20240724_海通证券_有色金属行业:铜、铝供应约束较强有望支撑价格表现_24页.pdf

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SAC S0850522120002 SAC S0850520010002 2024 7 24 8926 7 19 2403.50/29.11/-0.14%-5.26%561.90/7.65/-0.24%-4.91%CME Fedwatch 9 98.1%6 0 0.1%0.4%-0.1%0-0.4%1.6%1.1%7 12-7 19 LME-5.9%-5.6%-7.7%SHFE-3.0%-2.0%-5.5%7 19 LME 9290/2350/3.10/7 18 SMM 0.98 37.51 1.35 2 7 6 20 SMM 7 18 14.07 0.29 Finniss 7 12-7 19 LME-4.5%-1.3%-4.2%-3.5%SMM Core Lithium 2024 95020 97423 Core Lithium Finniss 7/12-7/19 2.1%7 12-7 19-0.3%2.1%2 XVDWvMsPnOnMsMpMmRsNpObR8QbRoMoOpNtPeRqQsNjMpMpP9PpPyRxNnMqQuOtQzQ3 Wind 2024/7/12 2024/7/19/9.04 8.63-4.5%/8.59 8.30-3.3%/8.22 8.11-1.3%LME/1.69 1.62-4.2%SHFE/13.50 13.02-3.6%/3.25 3.16-2.9%/965.00 965.00 0.0%/19.90 19.20-3.5%MB/12.18 12.03-1.2%MB/15.00 15.00 0.0%LME/9877 9290-5.9%LME/2490 2350-5.6%LME/2949 2774-5.9%LME/2214 2122-4.2%LME/3.36 3.10-7.7%SHFE/7.90 7.66-3.0%SHFE/2.00 1.96-2.0%SHFE/2.42 2.35-2.9%SHFE/1.95 1.98 1.9%SHFE/27.38 25.87-5.5%A00/2.00 1.95-2.6%/3908.00 3908.00 0.0%2024/7/12 2024/7/19/2406.85 2403.50-0.1%/30.72 29.11-5.3%COMEX/2416.00 2402.80-0.5%COMEX/31.03 29.41-5.2%/36.12 36.01-0.3%:45%-50%/3735.00 3735.00 0.0%/15.59 15.91 2.1%/0.17 0.16-5.3%/0.52 0.48-6.4%:55%/13.24 12.79-3.4%:50/12600.00 13500.00 7.1%:99.999%/9050.00 9150.00 1.1%99.6%/47.50 47.50 0.0%/1.49 1.43-3.6%:99.99%/1.95 1.94-0.7%:99.995%/10.00 10.10 1.0%1.7/12-7/19 2.93%2.2.1 7/12-7/19 4.5%2.2 LME 7/12-7/19 5.9%2.3 7/12-7/19 0.14%2.4 7/12-7/19 2.1%3.4.4 BLsVwNC17sA6o8Qtdlfdz0nPyPSCGvG90wyKf2tEx5u7ltVFRju3eEH4kd5hYB4l 5 Wind 2024.7.12-2024.7.19 7/12-7/19 2.93%2024.7.12-2024.7.19 2024.7.12-2024.7.19 0.33%-2.93%-8%-6%-4%-2%0%2%4%6%8%A-6%-4%-2%0%2%4%6%8%10%-10%-8%-6%-4%-2%0%2%4%6%8%6 Wind 2024.7.12-2024.7.19 7/12-7/19 18.37%2024.7.12-2024.7.19 2024.7.12-2024.7.19 0%4%8%12%16%20%-15%-10%-5%0%-15%-10%-5%0%SQM Allkem Pilbara 1.7/12-7/19 2.93%2.2.1 7/12-7/19 4.5%2.2 LME 7/12-7/19 5.9%2.3 7/12-7/19 0.14%2.4 7/12-7/19 2.1%3.4.7 8 Wind 7/12-7/19 4.5%/010203040506022/07 23/01 23/07 24/01 24/07 8.28.48.68.89.09.29.49.69.8M M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+82024/07/19 2024/07/12610141822/07 23/01 23/07 24/01 24/07NCM111 NCM523 NCM622 NCM81148121620102030405023/01 23/03 23/05 23/07 23/09 23/11 24/01 24/03 24/05 24/07NCM111 NCM523 NCM622 NCM811 9 Wind/LME SHFE LME 7/12-7/19 4.2%MB 010203002422/07 22/10 23/01 23/04 23/07 23/10 24/01 24/04 24/07LME/SHFE/0102022/04 22/10 23/04 23/10 24/04LME SHFE 90011001300150034522/04 22/10 23/04 23/10 24/04/10203020304022/08 22/11 23/02 23/05 23/08 23/11 24/02 24/05/MB/MB/12.412.612.813.013.213.413.613.814.0M M+1 M+2 M+3 M+4 M+5 M+6 M+7 M+8 M+92024/07/12 2024/07/19 1.7/12-7/19 2.93%2.2.1 7/12-7/19 4.5%2.2 LME 7/12-7/19 5.9%2.3 7/12-7/19 0.14%2.4 7/12-7/19 2.1%3.4.10 11 Wind LME 7/12-7/19 5.9%/LME SHFE 7.588.5M+3 M+4 M+5 M+6 M+7 M+8 M+92024/07/12 2024/07/195678960008000100001200022/07 23/01 23/07 24/01 24/07LME/SHFE/02040608022/07 23/01 23/07 24/01 24/07LME SHFE SHFE COMEX 12 Wind LME 7/12-7/19 5.6%A00/LME SHFE 1.41.82.215002500350022/07 23/01 23/07 24/01 24/07LME/SHFE/0408012016022/07 23/01 23/07 24/01 24/07LME SHFE COMEX 200030004000500012322/07 23/01 23/07 24/01 24/07A00/1.801.851.901.952.002.05M+3 M+4 M+5 M+6 M+7 M+82024/07/12 2024/07/19 13 Wind LME 7/12-7/19 7.7%LME SHFE LME SHFE LME SHFE 1.52.53.520003000400022/07 23/01 23/07 24/01 24/07LME/SHFE/102030123422/07 23/01 23/07 24/01 24/07LME/SHFE/1.31.41.51.61.71.81.92.02.115002000250022/07 23/01 23/07 24/01 24/07LME/SHFE/020406022/07 23/01 23/07 24/01 24/07LME SHFE 0400080001200016000200002400022/07 23/01 23/07 24/01 24/07LME SHFE 01020304022/07 23/01 23/07 24/01 24/07LME SHFE 1.7/12-7/19 2.93%2.2.1 7/12-7/19 4.5%2.2 LME 7/12-7/19 5.9%2.3 7/12-7/19 0.14%2.4 7/12-7/19 2.1%3.4.14 15 Wind CPI%COMEX SHFE 7/12-7/19 0.14%350370390410430450470490510530550570590610150017001900210023002500270022/06 22/12 23/06 23/12 24/06COMEX/SHFE/80901001101201600170018001900200021002200230024002500260022/06 22/12 23/06 23/12 24/06/3500450055006500750085009500152025303522/06 22/12 23/06 23/12 24/06COMEX/SHFE/0123456024681022/07 23/01 23/07 24/01 CPI 16 Wind 7/12-7/19 81.71 SPDR iShares ETF%34566070809010022/06 22/12 23/06 23/12 24/06/-3-2-101222/06 22/12 23/06 23/12 24/06 10Y-2Y 10Y-3M 01002003004005006007008009000123456789102004 2009 2014 2019 2024:3804304805308001000120022/07 23/01 23/07 24/01SPDR ETF iShares ETF 1.7/12-7/19 2.93%2.2.1 7/12-7/19 4.5%2.2 LME 7/12-7/19 5.9%2.3 7/12-7/19 0.14%2.4 7/12-7/19 2.1%3.4.17 18 Wind 7/12-7/19 2.1%/355575950.00.51.01.522/07 23/01 23/07 24/01 24/07/567891010002000300040005000600022/07 23/01 23/07 24/01 24/07:45%-50%/91011121314800085009000950010000105001100011500120001250013000135001400022/07 23/01 23/07 24/01 24/07:5 0/:5 5%/1800200022002400455565758522/07 23/01 23/07 24/01 24/07 99.6%/02401222/07 23/01 23/07 24/01 24/07 1000120014001600180020002200240026002800300032003456789101122/07 23/01 23/07 24/01 24/07:9 9.9 9%/:9 9.9 9 5%/1.7/12-7/19 2.93%2.2.1 7/12-7/19 4.5%2.2 LME 7/12-7/19 5.9%2.3 7/12-7/19 0.14%2.4 7/12-7/19 2.1%3.4.19 20:2024:2024 2024-7-13 2024 8.4 9.05 533.68%582.72%8.5 9.15 439.49%480.75%2024-7-13 2024 4.22 4.52 41%51%4.24 4.55 38%48%1.7/12-7/19 2.93%2.2.1 7/12-7/19 4.5%2.2 LME 7/12-7/19 5.9%2.3 7/12-7/19 0.14%2.4 7/12-7/19 2.1%3.4.21 22 SAC S0850522120002 021-23219406 Email SAC S0850520010002 021-23154394 Email 23 021-23219383 Email 021-23185845 Email:Tel:(021)23185638 Email:1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%24
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