（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]

Group 1 - Vicuna Corp. plans to double its investment in Chilean copper mining projects to $800 million this year, focusing on the Filo del Sol and Josemaría mines, which are expected to become significant global copper development projects [2] - The total estimated investment for the region is $5 billion, with local officials suggesting it could reach $15 billion, as the area is one of the largest undeveloped copper, gold, and silver deposits globally [2] - The two mining projects are projected to start production by 2030, with a central processing plant for both mines expected to have a lifespan of 25 years [2] Group 2 - The development of the copper mining project is being supported by the government's comprehensive incentives to attract foreign capital, with Vicuna applying to join the country's Large Investment Incentive Program (RIGI) for tax and legal benefits on major export projects [3] - The copper deposits in the region contain approximately 13 million tons of copper resources, along with significant amounts of gold and silver [4]

2月9日（周一），刚果民主共和国将执行一项长期搁置的规定，要求本地员工拥有矿山所有权，此举可能会重新平衡部分铜和钴生产商的股权。 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/。 SMM联合制作联系人 嘉能可（Glencore Plc）、艾芬豪矿业（Ivanhoe Mines Ltd.）和欧亚资源（Eurasian Resources Group）等在该国运营有矿山。 巴里克矿业在该国运营大型金矿，同时该国还拥有大量的锂、钽、锡和锌矿床。 该命令援引了刚果2018年采矿法规和规定，要求矿企为刚果员工保留5%所有权（股份）。从历史上看，这些规则并没有得到很好的执行。 员工所有权规则与采矿项目将10%的所有权转让给该国政府的要求是分开的，在采矿许可证续期时，还要额外转让5%的所有权。 （文华综合） 刚果矿业部长Louis Watum在1月30日致该国所 ...

2月9日（周一），墨西哥总统克劳迪娅·申鲍姆（Claudia Sheinbaum）表示，其政府正推动200余项未开 展任何生产作业的采矿特许权项目自愿退回。 （文华综合） ...

智利央行周一公布的数据显示，1月铜出口收入为45.5亿美元，较上年同期增长7.8%。 智利是全球最大的铜生产国。 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/。 SMM联合制作联系人 刘明康 156 5309 0867 liumingkang@smm.cn （文华综合） ...

"可能需要长达两年甚至更长时间才能降低矿山风险并消除瓶颈，"他在非洲矿业投资大会（Africa Mining Indaba）间隙表示。"目前这座矿山的产能受到限 制，需要进行一些重新思考和资本重组。" Harmony黄金公司是南非产量最大的黄金生产商，由于南非金矿开采成本更高、地质条件更具挑战性（例如矿井深度较深），该公司正将业务多元化拓展至 铜矿领域。铜是电动汽车和电网基础设施的关键金属。 他表示，需要解决的两个核心问题是通风不足和由于隔热不足导致的采矿灵活性受限。 Harmony公司正在审查旨在改善通风和实现更深层采矿的短期项目。该公司计划在3月份公??布半年业绩时，首次正式发布该矿山的产量展望，业绩涵盖1月 至6月的六个月。 "我们并不指望产量会大幅增长。我的意思是，这座矿山的产能受到限制，"Nel说道。 南非矿业公司Harmony Gold公司首席执行官Beyers Nel周一表示，该公司近期收购的位于澳大利亚的CSA铜矿需要注资并进行战略调整，这可能需要两年时 间。 去年10月，Harmony黄金公司正式接管了位于新南威尔士州的CSA铜矿，此前该公司以10.3亿美元的价格从澳大利亚矿业公司Mac C ...

**美元走软带来提振，关注美国就业与消费者价格数据** 美元走软使以美元计价的金属对其他货币持有者更便宜，基金利用这种关系在数值模型中生成买卖信 号。 2月9日（周一），伦敦金属交易所（LME）期铜因美元走软而上涨，但需求前景疲软，加上库存攀 升，预计将对工业金属市场的看涨情绪构成挑战。 伦敦时间2月9日17:00(北京时间2月10日01:00)，LME三个月期铜上涨182.5美元，或1.4%，收报每吨 13,176.5美元。自1月29日创下14,527.50美元历史峰值以来，铜价已下跌10%。 | | 2月9日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 茶跌 | 张肤幅 | | 三个月期铜 | 13,176.50 ↑ +182.50 ↑ +1.40% | | | 三个月期铝 | 3.125.50 ↑ | +40.50 ↑ +1.31% | | 三个月期锌 | 3.375.50 ↑ | +30.00 ↑ +0.90% | | 三个月期铅 | 1.969.50 1 | +9.50 ↑ +0.48% | | 三个月期镇 | 17.349.00 ↑ | ...

| 金屋 | 阵存 | 注册仓单 | 变动 | 注销仓单 变动 | 注销品比 | 1046 | | --- | --- | --- | --- | --- | --- | --- | | 테크 | 184,300 | 164,825 ↑ | +0.52% | 19.475 ↑ +0.91% | 10.57% | 10.53% | | 铝 | 488,975 | 440,650 | - 0.00% | 48,325 1 -3.97% | 9.88% | 10.25% | | 掛 | 106.925 | | 94,450 ↑ +0.35% | 12,475 -7,42% | 11.67% | 12.52% | | 篇 | 285,072 | | 275,760 ↑ +0.04% | 9,312 ↓ -3.30% | 3.27% | 3.38% | | 铝 | 232,750 | 217,025 | - 0.00% | 15,725 J -0.63% | 6.76% | 6.80% | | 易 | 7.030 | | 6,765 1 -0.07% | 265 -15.87% | 3.77% | 4.45% | | ...