12月23日，电解铜现货沪伦比值为7.84，进口盈亏：-1603.18元/吨，上一交易日进口盈亏：-1586.56元/ 吨。 北京时间12月24日，伦敦金属交易所(LME)铜期货价格涨势不断，今日开盘报12121.5美元/吨，现报 12111.5美元/吨，涨幅0.42%，盘中最高触及12156.5美元/吨，最低下探12083美元/吨。 LME铜期货行情回顾： 12月23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 11925.0 12159.5 11889.5 12055.0 1.21% 【铜市场消息速递】 12月23日，上期所铜期货仓单49543吨，环比上个交易日增加1001吨。 12月23日，伦敦金属交易所（LME）：铜注册仓单109700吨。注销仓单48875吨，减少2875吨。铜库存 158575吨，增加825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。 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]

伦敦金属交易所（LME）公布数据显示，上周伦铜库存有所回落，最新库存水平为137,225吨，降至两个半月新 低。 上海期货交易所最新公布数据显示，10月17日当周，沪铜库存小幅累积，周度库存增加0.5%至110,240吨，刷新五 个半月最高位。国际铜库存增加5358吨至17,031吨。 上周，纽铜库存继续增加，最新库存水平为345,581吨，增至2003年5月上旬以来新高。 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 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 | | --- | --- | --- | --- | | 2025/10/17 | 345, 581 | 137, 225 | 110, 240 | | 2025/10/16 | 344, 652 | 137, 450 | | | 2025/10/15 | 343, 235 | 138, 350 | | | 2025/10/14 | 342, 280 | 138, 800 | | | 2025/10/13 | ...

Group 1 - LME copper futures prices are experiencing high volatility, opening at $9908 per ton and currently at $9922.5 per ton, with an increase of 0.17% [1] - The highest price during the trading session reached $9928 per ton, while the lowest dipped to $9895 per ton [1] - On August 29, LME copper futures had an opening price of $9833.0, a highest price of $9924.5, a lowest price of $9832.0, and a closing price of $9906.0, reflecting a change of 0.64% [1] Group 2 - As of August 29, the Shanghai Futures Exchange reported copper warehouse receipts of 21,412 tons, an increase of 180 tons compared to the previous trading day [1] - LME registered copper warehouse receipts stood at 145,850 tons, with canceled receipts at 13,050 tons, a decrease of 50 tons; total copper inventory increased by 950 tons to 158,900 tons [1] - The electrolytic copper spot price ratio between Shanghai and London was 8.07, with an import profit and loss of 272.08 yuan per ton, down from 330.65 yuan per ton on the previous trading day [1]

Group 1 - LME copper futures prices experienced wide fluctuations, opening at $9,769 per ton and currently trading at $9,794.5 per ton, reflecting a 0.21% increase [1] - The highest price during the trading session reached $9,796.5 per ton, while the lowest dipped to $9,769 per ton [1] Group 2 - On August 27, LME copper futures opened at $9,853.0, peaked at $9,859.0, and closed at $9,776.0, marking a decrease of 0.66% [2] - The electrolytic copper spot price ratio between Shanghai and London was reported at 8.09, with an import profit and loss of 162.17 yuan per ton, up from 157.56 yuan per ton the previous trading day [2] - As of August 27, the Shanghai Futures Exchange reported copper futures warehouse receipts at 21,287 tons, a decrease of 1,630 tons from the previous trading day [2] - LME registered copper warehouse receipts totaled 142,850 tons, with canceled receipts increasing by 1,500 tons to 13,250 tons, and total copper inventory rising by 1,100 tons to 156,100 tons [2]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices continue to rise, with a current price of $9,683 per ton, reflecting a 0.13% increase from the opening price [1] LME Copper Futures Market Review - On August 7, LME copper opened at $9,665 per ton, reached a high of $9,738 per ton, and closed at $9,676 per ton, showing a slight decrease of 0.05% [1] Copper Market News - As of August 7, the electrolytic copper spot price ratio between Shanghai and London was 8.1, with an import loss of -166.65 yuan per ton, compared to -141.8 yuan per ton on the previous trading day [1] - The Shanghai Futures Exchange reported a copper futures warehouse receipt of 20,145 tons on August 7, a decrease of 201 tons from the previous trading day [1] - LME registered copper warehouse receipts totaled 144,875 tons with 11,125 tons canceled, an increase of 200 tons; total copper inventory stood at 156,000 tons, down by 125 tons [1]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices experienced fluctuations, opening at $9,625 per ton and currently trading at $9,661.5 per ton, reflecting a 0.28% increase [1] Group 1: LME Copper Futures Performance - On August 5, LME copper futures opened at $9,697.5, reached a high of $9,747.5, a low of $9,627.0, and closed at $9,633.0, marking a decrease of 0.77% [1] - The current trading session saw a peak of $9,663.5 and a low of $9,622.5 [1] Group 2: Copper Inventory and Warehouse Data - As of August 5, LME registered copper warrants totaled 141,850 tons, with 12,000 tons canceled, resulting in a net decrease of 75 tons; total copper inventory increased by 14,275 tons to 153,850 tons [1] - On the same day, the Shanghai Futures Exchange reported copper warrants at 18,767 tons, a decrease of 1,581 tons compared to the previous trading day [1] Group 3: Import and Market Conditions - The electrolytic copper spot price ratio between Shanghai and London was recorded at 8.1, with the import profit and loss standing at -262.02 yuan per ton, compared to -148.82 yuan per ton from the previous trading day [1]