SHMET 网讯：8月5日（周二），几内亚撤销了授予阿联酋全球铝业公司（EGA）一家子公司的铝土矿特许权，并将其转让给一家新成立的国有公司，理由 是该公司违反了其采矿法规。 该公司在7月份表示，计划通过国际法庭寻求补救措施。 投资银行Panmure Liberum大宗商品主管Tom Price表示，GAC公司约占全球铝土矿供应量的2-3%。尽管近期的供应中断扰乱了市场，但这种所有权的迅速转 移可能会缓解短期供应担忧。 "这也表明几内亚有意通过提高国内精炼产能来获取更多价值。" 许可证审查 尽管监管更加严格，但几内亚铝土矿出口在2025年上半年仍同比激增36%，达到创纪录的9,980万吨。不过，分析师警告称，这些影响可能会在第三季度和 第四季度感受到，并且将遭受暴雨带来的季节性干扰。 这一决定进一步加剧了围绕在该全球第二大铝土矿生产国建设氧化铝精炼厂的僵局，并凸显了西非军政府试图收回战略矿产资产控制权的努力。 总部位于迪拜的EGA通过其几内亚氧化铝公司（GAC）子公司在几内亚开展业务，包括一个690平方公里的采矿特许权区，其中含有约4亿吨铝土矿资源。 根据周一晚些时候宣布的一项法令，GAC未能遵守几内亚关于矿业 ...

Group 1 - The London Metal Exchange (LME) reported an increase in tin inventory last week, with the latest inventory level at 1,875 tons [1] - The Shanghai Futures Exchange indicated that tin inventory rose by 3.42% to 7,671 tons for the week ending August 1, marking a two-month high [1] - Generally, a decline in inventory levels at domestic and international exchanges supports price levels, while an increase may exert downward pressure on prices [3] Group 2 - A comparison of LME and Shanghai Futures Exchange tin inventory since July 2025 shows fluctuations in inventory levels, with LME inventory decreasing from 1,950 tons on August 1 to 1,875 tons by August 5 [4][5] - The Shanghai Futures Exchange inventory increased from 7,417 tons on July 25 to 7,671 tons on August 1, indicating a significant rise in domestic inventory [5]

据新华网报道，智利总统博里奇3日说，该国中部奥伊金斯大区数日前发生的矿难共造成6人死亡，其中 5名被困矿工全部遇难。矿业是智利支柱产业之一。埃尔特尼恩特铜矿位于智利首都圣地亚哥以南约130 公里处，地下巷道总长超过4500公里，是世界最大的地下铜矿。 8月5日（周二），伦敦金属交易所（LME）期铜收低，此前数据显示LME铜库存攀升，而对美联储降 息的预期和对智利供应可能中断的担忧限制了卖盘。 交易商称，对市场的影响将取决于停产时间的长短，目前尚不清楚。 伦敦时间8月5日17:00(北京时间8月6日00:00)，LME三个月期铜下跌48.5美元，或0.5%，收报每吨 9,638.50美元，盘初触及每吨9,747.50美元的高位。 智利海关公布的数据显示，智利7月铜出口量为179,996吨，当月对中国出口铜40,943吨。智利7月铜矿石 和精矿出口量为1,396,851吨，当月对中国出口铜矿石和精矿997,013吨。 | | 8月5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 | 9,638.50 - | -48 ...

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和上期所锌库存对比 以下为2025年7月以来LME和上期所锌库存数据：（单位：吨） | 日期 | LME | 上期所 | | --- | --- | --- | | 2025/8/4 | 97, 000 | | | 2025/8/1 | 100, 825 | 61,724 | | 2025/7/31 | 104, 800 | | | 2025/7/30 | 109, 050 | | | 2025/7/29 | 112, 150 | | | 2025/7/28 | 115, 500 | | | 2025/7/25 | 115, 775 | 59, 419 | | 2025/7/24 | 116, 900 | | | 2025/7/23 | 115, 325 | | | 2025/7/22 | 116, 600 | | | 2025/7/21 | 118, 225 | | | 2025/7/18 | 119, 100 | 54, 630 | | 2025/7/17 | 121, 475 | | | 2025/7/ ...

北京时间17:17，LME三个月期铜下跌0.15%，报每吨9,672.5美元。 上海期货交易所（SHFE）主力期铜合约上涨0.5%，报每吨78,580元。 8月5日（周二），伦敦金属交易所（LME）期铜逆转稍早涨势下滑，因库存大幅增长，但智利供应担 忧限制跌幅。 一位新加坡金属交易商称，Codelco的El Teniente铜矿停产以及风险偏好回升都有助于铜价。 伦敦期铝上涨0.63%至每吨2569美元；期镍下跌0.57%至14980美元；期铅上涨0.46%至1968美元；期锡 下跌0.09%至33175美元；期锌上涨0.75%至2770美元。 沪铝涨0.5%，报20,560元；沪镍涨0.8%，报120,910元；沪铅持平，报16,775元；沪锡涨0.5%，报 267,490元；沪锌涨0.8%，报22,380元。 库存数据显示，LME铜库存增加14,275吨或10.23%，至153,850吨，创逾两个月高位。 智利国营铜业公司(Codelco)周一表示，上周地震引发塌方后，其El Teniente铜矿的地下作业仍处于暂停 状态。 （文华综合） ...

Group 1: Copper Inventory Changes - Copper inventory increased to 153,850 tons, up by 14,275 tons or 10.23% from the previous day [1][4] - Registered warrants for copper rose to 141,850 tons, reflecting an increase of 11.25% [2] - The cancellation rate for copper warrants is currently at 7.80%, down from 8.65% [2] Group 2: Aluminum Inventory Changes - Aluminum inventory reached 466,025 tons, with an increase of 2,300 tons or 0.50% [1][5] - Registered warrants for aluminum are at 452,950 tons, with a cancellation of 13,075 tons, representing a 2.81% cancellation rate [2] - The aluminum inventory in Kaohsiung remains stable at 42,475 tons [5] Group 3: Zinc Inventory Changes - Zinc inventory decreased to 92,275 tons, down by 4,725 tons or 4.87% [1][9] - Registered warrants for zinc are at 48,600 tons, with a cancellation of 43,675 tons, leading to a cancellation rate of 47.33% [2] - The zinc inventory in Singapore also decreased by 4,725 tons, reflecting a similar trend [9] Group 4: Nickel Inventory Changes - Nickel inventory increased to 211,254 tons, up by 2,172 tons [1][13] - Registered warrants for nickel are at 195,384 tons, with a cancellation of 15,870 tons, resulting in a cancellation rate of 7.51% [2] - The inventory in Kaohsiung saw an increase of 1,464 tons, reaching 45,144 tons [13] Group 5: Lead and Tin Inventory Changes - Lead inventory data is not provided in detail, but it is noted that there are fluctuations in various locations [6][11] - Tin inventory decreased to 1,875 tons, down by 25 tons [1][11] - Registered warrants for tin are at 1,390 tons, with a cancellation of 485 tons, leading to a cancellation rate of 25.87% [11]

（文华综合） 国内铜现货升水有所回落，但仍然呈现升水状态，周初国内精铜社会库存累积，但幅度有限，目前仍维 持在较低位置。不过由于美国对进口铜关税范围不及预期，最近COMEX铜对LME铜价差已经回到平水 附近，市场仍在担忧后续非美地区铜库存的回升。 对于铜价走势，金源期货表示，受降息预期升温后市场风险偏好得到提振，而美元指数迅速走弱提振金 属市场；基本面上，海外精矿维持紧缺状态，国内库存小幅反弹，进口到港量持续增加，紧平衡格局依 旧但略有转松迹象，预计沪铜将进入反弹节奏。 沪铜夜盘高开震荡，日内延续偏强震荡姿态，收盘上涨0.46%。最近美联储降息预期抬升提振市场情 绪，铜市供需虽有转松迹象，但低库存状态仍提供支撑。 smm数据显示，7月smm中国电解铜产量环比大增3.94万吨，升幅为3.47%，同比上升14.21%。主要受新 投产产能利用率快速上升、前期生产受扰的冶炼厂供应恢复、硫酸价格较高弥补冶炼亏损等因素影响。 smm预计8月国内精铜产量仅小幅下降。由于海外冶炼成本更高，受极端低位的铜精矿加工费影响更 大，周一日本三菱材料公司表示，由于加工精炼费用（TC/RCs）下降对盈利造成压力，该公司正考虑 缩减其On ...

Core Insights - The London Metal Exchange (LME) reported a rise in copper inventory to a near two-year high, followed by a decline to 139,575 tons this week [1] - The Shanghai Futures Exchange (SHFE) indicated a 1.2% decrease in copper inventory, reaching a seven-month low of 72,543 tons as of August 1 [1] - International copper inventory decreased by 772 tons to 10,844 tons [1] - COMEX copper inventory increased to 261,180 tons, marking the highest level since February 2004 [1] Inventory Trends - LME copper inventory increased from 141,750 tons on August 1 to 139,575 tons, showing a downward trend [4] - SHFE copper inventory decreased from 73,423 tons on July 25 to 72,543 tons on August 1, indicating a consistent decline [4] - COMEX copper inventory rose from 259,681 tons on August 1 to 261,180 tons on August 4, reflecting an upward trend [4]

Group 1 - LME copper prices rose by $56.5, or 0.59%, closing at $9,687.0 per ton on August 4, supported by supply concerns but limited by global economic worries [1][2] - LME copper has rebounded by 20% since hitting a 16-month low in April, but has retreated from over $10,000 in early July [3] - A mining accident in Chile's El Teniente mine, which produced 356,000 tons of copper last year, has halted operations, raising supply concerns [3] Group 2 - Mitsubishi Materials is considering reducing copper concentrate processing at its Onahama smelting and refining plant, indicating potential supply issues in Japan [3] - Recent U.S. employment data showed weaker-than-expected job growth, with only 73,000 new jobs added in July, raising concerns about economic growth [3] - The U.S. unemployment rate slightly increased to 4.2%, with significant downward revisions to previous months' job growth figures [3]

8月4日（周一），伦敦金属交易所（LME）期铜上涨，因担忧全球最大铜生产国智利的供应，但全球 经济前景担忧限制涨幅。 北京时间16:47，LME三个月期铜上涨0.96%，报每吨9,723美元。 智利矿业部长周日表示，官员们将确定何时可以安全地恢复该矿山的运营，该矿山去年生产35.6万吨 铜。 日本亦出现另一潜在供应问题，三菱材料公司（Mitsubishi Materials）表示，由于加工精炼费用 （TC/RCs）下降对盈利造成压力，该公司正考虑缩减其Onahama冶炼厂和精炼厂的铜精矿加工规模。 哥本哈根Saxo Bank大宗商品策略主管Ole Hansen表示："这确实支撑价格，并帮助缓解了周五就业报告 后的一些经济增长担忧。" 上海期货交易所交投最活跃的期铜合约上涨0.1%，收报每吨78,330元。 上海金属方面，沪铝上涨0.2%，报20525元；沪镍上涨0.5%，报120630元；沪铅上涨0.5%，报16750 元；沪锡上涨0.9%，报266490元；沪锌下滑0.4%，报22255元。 LME铜价自4月触及逾16个月低点以来已反弹逾五分之一，但仍较7月初逾10,000美元的高点有所回落。 智利国家铜业 ...