随着印度制造业活动持续增长，用于钢材防腐蚀镀层的锌材本土需求保持强劲。 占据国内锌市场近四分之三份额的印度斯坦锌业公司表示，本季度锌业务收入增长约2%，白银业务收 入增长10%。 公司总营收增长3.6%，达854.9亿卢比。 这家印度最大精炼锌生产商表示，截至9月30日的季度合并净利润从去年同期的232.7亿卢比增至264.9亿 卢比。 印度斯坦锌业是全球第三大白银生产商，也是印度最大的综合性白银企业。印度作为全球最大白银消费 国，其国内白银需求在9月季度激增——因白银价格创历史新高，消费者将白银视为黄金的替代投资 品，同时工业需求也持续增长。 分析师此前预计白银价格同比涨幅可能在32%至39%之间。 与此同时，分析师预估同期锌价涨幅接近2%。 10月17日（周五），印度斯坦锌业公司（Hindustan Zinc）公布，受白银价格创历史新高、锌价稳步攀 升以及需求强劲支撑，其第二季度利润增长近14%。 ...

Core Insights - The article provides an overview of the changes in warehouse inventories for various metals, including copper, aluminum, zinc, tin, and nickel, highlighting the fluctuations in registered and canceled warehouse receipts. Group 1: Copper Inventory Changes - The total copper inventory decreased to 137,225 tons, down from 137,450 tons, reflecting a change of -0.38% [1][3] - Registered warehouse receipts for copper increased by 3.64% to 7,825 tons, while the cancellation ratio rose to 5.70% [1][3] Group 2: Aluminum Inventory Changes - Aluminum inventory stands at 491,225 tons, a decrease of 4,100 tons from the previous day, marking a change of -0.83% [5][7] - The cancellation ratio for aluminum is reported at 17.42%, with registered receipts totaling 85,575 tons [5][7] Group 3: Zinc Inventory Changes - Zinc inventory is recorded at 38,025 tons, showing a decrease of 275 tons, which is a change of -0.72% [9] - The cancellation ratio for zinc is 35.77%, with registered receipts at 13,600 tons [9] Group 4: Tin Inventory Changes - Tin inventory increased to 2,735 tons, up by 160 tons, reflecting a change of +7.05% [11] - The cancellation ratio for tin is 8.41%, with registered receipts at 230 tons [11] Group 5: Nickel Inventory Changes - Nickel inventory rose to 250,530 tons, an increase of 186 tons, marking a change of +0.07% [13] - The cancellation ratio for nickel is 2.46%, with registered receipts totaling 6,168 tons [13]

| | 以下为主要港口铝库存明细: (单位:吨) | | | | --- | --- | --- | --- | | 港口 | | 2025年9月 2025年8月 2024年9月 | | | 横滨 | 144,700 | 146,100 | 153,200 | | 名古屋 | 176,900 | 170,300 | 140,100 | | 大阪 | 19,700 | 18,900 | 19,800 | | 总计 | 341,300 | 335,300 | 313,100 | 10月17日，日本丸红株式会社公布，9月底日本三大主要港口的铝库存增至341300吨，较前月增长 1.8%。丸红收集的数据来自横滨、名古屋和大阪港。 ...

Core Viewpoint - The copper market is experiencing weak fluctuations, with a closing drop of 0.79%, driven by macroeconomic uncertainties and general demand for copper, alongside accumulating social inventory [1] Group 1: Market Conditions - The Federal Reserve's dovish stance has led to strong market expectations for two interest rate cuts by the end of the year, despite ongoing risks such as the U.S. government shutdown and fluctuating U.S.-China trade tensions [1] - Supply-side disruptions previously caused a spike in copper futures, with ongoing concerns about tight mining supplies and persistently low processing fees for domestic copper concentrate [1] Group 2: Pricing and Supply Dynamics - Codelco, the Chilean state-owned copper company, is proposing to sell copper to European customers at a record premium of $325 per ton for next year, marking a 39% increase from this year [1] - Global mining supply remains tight, with domestic refined copper production cooling and limited rebound in social inventory, indicating strong resilience in the domestic market [1]

10月17日 (周五)，直接参与谈判的三位人士称，日本铝买家与全球生产商之间的季度定价谈判持续时间 异常之长，因为在有关10月-12月船期的原铝升水报价方面，双方意见的巨大差距难以缩小。 日本是亚洲主要的铝进口国，日本同意在伦敦金属交易所(LME)现货价基础上每季度支付的升水设定了 一个地区基准，但谈判在季度开始后持续数周是不寻常的。 市场人士称，一家生产商后来将报价从103美元 下调至97美元，但买家拒绝了，他们寻求80多美元的水 平，并指出原因是现货升水在70多美元。 一家日本加工厂的人士称:"97美元的报价已经过期，我们已经要求生产商重新报价。"其补充说，需求 疲软及库存高企令买家还价在80多美元。 丸红株式会社周五称，截至9月底，日本三大港的铝库存达到341,300吨，环比增长1.8%。 一家生产商的一位人士说， 由于美国和欧洲的升水不断上涨，预计将使亚洲的供应趋紧，因此卖方坚 持要求更高的报价水平，并补充说，谈判可能会持续到本月底。 日本买家与力拓和South32等全球供应商之间的谈判始于9月初。 在需求低迷的情况下，生产商最初向日本买家提出的10月至12月船期的升水报价为每吨98美元至103美 元 ...

Core Insights - Codelco, the state-owned copper company in Chile, is proposing to sell copper to its European customers at a record premium of $325 per ton for next year, marking a 39% increase from this year [2] - The premium set by Codelco is based on the London Metal Exchange (LME) contracts and is used as a global benchmark for copper, which is widely used in the power and construction industries [2] - The record-high premium is driven by concerns over potential copper supply shortages next year, which has recently pushed LME copper prices to a 16-month high of $11,000 per ton [2] - Freeport-McMoRan announced that its Grasberg copper mine in Indonesia faced force majeure due to a landslide incident, contributing to supply concerns [2] - Other mines, including Kamoa-Kakula in the Democratic Republic of Congo and El Teniente in Chile, have also experienced disruptions this year [2] - Aurubis, Europe's largest copper smelting company, is also expected to charge a record premium of $315 per ton for refined copper to its European customers next year [2] Industry Challenges - China's copper industry faces three major challenges: increasing reliance on foreign resources in the upstream sector, overcapacity in the midstream processing segment, and suppressed downstream demand due to high copper prices [2] - To assist the industry in navigating these changes, Shanghai Nonferrous Metals Network is collaborating with copper industry enterprises to compile a bilingual distribution map of the Chinese copper industry chain for 2026 [2]

10月16日（周四），官方数据显示，几内亚第三季度铝土矿出口同比激增23%，尽管遭遇暴雨和监管阻 力。 根据矿业和地质部的数据，这种关键的铝原料的发货量增至3,941万吨，高于2024年第三季度的3,200万 吨。 根据几内亚矿业部数据，中国公司占到了几内亚第三季度出口的54.6%。 几内亚供应约占中国铝土矿进口量的三分之一。 几内亚铝土矿出口量大幅增加，与此同时，长期拖延的西芒杜铁矿项目也即将迎来首次发货，其中大部 分高品位矿石将运往中国。 数据显示，几内亚在2025年第三季度仅出口了7.8万吨氧化铝，尽管政府对矿商施加越来越大的压力 ， 要求他们在国内建设氧化铝工厂。 几内亚是全球第二大铝土矿生产国，第三季度的月度发货量平均为1,314万吨，较上半年下降将近 19%，因暴雨中断了矿山开采并减缓港口作业，这凸显出该国供应链的季节性波动。 尽管几内亚军方领导的政府采取了镇压行动，取消了许可证，并迫使矿商建造氧化铝精炼厂，造成了运 营上的不确定性，但出口还是出现了反弹。 关注几内亚的独立矿产经济学家Bernabe Sanchez表示："按照这些出口量来算，几内亚的铝土矿年产量 可能会达到1.8亿吨左右，远低于上 ...

Group 1 - The core point of the article highlights the production changes in Kazakhstan's metal industry, with refined copper output increasing by 1.2% year-on-year to 355,305 tons, while refined zinc production decreased by 3% to 193,859 tons, and alumina and unprocessed aluminum production fell by 0.8% to 1,345,312 tons [2] Group 2 - The article discusses the challenges faced by China's copper industry, including rising dependence on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [2] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile a bilingual distribution map of the Chinese copper industry chain for 2026 [2]

Core Insights - LME copper prices experienced a slight increase, supported by a weaker dollar, but market sentiment was dampened by trade tensions and ongoing U.S. government shutdown uncertainties [1][4] - Concerns over supply tightness due to mining disruptions pushed copper prices to a 16-month high of $11,000 per ton last week [1] Price Movements - LME three-month copper rose by $6, or 0.06%, closing at $10,647 per ton [2] - Other base metals also saw price changes, with three-month aluminum increasing by $42.5 (1.55%) to $2,788.5 per ton, and three-month zinc rising by $25 (0.85%) to $2,973 per ton [2] Economic Impact - The ongoing U.S. federal government shutdown could lead to economic losses of up to $15 billion per week, putting pressure on the dollar [4] - Concerns regarding manufacturing growth and demand have led some companies betting on rising copper prices to reduce their positions [4] Market Outlook - Analysts from Goldman Sachs expect the market to remain in a temporary surplus, with current high copper prices reflecting investor optimism for 2026, driven by anticipated Fed rate cuts, a weaker dollar, and capital expenditures related to artificial intelligence [4] - Significant increases in copper demand are anticipated in data centers and power infrastructure investments over the coming years [4] Aluminum Market - Concerns about tightness in the LME aluminum market have led to spot contracts trading at a premium over three-month aluminum, with premiums rising to over $21 per ton, the highest since February [4]

Group 1 - The core point of the news is the recent changes in LME (London Metal Exchange) inventory levels for various metals, indicating fluctuations in supply and demand dynamics in the market [1][2][4]. Group 2 - Copper inventory decreased by 900 tons, resulting in a total of 137,450 tons, with a registered warehouse stock of 129,900 tons and a cancellation ratio of 5.49% [1][4]. - Aluminum inventory fell by 3,650 tons to 495,325 tons, with a registered stock of 405,650 tons and a cancellation ratio of 18.10% [1][5]. - Zinc inventory saw a slight decrease of 50 tons, bringing the total to 38,300 tons, with a registered stock of 24,400 tons and a cancellation ratio of 36.29% [1][9]. - Nickel inventory increased by 3,588 tons, reaching 250,344 tons, with a registered stock of 244,122 tons and a cancellation ratio of 2.49% [1][13]. - Tin inventory remained stable at 2,575 tons, with a registered stock of 2,340 tons and a cancellation ratio of 9.13% [1][11].