商品研究晨报
期货研究 请务必阅读正文之后的免责条款部分 1 国泰君安期货商品研究晨报 观点与策略 黄金:通胀回落快于预期,继续偏强 ........................................................................................................................................ 3 白银:跟随冲高 .................................................................................................................................................................................. 3 铜:美元大幅回落,价格上涨 ...................................................................................................................................................... 5 铝:隔夜跳空收涨 ............................................................................................................................................................................. 7 锌:通胀超预期放缓,驱动价格回升 ........................................................................................................................................ 9 铅:消费淡季阶段,价格高位承压 ........................................................................................................................................... 11 镍:多空博弈加剧,进口利润边际修复 .................................................................................................................................. 13 不锈钢:库存加速去化,原料成本挺价 .................................................................................................................................. 13 锡:小幅反弹 .................................................................................................................................................................................... 15 铁矿石:政策调控担忧加剧,估值回调 .................................................................................................................................. 17 螺纹钢:减产预期支撑,震荡反复 ........................................................................................................................................... 19 热轧卷板:减产预期支撑,震荡反复 ...................................................................................................................................... 19 硅铁:需求驱动不足,宽幅震荡 ............................................................................................................................................... 21 锰硅:供需整体宽松,宽幅震荡 ............................................................................................................................................... 21 焦炭:超跌后震荡运行 .................................................................................................................................................................. 23 焦煤:超跌后震荡运行 .................................................................................................................................................................. 23 动力煤:大秦线检修开启,承压运行 ...................................................................................................................................... 25 玻璃:09 短期仍偏强 中期震荡市 ..................................................................................................................................
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