伦敦期铜创历史新高，静候美联储利率决议

Group 1 - London copper prices opened strongly this week, reaching a historical high due to expectations of a Federal Reserve rate cut and supply tightness [1] - The three-month copper price on the London Metal Exchange (LME) was reported at $11,706 per ton, up 0.74%, with an earlier peak of $11,771 [1] - Shanghai Futures Exchange's main copper contract closed up 1.54% at 92,970 yuan per ton, with an intraday high of 93,300 yuan, marking a historical high [1] Group 2 - Market expectations indicate a 0.25 percentage point rate cut by the Federal Reserve on Wednesday, with only 19 out of 108 analysts predicting no change in policy [1] - Analysts expect a "hawkish rate cut" from the Fed, suggesting that future rate cuts may face higher thresholds [1] - A decrease in supply has been noted, with Shanghai Futures Exchange reporting a 9.22% drop in deliverable copper stocks, marking the second consecutive week of decline [1] Group 3 - COMEX copper inventories continued to rise, reaching a total of 436,853 short tons (396,306 metric tons) after hitting a historical high at the end of November [2] - A report indicated that the rise in copper prices is due to a structural mismatch between supply and available inventory, with a premium on COMEX-LME driving metal flows to the U.S. [2] - Citigroup analysts forecast copper prices to rise to an average of approximately $13,000 per ton by the second quarter of next year, up from a previous estimate of $12,000 [2] Group 4 - China's copper ore and concentrate imports in November were 2.526 million tons, with a cumulative total of 27.614 million tons from January to November, reflecting an 8.0% year-on-year increase [2] - In November, China's exports of unwrought aluminum and aluminum products were 570,000 tons, with a cumulative total of 5.589 million tons from January to November, down 9.2% year-on-year [2] - Most base metal prices increased, with three-month aluminum up 0.45% to $2,910.50 per ton, zinc up 0.7% to $3,119, and lead up 0.4% to $2,010 [2]