11月28日（周五），智利统计局（INE）公布的数据显示，智利10月铜产量同比下滑7%，至458,405 吨。 （文华综合） 智利是全球最大的铜生产国， 统计局表示，该国10月制造业产出同比小幅下滑0.4%。 ...

LME三个月期铜劲升2.4%，创下每吨11,205美元的纪录新高，超越10月29日触及的11,200美元前高。 （文华综合） 供应疑虑重现，智利统计局（INE）公布的数据显示，智利10月铜产量同比下滑7%，至458,405吨。美 元走疲同样提供支撑。 ...

此前有报道称，刚果（金）两个省份延长手工采矿禁令，且该国东部冲突升级，"引发市场担忧Bisie矿 运输中断风险，该矿产量约占全球锡矿产量的8%。 （文华综合） 受供应端消息提振，沪锡周五夜盘跳涨2%，主力2601合约高见307,680元/吨，为2022年4月以来最高 价。 ...

Group 1 - Tin prices surged to a three-and-a-half-year high due to supply disruption rumors from Congo, despite traders denying the claims of force majeure [1] - The London Metal Exchange (LME) three-month tin price rose by 2.19% to $38,875 per ton, reaching a peak of $38,930 per ton, the highest since May 9, 2022 [1] - Concerns about supply shortages were heightened by the extension of the artisanal mining ban in two provinces of Congo and escalating conflicts in the eastern region, impacting the Bisie mine, which accounts for approximately 8% of global tin production [1] Group 2 - Copper prices also increased, surpassing $11,000 per ton, with the LME three-month copper price rising by 0.53% to $10,998 per ton, expected to rise by 2% this week and approximately 1% this month [1] - Analysts predict that copper prices will test the $11,000 mark again before Christmas and may exceed $11,500 at the beginning of the new year due to ongoing supply tightness [1] Group 3 - Other metals on the LME saw price increases, with three-month zinc rising by 0.76% to $3,038 per ton, lead up by 0.35% to $1,993.5 per ton, aluminum up by 0.55% to $2,844 per ton, and nickel up by 0.18% to $14,860 per ton [2]

伦敦金属交易所首席执行官 Matt Chamberlain 在声明中表示："虽然我们认为针对定制化跨办公室交易 提高费用是合理的，但我们仍致力于维持实物市场交易关键环节的低费率，例如所有交易场所的场内交 易和短期套利交易。" （文华综合） 交易所称，会员电子交易费将按3.4%至3.7%的"通胀增幅"调整，但补充说明客户在LMEselect平台进行 即期交易的"综合交易成本"将下降4.5%。 这家拥有148年历史的交易所表示，新费率将于2026年1月1日起生效，客户交易费除外，该项调整将于 2026年3月1日实施，以便会员有时间落实相关流程变更。 11月28日（周五），伦敦金属交易所（LME）表示，为增强其LMEselect电子平台的流动性并支持实物 市场交易，明年将降低客户交易费用。 全球主要金属交易市场LME在声明中宣布修订2026年收费方案，客户交易及结算费将下调7.4%-8.5%。 ...

Core Insights - The London Metal Exchange (LME) copper futures reached a historic high of over $11,200 per ton due to tightening metal supplies outside the U.S. and a weakening dollar [1][4]. Group 1: Copper Market Dynamics - On November 28, LME three-month copper rose by $249.5, or 2.28%, closing at $11,189.0 per ton, with an intraday peak of $11,210.50 [1][2]. - The increase in copper prices is attributed to refined copper inflows into the U.S., leading to supply tightness in other regions, supported by a favorable macroeconomic environment [4]. - The premium for copper from Chile's state-owned Codelco to U.S. customers reached a historic high, exceeding $500 per ton above LME prices, reflecting supply-demand fundamentals [5]. Group 2: Currency and Economic Factors - The weakening of the dollar, driven by market expectations of potential interest rate cuts by the Federal Reserve, has made dollar-denominated metals more affordable for holders of other currencies [5]. - The LME three-month tin price increased by $1,120, or 2.94%, reaching $39,161.0 per ton, amid concerns over supply disruptions from the Democratic Republic of the Congo [5]. Group 3: LME Fee Adjustments - The LME announced a revision of its fee structure, reducing customer trading and settlement fees by 7.4%-8.5%, effective January 1, 2026, with trading fee adjustments starting March 1, 2026 [6].

以下为金属市场12月重要报告公布日程： （文华综合） | 20125 | 12月 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 星期 | 国 | 星期三 | 電動 | 星期間 | 国新示 | 星期目 | | 1 | 2 | 3 | 4 | 5 | 6 | 7 | | ○LME持仓 | | | | ○CFTC持仓 | | | | ○CFTC持仓 | | | | | | | | 8 | ଦି | 10 | 11 | 12 | 13 | 14 | | 。中国铜进口/铝出口 | ○LME持仓 。智利铜出口收入 | ○LME月度库存 | | #oCFTC持仓 | | | | ○CFTC持仓 | | | | | | | | 15 | 16 | 17 | 18 | 19 | 20 | 21 | | 。中国十种金属和原铝 。LME持仓 | | 。WBMS月报 | | ○CFTC持仓 | | | | 产量 | ○CFTC持仓 | 。ILZSG月报 | | | | | | 22 | 23 | 24 | 25 | 26 | 27 | 28 | | ○IAI全球原 ...

Group 1 - Shanghai copper futures closed higher, boosted by weak U.S. economic data, increasing expectations for a Federal Reserve rate cut in December [1][2] - The most actively traded Shanghai Futures Exchange copper contract rose by 360 yuan or 0.41% to 87,430 yuan per ton, with a weekly increase of 1.41% [1] - London Metal Exchange (LME) three-month copper rose by 42.5 dollars or 0.39% to 10,982 dollars per ton, with an expected weekly increase of nearly 2% [1] Group 2 - Weak U.S. retail sales and low consumer confidence have strengthened expectations for a Federal Reserve rate cut next month [2] - The U.S. dollar weakened this week but saw a slight recovery on Friday, making dollar-denominated commodities cheaper for investors holding other currencies, thus supporting metal prices [2] - Other metals on the Shanghai market showed mixed performance, with aluminum rising by 70 yuan or 0.32% to 21,610 yuan per ton, while zinc fell by 50 yuan or 0.22% to 22,425 yuan per ton [2] Group 3 - Morgan Stanley predicts that the attractiveness of rising copper prices, combined with a balanced market and short-term supply risks, will push aluminum prices close to 3,000 dollars per ton in the first half of 2026 [2]

》查看更多金属库存信息 LME铅库存 | 金屋 | 阵存 | 增减 变动 | | --- | --- | --- | | 铜 | 159425 | 1 +2,250 1 +1.43% | | 铝 | 539050 | ب -2.000 ↓ -0.37% | | 锌 | 51750 | 1 +950 ↑ +1.87% | | 煌 | 254760 | - -690 J -0.27% | | 铝 | 263175 | - -1.000 J -0.38% | | 锡 | 3160 | 1 +35 ↑ +1.12% | | 铝合金 | 1500 | 0 - 0.00% | | LME库存 | | --- | | 金屋 | 库 | 注册仓单 | 变动 | 注销仓单 | | 变动 | | 注销占比 上日占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铜 | 159425 | 152850 | - +1.16% | 6575 | T | +8.23% | 4.12% | 3.87% | | 铝 | 539050 | 485575 | · 0.00 ...

对于铜价，新湖期货表示，本周降息预期升温，宏观情绪好转，叠加铜供需偏紧的基本面，铜价偏强运 行。近期铜价回落提振国内消费，国内库存小幅去化；LME库存虽有所累库，但库存绝对量偏低，全 球非美市场铜库存整体亦处于低位，低库存给予铜价向上弹性。 现货市场采销氛围一般。市场上货源相对有限，升水继续支撑上行，铜价走势震荡偏强，下游消费亦无 亮点，周末前按需补库。今日好铜稀少升水坚挺，平水铜部分品牌维持较大价差，鲁方祥光等部分报价 最高接近百元水平，中条山ISA报价站稳平水上方小幅升水，湿法铜报价稀少，非注册听闻在贴180上 下。 （文华综合 编辑：孙榕） 沪铜早间小幅低开，随后持续走强，收盘上涨0.41%。最近美联储降息预期较强，宏观氛围偏暖，铜市 供应端存在支撑，国内社库也有回落，铜价继续偏强震荡。 日本矿业协会（JMIA）负责人周四表示，日本铜冶炼厂正在和全球矿产商就2026年加工精炼费(TC/RC) 进行谈判，寻求达成与中国设定的基准不同的协议。临近年底，各国冶炼商和矿商对于明年长单加工费 的谈判正在进行当中，当前的现货加工费极低，部分冶炼厂认为当前加工费已触及自身承受的底线水 平，继续下探的空间不大。 铜价高 ...