<p>5 月 15 日（路透社）- 铜价在周五小幅回落，尽管看起来将连续第二周上涨，因为投资者在持续的供应风险与中国这一主要消费国的高价格开始抑制需求的迹象之间进行权衡。</p>
<p>截至格林威治时间 0305，伦敦金属交易所的基准三个月期铜下跌 0.99%，报每公吨 13,800 美元，而上海期货交易所最活跃的铜合约下跌 1.45%，报每吨 106,060 元（15,605.78 美元）。</p>
<p>本周迄今，伦敦合约上涨了 1.23%，而上海期货交易所的铜价上涨了 2.35%。</p>
<p>本周，伦敦和上海交易所的铜价均达到了三个月以来的最高水平，因资金因对矿山供应和加工限制的担忧而买入。</p>
<p>但在周四，随着交易员锁定利润，铜价上涨的势头开始减弱，出现了高价对中国实际消费造成压力的迹象。</p>
<p>中国经纪公司金瑞期货的分析师表示，下游需求已减弱，因高铜价抑制了新订单。</p>
<p>上海期货交易所的铜库存显示出积累的迹象。自周二以来，已担保铜库存开始上升，结束了自 3 月中旬以来的持续下降，周四总计 97,011 吨，较周一的 88,077 吨有所增加。</p>
<p>现货市场指标也有所减弱。中国铜买家支付的溢价已转为折扣，表明买家不愿意追高。同时，油价上涨、美元走强以及市场预期美联储可能因持续的通胀而维持利率不变，这些因素仍然是对铜价和更广泛工业金属市场的主要压力来源。</p>
<p>基本金属的走势也在跟随铜价下跌。</p>
<p>在伦敦金属交易所的其他金属中，铝和铅分别下跌 0.74%，锌下跌 0.67%，镍下跌 0.79%，锡下跌 0.43%。</p>
<p>在上海期货交易所，铝下跌 1.09%，锌下跌 0.16%，铅下跌 0.54%，镍下跌 1.72%，锡下跌 2.05%。</p>
<p>5 月 15 日（周五）数据/事件（格林威治时间）</p>
<p>1000 欧盟储备资产总计 4 月</p>
<p>1315 美国工业生产月度变化 4 月</p>
<p>（1 美元 = 6.7962 人民币）（报道：Dylan Duan 和 Lewis Jackson；编辑：Harikrishnan Nair）</p>

美国铜指数基金 - Concierge Technologies

铜矿 ETF - GlobalX

COPJ

金属采矿 ETF - SPDR

德银基础金属 ETF - PowerShares

ICOP

COPP

<p>铜价在周五小幅下跌，下降 0.99%，报每公吨 13,800 美元，尽管有潜在的周度涨幅。高企的价格抑制了中国的需求，导致新订单减少。上海期货交易所的铜库存开始上升，表明供应增加。其他基本金属也出现下跌，受到油价上涨和美元走强的影响</p>

<p>May 15 (Reuters) - Copper eased on Friday, even as it looked set to log a second straight weekly gain, as investors weighed persistent supply risks against signs that high prices are starting to curb demand in top consumer China.</p>
<div class="lb-trans"><p>5 月 15 日（路透社）- 铜价在周五小幅回落，尽管看起来将连续第二周上涨，因为投资者在持续的供应风险与中国这一主要消费国的高价格开始抑制需求的迹象之间进行权衡。</p>
</div><p>On Friday, the benchmark three-month copper on the London Metal Exchange was down 0.99% at $13,800 a metric ton as of 0305 GMT, while the most-active copper contract on the Shanghai Futures Exchange tumbled 1.45% to 106,060 yuan ($15,605.78) a ton.</p>
<div class="lb-trans"><p>截至格林威治时间 0305，伦敦金属交易所的基准三个月期铜下跌 0.99%，报每公吨 13,800 美元，而上海期货交易所最活跃的铜合约下跌 1.45%，报每吨 106,060 元（15,605.78 美元）。</p>
</div><p>The London contract was up 1.23% so far this week, while SHFE copper rose 2.35%.</p>
<div class="lb-trans"><p>本周迄今，伦敦合约上涨了 1.23%，而上海期货交易所的铜价上涨了 2.35%。</p>
</div><p>The week saw both the London and Shanghai exchangeshit their highest levels in more than three months, as funds bought into concerns over mine supply and processing constraints.</p>
<div class="lb-trans"><p>本周，伦敦和上海交易所的铜价均达到了三个月以来的最高水平，因资金因对矿山供应和加工限制的担忧而买入。</p>
</div><p>But the rally began to lose momentum on Thursday, as traders locked in profits and signs emerged that elevated prices were weighing on physical consumption in China.</p>
<div class="lb-trans"><p>但在周四，随着交易员锁定利润，铜价上涨的势头开始减弱，出现了高价对中国实际消费造成压力的迹象。</p>
</div><p>Downstream demand has softened as elevated copper prices curbed new orders, analysts at Chinese broker Jinrui Futures said.</p>
<div class="lb-trans"><p>中国经纪公司金瑞期货的分析师表示，下游需求已减弱，因高铜价抑制了新订单。</p>
</div><p>SHFE copper stocks are showing signs of accumulating. On-warrant copper stocks have started to rise since Tuesday, ending their prolonged decline since mid-March, totalling 97,011 tons on Thursday, up from 88,077 tons on Monday.</p>
<div class="lb-trans"><p>上海期货交易所的铜库存显示出积累的迹象。自周二以来，已担保铜库存开始上升，结束了自 3 月中旬以来的持续下降，周四总计 97,011 吨，较周一的 88,077 吨有所增加。</p>
</div><p>Spot market indicators were also softer. The premium paid by Chinese copper buyers over SHFE prices has flipped into a discount, a sign that buyers are reluctant to chase prices higher. Meanwhile, rising oil prices, a stronger U.S. dollar and expectations that the Federal Reserve may keep interest rates unchanged for longer due to sticky inflation remained key sources of pressure for copper and the broader industrial metals market.</p>
<div class="lb-trans"><p>现货市场指标也有所减弱。中国铜买家支付的溢价已转为折扣，表明买家不愿意追高。同时，油价上涨、美元走强以及市场预期美联储可能因持续的通胀而维持利率不变，这些因素仍然是对铜价和更广泛工业金属市场的主要压力来源。</p>
</div><p>Base metals are tracing copper to move lower.</p>
<div class="lb-trans"><p>基本金属的走势也在跟随铜价下跌。</p>
</div><p>Among other metals on the LME, aluminium and lead declined 0.74%, zinc eased 0.67%, nickel slid 0.79% and tin dropped 0.43%.</p>
<div class="lb-trans"><p>在伦敦金属交易所的其他金属中，铝和铅分别下跌 0.74%，锌下跌 0.67%，镍下跌 0.79%，锡下跌 0.43%。</p>
</div><p>Elsewhere on SHFE, aluminium lost 1.09%, zinc dipped 0.16%, lead dropped 0.54%, nickel tumbled 1.72% and tin slid 2.05%.</p>
<div class="lb-trans"><p>在上海期货交易所，铝下跌 1.09%，锌下跌 0.16%，铅下跌 0.54%，镍下跌 1.72%，锡下跌 2.05%。</p>
</div><p>Friday, May 15 DATA/EVENTS (GMT)</p>
<div class="lb-trans"><p>5 月 15 日（周五）数据/事件（格林威治时间）</p>
</div><p>1000 EU Reserve Assets Total Apr</p>
<div class="lb-trans"><p>1000 欧盟储备资产总计 4 月</p>
</div><p>1315 US Industrial Production MM Apr</p>
<div class="lb-trans"><p>1315 美国工业生产月度变化 4 月</p>
</div><p>($1 = 6.7962 Chinese yuan renminbi) (Reporting by Dylan Duan and Lewis Jackson; Editing by Harikrishnan Nair)</p>
<div class="lb-trans"><p>（1 美元 = 6.7962 人民币）（报道：Dylan Duan 和 Lewis Jackson；编辑：Harikrishnan Nair）</p>
</div>

METALS-Copper eases as high prices pinch demand; on track for weekly gain

Fidelity

Sprott Junior Copper Miners ETF

iShares Copper and Metals Mining ETF

Sprott Copper Miners ETF

金属市场：铜价因高价抑制需求而回落，但仍有望实现周度上涨