11月24日伦敦金属交易所(LME)铜期货行情 北京时间11月25日，伦敦金属交易所(LME)铜期货价格偏强运行，今日开盘报10788美元/吨，现报 10856美元/吨，涨幅0.77%，盘中最高触及10860美元/吨，最低下探10788美元/吨。 LME铜期货行情回顾： 品种 开盘价 最高价 最低价 收盘价 LME铜 10770.0 10805.0 10743.0 10781.5 0.03% 【铜市场消息速递】 11月24日，电解铜现货沪伦比值为7.99，进口盈亏：-857.94元/吨，上一交易日进口盈亏：-489.97元/ 吨。 据外媒报道，印尼自由港公司（Freeport Indonesia）首席执行官托尼·韦纳斯（Tony Wenas）周一表示， 由于泥石流事故后的恢复过程仍在进行，公司计划在2026年生产47.8万吨阴极铜和26吨黄金，这低于其 最初计划。 11月24日，伦敦金属交易所（LME）：铜注册仓单150225吨。注销仓单5525吨，减少1100吨。铜库存 155750吨，增加725吨。 ...

品种 开盘价 最高价 最低价 收盘价 LME铜 10881.5 10922.0 10755.0 10846.0 -0.12% 【铜市场消息速递】 11月14日，电解铜现货沪伦比值为7.99，进口盈亏：-809.1元/吨，上一交易日进口盈亏：-826.78元/吨。 11月14日，伦敦金属交易所（LME）：铜注册仓单126075吨，注销仓单9650吨，减少475吨。铜库存 135725吨，减少450吨。 截至2025年11月14日，Mysteel统计中国16港进口铜精矿当周库存74.0万吨，较上周增4.8万吨。（原口 径：中国7个主流港口进口铜精矿当周库存为53.0万吨，较上周环比增3.2万吨。） 北京时间11月17日，伦敦金属交易所(LME)铜期货价格区间震荡，今日开盘报10830美元/吨，现报 10834美元/吨，跌幅0.17%，盘中最高触及10850.5美元/吨，最低下探10800美元/吨。 LME铜期货行情回顾： 11月14日伦敦金属交易所(LME)铜期货行情 ...

LME铜 10727.5 10903.0 10727.5 10874.5 1.68% 【铜市场消息速递】 北京时间11月11日，伦敦金属交易所(LME)铜期货价格高位震荡，今日开盘报10851美元/吨，现报10813 美元/吨，涨幅0.16%，盘中最高触及10863.5美元/吨，最低下探10812美元/吨。 更新时间： LME铜期货行情回顾： 11月10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 11月10日，电解铜现货沪伦比值为8.02，进口盈亏：-585.37元/吨，上一交易日进口盈亏：-495.82元/ 吨。 2025年10月铜板带企业整体开工率为64.97%，环比下降1.05个百分点，同期大降7.76个百分点。其中， 大型企业开工率为71.14%，中型企业开工率为57.72%，小型企业开工率为55.9%。 11月10日，伦敦金属交易所（LME）：铜注册仓单124550吨，注销仓单11725吨，增加450吨。铜库存 136275吨，增加375吨。 ...

伦敦金属交易所（LME）公布数据显示，上周伦铜库存整体继续下滑，最新库存水平为134,625吨，位 于三个月相对低位。 上周，纽铜库存继续累积，最新库存水平为355,660吨，增至2003年4月中旬以来新高。 上海期货交易所最新公布数据显示，10月31日当周，沪铜库存有所回升，周度库存增加10.83%至 116,140吨，增至六个月新高。国际铜库存减少1422吨至15,059吨。 2023年以来三大交易所铜库存对比 以下为2025年10月以来三大交易所铜库存数据：（单位：吨） | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/10/31 | 355, 660 | 134, 625 | 116, 140 | | 2025/10/30 | 348, 662 | 134, 950 | | | 2025/10/29 | 346, 662 | 135, 350 | | | 2025/10/28 | 348, 367 | 134, 575 | | | 2025/10/27 | 347, 741 | 135, 975 | | | 2025/10/24 ...

Group 1: Report Investment Rating - No specific investment rating for the industry is provided in the report. Group 2: Core Views - Copper prices are likely to be in a volatile market, with limited arbitrage opportunities. It is recommended to mainly observe option contracts [4][38][39] Group 3: Summary by Directory 1. Market Review - In October, the price of the main contract of Shanghai copper futures showed an upward trend with increased price fluctuations, ranging from 82,300 yuan/ton to 89,270 yuan/ton. The price trend of the LME copper futures contract was similar to that of the main contract of Shanghai copper futures, operating in the range of 10,253 - 11,200 US dollars/ton [7] 2. Macroeconomic Environment - On October 29th local time, the Fed announced a 25 - basis - point cut in the federal funds rate target range to between 3.75% and 4.00%. It also announced the end of balance - sheet reduction starting December 1st. According to CME "FedWatch" data, the probability of a 25 - basis - point rate cut by the Fed in December is 74.7%, and the probability of keeping the rate unchanged is 25.3%. By January next year, the probability of a cumulative 25 - basis - point rate cut is 57.7%, the probability of keeping the rate unchanged is 16.6%, and the probability of a cumulative 50 - basis - point rate cut is 25.6% [2][11][37] 3. Supply Side - **Refined Copper Production**: As of September 2025, the monthly refined copper production was 1.266 million tons, a decrease of 35,000 tons from the previous month but a 10.1% year - on - year increase. As of October 30, 2025, the refining fee for Chinese copper smelters was - 4.45 cents/pound, and the rough smelting fee was - 42.7 US dollars/kiloton [15] - **Scrap Copper Spread**: As of October 31, 2025, the price of refined copper in Shanghai Wumaom was 87,565 yuan/ton, the price of scrap copper in Foshan, Guangdong was 78,800 yuan/ton, and the refined - scrap spread was 885 yuan/ton [21] 4. Demand Side - As of September 2025, the monthly copper product output was 2.232 million tons, a 5.9% year - on - year increase. The cumulative monthly investment in power grid construction was 437.8 billion yuan, with a 9.9% year - on - year growth rate [23] 5. Inventory Side - As of October 31, 2025, the cathode copper inventory in the Shanghai Futures Exchange was 116,140 tons, an increase of 11,348 tons from the previous week. As of October 29, 2025, the LME copper inventory was 135,350 tons, a slight increase of 775 tons from the previous trading day, with a cancelled warrant ratio of 10.51%. As of October 30, 2025, the COMEX copper inventory was 348,662 tons, an increase of 2,000 tons from the previous trading day. The inventory in Shanghai Free Trade Zone was 106,600 tons, with a decrease of 4,300 tons from the previous week, and the inventories in Guangdong and Wuxi were 19,200 tons and 40,300 tons respectively [29] 6. Outlook - **Price Trend Factor Analysis**: Key factors affecting copper prices include Chinese economic policies (PMI has declined), US policies (uncertainty in the Fed's December rate cut), supply (refined copper processing fees at the bottom, high copper production), demand (slowing power grid investment growth, increasing copper product output), and inventory (significant cumulative inventory of COMEX copper) [36] - **Market Outlook**: Considering various factors such as the Fed's policy, copper supply, demand, and inventory, copper prices are likely to be in a volatile market, with limited arbitrage opportunities. It is recommended to mainly observe option contracts [37][38][39]

Group 1 - LME copper futures prices experienced narrow fluctuations, opening at $10,929.5 per ton and currently trading at $10,947.0 per ton, reflecting a 0.27% increase [1] - The highest price during the trading session reached $10,970 per ton, while the lowest dipped to $10,927 per ton [1] Group 2 - On October 30, LME copper futures opened at $11,123.0, peaked at $11,125.5, and closed at $10,924.0, marking a decrease of 2.09% [2] - Indonesian copper miner AMMAN MINERAL reported a copper concentrate production of 310,143 tons and cathode copper production of 41,052 tons with sales of 39,805 tons for the first nine months [2] - As of October 30, the LME registered warehouse receipts totaled 120,725 tons, with canceled receipts at 14,225 tons, a reduction of 450 tons, and total copper inventory at 134,950 tons, down by 400 tons [2]

Core Insights - LME copper futures prices are experiencing high volatility, with the opening price at $10,974 per ton and a current price of $11,028 per ton, reflecting a slight decline of 0.01% [1] - The trading session saw a peak price of $11,050 per ton and a low of $10,974 per ton [1] Group 1: Market Overview - On October 27, LME copper futures opened at $10,995 per ton, reached a high of $11,094 per ton, and closed at $11,004 per ton, marking a 0.52% increase [2] - The current spot price of electrolytic copper in the Shanghai-London ratio is 7.99, with an import loss of -¥785.85 per ton, slightly improved from the previous day's loss of -¥798.09 per ton [2] - As of October 27, the Shanghai Futures Exchange reported copper futures warehouse receipts at 35,392 tons, an increase of 321 tons from the previous trading day [2] Group 2: Inventory and Warehouse Data - LME registered copper warehouse receipts totaled 126,000 tons, with 9,975 tons of canceled receipts, a decrease of 375 tons [2] - Total copper inventory at LME stands at 135,975 tons, also reflecting a decrease of 375 tons [2]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View of the Report - Last week, Shanghai copper prices rose significantly, with the main contract of Shanghai copper increasing by 3.95% to close at 87,720 yuan/ton. Geopolitical factors, US tariff issues, force majeure in Indonesian copper mines, and the sharp rise in precious metals stimulated the increase in copper prices. Domestically, it is the consumption peak season, but the downstream consumption willingness is average. In the industrial sector, domestic spot trading is average, mainly for rigid - demand transactions. LME copper inventory decreased slightly last week, and SHFE copper inventory decreased by 5,448 tons to 104,792 tons compared with the previous week. The copper market will be in a tight - balance situation in 2024 and an oversupply situation in 2025 [4]. 3) Summary by Relevant Catalogs 行情回顾 - Last week, the main contract of Shanghai copper rose 3.95% to 87,720 yuan/ton. Geopolitical factors, US tariff issues, force majeure in Indonesian copper mines, and the sharp rise in precious metals stimulated the increase in copper prices. Domestically, downstream consumption willingness is average, and domestic spot trading is mainly for rigid - demand. LME copper inventory decreased slightly, and SHFE copper inventory decreased by 5,448 tons to 104,792 tons compared with the previous week [4]. 基本面（库存结构） - **PMI**: No specific content is provided [9]. - **Supply - Demand Balance**: The copper market will be in a tight - balance situation in 2024 and an oversupply situation in 2025. The Chinese annual supply - demand balance table shows the production, import, export, apparent consumption, actual consumption, and supply - demand balance of copper from 2018 to 2024 [11][14]. - **Inventory**: Exchange inventory is in a de - stocking state, and bonded - area inventory remains at a low level [15][19]. 市场结构 - **Processing Fee**: The processing fee is at a low level [22]. - **CFTC Position**: CFTC non - commercial net long positions are flowing out [24]. - **Futures - Spot Price Difference**: No specific content is provided [27]. - **Import Profit**: No specific content is provided [30]. - **Warehouse Receipt**: No specific content is provided.

Group 1 - The London Metal Exchange (LME) reported that copper inventories showed fluctuations, with the latest level at 139,400 tons, marking a relative low over the past two months [1] - The Shanghai Futures Exchange (SHFE) indicated a 15.42% increase in copper inventories for the week of October 10, reaching 109,690 tons, the highest level in over five months [1] - International copper inventories decreased by 604 tons to 11,673 tons [1] Group 2 - COMEX copper inventory reached 339,525 tons, the highest since May 2003 [1][4] - The data from October 10 shows a consistent increase in COMEX inventory from 327,073 tons on October 3 to 339,525 tons [4] - The overall trend indicates that declining inventories in domestic and international exchanges generally support copper prices, while increasing inventories may exert downward pressure [1]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices are showing a strong performance, with a slight increase in price observed on October 10, 2023 [1] Group 1: LME Copper Futures Performance - On October 10, 2023, LME copper futures opened at $10,829.5 per ton and are currently trading at $10,809 per ton, reflecting a 0.30% increase [1] - The intraday trading range for copper futures on October 10 saw a high of $10,833.5 per ton and a low of $10,772.5 per ton [1] Group 2: Previous Trading Day Overview - On October 9, 2023, LME copper opened at $10,652.0, reached a high of $11,000.0, a low of $10,591.0, and closed at $10,776.5, marking a 0.74% increase [2] - The electrolytic copper spot price ratio between Shanghai and London was reported at 7.98, with an import loss of ¥1,166.87 per ton on October 9, compared to a loss of ¥528.49 per ton on the previous trading day [2] - As of October 9, the Shanghai Futures Exchange reported copper futures warehouse receipts at 29,703 tons, an increase of 2,880 tons from the previous trading day [2] - LME registered copper warehouse receipts totaled 131,050 tons, with 8,425 tons canceled, reflecting an increase of 300 tons, while total copper inventory rose by 275 tons to 139,475 tons [2]