中国产铜在1月LME库存中的占比下降 中国产镍占LME可用库存环比上升

Group 1 - The proportion of Chinese copper in LME available inventory decreased from 79% in December to 70% in January, due to inflows of copper from other Asian countries, South America, and Africa [2] - The total available copper inventory in LME reached its highest level since February 2025, with Chinese copper inventory increasing from 87,475 tons in December to 95,150 tons by the end of January [2] - Inflows of 18,400 tons of copper from Chile, Peru, India, South Korea, and the Democratic Republic of Congo diluted the share of Chinese copper in LME warehouses [2] Group 2 - The share of Russian copper in available inventory is 9%, amounting to 12,600 tons [2] - Chinese nickel accounted for 72% of LME available inventory, an increase of 3 percentage points from the previous month [2] - The available inventory of Russian aluminum remained at 58%, while Indian aluminum's share decreased by 3 percentage points to 36% [2] Group 3 - The available inventory of Russian aluminum decreased by 2,350 tons to 255,075 tons, and Indian aluminum inventory decreased by 19,950 tons to 156,725 tons [2] - Starting April 13, 2024, LME will prohibit the storage of Russian metals in its warehouse system due to sanctions imposed by the US and UK related to the Russia-Ukraine conflict [2][3] Group 4 - China's copper industry faces three major challenges: increasing dependence on foreign upstream resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [4]