格隆汇2月21日｜伦敦金属交易所(LME)20日宣布，将永久实施旨在限制大额交易头寸影响的全面规 则，以控制铝等金属市场的价格剧烈波动。若持仓者在合约到期前一个月内持有的头寸超过LME仓库 系统可用库存的50%，则必须以封顶的利率(即低价或零成本)将头寸借给其他买家，直到持仓比例降至 50%以下。与2025年的临时规则相比，此次不仅扩大了适用范围，还将前端月份的期权头寸纳入监管框 架。此举是针对Mercuria、Vitol和Gunvor等大型贸易巨头在铝市场积累巨额头寸(有时甚至超过可用库 存)的回应。 ...

法国巴黎银行也加入了包括高盛集团在内的多家银行行列，警告铜价已脱离基本面。铜价自2025年年中以来持续上涨，原因包括供应中断、对这 种能源转型关键金属的长期强劲需求前景等。 上周铜价一度突破每吨14500美元，随后整个金属市场出现更广泛的抛售。伦敦金属交易所铜价上涨0.7%，结算价报每吨12994美元，将其周跌幅 收窄至1.2%，其他基本金属亦小幅走高。 永安期货在周报观点中谈到，本周铜价双向巨幅波动，整体来看，当前美国虹吸库存能力逐渐消失，引发市场对于美国高库存交仓LME整体评估 以及亦或流出美国的担忧。（闻辉） 【环球网财经综合报道】据彭博社消息，本周铜价小幅上涨，美元走软支撑大宗商品，交易员持续关注投机热潮后疲软的需求状况。 报道称，铜价本周走势震荡，2月6日，随着美元在美交易时段走软，使得使用其他货币的买家购买大宗商品成本降低，铜价再次小幅上扬。咨询 机构SMM调研显示，许多铜厂将暂停停产以避免价格波动风险。凸显近期消费前景疲弱的是，伦敦、上海和纽约期货交易所监控的仓库库存已升 至2003年以来的最高水平。 ...

新华财经伦敦2月4日电 伦敦金属交易所基本金属价格4日收盘时普遍下跌。 截至当天收盘，3个月期铜收于每吨13040.00美元，比前一个交易日的收盘价每吨下跌370.00美元，跌幅 2.76%。 3个月期铝收于每吨3059.00美元，比前一交易日的收盘价每吨下跌40.00美元，跌幅为1.29%。 3个月期镍收于每吨17330.00美元，比前一个交易日的收盘价每吨下跌65.00美元，跌幅为0.37%。 3个月期锡收于每吨48360.00美元，比前一交易日的收盘价每吨下跌1935.00美元，跌幅为3.85%。 3个月期锌收于每吨3305.50美元，比前一交易日的收盘价每吨下跌17.50美元，跌幅为0.53%。 分析来看，当日美元指数小幅走强，给以美元计价的基本金属带来压力。 （文章来源：新华财经） 3个月期铅收于每吨1967.00美元，比前一交易日的收盘价每吨上涨5.50美元，涨幅为0.28%。 ...

Summary of Conference Call Notes Industry Overview - The notes discuss the copper market, highlighting significant price fluctuations and trading activity influenced by the Chinese market and investor sentiment [1][2]. Key Points and Arguments - Copper prices experienced a sharp decline, dropping 3.3% to $12,722 per ton on Monday after reaching a historical high of over $14,500 per ton the previous Thursday [1]. - The price fell below $13,000 per ton during trading on Friday, indicating volatility in the market [1]. - Investor behavior shifted as funds were withdrawn from currencies and sovereign bonds, impacting both base and precious metals markets, particularly due to strong interest from Chinese investors [1]. - The decline was exacerbated by the nomination of Kevin Warsh, known for his tough stance on inflation, to lead the Federal Reserve, which raised concerns among investors [1]. Additional Important Content - Analyst Gao Yin from Shuohe Asset Management noted that some funds are exiting the market ahead of the Lunar New Year to avoid risks associated with volatility, yet there remains a strong bullish consensus among Chinese investors regarding copper [2]. - January was recorded as the busiest month in metal trading history, with copper futures trading volume reaching an all-time high during the recent sell-off [2]. - Despite the strong demand outlook and tight supply, the recent surge in copper prices occurred against a backdrop of stagnation in Chinese manufacturing activity [2]. - As of 10:20 AM Shanghai time, LME copper was down 1.9% to $12,907 per ton, following a 3.4% drop on Friday; other metals like aluminum and tin also saw declines [2].

过去一周，基本金属和贵金属市场始终被强烈的投资者兴趣(尤其在中国)所主导，这源于市场对美元前 景的疑虑以及资金从货币和主权债券中轮动流出。上周五的下跌则是由美国总统特朗普提名以强硬抗击 通胀著称的凯文.沃什执掌美联储所触发。"一些基金在春节前退出市场，以规避如此高波动性下的风 险，"硕河资产管理公司分析师高银表示。"然而，支撑本轮上涨的中长期逻辑并未改变。中国投资者之 间存在着一致看涨的共识。" 一月是上海期货交易所有史以来金属交易最活跃的月份，铜的交易量在上周五的暴跌中飙升至创纪录高 位。由于需求前景强劲且供应紧张，铜被视为具有吸引力的押注标的，但上周的价格飙升甚至发生在中 国制造业活动停滞的背景下。 铜价进一步下跌，延续了上周五的深跌走势。此前数日，受中国市场多空力量激烈博弈推动，金属市场 经历剧烈震荡，交易员们正在研判后续走势。 周一，伦敦金属交易所(LME)铜价延续上周跌势，截至发稿，LME铜价下跌3.92%，至每吨12,653美 元，此前上周五已下跌3.4%。上周四，铜价曾飙升至每吨14,500美元以上的历史高位，随后在上周五的 盘中交易中跌破13,000美元。 ...

每经AI快讯，1月30日，伦敦金属交易所恢复交易。 ...

伦敦金属交易所（LME）今日因技术问题延迟开盘，暂无恢复时间表。 作为全球所有主要基本金属的定价中心，伦敦金属交易所通常于伦敦时间凌晨1点（北京时间9点）开始 交易。 （文华综合） ...

Group 1 - Copper prices surged to a historic high of over $14,000 per ton on the London Metal Exchange (LME), driven by strong demand expectations and speculative buying, alongside a weak dollar and geopolitical concerns [1][2] - Speculators are ignoring warnings from analysts about high prices potentially suppressing physical demand from industrial consumers, as well as the current supply-demand fundamentals not supporting such prices [2] - The three-month LME copper price increased by 6.3% to $13,911.50 per ton, with an intraday peak of $14,125, marking the largest single-day increase in years, driven by aggressive speculative trading [2] Group 2 - In China, copper prices closed at 109,110 yuan per ton, up 6.7% from the previous trading day, with an intraday high of 110,970 yuan [3] - Despite weak physical demand, copper prices rose, influenced by a surge in investment in physical assets and geopolitical tensions that have also pushed gold and silver to historic highs [3] - The dollar index's decline supports metal prices, making dollar-denominated commodities more attractive to buyers using other currencies [3] Group 3 - Other base metals also saw price increases, with three-month LME aluminum rising by 1.5% to $3,306 per ton, zinc up 3.83% to $3,493 per ton, lead up 1.36% to $2,044.5 per ton, nickel up 3.78% to $18,960 per ton, and tin up 1.10% to $56,570 per ton [3]

Core Viewpoint - The London Metal Exchange (LME) has seen a broad increase in metal prices, with several commodities reaching new highs [1] Price Movements - Three-month copper on the LME rose by 7.05%, reaching $14,009.0 per ton [1] - Three-month lead on the LME increased by 1.56%, reaching $2,048.5 per ton [1] - Three-month tin on the LME rose by 2.32%, reaching $57,250.0 per ton [1] - Three-month zinc on the LME increased by 2.87%, reaching $3,460.5 per ton [1] - Three-month nickel on the LME rose by 3.05%, reaching $18,828.0 per ton [1]

智通财经APP获悉，有媒体报道称，作为大宗商品交易市场最成功的对冲基金之一，总部位于美国的对 冲基金巨头城堡投资(Citadel)终于迈入工业金属领域，这也意味着在铜到锡等工业金属价格近期屡次实 现创纪录新高之后，这家华尔街投资巨头改变了多年来回避这一交易板块的谨慎立场。 媒体援引知情人士透露的消息报道称，由肯·格里芬(Ken Griffin)领导的这家对冲基金巨头已聘请伊兰·阿 德勒(Ylan Adler)担任投资组合经理，其职责为负责跨大宗商品配置，其中金属交易将是关键组成部 分。此举发生在各大投资机构围绕工业金属以及黄金、白银等贵金属交易兴趣持续高涨之际，随着市场 愈发火热，许多对冲基金与大宗商品贸易商纷纷扩大对该领域的布局。 据了解，城堡投资的大宗商品业务近年已录得非常可观的投资收益数据——仅在2022年就实现盈利约80 亿美元，其成功也触发了一波竞争对手的"大宗商品挖人潮"，试图效仿其路径。迄今为止，该业务主要 聚焦能源市场，并已成为美国最大规模的实物天然气交易商之一。 相较于其部分竞争对手对于金属交易人才的大规模招聘狂潮，聘用阿德勒只是一个温和的动作，但这仍 标志着这家总部位于迈阿密的投资巨头立场 ...