Core Insights - The article provides an overview of the changes in metal inventories at the London Metal Exchange (LME), highlighting fluctuations in stock levels for various metals including copper, aluminum, zinc, tin, and nickel. Inventory Changes - Copper inventory decreased by 500 tons to 143,900 tons, with registered warrants at 134,025 tons and cancellations at 9,875 tons, reflecting a cancellation rate of 6.86% [1][2][4]. - Aluminum inventory fell by 2,100 tons to 515,600 tons, with registered warrants at 412,775 tons and cancellations at 102,825 tons, resulting in a cancellation rate of 19.94% [1][2][5]. - Zinc inventory dropped by 825 tons to 41,950 tons, with registered warrants at 30,625 tons and cancellations at 11,325 tons, indicating a cancellation rate of 27.00% [1][2][9]. - Tin inventory decreased by 105 tons to 2,670 tons, with registered warrants at 2,220 tons and cancellations at 450 tons, leading to a cancellation rate of 16.85% [1][2][11]. - Nickel inventory increased by 1,188 tons to 231,312 tons, with registered warrants at 224,532 tons and cancellations at 6,780 tons, showing a cancellation rate of 2.93% [1][2][13]. Regional Inventory Details - In the copper inventory, the largest stock was in Kaohsiung with 53,800 tons, while Rotterdam had 15,825 tons [4]. - For aluminum, the largest stock was in Port Klang with 335,050 tons, and the lowest was in Detroit with 125 tons [5]. - Zinc inventory was primarily located in Singapore with 41,850 tons, while Hong Kong had a minimal stock of 75 tons [9]. - Tin inventory was highest in the Yangtze region with 2,775 tons, and the lowest was in Baltimore with 10 tons [11]. - Nickel inventory was concentrated in the Yangtze region with 231,312 tons, while Baltimore had a minimal stock of 108 tons [13].

伦敦金属交易所（LME）公布数据显示，上周伦铜库存延续下行趋势，最新库存水平为144,400吨，刷新近两个月新低。 2023年以来三大交易所铜库存对比 | ■ 時間 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/9/26 | 322, 284 | 144, 400 | 98, 779 | | 2025/9/25 | 321, 056 | 144, 425 | | | 2025/9/24 | 318, 229 | 144, 775 | | | 2025/9/23 | 318, 386 | 144, 975 | | | 2025/9/22 | 318, 285 | 145, 375 | | | 2025/9/19 | 316, 774 | 147, 650 | 105, 814 | | 2025/9/18 | 315, 206 | 148, 875 | | | 2025/9/17 | 312, 842 | 149, 775 | | | 2025/9/16 | 312, 868 | 150, 950 | | | 2025/9/15 | 311, 84 ...

9月26日（周五），阿根廷经济部长周五Luis Caputo表示，阿根廷已批准加拿大McEwen铜业公司（McEwen Copper）在该国27亿美元的Los Azules铜矿项 目，用于该国RIGI（大型投资促进计划）税收减免计划。 Los Azules矿是RIGI税收减免计划批准的第八个项目，根据该国总统Javier Milei推动的激励计划，总投资157亿美元。 市场人士称，McEwen铜业预计未来四年Los Azules铜矿项目总投资将达30亿美元。该公司现在必须为该项目寻求融资。 McEwen计划自2029年开始在阿根廷生产阴极铜，并应很快公布一份可行性研究报告，显示未来20年的运营细节同时努力获得监管当局的许可。 该矿将采用浸出工艺提取铜，而非传统的浮选法，该公司预计这将使其用水量减少六分之五，并减少对当地居民的影响。 McEwen持有Los Azules铜矿46.4%的股份，汽车制造商Stellantis持有18.3%的股份。 （文华综合） 阿根廷的?RIGI?是该国政府为吸引重大投资、增强竞争力而推出的政策工具，主要针对矿业、能源、基础设施等领域，提供税收、关税及外汇等优惠。 Luis Cap ...

印尼矿业部长周五表示，政府与自由港印尼公司达成协议，暂停该矿运营，以优先搜寻被困工人，证实 了自由港麦克莫兰公司此前发布的消息。 9月26日（周五），伦敦金属交易所（LME）铜价周五下跌，本周稍早全球第二大铜矿发生事故后出现 的供应担忧推动价格大涨，影响了需求。 伦敦时间9月26日17:00(北京时间9月27日00:00)，三个月期铜收盘下跌78.00美元，或0.76%，报每吨 10,181.50美元。 | | 9月26日LIE基本金属收盘报价(美元/吨) | | | | --- | --- | --- | --- | | 我屋 | 收盘价 | 涨跌 | 涨跌幅 | | 三个月期铜 | 10181.50 | +-78.00 | -0.76% | | 三个月期铝 | 2655. 50 | +-3.00 | -0. 11% | | 三个月期锌 | 2888. 50 | +-38.00 | +-1. 30% | | 三个月期铅 | 2002. 50 | +-13.00 | -0.65% | | 三个月期镍 | 15175.00 | +-104.00 | +-0.68% | | 三个月期锡 | 34503.00 | ...

Group 1 - JX Advanced Metals plans to invest 7 billion yen (approximately 47 million USD) to enhance its preprocessing capacity, aiming to improve the processing capabilities of recycled raw materials in its metals and recycling business [1] - The company is considering scaling down operations and promoting "green mixed smelting" to reduce reliance on copper concentrates while increasing the proportion of recycled materials [1] - By 2027, JX Advanced Metals aims to increase its preprocessing capacity by 50%, including the addition of furnaces, to handle more materials requiring preprocessing, such as low-grade electronic waste [1] Group 2 - JX Advanced Metals is Japan's largest copper smelting producer, with an annual copper production capacity of 450,000 tons [1] - The investment is expected to enhance the profitability of its metals and recycling business while supporting the circulation of copper resources, which is fundamental to renewable energy and electrification [1] - The company noted strong demand for precious and rare metals, primarily sourced from recycled materials in its advanced materials business, including semiconductors and information communication materials [1] Group 3 - Japanese copper smelters are facing challenges due to a sharp decline in copper concentrate processing fees (TC/RC) and decreasing smelting profit margins amid tight concentrate supply and expanded smelting capacity [2] - The president of JX Advanced Metals indicated that the company might cut several thousand tons of copper production in the fiscal year 2025 and will announce a roadmap for reducing smelting capacity by March [3] Group 4 - The Chinese copper industry faces three major challenges: increasing dependence on foreign upstream resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [4]

此前，印尼矿业部暂停了190份煤炭和矿业开采许可证，理由是这些矿企未能履行修复受矿业活动破坏 土地的义务或遵守生产配额。 9月26日（周五），印尼矿业部长周五称，如果矿产商能符合与该国土地修复基金预存款有关的要求， 可以将其矿业开采许可证由"暂停"状态恢复至"正常"状态。 ...

12月合约较三个月合约的价差为正价差每吨21.50美元，高于周三的每吨14.70美元和周二每吨1.30美 元。 Marex公司高级金属策略师Alastair Munro说，铜价下跌的部分原因是商品交易顾问(CTA)的买盘放缓和 美元走强。 CTA投资基金主要由基于技术信号的计算机程序驱动。美元走强使金属对其他货币的持有者来说更加昂 贵。 LME远期曲线反映出供应趋紧态势。近月铜与三个月合约价差周三转为每吨4美元的逆价差，而前一日 为19美元的正价差。 9月25日（周四），伦敦金属交易所(LME)铜价周四从15个月高点回落，由于自由港旗下印尼格拉斯伯 格(Grasberg)铜矿遭遇不可抗力造成的恐慌情绪开始消退。 伦敦时间9月25日17:00(北京时间9月26日00:00)，三个月期铜收盘下跌77.00美元，或0.74%，报每吨 10,259.50美元，该合约盘中稍早一度触及10,485美元，为2024年5月以来最高，因自由港称预计其印尼 部门2026年的产量将比之前预计的低35%，交易商匆忙回补空头头寸。 | | 9月25日LIE基本金属收盘报价(美元/吨) | | | | --- | --- | --- | ...

Core Insights - Rosh Pinah Zinc Company (RPZ) has secured $150 million in debt financing from Standard Bank for its expansion project in Namibia [1] - The expansion will modernize the infrastructure of the Rosh Pinah mine and nearly double its zinc production capacity to 170 million pounds per year [1] - The project is over 80% complete, remains within budget, and is expected to be finished by Q3 2026, leading to an increase in output [1] Financing Details - The financing will cover the remaining construction costs of the mine expansion [1] Project Scope - The expansion includes further development of underground mining and the construction of new surface facilities, such as a new concentrator, a water treatment plant, and a newly developed entrance [1]

Group 1 - Copper prices have shown signs of strength recently, breaking through the 80,000 mark, but the sustainability of this rise is questioned due to high prices suppressing demand [1][6] - The Grasberg mine in Indonesia, the second-largest copper mine globally, has faced production disruptions due to a natural disaster, leading to a significant downward revision in copper sales forecasts by Freeport [2][3] - The ongoing supply tightness in the copper market is exacerbated by previous disruptions in other major mines, highlighting the vulnerability of copper supply chains [3][4] Group 2 - Domestic copper smelting production is expected to decline due to tight raw material supplies and falling profits from by-products, indicating a shift in the production landscape [4][5] - Despite an increase in COMEX copper inventories, overall global copper stockpiles remain low, with limited accumulation in non-US regions, suggesting a tight supply environment [5][6] - The recent easing of monetary policy by the Federal Reserve and the tightening supply situation have created a favorable environment for copper prices, which are expected to remain strong in the short term [6][8]

Group 1 - LME three-month copper reached $10,460.50 per ton, the highest level since May 2024, driven by concerns over tightening supply [1] - Goldman Sachs lowered its forecast for global copper mine supply in 2025 and 2026 [1] - The interruption at Grasberg, the world's second-largest copper mine in Indonesia, forced operator Freeport-McMoRan to declare force majeure [1]