\u570b\u969b\u92c1\u696d\u5354\u6703\uff08International Aluminium Institute\uff09\u6578\u64da\u986f\u793a\uff0c4\u6708\u5168\u7403\u539f\u92c1\uff08primary aluminium\uff0c\u5373\u7531\u6c27\u5316\u92c1\u76f4\u63a5\u96fb\u89e3\u51b6\u7149\u7684\u65b0\u91d1\u5c6c\u92c1\uff0c\u975e\u56de\u6536\u92c1\uff09\u5e73\u5747\u6bcf\u65e5\u7522\u91cf\u964d\u81f319.74\u842c\u5678\uff08kt\uff09\u3002\u5168\u6708\u7e3d\u7522\u91cf\u6309\u6708\u8dcc5.3%\uff0c\u6309\u5e74\u8dcc2%\uff0c\u81f3592\u842c\u5678\uff08mt\uff09\u3002<\/p>\n
\u4e2d\u570b4\u6708\u92c1\u7522\u91cf\u6309\u6708\u8dcc3%\u81f3370\u842c\u5678\uff1b\u5e74\u521d\u81f3\u4eca\u7522\u91cf\u90541,470\u842c\u5678\uff0c\u6309\u5e74\u53471.6%\u3002<\/p>\n
\u6d77\u7063\u5730\u5340\u8dcc\u5e45\u6700\u5927\uff0c\u7522\u91cf\u6309\u6708\u8dcc29%\u3001\u6309\u5e74\u8dcc34.6%\uff0c\u81f333\u842c\u5678\uff0c\u70ba2013\u5e7411\u6708\u4ee5\u4f86\u6700\u4f4e\u3002<\/p>\n
\u4eca\u8f2a\u4e0b\u6ed1\u8207\u4f0a\u6717\u885d\u7a81\u76f8\u95dc\u7684\u6d77\u7063\u6e1b\u7522\u6709\u95dc\u3002\u6c27\u5316\u92c1\uff08alumina\uff0c\u5373\u51b6\u92c1\u7684\u4e3b\u8981\u539f\u6599\uff0c\u5f9e\u92c1\u571f\u7926\u63d0\u7149\u800c\u4f86\uff09\u4f9b\u61c9\u6539\u70ba\u8f49\u5411\u4e2d\u6771\u4ee5\u5916\u5730\u5340\uff0c\u4ee4\u4f9b\u61c9\u53d7\u963b\u6709\u9650\uff0c\u4e26\u652f\u6490\u4e2d\u570b\u77ed\u671f\u7522\u91cf\u3002<\/p>\n
4\u6708\u6578\u64da\u53cd\u6620\u5168\u7403\u92c1\u5e02\u5834\u51fa\u73fe\u660e\u986f\u4f9b\u61c9\u885d\u64ca\uff08supply shock\uff0c\u5373\u4f9b\u61c9\u5728\u77ed\u6642\u9593\u5167\u7a81\u7136\u5927\u5e45\u6e1b\u5c11\uff09\uff0c\u4e3b\u56e0\u70ba\u6d77\u7063\u5730\u5340\u56e0\u885d\u7a81\u800c\u6e1b\u7522\u3002\u6d77\u7063\u7522\u91cf\u6025\u8dcc\uff0c\u70ba2013\u5e74\u4ee5\u4f86\u6700\u56b4\u91cd\uff0c\u610f\u5473\u92c1\u50f9\u6709\u4e0a\u884c\u58d3\u529b\uff0c\u672a\u4f86\u6578\u5468\u6709\u5229\u504f\u597d\u8f03\u9ad8\u92c1\u50f9\u7684\u90e8\u7f72\u3002<\/p>\n
\u5e02\u5834\u4ea6\u5df2\u53cd\u6620\u76f8\u95dc\u9810\u671f\uff1aLME\uff08London Metal Exchange\uff0c\u502b\u6566\u91d1\u5c6c\u4ea4\u6613\u6240\uff09\u92c1\u50f9\u4e0a\u8a66\u6bcf\u56782,700\u7f8e\u5143\uff0c\u70ba\u903e\u4e00\u5e74\u4f86\u672a\u80fd\u9577\u671f\u4f01\u7a69\u7684\u6c34\u5e73\u3002\u8d70\u52e2\u4ea6\u53d7\u5eab\u5b58\u4e0b\u8dcc\u652f\u6301\uff1a\u4ea4\u6613\u6240\u5eab\u5b58\uff08exchange inventories\uff0c\u5373\u4ea4\u6613\u6240\u8a8d\u53ef\u5009\u5eab\u5167\u53ef\u4ea4\u5272\u7684\u5b58\u8ca8\uff09\u964d\u81f3\u591a\u5e74\u4f4e\u4f4d\uff0cLME\u8a3b\u518a\u5009\u5eab\uff08registered warehouse\uff0c\u5373\u7372\u4ea4\u6613\u6240\u8a8d\u53ef\u3001\u7528\u4f5c\u4ea4\u5272\u7684\u5009\u5eab\uff09\u5eab\u5b58\u5df2\u9060\u4f4e\u65bc45\u842c\u5678\u3002\u5eab\u5b58\u504f\u4f4e\u4ee4\u5e02\u5834\u7de9\u885d\uff08cushion\uff0c\u5373\u7528\u4f5c\u5438\u6536\u7a81\u767c\u4f9b\u61c9\u4e2d\u65b7\u7684\u5b58\u91cf\uff09\u8b8a\u8584\uff0c\u82e5\u518d\u6709\u4f9b\u61c9\u53d7\u963b\uff0c\u50f9\u683c\u66f4\u6613\u6025\u5347\u3002<\/p>\n
\u53d7\u5730\u7de3\u653f\u6cbb\uff08geopolitical\uff0c\u5373\u7531\u570b\u969b\u95dc\u4fc2\u8207\u885d\u7a81\u5f15\u767c\u7684\uff09\u56e0\u7d20\u5f71\u97ff\uff0c\u5f8c\u5e02\u6ce2\u52d5\uff08volatility\uff0c\u5373\u50f9\u683c\u4e0a\u843d\u5e45\u5ea6\uff09\u6216\u6301\u7e8c\uff0c\u671f\u6b0a\uff08options\uff0c\u5373\u4ee5\u6b0a\u5229\u91d1\u63db\u53d6\u5728\u6307\u5b9a\u6642\u9593\u524d\u4ee5\u6307\u5b9a\u50f9\u683c\u8cb7\u5165\u6216\u8ce3\u51fa\u5408\u7d04\u7684\u6b0a\u5229\uff09\u7b56\u7565\u7684\u5438\u5f15\u529b\u589e\u52a0\u3002\u8cb7\u5165\u8a8d\u8cfc\u671f\u6b0a\uff08call options\uff0c\u5373\u62bc\u6ce8\u50f9\u683c\u4e0a\u5347\u7684\u671f\u6b0a\uff09\u65bcLME\u6216COMEX\uff08\u7d10\u7d04\u5546\u54c1\u4ea4\u6613\u6240\uff09\u5408\u7d04\uff0c\u53ef\u5728\u50f9\u683c\u4e0a\u5347\u6642\u7372\u5229\uff0c\u540c\u6642\u628a\u4e0b\u884c\u98a8\u96aa\u9650\u5236\u65bc\u5df2\u4ed8\u7684\u6b0a\u5229\u91d1\u3002\u7531\u65bc\u6ce2\u52d5\u504f\u9ad8\uff0c\u671f\u6b0a\u91d1\u8f03\u8cb4\uff0c\u4f46\u82e5\u51fa\u73fe\u6025\u5347\uff0c\u56de\u5831\u4ecd\u53ef\u62b5\u6d88\u6210\u672c\u3002<\/p>\n
\u6b64\u60c5\u6cc1\u4ee4\u4eba\u60f3\u8d772018\u5e74\u5e02\u5834\u5c0d\u5236\u88c1\u4fc4\u7f85\u65af\u5927\u578b\u751f\u7522\u5546\u7684\u53cd\u61c9\uff0c\u7576\u6642\u92c1\u50f9\u5728\u6578\u65e5\u5167\u6025\u5347\u903e30%\u3002\u96d6\u7136\u80cc\u666f\u4e0d\u540c\uff0c\u4f46\u986f\u793a\u4f9b\u61c9\u7aef\u885d\u64ca\u53ef\u5728\u77ed\u6642\u9593\u5167\u88ab\u5e02\u5834\u5feb\u901f\u5b9a\u50f9\uff0c\u9700\u8981\u63d0\u9632\u50f9\u683c\u6025\u901f\u6ce2\u52d5\u3002<\/p>\n
\u540c\u6642\u4ea6\u8981\u7559\u610f\u4e2d\u570b\u56e0\u7d20\uff1a\u4e2d\u570b\u7522\u91cf\u4ecd\u76f8\u5c0d\u7a69\u5b9a\u3002\u4e2d\u570b\u51b6\u7149\u5ee0\uff08smelters\uff0c\u5373\u628a\u6c27\u5316\u92c1\u96fb\u89e3\u6210\u91d1\u5c6c\u92c1\u7684\u5de5\u5ee0\uff09\u5438\u6536\u4e86\u7531\u4e2d\u6771\u6539\u9053\u7684\u6c27\u5316\u92c1\uff0c\u6216\u53ef\u7de9\u548c\u5168\u7403\u4f9b\u61c9\u7f3a\u53e3\uff0c\u9650\u5236\u92c1\u50f9\u6700\u7d42\u9ad8\u4f4d\u3002\u9019\u4ea6\u53ef\u80fd\u5e36\u4f86\u50f9\u5dee\u4ea4\u6613\uff08spread trades\uff0c\u5373\u540c\u6642\u8cb7\u5165\u4e00\u500b\u5408\u7d04\u3001\u8ce3\u51fa\u53e6\u4e00\u500b\u5408\u7d04\u4ee5\u62bc\u6ce8\u5169\u8005\u50f9\u683c\u5dee\u64f4\u95ca\/\u6536\u7a84\uff09\u7684\u6a5f\u6703\uff0c\u4f8b\u5982\u62bc\u6ce8\u897f\u65b9\u5e02\u5834\u92c1\u5408\u7d04\u7684\u6ea2\u50f9\uff08premium\uff0c\u5373\u76f8\u5c0d\u53e6\u4e00\u5e02\u5834\/\u57fa\u6e96\u50f9\u683c\u7684\u8f03\u9ad8\u50f9\u683c\uff09\u4e0a\u5347\u901f\u5ea6\u5feb\u65bc\u4e0a\u671f\u6240\uff08Shanghai Futures Exchange\uff0c\u4e0a\u6d77\u671f\u8ca8\u4ea4\u6613\u6240\uff09\u5408\u7d04\u3002<\/p>\n
\u77ed\u671f\u7b56\u7565\u65b9\u9762\uff0c\u53ef\u900f\u904e\u671f\u8ca8\u5408\u7d04\uff08futures contracts\uff0c\u5373\u5728\u672a\u4f86\u6307\u5b9a\u65e5\u671f\u4ee5\u6307\u5b9a\u50f9\u683c\u8cb7\u8ce3\u7684\u6a19\u6e96\u5316\u5408\u7d04\uff09\u5efa\u7acb\u6216\u52a0\u78bc\u9577\u5009\uff08long positions\uff0c\u5373\u62bc\u6ce8\u50f9\u683c\u4e0a\u5347\u7684\u6301\u5009\uff09\u4ee5\u7372\u53d6\u76f4\u63a5\u655e\u53e3\u3002\u540c\u6642\u53ef\u8003\u616e\u7528\u4fdd\u8b77\u6027\u5de5\u5177\u5c0d\u6c96\u7a81\u767c\u56de\u843d\u98a8\u96aa\uff0c\u4f8b\u5982\u8cb7\u5165\u50f9\u5916\u8a8d\u6cbd\u671f\u6b0a\uff08out-of-the-money puts\uff0c\u5373\u884c\u4f7f\u50f9\u4f4e\u65bc\u73fe\u50f9\u3001\u7528\u4f5c\u5728\u6025\u8dcc\u6642\u63d0\u4f9b\u4fdd\u969c\u7684\u6cbd\u552e\u671f\u6b0a\uff09\u4f5c\u4fdd\u96aa\u3002\u672a\u4f86\u6578\u5468\u6838\u5fc3\u53d6\u5411\u4ecd\u504f\u5411\u770b\u5347\uff0c\u91cd\u9ede\u5728\u628a\u63e1\u4f9b\u61c9\u6536\u7dca\u5e36\u4f86\u7684\u4e0a\u884c\u7a7a\u9593\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
\u5168\u7403\u92c1\u7522\u91cf4\u6708\u56de\u843d\uff0c\u6d77\u7063\u885d\u7a81\u64fe\u4e82\u80fd\u6e90\u8207\u7269\u6d41\uff0c\u4f9b\u61c9\u53d7\u6291\uff1b\u5e02\u5834\u6182\u616e\u7f3a\u53e3\u64f4\u5927\uff0c\u92c1\u50f9\u4e0a\u884c\u9810\u671f\u5347\u6eab\uff0c\u4e0b\u6e38\u6210\u672c\u58d3\u529b\u6216\u52a0\u5287\uff0c\u6295\u8cc7\u8005\u9700\u5bc6\u5207\u7559\u610f\u3002<\/p>\n","protected":false},"author":125,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-47904","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/47904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/users\/125"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/comments?post=47904"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/47904\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=47904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=47904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=47904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}