格 | 农产品价格 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格指数 | 指数 | 指数 | 指数 | 指数 | 指数 | 指数 | | 单位 | 点 | 点 | 点 | 点 | 点 | 点 | 点 | | 25.06 | 110.8 | 97.3 | 104.3 | 76.6 | 128.8 | 73.6 | 98.1 | | 25.05 | 110. 3 | 96. 3 | 102. 8 | 78.7 | 127.7 | ...

近期在黄金价格稳居每盎司3300美元上方、白银在36美元上方震荡盘整之际,全球市场正聚焦贵金属的 下一轮行情,高地集团认为:黄金与白银或将继续走高,背后推力既包括全球经济的结构性风险,也源于美 财政政策持续扩张与金融市场对避险资产的再度追捧。 金价企稳高位,白银酝酿补涨 根据Sprott高级管理合伙人Ryan McIntyre的最新分析,尽管黄金仍是他投资组合中的"永久配置",但其对白 银的关注已明显增加,白银的周期性工业需求在全球经济担忧缓解后正逐步恢复,同时金银比自4月超过 100的多年高位下降至92以下,表明白银仍有补涨空间。 "白银并非央行储备资产,但却在散户眼中依旧是重要的货币金属,"McIntyre指出。随着更多散户寻求抵 御通胀与资产贬值的手段,贵金属作为"硬资产"的吸引力正不断增强。 财政赤字膨胀,避险需求高涨 美财政赤字的不断膨胀成为支撑金银价格的根本性宏观背景,截至目前,美国联邦政府债务已突破37万亿 美元大关,而据美国国会预算办公室(CBO)估算,参议院刚刚通过的一项预算法案将在未来十年内新增3万 亿美元赤字,该法案已递交众议院审议。这一趋势大幅提升了投资者对美元长期稳定性的担忧。 美国 ...

期现日报 投资咨询业务资格:证监许可 【2011】129 2025年7月3日 星期四 Z0015979 价格及基差 | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | SMM 1#电解铜 | 80990 | 80205 | +785.00 | 0.98% | 元/吨 | | SMM 1#电解铜升贴水 | 120 | 200 | -80.00 | - | 元/吨 | | SMM 广东1#电解铜 | 80895 | 80075 | +820.00 | 1.02% | 元/吨 | | SMM 广东1#电解铜升贴水 | 85 | 90 | -5.00 | - | 元/吨 | | SMM湿法铜 | 80890 | 80080 | +810.00 | 1.01% | 元/吨 | | SMM湿法铜升贴水 | 20 | 75 | -55.00 | - | 元/吨 | | 精废价差 | 2403 | 2161 | +241.70 | 11.18% | 元/吨 | | LME 0-3 | 116.30 | 69 T8T | -65.39 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 登录新浪财经APP 搜索【信披】查看更多考评等级 中金转债（债券代码：127020）转股期限为2021年1月25日至2026年7月19日，截至目前，转股价格为人 民币4.29元/股。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引第15号一一可转换公 司债券》有关规定，深圳市中金岭南有色金属股份有限公司（以下简称"公司"或"中金岭南"）现将2025 年第二季度可转换公司债券（以下简称"可转债"或"中金转债"）转股及公司股份变动的情况公告如下： 经中国证券监督管理委员会《关于核准深圳市中金岭南有色金属股份有限公司公开发行可转换公司债券 的批复》（证监许可[2020]1181号）核准，公司于2020年7月20日公开发行了3,800万张可转换公司债 券，每张面值100元，发行总额380,000.00万元。 （二）可转换公司债券上市情况 经深圳证券交易所"深证上[2020]703号"文同意，公司380,000.00万元可转换公司债券于2020年8月14日 起在深交所上市交易，债券简称 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The copper market is in a tight balance with low inventory and a high risk of squeezing. After the S232 investigation results are released, the market logic may reverse [1]. - The aluminum market has a short - term stable fundamental situation, with supply and demand expected to be balanced in July. Attention should be paid to demand and low - inventory arbitrage opportunities [1]. - The zinc market maintains a short - selling strategy, and the long - short spread between domestic and foreign markets can be held [2]. - For nickel, continue to focus on the opportunity of narrowing the nickel - stainless steel price ratio [4]. - The stainless - steel market is expected to be weak and volatile in the short term [5]. - The lead market is expected to fluctuate between 16,800 - 17,300 next week, with a slight decrease in supply and weak demand in July [7]. - The tin market can hold long positions cautiously in the short term and focus on short - selling opportunities after the maintenance period in the medium - to - long term [10]. - The industrial silicon market is expected to be strong in the short term and will be mainly based on the bottom operation of the cash - flow cost of leading manufacturers in the medium - to - long term [13]. - The lithium carbonate market is expected to continue to face supply surplus and price pressure next week, but the "anti - involution" competition policy may affect sentiment [15]. Summary by Metal Copper - **Price and Inventory Changes**: From June 23 - 27, the Shanghai copper spot price increased by 45, the LME inventory decreased by 1,800 tons, and the LME cash - 3M spread changed significantly [1]. - **Market Situation**: The S232 investigation on copper is pending. The US has siphoned a large amount of electrolytic copper, leading to low inventory and a high risk of squeezing. After the investigation results are released, the market logic may change [1]. Aluminum - **Price and Inventory Changes**: From June 23 - 27, the Shanghai aluminum ingot price increased by 280, and the social inventory remained stable [1]. - **Market Situation**: Supply increased slightly in 1 - 5 months. Demand is expected to weaken seasonally in July. The market is in a balanced state in terms of supply and demand, and attention should be paid to low - inventory arbitrage opportunities [1]. Zinc - **Price and Inventory Changes**: This week, the zinc price fluctuated upward. The domestic TC increased by 200 yuan/ton, and the import TC increased by 10 dollars/dry ton. The LME inventory decreased by 625 tons [2]. - **Market Situation**: The supply is expected to increase in July. The domestic demand is seasonally weak, and the overseas demand is also weak. The short - selling strategy remains unchanged, and the long - short spread between domestic and foreign markets can be held [2]. Nickel - **Price and Inventory Changes**: From June 23 - 27, the Shanghai nickel spot price increased by 450, and the LME inventory increased by 78 tons [4]. - **Market Situation**: The supply of pure nickel remains high, and the demand is weak. The inventory in overseas nickel plates is stable, and the domestic inventory decreases slightly. Continue to focus on the opportunity of narrowing the nickel - stainless steel price ratio [4]. Stainless Steel - **Price and Inventory Changes**: The price of waste stainless steel remained stable from June 23 - 27. The inventory in Xijiao and Foshan increased slightly, and the exchange warehouse receipts decreased [5]. - **Market Situation**: The supply decreased due to production cuts in some steel mills since late May. The demand is mainly for rigid needs. The market is expected to be weak and volatile in the short term [5]. Lead - **Price and Inventory Changes**: This week, the lead price rebounded from a low level. The LME inventory increased by 175 tons [7]. - **Market Situation**: The supply side has some problems, and the demand side is weak. The price is expected to fluctuate between 16,800 - 17,300 next week, and there is a risk of a price - support cycle if the price remains above 17,200 [7]. Tin - **Price and Inventory Changes**: This week, the tin price fluctuated upward. The LME inventory increased by 60 tons [10]. - **Market Situation**: The supply is affected by the situation in Myanmar, and the demand is weak. The market is expected to be in a state of weak supply and demand in the first half of the year. Cautiously hold long positions in the short term and focus on short - selling opportunities in the medium - to - long term [10]. Industrial Silicon - **Price and Inventory Changes**: The base difference strengthened, and the warehouse receipts decreased. The production of leading enterprises decreased significantly, and the market is expected to shift from inventory accumulation to inventory reduction [13]. - **Market Situation**: The production of leading enterprises decreased significantly, and the market is expected to be strong in the short term. In the medium - to - long term, it will be mainly based on the bottom operation of the cash - flow cost of leading manufacturers [13]. Lithium Carbonate - **Price and Inventory Changes**: This week, the lithium carbonate price increased due to sentiment speculation. The base difference weakened, and the registered warehouse receipts decreased [15]. - **Market Situation**: The supply is expected to continue to be in surplus next week, and the price is under pressure. However, the "anti - involution" competition policy may affect sentiment [15].

美国贵金属公司股价在盘前下跌，因黄金价格跌至一个月低点。 ...