工会补充表示，所有在该厂工作的人员都可以进入矿区。 其并称："驳斥了公司有关'暴徒'闯入工厂，并造成严重破坏导致工厂无法运转的虚假说法。" Capstone Copper公司周六在一份声明中表示，公司坚持其立场，即"谈判的最低条件不存在。" 此次劳资纠纷正值市场对铜供应趋紧的任何迹象都高度敏感之际，由于市场预期未来需求强劲，铜价已经创下历史新高。 1月25日（周日），Capstone Copper公司位于智利北部的Mantoverde铜金矿工会周六否认了公司关于其仍在占领矿区海水淡化厂的说法，称这一指控是公司 逃避谈判的借口。 自从1月2日关于新的劳工合同的谈判破裂后，该矿工人一直在罢工。 代表645名工人的工会在一份声明中表示，政府官员已于周五召集调解会议，但公司方面拒绝参加，除非工会成员受限停止其所谓的强力行动。 工会称，一小部分成员曾阻碍公司人员进入，并于周四占领了为矿区供水的海水淡化厂，但他们此后已停止这些行动。 该矿的铜产量约占到全球铜产量的0.4%。 （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 ...

沪铜早间高开，日内涨幅略有回落，收盘上涨1.26%。早间沪铜走势受贵金属大涨带动，但最近全球铜 显现库存有所增加，高价对铜需求的抑制仍然存在，铜价涨势受限。 最近LME铜库存整体延续回升姿态，目前升至17万吨之上，为去年5月下旬以来最高。国内精铜社会库 存上周四一度停止累积，但高价对下游需求的抑制仍然存在。 对于铜价走势，光大期货表示，近期高铜价影响下，铜消费转弱，累库力度强于近两年，这加大了产业 内的分歧，也一度使得铜存在调整预期，但从周五表现来看，无论是贵金属看涨情绪外溢效应还是从资 金对有色追捧力度，仍维系着铜价易涨难跌的行情。因此当前铜价逻辑已不能简单从基本面来去定价， 更多的需求金融属性的角度去看，整体仍以震荡偏多行情看待。 （文华综合） 截至上周国内铜精矿加工费弱势运行，且最近海外铜矿传来一些干扰消息，铜市矿紧局面仍在延续。国 内冶炼产能继续扩张，去年全年产量再创新高，后续仍需关注矿紧对冶炼端的影响。 ...

Group 1 - The core viewpoint of the articles indicates that tin prices have experienced significant volatility, with a recent peak increase of over 9%, but closing with a smaller gain of 1.37% at 425,340 yuan/ton. This fluctuation is influenced by the overall valuation levels of non-ferrous metals, driven by rising precious metal prices [1] - The fundamental aspects of tin show a mixed outlook, with optimistic prospects for emerging applications, yet the current supply-demand situation remains weak. Market sentiment is dominating price movements, leading to sharp fluctuations in tin prices [1] - Tin ore imports from Myanmar to China have rebounded significantly from November to December 2025, although they remain at a low level compared to the same period over the past five years. Domestic tin concentrate processing fees have increased, indicating a marginal easing of raw material tightness [1] Group 2 - In terms of end-user demand, the overall market is characterized by rigid demand, with a slow recovery in the consumer electronics sector. Some electronic companies have seen a slight rebound in export orders, but the demand remains weak as evidenced by the decline in daily processing fees for photovoltaic welding strips [2] - Despite current high tin prices suppressing some purchasing intentions, downstream inventories are generally low, leading to a gradual increase in price tolerance. A wave of concentrated restocking behavior was triggered during the recent price correction [2] - Market sentiment is currently exuberant, with domestic inventories declining but still at relatively high levels, while overseas inventories continue to rise. Overall inventory pressure is not significant, but caution is advised regarding potential market cooling and subsequent price corrections [2]

LME铅库存 | 金屋 | 阵 增减 | 变动 | | --- | --- | --- | | 同 | 170,525 -1,175 -0.68% | | | 铝 | 505,275 -2,000 -0.39% | | | 蚌 | 111,325 J -175 J | -0.16% | | 臭 | 285,552 ↑ +1,824 ↑ | +0.64% | | 铝 | 213,600 -1,575 J | -0.73% | | 锡 | 7,065 | -130 ↓ -1.81% | | 铝合金 | 1,500 0 | - 0.00% | | 地点 | | 前日库存 入库 出库 今日库存 | | | 变动 | | 注册仓单 注销仓单 | 注销占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铝 | 215175 | 0 | | 1575 213600 | -1575 | 187075 | 26525 | 12.42% | | 新加坡 | 213475 | 0 | 1525 | 211950 | -1525 | 186500 | 2545 ...

Group 1 - The London Metal Exchange (LME) reported a significant increase in copper inventory, reaching 171,700 tons, the highest level in eight months [2] - The Shanghai Futures Exchange indicated that copper inventory rose by 5.82% to 225,937 tons, marking a nine-and-a-half-month high [2] - International copper inventory decreased by 70 tons to 15,895 tons [2] Group 2 - The latest copper inventory levels for major exchanges as of January 23, 2026, are as follows: COMEX at 562,605 tons, LME at 171,700 tons, and SHIP at 225,937 tons [5] - A comparison of copper inventory levels since January 2026 shows a consistent upward trend in LME and SHIP inventories, while COMEX inventory also increased [5] - The copper industry in China faces three main challenges: rising dependence on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [6]

Group 1 - The core viewpoint of the article indicates that after a weak adjustment, copper prices have returned to a strong trend, with the main contract showing an increase of nearly 3% in the morning [1] - Precious metals have also surged again, contributing to a positive atmosphere in the domestic futures market, which is influencing copper price movements [1] - Global visible copper inventories have recently increased, and high prices are still suppressing downstream demand; however, ongoing geopolitical tensions and a weakening US dollar provide some support for copper prices [1]

Group 1 - Standard Chartered Bank forecasts that the average copper price will be $12,213 per ton in 2026, with an expected average of $12,950 per ton in the first half and $11,475 per ton in the second half [2] - The bank also predicts that the average aluminum price will be $3,098 per ton in 2026, with an expected average of $3,143 per ton in the first half [2] Group 2 - China, as the largest copper consumer globally, faces three major challenges: increasing dependence on foreign resources in the upstream, 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 has collaborated with copper industry chain enterprises to compile the "2026 China Copper Industry Chain Distribution Map" in both Chinese and English [2]

Group 1 - Antofagasta Minerals has been fined approximately $775,000 by Chile's environmental regulatory agency for failing to comply with water resource management regulations at its Centinela copper mine [2] - The Centinela copper mine includes the Esperanza and El Tesoro projects, with a projected copper production of 223,800 tons in 2024 [2] - The regulatory agency stated that the company did not properly manage water resources, specifically failing to adhere to monitoring rules outlined in the environmental impact assessment report and supplementary monitoring plan for the El Tesoro project [2] Group 2 - The investigation was initiated based on inspections conducted between 2019 and 2020 [2] - The violation has been classified as a minor infraction, and the fine must be paid within 10 working days of notification [3]

Core Viewpoint - The London Metal Exchange (LME) copper prices increased due to a weaker dollar and rising prices of other metals, temporarily overshadowing recent signs of increased supply inventories [1] Group 1: Copper Price Movement - On January 23, LME three-month copper rose by $359.5, or 2.82%, closing at $13,115.0 per ton, reaching an intraday high of $13,182 [1] - Copper prices had previously hit a record high of $13,407 on January 14 [1] Group 2: Supporting Factors - The dollar experienced its largest weekly decline since June, making metals priced in dollars more attractive to buyers using other currencies [3] - A strike at Capstone Copper's Mantoverde mine in Chile has led to production halts, providing additional support for copper prices [4] Group 3: Supply and Inventory Insights - LME, COMEX, and Shanghai Futures Exchange copper inventories reached 905,069 tons, the highest level since 2018, with over half located in US COMEX warehouses [6] - COMEX copper contracts saw a significant narrowing of premiums compared to LME contracts, leading to increased deliveries into LME warehouses [5] Group 4: Other Metals Performance - Other metals also saw price increases, with three-month tin soaring by $4,939, or 9.52%, closing at $56,816.0 per ton, reaching an intraday high of $56,920 [7] - Three-month aluminum rose by $36.5, or 1.17%, to $3,169.0 per ton [8] - Three-month zinc increased by $49.5, or 1.54%, to $3,260.5 per ton [9] - Three-month lead rose by $6, or 0.3%, to $2,026.0 per ton [10] - Three-month nickel increased by $760, or 4.22%, to $18,756.0 per ton [10]

Core Insights - Geopolitical events are shifting focus to the mining industry, highlighting long-ignored supply chain risks [1] - Policy-driven investment cycles are changing the landscape, with government support driving interest in critical mineral projects [1][2] - The mining sector is expected to experience a politicalization that creates both opportunities and risks for miners and investors [3] Geopolitical Factors - Unprecedented policy support for new mining projects reflects the geopolitical urgency to secure critical mineral supplies [2] - Supply chain disruptions from 2025 remain a significant risk, with fragmented national policies also posing challenges [2] - A majority of investors anticipate increasing divergence in trade and critical mineral policies among major economies over the next 12 months [2] Investment Trends - The funding gap between the U.S. and Europe is expected to create opportunities in the mining sector [3] - While policy support may benefit mining companies, it could also lead to potential investment bubbles due to over-expansion [3] - Demand for metals is primarily driven by market forces rather than policy, which is crucial for stabilizing prices and investments [3] Metal Performance - Copper and gold are projected to be the biggest winners in 2026, continuing strong performance from 2025 [4] - Other minerals show mixed expectations, with basic metals likely to consolidate and rare earths experiencing a political bull market [4] - Coal is expected to perform poorly, followed by lithium [4] M&A Trends - National policy turbulence, resource nationalism, and capital costs may hinder M&A activity, but could also serve as potential drivers for transactions [5] - The availability of assets is identified as a major barrier to M&A, with about 20% of respondents highlighting this issue [6] - Strategic partnerships among industry players are anticipated to be the most likely form of transaction activity, with government and private sector collaborations expected to support M&A growth [7]