【中信证券：当前我们维持大宗商品市场表现黄金>铜>油的判断】金十数据5月7日讯，中信证券表示，五一假期期间OPEC+超预期增产计划引发油市短时巨震，本次会议超预期的地方不只是产量超预期增加，而是对于OPEC+自2022年以来挺油价政策态度的转向和后续外交博弈的担忧。我们认为本次超预期增产主要与沙特等主导国希望维持组织的纪律性以及将要到来的美沙外交活动相关。当前全球原油供需结构逐渐逆转并呈现“松平衡”状态，若OPEC进一步增产则将逐渐呈现“供大于需”的现象，油市后续或仍存在压力。综合来看，在供给和风险事件的扰动下，国际油价整体或仍偏弱震荡，若关税扰动下宏观经济读数趋弱的预期兑现则对油价形成新的拖累。当前我们维持大宗商品市场表现黄金>铜>油的判断。
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