锂 (Lithium) 加自选

由于美元走强抵消了贸易发展，巴西雷亚尔兑美元汇率跌破5.37。从外部来看，由于对美联储可能会更长时间加息的持续预期，美元走强对雷亚尔构成了压力，而最近的美中贸易休战也提供了有限的缓解。尽管关税削减和稀土出口管制暂停，但该协议在很大程度上被视为暂时的，维持现状，给全球贸易流动和巴西的出口前景带来了不确定性。在国内，尽管巴西央行保持了高政策利率的鹰派立场，但通胀压力仍然受到控制，限制了对该货币的进一步收益支持。此外，持续的贸易和关税摩擦等外部风险，加上财政不确定性增加和对大宗商品出口的依赖，正在维持一个谨慎的环境。

The Brazilian real weakened past 5.37 per US dollar, amid a strong US dollar offsetting trade developments. Externally, a firmer US dollar driven by lingering expectations that the Federal Reserve may hold rates higher for longer is pressuring the real, while the recent US–China trade truce has offered limited relief. Despite tariff reductions and the suspension of rare-earth export controls, the agreement is largely seen as temporary and maintaining the status quo, leaving uncertainty over global trade flows and Brazil’s export outlook. Domestically, although the Central Bank of Brazil has maintained a hawkish stance with high policy rates, inflationary pressures remain contained, limiting further yield support for the currency. Additionally, external risks such as ongoing trade and tariff frictions, combined with elevated fiscal uncertainty and a reliance on commodity exports, are sustaining a cautious environment.