<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">行情回顾：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-char-indent-count: 2.0; mso-pagination: widow-orphan" align=left><SPAN lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">27</SPAN><SPAN style="FONT-SIZE: 11pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">日，沪锌继续上涨，沪铝则横盘震荡。沪锌主力合约低开于<SPAN lang=EN-US>17050</SPAN>，之后震荡上行，最终以<SPAN lang=EN-US>17175</SPAN>收盘。全天成交量为<SPAN lang=EN-US>1444122</SPAN>手，持仓量<SPAN lang=EN-US>376546</SPAN>手。沪铝主力合约开盘报<SPAN lang=EN-US>15475</SPAN>，最终以<SPAN lang=EN-US>15430</SPAN>收盘。全天成交量<SPAN lang=EN-US>31202</SPAN>手，持仓量<SPAN lang=EN-US>70156</SPAN>手。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">现货市场：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-char-indent-count: 2.0; mso-pagination: widow-orphan" align=left><SPAN style="FONT-SIZE: 11pt; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: 宋体; mso-font-kerning: 0pt">上海现货市场报价稳中有升，<SPAN lang=EN-US>0#</SPAN>锌报价<SPAN lang=EN-US>16600-16700</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，上涨<SPAN lang=EN-US>50</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；<SPAN lang=EN-US>A00</SPAN>铝在<SPAN lang=EN-US>15090-15130</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，持平。上游厂商出货意愿较强，下游用户接货意愿较低，市场成交清淡。</SPAN></P>
<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">消息面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-char-indent-count: 2.0; mso-pagination: widow-orphan" align=left><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">国际铝业协会</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">:</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">全球</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2010</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月铝库存环比增加</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.8%</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">。国际铝业协会</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(IAI)8</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">26</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">日消息，国际铝业协会公布的数据显示，全球</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2010</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月铝库存较上月增加</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.8%</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">，至一年来最高水准。库存较上个月增加</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">152,000</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨，至</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">239.8</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">万吨。这较</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2009</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月库存量高</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">149,000</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">吨。增幅最大的是在拉丁美洲及欧洲。</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-char-indent-count: 2.0; mso-pagination: widow-orphan" align=left><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">江铜集团</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2011</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">年形成年产</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">万吨铅锌的生产能力。江铜集团近日介绍说，江西铜业铅锌金属有限公司一期工程预计</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2011</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">年第四季度投料生产，届时将形成年产</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">万吨铅锌的生产能力。江西铜业铅锌金属有限公司是江西铜业集团公司新投资建设的公司，一期工程已于</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2009</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">月在江西省湖口县金砂湾工业园动工建设，最终生产规模为</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40</SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-family: Arial; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial">万吨铅锌，该项目被列为江西省重点建设项目。</SPAN><SPAN lang=EN-US style="LINE-HEIGHT: 150%; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></P>
<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">技术面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-char-indent-count: 2.0; mso-pagination: widow-orphan" align=left><SPAN style="FONT-SIZE: 11pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 12.0pt">今日沪锌主力合约延续涨势，<SPAN lang=EN-US>K</SPAN>线三收阳。从成交量的萎缩来看，市场进一步上涨的动力并不充足。从均线的角度来看，<SPAN lang=EN-US>10</SPAN>日、<SPAN lang=EN-US>20</SPAN>日均线的交叉处成为阻力位。沪铝主力合约收报小阴线，市场本周一直在<SPAN lang=EN-US>40</SPAN>日均线徘徊，此位置存在支撑，期价短线或仍呈窄幅震荡局面。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<H1 style="MARGIN: 17pt 0cm 16.5pt"><SPAN style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">观点总结：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 240%; mso-font-kerning: 0pt; mso-bidi-font-size: 22.0pt"><o:p></o:p></SPAN></H1>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 17.1pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-char-indent-count: 1.63; mso-pagination: widow-orphan" align=left><SPAN style="FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-ascii-font-family: ''Times New Roman''; mso-hansi-font-family: ''Times New Roman''">沪锌反弹至阻力位置，沪铝延续横盘整理，近日市场或转为震荡态势，建议投资者选择观望或日内交易。</SPAN><SPAN lang=EN-US style="mso-font-kerning: 0pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 150%; TEXT-ALIGN: right; mso-char-indent-count: 1.63; mso-pagination: widow-orphan" align=right><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt; COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 楷体_GB2312; mso-bidi-font-size: 12.0pt; mso-hansi-font-family: 宋体">瑞达期货研究院 夏学钊</SPAN></B><B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: 楷体_GB2312"><o:p></o:p></SPAN></B></P>
<P class=a style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22.1pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt; COLOR: black; FONT-FAMILY: 楷体_GB2312; mso-hansi-font-family: 宋体">免责声明<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></B></P>
<P class=a style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 22.1pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt; COLOR: black; FONT-FAMILY: 楷体_GB2312; mso-hansi-font-family: 宋体">本报告的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证，也不保证所包含的信息和建议不会发生任何变更。我们已力求报告内容的客观、公正，但文中的观点、结论和建议仅供参考，报告中的信息或意见并不构成所述品种的买卖出价，投资者据此做出的任何投资决策与本公司和作者无关。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货研究院，且不得对本报告进行有悖原意的引用、删节和修改。<SPAN lang=EN-US><o:p></o:
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