Group 1 - The Chilean Copper Commission (Cochilco) forecasts that mining investment in Chile will reach $104.549 billion from this year until 2034, an increase from last year's estimate of approximately $83 billion by 2033 [1] - This growth represents the highest spending forecast since 2016, which includes significant expansion plans for the Escondida copper mine, the largest copper mine in the world [1] - Chile is the largest copper producer globally and the second-largest lithium producer, with lithium being a key raw material for manufacturing rechargeable batteries [1] Group 2 - China's copper industry faces three major challenges: increasing dependence on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [1] - To assist the industry in addressing these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map" in both Chinese and English [1]

Core Viewpoint - The ANZ Research Department predicts that copper prices will remain above $11,000 per ton in 2026, driven by supply constraints and accelerating demand, with potential to approach $12,000 by year-end [1] Group 1: Price Forecast - The forecast for 2026 has been revised upward from a previous range of $9,800 to $10,800 per ton [1] - The report indicates that the market gap is expected to widen further in 2026, with inventories projected to decrease by 450,000 tons [1] Group 2: Market Dynamics - The London Metal Exchange (LME) benchmark three-month copper price reached a historic high of $11,906 per ton [1] - Copper prices have increased by 35% year-to-date, potentially marking the largest annual gain since 2009 [1] Group 3: Demand Drivers - Strong demand in the U.S. is primarily driven by the investment boom related to artificial intelligence and trade flows [1]

（文华综合） 沪锡夜盘大幅走高，创2022年3月末以来最高水准，今日盘初维持高位，主力合约涨幅仍在3%以上。近 期刚果（金）东部安全形势持续恶化，引发市场对锡供应中断的担忧情绪，尼日利亚也面临供应扰动风 险，而缅甸锡矿复产进度缓慢，短期内供给端原料问题解决难度较大，推动锡价不断走高。 ...

沪锡夜盘高开逾2.5%，创2022年3月末以来最高水准；短期内供给端原料问题解决难度较大。 （文华综合） 供给端扰动频繁，LME期锡上涨至2022年4月以来最高水准。 ...

Group 1 - LME copper prices rebounded on December 10, supported by hopes of increased demand, closing at $11,556.5 per ton, up $69.5 or 0.61% [1] - On December 10, the LME reported various base metal closing prices, with three-month copper at $11,556.50, three-month aluminum at $2,867.00, and three-month zinc at $3,082.00 [2] - China's real estate stocks surged on December 10, as the real estate sector is a major consumer of copper and other industrial metals [3] Group 2 - In November, China's consumer price index (CPI) showed a slight month-on-month decrease of 0.1% but a year-on-year increase of 0.7%, indicating a recovery in consumer spending [3] - The producer price index (PPI) rose by 0.1% month-on-month but fell by 2.2% year-on-year, influenced by supply-demand dynamics and international commodity price transmission [3] - LME copper prices have increased by 32% this year due to concerns over mining disruptions and tightening supply in regions outside the U.S. [3] - Dan Smith from Commodity Market Analytics predicts that copper prices may rise to $12,000 per ton by the end of the year [3] - The market is awaiting news from the Federal Reserve, with expectations of a potential interest rate cut, which may impact investor positions and price volatility [3]

Core Viewpoint - The global zinc mine supply has improved significantly this year, leading to a downward trend in zinc prices. However, the Shanghai zinc market has shown strong support around the 21,000 level, with prices rebounding to an eight-month high, contrary to expectations [1]. Supply and Demand Dynamics - The Shanghai-London zinc price ratio has weakened from nearly 8.7 in early April to around 7.26 by the end of October, reflecting a deepening disparity between domestic and international zinc production [3]. - Domestic smelting costs are relatively low, leading to increased production and refined zinc output, while overseas smelting plants face high energy costs and some have reduced output due to losses [5]. - LME zinc inventory has decreased significantly from 234,000 tons at the beginning of the year to around 35,000 tons by the end of October, indicating strong support for LME zinc prices [5]. Import and Export Trends - The weakening Shanghai-London price ratio has resulted in unprofitable conditions for both refined zinc and zinc concentrate imports, limiting import momentum and opening export windows for domestic producers [8]. - The tightening supply of both imported and domestic zinc concentrates is expected to increase domestic demand for local zinc mines, especially as northern weather turns cold and some mines enter seasonal shutdowns [8]. Production and Inventory Insights - The decline in processing fees for both domestic and international zinc concentrates has reduced the profitability of refining zinc, leading to decreased production enthusiasm among smelting plants [9]. - China's refined zinc output in October did not meet expectations, and a decrease in November is anticipated due to rising raw material costs and inventory pressures [9]. - Despite weak demand, the reduction in refined zinc output has alleviated supply pressure, with weekly inventory on the Shanghai Futures Exchange decreasing by around 10,000 tons [9]. Future Outlook - In the short term, the significant decline in zinc processing fees is expected to limit domestic smelting output, providing some support for zinc prices [10]. - The LME zinc inventory is showing signs of recovery, but the current market remains tight, suggesting that the low Shanghai-London price ratio may continue [10]. - Looking ahead to Q1 2026, an increase in long-term processing fees for zinc concentrates may boost production capacity for both domestic and international smelting plants, potentially leading to a recovery in the Shanghai-London price ratio [10].

丸红称，预计日本明年第一季度的铝升水料为每吨140-203美元，第二季度料为每吨125-200美元，第三 和第四季度料为每吨85-175美元。 丸红金属部门总经理Eisuke Akasaka表示："由于供应担忧和关税，欧洲和美国的铝升水正在飙升，引发 了人们对亚洲铝供应流入量减少的担忧，并在最近几周推升日本现货铝升水。"他指出，目前日本现货 铝升水已攀升至约每吨140美元。 他称，冰岛一家冶炼厂停产，对South32的莫桑比克铝冶炼厂可能封存的预期，以及在欧盟碳边境调整 机制下加征新碳税之前提前装载，提升欧洲铝升水。由于高额的进口关税，美国铝升水也已经飙升。 12月10日（周三），日本最大的铝贸易商--丸红株式会社（Marubeni）周三表示，预计2026年日本进口 商支付的进口铝升水料处于每吨85-203美元，因为海外铝升水上涨导致流入亚洲地区的铝供应减少，这 导致供应收紧。 需求疲软和供应充足已将今年第四季度的日本铝升水推低至每吨86美元，较第三季度下降20%，而第一 季度为每吨228美元。 日本是亚洲重要的铝进口国，该国进口商与海外供应商达成的季度铝升水通常被视为区域铝升水的基 准。 行业人士周三称，海 ...

Core Viewpoint - Peru is evaluating a memorandum of understanding with the United States regarding critical minerals, indicating strong interest from the U.S. in Peru's mineral resources [1] Group 1: Industry Insights - Peru is currently the world's third-largest copper producer, highlighting its significant role in the global mining sector [1]

Group 1 - In October, Codelco's copper production decreased by 14.3% year-on-year, reaching 111,000 tons [1] - Escondida copper mine, owned by BHP, saw an increase in production of 11.7% year-on-year, totaling 120,600 tons, making it the largest copper mine globally [1] - Collahuasi, operated by Glencore and Anglo American, experienced a significant production drop of 29.3% year-on-year, with output at 35,000 tons [1] Group 2 - China's copper industry faces three major challenges: increasing dependence on foreign resources, overcapacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [1] - To assist the industry in navigating these changes, Shanghai Nonferrous Metals Network collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map" in both Chinese and English [1]

Group 1 - LME copper prices rebounded on December 10, supported by hopes of increased demand, closing at $11,556.5 per ton, up $69.5 or 0.61% [1] - On December 10, the LME reported various base metal closing prices, with three-month copper at $11,556.50, three-month aluminum at $2,867.00, and three-month zinc at $3,082.00 [2] - China's real estate stocks surged on December 10, as the real estate sector is a major consumer of copper and other industrial metals [3] Group 2 - In November, China's consumer price index (CPI) showed a slight month-on-month decrease of 0.1% but a year-on-year increase of 0.7%, indicating a recovery in consumer spending [3] - The producer price index (PPI) rose by 0.1% month-on-month but fell by 2.2% year-on-year, influenced by supply-demand dynamics and international commodity price transmission [3] - LME copper prices have increased by 32% this year due to concerns over mining disruptions and tightening supply in regions outside the U.S. [3]