2025年1-11月，全球精炼铜产量为2494.02万吨，消费量为2449.83万吨，供应过剩44.19万吨。 1月21日（周三），世界金属统计局（WBMS）公布的最新报告显示，2025年11月，全球精炼铜产量为223.24万吨，消费量为213.23万吨，供应过剩10.01万 吨。 2025年11月，全球铜精矿产量为164.59万吨。 2025年1-11月，全球铜精矿产量为1722.76万吨。 （文华综合） ...

Group 1 - The Trump administration is advancing a measure to expedite the issuance of permits for companies exploring critical minerals in international waters, encouraging deep-sea exploration in the U.S. [2] - The new rule established by the National Oceanic and Atmospheric Administration aims to streamline the permitting and approval process into a single review, shortening the timeline for approvals [2] - The Metals Company, a Canadian mining firm, has initiated the application process for such exploration permits, aiming to become the first company to receive approval for deep-sea mineral development [2] Group 2 - Significant deposits of polymetallic nodules, which contain essential materials for electric vehicles and electronics such as nickel, copper, and cobalt, are believed to exist in parts of the Pacific and other regions [3] - The Trump administration's executive order directs the government to accelerate mining permit approvals under the 1980 Deep Seabed Hard Mineral Resources Act, establishing a procedure for issuing permits on the U.S. outer continental shelf [4] - The International Seabed Authority, established under the United Nations Convention on the Law of the Sea, has been reviewing standards for deep-sea mining in international waters, but formal standards have not yet been established due to disagreements among parties [4]

Group 1 - Rio Tinto's fourth-quarter copper production exceeded expectations, driven by the expansion of underground capacity at the Oyu Tolgoi mine, offsetting a decline in production at the Escondida mine in Chile [2][4] - The consolidated copper production for the fourth quarter increased by 5% year-on-year to 240,000 tons, surpassing the general estimate of 214,400 tons [2][4] - Annual copper production rose by 11% to 883,000 tons, exceeding Rio Tinto's guidance of 860,000 to 875,000 tons [2][3] Group 2 - The copper business accounts for about one-quarter of Rio Tinto's half-year profits, which is still modest compared to iron ore, but is crucial for the company's long-term growth ambitions and ongoing acquisition talks with Glencore [3][4] - At the Escondida mine, production decreased by 10% year-on-year due to lower grades and reduced output from the concentrator, while Oyu Tolgoi's production increased by 57%, supporting the overall copper revenue for the group [3][4]

（文华综合） 1月21日（周三），国际铜研究组织（ICSG）最新公布的月度报告显示，2025年11月全球精炼铜市场供应过剩9.4万吨，此前在10月供应过剩4.8万吨。 2025年1-11月，全球精炼铜市场供应过剩206,000吨，上年同期供应过剩105,000吨。 2025年11月，全球精炼铜产量为237万吨，消费量为228万吨。 ...

Group 1 - LME copper prices increased by $56.5, or 0.44%, closing at $12,810.0 per ton on January 21, following a significant drop the previous day, driven by tight inventories outside the U.S. despite concerns over sustained demand [1] - The three-month aluminum price rose by $7.5, or 0.24%, to $3,115.0 per ton, while zinc increased by $2.5, or 0.08%, to $3,175.5 per ton [2] - The three-month tin price surged by $2,005.0, or 4.06%, to $51,417.0 per ton, marking the largest increase among LME metals [6] Group 2 - Structural tightness continues to support prices in the broader base metals market, although demand outlook remains uncertain [3] - The copper premium in the spot market rose above $100 per ton, indicating strong short-term demand, but shifted to a discount of $23.50 per ton the following day [3] - China's refined copper imports for December 2025 were reported at 298,027.32 tons, reflecting a month-on-month decrease of 2.19% and a year-on-year decline of 27.00% [3] Group 3 - The International Copper Study Group (ICSG) reported a global refined copper market surplus of 94,000 tons in November 2025, up from a surplus of 48,000 tons in October [4] - For the period from January to November 2025, the global refined copper market had a surplus of 206,000 tons, compared to a surplus of 105,000 tons in the same period the previous year [5] Group 4 - The International Lead and Zinc Study Group (ILZSG) reported a zinc market shortage of 7,700 tons in November 2025, an increase from a shortage of 2,800 tons in October [8] - The global refined lead market surplus narrowed to 8,900 tons in November 2025, down from 29,200 tons in October [9]

Core Insights - The London Metal Exchange (LME) reported a significant increase in tin inventory, reaching 6,960 tons, marking a two-year high [1] - The Shanghai Futures Exchange also noted a substantial rise in tin inventory, with a weekly increase of 37.69% to 9,549 tons, the highest level in nearly nine months [1] Inventory Comparison - As of January 20, 2026, LME tin inventory was 6,960 tons, up from 6,440 tons on January 19, 2026, and 5,935 tons on January 16, 2026 [4] - The Shanghai Futures Exchange reported a tin inventory of 9,549 tons on January 16, 2026, with previous levels being 5,925 tons on January 15, 2026, and 5,930 tons on January 14, 2026 [4] Market Implications - Generally, a continuous decline in inventories on domestic and international exchanges supports price levels, while an increase may exert downward pressure on prices [3]

海关总署在线查询数据显示，中国12月废铜进口量为23.90万吨，环比增14.81%，同比增9.90%，再创 2025年单月新高。亚洲各国仍为主要输送国，其中日本输送量仍居榜首，环比略有下滑，泰国供应量环 比增加，韩国输送量下降偏多。据悉在铜矿供应仍然紧张的背景下，冶炼厂加强对废铜的采购。 数据来源：海关总署 （文华综合） ...

Group 1 - The core point of the article highlights that China's refined tin imports in December 2025 reached 1,547.75 tons, showing a month-on-month increase of 29.57% but a year-on-year decrease of 48.25% [1] Group 2 - Peru is identified as the largest source of refined tin imports, with 678.02 tons imported in December 2025, reflecting a month-on-month decrease of 3.22% and a year-on-year increase of 17.82% [1] - Indonesia ranks as the second largest source, with imports of 636.23 tons, which is a significant month-on-month increase of 182.11% but a year-on-year decrease of 68.80% [1] - Other notable sources include Bolivia (148.22 tons, -40.59% month-on-month), Malaysia (50.20 tons, +25000.00% month-on-month), and the United States (1.18 tons, +98.32% month-on-month, +493.97% year-on-year) [1]

Core Insights - China's imports of tin ore and concentrates in December 2025 reached 17,637.24 tons, representing a month-on-month increase of 16.82% and a year-on-year increase of 120.09% [1] Import Sources - Myanmar remains the largest source of imports, with 6,205.43 tons imported in December 2025, showing a month-on-month decrease of 13.70% but a year-on-year increase of 438.68% [1] - The Democratic Republic of the Congo is the second-largest source, with imports of 3,236.19 tons, reflecting a month-on-month increase of 0.34% and a year-on-year increase of 13.66% [1] - Australia saw significant growth, with imports of 2,099.73 tons, marking a month-on-month increase of 114.55% and a year-on-year increase of 115.20% [1] Other Notable Sources - Nigeria's imports were 1,475.14 tons, with a slight month-on-month decrease of 0.21% but a year-on-year increase of 39.38% [1] - Bolivia's imports surged to 1,410.40 tons, showing a month-on-month increase of 260.16% and a year-on-year increase of 76.79% [1] - Venezuela experienced a dramatic rise in imports to 616.35 tons, with a month-on-month increase of 2,108.43% and a year-on-year increase of 2,987.93% [1] Summary of Import Data - The total imports of tin ore and concentrates for December 2025 are summarized in a table format, highlighting the tonnage, month-on-month, and year-on-year changes for various countries [1]

Group 1 - The Democratic Republic of Congo's central bank reported that copper production in October 2025 reached 327,136 tons, with a cumulative total of 2,860,657 tons from January to October 2025 [2] - China, as the world's largest copper consumer, faces three major challenges: increasing dependence on foreign upstream resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [2] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map," available in both Chinese and English [2]