北京时间1月5日，伦敦金属交易所(LME)铜期货价格大幅上涨，开盘报12538美元/吨，现报12830美元/ 吨，涨幅2.89%，盘中最高触及12839美元/吨，最低下探12531美元/吨。 LME铜期货行情回顾： 1月2日伦敦金属交易所(LME)铜期货行情 品种 开盘价 最高价 最低价 收盘价 LME铜 12560.0 12584.0 12444.0 12460.5 -0.29% 【铜市场消息速递】 铜陵有色（000630）公告称，控股子公司中铁建铜冠投资有限公司的米拉多铜矿二期工程预计将延期。 1月2日，伦敦金属交易所（LME）：铜注册仓单110550吨。注销仓单34775吨，减少2050吨。铜库存 145325吨，减少2100吨。 由于工会成员要求在创纪录的金属价格带来的"意外之财"中分得更多收益，Capstone Copper Corp.旗下 位于智利北部的一座矿场的主要工会于周五开始罢工。 ...

格隆汇1月2日丨铜价在2026年首个交易日上涨，此前在供应趋紧预期推动下，刚刚创2009年以来最大的 年度涨幅。周五，这种"红色金属"在前一交易日下跌1.1%后再度走强。2025年，伦敦金属交易所 （LME）铜价累计上涨42%，主要受矿山供应中断以及关税相关担忧支撑。这些因素促使交易商加快将 铜运往美国，从而导致其他地区市场供应趋紧。在年末一轮强劲上涨中，铜价接连创下历史新高，成为 LME六大工业金属中表现最亮眼的品种。除了关税因素引发的资金和实物流动外，从印尼、智利到刚 果民主共和国的多座矿山在2025年发生事故，导致产量受限，也进一步推高了铜价。 ...

近一个月是见证历史的时刻。在继黄金、白银持续加速创出新高后，铜价也在创出历史新高后持续刷新 纪录。截止到2025年12月29日，沪铜一度上涨至10万元每吨之上，再次刷新投资者认知。宏观面上美国 失业率上升与通胀超预期回落等因素叠加，美元指数维持弱势提振期价。基本面矿端紧缺短期内无法缓 解，并传导到精炼铜冶炼环节，产量增速自2025年9月已开始下滑。需求面AI刺激电网更新和投入，成 为主要贡献，铜价上涨正当时。 铜价长期涨跌与铜精矿的扩产周期密切相关，具体来说，一是关注铜矿的绝对高低；二是关注铜矿供应 增速的拐点，铜矿增速由升转降是利多，由降转升是利空。 2025年铜矿干扰此起彼伏。如智利El Teniente、刚果金的Kamoa-Kakula、印度尼西亚Grasberg、中国内 蒙古矿业、加拿大Snow Lake、智利QB等铜矿的生产中断均带来不同程度的负面影响。 SMM将2025年全年新增铜精矿供应由63.8万吨连续下调两次，新一次将2025年增量减至-18万吨，主要 原因是各大矿山干扰率的提升。相应的铜精矿产量增速，年初3.25%下调至0.995%后略下调至负值。总 量上看，铜精矿在本轮2017-2025 ...

"错过了上车金银的机会，或许买铜是一种补救方式。"近期，一则投资者的发帖在市场中引发共鸣。在 金银价格迭创历史新高之际，铜市已然接棒，开启"狂飙"模式，伦敦金属交易所（LME）三个月期铜累 计涨超40%，成为2025年大宗商品市场耀眼的明星之一。这轮铜价的强势上行，不仅带动期货市场价格 屡创新高，更传导至股市相关板块，带动产业链个股走强，全球范围内的"抢铜狂潮"就此拉开序幕。展 望2026年，多位业内人士认为，宏观环境、供需格局等因素有望支撑铜价进一步上行。（中证报） ...

智利《信使报》（电子版）12月23日报道，2025年以来铜价屡创新高，目前已达到 创纪录的每吨1.2万美元，铜价有望创下自2009年以来最大的年度涨幅。一些分析师认 为未来铜价还会继续上涨，原因是全球范围内多个重要铜矿供应发生中断，如印度尼 西亚的格拉斯伯格铜矿和智利的埃尔特尼恩特铜矿。 （原标题：铜价再创新高） ...

Core Viewpoint - The market for non-ferrous metals is experiencing strong upward momentum, driven by significant capital inflows and favorable economic conditions, particularly for copper prices, which are expected to continue rising into 2026 [1]. Group 1: Market Performance - As of December 30, 2025, the non-ferrous metals ETF (512400) increased by 1.44%, with a turnover of 7.81% and a transaction volume of 1.581 billion yuan [1]. - The underlying index, the Zhongzheng Shenwan Non-Ferrous Metals Index, saw notable gains in constituent stocks, including Tianshan Aluminum rising by 5.31%, Yun Aluminum by 5.10%, and Huayou Cobalt by 4.36% [1]. - The non-ferrous metals ETF (512400) has experienced continuous net inflows over the past four days, totaling 1.554 billion yuan [1]. Group 2: Commodity Prices - On December 30, spot gold prices rose over $10, reaching $4,376.24 per ounce, marking a 1% increase for the day [1]. - London copper prices fluctuated and increased by over 2%, approaching $12,500 per ton [1]. Group 3: Economic Outlook - The current supply dynamics for copper reflect a dual scenario of mining shortages and resource nationalism, leading to an uneven global distribution of copper inventories [1]. - Major economies are gradually stabilizing, with a shift from anticipated supply-demand mismatches to actual realities, which is expected to boost industrial metal demand [1]. - The macroeconomic outlook for 2026 is moderately optimistic, supporting expectations for continued growth in copper prices [1].

今年以来，全球铜价持续攀升。临近岁末，沪铜期货价格更是突破每吨10万元大关，创历史新高，引发 广泛关注。"铜"欢的动力来自哪里？释放了哪些信号？其背后又隐藏着哪些产经密码？ ...

截至伦敦时间下午1点43分，LME铜价报每吨12，350.50美元。其他工业金属价格大多变化不大。 价格在开盘后的最初几分钟内一度上涨6.6%，创下自2022年以来最大的盘中涨幅，价格逼近每吨13， 000美元。截至伦敦时间午后，涨幅收窄至约1.6%。与此同时，纽约市场铜期货下跌，回吐了上周五 LME休市时取得的大部分涨幅。 今年铜价涨幅有望创2009年以来最高水平。多起重大的非计划矿山停产、围绕特朗普贸易政策的不确定 性，以及全球冶炼厂受到的空前压力令铜价大获提振。 截至伦敦时间下午1点43分，LME铜价报每吨12，350.50美元。其他工业金属价格大多变化不大。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：李肇孚 铜价震荡走高。伦敦金属交易所（LME）圣诞假期后重新开市期铜大幅跳升，在全球供应趋紧的情况 下，延续年末强劲涨势。 价格在开盘后的最初几分钟内一度上涨6.6%，创下自2022年以来最大的盘中涨幅，价格逼近每吨13， 000美元。截至伦敦时间午后，涨幅收窄至约1.6%。与此同时，纽约市场铜期货下跌，回吐了上周五 LME休市时取得的大部分涨幅。 今年铜价涨幅有望创2009年以来最高水平。多起重 ...

Group 1 - Recent copper prices have reached new highs, with the London Metal Exchange three-month copper price hitting $12,960 per ton on December 29, setting a historical record [2] - Minmetals Resources announced the approval of the second phase expansion project at the Khoemacau mine in Botswana, which will increase annual copper production to 130,000 tons and silver production to over 4 million ounces, with total capital expenditure estimated at $900 million [2][3] - The expansion project will significantly enhance mining and processing capacity, with a new processing plant capable of handling 4.5 million tons annually, raising total processing capacity to over 8 million tons per year [3] Group 2 - The average C1 cost for the Khoemacau mine is expected to decrease to below $1.60 per pound, down from $2.05 per pound in the first half of 2025, indicating improved cost efficiency [3] - The mine has identified further expansion potential, with future copper production capacity expected to increase to 200,000 tons per year, and a pre-feasibility study for a third phase expansion planned to start in 2026 [3][4] - Global copper exploration capital investment has been insufficient in recent years, leading to a limited number of new large copper projects over the past 15 years, highlighting supply constraints [4] Group 3 - Several domestic companies are actively acquiring overseas copper resources, driven by rising prices of various non-ferrous metals [5][6] - Jiangxi Copper announced a formal offer to acquire all issued and to be issued shares of SolGold plc for approximately £867 million, with significant copper and gold resources identified at the Alpala deposit [7] - China Nonferrous Mining has signed a share purchase agreement to acquire an additional 55% stake in SM Minerals for $89 million, which operates in Kazakhstan and has approximately 1.5 million tons of copper resources [8]

Group 1 - Copper prices are expected to achieve the largest annual increase in over a decade, with prices soaring above $12,000 per ton in December and rising over 30% in 2025, marking the highest annual increase since 2009 [2] - The demand for copper is projected to exceed mineral supply by the 2030s, driven by the transition to renewable energy, electrification of vehicles, and the construction of data centers for artificial intelligence [2] - Aging copper mine productivity is declining, and the high costs and lengthy timelines associated with bringing new mines online are contributing to supply concerns [2] Group 2 - Significant accidents at the world's largest mines since October have raised concerns about shortages, leading to record high copper prices [3] - Major mining companies have lowered production forecasts, and there has been a surge of copper imports into the U.S. as importers rush to acquire metal before potential tariffs [3] - A notable price gap has emerged between London benchmark prices and U.S. Comex copper prices, with traders capitalizing on this difference [3] Group 3 - The current tightness in the copper market is described as regional rather than global, with 85% of LME warehouse copper not qualifying for delivery to U.S. Comex facilities [4] - Despite this, traders are still moving significant amounts of metal to the U.S. due to higher domestic prices, utilizing swaps to manage non-qualifying copper [4] - This situation is expected to persist until 2026, potentially leading to shortages outside the U.S., with copper prices anticipated to remain strong in 2026 [4]