天眼查App显示，近日，云南钼钼钼贸易有限责任公司成立，法定代表人为黄勇，注册资本300万人民 币，经营范围为一般项目：金属矿石销售；非金属矿及制品销售；新型金属功能材料销售；选矿（除稀 土、放射性矿产、钨）；金属材料销售；金属结构销售；建筑材料销售；轻质建筑材料销售；建筑装饰 材料销售；保健食品（预包装）销售；食品互联网销售（仅销售预包装食品）；社会经济咨询服务；技 术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；日用百货销售；五金产品批发；销售 代理；国内贸易代理。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

12月初，总部位于瑞士的摩科瑞能源集团向伦敦金属交易所（LME）的亚洲仓库发出通知，计划提取超过4万吨铜。按当前价格计算，这批金属价值高达4.6 亿美元。 这只是摩科瑞金属布局的冰山一角。去年加入摩科瑞、负责该公司金属业务快速扩张的科斯塔斯·宾塔斯上周直言不讳地预测："如果世界继续这样发展下 去，美国以外的世界其他地方将失去阴极铜。" 2025 年 12 月，国际大宗商品市场被一则消息引爆：全球顶尖贸易商摩科瑞（Mercuria）启动史上最大规模的铜现货转移行动，计划从伦敦金属交易所 （LME）亚洲仓库提取超过 4 万吨精炼铜，跨洋运往美国本土。 摩科瑞的动作精准且迅猛。12 月 2 日，该公司集中取消 LME 亚洲仓库的铜仓单，单日触发的提货申请量激增至 5.69 万吨，创下自 2013 年以来的最大单日 增幅，其中摩科瑞主导的 4 万多吨占比超 70%，直接占据 LME 总库存的 35%。 这些铜材从新加坡、韩国等亚洲仓库启运，通过远洋货轮分批驶向美国东海岸，目的地直指纽约商品交易所（COMEX）指定交割仓库。 据行业知情人士透露，首批 1.2 万吨铜已在 12 月中旬抵达休斯顿港，后续批次将在月底前完成 ...

Core Viewpoint - A Swiss trading company, Mercuria, executed a significant copper withdrawal from LME warehouses in Asia, indicating a strategic move to capitalize on price differentials and potential tariff implications in the U.S. market [1][3]. Group 1: Market Dynamics - Mercuria's withdrawal of over 40,000 tons of copper on December 2, valued at approximately $460 million, led to a surge in LME warehouse copper withdrawal requests, reaching the highest single-day increase since 2013 [1]. - The U.S. market is experiencing heightened demand for copper, driven by policy expectations and potential tariffs, prompting traders to rush shipments to the U.S. before any new tariffs are implemented [3][5]. - The current market conditions have resulted in a significant price disparity, with Comex copper futures trading over $1,400 per ton higher than LME prices, creating what Mercuria's executives describe as an optimal arbitrage opportunity [3]. Group 2: Inventory and Pricing Effects - The movement of copper to the U.S. has caused a severe imbalance in global inventory distribution, with U.S. warehouses overflowing while LME inventories are rapidly depleting; Mercuria's withdrawal accounted for 35% of LME's total inventory at that time [6]. - The drastic reduction in LME inventory has led to a sharp increase in spot prices, with the premium for immediate delivery copper rising to $88 per ton by early December, a reversal from the previous month when futures prices were higher [8]. - The upcoming LME contract settlement date on December 17 raises concerns for short sellers who may struggle to fulfill delivery obligations due to low inventory levels, potentially triggering a "short squeeze" that could further elevate prices [8]. Group 3: Supply Chain and Production Challenges - Global copper supply is under pressure, with significant production disruptions reported from major mines, including a projected reduction of 200,000 tons from Indonesia's Grasberg mine due to a landslide [11]. - Chilean copper mines are also facing operational issues, leading to lowered production targets, highlighting the fragility of the copper supply chain [11]. - The increasing demand for copper from sectors such as electric vehicles, renewable energy, and data centers is expected to sustain long-term growth in copper consumption, further complicating supply dynamics [11]. Group 4: Mercuria's Strategic Positioning - Mercuria has transitioned from a traditional oil trading giant to a significant player in the metals trading sector, employing a "light asset" model that leverages financial instruments to secure upstream supply agreements [13]. - The recent copper withdrawal exemplifies Mercuria's ability to influence market dynamics and pricing structures, showcasing its growing power in the copper market [13]. - The ongoing "copper relocation" led by trading giants like Mercuria is reshaping global resource flows, reflecting broader concerns over resource security amid geopolitical uncertainties [13].

Core Viewpoint - Citi predicts that copper prices will average $13,000 per ton in Q2 of next year due to supply shortages caused by U.S. stockpiling, with multiple bullish factors supporting the upward trend until 2026 [1][4]. Group 1: Price Predictions - Citi's analysts forecast a 2.5% increase in global copper end-use consumption next year [4]. - Currently, copper prices have risen by 1.97% to $11,675 per ton, surpassing earlier highs this week [2]. - The copper market is expected to enter a structural shortage next year, with a significant supply gap projected over the next decade due to strong demand and limited supply [6]. Group 2: Market Dynamics - The expectation of U.S. import tariffs is causing metal flows to the U.S., leading to inventory depletion in other major regions [6]. - Global exchange copper inventories have surged to over 656,000 tons, the highest level since 2018, with about 60% stored in U.S. warehouses, indicating regional imbalances in the market [9]. - JPMorgan describes the current situation as a "more volatile and urgent bullish mid-stage" for copper prices, driven by the U.S. siphoning effect [9]. Group 3: Long-term Outlook - Citi emphasizes that macroeconomic and fundamental improvements will support its confidence in rising copper prices, driven by lower interest rates, U.S. fiscal expansion, European military restructuring, and energy transition [10]. - Goldman Sachs shares a long-term bullish stance based on structural factors, including strong demand in power infrastructure, AI, and defense sectors, alongside constrained mining supply [10].

智通财经APP获悉，全球大宗商品交易巨头Mercuria Energy Group Ltd.正在加速囤积铜，以应对美国潜 在关税引发的全球供应短缺。知情人士透露，该公司已向伦敦金属交易所(LME)监管的仓库申请提取约 5万吨的铜，为十多年来最大规模的撤库动作，并直接推动铜价冲向每吨11,500美元的历史高位。 今年以来，全球铜贸易格局因美国总统特朗普宣布对铜加征关税的计划而发生剧烈动荡。2月的关税威 胁导致纽约铜期货价格大幅跑赢LME铜价，引发包括 Mercuria、托克(Trafigura)与嘉能可(GLNCY.US)在 内的交易商利用套利窗口大量涌入美国市场，导致美国铜进口创纪录增长。 7月末，特朗普突然宣布货品级铜暂不纳入关税，使套利交易短暂中断。但随着他承诺在2026年重新审 视对初级铜加税计划，加上纽约期铜近期再度暴涨，贸易商再次加速把金属运往美国，以抢在关税落地 前提前备货。 Mercuria负责金属业务快速扩张的主管Kostas Bintas上周表示，随着贸易热潮再次升温，他预期铜价将 在未来数周"更深地突破历史区间"，并警告明年第一季度美国以外的买家可能面临"严重短缺"。他 称："如果全球供应 ...

Group 1 - The core viewpoint is that the copper market is expected to tighten again next year, leading to new highs in copper concentrate and refined copper prices, with a projected shortfall of approximately 500,000 tons in the global copper concentrate market [1] - The limited supply growth and increasing demand from new smelters outside of China are the main reasons for the anticipated shortfall, which is consistent with this year's situation [1] - The refined copper market is currently experiencing an oversupply of 350,000 to 400,000 tons, a significant revision from the previous estimate of a 300,000-ton shortfall made in May [1] Group 2 - Mercuria, along with other energy traders like BGN and Gunvor, is expanding into metal trading, betting on structural changes in the global energy system to be profitable [2] - Over the past 12 months, Mercuria has invested nearly $2 billion, trading approximately 1 million tons of copper and 1.5 million tons of copper concentrate [2]

Core Insights - The report highlights the changes in LME (London Metal Exchange) inventory levels for various metals, indicating fluctuations in supply and demand dynamics in the market. Inventory Changes - Copper inventory increased by 725 tons, reaching a total of 155,750 tons, reflecting a rise of 0.47% [1] - Aluminum inventory decreased by 2,050 tons, totaling 545,950 tons, which is a decline of 0.37% [1] - Zinc inventory saw an increase of 100 tons, bringing the total to 47,425 tons, marking a rise of 0.21% [1] - Lead inventory remained unchanged at 2,53482 tons, with a slight decrease of 0.18% in registered warrants [1] - Tin inventory remained stable at 3,085 tons, with no change reported [1] Warehouse Specific Changes - In the copper category, the registered warrants decreased by 16.60% to 5,525 tons, while the total inventory increased by 1.23% [2] - For aluminum, the registered warrants increased by 7.99% to 61,850 tons, while the total inventory decreased by 1.35% [2] - Zinc registered warrants decreased by 13.99% to 3,075 tons, with a total inventory increase of 1.37% [2] - The aluminum category showed a significant registered warrant percentage of 54.94%, indicating a high level of inventory tied up in warrants [2] Location-Based Inventory - Specific locations such as Kaohsiung and Rotterdam reported varying changes in inventory levels, with Kaohsiung's copper inventory increasing by 1,800 tons [4] - The aluminum inventory in locations like Klang and Kaohsiung showed consistent levels, while Rotterdam's registered warrants saw a significant increase [5] - Zinc inventory in Singapore decreased by 375 tons, while Kaohsiung's inventory increased by 450 tons [9] Summary of Registered and Cancelled Warrants - The overall trend indicates a mixed performance across different metals, with some experiencing increases in inventory while others face declines in registered warrants [2][4][5]

天眼查App显示，近日，赣州如日贸易有限公司成立，法定代表人为何伟，注册资本30万人民币，经营 范围为一般项目：金属矿石销售，非金属矿及制品销售，劳务服务（不含劳务派遣），建筑材料销售， 金属材料制造，金属材料销售，建筑用钢筋产品销售，锻件及粉末冶金制品销售，锻件及粉末冶金制品 制造，新型金属功能材料销售，有色金属合金制造，有色金属合金销售，常用有色金属冶炼，装卸搬 运，总质量4.5吨及以下普通货运车辆道路货物运输（除网络货运和危险货物）（除依法须经批准的项 目外，凭营业执照依法自主开展经营活动）。 ...

Group 1 - The core viewpoint of the news is that CITIC Metal has experienced a significant decline in its stock price, dropping 5.02% to 15.13 CNY per share, with a total market capitalization of 741.37 billion CNY and a cumulative decline of 7.11% over three consecutive days [1] - CITIC Metal's main business involves trading in metal and mineral products, with revenue composition being 80.20% from non-ferrous metals, 19.46% from ferrous metals, and minor contributions from other trades [1] - The trading volume for CITIC Metal reached 8.32 billion CNY, with a turnover rate of 10.77% [1] Group 2 - From the perspective of major shareholders, Southern Fund's Southern CSI 500 ETF reduced its holdings by 211,100 shares in the third quarter, now holding 7,922,500 shares, which is 1.58% of the circulating shares [2] - The estimated floating loss for the Southern CSI 500 ETF today is approximately 6.338 million CNY, with a total floating loss of 9.6654 million CNY during the three-day decline [2] - The Southern CSI 500 ETF has a total scale of 140.098 billion CNY, with a year-to-date return of 28.29% and a one-year return of 23.95% [2]

Core Viewpoint - The company has signed a maximum guarantee contract with Agricultural Bank of China to provide a guarantee of up to 800 million yuan for its wholly-owned subsidiary's operational needs [1] Group 1: Guarantee Details - The guarantee covers the principal, interest, penalty interest, compound interest, liquidated damages, compensation for damages, and costs related to the realization of creditor's rights [1] - The guarantee is not backed by any counter-guarantee and falls within the approved external guarantee plan for 2025, thus no additional review procedures are required [1] Group 2: Financial Position - As of the announcement date, the total external guarantees provided by the company and its controlling subsidiaries amount to approximately 4.00 billion yuan, which represents 182.29% of the company's most recent audited net assets [1] - There are no overdue guarantees reported by the company [1]