| 交易所 | 市场/交易品种 | 2025年12月31日 | 2026年1月1日 | 2026年1月2日 | | --- | --- | --- | --- | --- | | | | (星期三) | (星期四) | (星期五) | | CME | 股指 | 正常交易 | 休市 | 正常交易 | | | 利率 | 正常交易 | 休市 | 正常交易 | | | 外汇 | 正常交易 | 休市 | 正常交易 | | NYMEX | 美原油、美燃油、汽油 | 正常交易 | 休市 | 正常交易 | | | 铂金、把金 | 正常交易 | 休市 | 正常交易 | | COMEX | 铜、金、银 | 正常交易 | 休市 | 正常交易 | | CBOT | 美豆、美玉米、美豆粕、美豆油、美麦 | 正常交易 | 休市 | 延迟至22:30开市 | | | 棉花、糖11号、可可、咖啡、橙汁 | 正常交易 | 休市 | 正常交易 | | ICE (美国) | 美元散 | 正常交易 | 休市 | 正常交易 | | | 油菜籽 | 正常交易 | 休市 | 正常交易 | | ICE (欧洲) | 白糖 | 提前至1月1日凌晨2:00收市 ...

Group 1 - The core viewpoint of the article indicates that copper prices are experiencing a rebound, supported by strong demand and government policies aimed at equipment updates and consumer goods replacement [1] - The night session saw Shanghai copper open higher, continuing a strong trend in the morning, with both domestic and international copper prices rising by over 2% [1] - The precious metals market is showing signs of a temporary halt in its decline, suggesting a potential stabilization in prices [1] Group 2 - The National Development and Reform Commission and the Ministry of Finance have announced a policy for larger-scale equipment updates and a trade-in program for consumer goods by 2026, which is expected to provide strong support for copper prices [1]

Group 1 - Mercuria has signed a purchase agreement with Bulgarian mining company Geotechman to acquire 100% of the copper concentrate output from the Ellatzite mine by 2026 [1] - The agreement includes a $250 million prepayment loan, aligning with Mercuria's strategy to expand its metal business in Europe [1] - The Ellatzite mine is expected to produce 195,000 wet tons of copper concentrate in 2026 [1] Group 2 - Mercuria's global metal head, Kostas Bintas, stated that the transaction is part of a bet on structural changes in the global energy system leading to substantial profits [1] - Geotechman's deputy manager, Ivan Vutov, mentioned that the agreement will enable Geotechman to competitively enter the international market [1] - Mercuria indicated that the global copper market is expected to tighten again next year, driving up prices for copper concentrate and refined copper [1]

隔夜LME镍大涨，沪镍继续走高，今日盘初延续偏强震荡格局，主力合约涨超3%。目前镍过剩压力依 旧较大，但印尼能源与矿产资源部大幅下调2026年工作计划和预算中的镍矿产量目标，下调幅度约为 34%，同时拟对伴生金属计税。短期受消息影响，市场投机氛围较浓， 镍价增仓上行。后续重点关注 印尼政策实际落地情况。 ...

Group 1 - LME copper prices increased by $336.5, or 2.75%, closing at $12,558.5 per ton, despite being below the record high of $12,960 reached earlier [1][2] - The rise in copper prices was driven by speculative buying as U.S. markets opened, with a noted increase in financial market risk appetite and European stock markets reaching record highs [3] - Year-to-date, LME copper has risen by 43%, supported by supply disruptions, a weaker dollar, and significant speculative buying [3] Group 2 - LME nickel prices surged by $1,014, or 6.41%, closing at $16,828.0 per ton, influenced by short covering and concerns over production cuts in Indonesia [3] - The Shanghai Futures Exchange's main nickel contract rose by 3.9%, reaching a nine-month high of 134,480 yuan per ton, following announcements from the Indonesian government to cut mining production quotas [4]

Group 1 - The core viewpoint indicates that the recent decline in tin prices is influenced by weakened commodity sentiment, with the main contract dropping by 4.68% to 326,330 yuan/ton, although the decline has moderated today [1] - The demand from downstream sectors remains weak, limiting acceptance of current prices, while the resumption of production in Myanmar is contributing to a marginal weakening of the supply-demand fundamentals [1] - In November 2025, China's imports of tin ore and concentrates amounted to 15,099.34 physical tons (approximately 5,578.04 metal tons), showing a slight year-on-year decrease of 0.67% but a month-on-month increase of 12.73%, indicating an acceleration in import pace [1] Group 2 - The market atmosphere is currently subdued due to tin prices being in a high fluctuation range, with traders adopting a cautious stance and showing decreased pricing enthusiasm [2] - End users are primarily in a wait-and-see mode, placing minimal orders only when prices decline, reflecting a weak demand in the consumer electronics sector [2] - Domestic tin supply remains tight, with no significant increase in smelter operations, while inventory levels are rising, which may exert pressure on prices in the short term [2]

Core Viewpoint - The Shanghai tin market has experienced a significant decline, with the main contract dropping over 6% in early trading, following a period of high prices for precious metals and copper, which had previously attracted investment interest due to tight supply and demand fundamentals [1] Group 1: Market Performance - The Shanghai tin futures market saw a substantial drop, continuing a weak trend from the previous night [1] - The main contract reached a peak of 350,000 yuan but has since retreated significantly due to a shift in market sentiment [1] Group 2: Supply and Demand Dynamics - The recovery of tin production in Myanmar and the resumption of tin ingot exports from Indonesia are expected to alleviate the previously tight supply conditions [1] - The weakening of fundamental market conditions, combined with a general decline in commodity market sentiment, has led to a major adjustment in the Shanghai tin market [1]

Core Viewpoint - The London Metal Exchange (LME) copper prices surged close to record highs due to market catch-up after a holiday break, driven by supply concerns and strong performance in other financial markets [1][3]. Group 1: Price Movements - On December 29, LME three-month copper rose by $59.5, or 0.49%, closing at $12,222.0 per ton, with an intraday peak of $12,960 per ton [1][2]. - Year-to-date, LME copper prices have increased by 41%, influenced by supply shortages and a weak dollar [3]. - The Comex copper futures reached a record high of $5.8395 per pound before dropping 4.2% to $5.593 on the following Monday [3]. Group 2: Market Dynamics - U.S. copper inventory buildup is tightening supply in other markets, with production disruptions leading analysts to predict shortages in the coming year [4]. - The recent price fluctuations have reduced the Comex premium over LME copper to $112 per ton, the lowest since late August [4]. - Broader risk appetite in the market is supported by rising global stock markets and oil prices [5]. Group 3: Future Outlook - Analysts expect demand for copper to exceed mine supply by 2030, with prices remaining high in the upcoming year [6]. - Factors contributing to the copper price surge include easing trade tensions, negotiations for peace in Ukraine, and the impact of U.S. import tariffs [6]. - The Shanghai Futures Exchange saw its main copper contract reach a record high of 102,660 yuan per ton, supported by government initiatives to optimize resource-intensive industries [7].

Group 1 - LME copper prices reached a historical high of $12,960 per ton before retreating, with a current increase of 3.27% to $12,560 per ton [1] - Shanghai copper futures for February rose by 0.76% to ¥98,860 per ton, after hitting a record high of ¥102,660 per ton last Friday [1] - Analysts indicate that profit-taking by investors and a decrease in market risk appetite are contributing to the current price adjustments [1] Group 2 - Shanghai copper saw an approximate 6% increase last week, while London copper prices rose by 1.93% [2] - The market is anticipating the release of the Federal Reserve's December meeting minutes, which may influence future interest rate decisions [2] - Technical analysts predict LME copper may retreat to the range of $12,344 to $12,544 per ton this week, facing strong resistance around $12,869 per ton [2]

Group 1 - The market experienced a sell-off, particularly in recently surging commodities, with significant declines in platinum, palladium futures, and lithium carbonate [1][2] - Lithium carbonate futures dropped by 7.89%, hitting the limit down, influenced by delayed resumption of lithium mines and adjustments in pricing by leading lithium salt companies [2] - Silver futures initially surged nearly 10% but later fell, with geopolitical tensions and supply constraints providing initial support for precious metals [3] Group 2 - Copper prices reached new highs but later retraced some gains, supported by ongoing supply constraints from overseas mining disruptions and a favorable monetary policy environment [4] - The overall demand for lithium carbonate is weakening, with a reduction in orders for passenger vehicles expected in January, while commercial vehicle and energy storage orders remain strong [2] - The commodity index reported a decline of 0.38%, reflecting a broader trend of capital outflow from precious metals and new energy sectors, with significant outflows from gold, lithium carbonate, and silver [6]