格隆汇12月24日｜受2026年全球市场趋紧的担忧推动，铜价延续了12月以来的强劲涨势，并攀升至每吨 1.2万美元以上的空前高位。当前，投资者纷纷涌入铜市，因为他们预计，为了赶在可能征收的进口关 税之前抢占先机，涌向美国的金属将使全球其他地区的买家陷入困境。伦敦金属交易所的铜价目前有望 实现38%的年涨幅，这是2009年以来的最大增幅。除此之外，尽管今年面临多重供应端压力，伦敦金属 交易所六种基本金属价格均有望实现年度上涨。即便工业需求显露疲软迹象，金属价格仍持续走高。 ...

Core Viewpoint - Citigroup's report indicates that while Jiangxi Copper's (00358) copper smelting business gross profit is expected to decline year-on-year next year, the anticipated increase in copper, gold, and sulfuric acid prices will drive the company's overall gross profit up, leading to an upgrade in target prices for both H-shares and A-shares [1] Group 1: Financial Projections - The target price for Jiangxi Copper's H-shares has been raised from HKD 27.9 to HKD 39.8 [1] - The target price for Jiangxi Copper's A-shares has been increased from CNY 33.8 to CNY 47.9 [1] - The forecast for copper prices next year is set at USD 12,750 per ton, while gold prices are projected at USD 3,925 per ounce [1] Group 2: Earnings Forecast Adjustments - Earnings forecasts for the company for the years 2025 to 2027 have been adjusted upwards by 8%, 38%, and 11%, resulting in projected earnings of CNY 8.2 billion, CNY 11.8 billion, and CNY 11.5 billion respectively [1] Group 3: Investment Rating - Citigroup maintains a "Buy" rating for both A-shares and H-shares, citing attractive current valuations [1]

Group 1 - The core viewpoint of the news highlights the significant rise in the non-ferrous metal industry, with the index and various stocks showing positive performance, particularly in silver prices reaching historical highs [1] - As of December 10, 2025, the non-ferrous metal industry index (399395) increased by 0.34%, with notable stock performances including Yunnan Zhenye (up 8.55%) and Baiyin Nonferrous (up 4.23%) [1] - The price of silver has surpassed $60 for the first time, marking a more than 100% increase in price this year, alongside other metals reaching new highs [1] Group 2 - The non-ferrous ETF fund (159880) closely tracks the non-ferrous metal industry index, which includes 50 prominent securities in the sector, reflecting the overall performance of listed companies in the non-ferrous metal industry [2] - As of November 28, 2025, the top ten weighted stocks in the non-ferrous metal industry index account for 52.34% of the index, with companies like Zijin Mining and China Aluminum among the leaders [2]

12月4日（周四），沪铜创下历史新高，原因是伦敦金属交易所（LME）仓库的注销仓单激增，同时市 场对美联储本月降息的押注增加。 LME周三的数据显示，韩国和中国台湾仓库的新净注销量为50,725吨，使LME仓库的注册仓单降至7月 份以来的最低水平105,275吨，铜因此获得支撑。 一位分析师在报告中说，LME注销仓单的急剧增加表明，美国以外市场供应收紧的预期开始成为现 实。 嘉能可(Glencore)周三下调了其2026年铜产量预期，但表示仍预计到2035年产量将上升。 力拓周四表示，因蒙古奥尤陶勒盖（Oyu Tolgoi）铜金矿项目运营加速，公司上调了2025年铜产量预 测。 上海期货交易所（SHFE）最活跃的铜合约日间收盘大涨2.26%，至每吨90,980元，当天早些时候曾创下 91,450元的历史新高。 LME三个月指标期铜周三创下每吨11,540美元的历史新高。北京时间16:10，伦敦期铜下跌0.45%，报每 吨11,436美元。 力拓预计，2025年合并铜产量将达86万至87.5万公吨之间，高于此前预测的78万至85万公吨。 该矿商还预计，2026年铜产量将在80万至87万公吨之间。 高盛（Gold ...

Group 1 - Tin prices surged to a three-and-a-half-year high due to supply disruption rumors from Congo, despite traders denying the claims of force majeure [1] - The London Metal Exchange (LME) three-month tin price rose by 2.19% to $38,875 per ton, reaching a peak of $38,930 per ton, the highest since May 9, 2022 [1] - Concerns about supply shortages were heightened by the extension of the artisanal mining ban in two provinces of Congo and escalating conflicts in the eastern region, impacting the Bisie mine, which accounts for approximately 8% of global tin production [1] Group 2 - Copper prices also increased, surpassing $11,000 per ton, with the LME three-month copper price rising by 0.53% to $10,998 per ton, expected to rise by 2% this week and approximately 1% this month [1] - Analysts predict that copper prices will test the $11,000 mark again before Christmas and may exceed $11,500 at the beginning of the new year due to ongoing supply tightness [1] Group 3 - Other metals on the LME saw price increases, with three-month zinc rising by 0.76% to $3,038 per ton, lead up by 0.35% to $1,993.5 per ton, aluminum up by 0.55% to $2,844 per ton, and nickel up by 0.18% to $14,860 per ton [2]

Group 1 - LME copper prices rose by $117, or 1.08%, closing at $10,944.00 per ton, supported by optimism over the end of the U.S. government shutdown [1] - Copper prices reached a historical high of $11,200 last month due to supply shortages caused by mining disruptions, including incidents in Indonesia [1] - The U.S. House of Representatives is set to vote on a compromise plan to restore funding for government agencies and end the shutdown that began on October 1 [4] Group 2 - Anticipated recovery in U.S. economic data is expected to support prices this week, aiding investors and the Federal Reserve in assessing the economic situation [4] - A weaker U.S. dollar will make metals priced in dollars cheaper for holders of other currencies [4] - LME zinc inventory is nearing its lowest level since February 2023, with LME three-month zinc rising by $8.5, or 0.28%, to $3,075.00 per ton [4] Group 3 - Citi's copper consumption tracking indicates a mild year-on-year growth of 1% in global copper consumption for September [4] - Outside of China, copper consumption increased by 2% compared to the same month last year [4]

Core Insights - The company reported a revenue of 53.976 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.23%, and a net profit attributable to shareholders of 3.679 billion yuan, up 39.18% year-on-year [1] - In Q3 2025, the company achieved a revenue of 18.909 billion yuan, a year-on-year increase of 7.97%, and a net profit attributable to shareholders of 984 million yuan, up 9.28% year-on-year [1] Revenue and Profit Growth - The average domestic gold price in Q3 2025 was 793.5 yuan per gram, an increase of 39.36% year-on-year, and a 2.99% increase compared to Q2 2025; the average copper price was 79,700 yuan per ton, up 6.04% year-on-year and 2.15% quarter-on-quarter [2] - As of October 30, 2025, domestic gold and copper prices were 906.89 yuan per gram and 88,000 yuan per ton, respectively, indicating potential for continued performance improvement [2] Project Development and Capacity Growth - The company is actively expanding its resource base, having renewed mining rights for 10 projects covering an area of 27.21 square kilometers, integrated mining rights for 1 project covering 6.71 square kilometers, and acquired exploration rights for 4 projects adding 21.90 square kilometers [3] - The company is focusing on the construction of the Saoling Gold Mine, which is expected to contribute to a sustained increase in gold production once the new projects are operational [3] Investment Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 4.939 billion, 5.790 billion, and 6.321 billion yuan, respectively, with corresponding PE ratios of 21.76, 18.56, and 17.00 times, maintaining a "buy" rating [4]

（文章来源：每日经济新闻） 每经AI快讯，10月29日，伦敦金属交易所(LME)三个月期锌上涨1.1%至每吨3,090美元，为2024年12月 以来最高水平。 ...

Core Viewpoint - Teck Resources (TECK.US) reported a significant profit increase of nearly 20% in Q3, driven by rising metal prices that offset production disruptions at its major copper mine in Chile [1] Financial Performance - Adjusted core earnings rose to CAD 1.17 billion (approximately USD 836 million), up from CAD 986 million in the same period last year, attributed to higher copper and zinc prices and increased by-product revenue [1] - Q3 revenue increased by 18% year-over-year to CAD 3.38 billion [1] Production Challenges - Teck Resources faced difficulties in ramping up production at its Quebrada Blanca mine in the Andes, Chile [1] - The company maintained its original production guidance for the Quebrada Blanca mine despite recent production cuts [1] - Copper production at the mine fell nearly 25% year-over-year to 39,600 tons, with September output at only 5,600 tons due to a 20-day shutdown [1] Strategic Context - The company is set to be acquired by Anglo American, creating one of the largest mining companies globally, positioning it as a key supplier amid growing copper demand [1] - Teck is restructuring its tailings facilities, which is currently impacting production, with the aim of achieving higher long-term output targets [1]

Core Viewpoint - Zijin Mining (601899) reported significant growth in both revenue and net profit for Q3 2025, driven by enhanced production management and strategic investments [1] Financial Performance - Q3 revenue reached 86.489 billion yuan, an increase of 8.14% year-on-year [1] - Q3 net profit was 17.056 billion yuan, reflecting a substantial growth of 52.25% year-on-year [1] - For the first three quarters, total revenue amounted to 254.2 billion yuan, up 10.33% year-on-year [1] - Net profit for the first three quarters was 45.701 billion yuan, showing a growth of 53.99% year-on-year [1] Production and Operational Efficiency - The company achieved a 20% year-on-year increase in gold production and a 5% increase in copper production [1] - Enhanced production organization and operational management contributed to the rapid release of production capacity [1] - The company effectively capitalized on rising metal prices, maximizing production and sales to benefit from price increases [1]