伦敦金属交易所（LME）公布数据显示，上周伦铜库存继续回升，最新库存水平为183,275吨，增至近九个月新高。 上海期货交易所最新公布数据显示，2月6日当周，沪铜库存继续累积，周度库存增加6.83%至248,911吨，增至逾十个月新高。国际铜库存增加2554吨至 18,348吨。 上周，纽铜库存继续累积，最新库存水平为589,081吨，再创阶段性新高。 | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2026/2/6 | 589, 081 | 183, 275 | 248, 911 | | 2026/2/5 | 586, 429 | 180, 575 | | | 2026/2/4 | 584, 184 | 178, 650 | | | 2026/2/3 | 582, 292 | 176, 125 | | | 2026/2/2 | 579, 774 | 174, 675 | | | 2026/1/30 | 577, 724 | 174, 975 | 233, 004 | | 2026/1/29 | 575, 133 | 176, 075 | | | ...

北京时间1月29日，伦敦金属交易所(LME)铜期货价格继续上升，开盘报13201美元/吨，现报13207.5美 元/吨，涨幅0.67%，盘中最高触及13225美元/吨，最低下探13162.5美元/吨。 LME铜期货行情回顾： 1月28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 13105.0 13247.0 13045.0 13120.0 0.74% 【铜市场消息速递】 1月28日，伦敦金属交易所（LME）：铜注册仓单129225吨。注销仓单44700吨，减少375吨。铜库存 173925吨，增加1575吨。 俄罗斯诺里尔斯克镍业：四季度铜产量为112,015吨，环比增长12%。 1月28日，电解铜现货沪伦比值为7.76，进口盈亏：-428.98元/吨，上一交易日进口盈亏：-655.13元/吨。 ...

Group 1 - The overall trend of copper prices is strong, with the main contract on the Shanghai Futures Exchange breaking through 105,500 yuan/ton [1] - The relationship between supply and demand ultimately determines commodity prices, with copper market inventory changes reflecting the balance between consumption and replenishment [1] - The marginal signals from supply and demand are more easily captured by the market when macroeconomic conditions support copper prices, leading to increased price elasticity [1] Group 2 - Historical data shows a stable correlation between LME copper inventory and price trends, with inventory changes providing significant guidance for assessing global supply and demand balance [2] - During periods of inventory accumulation, prices tend to be under pressure, while during inventory depletion, prices usually receive support [2] - In specific phases, macroeconomic factors may have a more dominant impact on prices than inventory levels, as seen during the European debt crisis [2] Group 3 - The structure of warehouse receipts, particularly the proportion of canceled warehouse receipts, is a crucial indicator for assessing inventory trends [3] - A decrease in the proportion of canceled warehouse receipts typically indicates a slowdown in inventory depletion, with historical patterns suggesting a higher probability of inventory turning points when this ratio falls to around 15% or lower [3] - Current copper price trends show similarities to early 2006, with increasing U.S. copper inventory and tighter inventory in non-U.S. regions indicating regional disparities [3] Group 4 - If low inventory levels persist and macroeconomic factors continue to provide support, copper prices have a solid basis for upward movement [4] - The negative correlation between copper inventory and prices remains stable, with current macroeconomic conditions being generally positive and market risk appetite recovering [4] - Attention should be paid to potential disruptions in prices due to changes in the macroeconomic environment, weakening demand, and fluctuations in inventory structure [4]

Group 1 - LME copper futures prices continued to rise, opening at $13,233 per ton and currently at $13,116.5 per ton, with an increase of 1.38% [1] - The highest price during the trading session reached $13,233.5 per ton, while the lowest dipped to $13,073 per ton [1] - On January 14, LME copper futures closed at $13,300 per ton, reflecting a 1.09% increase from the previous day [2] Group 2 - The electrolytic copper spot price ratio between Shanghai and London was reported at 7.82, indicating an import loss of ¥1,918.9 per ton, compared to a loss of ¥1,742.37 per ton the previous trading day [2] - As of January 14, LME registered copper warrants totaled 90,625 tons, with canceled warrants at 51,000 tons, a decrease of 825 tons [2] - LME copper inventory increased by 75 tons, reaching a total of 141,625 tons [2] Group 3 - On January 14, the Shanghai Futures Exchange reported copper futures warrants at 149,339 tons, an increase of 27,212 tons compared to the previous trading day [3]

伦敦金属交易所（LME）注册仓库的铜库存持续流向美国，库存可用量下降22%，降至六个月以来最低 水平，LME周二数据显示。数据显示，LME可提货（on-warrant）铜库存降至89,725公吨，较前一日的 115,150公吨大幅下降，为去年7月10日以来最低水平。此次下跌发生在交易员通知LME计划提取30,200 吨铜之后，其中大部分来自韩国和台湾的LME仓库。由于市场预计美国可能在今年晚些时候对精炼铜 征收关税，交易员持续将铜库存从LME仓库运往美国。美国铜价享有溢价，因此吸引了大量铜流入。 同期，美国COMEX仓库的铜库存在过去12个月中激增444%，达到520,441短吨。 来源：滚动播报 ...

Core Viewpoint - The LME copper futures prices continue to rise, with the current price at $12,111.5 per ton, reflecting a 0.42% increase from the opening price [1] Group 1: LME Copper Futures Performance - On December 24, LME copper futures opened at $12,121.5 per ton, reaching a high of $12,156.5 and a low of $12,083 [1] - On December 23, LME copper futures closed at $12,055.0, with a daily increase of 1.21% [1] Group 2: Market Data and Indicators - The electrolytic copper spot price ratio between Shanghai and London was reported at 7.84 on December 23, with an import loss of ¥1,603.18 per ton [1] - As of December 23, the Shanghai Futures Exchange had copper futures warehouse receipts totaling 49,543 tons, an increase of 1,001 tons from the previous trading day [1] - LME registered copper warehouse receipts stood at 109,700 tons, with canceled receipts decreasing by 2,875 tons, and total copper inventory increasing by 825 tons to 158,575 tons [1]

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。 伦敦金属交易所（LME）公布数据显示，上周伦铜库存先增后降，12月17日增至近七个月新高166,925 吨，而后库存明显回落，最新库存水平为157,750吨。 上海期货交易所最新公布数据显示，12月19日当周，沪铜库存小幅回升，周度库存增加7.18%至95,805 吨，位于三个月相对低位。国际铜库存减少1995吨至10,746吨。 上周，纽铜库存继续增加，最新库存水平为466,886吨，再创阶段性新高。 | EH | COMEX | LMB | SHIP | | --- | --- | --- | --- | | 2025/12/22 | 466, 886 | 157, 750 | | | 2025/12/19 | 462, 204 | 160, 400 | 95, 805 | | 2025/12/18 | 459, 564 | 164, 275 | | | 2025/12/17 | 456, 986 | 166, 925 | | | 2025/12/16 | 454, 638 | 166, 600 | | | 2025/12/ ...

12月3日，伦敦金属交易所（LME）的铜价，刷新历史新高，提货订单出现自2013年以来最大单日增幅。沪铜期货主力合约站上9万元/吨大关，亦创历史 新高。 纽约期货市场的COMEX铜价已经从2025年初的每磅4.06美元到现在创纪录的每磅5.4美元，上涨超过30%。而且纽约期货市场还在以每吨超过400美元的溢 价，从伦敦和上海吸纳库存。 中国每年消费全球一半以上的铜。作为广泛应用于电力、机械、新能源等领域的重要工业原材料，铜价为什么会一路狂飙？ 铜作为标准化大宗商品，与金银相似，都是在伦敦、纽约、上海三大交易中心完成期货与现货的交易。 伦敦金属交易所（LME）是全球铜定价的核心，纽约商品交易所（COMEX）是全球铜期货交易最活跃的市场，上海背靠最大的铜消费市场——中国，重 要性在日益增加。 正常情况下，铜的EFP机制（Exchange for Physical，将伦敦现货运到纽约进行期货交割）能保证伦敦铜和纽约铜的价格挂钩，两边的价差仅为数美元至数 十美元。但今年纽约期货市场出现异常，大量资金持续购买交割COMEX铜期货，造成COMEX铜出现"超级溢价"，从伦敦和上海源源不断地抽调库存。 COMEX铜库存已经暴 ...

伦敦金属交易所（LME）公布数据显示，上周伦铜库存整体有所回落，最新库存水平为135,725吨，位 于逾三个月相对低位。 上海期货交易所最新公布数据显示，11月14日当周，沪铜库存继续下滑，周度库存减少4.89%至109,407 吨。国际铜库存增加2199吨至16,583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。 以下为2025年11月以来三大交易所铜库存数据：（单位：吨） 上周，纽铜库存继续累积，最新库存水平为381,296吨，增至2003年3月以来新高。 | 日期 | COMEX | LME | SHFE | | --- | --- | --- | --- | | 2025/11/14 | 381, 296 | 135, 725 | 109, 407 | | 2025/11/13 | 379, 439 | 136, 175 | | | 2025/11/12 | 378, 303 | 136, 250 | | | 2025/11/11 | 376, 631 | 136, 250 | | | 2025/11/10 | 372, 304 | 136, 275 | | ...

Core Viewpoint - The London Metal Exchange (LME) copper futures prices are experiencing weak fluctuations at high levels, with current trading showing a slight decline from the opening price [1] Group 1: LME Copper Futures Performance - On October 24, LME copper opened at $10,832 per ton and is currently at $10,811 per ton, reflecting a decrease of 0.06% [1] - The intraday trading range saw a high of $10,865 per ton and a low of $10,796 per ton [1] - On October 23, LME copper futures had an opening price of $10,658.5, a highest price of $10,876.0, a lowest price of $10,647.5, and a closing price of $10,817.0, marking a 1.49% increase [1] Group 2: Copper Market Updates - As of October 23, the Shanghai Futures Exchange (SHFE) reported copper warehouse receipts at 36,048 tons, a decrease of 505 tons compared to the previous trading day [1] - The electrolytic copper spot price ratio between Shanghai and London is at 8.0, with the import loss increasing to -890.28 yuan per ton from -611.57 yuan per ton on the previous trading day [1] - LME registered copper warehouse receipts totaled 126,150 tons, with 10,775 tons canceled and an increase of 1,500 tons, while total copper inventory rose to 136,925 tons, an increase of 75 tons [1]