北京时间1月7日，伦敦金属交易所(LME)铜期货价格高位震荡，开盘报13249美元/吨，现报13163.5美 元/吨，涨幅1.32%，盘中最高触及13285美元/吨，最低下探13068美元/吨。 更新时间： LME铜期货行情回顾： 1月6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 1月6日，上期所铜期货仓单93271吨，环比上个交易日增加2989吨。 1月6日，伦敦金属交易所（LME）：铜注册仓单114200吨。注销仓单31875吨，减少775吨。铜库存 146075吨，增加3525吨。 LME铜 13054.0 13387.5 13049.0 13254.5 1.28% 【铜市场消息速递】 1月6日，电解铜现货沪伦比值为7.88，进口盈亏：-813.35元/吨，上一交易日进口盈亏：-1356.7元/吨。 ...

北京时间12月31日，伦敦金属交易所(LME)铜期货价格高位偏强震荡，今日开盘报12534美元/吨，现报 12643.5美元/吨，涨幅0.68%，盘中最高触及12651美元/吨，最低下探12487美元/吨。 更新时间： LME铜期货行情回顾： 品种 开盘价 最高价 最低价 收盘价 LME铜 12223.5 12693.5 12216.0 12673.5 4.02% 【铜市场消息速递】 12月30日，电解铜现货沪伦比值为7.83，进口盈亏：-1489.48元/吨，上一交易日进口盈亏：-1648.0元/ 吨。 12月30日，伦敦金属交易所（LME）：铜注册仓单110300吨。注销仓单39175吨，减少4900吨。铜库存 149475吨，减少5100吨。 12月30日，上期所铜期货仓单71738吨，环比上个交易日增加5860吨。 12月30日伦敦金属交易所(LME)铜期货行情 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On December 24, 2025, Shanghai copper opened higher and moved higher, rising during the day. The production of electrolytic copper in China in November increased both month - on - month and year - on - year, and SMM expects a further increase in December. The profit of copper products was squeezed this week, the production enthusiasm of copper strips was weak, and the market trading activity was suppressed. Copper foil maintained a high - prosperity level. The zero long - term pricing of mine processing fees last week boosted market sentiment, and the Fed's game and the rise of precious metals were beneficial to copper prices, but the weak procurement sentiment of downstream enterprises may lead to a spot price correction [1]. Group 3: Summary by Relevant Catalogs 1. Market Analysis - In November, SMM China's electrolytic copper production was 1.1031 million tons, a month - on - month increase of 11,500 tons (1.05%) and a year - on - year increase of 9.75%. From January to November, the cumulative production increased by 1.2894 million tons, an increase of 11.76%. SMM expects the electrolytic copper production in December to increase by 65,700 tons month - on - month (5.96%) and 6.69% year - on - year. The profit of copper products was squeezed this week, the production enthusiasm of copper strips was weak, and the production rhythm of enterprises slowed down. Copper tube enterprises were restricted by capital pressure and mostly chose to wait and see. Copper foil maintained a high - prosperity level due to the demand for energy - storage batteries and new - energy vehicles. The zero long - term pricing of mine processing fees last week boosted market sentiment, and the Fed's game and the rise of precious metals were beneficial to copper prices, but the weak procurement sentiment of downstream enterprises may lead to a spot price correction [1]. 2. Futures and Spot Market Conditions - Futures: Shanghai copper opened higher and moved higher, rising during the day. Spot: On December 24, 2025, the spot premium in East China was - 290 yuan/ton, and in South China was - 150 yuan/ton. On December 22, 2025, the LME official price was $12,039/ton, and the spot premium was + $31/ton [4]. 3. Supply Side - As of December 22, the spot smelting fee (TC) was - $43.98/dry ton, and the spot refining fee (RC) was - 4.58 cents/pound [8]. 4. Fundamental Tracking - Inventory: SHFE copper inventory was 52,200 tons, an increase of 2,679 tons from the previous period. As of December 22, the copper inventory in Shanghai Free Trade Zone was 98,800 tons, an increase of 100 tons from the previous period. LME copper inventory was 157,000 tons, an increase of 825 tons from the previous period. COMEX copper inventory was 471,600 short tons, an increase of 4,276 short tons from the previous period [11].

北京时间12月22日，伦敦金属交易所(LME)铜期货价格继续上行，今日开盘报11879.5美元/吨，现报 11943.0美元/吨，涨幅0.52%，盘中最高触及11947美元/吨，最低下探11875美元/吨。 LME铜期货行情回顾： 12月19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 11738.5 11928.0 11693.0 11870.5 1.22% 【铜市场消息速递】 12月19日，电解铜现货沪伦比值为7.86，进口盈亏：-1260.58元/吨，上一交易日进口盈亏：-1053.43元/ 吨。 美国商品期货交易委员会（CFTC）：截至12月9日当周，COMEX铜投机者将净多头头寸增加6,879手， 至71,083手。 12月19日，伦敦金属交易所：铜注册仓单103950吨。注销仓单56450吨，减少5100吨。铜库存160400 吨，减少3875吨。 ...

研究报告 铜周报 沪铜或以震荡偏强趋势运行 | 华龙期货投资咨询部 | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格： | | | | | | 证监许可【2012】1087 号 | | | | | | 有色板块研究员：刘江 | | | | | | 期货从业资格证号：F0305841 | | | | | | 投资咨询资格证号：Z0016251 | | | | | | 电话：0931-8582647 | | | | | | 邮箱：451591573@qq.com | | | | | | 年 报告日期：2025 | 12 | 月 | 15 | 日星期一 | 摘要： 【宏观面、基本面分析】 国家统计局数据显示，2025 年 11 月份，全国居民消费价格 同比上涨 0.7%。其中，城市上涨 0.7%，农村上涨 0.4%；食品价 格上涨 0.2%，非食品价格上涨 0.8%；消费品价格上涨 0.6%，服 务价格上涨 0.7%。1—11 月平均，全国居民消费价格与上年同期 持平。11 月份，全国居民消费价格环比下降 0.1%。其中，城市下 降 0.1%，农村持平；食品价 ...

以下为2025年11月以来三大交易所铜库存数据：（单位：吨） 注：一般来说，国内外交易所库存不断下降将对期价形成支撑，反之，则对期价有所利空。 2023年以来三大交易所铜库存对比 | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/12/5 | 436, 853 | 162, 550 | 88, 905 | | 2025/12/4 | 435, 831 | 162, 825 | | | 2025/12/3 | 434, 283 | 162, 150 | | | 2025/12/2 | 431, 938 | 161, 800 | | | 2025/12/1 | 429, 346 | 159, 425 | | | 2025/11/28 | 418, 727 | 159, 425 | 97, 930 | | 2025/11/27 | | 157, 175 | | | 2025/11/26 | 417,666 | 156, 500 | | | 2025/11/25 | 415, 880 | 156, 575 | | | 2025/11/24 | 4 ...

北京时间12月5日，伦敦金属交易所(LME)铜期货价格表现偏强，今日开盘报11422.5美元/吨，现报 11490.5美元/吨，涨幅0.35%，盘中最高触及11507美元/吨，最低下探11420.5美元/吨。 12月4日，伦敦金属交易所（LME）：铜注册仓单98500吨。注销仓单64325吨，增加7450吨。铜库存 162825吨，增加675吨。 据世界铜都再生铜交易服务中心，12月4再生57-3黄铜棒(贵溪)价格指数为57790元/吨，上涨550元/吨， 涨幅0.96% 12月4日，电解铜现货沪伦比值为7.94，进口盈亏：-1620.75元/吨，上一交易日进口盈亏：-1432.68元/ 吨。 品种 开盘价 最高价 最低价 收盘价 LME铜 11440.0 11529.0 11335.5 11434.0 -0.13% 【铜市场消息速递】 更新时间： LME铜期货行情回顾： 12月4日伦敦金属交易所(LME)铜期货行情 ...

Group 1 - LME copper futures prices continue to rise, opening at $10,846 per ton and currently at $10,860.5 per ton, with an increase of 0.39% [1] - The highest price during the trading session reached $10,873 per ton, while the lowest was $10,846 per ton [1] - On November 25, LME copper futures opened at $10,788.0, peaked at $10,949.0, and closed at $10,832.5, reflecting a 0.47% increase [2] Group 2 - The electrolytic copper spot price ratio between Shanghai and London was reported at 7.98, with an import loss of -1,026.92 yuan per ton, compared to -857.94 yuan per ton the previous trading day [2] - As of November 25, LME registered copper warrants totaled 150,950 tons, with 5,625 tons canceled and an increase of 100 tons, while total copper inventory rose by 825 tons to 156,575 tons [2] - Codelco, the Chilean state-owned copper company, is significantly increasing its annual premium for refined copper to Chinese customers due to concerns over potential shortages [2]

Core Viewpoint - LME copper futures prices are showing a strong performance, with a current price of $10,856 per ton, reflecting a 0.77% increase from the opening price [1] Group 1: LME Copper Futures Performance - On November 25, LME copper futures opened at $10,788 per ton and reached a high of $10,860 per ton during the trading session [1] - On November 24, LME copper futures had an opening price of $10,770, a closing price of $10,781.5, with a slight increase of 0.03% [1] Group 2: Market Indicators - The electrolytic copper spot price ratio between Shanghai and London was reported at 7.99, indicating an import loss of ¥857.94 per ton, which increased from a loss of ¥489.97 per ton on the previous trading day [1] - As of November 24, LME registered copper warrants totaled 150,225 tons, with canceled warrants at 5,525 tons, a decrease of 1,100 tons. Total copper inventory increased by 725 tons to 155,750 tons [1] Group 3: Company-Specific News - Freeport Indonesia's CEO Tony Wenas announced that due to ongoing recovery from a landslide incident, the company plans to produce 478,000 tons of cathode copper and 26 tons of gold by 2026, which is lower than the initial production targets [1]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices are experiencing fluctuations, with a current price of $10,834 per ton, reflecting a decrease of 0.17% from the opening price [1] Group 1: LME Copper Futures Market Overview - On November 14, LME copper futures opened at $10,881.5, reached a high of $10,922.0, a low of $10,755.0, and closed at $10,846.0, showing a slight decline of 0.12% [1] - The current trading range for LME copper futures is between $10,800 and $10,850.5 per ton [1] Group 2: Copper Market Data - As of November 14, the electrolytic copper spot price ratio between Shanghai and London is 7.99, with an import loss of 809.1 yuan per ton, slightly improved from a loss of 826.78 yuan per ton the previous trading day [1] - LME registered copper warrants total 126,075 tons, with 9,650 tons canceled, resulting in a net decrease of 475 tons. Total copper inventory stands at 135,725 tons, down by 450 tons [1] Group 3: Chinese Copper Concentrate Inventory - As of November 14, Mysteel reports that the inventory of imported copper concentrate at 16 Chinese ports is 740,000 tons, an increase of 48,000 tons from the previous week [1] - The inventory at seven major Chinese ports is reported at 530,000 tons, reflecting a week-on-week increase of 32,000 tons [1]