注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 伦敦金属交易所（LME）公布数据显示，8月19日伦锡库存降至逾两年新低1630吨，而后库存步入上行之路，上周库存继续累积，最新库存水平为2410吨， 增至三个月新高。 上海期货交易所公布数据显示，9月5日当周，沪锡库存继续累积，周度库存增加2.74%至7773吨。 2023年以来LME和上期所锡库存对比 以下为2025年8月以来LME和上期所锡库存数据：（单位：吨） | 日期 | LME | 下期所 | | --- | --- | --- | | 2025/9/10 | 2, 410 | | | 2025/9/9 | 2, 355 | | | 2025/9/8 | 2, 280 | | | 2025/9/5 | 2, 230 | 7,773 | | 2025/9/4 | 2, 225 | | | 2025/9/3 | 2, 195 | | | 2025/9/2 | 2, 175 | | | 2025/9/1 | 2, 155 | | | 2025/8/29 | 2, 010 | 7,566 | | 2025/8/28 | 1, ...

Group 1 - LME copper prices reached a weekly high of over $10,000 per ton, supported by a weaker dollar and expectations of a potential interest rate cut by the Federal Reserve [1][4] - On September 10, LME three-month copper rose by $99, or 1%, closing at $10,013.00 per ton, marking the third test of the $10,000 psychological level this month [1][2] - The U.S. Producer Price Index (PPI) for August showed a year-on-year increase of 2.6%, lower than the expected 3.3%, indicating relatively modest inflationary pressures [4] Group 2 - LME three-month zinc prices increased by $30.5, or 1.07%, closing at $2,886.5 per ton, driven by supply concerns as zinc inventories have decreased by nearly 75% since mid-April [5] - Other base metals also saw price increases, with LME three-month aluminum up by $2.5, or 0.1%, at $2,625.0 per ton, and LME three-month lead rising by $10, or 0.51%, to $1,987.0 per ton [6][7] - LME three-month nickel and tin prices also experienced gains, with nickel up by $41, or 0.27%, at $15,146.0 per ton, and tin rising by $597, or 1.76%, to $34,606.0 per ton [8][9]

Core Insights - The report provides an overview of the changes in LME (London Metal Exchange) inventories for various metals, highlighting significant fluctuations in stock levels and the implications for market dynamics [1][3][5]. Group 1: Copper Inventory Changes - LME copper inventory decreased by 225 tons, bringing the total to 155,050 tons, with registered warrants at 133,325 tons and cancelled warrants at 21,725 tons, representing a cancellation ratio of 14.01% [3][4]. - Specific locations such as Kaohsiung and Rotterdam showed minor changes, with Kaohsiung's inventory down by 175 tons and Rotterdam remaining stable [3]. Group 2: Aluminum Inventory Changes - LME aluminum inventory remained unchanged at 485,275 tons, with registered warrants at 375,025 tons and cancelled warrants at 110,250 tons, maintaining a cancellation ratio of 22.72% [5][6]. - The inventory at Port Klang was stable at 314,400 tons, while other locations like Kaohsiung and Rotterdam also reported no changes [5]. Group 3: Zinc Inventory Changes - LME zinc inventory decreased by 200 tons to 50,825 tons, with registered warrants at 35,450 tons and cancelled warrants at 15,375 tons, resulting in a cancellation ratio of 30.25% [9][10]. - The inventory in Singapore mirrored this trend, also decreasing by 200 tons [9]. Group 4: Tin Inventory Changes - LME tin inventory increased by 55 tons to 2,410 tons, with registered warrants at 2,185 tons and cancelled warrants at 225 tons, leading to a cancellation ratio of 9.34% [11][12]. - Locations such as Port Klang and Singapore also reported increases in inventory [11]. Group 5: Nickel Inventory Changes - LME nickel inventory rose by 3,024 tons to 221,094 tons, with registered warrants at 212,502 tons and cancelled warrants at 8,592 tons, resulting in a cancellation ratio of 3.89% [13]. - Significant increases were noted in locations like Singapore and Hring, contributing to the overall rise in nickel inventory [13].

用于电力和建筑业的铜在上周触及五个月高点10,038美元后，今年迄今已上涨13%。 9月9日（周二），伦敦金属交易所（LME）期铜持稳，受到印尼一个主要矿场事故的支撑，并在美国 关键的就业数据修正后受到美元走强的压力。 伦敦时间9月9日17:00(北京时间9月10日00:00)，LME三个月期铜下跌1美元，或0.01%，收报每吨9,914.0 美元 | | 9月9日 LIE基本金属收盘报价(美元/吨) | | | | --- | --- | --- | --- | | 金屋 | 收盘价 | 张跃 张跌幅 | | | 三个月期铜 | 9,914.00 - | | -1.00 ↓ -0.01% | | 三个月期铝 | 2,622.50 ↑ | | +5.00 ↑ +0.19% | | 三个月期锌 | 2,856.00 ↓ | | -20.50 -0.71% | | 三个月期铅 | 1,977.00 ↓ | | -15.00 -0.75% | | 三个月期镇 | 15.105.00 J | | -124.00 -0.81% | | 三个月期锡 | 34,009.00 -253.00 -0.74% | | | 数据来 ...

伦敦金属交易所（LME）公布数据显示，上周伦锌库存延续下滑趋势，最新库存为53,075吨，降至逾两 年新低。 上期所公布的数据显示，9月5日当周，沪锌库存小幅回升，目前已连增十一周，周度库存增加1.22%至 87,032吨，增至逾九个月新高。 2023年以来LME和上期所锌库存对比 注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 以下为2025年8月以来LME和上期所锌库存数据：（单位：吨） | 日期 | LME | 上期所 | | --- | --- | --- | | 2025/9/8 | 53, 075 | | | 2025/9/5 | 54, 050 | 87, 032 | | 2025/9/4 | 54, 750 | | | 2025/9/3 | 55, 225 | | | 2025/9/2 | 55, 600 | | | 2025/9/1 | 55, 875 | | | 2025/8/29 | 56, 500 | 85, 980 | | 2025/8/28 | 58, 000 | | | 2025/8/27 | 60, 025 | | | 2025/8/26 | ...

Group 1 - LME nickel inventory has significantly increased, reaching 217,614 tons, the highest level in over four years [1] - SHFE nickel inventory also saw a slight rise, increasing by 2.07% to 26,986 tons, marking a relative high over the past three months [1] - Generally, a continuous decline in inventories on domestic and international exchanges supports futures prices, while an increase may exert downward pressure [3] Group 2 - Comparison of LME and SHFE nickel inventories since August 2025 shows a consistent upward trend in LME stocks [4] - Specific inventory data indicates LME stocks rose from 209,082 tons on August 1 to 217,614 tons by September 8, reflecting a significant accumulation [5] - SHFE inventory data shows fluctuations, with a notable increase to 26,986 tons on September 5, compared to 25,750 tons on August 1 [5]

Group 1 - The core challenges facing China's copper industry include rising dependence on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [2] - In August 2025, China's imports of unwrought copper and copper materials were 425,000 tons, showing a month-on-month decline but a year-on-year increase of 2.4% [2] - From January to August 2025, the cumulative import volume was 3.536 million tons, reflecting a year-on-year decrease of 2.1% [2] - August is typically a low consumption season, contributing to the decline in unwrought copper and copper materials imports [2] Group 2 - Shanghai Nonferrous Metals Network collaborated with copper industry enterprises to compile the "2026 China Copper Industry Chain Distribution Map" in both Chinese and English [2]

9月8日（周一），伦敦金属交易所（LME）期铜小幅上扬，受助于美元走软、注册仓库库存减少、以 及需求有望增加。 伦敦时间9月8日17:00(北京时间9月9日00:00)，LME三个月期铜上涨17.5美元，或0.18%，收报每吨 9,915.0美元。随着对美国9月晚些时候降息的预期不断升温，该合约上周触及五个月最高的10,038美 元。 美元下滑，使得以美元定价的金属对中国买家更具吸引力。 海关总署网站9月8日发布数据显示，中国8月铜矿砂及其精矿进口量为275.9万吨，1-8月累计进口量为 2,005.4万吨，同比增加7.9%。 中国8月未锻轧铜及铜材进口量为42.5万吨，1-8月累计进口量为353.6万吨，同比减少2.1%。 澳新银行（ANZ）分析师在一份报告中称："较低的加工费未能抑制对铜精矿的需求。" | | 9月8日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 | 张跃 张默帽 | | 三个月期铜 | 9,915.00 ↑ | +17.50 ↑ +0.18% | | 三个月期铝 | 2,617.50 1 | +17.00 ↑ +0.65% | ...

8月下旬海外低库存，强结构助力内外锡价偏强震荡，8月末国内头部冶炼企业停产检修的消息刺激沪锡 价格最高上探279010元/吨，距离28万关口仅一步之遥，刷新四个月高位。不过，市场对锡业例行检修 早有预期，且文华估值线显示期价高估，消息落地后，沪锡价格连续回落，今日盘中跌破27万关口，尾 盘勉强收回，成交量显著放大，持仓量小幅下滑。 面对今日盘面下行，更多空头主力选择减仓。其中，国泰君安席位小幅加多54手，减空278手，净空持 仓下降332手。与之操作类似的还有金瑞期货席位，加多160手，同时减空173手，净空持仓规模减少333 手。此外，混沌天成期货、银河期货、中泰期货等席位减持空单均超150手。多头方面，主动加仓的席 位为数不多，方正中期期货和海通期货席位分别加仓193手和160手。 数据来源：文华财经 | 沪锡 | 净持仓 | 2510合约 | | | 2025/9/8 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | 期货公司 | 净多持仓 | 变化 | 排名 | 期常公司 | 净空头寸 | 变化 | | 1 | 光大期货 | ...

伦敦金属交易所（LME）公布数据显示，上周伦铝库存呈区间波动格局，整体有所增加，最新库存水 平为484,675吨，增至逾五个月新高。 注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 2023年以来LME和上期所铝库存对比 以下为2025年8月以来LME和上期所铝库存数据：（单位：吨） | 日期 | LME | 上期所 | | --- | --- | --- | | 2025/9/5 | 484, 675 | 124, 078 | | 2025/9/4 | 479, 600 | | | 2025/9/3 | 479, 600 | | | 2025/9/2 | 479, 600 | | | 2025/9/1 | 481, 050 | | | 2025/8/29 | 481, 050 | 125, 596 | | 2025/8/28 | 481, 150 | | | 2025/8/27 | 481, 250 | | | 2025/8/26 | 478, 075 | | | 2025/8/22 | 478, 725 | 124, 605 | | 2025/8/21 | 479, 52 ...