商品研究晨报
观点与策略 黄金：沪金强势突破历史新高........................................................................................................................................................3白银：震荡回调，关注多头机会....................................................................................................................................................3铜：美元上涨，施压价格..................................................................................................................................................................5铝：19500关口关键阻力未破.........................................................................................................................................................7氧化铝：高位回调................................................................................................................................................................................7锌：矛盾暂不突出，高位震荡........................................................................................................................................................9铅：交割临近，高位波动...............................................................................................................................................................11镍：库存边际累增，供需面压力仍存........................................................................................................................................13不锈钢：成本支撑预期坚挺，钢厂利润边际收窄................................................................................................................13锡：受支撑反弹..................................................................................................................................................................................15工业硅：现货紧缺格局依旧，关注上方空间..........................................................................................................................17碳酸锂：储能需求环比回落..........................................................................................................................................................19铁矿石：需求驱动有限，估值修整............................................................................................................................................21螺纹钢：需求低迷，偏弱震荡......................................................................................................................................................23热轧卷板：库存持续积累，偏弱震荡........................................................................................................................................23硅铁：静态矛盾不足，震荡延续.................................................................................................................................................25锰硅：需求相对坚挺，价有支撑.................................................................................................................................................25焦炭：一轮提涨开启，高位震荡.................................................................................................................................................27焦煤：高位震荡..................................................................................................................................................................................27动力煤：市场情绪有所转弱..........................................................................................................................................................29集运指数（欧线）：估值偏高，或延续弱势............................................................................................................................31玻璃：市场或逐步走弱....................................................................................................................................................................34PTA：9月回调，压缩加工费........................................................................................................................................................36MEG：趋势偏弱..................................................................................................................................................................................36橡胶：震荡偏弱..................................................................................................................................................................................39合成橡胶：短期有所回调，中期企稳运行..............................................................................................................................41沥青：成本支撑，高位运行..........................................................................................................................................................43LLDPE：短期回调，偏弱运行.......................................................................................................................................................45PP:中期调整或来临.........................................................................................................................................................................47纸浆：震荡运行...................................................................................................................................................................