Core Viewpoint - The London Metal Exchange (LME) reported a significant increase in zinc inventory, reaching a four-and-a-half-month high of 99,900 tons on December 19, followed by a slight decrease to 99,250 tons on the following Monday [1]. Group 1: Inventory Data - LME zinc inventory rose by 2,400 tons from December 18 to December 19, marking a new high for the past four and a half months [1]. - The Shanghai Futures Exchange (SHFE) reported a weekly decline in zinc inventory of 5.66%, bringing it down to 76,017 tons, the lowest level in four months [1]. - The latest inventory levels indicate contrasting trends between LME and SHFE, with LME showing an increase while SHFE continues to decrease [1][3]. Group 2: Historical Inventory Comparison - The inventory data from December 2025 shows a consistent increase in LME zinc inventory, with notable figures such as 99,400 tons on December 18 and 97,700 tons on December 17 [5]. - The SHFE inventory has shown a downward trend, with the most recent figure of 76,017 tons on December 19, down from 80,577 tons on December 12 [5]. - The historical data highlights the fluctuations in zinc inventory levels, which can impact market prices based on supply and demand dynamics [3].

Group 1 - The core point of the article highlights a significant increase in China's refined lead imports in November 2025, with a total of 8,655.55 tons, reflecting a month-on-month growth of 127.05% and a year-on-year increase of 961.54% [1] Group 2 - South Korea is identified as the largest source of refined lead imports, contributing 4,342.37 tons in November 2025, which is a month-on-month rise of 57.45% and a year-on-year growth of 793.04% [1] - Kazakhstan ranks as the second-largest source, with imports amounting to 2,475.13 tons in the same month [1] - Other notable sources include South Africa with 879.69 tons, Malaysia with 548.11 tons (showing a decrease of 7.68%), and Tanzania with 211.26 tons [1]

除中国和未报告地区外，11月原铝产量为223.3万吨，日均产量为7.44万吨。 12月22日（周一），国际铝业协会(IAI)公布的数据显示，11月全球原铝产量同比增加0.5%，至608.6万 吨，日均产量为20.29万吨。 ...

海关统计数据在线查询平台公布的数据显示，中国2025年11月氧化铝出口量为167,969.55吨，环比下降 4.39%，同比下降12.21%。 俄罗斯是第一大出口目的地，当月对俄罗斯出口氧化铝149,256.47吨，环比减少8.55%，同比下降 5.09%。 韩国是第二大出口目的地，当月对韩国出口氧化铝5,323.55吨，环比增加181.29%，同比上升697.52%。 | CARD | | | | | --- | --- | --- | --- | | 塞内加尔 | 28.00 | -70.21% | | | 肯尼亚 | 27.00 | -- | -- | | 斯洛伐克 | 25.00 | -- | -- | | 英国 | 20.00 | -- | -80.00% | | 荷兰 | 16.01 | 539.04% | 3.41% | | 匈牙利 | 12.00 | 446.70% | -4.00% | | 品材料 | 12.00 | 433.33% | -- | | 法国 | 11.48 | 23318.37% | 4741.77% | | 捷克 | 5.95 | -90.45% | 38.08% | | ...

| 原产地 | 2025年11月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 泰国 | 27,558.94 | 3.19% | -6.61% | | 英国 | 23,236.85 | 6.37% | 45.29% | | 日本 | 20,128.69 | 5.16% | 8.24% | | 加拿大 | 15,418.49 | 43.20% | 211.94% | | 澳大利亚 | 10,521.27 | 4.00% | -3.42% | | 美国 | 8.786.13 | -32.23% | -13.64% | | 西班牙 | 8,151.21 | 17.25% | 124.63% | | 比利时 | 6,926.85 | 32.66% | 39.37% | | 韩国 | 5,488.24 | -12.05% | 145.69% | | 三四米市 | 4,935.24 | -18.91% | -39.13% | | 活國 | 4,356.96 | 12.74% | -5.72% | | 贺知国士 | 3,746.76 | 44.20% | -3.37% | | 德国 ...

海关统计数据在线查询平台公布的数据显示，中国2025年11月精炼锡进口量为1,194.53吨，环比上升 127.04%，同比减少66.05%。 秘鲁是第一大进口来源地，当月从秘鲁进口精炼锡700.61吨，环比上升300.34%，同比增长133.25%。 玻利维亚是第二大进口来源地，当月从玻利维亚进口精炼锡249.48吨，环比增长25.83%。 以下为根据中国海关总署官网数据整理的2025年11月精炼锡进口分项数据一览表： | 原产地 | 2025年11月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 秘鲁 | 700.61 | 300.34% | 133.25% | | 玻利维亚 | 249.48 | 25.83% | | | 印度尼西亚 | 225.53 | 80.57% | -92.50% | | 泰国 | 8.00 | -20.00% | -- | | 肥品圈旺 | 6.30 | 556.04% | 392.80% | | 新加坡 | 2.00 | -52.83% | -52.38% | | 日本 | 1.71 | 167.50% | 209.58% | | 美国 ...

Core Insights - China's import volume of tin ore and concentrates in November 2025 reached 15,099.34 tons, representing a month-on-month increase of 29.81% and a year-on-year increase of 24.42% [1] Import Sources - Myanmar was the largest source of imports, with 7,190.21 tons imported in November 2025, showing a month-on-month increase of 203.79% and a year-on-year increase of 133.38% [1] - The Democratic Republic of the Congo ranked second, with imports of 3,225.34 tons, reflecting a month-on-month growth of 19.45% but a year-on-year decrease of 21.27% [1] Detailed Import Data - The following table summarizes the import data by origin for November 2025: - Myanmar: 7,190.21 tons (MoM: +203.79%, YoY: +133.38%) [1] - Democratic Republic of the Congo: 3,225.34 tons (MoM: +19.45%, YoY: -21.27%) [1] - Nigeria: 1,478.33 tons (MoM: +19.41%, YoY: +37.61%) [1] - Australia: 978.68 tons (MoM: -28.22%, YoY: -48.89%) [1] - Bolivia: 391.60 tons (MoM: -78.58%, YoY: -24.45%) [1] - Russia: 296.19 tons (MoM: -0.45%) [1] - Laos: 291.05 tons (MoM: -19.28%, YoY: -16.55%) [1] - Kyrgyzstan: 196.93 tons (MoM: -27.12%, YoY: -25.29%) [1] - Rwanda: 172.75 tons (MoM: -35.17%, YoY: +164.31%) [1] - Tanzania: 136.69 tons (MoM: +294.66%, YoY: +466.63%) [1] - Brazil: 131.95 tons [1] - Vietnam: 127.87 tons (MoM: -6.88%, YoY: -53.43%) [1] - Indonesia: 94.56 tons (MoM: -48.02%, YoY: -10.82%) [1] - Mongolia: 53.07 tons (MoM: +165.34%, YoY: -37.33%) [1] - Other countries included various smaller amounts with notable changes [1]

目前已经有很多对2026年的看涨预估。花旗集团（Citigroup Inc.）表示，由于铜运往美国市场的竞争加 剧，价格可能在第二季度达到每吨13,000美元。高盛集团（Goldman Sachs Group Inc.）上周也表示，铜 是其明年最看好的金属。 供应紧张日益加剧的一个明显迹象是，年度矿石供应合同的艰难谈判最终导致冶炼厂的加工费降至每吨 零美元--创下历史新低。 12月22日（周一），在贸易动荡、供应吃紧和长期需求前景看涨推动下，铜价在年末攀升至纪录新高， 并逼近每吨12,000美元。 距离年底只剩几个交易日，伦敦金属交易所（LME）铜价已经上涨近40%，创下2009年以来最大年度涨 幅。近几个月以来，这种对能源转型至关重要的金属持续走高，因人们对全球供应趋紧的担忧盖过了需 求放缓的影响。 直接驱动因素是大量金属铜涌入美国（旨在抢占先机避免潜在的进口税），这可能导致全球其他地区供 应不足。但今年上涨也受到矿山意外停产，以及铜在人工智能基础设施领域应用热潮的推动。尽管产量 普遍受挫，但投资者仍纷纷涌入期货和矿业股。 由于加工利润大幅下滑，一些冶炼厂已被迫停产或减产，进一步的停产可能会加剧LME和其他 ...

海关统计数据在线查询平台公布的数据显示，中国2025年11月废铜（铜废碎料）进口量为208,143.09 吨，环比增长5.88%，同比增长19.99%。 日本是第一大进口来源地，当月从日本进口废铜（铜废碎料）40,256.96吨，环比增长21.24%，同比增 长95.70%。 以下为根据中国海关总署官网数据整理的2025年11月废铜进口分项数据一览表： | 原产地 | 2025年11月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 日本 | 40,256.96 | 21.24% | 95.70% | | 泰国 | 34,010.43 | 9.53% | 106.20% | | 韩国 | 18.185.39 | 57.18% | 105.56% | | 三四米可 | 11,098.84 | 18.14% | -33.11% | | 無知國出 | 9,910.18 | 56.98% | 73.91% | | 加拿大 | 7,832.95 | 0.73% | 146.66% | | 墨西哥 | 7,778.59 | 13.44% | 110.58% | | 英国 | 7,47 ...

Group 1 - LME copper prices reached a record high on December 22, 2023, driven by speculative buying and concerns over supply shortages, closing at $11,925 per ton after a rise of $43.50 or 0.37% [1] - The price of copper has surged nearly 36% this year, primarily due to worries about supply shortages caused by mining issues [3] - Despite the upward momentum in copper prices attracting speculative funds, there are signs that demand is weakening at high price levels [4] Group 2 - China's refined copper imports in November 2025 were 304,712.60 tons, reflecting a month-on-month decrease of 5.70% and a year-on-year decrease of 23.47% [5] - The Democratic Republic of the Congo was the largest source of refined copper imports for China in November, with imports of 143,591.77 tons, a month-on-month increase of 35.14% and a year-on-year increase of 8.74% [5] - Nickel was the best-performing metal on the LME, with three-month nickel prices rising by $473 or 3.2%, closing at $15,276 per ton [5]