贵金属与工业金属市场动态分析：黄金再创新高，多品种分化加剧

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

贵金属与工业金属市场动态分析：黄金再创新高，多品种分化加剧

2025-03-31 10:51:32 来源：东吴期货责任编辑：韩泽楷

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贵金属。黄金再创历史新高。现货金价盘中突破3086美元/盎司。COMEX黄金期货涨0.91%，上周累涨1.98。美联储最关注的通胀指标——2月核心PCE通胀同比增长2.8%、环比增长0.4%，均高于预期。4月2日 “关税大日” 、4月5日非农报告即将接连来袭。在不确定性风险与通胀走高引发的滞胀担忧双重影响下，资金流向避险资产，预计中长期金价将维持上涨趋势。

铜。铜精矿现矿加工费价格继续下挫，散单及长单加工费谈判均不如人意，年内长单谈判不畅或仅维持在20美元/干吨附近，矿山招标和贸易商之间的成交较多，成交TC在-40~-60美元/干吨区间，矿端紧张的局面持续，冶炼端检修压力加大，且美国高溢价仍吸引全球电解铜，进口端贸易转移较多，3-4月供应端面临较大的收缩压力，需求端预计随着铜价的回落将有所释放，基本面总体预计将边际改善。供应收缩预期下铜价下方空间受限，维持回调买入思路对待，关注旺季实际消费情况。

铝/氧化铝。氧化铝厂检修量较前期小幅增加，同时需求端由于此前电解铝投产的爬坡出现小幅增加，但中期有较大产能释放的压力，长期过剩规模扩大的格局保持不变，成本端受铝土矿价格下跌的影响支撑持续下移，预计后续价格维持偏弱震荡为主。电解铝方面，供应端变化不大，初端开工总体继续回升，与此前订单表现类似，铝线缆以及光伏板块表现良好，光伏相关抢装行情仍在继续，消费向旺季水平靠拢，预计库存维持去化，铝市场基本面继续改善。氧化铝偏弱震荡整理。铝维持回调买入的思路。

锌。原料端供应修复，TC持续抬升，国内锌锭产量环比继续回升，供应端矛盾边际改善，短期低库存对锌价形成支撑。

镍：印尼政策扰动频繁，叠加印尼斋月镍矿偏紧，下游成本支撑仍存。中长期来看，镍价向上面临高供应高库存压力。

碳酸锂。碳酸锂供应高位，超过2024年最高周度产量（16340吨)，累库预期不变，逼近2024年最高点。同时，矿端价格松动，澳洲精矿报价下调，成本支撑预期减弱。展望后市，碳酸锂过剩格局不变，维持弱势运行。

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贵金属与工业金属市场动态分析：黄金再创新高，多品种分化加剧

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