\u5f53\u201c\u5de5\u4f5c\u7684\u91d1\u5c5e\u201d\u548c\u201c\u7126\u8651\u7684\u91d1\u5c5e\u201d\u540c\u65f6\u5237\u65b0\u7eaa\u5f55\uff0c\u5e02\u573a\u771f\u6b63\u60f3\u8bf4\u4ec0\u4e48\uff1f\u94dc\u4ef7\u7ad9\u4e0a 14,000 \u7f8e\u5143\/\u5428\u3001\u91d1\u4ef7\u7a81\u7834 5,500 \u7f8e\u5143\/\u76ce\u53f8\uff0c\u8fd9\u5e76\u975e\u5e73\u7a33\u589e\u957f\u7684\u6807\u5fd7\uff0c\u800c\u662f\u4e00\u573a\u538b\u529b\u6d4b\u8bd5\u2014\u2014\u653f\u7b56\u5c31\u662f\u8f7d\u8377\u3002\u4ef7\u683c\u5728\u9ad8\u58f0\u793a\u8b66\uff1a\u8d44\u4ea7\u8d1f\u503a\u8868\u548c\u9884\u6d4b\u5ffd\u89c6\u4e86\u8106\u5f31\u6027\u3002<\/p>\n
\u8868\u9762\u770b\u662f\u9700\u6c42\uff0c\u5b9e\u5219\u7531\u653f\u7b56\u4e0e\u7269\u6d41\u9a71\u52a8\u3002\u4ea4\u6613\u5458\u6b63\u5728\u4e3a\u6700\u9ad8 50% \u7684\u94dc\u8fdb\u53e3\u5173\u7a0e\u5b9a\u4ef7\uff0c\u63a8\u9ad8\u7f8e\u56fd\u671f\u8d27\u81f3\u65b0\u9ad8\uff0c\u5e76\u5728\u4e00\u5929\u4e4b\u5185\u5c06\u7f8e\u56fd\u76f8\u5bf9\u5168\u7403\u57fa\u51c6\u7684\u6ea2\u4ef7\u62c9\u5927\u5230\u4e09\u4f4d\u6570\u3002\u6765\u81ea\u667a\u5229\u7684\u505c\u8fd0\u62a5\u9053\u4e3a\u672c\u5df2\u5403\u7d27\u7684\u7cfb\u7edf\u518d\u6dfb\u6469\u64e6\u3002\u66f2\u7ebf\u5df2\u8f6c\u4e3a\u73b0\u8d27\u8d34\u6c34\uff08Backwardation\uff09\u2014\u2014\u73b0\u8d27\u9ad8\u4e8e\u8fdc\u671f\uff0c\u8fd9\u662f\u8fd1\u7aef\u7a00\u7f3a\u7684\u7ecf\u5178\u4fe1\u53f7\u3002\u5168\u7403\u6700\u5927\u5b9e\u7269\u8d38\u6613\u5546\u4e4b\u4e00 Trafigura \u76f4\u8a00\uff0c\u8fd9\u4e00\u98d9\u5347\u5e76\u975e\u7531\u4f9b\u9700\u57fa\u672c\u9762\u6240\u81f4\u3002\u6362\u8a00\u4e4b\uff0c\u4ef7\u683c\u5e76\u975e\u5de5\u4e1a\u5065\u5eb7\u7684\u201c\u7eaf\u8bfb\u6570\u201d\uff0c\u800c\u662f\u653f\u7b56\u98ce\u9669\u3001\u74f6\u9888\u4ee5\u53ca\u201c\u6015\u4e70\u4e0d\u5230\u201d\u7684\u6050\u60e7\u7684\u6c14\u538b\u8ba1\u3002<\/p>\n
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\u73b0\u8d27\u8d34\u6c34\u4e0d\u662f\u5956\u676f\uff0c\u800c\u662f\u5e94\u529b\u88c2\u7eb9\u3002\u5f53\u73b0\u8d27\u9ad8\u4e8e\u8fdc\u671f\uff0c\u610f\u5473\u7740\u5373\u65f6\u77ed\u7f3a\uff0c\u5e76\u8ba9\u5bf9\u51b2\u8005\u66b4\u9732\u5728\u57fa\u5dee\u98ce\u9669\u4e2d\u3002\u4f9d\u8d56\u7a33\u5b9a\u6295\u5165\u7684\u5236\u9020\u5546\uff0c\u7a81\u7136\u9762\u5bf9\u96be\u4ee5\u5efa\u6a21\u7684\u98ce\u9669\uff1b\u8fdc\u671f\u66f2\u7ebf\u53d8\u6210\u4e00\u53f0\u7275\u52a8\u8425\u8fd0\u8d44\u91d1\u7684\u201c\u9c81\u5e03\u00b7\u6208\u5fb7\u5821\u673a\u5668\u201d\u3002\u8d34\u6c34\u901a\u5e38\u53ea\u4f1a\u4ee5\u4e24\u79cd\u65b9\u5f0f\u6536\u655b\uff1a\u4f9b\u5e94\u5230\u4f4d\u3001\u66f2\u7ebf\u6b63\u5e38\u5316\uff1b\u6216\u9700\u6c42\u88ab\u9ad8\u4ef7\u4e0e\u878d\u8d44\u6210\u672c\u538b\u7f29\u3002\u4e24\u6761\u8def\u90fd\u5f80\u5f80\u5f88\u6fc0\u70c8\u3002\u60f3\u60f3 2022 \u5e74 LME \u954d\u6324\u4ed3\uff1a\u65e0\u5e8f\u7684\u7a7a\u5934\u6324\u538b\u6700\u7ec8\u4ee5\u6025\u5760\u4e0e\u5408\u7ea6\u53d7\u635f\u6536\u573a\u3002\u77ed\u7f3a\u4f1a\u5f15\u53d1\u66ff\u4ee3\u4e0e\u9700\u6c42\u6bc1\u706d\u2014\u2014\u4eca\u5929\u7684\u75db\uff0c\u53ef\u80fd\u6b63\u662f\u660e\u5929\u8fc7\u5269\u7684\u79cd\u5b50\u3002<\/p>\n
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