Core Insights - China's refined copper production in December reached 1.326 million tons, marking a year-on-year increase of 9.1%. The cumulative production for the year was 14.72 million tons, up 10.4% compared to the previous year [1][2] - In December, alumina production was 8.011 million tons, reflecting a year-on-year increase of 6.7%, with a total annual production of 92.446 million tons, an 8% increase [1][2] - The production of ten non-ferrous metals in December was 7.208 million tons, up 4.9% year-on-year, with a total annual production of 81.75 million tons, a 3.9% increase [1][2] - Copper product output in December was 2.229 million tons, showing a decrease of 3.4% year-on-year, while the total annual production was 24.814 million tons, up 4.7% [1][2] Production Data Summary - **Alumina**: December production was 801.1 thousand tons, with a monthly growth rate of 6.7% and an annual growth rate of 8.0% [2] - **Ten Non-Ferrous Metals**: December production was 720.8 thousand tons, with a monthly growth rate of 4.9% and an annual growth rate of 3.9% [2] - **Refined Copper**: December production was 132.6 thousand tons, with a monthly growth rate of 9.1% and an annual growth rate of 10.4% [2] - **Aluminum**: December production was 71.9 thousand tons, with a monthly growth rate of 5.3% and an annual growth rate of 2.8% [2] - **Zinc**: December production was 67.5 thousand tons, with a monthly growth rate of 11.0% and an annual growth rate of 9.3% [2] - **Raw Aluminum**: December production was 387.4 thousand tons, with a monthly growth rate of 3.0% and an annual growth rate of 2.4% [2] - **Aluminum Alloys**: December production was 182.5 thousand tons, with a monthly growth rate of 13.7% and an annual growth rate of 15.8% [2] - **Copper Products**: December production was 222.9 thousand tons, with a monthly decrease of 3.4% and an annual growth rate of 4.7% [2] - **Aluminum Products**: December production was 613.6 thousand tons, with no monthly growth and a slight annual decrease of 0.2% [2]

（文华综合 ） 国家统计局发布报告显示，中国12月精炼铜（电解铜）产量为132.6万吨，同比增加9.1%。1-12月累计 产量为1,472.0万吨，同比增长10.4%。虽然12月有部分冶炼厂检修，但实际影响产量有限，而前期检修 的冶炼厂陆续复产，另外，由于铜价持续拉升，使得精废价差大幅扩大，废产阳极铜的产量增加，冶炼 厂的原料得以有效补充，不少冶炼厂的产量均出现环比上升，12月铜产量环比增加。进入1月，SMM表 示，将有5家冶炼厂有检修计划，涉及粗炼产能105万吨，预计影响量约为1.9万吨。往年不少冶炼厂有 开门红的习惯，但今年由于铜精矿供应紧张，仅个别冶炼厂仍保持该习惯。另外，1月原计划是有2家冶 炼厂要投产，但因各种原因影响，仅一家能按时投产，另外一家要延后至3月底4月初。 ...

Core Viewpoint - Brazil Nickel (BRN) has signed a non-binding agreement with Westwin Elements to supply high-grade nickel hydroxide cobalt (MHP), enhancing its role in the global critical minerals market [1] Group 1: Agreement Details - BRN will supply up to 10,000 tons of nickel and 240 to 400 tons of cobalt annually from its Piauí nickel project to Westwin [1] - Westwin will refine the MHP into primary nickel powder and nickel briquettes for the U.S. market, supporting the establishment of a cost-effective critical mineral supply chain [1] Group 2: Strategic Importance - The agreement strengthens BRN's financing structure and confirms its capability to produce high-quality nickel [1] - BRN positions itself as a key player in the global critical minerals market, emphasizing its strategic role in enhancing supply chain resilience [1] Group 3: Statements from Executives - BRN's CEO Mark Travers highlighted the importance of the agreement in establishing long-term partnerships with key market customers [1] - Westwin's CEO KaLeigh Long stated that building reliable supply chain relationships is crucial for restoring U.S. refining capabilities and enhancing supply chain security for advanced manufacturing and defense applications [1]

Core Viewpoint - Korea Zinc Co. plans to transform a defunct U.S. smelter into a giant critical minerals processing facility, expected to handle metals worth approximately $3 billion from waste piles [1] Group 1: Company Plans and Investments - The company acquired the Nyrstar processing plant in Clarksville, Tennessee, in December and plans to invest $7.4 billion for expansion and renovation [1] - The project is supported by the U.S. government and JPMorgan, with operations expected to commence in 2029 [2] Group 2: Resource and Supply - The facility is estimated to contain around 600,000 tons of waste, equivalent to over $3 billion at current prices, with processing expected to take six to seven years [1] - Existing waste is critical for supply as the company has not sourced raw materials from other businesses for the plant [2] Group 3: Technological Capability - The company asserts it has the technical capability to extract metals from the waste and profit from it [3]

对于铜价走势，金源期货表示，特朗普表示已与北约就格陵兰岛问题达成共识，将不会兑现原定对欧洲 八国实施加征关税政策，市场避险情绪降温，金银回落一度拖累铜价向下调整，此外，高铜价持续拖累 国内需求，洋山铜溢价最低跌至20美金附近，创近1年半以来最低；基本面来看，海外中断矿山复产进 程缓慢，全球显性库存继续增加，国内累库速率加快，整体预计铜价短期将转入调整，但在基本面结构 性时候的背景下，调整幅度或较为有限。 （文华综合） 沪铜早间小幅低开，日内行情略有转暖，收盘上涨0.28%。由于铜价高企，此前精废价差拉大，废产阳 极铜的产量增加，12月中国精铜产量继续增加，助力全年产量再创纪录，最近宏观面情绪反复，全球铜 库存回升，利多消息有限，铜价高位调整。 国家统计局数据显示，中国12月精炼铜产量为132.6万吨，同比增加9.1%。1-12月累计产量为1,472.0万 吨，同比增长10.4%，近些年由于国内冶炼产能持续扩张，叠加冶炼厂优化原料结构，精炼铜产量继续 增加。 此前由于市场担忧美国未来仍会对精炼铜加征关税，美国对于全球铜的虹吸效应仍在延续，当前 COMEX铜库存已经升至55万短吨之上，超过50万吨。此前得益于全球 ...

Group 1 - The core viewpoint of the article highlights the fluctuations in copper prices and the significant increase in copper inventory at the COMEX, driven by concerns over potential import tariffs and supply disruptions [1][3][6] Group 2 - As of January 20, COMEX copper inventory reached 554,904 short tons (approximately 50.34 million tons), marking a 1.3% increase from January 16 [3] - LME three-month copper prices rose by 0.2% to $12,833 per ton, while the Shanghai copper futures contract (2603) closed up by 120 yuan, or 0.12%, at 100,540 yuan per ton [1][2] - Analysts from Sucden Financials noted that the rising LME copper prices have led to a shift in the market dynamics, with supply and demand moving towards a more balanced state, reducing the urgency for price increases [5] - Other base metals also experienced price changes, with Shanghai aluminum, zinc, nickel, and tin contracts showing slight increases, while lead prices declined [6]

海关统计数据在线查询平台公布的数据显示，中国2025年12月未锻压镍进口量为23,861.23吨，环比增长 85.74%，同比上升28.85%。 注：1、未锻压镍包括按重量计镍、钴总量≥99.99%，钴≤0.005％的未锻轧非合金镍；其他未锻轧非合金 镍；未锻轧的镍合金。 2、进口总量（总计）中亦包括上表未列出的部分原产地数据。 印度尼西亚是第二大进口来源地，当月从印度尼西亚进口未锻压镍4,754.33吨，环比增加251.42%，同 比增长28.18%。 以下为根据中国海关总署官网数据整理的2025年12月未锻压镍进口分项数据一览表： 数据来源：海关总署 俄罗斯是第一大进口来源地，当月从俄罗斯进口未锻压镍12,376.30吨，环比增加1334.38%，同比上升 31.36%。 ...

| 原产曲 | 2025年12月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 印度居西亚 | 974,578.36 | 11.64% | 0.93% | | 草물 | 8.039.56 | 73.61% | 11.45% | | 新喀里多尼亚 | 5.403.90 | 20.37% | -2.55% | | 北分别 | 5,345.92 | -31.27% | -19.75% | | 留 | 2,176.08 | -50.12% | -57.51% | | 三大西 | 208.82 | -47.41% | 118.16% | | 俄罗斯 | 197.19 | 26.94% | -- | | 哈萨克斯坦 | 187.09 | -9.81% | | | 当拉圭 | 0.02 | -- | | | 总计 | 996,136.95 | 11.30% | 0.54% | 数据来源：海关总署 海关统计数据在线查询平台公布的数据显示，中国2025年12月镍铁进口量为996,136.95吨，环比增加 11.30%，同比增加0.54%。 印度尼西亚是第一大进口来源地，当月从印度尼西亚进 ...

Core Insights - In December 2025, China's imports of nickel ore and its concentrates totaled 1,992,826.89 tons, representing a month-on-month decrease of 40.27% but a year-on-year increase of 31.82% [1] Import Sources Summary - The Philippines was the largest source of imports, supplying 1,608,708.09 tons, which is a month-on-month decline of 46.70% but a year-on-year increase of 35.92% [1] - The Solomon Islands ranked second, with imports of 145,329.93 tons, showing a significant month-on-month increase of 309.35% and a year-on-year increase of 324.08% [1] - New Caledonia contributed 144,760.75 tons, with a month-on-month increase of 4.36% but a year-on-year decrease of 39.34% [1] - Other notable sources included Côte d'Ivoire (40,988.99 tons), Guatemala (20,891.10 tons), Russia (20,477.91 tons), and Zambia (9,745.72 tons), with varying month-on-month and year-on-year changes [1]

Core Insights - The World Bureau of Metal Statistics (WBMS) reported a global zinc surplus of 29,000 tons in November 2025, with production at 1,197,000 tons and consumption at 1,168,000 tons [1] - For the period from January to November 2025, global zinc production totaled 12,756,100 tons, while consumption reached 13,106,500 tons, resulting in a shortage of 350,400 tons [1] - In November 2025, global zinc mine production was recorded at 1,069,000 tons [1] - The total global zinc mine production from January to November 2025 was 12,141,900 tons [1]