新能源及有色金属日报 | 2025-12-12 下游需求寡淡不改铜价偏强走势 市场要闻与重要数据 期货行情： 2025-12-11，沪铜主力合约开于 92250元/吨，收于 92210元/吨，较前一交易日收盘0.39%，昨日夜盘沪铜主力合约 开于 92,700元/吨，收于 94,080 元/吨，较昨日午后收盘上涨1.95%。 现货情况： 据 SMM 讯，昨日SMM 1#电解铜现货报价贴水50至升水60元/吨，均价升水5元/吨，较前一日回落25元。现货价格 区间为92400-92930元/吨。早间主力合约一度冲高至92930元，但随即回落。由于当前铜价逼近下游心理关口，市 场采购情绪转弱，加之临近年底交割，持货商出货意愿增强，好铜升水自早盘的80元快速下滑至30元。非注册铜 受废铜替代影响，贴水幅度高达300元。预计目前虽逢周五或有一定补库需求，但整体成交价格仍将承压。 重要资讯汇总： 宏观与地缘方面，就业市场，美国上周初请失业金人数激增4.4万人，达到23.6万人，这一增幅为2020年3月以来最 高。截至11月29日当周，续请失业金人数降至184万人，创四年来最大单周降幅，当周恰逢感恩节假期。此外，美 国9月 ...

日期 2025 年 12 月 12 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 有色金属研究团队 研究员：余菲菲 研究员：彭婧霖 请阅读正文后的声明 行业 铜期货日报 ＃summary＃ 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 铜价上涨，隔夜美联储如期降息 25BP，市场情绪受到提振，铜价上涨，沪铜主力 最高涨至 9.3 万，但日内随着 A 股开盘后持续走弱，市场抛售情绪增加带动铜价 回落。现货涨 965 至 92665，现货升水跌 25 至 5，临近年末持货商抛售情绪增加， 叠加 12 合约即将结束，现货升水快速下行。周内社库再度累库 0.27 万吨，高铜 价抑 ...

Market Overview - The main copper futures contract on the Shanghai Futures Exchange opened at 92,250 CNY/ton and closed at 92,210 CNY/ton, a decrease of 0.39% from the previous trading day. The night session saw the contract open at 92,700 CNY/ton and close at 94,080 CNY/ton, an increase of 1.95% [2][11]. Spot Market - The SMM 1 electrolytic copper spot price ranged from a discount of 50 to a premium of 60 CNY/ton, with an average premium of 5 CNY/ton, down 25 CNY from the previous day. The price range was 92,400 to 92,930 CNY/ton. Market purchasing sentiment weakened as copper prices approached psychological thresholds, and sellers increased their willingness to sell as year-end delivery approached [3][12]. Macroeconomic Insights - In the U.S. job market, initial jobless claims surged by 44,000 to 236,000, the highest increase since March 2020. However, continuing claims fell to 1.84 million, marking the largest single-week decline in four years. Additionally, the U.S. trade deficit narrowed significantly by nearly 11% to 52.8 billion USD in September, well below the expected 63.3 billion USD, the lowest since June 2020 [4][13]. Mining Developments - Solis Minerals Limited announced that its Cinto copper project in southern Peru has received drilling permits, paving the way for anticipated drilling in the coming weeks. The project is located near the Toquepala copper mine and is part of a significant geological system in southern Peru. Drilling preparations are set to begin in December 2025 [5][14]. - Chile's national copper company, Codelco, reported a copper production of 111,000 tons in October, a year-on-year decrease of 14.3%. In contrast, BHP's Escondida mine produced 120,600 tons, an increase of 11.7% year-on-year, while the Collahuasi mine saw a production drop of 29.3% to 35,000 tons [5][14]. Consumption Trends - According to Mysteel, domestic copper tube production in November 2025 reached 138,300 tons, an increase of 16,500 tons or 13.55% from October. The overall capacity utilization rate was 59.69%, up 7.12% month-on-month. The increase in production was supported by extended production cycles and demand from key market events [7][16]. Inventory and Warehouse Data - LME warehouse stocks decreased by 700 tons to 165,850 tons, while SHFE warehouse stocks increased by 2,530 tons to 31,461 tons. As of December 11, domestic electrolytic copper spot inventory stood at 163,000 tons, a slight increase of 2,700 tons from the previous week [7][16]. Strategy Outlook - The overall strategy for copper is neutral. Following the Federal Reserve's expected 25 basis point rate cut, the tightness in the spot market may ease post-delivery on the 15th. However, high copper prices have led to cautious sentiment among downstream buyers, suggesting a wait-and-see approach for the time being [8][17].

Core Insights - Solis Minerals Limited has identified compelling geophysical, geological, and geochemical targets at the Cucho Project in Peru, which will be tested in a diamond drilling program scheduled for 2026 [2][3][21] Geophysical Modelling - New 3D geophysical modelling has highlighted significant targets characterized by demagnetization, elevated chargeability, and conductivity, along with enhanced surface geochemistry [3][25] - The modelling indicates the presence of a deeply-rooted porphyry copper-molybdenum system, with a drone-borne magnetic survey planned for December 2025 to map associated structures [3][4] Project Background - Solis Minerals has the right to earn up to a 75% interest in the Cucho Project, with a seven-year option to acquire up to 100% [4] - The Cucho Project spans 3,600 hectares, featuring a mineralization anomaly footprint of 3 x 1.8 kilometers, defined by copper-molybdenum geochemistry and strong induced polarization chargeability anomalies [6][11] Historical Drilling Results - Previous drilling has shown significant mineralization across all seven completed drill holes, with grades comparable to operating mines in the Andean copper belt [7][8] - Historical drilling results include notable intersections such as 169.7 meters at 0.24% Cu and 0.012% Mo from surface [8] Geological Comparisons - The geological setting and scale of the Cucho Project are comparable to large porphyry copper projects, indicating potential for significant mineralization [10][11] Next Steps - The company is designing a diamond drilling program to test the identified targets, including the Eastern Chargeable Body, while also initiating geological mapping and geochemical sampling [26][24]

Core Insights - Solis Minerals Limited has applied for additional exploration concessions surrounding the Cucho Copper Project in Peru, expanding its footprint in a significant copper district [2][6]. Company Developments - The CEO of Solis Minerals, Mitch Thomas, emphasized that the application for additional concessions is a strategic move to strengthen the company's position in a world-class copper district, with active participation from major players like Fortescue, Element 29, and Vale [3][6]. - The company is currently drilling at Ilo Este and has plans to commence drilling at Cinto in December 2025, Cucho in Q2 2026, and Canyon in Q3 2026 [3][20]. Exploration Activities - Solis Minerals has submitted applications for 4,000 hectares of exploration concessions adjacent to Cucho, enhancing access to additional exploration acreage [6]. - The company is progressing with permitting and drill planning for Cucho, with approximately 20 drill pads planned to target high-priority geophysical and geochemical anomalies [11][12]. - The Ficha Técnica Ambiental (FTA) permitting process has begun, expected to take about five to six months, with active engagement with local stakeholders to ensure timely approvals [12]. Geological Insights - Detailed geological modeling is being advanced using historical surface and drilling data to refine the understanding of mineralization controls and identify prospective zones for resource definition drilling [13]. - The exploration program aims to accelerate Cucho towards a potential maiden JORC resource estimate in 2026 [13]. Regional Context - The Cucho Project is strategically located near other significant copper projects, including Elida, which has an inferred resource of 321 million tonnes at 0.32% Cu, 0.03% Mo, and 2.61 g/t Ag [7][10]. - Vale's Umami project and Alpayana S.A.'s Antarumi project are also in proximity, indicating a competitive exploration environment in the region [8][9].

West Leederville, Western Australia--(Newsfile Corp. - October 15, 2025) - Solis Minerals Limited (ASX: SLM) ("Solis Minerals" or the "Company") announces that it is changing its financial year-end from May 31 to December 31. The change in financial year-end has been made to better align the Company's financial reporting and tax planning with its business planning. Further details regarding the change in financial year-end, including the length and ending dates of the Company's financial reporting periods, ...

Core Viewpoint - Solis Minerals Limited is voluntarily delisting its common shares from the TSX Venture Exchange to focus on a primary listing on the Australian Securities Exchange, which is expected to enhance liquidity and reduce costs [2][3][8]. Company Actions - The company has applied for delisting from the TSXV, with the expected delisting date around June 23, 2025 [4][8]. - In conjunction with the delisting, Solis Minerals plans to re-domicile to Australia, pending shareholder and regulatory approvals [5][8]. Shareholder Impact - Existing TSXV shareholders can convert their shares into CHESS Depositary Interests (CDIs) to trade on the ASX [6][8]. - Approximately 8% of the company's securities are held by TSXV shareholders following a placement in February 2025 [8]. Operational Focus - The delisting and re-domiciliation are aimed at streamlining operations, allowing the company to focus resources on exploration activities, particularly in its copper-gold projects in southern Peru [7][8][12]. - The company holds 81 concessions totaling 69,200 hectares in its South American copper portfolio [12].

Company Overview - Solis Minerals Limited is focused on advancing its portfolio of high-priority copper-gold targets in the Southern Coastal Belt of Peru, holding 81 exploration concessions covering a total area of 69,200 hectares [3][5][52] - The company has appointed Mitch Thomas as Chief Executive Officer, who brings extensive experience in South America and project development [4][48] Financial Highlights - Solis successfully completed a placement raising A$4.5 million to support drilling activities in Peru [7][42] - The company had a cash balance of A$0.8 million as of February 28, 2025, with additional funds raised post-reporting period [40][42] Project Developments - Significant progress was made in advancing permits and refining high-priority copper targets, with drilling at Chancho al Palo and Ilo Este expected to begin in May 2025 [8][16] - The Chocolate Project has revealed multiple copper-gold targets, with notable geochemical assay results including 0.71% Cu and 0.60 g/t Au for Porphyry Target 1 [27][26] Market Conditions - The copper market is experiencing strong momentum, with prices recently surpassing US$10,000 per tonne due to supply constraints and robust demand, particularly linked to the global energy transition [13][15] - Gold prices have reached record highs above US$3,000 per ounce, driven by geopolitical uncertainty and central bank purchases [14][15] Exploration Activities - Extensive copper porphyry mineralization has been identified at the Cinto Project, with significant channel sampling results indicating 23.4m @ 0.88% Cu [21][23] - The company is planning Induced-Polarisation (IP) surveys to define drill targets at Cinto, with drilling anticipated in the second half of 2025 [25][20] Corporate Strategy - Solis is evaluating options to simplify its listing structure, potentially delisting from the TSXV and establishing the ASX as its primary listing [41] - The company is actively reviewing potential acquisitions in various jurisdictions, focusing on copper and gold projects that are drill-ready [39]