2025/8/26 13:41 企业微信截图_17561862784725.png (2702×4287) | | | | 有色金属现货升贴7 | | | --- | --- | --- | --- | --- | | 国投期货有色金属团队 | | | | 2025/8/26 | | SMM 1#电解铜-平均价 | | 涨跌 | SMM平水铜升贴水 | 涨跌 | | 铜 | 79585 | 190 | ે છે છે છે છે છ | -5 | | SMM A00铝-平均价 | | 涨跌 | SMM A00铝升贴水 | 涨跌 | | 铝 | 20780 | 0 | 0 | -20 | | 氧化铝(山西) | | 涨跌 | 澳洲氧化铝FOB-平均价 ( 美元 ) | 涨跌(美元) | | 3205 | | -10 | 372 | 0 | | SMM 1#铅锭-平均价 | | 涨跌 | SMM 1#铅锭对当月期货10:15升贴水 | 涨跌 | | 铝 | 16800 | 50 | -105 | 10 | | 再生精铅-平均价 | | 再生铅均价-涨跌 | 精废价差 | 涨跌 | | 16750 | | 50 | ...

【解剖大盘】 隔夜美股三大指数均出现调整，欧洲也出现麻烦，法国总理贝鲁已决定就其大幅削减预算的计划启动不 信任投票，但三个主要反对党均称不会支持该投票。法国股市领跌欧洲，法国CAC 40指数下跌超过 2%。港股昨日发力过猛，今天调整一下也正常。收盘跌1.18%。 华尔街对美联储降息的乐观情绪还没捂热，特朗普威胁要罢免美联储理事丽莎·库克(Lisa Cook)的举动 又引发担忧。Cook的任期原定于2038年才结束，若成功罢免库克，特朗普将有机会在美联储七人理事 会中确保四人的多数席位，从而可能对未来的货币政策产生直接影响。美联储的独立性一旦遭到质疑， 那么对于美元资产的信心就会动摇。投资者就会将目光转向黄金、日元等传统避险资产以及加密货币。 黄金股再度走强，如中国黄金国际(02099)中报扭亏，主业增长势头很猛，后续产能还有较大的提升空 间，如再甲玛矿、尤隆布尾矿库，此外，公司在八一牧场和则古朗北两个探矿区开展探矿工作，已显示 出很大资源潜力，有望支撑未来更大规模的扩产。今天大涨超10%，其它品种灵宝黄金(03330)也涨超 9%；招金矿业(01818)、山东黄金(01787)涨超4%。 特朗普再度挥舞关税大 ...

美国内政部地质勘探局周一提议将铜、硅、银、钾等六种矿产添加至2025年关键矿产清单草案，称这些资源对美国经济和国家安全至关 重要。 美国内政部地质勘探局拟新增的六种关键矿产分别是铜、钾、硅、银、铅和铼，声明称这些矿物对美国经济发展和国家安全具有战略意 义。根据两党政策中心的分析，关键矿产清单通常每三年更新一次。 铜作为优良导电体被广泛应用于交通、国防和美国电力网络建设，随着数据中心和人工智能发展带动电力需求上升，铜的战略重要性日 益凸显。钾则主要用于肥料生产，对保障农业生产安全具有重要意义。 美国内政部长Doug Burgum强调，此次关键矿产清单更新"提供了减少美国对进口依赖和扩大国内生产的路线图"，彰显了特朗普政府对 提升国内关键资源供应链安全的重视。 被列入关键矿产清单的资源将获得多项政策优势。据两党政策中心分析，相关矿产项目可获得联邦资金支持、享受简化的许可审批流 程，同时因对进口产品征收费用而增强国内企业竞争力。 冶金煤和铀未被纳入，砷碲被踢出清单 值得注意的是，尽管特朗普今年签署的行政命令指示内政部评估是否应将冶金煤（用于钢铁生产的煤）和铀（核电站燃料）纳入关键矿 产清单，但这两种矿物并未出现在本 ...

美国内政部下属机构地质调查局在《联邦公报》上公布了这份合计54种矿产的清单草案，并将在30天内公开征求公众意见。 此次最新被提议加入清单的有六种矿产，包括铜、钾碱、硅、白银、铅和铼。此外，美国地质调查局还表示，拟对铀和冶金煤的纳入可能性 进行分析。砷和碲则被建议从清单中移除。 美国政府周一提议将铜、硅、银等列入2025年关键矿物清单，因它们对美国经济和国家安全至关重要。 国际铜业协会全球总裁胡安·伊格纳西奥·迪亚兹表示，"铜完全符合这一(关键矿产)标准：它不仅是电气化、国防和清洁能源的基石，其供 应链也日益承压。承认铜的关键性符合美国利益，这将巩固其竞争力和能源转型的基础。" 行业游说组织美国肥料协会此前则一直在推动将钾碱列为关键矿物， 以便为关税豁免提供更充分理由。 特朗普政府于3月发布了一项单独 行政命令，支持包括关键作物肥料钾碱在内的矿物提高国内产量。 美国使用的钾碱大部分从加拿大进口，该国约占该矿物进口量的80%。根据北美自由贸易协定下的商品豁免条款，这些供应目前尚未被征收 关税。 该公告发布后，在美上市的化肥企业股价一度应声上涨，其中Mosaic涨幅一度达4.5%，Nutrien攀升2.9%，随后涨 ...

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Report's Core View The report presents the average prices, price changes, and spot premiums/discounts of various non - ferrous metals on August 21, 2025, including copper, aluminum, lead, zinc, tin, nickel, silicon, and lithium [1]. 3) Summary by Metals Copper - SMM 1 electrolytic copper average price is 78,800, up 30; SMM flat - water copper premium is 120, down 35 [1]. Aluminum - SMM A00 aluminum average price is 20,680, up 160; SMM A00 aluminum premium is 20, up 20. Alumina (Shanxi) average price is 3,220, unchanged; Australian alumina FOB average price is 372 dollars, unchanged [1]. Lead - SMM 1 lead ingot average price is 16,675, up 75; SMM 1 lead ingot premium to the current - month futures at 10:15 is - 100, down 5. Recycled refined lead average price is 16,675, up 50; the price difference between refined and scrap lead is 0, up 25 [1]. Zinc - SMM 0 zinc ingot average price is 22,230, up 60; SMM 0 zinc ingot premium to the current - month futures at 10:15 is - 40, down 5 [1]. Tin - SMM 1 tin average price is 266,800, down 700; SMM 1 tin premium to the current - month futures at 10:15 is 250, up 610. 40% tin concentrate (Yunnan) average price is 254,800, down 700; the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.50% [1]. Nickel - 1 imported nickel average price is 120,250, up 200; 1 imported nickel premium to the Shanghai nickel contract is 400, up 50. 1 Jinchuan nickel average price is 122,350, up 250; 1 Jinchuan nickel premium to the Shanghai nickel contract is 2,500, up 100 [1]. Silicon - Oxygen - passing 553 (Xinjiang) average price plus 800 (with a regional discount of 200 and quality impurity removal) is 9,500, unchanged; 553 silicon spot premium to the current - month futures at 10:15 is 940, down 300. 421 silicon (Kunming) average price is 9,850, polycrystalline silicon dense material average price is 0, granular silicon average price is 0, and N - type polycrystalline silicon material average price is 49 [1]. Lithium - Battery - grade lithium carbonate average price is 85,200, down 500; battery - grade lithium carbonate premium to the current - month futures at 10:15 is 2,660, down 1,980. Industrial - grade lithium carbonate average price is 82,900; the price difference between battery - grade and industrial - grade lithium carbonate is 2,300, unchanged [1]. Analysts - Xiao Jing, Chief Analyst, studies copper and tin, with从业资格证号 F3047773 and investment consulting number Z0014087 [1]. - Liu Dongbo, Senior Analyst, studies aluminum, alumina, and gold, with从业资格证号 F3062795 and investment consulting number Z0015311 [1]. - Wu Jiang, Senior Analyst, studies nickel and stainless steel, silver, and lithium carbonate, with从业资格证号 F3085524 and investment consulting number Z0016394 [1]. - Sun Fangfang, Intermediate Analyst, studies lead and zinc, with从业资格证号 F03111330 and investment consulting number Z0018905 [1]. - Zhang Xiurui, Intermediate Analyst, studies industrial silicon, with从业资格证号 F03099436 and investment consulting number Z0021022 [1].

Group 1: Metal Price and Change - SMM 1 electrolytic copper average price is 78,770, down 330; SMM flat - water copper premium is 155, down 15 [1] - SMM A00 aluminum average price is 20,520, down 70; SMM A00 aluminum premium is 0, up 20 [1] - Alumina (Shanxi) price is 3,220, down 5; Australian alumina FOB average price is 372 dollars, up 2 dollars [1] - SMM 1 lead ingot average price is 16,600, down 75; SMM 1 lead ingot premium to current - month futures at 10:15 is - 95, up 35 [1] - Recycled refined lead average price is 16,625, down 50; refined - scrap price difference is - 25, down 25 [1] - SMM 0 zinc ingot average price is 22,170, down 30; SMM 0 zinc ingot premium to current - month futures at 10:15 is - 35, up 5 [1] - SMM 1 tin average price is 267,500, up 1300; SMM 1 tin premium to current - month futures at 10:15 is - 360, down 666 [1] - 40% tin concentrate (Yunnan) average price is 255,500, up 1300; 40% tin concentrate (Yunnan)/SMM 1 tin ratio is 95.51% [1] - 1 imported nickel average price is 120,050, down 775; 1 imported nickel premium to SHFE nickel contract average price is 350, unchanged [1] - 1 Jinchuan nickel average price is 122,100, down 725; 1 Jinchuan nickel premium to SHFE nickel contract average price is 2400, up 50 [1] - Silicone 553 (Xinjiang) price is 9,500, down 200; 553 spot premium to current - month futures at 10:15 is 1240, up 175 [1] - 421 silicon (Kunming) average price is 9,850; polysilicon dense material average price is 0; granular silicon average price is 0; N - type polysilicon material average price is 47 [1] - Battery - grade lithium carbonate average price is 85,700, unchanged; battery - grade lithium carbonate premium to current - month futures at 10:15 is 4640, up 7420 [1] - Industrial - grade lithium carbonate average price is 83,400; battery - industrial lithium carbonate price difference is 2300, unchanged [1] Group 2: Analyst Information - Xiao Jing is the chief analyst, researching copper and tin, with从业资格证号 F3047773 and investment consulting number Z0014087 [1] - Liu Dongxia is a senior analyst, researching aluminum, alumina and gold, with从业资格证号 F3062795 and investment consulting number Z0015311 [1] - Wu Jiang is a senior analyst, researching nickel and stainless steel, silver and lithium carbonate, with从业资格证号 F3085524 and investment consulting number Z0016394 [1] - Sun Fangfang is a middle - level analyst, researching aluminum and zinc, with从业资格证号 F03111330 and investment consulting number Z0018905 [1] - Zhang Xiurui is a middle - level analyst, researching industrial silicon, with从业资格证号 F03099436 and investment consulting number Z0021022 [1]

Group 1: Metal Prices and Changes - The average price of SMM 1 electrolytic copper is 79,180 with a decrease of 255, and the SMM flat - water copper premium is 150 with a decrease of 10 [1] - The average price of SMM A00 aluminum is 20,710 with no change, and the SMM A00 aluminum premium is 0 with a decrease of 10 [1] - The price of alumina (Shanxi) is 3,240 with no change, and the average FOB price of Australian alumina is 370 dollars with no change [1] - The average price of SMM 1 lead ingot is 16,700 with no change, and the premium of SMM 1 lead ingot to the current - month futures at 10:15 is - 60 with a decrease of 10 [1] - The average price of recycled refined lead is 16,725 with no change, and the refined - scrap price difference is - 25 with no change [1] - The average price of SMM 0 zinc ingot is 22,450 with a decrease of 60, and the premium of SMM 0 zinc ingot to the current - month futures at 10:15 is - 45 with a decrease of 45 [1] - The average price of SMM 1 tin is 266,000 with a decrease of 3,500, and the premium of SMM 1 tin to the current - month futures at 10:15 is 700 with a decrease of 700 [1] - The average price of 40% tin concentrate (Yunnan) is 254,000 with a decrease of 3,500, and the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.49% [1] - The average price of 1 imported nickel is 120,775 with a decrease of 1,925, and the average premium of 1 imported nickel to the Shanghai nickel contract is 400 with no change [1] - The average price of 1 Jinchuan nickel is 122,575 with a decrease of 1,825, and the average premium of 1 Jinchuan nickel to the Shanghai nickel contract is 2,200 with an increase of 100 [1] - The average price of oxygen - permeable 553 (Xinjiang) plus 800 (with a regional discount of 200 for quality impurity removal) is 9,700 with a decrease of 100, and the premium of 553 spot to the current - month futures at 10:15 is 1,090 with an increase of 45 [1] - The average price of 421 silicon (Kunming) is 9,950, the average price of polycrystalline silicon dense material is 0, the average price of granular silicon is 0, and the average price of N - type polycrystalline silicon material is 47 [1] - The average price of battery - grade lithium carbonate is 82,700 with an increase of 700, and the premium of battery - grade lithium carbonate to the current - month futures at 10:15 is - 2,820 with an increase of 1,180 [1] - The average price of industrial - grade lithium carbonate is 80,400, the difference between battery - grade and industrial - grade lithium carbonate is 2,300 with an increase of 50 [1] Group 2: Analysts Information - Xiao Jing is the chief analyst, researching copper and tin, with a qualification certificate number of F3047773 and an investment consulting number of Z0014087 [1] - Liu Dongxia is a senior analyst, researching aluminum, alumina, and gold, with a qualification certificate number of F3062795 and an investment consulting number of Z0015311 [1] - Wu Jiang is a senior analyst, researching nickel, stainless steel, silver, and lithium carbonate, with a qualification certificate number of F3085524 and an investment consulting number of Z0016394 [1] - Sun Fangfang is a mid - level analyst, researching aluminum and zinc, with a qualification certificate number of F03111330 and an investment consulting number of Z0018905 [1] - Zhang Xiurui is a mid - level analyst, researching industrial silicon, with a qualification certificate number of F03099436 and an investment consulting number of Z0021022 [1]

Report Summary Core View - The report presents the average prices, price changes, and spot-futures spreads of various non-ferrous metals and related products on August 14, 2025, including copper, aluminum, lead, zinc, tin, nickel, silicon, and lithium carbonate [1]. Summary by Metal Copper - SMM 1 electrolytic copper average price was 79,435 yuan, down 40 yuan; SMM flat copper spot-futures spread was 160 yuan, down 5 yuan [1]. Aluminum - SMM A00 aluminum average price was 20,710 yuan, down 50 yuan; SMM A00 aluminum spot-futures spread was 10 yuan, up 30 yuan; Alumina (Shanxi) price was 3,240 yuan, unchanged; Australian alumina FOB average price was 370 dollars, unchanged [1]. Lead - SMM 1 lead ingot average price was 16,700 yuan, down 50 yuan; SMM 1 lead ingot spot-futures spread at 10:15 was -50 yuan, up 60 yuan; Recycled refined lead average price was 16,725 yuan, down 25 yuan; Scrap refined lead price difference was -25 yuan, down 25 yuan [1]. Zinc - SMM 0 zinc ingot average price was 22,510 yuan, down 50 yuan; SMM 0 zinc ingot spot-futures spread at 10:15 was 0 yuan, up 35 yuan [1]. Tin - SMM 1 tin average price was 269,500 yuan, down 700 yuan; SMM 1 tin spot-futures spread at 10:15 was 1,400 yuan, up 800 yuan; 40% tin concentrate (Yunnan) average price was 257,500 yuan, down 700 yuan; 40% tin concentrate (Yunnan)/SMM 1 tin ratio was 95.55% [1]. Nickel - 1 imported nickel average price was 122,700 yuan, down 450 yuan; 1 imported nickel spot-futures spread was 400 yuan, unchanged; 1 Jinchuan nickel average price was 124,400 yuan, down 400 yuan; 1 Jinchuan nickel spot-futures spread was 2,100 yuan, up 50 yuan [1]. Silicon - Oxygenated 553 (Xinjiang) average price plus 800 yuan (with regional discount of 200 yuan and quality impurity removal) was 9,800 yuan, unchanged; 553 silicon spot-futures spread at 10:15 was 1,045 yuan, up 70 yuan; 421 silicon (Kunming) average price was 10,000 yuan; Polysilicon dense material average price was 0 yuan; Granular silicon average price was 0 yuan; N-type polysilicon material average price was 47 yuan [1]. Lithium Carbonate - Battery-grade lithium carbonate average price was 82,000 yuan, up 1,000 yuan; Battery-grade lithium carbonate spot-futures spread at 10:15 was -4,000 yuan, down 640 yuan; Industrial-grade lithium carbonate average price was 79,750 yuan; Battery-industrial grade lithium carbonate price difference was 2,250 yuan, up 50 yuan [1].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View No information provided. 3) Summary by Related Catalog - **Copper**: The average price of SMM 1 electrolytic copper is 79,150, up 620, and the SMM flat - water copper premium is 110, up 15 [1]. - **Aluminum**: The average price of SMM A00 aluminum is 20,630, down 20, and the SMM A00 aluminum premium is - 50, with no change. The price of alumina (Shanxi) is 3240, with no change, and the average FOB price of Australian alumina is 375 dollars, with no change [1]. - **Lead**: The average price of SMM 1 lead ingot is 16,725, with no change, and the premium of SMM 1 lead ingot to the current - month futures at 10:15 is - 110, down 10. The average price of recycled refined lead is 16,750, with no change, and the refined - scrap price difference is - 25, with no change [1]. - **Zinc**: The average price of SMM 0 zinc ingot is 22,530, up 60, and the premium of SMM 0 zinc ingot to the current - month futures at 10:15 is - 30, down 20 [1]. - **Tin**: The average price of SMM 1 tin is 268,000, with no change, and the premium of SMM 1 tin to the current - month futures at 10:15 is 600, down 570. The average price of 40% tin concentrate (Yunnan) is 256,000, with no change, and the ratio of 40% tin concentrate (Yunnan) to SMM 1 tin is 95.52% [1]. - **Nickel**: The average price of 1 imported nickel is 122,100, up 950, and the average premium of 1 imported nickel to the Shanghai nickel contract is 350, with no change. The average price of 1 Jinchuan nickel is 123,950, up 900, and the average premium of 1 Jinchuan nickel to the Shanghai nickel contract is 2200, down 50 [1]. - **Silicon**: The average price of oxygen - passing 553 (Xinjiang) silicon is 9700, up 150, and the premium of 553 silicon spot to the current - month futures at 10:15 is 840, down 195. The average price of 421 silicon (Kunming) is 10,000, the average price of polycrystalline silicon dense material is 0, the average price of granular silicon is 0, and the average price of N - type polycrystalline silicon material is 47 [1]. - **Lithium**: The average price of battery - grade lithium carbonate is 74,500, up 2600, and the premium of battery - grade lithium carbonate to the current - month futures at 10:15 is - 6060, down 4300. The average price of industrial - grade lithium carbonate is 72,300, the difference between battery - grade and industrial - grade lithium carbonate is 2200, up 100 [1].

Group 1: Metal Price Changes on August 6, 2025 - SMM 1 electrolytic copper average price was 78,350, down 265; SMM flat - copper premium was 65, down 45 [1] - SMM A00 aluminum average price was 20,630, up 110; SMM A00 aluminum premium was - 40, unchanged [1] - Alumina (Shanxi) price was 3240, unchanged; Australian alumina FOB average price was 375 dollars, unchanged [1] - SMM 1 lead ingot average price was 16,725, up 125; SMM 1 lead ingot premium to the current - month futures at 10:15 was - 80, down 50 [1] - Recycled refined aluminum average price was 16,750, up 150; refined - scrap price difference was - 25, down 25 [1] - SMM 0 zinc ingot average price was 22,330, up 30; SMM 0 zinc ingot premium to the current - month futures at 10:15 was 5, down 30 [1] - SMM 1 tin average price was 267,600, up 600; SMM 1 tin premium to the current - month futures at 10:15 was 570, up 20 [1] - 40% tin concentrate (Yunnan) average price was 255,600, up 600; 40% tin concentrate (Yunnan)/SMM 1 tin ratio was 95.52% [1] - 1 imported nickel average price was 121,300, up 200; 1 imported nickel premium to SHFE nickel contract average price was 350, unchanged [1] - 1 Jinchuan nickel average price was 123,200, up 200; 1 Jinchuan nickel premium to SHFE nickel contract average price was 2250, unchanged [1] - Oxygen - passed 553 (Xinjiang) average price (with 800 regional discount and 200 quality impurity removal) was 9550, unchanged; 553 spot premium to the current - month futures at 10:15 was 1000, down 180 [1] - 421 silicon (Kunming) average price was 10,000, unchanged; polysilicon dense material average price was 0; granular silicon average price was 0; N - type polysilicon material average price was 47 [1] - Battery - grade lithium carbonate average price was 70,950, down 250; battery - grade lithium carbonate premium to the current - month futures at 10:15 was 2690, up 1130 [1] - Industrial - grade lithium carbonate average price was 68,850, up 2100; refined - industrial lithium carbonate price difference was 0 [1] Group 2: Analyst Information - Xiao Jing, Chief Analyst, studies copper and tin, with qualification number F3047773 and investment consulting number Z0014087 [1] - Liu Dongbo, Senior Analyst, studies aluminum, alumina, and gold, with qualification number F3062795 and investment consulting number Z0015311 [1] - Wu Jiang, Senior Analyst, studies nickel, stainless steel, silver, and lithium carbonate, with qualification number F3085524 and investment consulting number Z0016394 [1] - Sun Fangfang, Intermediate Analyst, studies aluminum and zinc, with qualification number F03111330 and investment consulting number Z0018905 [1] - Zhang Xiurui, Intermediate Analyst, studies industrial silicon, with qualification number F03099436 and investment consulting number Z0021022 [1]