2025 年 09 月 26 日 铜：美元持续回升，限制价格上涨 商 品 研 究 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 82,710 | 3.44% | 82380 | -0.40% | | | 伦铜3M电子盘 | 10,276 | -0.43% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 334,893 | 283,166 | 238,523 | 66,079 | | | 伦铜3M电子盘 | 42,366 | -4,722 | 296,000 | 6,048 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 27,662 | 243 | - | - | | | 伦铜 | 144,425 | -350 | 7.89% | -0.24 ...

数据来源：海关总署 海关总署在线查询数据显示，中国8月精炼铜进口量为30.72万吨，环比减少8.17%，同比增加11.14%。 其中刚果仍是最大输送国，供应量在12.63万吨，环比减少11.55%，同比增长26.49%。俄罗斯是第二大 供应国，供应量为2.52万吨，环比减少17.56%，同比增长173.10%。8月下旬进口比价出现好转迹象，但 多数时间仍然亏损。 ...

Core Insights - China's refined copper imports in August 2025 totaled 307,228.23 tons, representing a month-on-month decrease of 8.17% but an increase of 11.14% year-on-year [1][2]. Import Sources - The Democratic Republic of the Congo was the largest source of refined copper imports, supplying 126,307.12 tons, which is a decrease of 11.55% month-on-month but an increase of 26.49% year-on-year [1]. - Russia ranked second, with imports of 25,218.78 tons, showing a month-on-month decrease of 17.56% but a significant year-on-year increase of 173.10% [1]. - Other notable sources included the Netherlands (25,122.38 tons, +62.82% MoM, +12553.94% YoY) and Chile (21,701.70 tons, +12.84% MoM, -6.44% YoY) [1]. Detailed Import Data - A comprehensive breakdown of refined copper imports by origin for August 2025 is provided, highlighting significant fluctuations in both month-on-month and year-on-year changes across various countries [1][2]. - For instance, imports from Myanmar surged by 163.24% MoM and 185.32% YoY, while imports from Australia fell by 14.29% MoM and decreased by 57.40% YoY [1]. Additional Notes - The data includes various forms of refined copper, such as cathodes and wire bars, and also notes that the total import figures encompass additional unlisted origins [3].

海关总署在线查询数据显示，中国7月精炼铜进口量为33.6万吨，环比下降0.32%，同比上升12.05%。其 中刚果仍是最大输送国，供应量在14.28万吨，环比增加20.72%，同比同样增加两成。俄罗斯是第二大 供应国，供应量为3.06万吨，环比下降32.25%，同比增加20.76%。7月份进口亏损有所收窄，中国精炼 铜进口仍然处于年内偏高位置。 数据来源：海关总署 ...