铜铝周报：低库存给予铜铝支撑

请务必阅读文末免责条款铜铝周报（仅供参考，不构成任何投资建议） 专业研究·创造价值有色金属姓名：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。 专业研究·创造价值正文目录1宏观因素....................................................................42铜..........................................................................52.1量价走势...............................................................52.2铜矿加工费持续下降.....................................................62.3电解铜季节性去库.......................................................62.4下游初端...............................................................73铝..........................................................................73.1量价走势...............................................................73.2上游产业链.............................................................83.3电解铝季节性去库.......................................................93.4下游初端..............................................................104结论.......................................................................11 2/12请务必阅读文末免责条款 专业研究·创造价值图表目录图1美元走势................................................................................................................................................................4图2铜期价走势...........................................................................................................................................................5图3铜沪伦比值...........................................................................................................................................................5图4 1#电解铜升贴水季节性....................................................................................................................................5图5伦铜升贴水季节性..............................................................................................................................................5图6沪铜持仓................................................................................................................................................................5图7 COMEX非商业多头净持仓.............................................................................................................................5图8铜精矿港口库存..................................................................................................................................................6图9铜精矿TC加工费...............................................................................................................................................6图10国内电解铜社会库存.......................................................................................................................................6图11海外期货库存（COMEX+LME）.................................................................................................................6图12铜下游月度产能利用率..................................................................................................................................7图13铝价走势..............................................................................................................................................................7图14铝沪伦比值.........................................................................................................................................................7图15伦铝升贴水.........................................................................................................................................................8图16沪铝现货升贴水................................................................................................................................................8图17沪铝月差..............................................................................................................................................................8图18沪铝月差季节性................................................................................................................................................8图19铝土矿港口库存................................................................................................................................................8图20氧化铝价格.........................................................................................................................................................9图21海外电解铝库存（LME+COMEX）............................................................................................................9图22国内电解铝社库................................................................................................................................................9图23铝棒产能利用率..............................................................................................................................................10图24 6063铝棒加工费（平均价）.....................................................................................................................10图25 6063铝棒库存..............................................................................................................................................