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 ...

（文华综合） 作为全球最大的铜消费国，中国产业链面临三大挑战：上游资源对外依存度攀升、中游加工环节产能过剩、下游需求受高铜价抑制。为助力行业应对变局， 上海有色网携手铜产业链企业联合编制《2026中国铜产业链分布图》中英双语版，点击此链接即可免费领取铜产业链分布图： https://s.wcd.im/v/470opZ19l/。 2月10日（周二），澳新银行（ANZ）分析师在一份报告中表示，智利铜行业正面临供应问题：矿石品位下降和日益艰难的运营条件导致该国铜产出难以维 持在当前水平，更不用提提高产量以满足不断增长的需求。 与此同时，对美国总统特朗普将对精炼铜征收关税的担忧已导致美国铜库存激增，使得大量金属无法进入市场。 LME铜价亚洲市场早盘变动不大，最新报每吨13,175.00美元。 刘明康 156 5309 0867 liumingkang@smm.cn SMM联合制作联系人 ...

Core Viewpoint - Copper prices are under pressure due to rising inventories and weak demand ahead of the Chinese New Year holiday, despite a weakening US dollar making commodities more attractive to foreign holders [1][2]. Group 1: Market Performance - On February 10, the main copper futures contract on the Shanghai Futures Exchange closed at 101,560 yuan per ton, up 0.05%, with an intraday increase of 0.98% [1]. - The London Metal Exchange (LME) three-month copper price fell by 0.65% to $13,091 per ton, maintaining above the $13,000 mark [1]. Group 2: Inventory Trends - Major exchange registered warehouse inventories have increased, with LME copper stocks rising to 184,300 tons from 137,225 tons on January 10, and the Shanghai Futures Exchange's copper inventory reaching 248,911 tons, marking a nine-week consecutive increase [4]. - COMEX copper inventories have surged to a record 590,211 tons, indicating a significant rise in supply [5]. Group 3: Demand Dynamics - Analysts noted that demand from downstream buyers in China has cooled after pre-holiday restocking, contributing to the pressure on copper prices [4]. - The Yangshan copper premium, a barometer for China's import demand, has widened to $38 per ton from a previous $20, but remains low compared to over $50 at the end of December, reflecting weak demand [5].

Group 1 - LME copper prices have declined by 0.62% to $13,095 per ton, while Shanghai Futures Exchange's most active copper contract rose by 0.09% to 101,600 yuan per ton [1] - The increase in inventories and weak demand continue to pressure copper prices, with LME copper stocks rising to 184,300 tons from 137,225 tons on January 10 [1] - The upcoming Chinese New Year holiday, starting February 15, is expected to further impact demand as buyers complete pre-holiday restocking [1] Group 2 - Yangshan copper premium has increased from $20 per ton to $38 per ton, but remains low compared to over $50 per ton at the end of December, indicating weak demand [2] - Other base metals on the Shanghai Futures Exchange showed mixed performance, with tin rising by 3.42% and aluminum, zinc, and nickel declining [2] - LME's three-month tin prices remained stable, while aluminum, zinc, and nickel prices decreased by 0.72%, 0.34%, and 1% respectively, with lead prices increasing by 0.20% [2]