期铜收跌，但创下16年来最大年度涨幅【12月31日LME收盘】

Core Viewpoint - The London Metal Exchange (LME) copper prices experienced a decline on December 31, 2025, after reaching a record high earlier in the week, marking the largest annual increase in 16 years [1][3]. Group 1: Copper Market Performance - On December 31, LME three-month copper fell by $135.5, or 1.08%, closing at $12,423.0 per ton, after hitting a record high of $12,960 earlier in the week [1][2]. - In 2025, copper prices cumulatively increased by 41.7%, driven by supply concerns due to disruptions in mining activities [3]. Group 2: Market Influences - A weaker dollar has made commodities priced in dollars cheaper for investors holding other currencies, contributing to speculative buying driven by expectations of increased demand from the AI boom and energy transition [3]. - Analysts expect that the CME's premium over LME will continue to attract copper into U.S. inventories until a decision on tariffs is made by mid-2026, tightening supply in traditional consumption centers [3]. Group 3: Supply and Demand Dynamics - Chile's copper production in November fell by 7.18% year-on-year to 451,815 tons, indicating potential supply constraints [4]. - China's copper demand remains higher than expected, with imports from January to November only declining by 3% year-on-year [3].