新能源及有色金属日报 | 2025-11-27 市场关注铜业大会 加工费谈判或仍显艰难 市场要闻与重要数据 期货行情： 2025-11-26，沪铜主力合约开于 86750元/吨，收于 86590元/吨，较前一交易日收盘-0.01%，昨日夜盘沪铜主力合 约开于 87,200元/吨，收于 87,090 元/吨，较昨日午后收盘上涨0.46%。 现货情况： 据 SMM 讯，昨日SMM 1#电解铜现货对2512合约报价为贴水10元/吨至升水170元/吨，均价升水80元/吨，与昨日 持平；现货价格区间为86510~86800元/吨。隔夜沪铜一度突破87000元/吨后回落，早盘震荡上行，最终收于86670 元/吨。当月进口亏损收窄至约800元/吨，跨月价差为C结构30~60元/吨。市场采购情绪略有回升，并逐步转向下月 发票交易，部分货源成交价被压至贴水。平水铜品牌如铁峰、中金等早间报升水10-20元/吨，随后下月票货源出现 贴水10元至平水报价。JCC因供应紧张成交价维持在升水80元/吨以上，鲁方铜成交在升水50-60元/吨，好铜中仅金 川大板流通，当月票报升水180元/吨。预计今日铜价重心维持在86500元/吨附近，下游 ...

Core Viewpoint - The China Nonferrous Metals Industry Association has expressed strong opposition to the phenomenon of zero or negative processing fees in the copper smelting industry, calling it an "unsustainable structural contradiction" that harms the interests of the global copper smelting sector, including China [1][2]. Industry Response - The association's vice president, Chen Xuesen, emphasized the dangers of negative processing fees, urging the global copper industry to confront this issue and promote cooperation among relevant countries and stakeholders [2]. Capacity Management - China is taking measures to manage copper smelting capacity by halting approximately 2 million tons of illegal capacity to curb excessive expansion, with these capacities either under construction or in planning stages [3]. Future Development - In the coming years, China will prioritize the development of new smelting capacity that utilizes scrap materials instead of importing copper concentrate, aiming to reduce reliance on imports and alleviate overcapacity pressures [4]. Market Dynamics - The decline in processing fees to historical lows is attributed to a structural imbalance between raw material shortages and excess smelting capacity, with spot processing fees dropping to extreme levels, raising concerns about industry sustainability [4]. - Global copper smelting companies are facing the impact of low processing fees, with companies like Japan's JX Advanced Metals announcing production cuts and Glencore's Mount Isa smelter receiving government support to maintain operations [4]. Long-term Negotiations - Analysts believe that the current pressure on processing fees is unlikely to change fundamentally in the short term, as the market awaits the upcoming 2026 long-term contract negotiations to establish a more sustainable pricing mechanism [7]. - The core issue of the negotiations will be whether the long-standing benchmark system can continue to be applicable, with expectations of further adjustments to the annual benchmark system and a shift towards more diverse and complex negotiation formats [7].