国际铜价再创历史新高，减产预期有望进一步刺激铜价上涨

Industry Insights - Copper prices reached a historic high of $11,434 per ton on December 3, driven by a weaker dollar, supply concerns, and tightening metal supplies in LME registered warehouses [1] - As of 19:50 Beijing time, LME copper was reported at $11,410.5 per ton, reflecting a 2.38% increase [1] - The expansion of business activity in the Eurozone in November reached its fastest pace in two and a half years, further boosting bullish sentiment towards copper [1] - Analysts suggest that copper prices could potentially rise to $12,000 per ton following the recent highs, supported by strong market signals [1] - LME registered copper inventories have fallen to their lowest level since July, indicating strong interest from traders in exporting copper to the U.S. due to the price premium of NYMEX copper over LME copper [1] - Global copper mine production forecasts have been continuously revised downward due to frequent production disruptions this year, leading to significant uncertainty in copper supply for the upcoming year [1] - The negotiations for copper smelting and processing fees in 2026 are critical, with tight copper supply potentially leading to reduced production from smelting companies, which could further tighten refined copper supply and stimulate price increases [1] Company Insights - Companies such as Jiangxi Copper and Yunnan Copper are mentioned in relation to the current copper market dynamics [2]