1月20日（周二），伦敦金属交易所（LME）铜价大幅下跌，在库存水平处于多年高位的情况下，价格 上涨令工业买家望而却步。 伦敦时间1月20日17:00(北京时间1月21日01:00)，LME三个月期铜下跌212美元，或1.64%，收报每吨 12,753.5美元。前一交易日上涨1.3%。 | | 1月20日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 | 张跃 张跃帽 | | 三个月期铜 | | 12,753.50 -212.00 -1.64% | | 三个月期铝 | 3,107.50 | -51.00 -1.61% | | 三个月期锌 | 3,173.00 ↓ | -48.50 -1.51% | | 三个月期铅 | 2,028.50 ↓ | -32.00 -1.55% | | 三个月期镇 | 17,614.00 -519.00 -2.86% | | | 三个月期锡 | 49,412.00 ↑ +154.00 ↑ +0.31% | | Hansen补充说："考鉴于当前世界充满诸多不确定性，金属作为硬资产一直需求旺盛。但就目前而言， 黄金仍是更安全的金 ...

镍矿商PT Vale Indonesia周一表示，该公司获得的采矿生产配额很可能不足以满足其冶炼厂今年的需 求。 在此之前，印尼政府上周表示可能批准2026年约2.6亿吨的镍矿生产配额，比2025年的配额有所减少， 被认为无法满足需求。 上期所期镍在上涨2.36%至每吨144,180元后回调，日间收盘仅录得0.36%的涨幅。 LME指标三个月期镍目前下跌0.43%，至每吨18,055美元。 1月20日（周二），伦敦金属交易所（LME）期铜呈区间波动，投资者在等待新的催化剂推动铜价向任 一方向发展。 截至北京时间16:44，LME三个月期铜下跌0.52%，至每吨12,897.50美元，仍在13,000美元关口下方徘 徊。 上海期货交易所主力期铜日间收盘上涨0.58%，至每吨101,230元。 由于投资者对地缘政治风险保持谨慎，青睐黄金等避险资产，伦敦期铜周一的反弹失去动力。 铜是去年表现最好的基本金属，伦敦和上海铜价分别上涨41%和33%，实现创纪录涨势。 在基本金属市场的其他方面，印尼的镍政策仍是焦点。 其他金属方面，三个月期铝下跌0.47%，报每吨3,143.50美元；期镍下跌2.09%，至每吨18,180 ...

Core Insights - China's primary aluminum imports in December 2025 reached 189,226.31 tons, marking a month-on-month increase of 28.77% and a year-on-year growth of 17.22% [1] Import Sources - Russia was the largest source of imports, supplying 143,043.73 tons, which represents a month-on-month increase of 40.31% and a year-on-year increase of 14.27% [1] - Indonesia ranked second, with imports of 13,562.18 tons, showing a month-on-month decrease of 11.18% but a significant year-on-year increase of 234.17% [1] - Australia contributed 11,995.86 tons, reflecting a month-on-month increase of 64.40% and a year-on-year increase of 179.90% [1] - India imported 11,914.14 tons, with an 18.92% month-on-month increase and a remarkable year-on-year increase of 440.19% [1] - Malaysia's imports decreased by 12.53% month-on-month to 4,205.07 tons, but increased by 31.26% year-on-year [1] Additional Import Data - The UAE imported 2,499.82 tons, with a month-on-month increase of 19.59% [1] - Iran's imports plummeted by 79.97% month-on-month to 499.42 tons, with a year-on-year decrease of 95.12% [1] - Other notable imports include 372.87 tons from New Zealand, showing a month-on-month increase of 277.23% and a year-on-year increase of 98.93% [1] - Imports from Oman and Saudi Arabia saw significant month-on-month declines of 79.80% and 33.10%, respectively [1] Summary Table - The total imports for December 2025 were 189,226.31 tons, with various countries contributing different amounts and showing varying trends in month-on-month and year-on-year changes [1]

海关统计数据在线查询平台公布的数据显示，中国2025年12月废铝（铝废料及碎料）进口量为 194,102.07吨，环比增长19.36%，同比增长22.82%。 泰国是第一大进口来源地，当月从泰国进口废铝（铝废料及碎料）34,084.24吨，环比上升23.68%，同 比增长21.12%。 英国是第二大进口来源地，当月从英国进口废铝（铝废料及碎料）24,426.08吨，环比增加5.12%，同比 增长25.41%。 以下为根据中国海关总署官网数据整理的2025年12月废铝进口分项数据一览表： | 原产地 | 2025年12月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 泰国 | 34.084.24 | 23.68% | 21.12% | | 英国 | 24,426.08 | 5.12% | 25.41% | | 日本 | 23,197.75 | 15.25% | 17.61% | | 美國 | 14,553.82 | 68.25% | 17.01% | | 加拿大 | 14,544.79 | -5.67% | 298.54% | | 澳大利亚 | 12,543.31 | 1 ...

几内亚是第一大进口来源地，当月从几内亚进口铝土矿（铝矿砂及其精矿）11,362,592.84吨，环比增长 6.16%，同比上升9.87%。 澳大利亚是第二大进口来源地，当月从澳大利亚进口铝土矿（铝矿砂及其精矿）2,408,722.56吨，环比 减少29.39%，同比下降28.94%。 数据来源：海关总署 注：进口/出口总量（总计）中亦包括上表未列出的部分原产地数据 海关统计数据在线查询平台公布的数据显示，中国2025年12月铝土矿（铝矿砂及其精矿）进口量为 14,673,417.92吨，环比下降2.85%，同比减少1.72%。 以下为根据中国海关总署官网数据整理的2025年12月铝土矿进口分项数据一览表： | 原产地 | 2025年12月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 几内亚 | 11,362,592.84 | 6.16% | 9.87% | | 澳大利亚 | 2,408,722.56 | -29.39% | -28.94% | | 圭亚那 | 318,403.47 | -- | -- | | 干道真 | 167,552.83 | -56.52% | - ...

Core Insights - China's refined copper imports in December 2025 totaled 298,027.32 tons, reflecting a month-on-month decrease of 2.19% and a year-on-year decline of 27.00% [1][2] Import Sources - The Democratic Republic of the Congo was the largest source of imports, supplying 118,488.30 tons, which is a month-on-month decrease of 17.48% and a year-on-year decrease of 29.36% [1] - Russia ranked second, with imports of 27,701.59 tons, showing a significant month-on-month increase of 136.10% and a year-on-year growth of 15.01% [1] - Other notable sources included Chile (26,312.25 tons, +52.13% month-on-month, -40.52% year-on-year) and Indonesia (15,127.42 tons, +81.01% month-on-month, +175.53% year-on-year) [1] Detailed Import Data - A comprehensive breakdown of refined copper imports by origin is provided, highlighting various countries and their respective import volumes, month-on-month, and year-on-year changes [1][2] - For instance, imports from Kazakhstan decreased by 4.86% month-on-month and 37.90% year-on-year, while imports from India increased by 92.74% month-on-month and 87.76% year-on-year [1] Additional Notes - The total import volume includes refined copper products with a copper content greater than 99.9935% and other specified forms of refined copper [3] - The total also accounts for data from origins not listed in the detailed table [4]

海关统计数据在线查询平台公布的数据显示，中国2025年12月废铜（铜废碎料）进口量为238,976.87 吨，环比增加14.83%，同比增长9.90%。 日本是第一大进口来源地，当月从日本进口废铜（铜废碎料）39,349.80吨，环比下降2.25%，同比增加 37.41%。 泰国是第二大进口来源地，当月从泰国进口废铜（铜废碎料）35,622.20吨，环比上升4.74%，同比增加 105.62%。 | 阿尔及利亚 | 857.39 | -31.12% | 430.79% | | --- | --- | --- | --- | | 捷克 | 759.04 | 240.81% | 70.12% | | 亲温 | 718.73 | 107.65% | 38.82% | | 波兰 | 679.99 | 128.64% | 239.56% | | 拉脱维亚 | 660.07 | 92.57% | 6.31% | | 多米尼加 | 656.70 | 60.83% | 48.35% | | 肯尼亚 | 652.48 | -15.54% | -42.82% | | 加纳 | 610.10 | 15.27% | 100.83% ...

海关统计数据在线查询平台公布的数据显示，中国2025年12月铜矿砂及其精矿进口量为2,704,298.42 吨，环比上升7.05%，同比增长7.32%。 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989,334.99吨，环比增长40.40%，同比下降 0.63%。 数据来源：海关总署 注：进口/出口总量（总计）中亦包括上表未列出的部分原产地数据 （文华综合） 以下为根据中国海关总署官网数据整理的2025年12月中国铜矿砂及其精矿进口分项数据一览表： | 原产地 | 2025年12月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 智利 | 989,334.99 | 40.40% | -0.63% | | 秘鲁 | 539,150.78 | -36.76% | 3.04% | | 蒙古 | 217,804.02 | 40.98% | 35.67% | | 墨西哥 | 133,968.94 | 46.00% | -16.06% | | 哈萨克斯坦 | 103,335.09 | -23.24% | -17.60% | | 俄罗斯 | 83,325.03 | 12.64 ...

Group 1 - Peru's central bank reported that in November, the country exported 216,000 tons of copper, 2,300 tons of tin, 561,600 ounces of gold, 300 ounces of refined silver, 93,400 tons of lead, and 121,900 tons of zinc [2] Group 2 - As the world's largest copper consumer, the Chinese industry 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 [3] - 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 [3]

Group 1 - Nickel prices have seen a slight increase, with the main contract rising over 2% [1] - Current nickel prices are fluctuating within a high range, supported mainly by expectations of reduced quotas from Indonesia [1] - The supply contraction logic remains unverified, leading to increased uncertainty regarding nickel ore quotas [1] Group 2 - The nickel ore market is showing a strong upward trend, with Philippine mines maintaining a firm pricing stance [1] - There is a limited availability of marketable resources, contributing to the upward pressure on prices [1]