（文华综合） 午后期市氛围愈发悲观，沪铜和国际铜跌幅扩大，目前双双跌停，沪铜主力合约报98580元，国际铜主力报87250元。 ...

沪锡主力合约触及跌停，跌幅11%，报392650元/吨。 （文华综合） ...

Group 1 - Precious metals and non-ferrous sectors experienced a collective decline last Friday night, with Shanghai tin dropping over 10% and Shanghai nickel falling more than 5% [1] - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump is interpreted by the market as a shift towards a more hawkish monetary policy, emphasizing inflation control and balance sheet reduction [1] - This nomination alleviates previous concerns regarding the independence of the Federal Reserve and undermines the aggressive easing logic that had previously supported the rise of risk assets, putting pressure on the non-ferrous metal sector [1]

有色早间全线尽墨，其中沪铜和国际铜跌幅超过6%，沪锌跌超3%。前期在贵金属大涨所带来的多头情绪外溢作用下，有色多品种走势受到明显提振，期价 多刷新阶段性高位甚至创下纪录新高，但高价已经对下游需求造成抑制，目前伴随着贵金属的坠落，有色多品种同样回调。 （文华综合） ...

特朗普宣布提名凯文·沃什为下一任美联储主席人选，市场视其为偏鹰派，前期涨幅巨大的贵金属断崖 下跌，有色板块集体走弱，早盘沪铝及铝合金弱势运行，目前沪铝主力合约跌超4%，铝合金主力合约 跌超3.54%。 ...

Core Viewpoint - Citi warns that risks in the commodity market are rising, with a notable disconnect between copper prices and physical demand despite recent price increases [1] Group 1: Copper Market - Citi's metal research head, Tom Mulqueen, indicates that copper prices may rise to $15,000-$16,000 per ton in the coming weeks, driven by inflows from precious metals and a weaker dollar [1] - Copper prices recently surpassed Citi's short-term target of $14,000, reaching $14,400 on the London Metal Exchange (LME) before experiencing a significant decline [1] - Mulqueen expresses a lack of confidence in the short-term copper price outlook, citing increased selling outside of China and weak physical market fundamentals as indicators of a likely price correction [1] - Citi forecasts an average copper price of $13,000 per ton for 2026 [1] Group 2: Energy Market - Maximilian Layton, global head of commodity research, states that oil prices remain sensitive to tensions in the Middle East, particularly around Iran [1] - The U.S. may take actions to weaken Iran's missile and nuclear capabilities, but the market anticipates that both sides will avoid a full-scale conflict [1]

156 5309 0867 liumingkang@smm.cn （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/。 SMM联合制作联系人 刘明康 1月30日（周五），智利统计局（INE）公布的数据显示，智利2025年12月铜产量同比下滑4.7%，至540,221吨。 智利是全球最大的铜生产国。 统计局表示，该国12月制造业产出同比增加0.1%。 ...

Group 1 - Gold, silver, and copper prices experienced a significant drop after reaching historical highs, as investors began to lock in profits amid fading hopes for substantial interest rate cuts in the U.S. and a stabilizing dollar [1] - In January, gold and silver prices rose by 17% and 38% respectively, driven by a "fear of missing out" mentality that amplified price volatility [1] - Copper prices reached a historical high of $14,527.50 per ton on Thursday but fell back on Friday, with a cumulative increase of approximately 6% in January following an over 11% rise in December [1] Group 2 - Analysts suggest that as funds continue to flow into the relatively small and crowded market, prices may remain highly volatile [2] - There are expectations that copper, aluminum, and other industrial metals will further decline before the Chinese Lunar New Year holiday begins on February 16 [2]

本月铜价累计上涨6%，周四投机者持续买盘推动价格触及14,527.50美元历史高点，同时LME六种基本 金属合约指数也创下历史新高。 **获利了结及美元走强联合打压价格下挫** 1月30日（周五），伦敦金属交易所（LME）铜价下跌，受美元走强及获利了结打压，部分投资者在铜 价昨日创下历史新高后锁定获利。 伦敦时间1月30日17:00(北京时间1月31日01:00)，LME三个月期铜大跌461美元，或3.39%，至每吨 13,157.00美元，但仍维持在21日移动均线支撑位13,011美元上方。 | | 1月30日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 | 茶跌 张跃帽 | | 三个月期铜 | | 13,157.00 ↓ -461.00 ↓ -3.39% | | 三个月期铝 | 3,144.00 ↓ | -74.50 -2.31% | | 三个月期锌 | 3,402.00 | -10.00 ↓ -0.29% | | 三个月期铅 | 2,009.00 | -5.00 ↓ -0.25% | | 三个月期镇 | 17,954.00 -415.00 - ...

该公司表示，已经发布明年的产量指导目标，但因存在高度不确定性，暂时未发布钴的产量预估。尽管该公司继续在刚果民主共和国开采钴，但出口仍然受 到限制，因刚果政府为控制供应过剩和价格稳定而实施配额制度。 2025年，嘉能可在刚果民主共和国生产了33,500吨钴，较上年减少约5%。然而，在当局于2025年2月实施出口禁运，并在10月以配额制度取代后，大部分的 钴无法出口。这些限制举措旨在应对全球钴供应过剩导致的价格暴跌，但由于审批流程缓慢，出口至到年底才得以恢复。 在次背景下，嘉能可表示将专注于刚果民主共和国的铜生产，这类产品的出口不受限制，且市场环境日益有利。钴通常是铜或镍开采的副产品。嘉能可表 示，铜开采过程中产生的钴将被储存，直至出口情况改善。 全球铜价上涨亦强化这一战略。本月，伦敦金属交易所（LME）三个月期铜再创新高，延续了2025年以来超过40%的涨势。分析师将此次价格飙升归因于供 应趋紧和需求增加，而需求增长又和电网、可再生能源、电动交通以及数据基础设施的投资相关。 投行纷纷支持近期看涨观点。高盛（Goldman Sachs）预计，到2035年左右铜价将接近每吨15,000美元，因需求超出供应，而随着数 ...