Workflow
Base Metals
icon
Search documents
金属与矿业:铜、铝和锌本金属综述
2025-08-24 14:47
August 22, 2025 05:50 PM GMT metal&ROCK | Europe M Idea Base Metals Round Up Modest downside for LME Copper: The support for LME copper prices that came from US front-loading demand ahead of expected copper import tariffs is likely to fade after the decision to exclude refined copper. We estimate front loading YTD added around 2% to annual copper demand, drawing down ex-US inventories and supporting prices, but now leaves the US very well stocked. China demand indicators are also softening, bringing a cauti ...
商品市场持仓与资金流向_全球商品市场持仓价值跌破 10 年季节性高位-Commodity Market Positioning & Flows_ Global commodity market open interest value dips below 10-year seasonal high
2025-08-22 01:00
J P M O R G A N Global Commodities Research 18 August 2025 Commodity Market Positioning & Flows Global commodity market open interest value dips below 10-year seasonal high Global Commodities Research Tracey Allen (44-20) 7134-6732 tracey.l.allen@jpmorgan.com J.P. Morgan Securities plc Gregory C. Shearer (44-20) 7134-8161 gregory.c.shearer@jpmorgan.com J.P. Morgan Securities plc Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com JPMorgan Chase Bank NA Ananyashree Gupta (91-22) 6157 3627 ananyashree ...
中国基础材料监测-2025 年 8 月:供应端发力,2021 年以来首次全面环比涨价-China Basic Materials Monitor_ August 2025_ the power of supply work, 1st broad sequential price hikes since 2021
2025-08-18 01:00
Summary of China Basic Materials Monitor - August 2025 Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting recent trends in commodity prices and demand dynamics. Key Points Demand and Supply Dynamics - End-user orderbooks remained stable month-over-month (MoM) as of mid-August, indicating a lack of inspiring demand, particularly in infrastructure and renewables sectors [1] - Current Chinese demand for cement and construction steel is estimated to be **3-7% lower year-over-year (YoY)**, while demand for copper and aluminum is **6-11% lower YoY**. Flat steel demand has increased by **5% YoY** [1] - The average prices of main commodities have increased by **2-13% sequentially** in August, marking the first broad price hikes since April 2021 [1] Price Trends - Significant price increases were noted in **lithium** and **met coal**, leading the price hikes in upstream commodities [1] - Improved margins in steel have delayed production cuts, while higher lithium prices are expected to enhance global supply flexibility [1] Supply Policies - New safety standards and controls on coal overproduction are being implemented, along with proposed technical specifications for monitoring cement production and clean-ups in lithium mining licenses [1] - Supply policies are still in early stages but indicate a positive direction for the industry [1] Producer Feedback - A proprietary survey indicated that **26%** of respondents in downstream sectors reported a MoM increase in orders, while **31%** in basic materials reported the same. Conversely, **17%** and **16%** indicated a lower MoM trend [2] Margins and Pricing Stability - Recent weeks have shown improved margins/pricing for steel, coal, and lithium, while cement, aluminum, and copper prices have remained mostly stable [1] Additional Insights - The report suggests that the current trends in the basic materials sector are influenced by both domestic demand fluctuations and regulatory changes aimed at stabilizing supply and prices [1][2] - The stability in downstream order books, despite the overall weak demand, may indicate a cautious optimism among producers regarding future market conditions [2] This summary encapsulates the critical insights from the August 2025 China Basic Materials Monitor, providing a comprehensive overview of the current state of the industry and its future outlook.
商品市场持仓及资金流:黄金关税风险推高商品市场资金流入-Commodity Market Positioning & Flows_ Gold tariff risks drive up commodity market inflows
2025-08-14 02:44
Summary of J.P. Morgan Commodity Market Positioning & Flows Industry Overview - The report focuses on the global commodities market, specifically analyzing market positioning and flows as of August 11, 2025. Key Points and Arguments Market Positioning - The estimated value of global commodity market open interest increased by 0.7% week-over-week (WOW) to approximately $1.49 trillion, which is still at the lower end of the 2025 range but up 10% year-to-date (YTD) as of August 8 [3][9][10]. - Contract-based inflows returned to 10-year average levels at $14.6 billion WOW, primarily driven by gold markets, which saw inflows of $12.4 billion WOW due to US tariff risks [3][4]. Tariff Risks and Economic Events - The US-China tariff truce is expected to end on August 12, with President Trump likely to extend it for another 90 days. This uncertainty is influencing market dynamics [3]. - A scheduled summit between President Trump and President Putin regarding a ceasefire in Ukraine is also noted, which may impact commodity prices [3]. Investor Positioning - The net investor position across global commodity futures markets decreased by 6.1% WOW, reaching $128 billion as of August 5 [3][15]. - Notional investor positioning in base metals decreased by 26% WOW, while energy markets saw a 50% decrease in positioning [3][15]. Precious Metals - The estimated value of open interest in precious metals surged by $17 billion WOW to $263 billion, driven by significant inflows into gold markets [3][27]. - Managed Money net length in COMEX Gold futures increased by 19.7k contracts to approximately 154k contracts net long, indicating strong bullish sentiment [4][17]. Energy Markets - The estimated value of open interest in energy markets declined by $19.5 billion WOW to $622 billion, marking a return to ten-week lows amid price weakness [3][22]. - Contract-based flows were muted, with outflows from refined product markets offset by inflows to natural gas markets [3]. Agricultural Markets - The estimated open interest value in agricultural markets increased by 1.7% WOW to $326 billion, driven by net contract-based inflows of $2 billion WOW [3][29]. - Trade uncertainty is highlighted, particularly regarding US soybean orders from China, which remain at zero for the new crop [3]. Price Momentum - Price momentum across commodities was mixed, with increases in most metals and agricultural markets, while energy prices declined [3][50]. - Specific trading signals indicate a positive momentum for COMEX Gold and Silver, while NYMEX Palladium has turned negative [3][50]. Additional Important Insights - The report emphasizes the impact of geopolitical events on commodity markets, particularly the influence of tariffs and international relations on investor sentiment and positioning [3]. - The dynamics of supply and demand in various sectors, such as energy and agriculture, are crucial for understanding future price movements and investment opportunities [3][4][5]. This comprehensive analysis provides insights into the current state of the commodities market, highlighting key trends, risks, and potential investment opportunities.
中国区原材料周度监测:反内卷进程持续推进-Greater China Materials Weekly Monitor Continued Progress of Anti-Involution
2025-08-05 03:19
Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Greater China Materials, specifically in the Asia Pacific region [1] - **Market Sentiment**: The industry view is considered attractive by Morgan Stanley [6] Price Movements and Inventory Changes Base Metals - **Copper**: Prices decreased by 1.5% week-over-week (WoW), with inventories down by 1.2% WoW [2] - **Aluminum**: Prices fell by 1.3% WoW, while inventories increased by 1.5% WoW [2] - **Gold**: Price decreased by 1.4% WoW, settling at US$3,290 per ounce [2] Battery Metals - **Lithium Hydroxide**: Prices for industrial-grade and battery-grade lithium hydroxide rose by 9.4% and 8.5% WoW, respectively [2] - **Lithium Carbonate**: Prices for industrial-grade and battery-grade lithium carbonate increased by 1.5% and 2.1% WoW, respectively [2] Steel - **HRC and CRC Prices**: Shanghai HRC prices increased by 0.9% WoW, while CRC prices decreased by 0.2% WoW [3] - **Rebar**: Prices rose by 2.3% WoW [3] - **Long Steel Inventories**: Increased by 3.3% WoW [3] Cement and Coal - **Cement Prices**: Decreased by 0.6% WoW to Rmb323 per ton [3] - **Coal Prices**: QHD5500 coal prices increased by 0.5% WoW to Rmb665 per ton, with inventories dropping by 10.8% WoW [3] Glass - **Glass Fiber Prices**: Average prices declined by 1.3% WoW to Rmb3,850 per ton [4] - **Float Glass Prices**: Increased by 2.8% WoW to Rmb1,317 per ton [4] Regulatory Environment - **NDRC Initiatives**: The National Development and Reform Commission (NDRC) is promoting a unified national market and aims to eliminate 'involution-style' competition [8] - **CISA Recommendations**: The China Iron and Steel Association (CISA) emphasized the need for regional and product self-discipline, urging enterprises to control production and stabilize prices [8] Analyst Insights - **Analyst Team**: The report includes insights from multiple equity analysts at Morgan Stanley, indicating a collaborative approach to research [5] - **Investment Banking Relationships**: Morgan Stanley has disclosed its investment banking relationships with several companies in the materials sector, which may influence research objectivity [6][18] Stock Ratings - **Coverage Universe**: The report lists various companies within the Greater China Materials sector, with ratings ranging from Overweight to Underweight [62][64] - **Notable Companies**: Companies such as Aluminum Corp. of China Ltd. and Ganfeng Lithium Co. Ltd. are highlighted with their respective ratings [62][64] Conclusion - The Greater China Materials sector is experiencing mixed price movements across various commodities, with regulatory efforts aimed at stabilizing the market. Analysts maintain an attractive outlook for the industry, supported by ongoing price adjustments and inventory management strategies.
中国基础材料监测:2025 年 7 月 -需求走弱,供应面改善尚不明朗-China Basic Materials Monitor_ July 2025_ weakening demand, while supply work has yet to firm up
2025-07-22 01:59
Summary of China Basic Materials Monitor - July 2025 Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting the current state of demand and supply dynamics as of July 2025. Key Points Demand Trends - **End-user orderbooks** showed a mild month-over-month (MoM) increase but remained at low levels, indicating weak overall demand [1] - **Infrastructure construction** has weakened significantly, with a noticeable deceleration in new project starts due to ongoing funding constraints and stringent payment requirements [1] - **Metal demand** has softened, with signs of inventory buildup in the supply chain, influenced by seasonal softness and a sequential correction in domestic solar demand [1] - Current Chinese demand is reported to be **7-11% lower year-over-year (YoY)** for cement and construction steel, and **1-10% lower** for copper, flat steel, and aluminum [1] Supply Dynamics - The determination on supply adjustments remains mixed, with: - **Steel production cuts** beginning but with heterogeneous targets discussed [1] - Local government commitments on capacity elimination in cement being absent [1] - Marginal coal miners showing reluctance to cut production amid poor pricing [1] - Surprises in the oversupplied lithium market due to mining license approval inspections [1] - Recent weeks have seen improvements in margins/pricing for steel, coal, and lithium, while cement, aluminum, and copper prices have weakened [1] Producer Feedback - A proprietary survey indicated that **31% of respondents** in downstream sectors and **30%** in basic materials reported a MoM pickup in July, while **25%** and **24%** indicated a lower MoM trend, respectively [2] Additional Insights - The report emphasizes the **importance of funding** in infrastructure projects, which is currently constrained, affecting new project initiations [1] - The **mixed signals** in supply adjustments suggest a complex market environment where producers are navigating between demand pressures and pricing strategies [1] Conclusion - The China Basic Materials industry is experiencing a challenging environment characterized by weakening demand, mixed supply responses, and significant pressures on pricing and margins across various materials. The insights from producer feedback and high-frequency data provide a nuanced understanding of the current market dynamics, indicating potential risks and opportunities for investors in this sector.
LSEG跟“宗” | 关税令美元铜价急升 9月美减息几率下降
Refinitiv路孚特· 2025-07-16 03:00
Core Insights - The article discusses the current sentiment and price predictions for precious metals, particularly focusing on gold, silver, and copper, influenced by U.S. market conditions and geopolitical factors [2][25]. Group 1: Market Sentiment and Predictions - The prediction for copper has changed due to the U.S. stock market reaching historical highs, which has increased speculative sentiment and supported copper prices despite potential tariffs [2][18]. - The World Gold Council reported a significant inflow into gold ETFs, with a net inflow of $380 billion in the first half of the year, the highest since the pandemic began [2][26]. - The gold price has accumulated a 25.7% increase year-to-date, while fund long positions have decreased by 13.3% [7][9]. Group 2: Fund Positions and Market Dynamics - As of July 8, net long positions in COMEX gold decreased by 1.4% to 419 tons, while net long positions in silver decreased to 6,781 tons, marking a 4.4% decline [3][7]. - The gold/silver ratio indicates market sentiment, with a current ratio of 87.46, reflecting a decline of 3.3% week-over-week, suggesting high risk awareness in the market [22]. - The article highlights that the market is anticipating a potential interest rate cut by the U.S. Federal Reserve in September, which is influencing stock market dynamics and precious metal prices [23][25]. Group 3: Geopolitical Influences - The potential imposition of a 50% tariff on copper imports by the U.S. has created uncertainty, leading to a temporary spike in copper prices, but fundamentally could reduce demand [2][25]. - The article notes that geopolitical risks, including U.S.-China relations and the ongoing Ukraine conflict, are likely to impact market conditions and investor sentiment in the coming months [29][30]. Group 4: Investment Trends - The article suggests that the investment community is increasingly focused on ESG (Environmental, Social, and Governance) factors, which may be affecting the performance of mining stocks relative to the underlying commodities [20]. - The North American region has seen a strong increase in gold ETF inflows, contrasting with a modest 1.7% increase in Asia, indicating shifting investment patterns [26].
Global Commodities_ The Week in Commodities
2025-07-07 00:51
Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **global commodities market**, with a focus on **oil**, **agricultural commodities**, and **metals**. Core Insights and Arguments Oil Market Insights - There is a **21% risk of major supply disruption** in Gulf energy production flows, with potential crude prices reaching **$120-130** per barrel [5] - The current stability in oil prices is attributed to energy infrastructure being largely spared from direct attacks, with oil tanker transit through the **Strait of Hormuz** remaining steady [5] - Brent oil prices are averaging just under **$67** per barrel, aligning with forecasts for **2Q25** [5] - Oil is expected to trade in the **low-to-mid $60 range** for the remainder of **2025**, assuming the risk premium dissipates [5] - The US has outlined red lines for actions that would trigger a decisive response, which Iran's leadership historically seeks to avoid [5] Agricultural Market Outlook - Agricultural markets are trading below producer gross margins, indicating a **negative risk premium** across grain, sugar, and cotton markets [6] - The **BCOM Agri Index** is down **4% YTD**, reflecting a multi-year decline in global agricultural commodity availability through **2025/26** [6] - The upcoming **USDA acreage and stocks reports** are expected to be market-moving, with a heavy investor short across row crops [9] Metals Market Insights - Weakness in **gold jewelry demand** is noted, but it is not expected to significantly impact overall gold prices, which are forecasted to reach **$4,000/oz** [11] - The **copper market** is experiencing a slowdown in demand trends, particularly in China, with a **5% output slowdown** in steel production observed [17] - The **US oil-focused rig count** has declined by **six**, indicating a structural downtrend in activity, particularly in the **Niobrara** and **Anadarko Basin** [10] Inventory and Demand Trends - Global oil demand expanded by **400 kbd** in May, while observable liquid inventories built by **2.8 mbd** [20] - OECD oil product inventories are starting to build, indicating a shift in market dynamics [7] - Total liquid inventories globally have increased by **9 mb** in the third week of June, marking the highest rate of build in **13 months** [9] Other Important Insights - The geopolitical landscape, particularly tensions involving Iran, is influencing market dynamics and risk premiums across energy markets [3][19] - The **natural gas market** remains stable despite geopolitical tensions, with current price levels sufficient to meet revised storage targets [11] - The **global commodity market open interest** has stabilized at recent highs, but contract-based flows have declined by **20%** week-over-week [12] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the global commodities market.
X @Bloomberg
Bloomberg· 2025-06-30 12:30
Russian base metals sales to China surged in the first five months of 2025, underscoring its economic dependence on its Asian neighbor even as the country seeks to diversify trade https://t.co/4MKfGg2cjI ...
高盛:铜_因关税引发对美国以外地区供应短缺的担忧加剧,上调 2025 年下半年价格预测
Goldman Sachs· 2025-06-26 14:09
Investment Rating - The report upgrades the 2H 2025 LME copper price forecast to an average of $9,890 per ton from $9,140 previously, with expectations of a peak price of $10,050 in August before declining to $9,700 by December [2][4][27]. Core Insights - The ongoing US Section 232 copper investigation has led to significant dislocation between LME and COMEX copper prices, causing over-imports of approximately 400,000 tons of copper into the US this year, resulting in US inventory levels rising to over 100 days of consumption [4][6][14]. - Despite a global surplus in the copper market, fears of a regional shortage outside the US have emerged, tightening the ex-US copper market [4][14]. - The report anticipates a 25% tariff on US copper imports by September, which is expected to impact US inventories and the overall market dynamics [4][21][43]. Summary by Sections Price Forecast - The LME copper price is expected to rise to a peak of $10,050 in August 2025, driven by tariff-related reductions in ex-US stocks and resilient activity in China [4][27][28]. - The forecast reflects a significant upward revision due to higher-than-expected US over-imports and stable Chinese economic sentiment [28][34]. Market Dynamics - The report highlights a significant backwardation in LME timespreads, indicating tightness in the market, with cash contracts trading at a premium to the 3-month contracts [4][9][12]. - The anticipated tariff could lead to a reduction in US imports, tightening the ex-US market further, while US inventories are expected to increase by 150,000 tons in Q3 before declining in Q4 [21][22]. Global Supply and Demand - The global copper market is projected to remain in a modest surplus, with a refined copper surplus of approximately 400,000 tons in the US for 2025, while deficits are expected in China and the rest of the world [14][19][20]. - The report notes a slowdown in solar demand growth, which has been a significant driver of copper demand, leading to adjustments in production forecasts for major mines [38][41].