北京时间12月18日，伦敦金属交易所(LME)铜期货价格区间震荡，今日开盘报11726美元/吨，现报 11726.5美元/吨，跌幅0.09%，盘中最高触及11730美元/吨，最低下探11668美元/吨。 更新时间： LME铜期货行情回顾： 12月17日伦敦金属交易所(LME)铜期货行情 【铜市场消息速递】 12月17日，电解铜现货沪伦比值为7.89，进口盈亏：-1048.68元/吨，上一交易日进口盈亏：-674.94元/ 吨。 12月17日，伦敦金属交易所（LME）：铜注册仓单102475吨。注销仓单64450吨，增加50吨。铜库存 166925吨，增加325吨。 12月17日，上期所铜期货仓单44877吨，环比上个交易日减少907吨。 品种 开盘价 最高价 最低价 收盘价 LME铜 11630.0 11821.5 11621.5 11742.5 1.06% ...

Group 1 - The core viewpoint of the news is that LME copper futures prices are experiencing fluctuations, with a slight increase observed on November 7, 2023, reaching a current price of $10,712 per ton, up by 0.28% from the opening price [1] Group 2 - On November 6, LME copper futures opened at $10,735 per ton, peaked at $10,792.5 per ton, and closed at $10,687 per ton, reflecting a decrease of 0.43% [2] - The electrolytic copper spot price ratio between Shanghai and London was reported at 8.02 on November 6, with an import loss of 499.75 yuan per ton, improving from a loss of 521.63 yuan per ton on the previous trading day [2] - As of November 6, the Shanghai Futures Exchange reported copper futures warehouse receipts at 43,893 tons, an increase of 1,332 tons compared to the previous trading day [2] - LME registered copper warehouse receipts totaled 123,775 tons on November 6, with 10,700 tons of canceled receipts, an increase of 50 tons [2] - LME copper inventory stood at 134,475 tons, reflecting an increase of 500 tons [2]

Group 1: Report Overview - Report Title: "Shanghai Copper Weekly Report (10.9 - 10.10)" [1] - Author: Zhu Senlin from Dayue Futures Investment Consulting Department [1] - Contact: 0575 - 85226759 [1] Group 2: Industry Investment Rating - No investment rating information provided Group 3: Core View - Last week, Shanghai copper prices rose significantly, with the main contract up 3.37% to 85,910 yuan/ton. Geopolitical factors, US tariffs, Indonesian copper mine force majeure, and the rise of precious metals stimulated the price increase. Domestically, consumption is entering the peak season, but downstream consumption willingness is average. The domestic spot market is mainly for rigid - demand transactions. LME copper inventory decreased slightly, while SHFE copper inventory increased by 14,656 tons to 109,690 tons [4] Group 4: Summary by Directory 1. Market Review - The main Shanghai copper contract rose 3.37% last week, closing at 85,910 yuan/ton. Geopolitical factors, US tariffs, Indonesian copper mine force majeure, and the rise of precious metals drove the price up. Downstream consumption willingness is average, and the spot market is mainly for rigid - demand transactions. LME copper inventory decreased slightly, and SHFE copper inventory increased by 14,656 tons to 109,690 tons [4] 2. Fundamental Analysis - **PMI**: No specific content provided - **Supply - Demand Balance**: In 2024, there is a tight supply - demand balance, and in 2025, there will be an oversupply. The China annual supply - demand balance table shows different supply - demand situations from 2018 - 2024 [12][15] - **Inventory**: Exchange inventory is being destocked, and bonded area inventory remains at a low level [16][19] 3. Market Structure - **Processing Fee**: Processing fees are at a low level [22] - **CFTC Position**: Non - commercial net long positions in CFTC are flowing out [24] - **Futures - Spot Price Difference**: No specific content provided - **Import Profit**: No specific content provided - **Warehouse Receipt**: No specific content provided

Group 1 - LME copper futures prices showed a slight increase, opening at $9,665 per ton and currently trading at $9,689 per ton, with a peak of $9,700 per ton and a low of $9,665 per ton, reflecting a 0.16% increase [1] - On August 6, LME copper futures opened at $9,625 per ton, reached a high of $9,708 per ton, and closed at $9,681 per ton, marking a 0.50% increase [2] - The current spot price of electrolytic copper in Shanghai-London ratio is 8.11, with an import loss of -141.8 yuan per ton, improving from a previous loss of -262.02 yuan per ton [2] Group 2 - As of August 6, LME registered copper warrants totaled 145,200 tons, with canceled warrants at 10,925 tons, a decrease of 1,075 tons; total copper inventory increased by 2,275 tons to 156,125 tons [2] - A survey of 74 domestic recycled copper rod production enterprises, covering a capacity of 8.19 million tons, indicated that the actual production of recycled copper rods in July 2025 was 216,700 tons, a month-on-month decrease of 13.74% [2] - The capacity utilization rate for domestic recycled copper rods in July 2025 was 26.73%, down 5.29% month-on-month and 3.44% year-on-year [2]