伦敦金属交易所(LME)三个月期铜跌5.30%，报12460.5美元/吨；伦敦金属交易所(LME)三个月期锡跌 10.97%，报46255.0美元/吨；伦敦金属交易所(LME)三个月期镍跌7.85%，报16545.0美元/吨。 ...

1月20日（周二），伦敦金属交易所（LME）铜价大幅下跌，在库存水平处于多年高位的情况下，价格 上涨令工业买家望而却步。 伦敦时间1月20日17:00(北京时间1月21日01:00)，LME三个月期铜下跌212美元，或1.64%，收报每吨 12,753.5美元。前一交易日上涨1.3%。 | | 1月20日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 | 张跃 张跃帽 | | 三个月期铜 | | 12,753.50 -212.00 -1.64% | | 三个月期铝 | 3,107.50 | -51.00 -1.61% | | 三个月期锌 | 3,173.00 ↓ | -48.50 -1.51% | | 三个月期铅 | 2,028.50 ↓ | -32.00 -1.55% | | 三个月期镇 | 17,614.00 -519.00 -2.86% | | | 三个月期锡 | 49,412.00 ↑ +154.00 ↑ +0.31% | | Hansen补充说："考鉴于当前世界充满诸多不确定性，金属作为硬资产一直需求旺盛。但就目前而言， 黄金仍是更安全的金 ...

Group 1 - The LME copper inventory decreased by 500 J to 141,125 J, reflecting a change of -0.35% [1][5] - The LME aluminum inventory decreased by 2,000 J to 490,000 J, showing a change of -0.41% [1][6] - The LME zinc inventory decreased by 25 T to 106,700 T, indicating a change of -0.02% [1][10] Group 2 - The registered warehouse stocks for copper increased by 0.44% to 91,025, while the canceled warehouse stocks decreased by 1.76% to 50,100, resulting in a cancellation ratio of 35.50% [3] - The registered warehouse stocks for aluminum remained unchanged at 446,575, while the canceled warehouse stocks decreased by 4.40% to 43,425, leading to a cancellation ratio of 8.86% [3] - The registered warehouse stocks for zinc decreased by 0.26% to 98,125, while the canceled warehouse stocks decreased by 3.11% to 8,575, resulting in a cancellation ratio of 8.04% [3]

Group 1 - The overall inventory levels for various metals have shown fluctuations, with copper decreasing by 1,750 tons (-1.26%) to 137,225 tons, while aluminum decreased by 2,000 tons (-0.40%) to 495,825 tons [1][4] - Tin inventory increased significantly by 490 tons (+9.05%) to 5,905 tons, indicating a positive trend in this metal's stock [1][11] - The registered warehouse stocks for copper are at 115,150 tons, with a decrease of 0.17%, while the canceled warehouse stocks decreased by 6.56% to 22,075 tons, resulting in a cancellation ratio of 16.09% [2][4] Group 2 - Aluminum registered warehouse stocks are at 446,050 tons, remaining unchanged, while canceled stocks decreased by 3.86% to 49,775 tons, leading to a cancellation ratio of 10.04% [2][5] - Zinc inventory decreased by 650 tons to 106,800 tons, with registered stocks at 98,750 tons and canceled stocks at 8,050 tons, resulting in a cancellation ratio of 7.54% [9] - The tin inventory's registered stocks increased by 9.45% to 5,790 tons, while canceled stocks decreased by 8.00% to 115 tons, leading to a cancellation ratio of 1.95% [2][11]

Core Insights - Traders are making record investments in China's metals markets, anticipating a continued rise in base metals and lithium prices [1][2] - Factors such as tightening global metal supply, lower interest rates, and strong industrial demand are driving these investments [2][6] Group 1: Market Activity - Speculators held record-high open interest in base metals like copper, zinc, nickel, tin, lead, and aluminum on the Shanghai Futures Exchange at the end of 2025 and start of 2026 [1] - Trading values for the six base metals on the Shanghai Futures Exchange increased by over 260% year-on-year [2] - In December 2025, the turnover for trades in base metals, gold, and silver reached 37.1 trillion Chinese yuan, equivalent to $5.3 trillion [3] Group 2: Lithium Market - Open interest and trading volume in lithium on the Guangzhou Futures Exchange reached all-time highs in November 2025, despite a decline in December due to increased fees and position caps [4] - Speculators continue to show strong interest in lithium as a key battery and energy transition metal [4] Group 3: Future Outlook - Analysts predict that trading volumes and open interest in Chinese metals markets will remain high in 2026, with most base metals expected to be well-supported [5] - Uncertainty regarding U.S. tariffs and tighter markets due to supply disruptions are expected to further boost metals markets this year [6] - The global aluminum market is anticipated to be tight as China nears its production cap and other producers consider closures due to high energy costs [6]

截止收盘，伦铜报12965.5美元涨263.5美元，涨幅2.07%；伦铝报3149美元涨61美元，涨幅1.98%；伦锌 报3149美元涨18美元，涨幅0.57%；伦铅报2046.5美元涨30元，涨幅1.49%；伦锡报45700美元涨2025美 元，涨幅4.64%；伦镍报17700美元涨635美元；涨幅3.72%。 长江有色网1月10日早讯：周五晚间LME金属期货全线反弹，伦锡领涨创下自2022年3月初以来最高 位。 新浪合作大平台期货开户 安全快捷有保障 ...

Metals selloff hits the brakes on some of the year's hottest trades. ...

Core Insights - S&P Global Energy celebrates the 10-year anniversary of its Platts steel scrap and rebar price benchmarks being used as settlement references for London Metals Exchange futures contracts [1] - The popularity of these contracts indicates a growing demand for risk management solutions in the recycled steel market [1] Industry Overview - S&P Global Energy is recognized as the leading independent provider of information, data, analysis, and benchmark prices across various markets including energy, petrochemicals, metals, shipping, and commodities [1] - The London Metals Exchange launched steel scrap and steel rebar futures contracts on November 23, 2015, with settlements based on the Platts benchmarks [1] Benchmark Details - The Platts benchmark for steel scrap is known as Platts HMS 1/2 80:20 CFR Turkey, which is based on spot physical premium steel scrap delivered to Turkey on a cost and freight basis [1] - The Platts benchmark for steel rebar is referred to as Platts Steel Rebar free-on-board (FOB) Turkey [1]

Leadership Change - Kenny Ives 将卸任 IXM 首席执行官一职，此前他已在该职位工作三年 [1] Company Overview - IXM 是全球第三大金属贸易公司 [1] - IXM 为中国洛钼集团 (CMOC Group) 旗下公司 [1]

Industry Trend - Traditional metals trading faces a new rival: ultra-modern quants [1] Key Players - Glencore and Trafigura are mentioned as established players in metals trading [1]