受供应前景收紧和长期需求乐观预期提振，铝价每吨突破 3000 美元，创三年多来新高，跻身近期刷新 关键价位的基本金属行列。中国电解铝产能管控、欧洲电价高企制约当地生产，持续削减全球库存，建 筑与可再生能源行业的需求前景则保持强劲。铝期货 2025 年累计上涨 17%，涨幅创 2021 年以来新 高。铜价因供应紧缺录得 2009 年以来最大年度涨幅后，于周五再度走高；印尼淡水河谷公司因采矿工 作计划获批延迟，暂停采矿作业，推动镍价大幅攀升。截至17 时 31 分，铜价微涨 0.5%，报每吨 12487.00 美元，前一交易日曾下跌 1.1%；铝价上涨 0.4%，报每吨 3008.00 美元，有望实现三连涨；镍 价攀升 1.2%，报每吨 16845.00 美元，其 12 月涨幅创下 2024 年 4 月以来单月最大涨幅。此外，新加坡 铁矿石期货上涨 0.3%，报每吨 105.65 美元。当日中国市场因公共假期休市。 来源：滚动播报 ...

受累于供应担忧，国际油价继续下跌。WTI原油最终收跌0.83%，报57.24美元/桶；布伦特原油最终收跌 0.68%，报61.47美元/桶。 12月15日 资讯分享 上周五，现货黄金盘中一度冲上4350美元，创近七周新高，但随后急跌近百美元，最终收涨0.48%，报 4300.38美元/盎司；现货白银将历史新高刷新至64.6美元上方，但随后大幅跳水，最终收跌2.5%，报 61.96美元/盎司。 川普称倾向选择美联储前理事沃什或白宫国家经济委员会主任哈塞特接任美联储主席。 乌克兰总统：美欧不支持乌加入北约，乌妥协换取安全保障；此前美版俄乌方案曝光，称乌克兰将被指 定在2027年加入欧盟。美乌代表团将于15日继续商讨"和平计划"。 日本央行据悉将在本周会议上承诺进一步加息。 美联储古尔斯比：应等待更多数据再降息，预计2026年的降息次数将多于中位数；施密德：通胀仍然过 高，应适度保持限制性货币政策；保尔森：更关注就业风险，货币政策具有限制性。关税可能推高成 本，但未引发广泛通胀；哈玛克：倾向于采取略微更具限制性的政策立场。 ...

Group 1 - The core viewpoint of the article highlights the mixed performance of domestic futures contracts on December 12, 2025, with notable increases in certain metals and significant declines in others [5][6][8] - The main futures contract for tin (沪锡) rose over 4%, while silver (沪银) increased by more than 3%, and polysilicon, zinc, and international copper all saw gains exceeding 2% [5][6] - Conversely, liquefied gas and coking coal experienced declines of over 4%, with red dates and coking coal down more than 3%, and glass, eggs, and PVC dropping over 2% [5][6] Group 2 - In late November 2025, the main tin contract price surged to 323,700 yuan/ton, a three-and-a-half-year high, driven by supply concerns from geopolitical conflicts in the Democratic Republic of Congo and expectations of macroeconomic easing [5][8] - Following the signing of a peace agreement between the Democratic Republic of Congo and Rwanda on December 4, 2025, market fears regarding disruptions in African tin supply were alleviated [5][8] - Looking ahead to 2026, the tin market is expected to experience marginal supply easing and seasonal demand pressure, with global inventories remaining low and macroeconomic conditions supportive, leading to a forecasted trading range for the main tin contract of 280,000 to 330,000 yuan/ton in Q1 2026 [5][8]

今日金属市场行情更新，长江市场铜价表现强劲，1铜的现货价格升至91260元 A00铝的市场表现也呈现上升趋势，当前报价为22020元/吨，较之前上涨了220元/吨。 广东现货市场铜价略有差异，1铜价报91090元 伦敦金属交易所（LME）铜价小幅攀升，当前价格为11496美元/吨，较昨日增长了9美元/吨。 沪铜期货市场也表现出上涨趋势，2601合约价格上涨至91100元/吨，涨幅为2130元/吨；2602合约价格则为91150元/吨，涨幅达到了2170元/吨。 各地废铜价格动态 湖南市场 在湖南，废铜的行情有所上涨。 二号铜：含铜量92-93%，价格在77900至78300元/吨，较前一交易日上涨了1300元。 1废铜 破碎黄铜：含铁量低于4%，价格53850至54250元/吨，上涨1000元。 黄杂铜：进口，价格49650至50050元/吨，涨幅500元。 紫铜砖：含铜量93%，价格区间77350至77750元/吨，上涨1300元。 1光亮铜线 清远市场 广东清远地区的废铜价格同样呈上升趋势： 二号铜：含铜量93-94%，价格区间76000至76400元/吨，涨幅1450元。 马达铜：含铜量91-93%，价 ...

沪锡夜盘大幅走高，突破2022年4月以来高点，今日白盘盘初延续强势，主力合约涨幅接近4%。 矿石端供需失衡仍是支撑锡价走强的核心逻辑，缅甸佤邦锡矿复产进程不及预期，叠加刚果（金）锡矿 供应扰动再起，多重供应端约束共同加剧全球锡矿短缺格局，为锡价提供强劲支撑。此外，铜价再创历 史新高，带动有色金属板块情绪共振，估值传导效应显著。 （文华综合） ...

由于一系列大型矿山停产冲击全球供应，LME基准铜价今年以来已上涨逾30%。但美国期铜涨幅更大， 原因在于投资者押注，美国总统唐纳德·特朗普将在明年年底前宣布对初级铜产品征收关税。 BMO Capital Markets Ltd．的大宗商品分析师Helen Amos表示："当然，铜的基本面非常强劲，投资者 也意识到矿业公司在维持和扩大供应方面面临真正的困难。但与此同时，美国和全球其他地区之间存在 价格套利，这可能是目前推动铜价上涨的最主要因素。" 新浪合作大平台期货开户 安全快捷有保障 责任编辑：丁文武 铜价周三大涨并再创新高，此前投资者从伦敦金属交易所（LME）仓库中提取铜的订单激增，进一步 加剧了对供应的担忧，因为市场本已担心潜在的美国关税可能会引发全球供应紧张。 LME期铜一度上涨3.4%，每吨价格升至11，500美元以上，突破了周一创下的高点，此前LME的数据显 示，其亚洲仓库的铜提货订单出现激增。铜矿股也随之走高，智利铜生产商Antofagasta Plc股价大涨逾 5%，创历史新高。 近几周，随着越来越多交易员和分析师警告称，大量铜正被抢在关税实施前运往美国，全球库存可能很 快会被消耗至极低水平，铜 ...

格隆汇12月3日｜由于美元走软、供应担忧以及伦敦金属交易所(LME)注册仓库中金属供应趋紧，铜价 周三创下历史新高。此外，数据显示欧元区 11 月份的商业活动扩张速度达到两年半以来的最快水平， 也进一步提振市场对铜的看涨情绪。大宗商品市场分析公司董事总经理Dan Smith表示，铜价突破新高 后走势强劲，算法模型也发出买入信号。铜价很有可能从目前水平攀升至每吨12000美元。LME铜注册 仓单降至7月以来的最低水平，Dan Smith表示，鉴于纽约商品交易所铜价高于伦敦金属交易所铜价，人 们对向美国出口铜仍然抱有浓厚的兴趣。 ...

Group 1: Report Information - Report Name: MEG Daily Report [1] - Date: November 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market Quotes: EG2601 closed at 3938 yuan/ton, up 14 yuan, with a position of 333,212 lots, down 5,448 lots; EG2605 closed at 4023 yuan/ton, up 9 yuan, with a position of 43,117 lots, down 785 lots [7] - Market Situation: On the 17th, the main contract of ethylene glycol futures opened at 3920, reached a high of 3961, a low of 3912, settled at 3932, and closed at 3938, up 14 yuan from the previous trading day's settlement price. The total volume was 181,817 lots, and the position was 333,212 lots [7] - Operation Suggestion: Recently, the supply reduction caused by the shutdown and load reduction of multiple ethylene glycol plants has offset the pressure brought by the accumulation of inventory at ports, and the price of crude oil at the cost end has shown a strong trend. It is expected that ethylene glycol may maintain a strong shock in the short term [7] Group 3: Industry News - International Oil Price: Due to concerns about supply caused by a Ukrainian drone attack on an oil depot in an energy center of a European country, international oil prices continued to rise. WTI exceeded $60 per barrel again. On Friday (November 14), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.09 per barrel, up $1.40 or 2.39% from the previous trading day, with a trading range of $58.71 - $60.65; the settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.39 per barrel, up $1.38 or 2.19% from the previous trading day, with a trading range of $63.36 - $64.87 [8] - Ethylene Glycol Spot Price: In the Zhangjiagang ethylene glycol market, the spot negotiation this week was 3974 - 3975 yuan/ton, down 5.5 yuan/ton from the previous working day; the negotiation for November was 3974 - 3975 yuan/ton, and for December was 3974 - 3976 yuan/ton. The spot basis was at a premium of 36 - 37 yuan/ton compared to EG2601, the basis for November was at a premium of 36 - 37 yuan/ton, and for December was at a premium of 36 - 38 yuan/ton. The ethylene glycol futures showed a strong shock, the spot price in Zhangjiagang decreased slightly, and the basis negotiation continued to weaken. The mainstream transaction price in the Zhangjiagang market was 3960 - 3990 yuan/ton, down 5 yuan/ton from the previous trading day; the negotiation range in the Fujian market was 4030 - 4050 yuan/ton, down 10 yuan/ton from the previous trading day [8] Group 4: Data Overview - Data Charts: Include charts such as PTA - MEG price difference, MEG price, MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory [10][15][16] - Data Source: Wind, Research and Development Department of CCB Futures [11][12][13]

Core Viewpoint - The overall demand for copper is optimistic, but supply concerns have arisen due to a series of mining accidents, pushing copper prices towards a new testing point of $11,000 per ton, nearing last year's historical high [1] Group 1: Copper Market Dynamics - Three-month copper futures in London have increased by over 1%, approaching $10,970 per ton [1] - Year-to-date, copper prices have risen approximately 25%, recovering from significant sell-offs triggered by trade tensions in April [1] - Supply issues have become a central concern for investors, particularly due to the suspension of operations at Freeport-McMoRan's Grasberg mine in Indonesia caused by a landslide [1] Group 2: Other Metals Performance - Aluminum prices have reached their highest level in over three years, currently at $2,883.50 per ton, and are on track for a fourth consecutive week of gains [1] - Zinc and tin prices have also seen increases during the trading session on Friday [1] Group 3: Company Updates - Freeport-McMoRan has indicated that the Grasberg mine, the second-largest copper mine globally, remains in a state of suspension, with an update on the mine's outlook expected next month [1]

Core Viewpoint - LME copper prices experienced a decline after reaching a 16-month high, primarily due to profit-taking triggered by a stronger US dollar, overshadowing supply concerns from Chile and Indonesia [1][4]. Price Movements - LME three-month copper fell by $61, or 0.57%, closing at $10,654.50 per ton after hitting a peak of $10,800, marking a nearly 25% increase since early April [1][2]. - Other base metals showed mixed results: - Three-month aluminum rose by $15.50, or 0.57%, to $2,725.00 [2][6]. - Three-month zinc decreased by $27.50, or 0.91%, to $3,007.00 [2][7]. - Three-month lead dropped by $15.50, or 0.77%, to $2,004.50 [2][8]. - Three-month nickel increased by $49, or 0.32%, to $15,482.00 [2][9]. - Three-month tin fell by $657, or 1.75%, to $36,798.00 [2][10]. Market Influences - The recent rise in copper prices was partly attributed to the absence of the Chinese market during the Golden Week holiday, leading to increased selling by Chinese investors [4]. - A stronger US dollar, which rose by 0.4% to 98.11, made dollar-denominated metals more expensive for buyers using other currencies, prompting traders to close long positions [4]. - The ongoing US government shutdown has delayed the release of key economic data, including the September employment report, which may impact market sentiment [5]. Supply Concerns - Supply disruptions are expected to persist due to operational halts at Freeport-McMoRan's Grasberg mine in Indonesia following a landslide, along with other interruptions at mines in the Democratic Republic of Congo and Chile [5].