{"id":623344,"date":"2026-03-02T19:29:44","date_gmt":"2026-03-03T03:29:44","guid":{"rendered":"https:\/\/nai500.com\/?p=623344"},"modified":"2026-03-02T19:29:44","modified_gmt":"2026-03-03T03:29:44","slug":"%e9%9c%8d%e5%b0%94%e6%9c%a8%e5%85%b9%e6%b5%b7%e5%b3%a1%e5%92%bd%e5%96%89%e8%a2%ab%e6%8e%90%ef%bc%8c%e8%bf%99%e7%a7%8d%e9%87%91%e5%b1%9e%e7%9a%84%e4%bb%b7%e6%a0%bc%e5%ba%94%e5%a3%b0","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/03\/%e9%9c%8d%e5%b0%94%e6%9c%a8%e5%85%b9%e6%b5%b7%e5%b3%a1%e5%92%bd%e5%96%89%e8%a2%ab%e6%8e%90%ef%bc%8c%e8%bf%99%e7%a7%8d%e9%87%91%e5%b1%9e%e7%9a%84%e4%bb%b7%e6%a0%bc%e5%ba%94%e5%a3%b0\/","title":{"rendered":"\u970d\u5c14\u6728\u5179\u6d77\u5ce1\u201c\u54bd\u5589\u201d\u88ab\u6390\uff0c\u8fd9\u79cd\u91d1\u5c5e\u7684\u4ef7\u683c\u5e94\u58f0\u98d9\u5347"},"content":{"rendered":"

\u5f53\u5168\u7403\u76ee\u5149\u805a\u7126\u4e8e\u4e2d\u4e1c\u51b2\u7a81\u5f15\u53d1\u7684\u6cb9\u4ef7\u9707\u8361\u65f6\uff0c\u53e6\u4e00\u573a\u9759\u9ed8\u7684\u98ce\u66b4\u6b63\u5728\u91d1\u5c5e\u5e02\u573a\u4e0a\u6f14\u3002\u8fd9\u4e00\u6b21\uff0c\u88ab\u6390\u4f4f\u201c\u54bd\u5589\u201d\u7684\u4e0d\u4ec5\u4ec5\u662f\u9ed1\u8272\u7684\u77f3\u6cb9\uff0c\u8fd8\u6709\u88ab\u79f0\u4e3a\u201c\u767d\u8272\u77f3\u6cb9\u201d\u7684\u94dd\u3002\u968f\u7740\u7f8e\u56fd\u4e0e\u4f0a\u6717\u5728\u4e0a\u5468\u672b\u7684\u51b2\u7a81\u9aa4\u7136\u5347\u7ea7\uff0c\u76f4\u63a5\u5a01\u80c1\u5230\u970d\u5c14\u6728\u5179\u6d77\u5ce1\u8fd9\u4e00\u5168\u7403\u8d38\u6613\u547d\u8109\uff0c\u56fd\u9645\u94dd\u4ef7\u72b9\u5982\u8131\u7f30\u4e4b\u9a6c\uff0c\u4e00\u4e3e\u51b2\u4e0a\u5e74\u5185\u65b0\u9ad8\u3002<\/p>\n

\u5468\u4e00\uff0c\u4f26\u6566\u91d1\u5c5e\u4ea4\u6613\u6240\uff08LME\uff09\u7684\u94dd\u671f\u8d27\u4ef7\u683c\u5927\u5e45\u6500\u53471.7%\uff0c\u6700\u7ec8\u5b9a\u683c\u5728\u6bcf\u54283194.50\u7f8e\u5143\uff0c\u521b\u4e0b\u81ea\u4eca\u5e741\u6708\u4ee5\u6765\u7684\u6700\u9ad8\u7eaa\u5f55\u3002\u5e02\u573a\u7684\u7d27\u5f20\u60c5\u7eea\u76f4\u63a5\u6e90\u4e8e\u970d\u5c14\u6728\u5179\u6d77\u5ce1\u2014\u2014\u8fd9\u4e2a\u4f4d\u4e8e\u4f0a\u6717\u6d77\u5cb8\u7ebf\u4e0a\u7684\u5173\u952e\u822a\u9053\uff0c\u4e0d\u4ec5\u662f\u5168\u7403\u4e09\u5206\u4e4b\u4e00\u7684\u6db2\u5316\u5929\u7136\u6c14\u548c\u4e94\u5206\u4e4b\u4e00\u77f3\u6cb9\u7684\u5fc5\u7ecf\u4e4b\u8def\uff0c\u66f4\u662f\u4e2d\u4e1c\u591a\u5bb6\u94dd\u4e1a\u5de8\u5934\u7684\u751f\u547d\u7ebf\u3002<\/p>\n

\u5305\u62ec\u963f\u8054\u914b\u5168\u7403\u94dd\u4e1a\uff08EGA\uff09\u548c\u5df4\u6797\u94dd\u4e1a\uff08Aluminium Bahrain\uff09\u5728\u5185\u7684\u672c\u5730\u533a\u4e3b\u8981\u751f\u4ea7\u5546\uff0c\u90fd\u4f9d\u8d56\u8fd9\u6761\u6c34\u9053\u5c06\u6210\u54c1\u94dd\u8fd0\u5f80\u5168\u7403\uff0c\u5e76\u8fdb\u53e3\u751f\u4ea7\u6240\u9700\u7684\u539f\u6750\u6599\u6c27\u5316\u94dd\u3002\u4e0a\u5468\u672b\u7684\u51b2\u7a81\u4e2d\uff0c\u8ddd\u79bbEGA\u8bbe\u65bd\u4ec5\u6570\u516c\u91cc\u4e4b\u9065\u7684\u8fea\u62dc\u6770\u8d1d\u963f\u91cc\u6e2f\u53e3\uff0c\u5c31\u56e0\u7a7a\u4e2d\u62e6\u622a\u4ea7\u751f\u7684\u788e\u7247\u5f15\u53d1\u706b\u707e\uff0c\u8fd9\u4e00\u4e8b\u4ef6\u65e0\u7591\u7ed9\u5e02\u573a\u6572\u54cd\u4e86\u8b66\u949f\uff1a\u6218\u706b\u5df2\u70e7\u81f3\u5bb6\u95e8\u53e3\uff0c\u4f9b\u5e94\u7684\u8106\u5f31\u6027\u66b4\u9732\u65e0\u9057\u3002<\/p>\n

\u201c9%\u7684\u4ea7\u80fd\u201d\u5904\u4e8e\u98ce\u9669\u4e4b\u4e2d\uff0c\u4f9b\u5e94\u94fe\u62c5\u5fe7\u52a0\u5267<\/h2>\n

\u54a8\u8be2\u673a\u6784AZ China Ltd.\u7684\u6570\u636e\u663e\u793a\uff0c\u4e2d\u4e1c\u5730\u533a\u5360\u636e\u4e86\u5168\u7403\u7ea69%\u7684\u94dd\u51b6\u70bc\u4ea7\u80fd\u3002\u5728\u7d27\u5f20\u5c40\u52bf\u4e0b\uff0c\u8fd9\u4e00\u6570\u5b57\u663e\u5f97\u5c24\u4e3a\u6c89\u91cd\u3002\u4e00\u65e6\u970d\u5c14\u6728\u5179\u6d77\u5ce1\u7684\u8fd0\u8f93\u53d7\u963b\u6216\u6e2f\u53e3\u8fd0\u8425\u9677\u5165\u505c\u6ede\uff0c\u4e0d\u4ec5\u610f\u5473\u7740\u6210\u54c1\u7684\u51fa\u53e3\u5c06\u88ab\u5207\u65ad\u3002\u66f4\u5173\u952e\u7684\u662f\uff0c\u4f9d\u8d56\u8fdb\u53e3\u7684\u94dd\u571f\u77ff\u548c\u6c27\u5316\u94dd\u539f\u6599\u5c06\u65e0\u6cd5\u9001\u8fbe\uff0c\u76f4\u63a5\u5a01\u80c1\u51b6\u70bc\u5382\u7684\u8fde\u7eed\u751f\u4ea7\u3002<\/p>\n

\u6b63\u5982\u6df7\u6c8c\u5929\u6210\u7814\u7a76\u9662\u9662\u957f\u674e\u5b66\u667a\u6240\u8a00\uff0c\u539f\u6750\u6599\u6d41\u52a8\u7684\u4e2d\u65ad\u5bf9\u4e2d\u4e1c\u5730\u533a\u7684\u51b6\u70bc\u5382\u6784\u6210\u4e86\u201c\u975e\u5e38\u91cd\u5927\u7684\u98ce\u9669\u201d\u3002\u867d\u7136\u82b1\u65d7\u5206\u6790\u5e08\u6307\u51fa\uff0c\u51b6\u70bc\u5382\u901a\u5e38\u7ef4\u6301\u4e00\u5230\u4e24\u5468\u7684\u6c27\u5316\u94dd\u5e93\u5b58\uff0c\u77ed\u671f\u5185\u76f4\u63a5\u505c\u4ea7\u7684\u98ce\u9669\u53ef\u63a7\uff0c\u4f46\u6218\u4e89\u98ce\u9669\u6ea2\u4ef7\u3001\u8fd0\u8d39\u7684\u98d9\u5347\u4ee5\u53ca\u7531\u6b64\u5f15\u53d1\u7684\u8fd0\u8f93\u5ef6\u8bef\uff0c\u5df2\u6210\u4e3a\u5e02\u573a\u5fc5\u987b\u9762\u5bf9\u7684\u201c\u6700\u73b0\u5b9e\u201d\u5f71\u54cd\u3002<\/p>\n

\u5e02\u573a\u8fdb\u5165\u201c\u5e94\u6fc0\u72b6\u6001\u201d\uff1a\u73b0\u8d27\u6ea2\u4ef7\u4e0e\u5929\u91cf\u671f\u6743<\/h2>\n

\u4ef7\u683c\u98d9\u5347\u53ea\u662f\u8868\u8c61\uff0c\u5e02\u573a\u5185\u90e8\u7684\u7d27\u5f20\u4fe1\u53f7\u66f4\u4e3a\u5f3a\u70c8\u3002LME\u7684\u94dd\u73b0\u8d27\u5408\u7ea6\u4ef7\u683c\u5df2\u5f00\u59cb\u9ad8\u4e8e\u8fdc\u671f\u671f\u8d27\uff0c\u5f62\u6210\u4e86\u6240\u8c13\u7684\u201c\u73b0\u8d27\u6ea2\u4ef7\u201d\uff08Backwardation\uff09\u3002\u8fd9\u6e05\u6670\u5730\u8868\u660e\uff0c\u773c\u4e0b\u5e02\u573a\u5bf9\u5373\u65f6\u4f9b\u5e94\u7684\u6e34\u6c42\u5df2\u8d85\u8fc7\u9884\u671f\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u5168\u7403\u77ff\u4e1a\u5de8\u5934\u529b\u62d3\u96c6\u56e2\uff08Rio Tinto Group\uff09\u751a\u81f3\u6682\u505c\u4e86\u4e0e\u65e5\u672c\u5ba2\u6237\u5173\u4e8e\u4e8c\u5b63\u5ea6\u4f9b\u5e94\u7684\u8c08\u5224\uff0c\u5e76\u64a4\u56de\u4e86\u6b64\u524d\u63d0\u51fa\u7684\u9ad8\u8fbe\u6bcf\u5428250\u7f8e\u5143\uff08\u81ea2015\u5e74\u4ee5\u6765\u6700\u9ad8\uff09\u7684\u6ea2\u4ef7\u62a5\u4ef7\uff0c\u7406\u7531\u662f\u201c\u7f8e\u56fd\u548c\u4ee5\u8272\u5217\u5bf9\u4f0a\u6717\u7684\u88ad\u51fb\u201d\u5e26\u6765\u4e86\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n

\u4e0a\u5468\uff0c\u5e02\u573a\u66f4\u662f\u51fa\u73b0\u4e86\u540d\u4e49\u4ef7\u503c\u9ad8\u8fbe\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u671f\u6743\u4ea4\u6613\uff0c\u8fd9\u4e9b\u4ea4\u6613\u4f3c\u4e4e\u90fd\u5728\u62bc\u6ce8\u4e00\u573a\u5927\u89c4\u6a21\u7684\u94dd\u77ed\u7f3a\uff0c\u5927\u91cf\u8d44\u91d1\u805a\u7126\u4e8e\u6267\u884c\u4ef7\u4e3a\u6bcf\u54283300\u81f33500\u7f8e\u5143\u76844\u6708\u5408\u7ea6\uff0c\u663e\u793a\u51fa\u591a\u5934\u8d44\u91d1\u5bf9\u540e\u5e02\u4f9b\u5e94\u7d27\u7f3a\u7684\u5f3a\u70c8\u9884\u671f\u3002<\/p>\n

\u4e24\u96be\u56f0\u5883\uff1a\u5730\u7f18\u98ce\u9669\u4e0e\u5b8f\u89c2\u538b\u529b<\/h2>\n

\u7136\u800c\uff0c\u94dd\u5e02\u573a\u7684\u524d\u666f\u5e76\u975e\u5355\u4e00\u7684\u4e0a\u884c\u901a\u9053\u3002\u5305\u62ecWenyu Yao\u5728\u5185\u7684\u82b1\u65d7\u5206\u6790\u5e08\u56e2\u961f\u6307\u51fa\uff0c\u5e02\u573a\u6b63\u9762\u4e34\u4e00\u79cd\u201c\u53cc\u5411\u5b8f\u89c2\u62c9\u529b\u201d\uff1a\u4e00\u65b9\u9762\uff0c\u6d77\u6e7e\u5730\u533a\u7684\u51b2\u7a81\u63a8\u9ad8\u4e86\u6b27\u6d32\u548c\u7f8e\u56fd\u7684\u533a\u57df\u6ea2\u4ef7\uff1b\u4f46\u53e6\u4e00\u65b9\u9762\uff0c\u907f\u9669\u60c5\u7eea\u63a8\u52a8\u7f8e\u5143\u5927\u5e45\u8d70\u5f3a\uff0c\u53c8\u5bf9\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u7684\u5927\u5b97\u5546\u54c1\u6784\u6210\u4e86\u538b\u529b\u3002\u8fd9\u79cd\u62c9\u626f\u5728\u94dc\u5e02\u4e0a\u5df2\u6709\u4f53\u73b0\uff0c\u94dc\u4ef7\u5728\u62b9\u53bb\u65e9\u76d8\u6da8\u5e45\u540e\u6536\u8dcc1.8%\u3002<\/p>\n

\u7279\u6717\u666e\u603b\u7edf\u5ba3\u79f0\u5c06\u7ee7\u7eed\u8f70\u70b8\u76f4\u81f3\u8fbe\u6210\u76ee\u6807\uff0c\u5e76\u547c\u5401\u4f0a\u6717\u519b\u961f\u201c\u6295\u964d\u201d\uff0c\u800c\u4f0a\u6717\u5219\u4ee5\u5411\u5305\u62ec\u6c99\u7279\u3001\u963f\u8054\u914b\u5728\u5185\u7684\u591a\u4e2a\u90bb\u56fd\u53d1\u5c04\u5bfc\u5f39\u4f5c\u4e3a\u56de\u5e94\u3002\u8fd9\u79cd\u201c\u4f60\u6765\u6211\u5f80\u201d\u7684\u51b2\u7a81\u6a21\u5f0f\uff0c\u8ba9\u6574\u4e2a\u5730\u533a\u7684\u5c40\u52bf\u5145\u6ee1\u4e86\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n

\u5bf9\u4e8e\u94dd\u5e02\u573a\u800c\u8a00\uff0c\u5f53\u524d\u6700\u5927\u7684\u8003\u9a8c\u5df2\u4e0d\u4ec5\u4ec5\u662f\u751f\u4ea7\u7aef\u7684\u76f4\u63a5\u7834\u574f\uff0c\u800c\u662f\u5168\u7403\u8d38\u6613\u6d41\u88ab\u6301\u7eed\u6270\u4e71\u7684\u98ce\u9669\u3002\u4f0a\u6717\u81ea\u8eab\u7ea679\u4e07\u5428\u7684\u5e74\u4ea7\u80fd\u5df2\u67095\u4e07\u81f38\u4e07\u5428\u56e0\u9884\u9632\u63aa\u65bd\u800c\u6682\u505c\uff0c\u82e5\u51b2\u7a81\u8fdb\u4e00\u6b65\u6ce2\u53ca\u6e2f\u53e3\uff0c\u66f4\u591a\u7684\u505c\u6446\u5c06\u63a5\u8e35\u800c\u81f3\u3002\u5728\u8fd9\u573a\u5730\u7f18\u653f\u6cbb\u7684\u535a\u5f08\u4e2d\uff0c\u94dd\u4ef7\u5df2\u7ecf\u7528\u98d9\u5347\u56de\u5e94\u4e86\u7b2c\u4e00\u58f0\u67aa\u54cd\uff0c\u800c\u672a\u6765\u7684\u8d70\u52bf\uff0c\u5219\u5c06\u53d6\u51b3\u4e8e\u970d\u5c14\u6728\u5179\u6d77\u5ce1\u7684\u201c\u54bd\u5589\u201d\u7a76\u7adf\u4f1a\u88ab\u6390\u5f97\u591a\u7d27\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5f53\u5168\u7403\u76ee\u5149\u805a\u7126\u4e8e\u4e2d\u4e1c\u51b2\u7a81\u5f15\u53d1\u7684\u6cb9\u4ef7\u9707\u8361\u65f6\uff0c\u53e6\u4e00\u573a\u9759\u9ed8\u7684\u98ce\u66b4\u6b63\u5728\u91d1\u5c5e\u5e02\u573a\u4e0a\u6f14\u3002\u8fd9\u4e00\u6b21\uff0c\u88ab\u6390\u4f4f\u201c\u54bd\u5589\u201d\u7684\u4e0d\u4ec5\u4ec5\u662f\u9ed1 […]<\/p>\n","protected":false},"author":27,"featured_media":574138,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[430,2196],"tags":[1402,660,2247,740],"class_list":["post-623344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hans","category-2196","tag-1402","tag-660","tag-2247","tag-740","sectors-base-metals-sch","locations-middle-east-zh-hans","locations-us-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/623344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=623344"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/623344\/revisions"}],"predecessor-version":[{"id":623347,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/623344\/revisions\/623347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/574138"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=623344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=623344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=623344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}