<p>5 月 15 日（路透社）- 銅價在週五小幅回落，儘管看起來將連續第二週上漲，因為投資者在持續的供應風險與中國這一主要消費國的高價格開始抑制需求的跡象之間進行權衡。</p>
<p>截至格林威治時間 0305，倫敦金屬交易所的基準三個月期銅下跌 0.99%，報每公噸 13,800 美元，而上海期貨交易所最活躍的銅合約下跌 1.45%，報每噸 106,060 元（15,605.78 美元）。</p>
<p>本週迄今，倫敦合約上漲了 1.23%，而上海期貨交易所的銅價上漲了 2.35%。</p>
<p>本週，倫敦和上海交易所的銅價均達到了三個月以來的最高水平，因資金因對礦山供應和加工限制的擔憂而買入。</p>
<p>但在週四，隨着交易員鎖定利潤，銅價上漲的勢頭開始減弱，出現了高價對中國實際消費造成壓力的跡象。</p>
<p>中國經紀公司金瑞期貨的分析師表示，下游需求已減弱，因高銅價抑制了新訂單。</p>
<p>上海期貨交易所的銅庫存顯示出積累的跡象。自週二以來，已擔保銅庫存開始上升，結束了自 3 月中旬以來的持續下降，週四總計 97,011 噸，較週一的 88,077 噸有所增加。</p>
<p>現貨市場指標也有所減弱。中國銅買家支付的溢價已轉為折扣，表明買家不願意追高。同時，油價上漲、美元走強以及市場預期美聯儲可能因持續的通脹而維持利率不變，這些因素仍然是對銅價和更廣泛工業金屬市場的主要壓力來源。</p>
<p>基本金屬的走勢也在跟隨銅價下跌。</p>
<p>在倫敦金屬交易所的其他金屬中，鋁和鉛分別下跌 0.74%，鋅下跌 0.67%，鎳下跌 0.79%，錫下跌 0.43%。</p>
<p>在上海期貨交易所，鋁下跌 1.09%，鋅下跌 0.16%，鉛下跌 0.54%，鎳下跌 1.72%，錫下跌 2.05%。</p>
<p>5 月 15 日（週五）數據/事件（格林威治時間）</p>
<p>1000 歐盟儲備資產總計 4 月</p>
<p>1315 美國工業生產月度變化 4 月</p>
<p>（1 美元 = 6.7962 人民幣）（報道：Dylan Duan 和 Lewis Jackson；編輯：Harikrishnan Nair）</p>

美國銅指數基金 - Concierge Technologies

銅礦 ETF - GlobalX

COPJ

金屬採礦 ETF - SPDR

德銀基礎金屬 ETF - PowerShares

ICOP

COPP

<p>銅價在週五小幅下跌，下降 0.99%，報每公噸 13,800 美元，儘管有潛在的周度漲幅。高企的價格抑制了中國的需求，導致新訂單減少。上海期貨交易所的銅庫存開始上升，表明供應增加。其他基本金屬也出現下跌，受到油價上漲和美元走強的影響</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）- 銅價在週五小幅回落，儘管看起來將連續第二週上漲，因為投資者在持續的供應風險與中國這一主要消費國的高價格開始抑制需求的跡象之間進行權衡。</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>截至格林威治時間 0305，倫敦金屬交易所的基準三個月期銅下跌 0.99%，報每公噸 13,800 美元，而上海期貨交易所最活躍的銅合約下跌 1.45%，報每噸 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>本週迄今，倫敦合約上漲了 1.23%，而上海期貨交易所的銅價上漲了 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>本週，倫敦和上海交易所的銅價均達到了三個月以來的最高水平，因資金因對礦山供應和加工限制的擔憂而買入。</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>但在週四，隨着交易員鎖定利潤，銅價上漲的勢頭開始減弱，出現了高價對中國實際消費造成壓力的跡象。</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>中國經紀公司金瑞期貨的分析師表示，下游需求已減弱，因高銅價抑制了新訂單。</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>上海期貨交易所的銅庫存顯示出積累的跡象。自週二以來，已擔保銅庫存開始上升，結束了自 3 月中旬以來的持續下降，週四總計 97,011 噸，較週一的 88,077 噸有所增加。</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>現貨市場指標也有所減弱。中國銅買家支付的溢價已轉為折扣，表明買家不願意追高。同時，油價上漲、美元走強以及市場預期美聯儲可能因持續的通脹而維持利率不變，這些因素仍然是對銅價和更廣泛工業金屬市場的主要壓力來源。</p>
</div><p>Base metals are tracing copper to move lower.</p>
<div class="lb-trans"><p>基本金屬的走勢也在跟隨銅價下跌。</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>在倫敦金屬交易所的其他金屬中，鋁和鉛分別下跌 0.74%，鋅下跌 0.67%，鎳下跌 0.79%，錫下跌 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>在上海期貨交易所，鋁下跌 1.09%，鋅下跌 0.16%，鉛下跌 0.54%，鎳下跌 1.72%，錫下跌 2.05%。</p>
</div><p>Friday, May 15 DATA/EVENTS (GMT)</p>
<div class="lb-trans"><p>5 月 15 日（週五）數據/事件（格林威治時間）</p>
</div><p>1000 EU Reserve Assets Total Apr</p>
<div class="lb-trans"><p>1000 歐盟儲備資產總計 4 月</p>
</div><p>1315 US Industrial Production MM Apr</p>
<div class="lb-trans"><p>1315 美國工業生產月度變化 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 人民幣）（報道：Dylan Duan 和 Lewis Jackson；編輯：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

金屬市場：銅價因高價抑制需求而回落，但仍有望實現周度上漲