2025年1-9月，全球原铝产量为5454.99万吨，消费量为5583.53万吨，供应短缺128.54万吨。 11月19日（周三），世界金属统计局（WBMS）公布的最新报告显示，2025年9月，全球原铝产量为 601.63万吨，消费量为620.84万吨，供应短缺19.21万吨。 ...

以下为根据中国海关总署官网数据整理的2025年10月铝土矿进口分项数据一览表： | 原产地 | 2025年10月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 几内亚 | 8.997.801.96 | -14.24% | 19.16% | | 澳大利亚 | 3,824,284.89 | 2.34% | 3.51% | | 圭亚那 | 251,968.22 | 77.24% | -- | | 老挝 | 160,525.14 | -13.15% | 8.71% | | 加纳 | 126,202.15 | 175.65% | 1.68% | | 三来西亚 | 124,131.64 | -44.89% | -26.62% | | 科特迪瓦 | 104,321.24 | -26.63% | 3.32% | | 塞拉利品 | 99,022.28 | -70.63% | | | 十目真 | 56,881.42 | -85.58% | -78.93% | | 巴基斯坦 | 20,918.06 | -17.58% | 2511071.67% | | 坦桑尼亚 | 0.89 | 57.55 ...

》查看更多金属库存信息 | 金屋 | 阵存 | 增减 变动 | | --- | --- | --- | | 铜 | 157925 | T +50 ↑ +0.03% | | 铝 | 544075 | ﺑﺴ -2.000 1 -0.37% | | 锌 | 46075 | ↑ +1,000 ↑ +2.22% | | 寝 | 254172 | - -1.674 J -0.65% | | 铝 | 264650 | 1 +175 ↑ +0.07% | | 锡 | 3065 | - -50 -1.61% | | 铝合金 | 1500 | 0 - 0.00% | | LME库存 | | --- | | 我屋 | 阵 | 注册6审 | | 变动 | 注销仓单 | | 变动 | 注销占比 上日占比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铜 | 157925 | 148450 | T | +0.20% | 9475 | | -2.57% | 6.00% | 6.16% | | 铝 | 544075 | 484800 | | -1.22 ...

海关统计数据在线查询平台公布的数据显示，中国2025年10月铜矿砂及其精矿进口量为2,451,487.80 吨，环比减少5.24%，同比增长6.08%。 智利是第一大进口来源地，当月从智利进口铜矿砂及其精矿769,360.14吨，环比上升18.44%，同比上升 18.45%。 秘鲁是第二大进口来源地，当月从秘鲁进口铜矿砂及其精矿658,535.98吨，环比上升11.56%，同比上升 2.62%。 以下为根据中国海关总署官网数据整理的2025年10月中国铜矿砂及其精矿进口分项数据一览表： | 原产地 | 2025年10月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 智利 | 769,360.14 | 18.44% | 18.45% | | 秘鲁 | 658,535.98 | 11.56% | 2.62% | | 蒙古 | 186,579.27 | 1.22% | 20.64% | | 哈萨克斯坦 | 138,434.96 | 60.01% | 32.94% | | 俄罗斯 | 102,758.53 | 6.42% | 153.25% | | 刚果民主共和国 | 75.4 ...

Core Insights - China's refined copper imports in October 2025 totaled 323,144.72 tons, reflecting a month-on-month decrease of 13.62% and a year-on-year decrease of 16.32% [1][2] Import Sources - The Democratic Republic of the Congo was the largest source of refined copper, with imports of 106,256.34 tons, down 16.22% month-on-month and down 27.55% year-on-year [1] - Russia ranked second, with imports of 43,359.60 tons, a month-on-month decrease of 10.34% but a year-on-year increase of 89.30% [1] - Other notable sources included Chile (30,216.93 tons, down 4.63% month-on-month and down 36.81% year-on-year) and Kazakhstan (24,230.78 tons, up 12.28% month-on-month and up 38.57% year-on-year) [1] Detailed Import Data - A comprehensive breakdown of imports by country shows significant fluctuations, with some countries like Morocco showing a dramatic increase of 850.62% month-on-month and 1263.38% year-on-year [1] - Conversely, imports from South Korea and Japan saw substantial declines, with decreases of 49.50% and 32.45% month-on-month, respectively [1] - The total import volume includes data from other unlisted origins, indicating a broader market trend [4]

2025年1-9月，全球锡矿产量为22.31万吨。 （文华综合） 11月19日（周三），世界金属统计局（WBMS）公布的最新报告显示，2025年9月，全球精炼锡产量为 3.25万吨，消费量为2.76万吨，供应过剩0.49万吨。 2025年1-9月，全球精炼锡产量为26.02万吨，消费量为26.95万吨，供应短缺0.92万吨。 2025年9月，全球锡矿产量为2.72万吨。 ...

Core Insights - LME copper prices rebounded on November 19, with investors viewing the recent price drop as a buying opportunity, amidst a stabilizing stock market and ongoing supply concerns in the copper market [1][4]. Group 1: Market Performance - On November 19, LME three-month copper rose by $33, or 0.31%, closing at $10,752.50 per ton [2]. - Other base metals also showed mixed performance, with three-month aluminum up by $21 (0.76%) to $2,801.00, while three-month zinc and lead fell by $8.00 (0.27%) and $8.50 (0.42%) respectively [2]. Group 2: Supply Concerns - The copper market remains supported by supply worries due to operational disruptions at global mining sites [5]. - Freeport-McMoRan announced plans to resume production at the Grasberg mine in Indonesia by July 2026, following a landslide that halted operations in September [5]. Group 3: Investor Sentiment - Positive sentiment in the metal market was noted ahead of Nvidia's earnings report, with some investors adjusting their positions in the stock market [4]. - The copper market is seeing higher lows during pullbacks, indicating that buyers are ready to enter the market rather than waiting for further declines [4].

Group 1 - The core viewpoint of the article highlights a rebound in copper prices, with investors viewing recent price declines as an opportunity to enter the market [1][2] - LME three-month copper rose by 0.9% to $10,812 per ton, influenced by positive sentiment in the stock market ahead of Nvidia's earnings report [2] - Supply factors, particularly global mine shutdowns, have also contributed to the rise in copper prices, with Freeport-McMoRan planning to restart production at the Grasberg copper-gold mine in Indonesia by July next year [3] Group 2 - Freeport-McMoRan's Grasberg mine was previously shut down due to a fatal accident, and the company expects its copper and gold output to remain stable at approximately 1 billion pounds of copper and 90 million ounces of gold by 2026 [3] - Other base metals also saw price movements, with three-month zinc up 0.8% to $3,014 per ton, aluminum up 1% to $2,808.50 per ton, lead down 0.1% to $2,022 per ton, and tin up 1.7% to $37,505 per ton [3]

Group 1 - The expectation of a Federal Reserve interest rate cut has increased, leading to a stabilization in Shanghai aluminum prices, with the main contract rising by 0.12% [1] - Recent data showed an increase in initial jobless claims in the U.S. to a two-month high, indicating a cooling labor market, which has contributed to the recovery of market sentiment regarding interest rate cuts [1] - The supply side of the domestic electrolytic aluminum market remains stable, with little change in operating capacity, while demand is experiencing a seasonal decline, particularly in construction and home appliance sectors [2] Group 2 - The overall consumption is showing a seasonal weakening trend, with major end-user manufacturers reducing raw material purchases, although the automotive market remains strong [2] - There has been a noticeable accumulation of aluminum inventory, reflecting a significant weakening in the consumption side, but overall inventory levels remain low, limiting pressure on prices [2] - In the context of weakening macroeconomic sentiment, aluminum prices are expected to experience fluctuations and adjustments [2]

Core Insights - The article provides an overview of the changes in LME (London Metal Exchange) inventories for various metals, highlighting significant fluctuations in stock levels and registration rates across different locations [1][2][4][5][13]. Inventory Changes - **Copper**: The total inventory increased to 157,875 tons, with a rise of 17,375 tons or 12.37% from the previous day. Registered warrants rose by 12.60% to 148,150 tons, while the cancellation rate was 6.16% [1][2][4]. - **Aluminum**: The inventory decreased to 546,075 tons, down by 2,000 tons or 0.36%. Registered warrants fell by 6.02% to 490,775 tons, with a significant increase in cancellations by 113.93% to 55,300 tons, resulting in a cancellation rate of 10.13% [1][2][5]. - **Zinc**: The inventory rose to 45,075 tons, an increase of 1,550 tons or 3.56%. Registered warrants increased by 3.62% to 41,550 tons, with a cancellation rate of 7.82% [1][2][9]. - **Nickel**: The inventory decreased to 255,846 tons, down by 1,986 tons or 0.77%. Registered warrants were at 244,452 tons, with a cancellation rate of 4.45% [1][2][13]. - **Tin**: The inventory increased to 3,115 tons, up by 60 tons or 1.96%. Registered warrants were at 2,995 tons, with a cancellation rate of 3.85% [1][2][11]. Location-Specific Changes - **Copper Locations**: Significant increases in inventory were noted in locations such as Kaohsiung (+8,275 tons) and Hla (+7,525 tons), while Rotterdam saw a decrease of 100 tons [4]. - **Aluminum Locations**: The largest inventory drop was in Port Klang, which decreased by 2,000 tons, while other locations like Kaohsiung and Rotterdam maintained stable levels [5]. - **Zinc Locations**: Notable increases were observed in Singapore (+50 tons) and Kaohsiung (+1,275 tons), while Port Klang remained unchanged [9]. - **Tin Locations**: The largest increase was in Port Klang, which rose by 60 tons, while other locations showed minimal changes [11]. - **Nickel Locations**: The most significant drop occurred in Kaohsiung, which decreased by 2,238 tons, while Rotterdam saw a slight increase of 252 tons [13].