有色产品每日报告：疫情防疫政策优化，人民币升值提振有色

| 2022-12-01 10 CPI 11 390150 340140 290130 240120 190110 140 2022/022022/062022/10 100 021-80401745 1 1 Shenzhaoming@citicsf.com F3074367Z0015479 0755-82723054 lisuheng@citicsf.com F03093505Z0017197 F03088415Z0016667 11130 211 PMI 48.0% PMI 46.7% 47.1% 3 355 11.4 30 2.01.9 340- 30 1130 11 28 SMM 370 0.06 0.01 1.61 11 1010 213 10CPI 11 11130 -200/ 21128 0.2 31128 6.73 SMM18950~18990/18970/50-9070 SMM51.6 9.749.8 SMM0.43 11 1 0# 12 490 / 0# 12 310 / 0# 12 290 / 2 1128 SMM 5.45 11 25 0.18 11 21 0.57 11 32022 1.02 10 SMM 1.48 51.41 20221-10 492.8 2.48% 5 10 11130 0.45 21130 13.68 -200/-10/ 0.21 1129LME 0-3-11.5/-1.5/ 31130108/+10/ 500/+0/ 4SMM11285.031125 0.0211210.22 5SMM119700t 6SMMAutoForecastSolutions16.8 1 2 3 LME90% 1 1LME5.21 12.39%1310 LME 480.65 48LME 2 SMM 10 30 2212 5500 / 2800-3000 / 600 / 32022121 1 1 122568 614 2SMM10302301300/ -500/ 450/ 10302301250/- 320231 6201 304420 42022121 1112 1 11130 3899 4917 3200 90724 195 21128 311301#183500-185500 1845001000SN22121000-1100 0 TC10 10 1: / / LME0-3 / / 2022/11/24 7.1201 385 87.5 -38 -36.19 8.07 2022/11/25 7.1339 405 87.5 -33 53.31 8.08 2022/11/28 7.1617 420 87.5 -23.75 234.43 8.13 2022/11/29 7.1989 385 82.5 -1.5 -817.34 8.06 2022/11/30 7.1769 355 80.5 -1.5 -809.25 8.04 2022/11/24 90150 100 1475 6600 61175 22375 2022/11/25 90750 1200 600 6800 62175 21775 2022/11/28 91200 550 100 6800 62625 21775 2022/11/29 90900 125 425 6825 62500 20900 2022/11/30 89700 #N/A 1200 6825 62225 20650 2 / 3LME / Wind 1200 1000 800 600 400 200 0 -200 -400 -600 160 140 120 100 80 60 40 20 0 -20 -40 LME0-3 2022-02-162022-05-162022-08-162022-11-16-60 2022-02-172022-05-172022-08-172022-11-17 WindWind 4/5/ 200 150 65500 65000 64500 2022/11/302022/11/29 2022/11/282022/11/25 100 64000 63500 50 63000 0 2021-12-202022-03-202022-06-202022-09-2062500 1234567 Wind Wind 6LME & 7COMEX 200000 180000 160000 140000 120000 100000 80000 60000 40000 20000 70% 60% 50% 40% 30% 20% 10% : 90000 80000 70000 60000 50000 40000 30000 20000 10000 0 COMEX: 0 0% 2022-05-23 2022-07-23 2022-09-23 2022-11-23 2022-02-24 2022-05-24 2022-08-24 2022-11-24 WindWind 8 / 9 15 1000 500 0 -500 -1000 -1500 -2000 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 2020-01-012021-01-012022-01-01 0.0 2018-06-272020-06-272022-06-27 WindWind / / LME0-3 / / 10: 2022/11/247.120160110-29.74-1456.297.87 2022/11/257.133980110-32.95-1371.697.92 2022/11/297.198970110-34.51-1586.717.91 2022/11/287.161780110-34.74-1375.007.95 2022/11/307.176960110-34.51-1531.207.90 2022/11/25506275#N/A3175143504849257000 2022/11/24509450#N/A3675143504881007000 2022/11/29500950225725143504818504750 2022/11/28503700#N/A2575143504823507000 2022/11/30501225#N/A1925143504801006775 11 / 12LME0-3 / Wind 200 100 0 -100 -200 -300 -400 60 50 40 30 20 10 0 -10 -20 -30 -40 ( LME/) 2022-02-112022-05-112022-08-112022-11-11-50 2021-11-082022-02-082022-05-082022-08-082022-11-08 WindWind 13 / 14 / / 180 160 140 120 100 80 60 40 20 0 2021-11-082022-03-082022-07-082022-11-08 WindWind 15LME&16/ LME % 1200000 1000000 800000 600000 400000 200000 0 LME 110% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 3600 3400 3200 3000 2800 2600 2400 2200 2000 ::: : :: ::: 2021/11/082022/03/082022/07/082022/11/08 2022-01-182022-04-182022-07-182022-10-18 17 / 18 WindWind 2000 1000 0 -1000 -2000 -3000 -4000 -5000 -6000 15 9.5 9.0 8.5 8.0 7.5 7.0 6.5 6.0 2018-07-232020-07-232022-07-23 2018-02-222020-02-222022-02-22 WindWind 19 Wind 20 / 21LME / 1400 1200 1000 800 600 400 200 0 250 200 150 100 50 0 -50 LME(0-3) -200 2021-11-262022-03-262022-07-262022-11-26 2021-12-082022-03-082022-06-082022-09-08 22 / 23 WindWind 24400 24200 24000 23800 23600 23400 23200 23000 22800 22600 2022/11/302022/11/292022/11/28 2022/11/252022/11/24 1234567 80 70 60 50 40 30 20 10 0 2021-11-252022-03-252022-07-252022-11-2 WindWind 10/19 24/25LME& - - 3000 2000 1000 0 -1000 -2000 - 250000 200000 150000 100000 50000 0 :LME 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2021-11-262022-03-262022-07-262022-11-26 2021-12-092022-03-092022-06-092022-09-09 26 / 27 WindWind 15 3000 2000 1000 0 -1000 -2000 -3000 -4000 -5000 -6000 2018-01-012019-01-012020-01-012021-01-012022-01-01 9.0 8.5 8.0 7.5 7.0 6.5 6.0 2018/122019/122020/122021/12 WindWind 11/19 28: LME 0-3 / / / / 2022/11/24 7.1201 -190 130.0 -10.75 -3104 7.40 2022/11/25 7.1339 -200 130.0 #N/A -3195 7.38 2022/11/28 7.1617 -200 130.0 -10 -3140 7.43 2022/11/29 7.1989 -190 130.0 -11.5 -3487 7.33 2022/11/30 7.1769 -200 130.0 -11.5 -3371 7.36 2022/11/24 26650 #N/A 925 41075 25 350 2022/11/25 25350 #N/A 1300 41075 25 350 2022/11/28 24350 #N/A 1000 41075 25 350 2022/11/29 23950 #N/A 400 41050 25 350 2022/11/30 23750 #N/A 200 40925 25 350 Wind 29 / 30LME / : : : : 1# 1# 200 100 0 -100 -200 -300 -400 100 80 60 40 20 0 -20 -40 -60 LME(0-3) -500 2021-11-262022-0