海关统计数据在线查询平台公布的数据显示，中国2025年11月铜矿砂及其精矿进口量为2,526,194.63 吨，环比上升3.05%，同比上升13.13%。 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） 秘鲁是第一大进口来源地，当月从秘鲁进口铜矿砂及其精矿852,528.99吨，环比上升29.46%，同比增加 49.00%。 智利是第二大进口来源地，当月从智利进口铜矿砂及其精矿704,595.92吨，环比减少8.43%，同比减少 8.10%。 以下为根据中国海关总署官网数据整理的2025年11月中国铜矿砂及其精矿进口分项数据一览表： | 原产地 | 2025年11月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 秘鲁 | 852,528.99 | 29.46% | 49.00% | | 智利 | 704,595.92 | -8.43% | -8.10% | | 蒙古 | 154.496.00 | -17.20% | 7.33% | | 哈萨克斯坦 | 134,620.89 | -2.76% | -4.76% | | 品内部 | 91,757. ...

Core Insights - China's refined zinc imports in November 2025 totaled 18,229.93 tons, reflecting a month-on-month decrease of 3.22% and a year-on-year decline of 48.15% [1] Import Sources Summary - Kazakhstan remains the largest source of refined zinc imports, with 13,703.64 tons imported in November 2025, showing a month-on-month decrease of 15.03% and a year-on-year decrease of 21.20% [1] - Iran is the second-largest source, with imports of 3,600.20 tons, marking a significant month-on-month increase of 259.93% and a year-on-year increase of 105.42% [1] - Australia saw a substantial decline in imports, with 421.36 tons, down 47.74% month-on-month and 82.04% year-on-year [1] - Other notable import sources include: - Spain: 119.41 tons, down 33.41% month-on-month and 33.15% year-on-year [1] - Thailand: 76.97 tons, up 188.89% month-on-month but down 94.51% year-on-year [1] - Canada: 69.76 tons, up 146.16% month-on-month but down 48.41% year-on-year [1] - The United States: 67.73 tons, down 3.24% month-on-month [1] - Peru: 50.36 tons, up 2.13% month-on-month but down 97.66% year-on-year [1] Total Import Summary - The total refined zinc imports for November 2025 amounted to 18,229.93 tons, with a month-on-month decrease of 3.22% and a year-on-year decrease of 48.15% [1]

Core Insights - China's refined copper imports in November 2025 totaled 304,712.60 tons, reflecting a month-on-month decrease of 5.70% and a year-on-year decrease of 23.47% [1][3]. Import Sources - The Democratic Republic of the Congo (DRC) was the largest source of refined copper imports, with 143,591.77 tons imported, marking a month-on-month increase of 35.14% and a year-on-year increase of 8.74% [1][2]. - Myanmar ranked as the second-largest source, with imports of 19,774.28 tons, showing a significant month-on-month growth of 154.69% and a year-on-year growth of 233.11% [1][2]. Other Import Data - Chile saw a substantial decline in imports, with 17,295.95 tons, down 42.76% month-on-month and 64.89% year-on-year [2]. - Kazakhstan and Russia also experienced notable decreases, with imports of 15,330.50 tons (down 36.73% month-on-month) and 11,732.93 tons (down 72.94% month-on-month), respectively [2]. - In contrast, imports from Pakistan and Indonesia increased by 32.69% and 66.53% month-on-month, respectively [2]. Summary of Total Imports - The total refined copper imports for November 2025 were 304,712.60 tons, with various countries contributing to the overall figures, including significant fluctuations in import volumes from multiple sources [3][5].

海关统计数据在线查询平台公布的数据显示，中国2025年11月铝土矿（铝矿砂及其精矿）进口量为 15,108,975.39吨，环比增长9.76%，同比增长22.87%。 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）10,706,951.76吨，环比增长 19.01%，同比增加34.65%。 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）3,411,863.51吨，环比 减少10.79%，同比减少2.69%。 以下为根据中国海关总署官网数据整理的2025年11月铝土矿进口分项数据一览表： | 原产地 | 2025年11月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 几内亚 | 10,706,951.76 | 19.01% | 34.65% | | 澳大利亚 | 3,411,863.51 | -10.79% | -2.69% | | 十目真 | 385,490.40 | 584.65% | 168.04% | | 塞拉利昂 | 345,352.25 | 248.76% | -- | | 田 | 86,882.44 | -- | ...

Core Insights - China's zinc ore and concentrate imports in November 2025 reached 519,018.96 tons, reflecting a month-on-month increase of 52.31% and a year-on-year rise of 14.64% [1] Import Sources - Australia was the largest source of imports, supplying 111,052.78 tons, with a month-on-month growth of 123.16% and a year-on-year increase of 51.32% [2] - Peru ranked second, exporting 96,801.04 tons, with a month-on-month increase of 1.15% and a year-on-year growth of 1.88% [2] - South Africa contributed 50,011.40 tons, showing a month-on-month increase of 73.83% and a significant year-on-year rise of 144.93% [2] - Other notable sources included Russia (36,806.68 tons, +13.75% MoM, +100.19% YoY) and Kazakhstan (32,744.16 tons, +1.63% MoM, +10.82% YoY) [2] Additional Data - The total import volume includes contributions from various other countries, with significant fluctuations noted in imports from countries like Bolivia (22,355.51 tons, +561.73% MoM, +41.00% YoY) and Myanmar (5,489.14 tons, +47.09% MoM, +126.77% YoY) [2] - Some countries experienced declines, such as Nigeria (7,378.76 tons, -25.41% MoM, -13.52% YoY) and Thailand (25.05 tons, no change) [2]

以下为根据海关总署官网数据整理的2025年11月原铝进口分项数据一览表： | 原产地 | 2025年11月(吨) | 环比 | 同比 | | --- | --- | --- | --- | | 俄罗斯 | 101,947.38 | -35.34% | -18.71% | | 印度尼西亚 | 15,270.10 | -58.09% | 112.19% | | 印度 | 10,018.50 | -47.73% | 256.86% | | 澳大利亚 | 7,296.87 | -31.87% | 145.99% | | 三四米四 | 4,807.32 | 12.91% | 179.52% | | 伊朗 | 2,492.86 | -28.06% | -61.16% | | 阿联酋 | 2,090.40 | -58.53% | - - | | 阿盖 | 1,607.00 | -69.67% | -- | | 贺知国壮 | 700.00 | -- | 3734.78% | | 埃及 | 204.02 | -22.28% | -- | | 沙特阿拉伯 | 150.10 | -0.78% | -- | | 日本 | 133.9 ...

Core Viewpoint - The copper market is experiencing upward momentum, driven by renewed interest in precious metals and ongoing concerns about tight supply, despite weak domestic demand and limited inventory accumulation [1] Group 1: Market Performance - Shanghai copper opened slightly higher in the morning and expanded its gains throughout the day, closing up 1.73% [1] - The domestic copper concentrate processing fees continue to remain weak, hovering below -40 USD/ton [1] Group 2: Long-term Contracts and Production Pressure - On December 19, Chinese copper smelters agreed with Antofagasta on a 2026 copper concentrate long-term processing fee benchmark of 0 USD/ton and 0 cents/pound, which is lower than the 2025 benchmark of 21.25 USD/ton and 2.125 cents/pound [1] - This agreement reflects increased production pressure on smelters, making future operational conditions a key focus [1] Group 3: Price Trends and Demand Factors - New Lake Futures indicates that while domestic consumption is weak, the ongoing export window alleviates inventory pressure, making copper prices more likely to rise than fall [1] - The market is currently focused on expectations of tight copper supply in non-US markets due to the siphoning effect from the US [1] - The long-term outlook for copper consumption remains resilient, supported by growth in the renewable energy sector, global AI data center construction, and the global grid renovation cycle [1]

Group 1: Inventory Changes - Copper inventory decreased by 2,650 tons, representing a decline of 1.65%, bringing the total to 157,750 tons [1] - Aluminum inventory remained unchanged at 519,600 tons, with no recorded inflow or outflow [1] - Zinc inventory decreased by 650 tons, a drop of 0.65%, resulting in a total of 99,250 tons [1] - Nickel inventory decreased by 162 tons, down 0.06%, now totaling 254,388 tons [1] - Lead inventory decreased by 2,675 tons, a reduction of 1.03%, bringing the total to 255,950 tons [1] - Tin inventory decreased by 20 tons, a decline of 0.43%, resulting in a total of 4,625 tons [1] Group 2: Warehouse Specific Changes - In the copper warehouse, the total inventory is now 157,750 tons after a decrease of 2,650 tons, with registered warrants at 106,000 tons and canceled warrants at 51,750 tons, representing a cancellation ratio of 32.81% [4] - The aluminum warehouse maintained a total of 519,600 tons, with registered warrants at 445,200 tons and canceled warrants at 74,400 tons, leading to a cancellation ratio of 14.32% [5] - Zinc inventory in the warehouse decreased to 99,250 tons, with registered warrants at 91,250 tons and canceled warrants at 8,000 tons, resulting in a cancellation ratio of 8.06% [9] - Tin inventory in the warehouse is now 4,625 tons, with registered warrants at 4,510 tons and canceled warrants at 115 tons, leading to a cancellation ratio of 2.49% [10] - Nickel inventory decreased to 254,388 tons, with registered warrants at 242,616 tons and canceled warrants at 11,772 tons, resulting in a cancellation ratio of 4.63% [12]

Group 1 - The global refined copper market is projected to have a surplus of 122,000 tons from January to October 2025, a decrease from a surplus of 261,000 tons in the same period last year [1] - Global refined copper production for January to October 2025 is estimated at 23,734,000 tons, compared to 22,766,000 tons in the same period last year [1] - Global refined copper consumption for January to October 2025 is expected to reach 23,612,000 tons, up from 22,505,000 tons year-on-year [2] Group 2 - Global copper mine production for January to October 2025 is projected at 19,137,000 tons, an increase from 18,910,000 tons in the same period last year [3] - The global copper smelting capacity is expected to be 29,309,000 tons in 2025, compared to 27,029,000 tons in 2024 [3] - The utilization rate of global smelting capacity is forecasted to be 81% in 2025, down from 84% in 2024 [3]

Group 1: Copper Market Overview - Copper prices on the London Metal Exchange (LME) rose, with three-month copper increasing by $103.50, or 0.88%, closing at $11,881.50 per ton, nearing the record high of $11,952 set last week [1][2] - Goldman Sachs reiterated its bullish long-term outlook for copper, predicting prices could reach $15,000 per ton by 2035 due to unique supply constraints and strong structural demand growth [4] - The global refined copper market showed a surplus of 122,000 tons from January to October 2025, down from a surplus of 261,000 tons in the same period last year [4] Group 2: Other Base Metals Performance - Other base metals on the LME also saw increases, with three-month aluminum rising by $29, or 0.99%, to $2,945 per ton, reaching its highest level since May 2022 [5] - Three-month nickel prices increased by $162, or 1.11%, closing at $14,803 per ton, following Indonesia's proposal to reduce nickel ore production by about one-third next year [4][6] - Three-month tin prices rose by $300, or 0.7%, closing at $43,227 per ton, also reaching its highest level since April 2022 [6]