【文/观察者网 王一】在美国亚利桑那州一座古老矿镇的边缘，自由港麦克莫兰公司（Freeport- McMoRan）在该国唯一的铜冶炼厂正不分昼夜地运转着。熊熊烈焰从厂房内喷涌而出，仿佛一座工业 火山。数百名工人身穿隔热服和防火面罩，在高温车间中将熔融金属浓缩液转化为规则的铜板，然后运 往得克萨斯州埃尔帕索市的精炼厂，最终制成用于电线的铜卷。 这家工厂是美国目前仅剩的三家铜冶炼厂之一。据美国彭博社近日报道，它是美国几近灭绝的矿产供应 链的珍贵遗存，也揭示了特朗普政府在重建美国关键矿产供应链过程中所面临的挑战。 报道称，美国铜储量非常丰富，甚至高于中国，但美国从发现一个铜矿床到开始生产平均需耗时29年， 是仅次于赞比亚的全球开发周期第二长的国家。即使特朗普政府能加快审批流程，美国仍缺乏足够的冶 炼和精炼设施，无法在国内完成这些矿石的加工。 彭博社介绍，自由港麦克莫兰公司在亚利桑那州的铜冶炼厂是20世纪初美国采矿业蓬勃发展时期西南地 区建设的多个冶炼厂之一，现在它是美国为数不多仍在运营的铜冶炼厂之一，但其在美国的运营成本大 约是海外运营的3倍。如今许多矿商都选择在海外加工铜矿，因为那里产能充足，成本更低。 公司位于 ...

证 券 研 究 报 告 行业专题报告 全球十五大铜矿企业一季报汇总 海外铜矿企业有两家产量下滑多，增长主要 依靠中资企业 投 资 要 点 本文总结了智利和智利两个大型产铜国2025年1-4月的月度铜矿项目产量情况，以及12家海外大型铜矿企业和3家中资企业2025年一季度铜矿产量。 秘鲁产量恢复增长，智利产量保持增长势头： 智利1-4月铜矿产量175.2万金属吨，同比+3.57%（+6.03万吨），仍然保持了2024年的增长势头。而秘鲁在经历了2024年产量罕见下滑之后，2025年前4个月产量恢 复增长，1-4月秘鲁铜矿产量89.2万金属吨，同比+5.59%，+4.72万吨。智利的铜矿增长主要来自Escondida项目，主要是更高的采矿强度和原矿入选品位。秘鲁的铜 矿产量增长主要来源于Las Bambas和Toromocho两个大型铜矿的产量增长。同时，智利的Collahuasi铜矿因为入选品位下降，以及秘鲁的Antapaccay铜矿因为原矿剥 采比提升等因素产量出现了不同程度的下滑。 十二家海外铜矿企业产量同比下滑： 投资评级： （ ） 报告日期： 推荐 维持 2025年6月20日 ◼ 分析师：傅鸿浩 ◼ S ...

贵金属日报 | 2025-06-13 月差盈利让持货商积极出货 铜价陷入震荡格局 市场要闻与重要数据 期货行情： 2025-06-12，沪铜主力合约开于 78740元/吨，收于 78610元/吨，较前一交易日收盘-0.86%，昨日夜盘沪铜主力合 约开于 78,600元/吨，收于 78,580 元/吨，较昨日午后收盘下降0.13%。 现货情况： 据 SMM 讯，昨日日内平水铜价差收敛，月差盈利令持货商积极出货。早盘祥光、JCC等升水60-80元/吨，此时铁 峰、金冠、紫金等升水10-20元/吨迅速成交。进入主流交易时段，祥光日内价格迅速回落至升水40-50元/吨，甚至 低价存在少量30元/吨货源。此时其他货源趋向紧俏，紫金、铁峰、红鹭等均有成交至升水30-40元/吨。 展望明日， 铜价走跌下游采购情绪向好，但目前BACK结构下游更倾向换月后采购。于持货商而言，目前贴水出货意愿几无， 预计今日市场依旧小升水成交。 重要资讯汇总： 宏观与地缘方面，6月7日当周初请失业金人数录得24.8万人，高于预期的预期24万人，为2024年10月5日当周以来 新高。美国5月核心PPI月率录得0.1%，低于预期的0.30%。交易员 ...

1. Report Industry Investment Rating - Copper: Cautiously bullish [7] - Arbitrage: On hold - Options: short put @ 77,000 yuan/ton 2. Core View of the Report Currently, downstream consumption is declining due to holiday effects, and the short - term operating rates of copper products and wire and cable may still face pressure. However, the supply at the mine end is still highly disrupted. The continuously low TC price and the strong performance of silver drive up the copper price. Therefore, for copper, it is recommended to mainly conduct buy - hedging on dips, with the buying range between 77,000 yuan/ton and 77,500 yuan/ton [7]. 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes On June 11, 2025, the main Shanghai copper contract opened at 79,150 yuan/ton and closed at 79,290 yuan/ton, up 0.52% from the previous trading day's close. The night - session main contract opened at 78,740 yuan/ton and closed at 78,570 yuan/ton, down 0.77% from the afternoon close of the previous day [1] Spot Situation Near the delivery date, the monthly spread did not improve significantly. Sellers quoted prices above par and were reluctant to sell at a discount. The price difference between brands of flat - water copper converged. The procurement and sales sentiment improved. In the latter half of the week, the supply of flat - water copper was not expected to be loose. Downstream buyers pressured prices due to high copper prices, while sellers were reluctant to sell below par. Some Russian copper was expected to arrive at the end of the week, and downstream buyers were likely to purchase at low prices [2] Important Information Summary - **Macro and Geopolitical Aspects**: US May CPI data were all lower than expected, with core CPI only rising 0.1%. Trump called on the Fed to cut interest rates by 100 basis points. Iran's defense minister said Iran would attack US military bases in the region if the nuclear negotiations failed. The possibility of the sixth - round Iran - US nuclear negotiations over the weekend was decreasing. The EU hoped to extend the trade negotiation time, and the Trump administration was willing to extend the 90 - day tariff suspension period if there was "sincerity" in the negotiations [3] - **Mine End**: An American mining project in Nevada attracted the attention of the US Export - Import Bank, which intended to provide $896 million to support a company in building a copper - molybdenum mine. In April 2025, Codelco's copper production increased by 20.5% year - on - year to 114,600 tons; Escondida's copper production increased by 31% year - on - year to 128,400 tons; Collahuasi's copper production decreased by 13.5% year - on - year to 36,600 tons [4] - **Smelting and Import**: In May, LME's Russian copper inventory decreased by 27,350 tons, including 14,800 tons of "Class 2" Russian copper. The overall LME copper market inventory dropped to the lowest level in nearly two years [5] - **Consumption**: From May 30 to June 5, the capacity utilization rate of domestic refined copper rod enterprises dropped to 74.87%, 1.03 percentage points lower than the previous week and 2.27 percentage points lower than market expectations. The copper cable industry's operating rate was 76.08%, down 2.59 percentage points week - on - week. Some enterprises' new orders decreased by about 10% month - on - month. From January to May, China's automobile sales reached 12.748 million, with new energy vehicles accounting for 44% [6] - **Inventory and Warehouse Receipts**: LME warehouse receipts decreased by 2,000 tons to 119,450 tons compared with the previous trading day. SHFE warehouse receipts decreased by 373 tons to 33,373 tons. On May 19, the domestic electrolytic copper spot inventory was 149,500 tons, a change of 700 tons from the previous week [6] Strategy - **Copper**: It is recommended to conduct buy - hedging on dips, with the buying range between 77,000 yuan/ton and 77,500 yuan/ton [7] - **Arbitrage**: On hold - **Options**: short put @ 77,000 yuan/ton

策略早餐 主要品种策略早餐 （2025.06.12） 商品期货和期权 金属及新能源材料板块 品种：铜 日内观点：78700-81000 中期观点：60000-90000 参考策略：震荡操作思路 核心逻辑： 1、宏观方面，世行在报告中预计， 今年发达经济体经济将增长 1.2%，比此前预测低 0.5 个百分点。其中，将美国经济增速从此前的 2.3%大幅下调至 1.4%。欧元区和日本的经 济增速均被下调至 0.7%。 2、供给方面，2025 年 4 月份智利国家铜业公司(Codelco)铜产量同比增加 20.5%至 11.46 万吨，得益于部分矿山技改完成。必和必拓旗下的 Escondida 铜矿 4 月份铜产量同比 增长 31%至 12.84 万吨，这反映高品位矿石的开采效率提升。由嘉能可和英美资源集团联 合经营的另一座大型铜矿 Collahuasi4 月份铜产量同比下降 13.5%至 3.66 万吨，归因于矿石 品位下降或运营调整。全球铜精矿和废铜短期的格局持续。 3、需求方面，5 月，新能源汽车表现尤为突出，单月销量达 130.7 万辆，同比增长 36.9%。电解铜现货市场方面，重庆地区下游消费进入淡季，叠加 ...

智利国家铜业公司称，4月铜产量同比增长20.5%，达到11.46万吨。(智通财经) ...

智通财经6月11日电，智利国家铜业公司称，4月铜产量同比增长20.5%，达到114600吨。 ...

智利国家铜业公司：4月铜产量同比增长20.5%，达到114600吨。 ...

[Table_Main] 矿业巨头启示录系列之二：跨越时空的 成长，打造一流铜企——FCX 和紫金 报告要点 本篇作为"矿业巨头启示录系列报告"的第二篇，选取自由港（FCX）和紫金 矿业进行分析。我们选取的 2 家公司均属于铜行业的龙头，但所处的阶段有 所不同。紫金作为高速成长的企业，其并购意识、降本文化、培养核心技术等 方面值得我们学习；FCX/PD（FCX"蛇吞象"并购 PD 之后，一举成为最大 的铜企）经历过多轮并购之后，已进入较为成熟阶段，"如何将现有资产利用 最大化"、"如何能从周期性行业波动中屹立不倒"等方面，值得我们深思。 从生命周期来看： 1）发展初期：紫金和 PD 均先深耕本土铜矿。 紫金和 FCX/PD 以自有矿山入手，借力"协同效应"，从而绘制"以点到面" 的国内矿业版图。其中，并购扩张的契机包括"顺势而为"（紫金矿业）、"收 购破产同行"（PD）等。 2）步入成长快车道：并购铸就矿业龙头。 从并购资产类别来看，FCX/PD 以收购公司为主，收购契机是"在确保自己抗 风险能力较强的情况下，收购破产的竞争对手，从而获得多个棕地矿山资源"； 紫金早期更多偏向以收购单个矿山为主，收购策略主要看 ...

智利国家铜业公司：暂未收到地震造成矿场损毁或人员受伤的报告。 ...