俄罗斯诺里尔斯克镍公司（Nornickel）在周三公布的业绩报告显示，2025年，全球镍市场连续第四年出 现供应过剩，过剩量约24万吨，主要得益于供应持续增长，其中印尼的供应增长尤为显著，印尼的镍产 量约占全球供应量的66%。 2025年，受不锈钢（同比增长4%）、合金（同比增长5%）、特种钢（同比增长2%）和电池（同比增长 2%）行业的推动，原镍消费量同比增长6%至362万吨。 供应方面，原镍供应量同比增长6%至386万吨，反映出印尼产能的持续扩张。2025年，印尼镍生铁 （NPI）产量同比增长15%，而印尼（同比增长89%）和中国（同比增长26%）的1级镍产量均有所增 长。与此同时，中国镍生铁产量同比下降11%，全球镍铁产量与上年持平。 **镍市场前景** 谨慎乐观；2026年镍市场供需平衡存在高度不确定性，取决于印尼政府减产计划能否实施。Nornickel认 为，如果事态发展按照最激进的情景进行，市场可能实现供需平衡，也可能出现供需缺口。同时，如果 维持现状，市场过剩将增至27.5万吨。 该公司认为，在印尼未大幅减产的情况下，受该国新项目投产的推动，镍产量将同比增长6%至410万 吨。与此同时，受不锈钢 ...

Group 1 - Nickel prices on the London Metal Exchange (LME) have risen for the fourth consecutive trading day, driven by a significant reduction in production quotas for the world's largest nickel mine in Indonesia [1][2] - The three-month nickel price on LME increased by $390, or 2.23%, closing at $17,880 per ton, with an intraday high of $18,020, marking the highest level since January 30 [1] - Indonesia's commitment to reducing supply has led to a 22.8% increase in nickel prices over the past two months, highlighting the country's significant influence in the global nickel market, controlling about 60% of global production [3] Group 2 - The initial production quota for the PT Weda Bay Nickel project, a joint venture between Eramet and Chinese Tsingshan Group, has been drastically reduced from 32 million wet tons in 2025 to 12 million wet tons in 2026 [2] - Despite the price increases, the International Nickel Study Group forecasts a surplus of 261,000 tons for the year [4] Group 3 - Other base metals have also seen price increases, with three-month copper rising by $58.5, or 0.45%, to $13,166.5 per ton, and reaching a one-week high of $13,480 [5] - Three-month aluminum prices increased by $10, or 0.32%, closing at $3,103 per ton [7] - Three-month zinc prices rose by $11.5, or 0.34%, to $3,406.5 per ton, while lead prices increased by $18.5, or 0.94%, to $1,993 per ton [8][9]

LME铜库存 | 地点 | | 前日库存 入库 出库 | | 今日库存 | 变动 | 注册仓单 | 注销仓单 | 注销占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铜 | 189100 | 3000 | 0 | 192100 | +3000 | 169650 | 22450 | 11.69% | | 高雄 | 82425 | 3000 | 0 | 85425 | +3000 | 73425 | 12000 | 14.05% | | 米阳 | 28575 | 0 | 0 | 28575 | 0 | 23175 | 5400 | 18.90% | | हैं। | 22750 | 0 | 0 | 22750 | 0 | 19375 | 3375 | 14.84% | | 新奥尔良 | 18475 | 0 | 0 | 18475 | 0 | 18475 | 0 | 0.00% | | 首港 | 11250 | 0 | 0 | 11250 | 0 | 11200 | 50 | 0.44% | | 鹿特丹 | 10275 | 0 | 0 | ...

2月11日（周三），铜价因美元走软而攀升，尽管在将于周末开始的中国九天春节假期前夕，需求有所 放缓。 上海期货交易所主力期铜合约上涨0.31%，收报每吨102,180元。 上期所铜库存上周五升至3月以来最高水平，美国Comex铜库存则创下536,563吨的历史新高。 其他基本金属中，沪镍领涨，上涨4.02%，报每吨139,360元。LME三个月期镍上涨2.66%至每吨17,955 美元。 印尼当地媒体周二晚间报道称，该国最大镍生产商已批准2026年镍矿开采配额约为2.6亿至2.7亿吨。 麦格理集团大宗商品策略董事总经理Jim Lennon在报告中指出："印尼政府已着手在2026年削减煤炭和 镍矿开采许可，这可能导致产量和出口量下降。" 上海期货交易所其他金属方面，铝上涨0.49%，报每吨23,660元；锌上涨0.57%，报每吨24,585元；铅上 涨0.39%，报每吨16,740元；锡上涨3.27%，报每吨394,700元。 伦敦金属交易所其他金属方面，三个月期铝上涨0.81%，至每吨3,118.00美元；三个月期锌上涨0.94%， 至每吨3,427.00美元；三个月期铅上涨0.33%，至每吨1,981.00 ...

2月10日（周二），印度尼西亚多家当地媒体周二晚援引矿业部官员Tri Winarno的话报道称，印度尼西 亚目前已为2026年批准了约2.6亿至2.7亿吨镍矿开采配额。 ...

Group 1 - Codelco's El Teniente project is expected to produce 301,000 tons of copper this year, following a fatal accident last year that impacted production [2][4][5] - The company anticipates that production levels will likely remain stable around current levels for the next five years [3][4] - Codelco aims to recover mineral resources from the northern section of the mine based on ongoing research [6] Group 2 - China, as the largest copper consumer, faces three major challenges: increasing reliance on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [6]

Group 1 - Angola's first significant copper mine, Tetelo, shipped its first batch of copper concentrate in January, marking the country's diversification of mineral resource income [2] - The Tetelo copper mine, owned by Shining Star Icarus, has an investment of $250 million and is set to begin operations in October 2025 [2] - The mine plans to produce approximately 19,000 tons of copper concentrate this year, reaching a stable production of 23,000 tons next year, and aims to increase annual output to about 36,000-40,000 tons by around 2030 [2] Group 2 - Initial mining will be open-pit, transitioning to underground mining in the second half of 2026 [3] - Ivanhoe Mines and Anglo American also have copper exploration projects in Angola [3] Group 3 - China, as the world's largest copper consumer, 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]

2月10日（周二），伦敦金属交易所（LME）公布的数据显示，1月份中国产铜在LME可用库存中的占比下降，原因是来自其他亚洲国家、南美和非洲的铜 流入。 LME可用铜库存量已达到2025年2月底以来的最高水平，该交易所已成为寻求在美国和亚洲储存金属的交易商的首选场所。 数据显示，截至上月底，LME仓库中中国产铜的占比为70%，低于12月份的79%。 从绝对值来看，LME仓库中中国产铜库存从12月份的87,475吨增至上月底的95,150吨。 然而，来自智利、秘鲁、印度、韩国和刚果民主共和国的共计18,400吨铜流入LME仓库，稀释了中国产铜的占比。 俄罗斯产铜占可用库存的9%，即12,600吨。 liumingkang@smm.cn 1月份，LME仓库中俄罗斯产铝的可用库存占比维持在58%，而印度产铝的占比下降3个百分点至36%。 从绝对值来看，俄罗斯产铝的库存减少2,350吨，至255,075吨；印度产铝库存减少19,950吨，至156,725吨。 为遵守美国和英国因俄乌冲突而对俄罗斯实施的制裁，自2024年4月13日起，LME已禁止在其仓库系统中存放俄罗斯产金属。 在此日期之前生产的金属仍可交易，但许多交易 ...

伦敦金属交易所（LME）发布2026年1月按产地划分的金属库存月度报告（单位：吨）： | +111744 | S | 5 | nna in | S | 5 | S | 2 | C | U, JUV | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中国台湾 | 0 | 0 | 9, 950 | 0 | 0 | 0 | 0 | 0 | 9, 950 | | 泰国 | 0 | 0 | 75 | 0 | 0 | 0 | 0 | 5 | 80 | | 阿联酋 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | 英国 | 0 | 0 | 11, 675 | 0 | 606 | 0 | 0 | 0 | 12, 281 | | 美国 | 0 | 0 | 125 | 0 | 0 | 0 | 0 | 0 | 125 | | 乌克兰 | 0 | 0 | 50 | 0 | 0 | 0 | 0 | 0 | 50 | | 委内瑞拉 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | 赞比亚 | 0 ...

2月10日（周二），伦敦金属交易所（LME）期铜价格下跌，受库存上升拖累。全球最大金属消费国中 国即将于本周末迎来春节假期导致交易清淡。 伦敦时间2月10日17:00(北京时间2月11日01:00)，LME三个月期铜下跌68.5美元，或0.52%，收报每吨 13,108.0美元。 | | 2月10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 | 13,108.00 - - 68.50 -0.52% | | | | 三个月期铝 | 3,093.00 -32.50 | | + -1.04% | | 三个月期锌 | 3.395.00 1 | +19.50 ↑ +0.58% | | | 三个月期铅 | 1,974.50 1 | +5.00 ↑ +0.25% | | | 三个月期镇 | 17,490.00 1 | +141.00 ↑ +0.81% | | | 三个月期锡 | 49,283.00 ↑ +185.00 ↑ +0.38% | | | **中国春节假期临近，需求降温** 摩根士丹利分析师在报 ...