衡量美元对六种主要货币的美元指数当天上涨0.1%，在汇市尾市收于99.087。 虽然金价可能在短期内受到部分利空情绪的压制，但市场对中长期市场仍旧看好。Zaner Metals副总裁 兼高级金属策略师Peter Grant表示，市场正在等待美联储的决定和更多政策指引。随着基本面依然强 劲，且央行继续购买，黄金仍然具有吸引力。预计到2026年第一季度，金价有望达到每盎司5000美元。 转自：新华财经 新华财经北京12月9日电（郭洲洋）纽约商品交易所黄金期货市场交投最活跃的2026年2月黄金期价8日 下跌23.1美元，收于每盎司4219.9美元，跌幅为0.54%。 美国银行全球研究部当日发布的报告预计，美联储在10日结束的议息会议上预计将降息25个基点，美联 储货币政策声明的远期展望将转向鹰派。 降息预期已被市场消化，而偏鹰的表态令市场预计美联储将提高进一步降息的门槛。 据CME"美联储观察"最新数据显示，美联储12月降息25个基点的概率为89.4%，维持利率不变的概率为 10.6%。美联储到明年1月累计降息25个基点的概率为68.5%，维持利率不变的概率为7.8%，累计降息50 个基点的概率为23.8%。 贺利 ...

Group 1: Gold Market Analysis - The gold market is currently experiencing a cautious sentiment ahead of the Federal Reserve's December meeting, with a slight increase in gold prices to $4223.66 per ounce, reflecting a 0.36% rise [1][5] - The market's focus has shifted from data verification to pricing the diverging policy paths of major central banks, particularly the Federal Reserve and the Bank of Japan [1][5] - The trading volume is low, indicating investor caution before key risk events, suggesting a period of capital flow and asset price rebalancing [1][5] Group 2: Gold Technical Analysis - Gold has broken out of a symmetrical triangle pattern but is currently consolidating due to a lack of buying support, facing resistance around $4260 [2][6] - The short-term outlook remains neutral, with potential upward movement if the price breaks above $4260, targeting $4300 and possibly $4381 [2][6] - Key support levels are identified at $4160-$4170, with further support at $4141, indicating a strategy of buying on dips and selling on rallies [2][6] Group 3: Oil Market Analysis - Oil prices have rebounded, driven by macroeconomic expectations and supply uncertainties, with WTI crude oil rising by 1.2% to $59.67 per barrel [3][7] - The market sentiment is shifting towards bullish as expectations grow for a new round of interest rate cuts by the Federal Reserve, which would lower financing costs and support energy demand [3][7] - The oil market is characterized by a combination of favorable macro conditions, tight supply, and strengthening technical indicators [3][7] Group 4: Oil Technical Analysis - The oil market is currently in a minor consolidation phase, with prices testing the previous low around $56, and the MACD indicator showing weak bearish momentum [4][8] - Short-term trends indicate an upward movement within a defined range, with expectations of a breakout above this range, although the potential upside may be limited [4][8] - The recommended trading strategy involves buying on dips and selling on rebounds, with resistance levels at $61.5-$62.5 and support levels at $59.0-$58.0 [4][8]

Group 1 - The core viewpoint of the article highlights the recent trends in the A-share market, indicating a continuation of volume contraction and a rotation of themes, with market participants awaiting new guiding signals [3][11]. - The A-share market saw a slight increase in major indices, with the Shanghai Composite Index rising by 0.37%, the CSI 300 by 1.28%, and the ChiNext Index by 1.86%, indicating a stronger performance in growth styles compared to value styles [11]. - The average daily trading volume in the A-share market was 16,870 billion, showing a decrease compared to the previous week, reflecting a cautious market sentiment as it approaches significant policy meetings [11]. Group 2 - The non-bank financial sector is influenced by the recent notification from the financial regulatory authority, which aims to encourage insurance funds to invest more in specific equity assets by adjusting risk factors [4][12]. - The commercial aerospace sector has shown active performance due to recent event-driven catalysts, with significant developments in rocket launches and tests, suggesting a potential shift from emotional to logical investment strategies [4][12][13]. - Precious metals, particularly silver, have experienced a rapid price increase due to global liquidity recovery and supply-demand dynamics, with long-term trends expected to be influenced by the narrative of shrinking dollar credit [4][13]. Group 3 - The public fund market is undergoing a transformation with the introduction of new performance assessment guidelines aimed at correcting past issues of short-term incentives and soft accountability, promoting a focus on value creation and high-quality development [4][14]. - The guidelines emphasize a core assessment system based on investment returns, aiming to align the interests of fund managers with long-term returns for investors [14]. Group 4 - The active equity fund indices showed positive performance, with the Active Stock Fund Selection Index rising by 1.64% last week, achieving a cumulative excess return of 15.40% since inception [5]. - The Value Stock Fund Selection Index increased by 1.62%, with a cumulative excess return of 3.96% since inception, while the Balanced Stock Fund Selection Index rose by 1.00%, achieving a cumulative excess return of 9.27% [6][7]. - The Growth Stock Fund Selection Index saw a smaller increase of 0.64%, with a cumulative excess return of 13.45%, while the Pharmaceutical Stock Fund Selection Index decreased by 1.73%, but still recorded a cumulative excess return of 21.62% [8][9].

黄金市场分析：央行增持夯实中长期支撑，短期震荡静待美联储指引 亚洲主要经济体央行持续增持黄金的动作，正为金价筑牢中长期上涨基石。在市场利率预期与美元走势的双向博弈下，黄金短期大概率维持震荡偏强的运 行格局。央行购金潮的延续，进一步强化了黄金的长期配置属性，不过短期内行情走向仍需锚定美国经济数据的披露节奏。 从日线级别技术面观察，XAU/USD 始终徘徊于多头通道上沿区域，K线形态依托5日与10日均线稳健运行，这一特征直观反映出短线买盘力量的韧性。 尽管MACD动能柱呈现缩量回落态势，但指标整体仍处于零轴上方，预示当前多头趋势结构并未发生实质性破坏。需要注意的是，上方 4215—4230美元 区间形成了显著的压力带，K线多次上攻均在此遇阻回落，背后折射出资金正处于观望状态，静待美联储议息会议释放的政策指引信号。 若后续利好因素持续累积，金价有望突破该压力区间打开上行空间；反之，短线行情则可能下探20日均线，寻求新的支撑位企稳。本周市场的核心焦点， 无疑是美联储会议对未来利率路径的明确表态。若降息预期相关表述偏向鸽派，金价将顺势上攻测试上方关键压力；而一旦美联储对经济基本面释放乐观 信号，美元或迎来短线提振，进而 ...

2025年12月08日 星期一 商品期货早班车 招商期货-期货研究报告 单击此处输入文字。 基本金属 | 招商评论 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 基本面：临近美联储议息会议，12 降息几乎板上钉钉，市场关注哈赛特发言和美国结束 QT 的进一步安排。 | | 市场表现：昨日铜矿震荡偏强运行。 | | | | | | 供应端，铜矿紧张格局不改，周度 TC 继续下行。需求端，精废价差已经来到 5500 美金高位，持仓也大幅上 | | | | | | | 铜 | 行，伦敦结构回落到 23 美金 back。但是注销比例依然在百分之四十。 | | | | | | | | 交易策略：降息落地之前，市场情绪亢奋的情况下，铜价可能继续冲高，但是要注意回落风险。 | | | | | | | | 风险提示：全球需求不及预期。仅供参考。 | | | | | | | | | 市场表现：周五电解铝主力合约收盘价较前一交易日+1.29%，收于 22345 元/吨，国内 0-3 月差-205 元/吨， | | | | | | | | | LME 价 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - For copper, with the approaching Fed interest - rate meeting likely to continue the rate - cut rhythm and China's year - end economic meeting expected to release clearer policy signals, the sentiment is slightly positive. The expected reduction in production due to tight mine supply and the tightening of spot supply support copper prices to reach new historical highs. In the short term, copper prices may rise further under the expectation of policy easing [5]. - For aluminum, with the domestic aluminum ingot inventory decreasing, the high premium of US spot aluminum, the continuous decrease of LME aluminum ingot inventory at a relatively low level, combined with supply disruptions, stable downstream operating rates, and the rise of copper prices, aluminum prices may strengthen further [8]. - For lead, the port inventory of lead ore is decreasing marginally, and the factory inventory is accumulating normally. The operating rates of primary and recycled lead are rising, and the downstream battery enterprises' operating rate is also increasing. Although the smelter's factory inventory is rising, the domestic social inventory of lead ingots has decreased to a low level, and the deliverable products in circulation are relatively scarce. In the short term, lead prices are expected to be strong [10]. - For zinc, in the medium term, the good profits of zinc mines will turn into a definite increase in supply, and the oversupply cycle of the zinc industry remains unchanged, so the upward space is expected to be limited. In the short term, with the supply of zinc ore and zinc ingots narrowing and the positive atmosphere in the non - ferrous sector, zinc prices are expected to follow copper and aluminum to run strongly after breaking through the pressure level [12]. - For tin, although the current demand in the tin market is weak, the bargaining power is limited due to the low downstream inventory. Supply disruptions are the determining factor for short - term prices, so the probability of short - term tin price increase is high [13]. - For nickel, the oversupply pressure of nickel remains large, but with the stabilization of ferronickel prices and the warming of the macro - atmosphere, nickel prices may turn to a volatile trend in the short term. It is recommended to wait and see in the short term [16]. - For lithium carbonate, the supply - demand mismatch in the domestic lithium carbonate market has not been reversed. The market's concerns about the sustainability of lithium mica production have been digested. The supply is less likely to have additional reduction, and the expectation of good consumption is strengthening. In the short term, the futures price is expected to fluctuate within a range [20]. - For alumina, after the rainy season, the shipment will gradually resume, and the ore price is expected to decline. The over - capacity pattern in the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. However, the current price is close to the cost line of most manufacturers, and the expectation of subsequent production reduction is strengthening. It is recommended to wait and see in the short term [23]. - For stainless steel, although the sales improved in November, the high inventory pressure is still significant. The focus of the market should be on the actual implementation of steel mill production cuts. If the supply can be effectively controlled and the production cut intensity increases, or combined with positive policy signals and the release of downstream low - level restocking demand, it is expected to break the current supply - demand deadlock [26]. - For cast aluminum alloy, the cost price is relatively firm, and the policy continues to disrupt the supply side, so there is strong support at the bottom. However, the demand is relatively unstable and the delivery pressure forms an upper - level suppression. In the short term, the price may continue to fluctuate with aluminum prices [29]. Summary by Metals Copper - **Market Information**: On Friday, the domestic equity market strengthened, and copper prices continued to rise. LME copper 3M contract rose 2.02% to $11,665/ton, and SHFE copper main contract closed at 92,380 yuan/ton. LME copper inventory decreased by 275 tons to 162,550 tons, the proportion of cancelled warrants declined, and the Cash/3M premium fell to $23/ton. The weekly inventory of SHFE decreased by 0.9 tons to 8.9 tons, and the daily warehouse receipts decreased by 0.1 tons to 3.1 tons. The spot premium in Shanghai was stable at 170 yuan/ton, and the market supply was tight. The inventory in Guangdong increased, and the spot premium rose to 85 yuan/ton. The domestic copper spot import loss was about 1,300 yuan/ton, and the refined - scrap price difference was 5,510 yuan/ton [4]. - **Strategy**: The expected reduction in production due to tight mine supply and the tightening of spot supply support copper prices to reach new historical highs. In the short term, copper prices may rise further under the expectation of policy easing. The reference range for SHFE copper main contract is 91,000 - 93,000 yuan/ton, and for LME copper 3M is $11,400 - $11,800/ton [5]. Aluminum - **Market Information**: On Friday, precious metals and non - ferrous metals were strong, and aluminum prices rose. LME aluminum rose 0.45% to $2,900/ton, and SHFE aluminum main contract closed at 22,165 yuan/ton. The open interest of SHFE aluminum weighted contract increased significantly by 42,000 to 727,124 lots. The domestic inventory of aluminum ingots in three regions decreased, and the inventory of aluminum rods in two regions also decreased. The processing fee of aluminum rods continued to decline, and the market buying sentiment was weak. The spot of electrolytic aluminum in East China was at a discount of 80 yuan/ton to the futures, and the trading sentiment was light. The LME aluminum inventory decreased by 0.3 tons to 528,300 tons, the proportion of cancelled warrants declined, and the Cash/3M remained at a discount [7]. - **Strategy**: With the domestic aluminum ingot inventory decreasing, the high premium of US spot aluminum, the continuous decrease of LME aluminum ingot inventory at a relatively low level, combined with supply disruptions, stable downstream operating rates, and the rise of copper prices, aluminum prices may strengthen further. The reference range for SHFE aluminum main contract is 22,000 - 22,400 yuan/ton, and for LME aluminum 3M is $2,870 - $2,930/ton [8]. Lead - **Market Information**: On Friday, the SHFE lead index rose 0.33% to 17,298 yuan/ton, and the total open interest for unilateral trading was 80,900 lots. As of 15:00 on Friday, LME lead 3S rose $12.5 to $2,017.5/ton, and the total open interest was 174,500 lots. The average price of SMM1 lead ingot was 17,175 yuan/ton, the average price of recycled refined lead was 17,125 yuan/ton, and the refined - scrap price difference was 50 yuan/ton. The inventory of lead ingots in SHFE was 16,078 tons, the domestic primary basis was - 105 yuan/ton, and the spread between continuous contracts and the first - month contract was - 10 yuan/ton. The LME lead ingot inventory was 243,550 tons, and the cancelled warrants were 119,225 tons. The basis of the outer - market cash - 3S contract was - 49.15 dollars/ton, and the 3 - 15 spread was - 91.5 dollars/ton. The ex - exchange ratio of the SHFE and LME lead was 1.215, and the import profit and loss of lead ingots was 157.21 yuan/ton. According to Steel Union data, the domestic social inventory decreased to 21,600 tons [9]. - **Strategy**: The port inventory of lead ore is decreasing marginally, and the factory inventory is accumulating normally. The operating rates of primary and recycled lead are rising, and the downstream battery enterprises' operating rate is also increasing. Although the smelter's factory inventory is rising, the domestic social inventory of lead ingots has decreased to a low level, and the deliverable products in circulation are relatively scarce. In the short term, lead prices are expected to be strong [10]. Zinc - **Market Information**: On Friday, the SHFE zinc index rose 1.87% to 23,311 yuan/ton, and the total open interest for unilateral trading was 208,060 lots. As of 15:00 on Friday, LME zinc 3S rose $56 to $3,116.5/ton, and the total open interest was 221,900 lots. The average price of SMM0 zinc ingot was 23,130 yuan/ton, the Shanghai basis was 75 yuan/ton, the Tianjin basis was - 55 yuan/ton, the Guangdong basis was - 45 yuan/ton, and the Shanghai - Guangdong spread was 120 yuan/ton. The inventory of zinc ingots in SHFE was 60,729 tons, the domestic Shanghai basis was 75 yuan/ton, and the spread between continuous contracts and the first - month contract was - 40 yuan/ton. The LME zinc ingot inventory was 55,375 tons, and the cancelled warrants were 5,075 tons. The basis of the outer - market cash - 3S contract was 163 dollars/ton, and the 3 - 15 spread was 61.01 dollars/ton. The ex - exchange ratio of the SHFE and LME zinc was 1.062, and the import profit and loss of zinc ingots was - 4,383 yuan/ton. According to Shanghai Non - ferrous data, the social inventory of zinc ingots decreased by 4,000 tons to 140,300 tons [11]. - **Strategy**: In the medium term, the good profits of zinc mines will turn into a definite increase in supply, and the oversupply cycle of the zinc industry remains unchanged, so the upward space is expected to be limited. In the short term, with the supply of zinc ore and zinc ingots narrowing and the positive atmosphere in the non - ferrous sector, zinc prices are expected to follow copper and aluminum to run strongly after breaking through the pressure level [12]. Tin - **Market Information**: On December 5, 2025, the closing price of SHFE tin main contract was 316,230 yuan/ton, a 0.10% decrease from the previous day. The registered warehouse receipts in SHFE increased by 185 tons to 6,576 tons. In terms of supply, the import of tin concentrate in China increased significantly in October, and the shortage of raw material supply was slightly alleviated. However, the conflict in the Democratic Republic of the Congo has worsened recently, disturbing tin ore transportation, and the market's concerns have increased. Media reported that the northern region of Nigeria will suspend all mining activities for six months. If implemented, it may further widen the supply gap of domestic tin ore. Historically, Nigeria exports about 700 metal tons of tin ore to China per month, accounting for about 4 - 5% of China's monthly tin production [13]. - **Strategy**: Although the current demand in the tin market is weak, the bargaining power is limited due to the low downstream inventory. Supply disruptions are the determining factor for short - term prices, so the probability of short - term tin price increase is high. It is recommended to go long at an appropriate time. The reference range for the domestic main contract is 300,000 - 340,000 yuan/ton, and for overseas LME tin is $40,000 - $44,000/ton [13]. Nickel - **Market Information**: On Friday, nickel prices fluctuated within a narrow range. The SHFE nickel main contract closed at 117,790 yuan/ton, a 0.03% increase from the previous day. In the spot market, the premiums of various brands were stable. The average premium of Russian nickel to the near - month contract was 400 yuan/ton, unchanged from the previous day, and the average premium of Jinchuan nickel was 4,900 yuan/ton, a 50 - yuan increase from the previous day. In terms of cost, nickel ore prices were stable. The ex - factory price of 1.6% - grade Indonesian domestic laterite nickel ore was $52.02/wet ton, and the ex - factory price of 1.2% - grade Indonesian domestic laterite nickel ore was $23/wet ton, both unchanged from the previous day. The CIF price of 1.5% - grade nickel ore from the Philippines was $52.7/ton, unchanged from the previous week. The decline of ferronickel prices slowed down, and the ex - factory price of domestic high - nickel pig iron was 881 yuan/nickel point, with the average price unchanged from the previous day [15]. - **Strategy**: The oversupply pressure of nickel remains large, but with the stabilization of ferronickel prices and the warming of the macro - atmosphere, nickel prices may turn to a volatile trend in the short term. It is recommended to wait and see in the short term and make a decision after the ferronickel prices stabilize. The reference range for SHFE nickel prices is 113,000 - 118,000 yuan/ton, and for LME nickel 3M contract is $13,500 - $15,500/ton [16]. Lithium Carbonate - **Market Information**: On December 5, the evening quotation of the Wuganglian Lithium Carbonate Spot Index (MMLC) was 90,669 yuan, a 0.11% decrease from the previous working day and a 2.89% decrease within the week. The quotation of MMLC battery - grade lithium carbonate was 90,200 - 91,600 yuan, with the average price decreasing by 100 yuan (- 0.11%) from the previous working day. The quotation of industrial - grade lithium carbonate was 89,200 - 89,700 yuan, with the average price decreasing by 0.11% from the previous day. The closing price of the LC2601 contract was 92,160 yuan, a 1.64% decrease from the previous closing price and a 4.42% decrease within the week. The average premium of battery - grade lithium carbonate in the trading market was - 2,000 yuan. The CIF quotation of SMM Australian imported SC6 lithium concentrate was $1,135 - $1,180/ton, with the average price decreasing by 1.49% from the previous day and 4.93% within the week [19]. - **Strategy**: The supply - demand mismatch in the domestic lithium carbonate market has not been reversed. The market's concerns about the sustainability of lithium mica production have been digested. The supply is less likely to have additional reduction, and the expectation of good consumption is strengthening. In the short term, the futures price is expected to fluctuate within a range. The reference range for the main contract of Guangzhou Futures Exchange lithium carbonate is 95,980 - 98,860 yuan/ton [20]. Alumina - **Market Information**: On December 5, 2025, as of 15:00, the alumina index decreased by 1.99% to 2,607 yuan/ton, and the total open interest for unilateral trading was 673,000 lots, an increase of 21,000 lots from the previous trading day. In terms of basis, the spot price in Shandong decreased by 15 yuan/ton to 2,740 yuan/ton, with a premium of 160 yuan/ton to the 01 contract. Overseas, the MYSTEEL Australian FOB price remained at $312/ton, and the import profit and loss was - 3 yuan/ton. In terms of futures inventory, the futures warehouse receipts on Friday were 253,300 tons, unchanged from the previous trading day. In the ore end, the CIF price in Guinea remained at $70.5/ton, and the CIF price in Australia remained at $68/ton [22]. - **Strategy**: After the rainy season, the shipment will gradually resume, and the ore price is expected to decline. The over - capacity pattern in the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. However, the current price is close to the cost line of most manufacturers, and the expectation of subsequent production reduction is strengthening. It is recommended to wait and see in the short term. The reference range for the domestic main contract AO2601 is 2,450 - 2,700 yuan/ton, and attention should be paid to supply - side policies, Guinea's ore policies, and the Fed's monetary policy [23]. Stainless Steel - **Market Information**: At 15:00 on Friday, the stainless - steel main contract closed at 12,500 yuan/ton, a 0.60% increase (+ 75) on the day, and the unilateral open interest was 202,700 lots, a decrease of 4,455 lots from the previous trading day. In the spot market, the price of Delong 304 cold - rolled coil in Foshan market was 12,600 yuan/ton, an increase of 50

Group 1 - The article discusses the issuance of the "Guidelines for Performance Assessment Management of Fund Management Companies (Draft for Comments)" on December 6, 2025, which aims to promote high-quality transformation in the public fund industry by emphasizing the principle of prioritizing the interests of fund shareholders [1] - The guidelines provide systematic regulations on various aspects such as compensation structure, performance assessment, payment mechanisms, and accountability systems, aiming to align employee incentives with long-term fund performance through quantitative indicators and rigid constraints [1] Group 2 - The U.S. stock indices experienced slight increases, with the non-bank financial sector leading gains while the banking sector lagged, and the market turnover reached 1.74 trillion yuan [2][9] - The financing balance increased by 1.3 billion yuan to 24,664.89 billion yuan on December 4, 2025, indicating cautious market sentiment ahead of significant policy meetings by the Federal Reserve and China's Central Economic Work Conference [2][9] - The article anticipates that the policy resonance from these two meetings will influence the A-share market's rhythm in December and lay the foundation for the cross-year market and investment themes for 2026 [2][9] Group 3 - In the oil market, the SC night market rose by 0.82%, while U.S. non-farm employment decreased by 9,000 jobs in November, primarily due to job losses in government sectors [3][12] - Sanctions against major oil companies may cause short-term supply disruptions, but long-term impacts on the market are expected to be minimal [3][12] - The copper market saw a decline in prices, with tight ore supply and fluctuating smelting profits, while overall smelting output continues to grow [3][18] Group 4 - The article highlights the ongoing discussions between Chinese and U.S. trade representatives, focusing on practical cooperation and addressing mutual concerns in the economic field [6] - The dialogue aims to enhance the stability and positive trajectory of China-U.S. economic relations under the strategic guidance of the two countries' leaders [6] Group 5 - The article notes that China's automobile exports are projected to reach 6.859 million units in 2024, maintaining its position as the world's largest exporter, with expectations to exceed 6.8 million units this year [7] - The shift in China's automobile export model from merely exporting vehicles to a more comprehensive approach involving technology, branding, and supply chain output is emphasized [7]

操作上战略上要藐视市场，战术上要重视市场，对于目前的行情仍要保持清醒，市场没有永远的多头也没有永远空头，短线做波动，中线做波段，长线做趋 势，我们在不断的寻找可重复赢利的再现交易。对于交易而言必须要明确多空信号，果断进场，交易要趋向于第一种走势，堤防于第二走势，如果错了就要 注意第三种走势，金海踏浪、赢在节奏!黄金原油市场是一个智者的游戏，勇者的乐园，踏准节奏，波段操作，安全第一，控制风险，稳定赚钱，持续赢 利。 黄金下周行情趋势分析： 黄金消息面解析：周五(12月5日)全球主要金融市场在美联储12月议息会议前，呈现出典型的观望式窄幅震荡。截至北京时间晚间，美元指数微跌0.04%，报 99.0075;现货黄金上涨0.36%，交投于4223.66美元/盎司;10年期美债收益率小幅上扬0.46%至4.119%。市场成交量普遍清淡，反映了投资者在关键风险事件前 的谨慎心态。当前，市场的核心矛盾已从单纯的数据验证，转向对全球主要央行——尤其是美联储与日本央行——即将到来的、可能相互背离的政策路径进 行定价。这一静默期，恰恰是全球资本流动与资产价格再平衡的酝酿阶段。当前，市场的核心矛盾已从单纯的数据验证，转向对全球主要 ...

有色金属日报 2025-12-5 五矿期货早报 | 有色金属 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 铜 有色金属小组 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 美元指数反弹，铜价震荡，昨日伦铜 3M 合约微跌 0.13%至 11434 美元/吨，沪铜主力合约收至 90960 元/吨。LME 铜库存增加 675 至 162825 吨，注销仓单继续增加，Cash/3M 升水维持偏强。国内电解铜 社会 ...

有色金属日报 2025-12-4 五矿期货早报 | 有色金属 铜 有色金属小组 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn LME 铜现货供应预期收紧，嘉能可下调 2026 年铜生产指引中值，美国 ADP 就业人数弱于预期，美元 指数走弱，铜价拉涨，昨日伦铜 3M 合约收涨 2.72%至 11448 美元/吨，沪铜主力合约收至 90760 元/ 吨。LME 铜 ...