有色金属周报：铜TC长单超预期，冶炼减产渐近

朗普政府多项关税行政令；次日，联邦巡回上诉法院批准特朗普政府的请求，暂时中止该裁决。 本周行情综述百分点，同比上升17.32个百分点。土矿矿权事件暂无进展，其影响逐渐缓和。关注华锡有色、湖南黄金。其他环节库存3.37万吨，环比-0.02万吨；合计库存13.16万吨，环比-0.02万吨。-0.9%至4.86万元/吨，四氧化三钴价-1.3%至20.34万元/吨。港口镍矿库存-5.63万吨至726万吨。风险提示供给不及预期；新能源产业景气度不及预期；宏观经济波动。 敬请参阅最后一页特别声明 敬请参阅最后一页特别声明内容目录一、大宗及贵金属行情综述........................................................................5二、大宗及贵金属基本面更新......................................................................52.1铜......................................................................................52.2铝......................................................................................62.3贵金属..................................................................................7三、小金属及稀土行情综述........................................................................8四、小金属及稀土基本面更新......................................................................94.1稀土....................................................................................94.2钨.....................................................................................104.3钼.....................................................................................104.4锑.....................................................................................104.5锡.....................................................................................114.6镁.....................................................................................114.7钒.....................................................................................124.8锗.....................................................................................124.9锆.....................................................................................124.10钛....................................................................................13五、能源金属行情综述...........................................................................14六、能源金属基本面更新.........................................................................156.1锂.....................................................................................156.2钴.....................................................................................166.3镍.....................................................................................17七、风险提示...................................................................................17 敬请参阅最后一页特别声明图表目录图表1：铜价走势...............................................................................5图表2：海外铜库存（LME+COMEX）（万吨）.........................................................5图表3：铜TC&硫酸价格..........................................................................6图表4：铜期限结构（美元/吨）..................................................................6图表5：铝价走势...............................................................................6图表6：吨铝利润（元/吨）......................................................................6图表7：海外铝库存（LME+COMEX）（万吨）.........................................................6图表8：铝期限结构（美元/吨）..................................................................6图表9：金价&实际利率..........................................................................7图表10：黄金库存..............................................................................7图表11：金银比................................................................................7图表12：黄金ETF持仓..........................................................................7图表13：氧化镨钕价格平稳（万元/吨）...........................................................9图表14：氧化镝、氧化铽价格上行（万元/吨）.....................................................9图表15：氧化镧、氧化铈价格下降（万元/吨）.....................................................9图表16：钕铁硼价格承压（万元/吨）.............................................................9图表17：稀土月度出口量下降（吨）..............................................................9图表18：稀土永磁月度出口上升（吨）............................................................9图表19：钨精矿与仲钨酸铵价格上涨（万元/吨）..................................................10图表20：钨精矿与仲钨酸铵库存高位（吨）.......................................................10图表21：钼精矿与钼铁价格趋稳（元/吨）........................................................10图表22：钼精矿与钼铁库存回升（吨）...........................................................10图表23：锑锭与锑精矿价格上行（万元/吨）......................................................10图表24：锑锭和氧化锑库存下降（吨）...........................................................10图表25：锡锭价格上涨（万元/吨）..............................................................11图表26：锡锭库存有所增加（吨）...............................................................11图表27：镁锭价格平稳（元/吨）................................................................11图表28：硅铁价格下降（元/吨）................................................................11图表29：金属镁库存下降（吨）.................................................................11图表30：镁合金库存下降（吨）.................................................................11图表31：五氧化二钒价格平稳（万元/吨）........................................................12图表32：钒铁价格平稳（万元/吨）..............................................................12图表33：金属锗与二氧化锗价格下降（元/公斤）...............................