沪锡延续偏强震荡格局，周三主力合约收涨2.22%，报322630元/吨，刷新阶段高位。近期刚果（金）地 缘冲突风险减弱，有助于缓解市场对当地锡矿供应的担忧情绪，但缅甸佤邦复产进程缓慢，锡矿供应仍 处于偏紧格局，对锡价形成较强支撑。目前沪锡市场处于主力合约移仓换月的关键阶段，2601与2602合 约持仓结构呈现显著分化，多头在 2601 合约上主动加仓巩固优势，而2602合约多空增仓力度接近，席 位间博弈更趋白热化，整体持仓变动反映出资金对供需格局的分歧进一步拉大。 | 沪锡 | 净持仓 | 2601合约 | | | 2025/12/10 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | 期货公司 | 净多持仓 | 製化 | 排名 | 期货公司 | 净空头寸 | 变化 | | 1 | 永安朗贷 | 2052 | 203 | I | 中泰朗货 | 2150 | 178 | | 2 | 华泰期货 | 1327 | 121 | 2 | 金瑞期货 | 1864 | 333 | | 3 | 东亚期货 | 1053 | 33 | 3 | 五矿期货 ...

Group 1 - The core viewpoint of the articles highlights the fluctuations in metal prices, particularly copper and aluminum, influenced by market expectations regarding the Federal Reserve's policy decisions and supply dynamics [1][2]. Group 2 - As of December 10, London copper prices remained stable, slightly below record highs, with a 0.68% increase to $11,565 per ton [1]. - The Shanghai Futures Exchange reported a 0.23% decrease in the main copper contract, closing at 91,850 yuan per ton [1]. - Speculators reduced their net long positions in COMEX copper futures and options by 4,155 contracts to 62,397 contracts as of the week ending November 4 [1]. Group 3 - Overseas aluminum suppliers have raised their quotes for shipments to Japan in Q1 2024, with premiums of $190-203 per ton over LME spot prices, marking an increase of 121%-136% compared to Q4 2023 [2]. - In LME base metals, three-month aluminum rose by 0.37% to $2,867 per ton, while zinc, lead, nickel, and tin also saw price increases [2]. - In Shanghai, the main aluminum contract fell by 0.25% to 21,935 yuan per ton, while other metals like zinc and nickel also experienced declines [2].

Core Viewpoint - The shareholders of Anglo American and Teck Resources have approved the merger to create a new entity named Anglo Teck, pending regulatory approvals from Canada and China [1] Group 1: Merger Approval - Anglo American's shareholders voted in favor of the merger with over 99.17% support [1] - Teck Resources' shareholders also supported the merger with more than two-thirds of votes in favor [1] Group 2: Market Impact - The merger will result in the formation of the world's fifth-largest copper producer [1] - The combined entity is expected to produce over 1.2 million tons of copper annually [1] Group 3: Industry Significance - Copper is a critical metal for the power and construction industries, likely to benefit from surging demand driven by electric vehicles and artificial intelligence [1]

Group 1 - The London Metal Exchange (LME) reported that tin inventory initially increased and then decreased, reaching a near eight-month high of 3,050 tons on December 3, before declining again in the following week [1] - The Shanghai Futures Exchange indicated that tin inventory continued to accumulate, with a weekly increase of 7.96% to 6,865 tons, marking a new high in over two months as of December 5 [1] - Generally, a continuous decline in inventories on domestic and international exchanges tends to support price levels, while an increase may exert downward pressure on prices [3] Group 2 - A comparison of LME and Shanghai Futures Exchange tin inventories since November 2025 shows significant fluctuations in inventory levels [4]

Group 1 - The core viewpoint of the article highlights that domestic tin prices are experiencing fluctuations, with the main contract rising over 2% due to tight supply of raw materials [1] - In Yunnan, while the inventory levels of raw materials have slightly increased, competition for tin ore remains intense [1] - In Jiangxi, the recent significant rise in tin prices has led to an influx of some scrap materials into the market; however, weak end-user demand towards the year-end keeps the supply of scrap low, limiting the operational rates of local recycled tin smelting enterprises [1]

12月10日(周三)，行业人士周三称，海外铝供应商对明年第一季度发往日本的铝报价为每吨较LME现货 价格升水190-203美元，较今年第四季度水平上调121%-136%。 今年第四季度，日本铝升水为每吨86美元， 较第三季度下降20%。 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。 ...

Group 1: Market Overview - On December 9, LME copper prices fell by $148.5, or 1.28%, closing at $11,487.0 per ton after reaching a record high of $11,771 on the previous day [1] - The decline in copper prices is attributed to profit-taking by investors following a significant price surge and concerns over the slowing pace of interest rate cuts in the U.S. [1][3] Group 2: Price Movements of Other Metals - Other base metals also experienced declines, with three-month aluminum down by $31.5 (1.09%), zinc down by $31.0 (0.99%), and lead down by $20.0 (1.00%) [2] - Three-month tin and nickel prices also saw decreases, with tin down by $26.0 (0.07%) and nickel down by $106.0 (0.71%) [2] Group 3: Copper Market Dynamics - Copper prices have surged by 31% this year, with approximately 10% of this increase occurring in the past few weeks [3] - The rise in copper prices is supported by expectations of U.S. tariffs on imported copper, tightening global supply [3] - U.S. copper inventories have more than doubled over the past six months, reaching a record high of 439,510 short tons [3] Group 4: Economic Indicators - Market sentiment is cautious ahead of the Federal Open Market Committee (FOMC) meeting, contributing to profit-taking [3] - A stronger U.S. dollar, following the release of employment data, has put additional pressure on metal prices, making dollar-denominated commodities more expensive for buyers using other currencies [3] Group 5: Demand Outlook - China's copper ore and concentrate imports in November were reported at 2.526 million tons, with a cumulative total of 27.614 million tons from January to November, reflecting an 8.0% year-on-year increase [3] - In contrast, China's exports of unwrought aluminum and aluminum products in November were 570,000 tons, with a cumulative total of 5.589 million tons from January to November, showing a decline of 9.2% year-on-year [4]

Group 1 - Chile's copper exports in November amounted to $4.282 billion, representing a year-on-year increase of 4.57% [1] - Chile is recognized as the world's largest copper producer [1] Group 2 - China's copper industry faces three major challenges: increasing dependence on foreign resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [2] - Shanghai Nonferrous Metals Network is collaborating with copper industry enterprises to compile a bilingual version of the "2026 China Copper Industry Chain Distribution Map" [2]

几内亚统计局公布的数据显示，2025年10月几内亚铝土矿出口量为10,186.7吨，氧化铝出口量为61.6 吨。 ...

Group 1 - The core point of the article highlights the contrasting trends in zinc inventories between the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE), with LME inventories reaching a three-month high while SHFE inventories hit a three-month low [1][2][3]. Group 2 - LME zinc inventory increased to 57,750 tons, marking a rise from previous levels and reaching the highest point in over three months [1]. - SHFE zinc inventory decreased by 4.17% to 91,916 tons, representing the lowest level in nearly three months [1]. - The data indicates that declining inventories in domestic and international exchanges generally support price increases, while rising inventories may exert downward pressure on prices [3].