沪镍小幅走高，主力合约涨超2%。镍基本面未有明显变化，过剩格局维持，全球精炼镍显性库存持续 攀升，对 镍价形成压力，但印尼缩减镍矿配额，为价格提供一定支撑，多空因素交织，镍价跟随宏观 情绪波动为主。 ...

Group 1 - Solidcore Resources plans to commence production at the Syrymbet tin polymetallic mine in northern Kazakhstan in the first half of 2029, pending a positive investment decision in September 2023 [1] - The estimated tin metal resource at the Syrymbet mine is 375,050 tons, and it will be the first tin mining operation in Kazakhstan [1] - The CEO of Solidcore Resources, Vetaly Nesis, expressed confidence in a positive investment decision based on the doubling of tin prices since two years ago, with LME three-month tin closing at $51,955 per ton at the end of January 2023 [1] Group 2 - Demand for tin is expected to improve moderately, particularly in traditional applications like the food and beverage canning industry, as well as in new economic sectors such as data centers and renewable energy technologies [2] - The supply of tin is anticipated to stagnate due to depleting reserves in major producing regions like southern China, Myanmar, and Thailand, while new hard rock tin deposits are scarce and located in complex geopolitical areas [2] - Solidcore is advancing the development of its ore processing technology to address challenges in extracting tin from the Syrymbet deposit, which is among the top three tin deposits globally but faces difficulties due to the ultra-fine nature of the ore [2]

沪铜夜盘走强，早间延续强势姿态，目前主力合约上涨近4%，期价重心略有上移。贵金属止跌反弹，市场风险偏好好转，叠加美国120亿美元战略金属收购 存储计划，以及昨日有色工业协会强调加强铜战略储备，沪铜回归105000元一线附近。 （文华综合） ...

（文华综合） 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游需求受高铜价抑制。为助力行业应对变局， 上海有色网携手铜产业链企业联合编制《2026中国铜产业链分布图》中英双语版，点击此链接即可免费领取铜产业链分布图： https://s.wcd.im/v/470opZ19l/。 2月3日（周二），嘉能可（Glencore）周二称，嘉能可加拿大公司被迫暂停对加拿大魁北克省的霍恩(Horne)冶炼厂的重大投资，该冶炼厂配套的加拿大铜精 炼厂的投资也将在中期内缩减。 该公司称，如果不完成计划中的项目，就不可能实现2027年3月开始生效的某些目标。 SMM联合制作联系人 刘明康 liumingkang@smm.cn 156 5309 0867 ...

刚果供应全球70%以上的钴，并拥有世界级的铜、锂、钶钽铁矿和黄金储量。主要矿业运营商包括嘉能 可（Glencore）、欧亚资源集团（Eurasian Resources）以及Chemaf公司。 据保险业高管透露，由于刚果民主共和国东部去年局势动荡，该国政治暴力险保费最高飙升至原来的十 倍，虽提振了保险公司业绩，却大幅抬高了铜钴矿企的运营成本。 （文华综合） ...

Group 1 - Cochilco raised its 2026 copper price forecast to an average of $4.95 per pound, citing strong demand expectations, a weaker US dollar, and geopolitical risks [2] - The previous forecast in November was $4.55 per pound, indicating a significant upward revision [2] - The agency anticipates the average copper price will reach $5.00 per pound by 2027 [2] Group 2 - Chile, as the world's largest copper producer, is expected to produce 5.613 million tons of copper this year, a 3.7% increase from 2025 [2] - Production is projected to rise to 5.973 million tons by 2027 [2] Group 3 - China, the largest copper consumer, faces three major challenges: increasing dependence on foreign upstream resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [2] - To assist the industry in addressing these challenges, Shanghai Nonferrous Metals Network is collaborating with copper industry chain enterprises to compile a bilingual version of the "2026 China Copper Industry Chain Distribution Map" [2]

哥本哈根盛宝银行大宗商品策略主管Ole Hansen表示，"今日反弹释放出强烈信号，表明市场对金属投 资的根本胃纳并未突然消亡，且市场乐见中国增加战略铜储备的消息。" 据中国证券网报道，在2月3日中国有色金属工业协会举行的2025年有色金属工业经济运行情况新闻发布 会上，中国有色金属工业协会副秘书长段绍甫表示，完善铜资源储备体系建设，一方面扩大国家铜战略 储备规模，另一方面探索进行商业储备机制，通过财政贴息等方式选择国有骨干企业试行商业储备。此 外，除了储备精炼铜之外，也可研究将贸易量大、容易变现的铜精矿纳入储备范围。 随着投资者情绪回升，工业金属追随黄金和其他金融市场在周二反弹，部分原因是美印达成了期待已久 的贸易协议。 分析师对铜价仍持谨慎态度，目前铜需求疲软且库存持续攀升。 2月3日（周二），伦敦金属交易所（LME）三个月期铜周二反弹，因全球投资者风险偏好回升。 Ole Hansen补充道："当前基本面尚未强劲到支撑强劲反弹的程度，但若投机需求足够旺盛，价格仍可 能出现超额上涨。" 伦敦时间2月3日17:00(北京时间2月4日01:00)，三个月期铜收盘上涨586.50美元，或4.55%，报每吨 13, ...

需求方面，目前处于季节性消费淡季，且春节假期临近，近期铝价反复不定，需求端表现疲软，市场现 货交投整体陷入冷淡观望格局，下游企业接货意愿低迷，铝加工企业开工率持续下滑。库存方面，自去 年12月下旬以来，国内铝锭社库持续累积，当前库存水平已高于近两年同期，持续累库对铝价上行有一 定压制。 对于当前走势，新湖期货表示，价格暴跌刺激一定备库行为，不过临近春节，消费总体趋弱，来自终端 厂商的订单减少，下游铝加工企业开工率下降。而供应依旧变化不大，国内产量轻微爬升，进口量有一 定波动。供需基本面趋弱，库存攀升。不过当前库存压力暂有限。当前盘面受宏观情绪影响较大，前期 大幅上涨后转为大跌，短期或继续大幅波动。短线建议谨慎操作。 此前沪铝资金炒作流入了大量资金，昨日在宏观情绪转向，贵金属大跌背景下，恐慌情绪浓郁，使得资 金快速流出，沪铝期价大幅回调，在日盘情绪集中释放后，隔夜主力合约高开，早盘偏弱震荡，午后跌 幅缩窄，收跌0.96%。铝基本面并未出现明显变化，短期受淡季及假期临近影响，需求偏弱，社库累 积，但中长期供需格局仍偏强。 ...

Core Insights - The Viscaria copper mine in Sweden is set to resume operations by 2028, with significant exploration revealing a vast amount of untapped resources [2][3] - The project has raised $370 million, primarily from Swedish investors, and plans to raise an additional $500 million this year [3] - The mine is expected to produce 300,000 tons of ore annually, yielding 120,000 tons of concentrate with 25% copper content, contributing to 3% of Europe's primary copper production [4] Group 1 - The Viscaria copper mine was operational from 1983 to 1997 and is now recognized as one of Europe's fastest-growing copper deposits, with only 2% of the original reserves mined [2] - The confirmed reserves have increased from an estimated 3 million tons in 1997 to 108 million tons today [2] - The company has completed one-third of the construction work and plans to connect future rail facilities to the Malmban railway by June [3] Group 2 - The mine will produce by-products, including 400,000 to 600,000 tons of iron ore concentrate annually, with potential buyers including LKAB, which has similar ore grades [5] - The company also anticipates producing gold and silver, which could provide additional revenue due to rising prices [5] - The first batch of copper concentrate is expected to be shipped by late 2027 or early 2028 [4] Group 3 - The company does not plan to expand into smelting due to global overcapacity but highlights the increasing need for new copper resources in Europe [4] - The carbon emissions from the copper production process will be minimal, as the required electricity will come from hydropower [4] - The copper price has reached a historical high of $13,000 per ton, but the CEO believes demand will remain strong due to the low percentage of copper in end products [6][7] Group 4 - The growth of the middle class is expected to drive global copper demand, with a strong correlation between infrastructure development and copper consumption [8][9] - The middle class's transition from informal housing to independent homes significantly increases copper usage [9] - The average ore grade of existing copper mines has declined, indicating a future increase in copper prices due to rising extraction costs [7]

对于后市，金瑞期货评论表示，佤邦地区1月进口量预计环比持平，锡加工费上调，冶炼环节利润修复 预期升温。需求端受锡价高位压制，下游企业补库意愿持续低迷，市场整体维持谨慎观望态势。展望后 市，尽管锡矿供应存在环比修复预期，但供应依旧偏紧，叠加地缘持续紧张与光伏抢出口支撑，沪锡价 格预计宽幅震荡。 （文华综合） 需求方面呈现结构性分化，传统应用领域如消费电子、马口铁等表现平淡，终端订单未见明显起色；但 新能源汽车轻量化部件及AI服务器用焊料等新兴场景带来的中长期需求前景，持续为锡价注入支撑逻 辑。当前下游加工企业开工率整体平稳，未现大幅波动。综合供需两端，锡市目前仍处于紧平衡状态， 但随着原料供应边际宽松，市场正从"紧缺预期"向"供需再平衡"过渡，价格上行弹性可能受到抑制。 近日贵金属暴跌，恐慌情绪蔓延至有色金属板块，沪锡夜盘大幅下挫，主力合约一度跌超12%，白盘市 场情绪修复，沪锡跌幅收窄至6.7%，报383340元/吨。此轮急跌的导火索在于凯文·沃什被正式提名为美 联储主席人选，其偏鹰派的政策倾向引发投资者对货币政策收紧和美元走强的担忧，风险偏好迅速降 温，带动整个有色金属板块承压。叠加此前沪锡持续上涨，已积累 ...