全球大宗商品交易员们正密切关注印尼市场的锡供应情况，印尼是全球第二大锡生产国，近期该国对非 法采矿的军方打击已经开始严重影响主要锡产区的供应。11月的出口几乎增长了三倍，但尚不清楚这种 反弹是否能持续，特别是印尼政府今年仍未批准采矿配额。 目前锡市场没有表现出类似白银和铜那样的供应极度紧张的迹象，伦敦金属交易所的锡库存已上升至11 个月以来的最高水平。该工业金属的期货价格也显著高于现货价格，形成了市场结构中的所谓"远期溢 价"，这一趋势通常表明工业金属供应仍然充足。在周三亚盘交易时间段，除了锡价上涨，LME铜、铝 和锌价格也有所上涨。 （原标题：?全球金属狂热停不下来!"神铜"疯完轮到"狂锡" LME锡价突破5.1万美元创历史新高） 智通财经APP获悉，LME(伦敦金属交易所)锡工业金属交易价格在伦敦市场突破每吨51,000美元重大关 口，延续了这一轮长达三年的LME锡价牛市走势。随着中国投资者们疯狂买入，包括锡在内的全球金 属市场在2026年强势延续2025年末的如虹般强劲涨势。 在周三，LME锡价上涨幅度一度高达4.3%，达到 51,675 美元/吨，超越了于2022年创下的上一个纪录， 当时LME锡价暴 ...

Group 1 - LME tin prices have surpassed $51,000 per ton, continuing a three-year bull market driven by strong demand from the global electronics industry and significant investments in AI infrastructure and data centers [1] - On Wednesday, LME tin prices rose by 4.3% to reach $51,675 per ton, breaking the previous record set in 2022, which was fueled by increased demand during the COVID-19 pandemic [1] - The price of tin has increased by over 25% since the beginning of 2026, with a nearly 40% rise in the previous year, largely due to a surge in Chinese investor activity in the global metals market [1] Group 2 - Shanghai tin prices have also reached a new historical high, increasing by approximately 9% to 413,170 yuan per ton (about $59,212), reflecting a significant influx of capital into the Chinese stock market [2] - The global tin market is closely monitoring supply conditions in Indonesia, the second-largest tin producer, where military actions against illegal mining have impacted supply [2] - LME tin inventories have risen to their highest level in 11 months, indicating that there is currently no extreme supply tightness in the tin market [2] Group 3 - The recent surge in industrial metal prices, including tin, is attributed to a combination of factors such as the recovery in global demand, the electrification transition, and unprecedented AI infrastructure needs [3] - Goldman Sachs has raised its copper price forecast for the first half of 2026 due to supply tightness outside the U.S., which is also affecting the pricing dynamics of other metals like tin [3][4] - The demand for copper, driven by large-scale AI data center construction, is creating a ripple effect that is benefiting tin prices as well [5] Group 4 - The structural demand for tin is closely linked to its use in the electronics industry, particularly in soldering applications, which are essential for AI and data center developments [6] - Despite the lack of physical supply tightness, speculative buying and market expectations have contributed to the upward pressure on tin prices [6] - The overall market sentiment is shifting towards industrial metals, with tin being seen as the next beneficiary after copper's recent price increases [5][6]

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 资讯早间报 发布日期：2026/1/14 隔夜夜盘市场走势 1. 国际贵金属期货收盘涨跌不一，COMEX 黄金期货跌 0.44%报 4594.40 美元/盎 司，COMEX 白银期货涨 2.08%报 86.86 美元/盎司。 2. 美油主力合约收涨 2.69%，报 61.1 美元/桶；布伦特原油主力合约涨 2.43%， 报 65.42 美元/桶。 3. 伦敦基本金属涨跌参半，LME 期锡涨 2.46%报 49145.0 美元/吨，LME 期铝涨 0.36%报 3196.0 美元/吨，LME 期铅涨 0.34%报 2060.0 美元/吨，LME 期铜跌 0.40% 报 13156.5 美元/吨，LME 期锌跌 0.44%报 3202.0 美元/吨，LME 期镍跌 1.61%报 17600.0 美元/吨。 投资有风险，入市需谨慎。 本文资讯内容根据网络，冠通期货编辑整理而成，仅供投资者参考。 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免 ...

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 industrial metal sector experienced a rise of 1.22% on January 13, with Tibet Zhufeng leading the gains, while the Shanghai Composite Index fell by 0.64% and the Shenzhen Component Index decreased by 1.37% [1] Group 1: Industrial Metal Sector Performance - Tibet Zhufeng (600338) closed at 18.92, up 6.77% with a trading volume of 1.5013 million shares [1] - Hailiang Co., Ltd. (002203) closed at 15.26, up 5.90% with a trading volume of 1.0957 million shares [1] - Baiyin Nonferrous Group (601212) closed at 6.55, up 4.30% with a trading volume of 4.2786 million shares [1] - Jiangxi Copper (600362) closed at 57.21, up 2.12% with a trading volume of 711,300 shares [1] Group 2: Capital Flow Analysis - The industrial metal sector saw a net outflow of 496 million yuan from institutional investors and 502 million yuan from speculative funds, while retail investors had a net inflow of 998 million yuan [2] - Major stocks like Tibet Zhufeng and Jiangxi Copper attracted significant retail investment despite overall net outflows from larger investors [3] - The net inflow for Tibet Zhufeng was 181 million yuan, while Jiangxi Copper saw a net inflow of 179 million yuan from retail investors [3]

北京时间1月13日，伦敦金属交易所(LME)铜期货价格高位回落，开盘报13114美元/吨，现报13110美元/ 吨，跌幅0.47%，盘中最高触及13136美元/吨，最低下探13033美元/吨。 更新时间： LME铜期货行情回顾： 截至2026年1月12日，电解铜社会库存同比大幅增长18.53万吨，增幅达171.42%。 1月12日，伦敦金属交易所（LME）：铜注册仓单115150吨。注销仓单22075吨，减少1550吨。铜库存 137225吨，减少1750吨。 【铜市场消息速递】 1月12日，电解铜现货沪伦比值为7.84，进口盈亏：-1321.88元/吨，上一交易日进口盈亏：-982.74元/ 吨。 1月12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 13088.0 13323.0 12990.5 13172.0 1.59% ...

周一，美股三大指数集体小幅收涨，标普500指数和道琼斯指数双双创历史新高。截至收盘，道指涨 86.13点，涨幅为0.17%，报49590.20点；纳指涨62.56点，涨幅为0.26%，报23733.90点；标普500指数涨 10.99点，涨幅为0.16%，报6977.27点。 热门中概股多数收涨，纳斯达克中国金龙指数涨4.26%，阿里巴巴涨超10%；哔哩哔哩、小鹏汽车涨超 8%，百度、微博涨超6%，蔚来、网易、京东涨超4%，理想汽车涨超2%。 美国司法部威胁要对美联储主席鲍威尔提起刑事诉讼，再度引发市场对美联储独立性的担忧，金属价格 普遍上涨，黄金和白银价格攀升至纪录高位，现货黄金价格升破4600美元/盎司；现货白银价格一度上 涨8%，突破86美元/盎司；LME基准铜期货价格一度上涨2.5%，至13323美元/吨，之后回吐部分涨幅。 伊朗局势动荡引发投资者对伊朗供应中断的担忧，原油价格升至2025年12月初以来的最高水平。WTI 2 月原油期货价格收于59.50美元/桶，涨幅为0.64%，此前三个交易日累计上涨超过6%；布伦特3月原油期 货价格收于63.87美元/桶，涨幅为0.84%。 贵金属价格再创历史新高 ...

Group 1: Commodity Market Overview - On January 12, the domestic commodity futures market saw more gains than losses, with the main contract for silver rising over 14% and the main contract for carbon lithium and tin hitting the daily limit with increases of 9.00% and 8.00% respectively [1][2] - The China Securities Commodity Futures Price Index closed at 1661.85 points, up 55.54 points or 3.46% from the previous trading day, while the China Securities Commodity Futures Index closed at 2293.15 points, also up 76.64 points or 3.46% [1] Group 2: Metal Sector Performance - The metal sector remained active, driven by geopolitical tensions and expectations of Federal Reserve easing, with silver leading the market with a 14.42% increase [2] - The strong demand from AI and new energy developments, along with supply constraints and geopolitical disturbances, continued to attract investment in metals [2] - Despite increased margin requirements for silver futures by several exchanges, the market for silver remained robust, with expectations of continued upward price movement [2] Group 3: Energy and Chemical Sector Insights - The energy and chemical sectors were also buoyed by geopolitical concerns, with WTI crude oil opening strong above $59 per barrel due to fears of U.S. intervention in Iran [3] - Domestic chemical products saw widespread gains, with styrene rising over 3% and other products like polypropylene and PX also increasing by over 1% [3] - The shipping market experienced a rebound in bullish sentiment, with the main contract for the European shipping index rising over 11% [3] Group 4: Specific Commodity Challenges - The main contract for polysilicon opened high but fell significantly by the end of the day, down 2.89%, due to regulatory pressures and changes in market sentiment [4] - High-sulfur fuel oil did not follow the upward trend of crude oil, closing down 1.32%, as supply-side pressures continued to impact its price [4]

Group 1 - The industrial metal sector increased by 0.38% on January 12, with Yinbang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Key stocks in the industrial metal sector showed significant price increases, with Yinbang Co., Ltd. rising by 13.64% to a closing price of 21.16 [1] Group 2 - The industrial metal sector experienced a net outflow of 3.799 billion yuan from institutional investors, while retail investors saw a net inflow of 3.206 billion yuan [2] - The top gainers in the industrial metal sector included Chujiang New Materials, which saw a net inflow of 1.66 billion yuan from institutional investors [3] - The overall trading volume for the industrial metal sector was substantial, with notable transactions recorded for several companies [1][2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - The A - share market showed a strong upward trend on January 9, 2026, with the Shanghai Composite Index achieving a 16 - day consecutive rise and reaching over 4100 points, and the trading volume of the two markets exceeding 3 trillion yuan [1]. - The prices of various futures products are affected by multiple factors such as supply - demand relationships, policies, and international situations. For example, the prices of copper,生猪, etc. are influenced by different factors and show different trends [6][7][8]. 3. Summary by Variety Stock Index Futures - On January 9, the three major A - share indexes continued to rise. The Shanghai Composite Index rose 0.92% to 4120.43 points, the Shenzhen Component Index rose 1.15% to 14120.15 points, and the ChiNext Index rose 0.77% to 3327.81 points. The trading volume of the two markets reached 31526 billion yuan, an increase of 3261 billion yuan from the previous day [1]. Coking Coal and Coke - On January 9, the coking coal weighted index closed at 1198.0 yuan, down 7.7 from the previous day, and the coke weighted index closed at 1749.6, down 32.0 from the previous day [2][3]. - For coke, the EU carbon tariff has increased the cost of steel exports to the EU, the supply - side coke enterprise start - up has increased, and the total inventory has accumulated; the demand - side blast furnace start - up has also increased, and the daily average pig iron output has increased. For coking coal, domestic mine production capacity has recovered, Mongolian coal customs clearance is relatively sufficient, and the clean coal inventory has accumulated, while the downstream steel - coke load has increased, but the coke enterprise profit loss has expanded [4]. Zhengzhou Sugar - US sugar futures prices fell slightly due to the prospect of supply surplus last Friday. The Zhengzhou sugar 2605 contract showed a volatile consolidation trend. As of the week ending January 6, speculators increased their net short positions in ICE raw sugar futures and options by 11,654 to 170,756 [4]. Rubber - Affected by short - selling pressure, Shanghai rubber futures prices fell last Friday. As of January 9, the Shanghai Futures Exchange's natural rubber inventory increased by 3345 tons to 120950 tons, and the futures warehouse receipts increased by 3900 tons to 104490 tons. The 20 - grade rubber inventory decreased by 2015 tons to 59270 tons, and the futures warehouse receipts decreased by 1007 tons to 56952 tons [4]. Soybean Meal - Internationally, China has purchased nearly 10 million tons of US soybeans, reaching 80% of the negotiated purchase plan. Brazilian soybeans are mostly sown, and early - maturing soybeans are entering the harvest period. It is estimated that Brazil's soybean exports to China in 2026 will be 77 million tons, a decrease of 10 million tons from 2025. - Domestically, on January 9, the soybean meal main contract M2505 closed at 2786 yuan/ton, up 0.14%. Last week, the soybean crushing of oil mills slowed down, and the imported soybean inventory increased slightly. The domestic soybean meal inventory was 1.135 million tons, a decrease of 41,000 tons from the previous week. High - level soybean meal inventory will hinder price increases [6]. Live Pigs - On January 9, the live pig main contract LH2603 closed at 11770 yuan/ton, up 0.43%. The group farms have completed their annual slaughter plans, and the slaughter plan of breeding enterprises in January has been reduced. The demand side has strong seasonal consumption, which supports the price in the short term. However, the medium - and long - term supply pressure has not been fundamentally alleviated [7]. Shanghai Copper - Last Friday, the Shanghai copper main contract showed an upward trend, closing at 102220 yuan/ton. The macro - level has a strong easing expectation, and the supply of global copper mines remains tight. Although it is currently in the consumption off - season, emerging industries bring long - term demand growth. It is predicted that global copper demand will increase by 50% in 2040 [8]. Cotton - On Friday night, the Zhengzhou cotton main contract closed at 14490 yuan/ton, and the cotton inventory increased compared with the previous trading day. The downstream yarn mills' purchasing power has weakened [8]. Iron Ore - On January 9, the iron ore 2605 main contract closed down 0.73% at 814.5 yuan. The shipment of Australian and Brazilian iron ore has decreased, the arrival volume has increased slightly, and the port inventory has continued to accumulate. The short - term iron ore price is in a volatile trend [8]. Logs - On January 9, the log 2603 main contract opened at 780.5, with a lowest of 771, a highest of 780.5, and closed at 774.5, with a decrease of 258 lots in positions. The spot - end support needs to be concerned [8]. Asphalt - On January 9, the asphalt 2603 main contract closed up 0.51% at 3171 yuan. The current asphalt supply is at a low level, the inventory has accumulated, the downstream procurement is cautious, and the demand has decreased significantly. Supported by the cost of crude oil, the short - term price shows a volatile trend [10]. Steel - The current supply - demand fundamentals of building materials are stable, with low production, low consumption, and low inventory. After the New Year's Day, the building materials will enter the winter storage market. The plate is still restricted by high inventory, and the inventory pressure remains after the steel mills resume production. The black commodities are strong in the short term, but the fundamentals need to be tested later [10]. Alumina - The bauxite price has slightly declined, and the port inventory has slightly decreased. The domestic alumina production capacity is at a high level, and the supply has slightly decreased. The demand for alumina has increased slightly due to the release of new electrolytic aluminum production capacity [10]. Shanghai Aluminum - The raw material alumina price is low, and the electrolytic aluminum plant's theoretical profit is good, with a positive production start - up sentiment. The domestic electrolytic aluminum new production capacity has been put into operation, and the supply is relatively stable. Due to the off - season, the downstream new orders have decreased, and the aluminum ingot inventory has continued to accumulate [10].