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伦铜价格偏强震荡 8月6日LME铜库存增加2275吨
Jin Tou Wang· 2025-08-07 03:09
Group 1 - LME copper futures prices showed a slight increase, opening at $9,665 per ton and currently trading at $9,689 per ton, with a peak of $9,700 per ton and a low of $9,665 per ton, reflecting a 0.16% increase [1] - On August 6, LME copper futures opened at $9,625 per ton, reached a high of $9,708 per ton, and closed at $9,681 per ton, marking a 0.50% increase [2] - The current spot price of electrolytic copper in Shanghai-London ratio is 8.11, with an import loss of -141.8 yuan per ton, improving from a previous loss of -262.02 yuan per ton [2] Group 2 - As of August 6, LME registered copper warrants totaled 145,200 tons, with canceled warrants at 10,925 tons, a decrease of 1,075 tons; total copper inventory increased by 2,275 tons to 156,125 tons [2] - A survey of 74 domestic recycled copper rod production enterprises, covering a capacity of 8.19 million tons, indicated that the actual production of recycled copper rods in July 2025 was 216,700 tons, a month-on-month decrease of 13.74% [2] - The capacity utilization rate for domestic recycled copper rods in July 2025 was 26.73%, down 5.29% month-on-month and 3.44% year-on-year [2]
金属周报 | 当反内卷遇上关税战:铜的“政策红利”与黄金的“避险溢价”
对冲研投· 2025-07-21 12:09
Group 1 - The overall macroeconomic environment last week was neutral to slightly positive, with Trump initially pressuring Powell and rumors of his potential dismissal, which led to a temporary rebound in copper prices before being denied by Trump [1][3] - Inflation data met expectations, reflecting the impact of tariffs on inflation, which caused the market to reduce expectations for interest rate cuts later this year, putting pressure on prices [1][3] - Gold prices showed a strong performance, supported by market resilience and expectations of potential interest rate cuts, despite ongoing tariff risks [4][50] Group 2 - Last week, COMEX gold fell by 0.44% and silver by 1.66%, while SHFE gold and silver rose by 0.45% and 2.58% respectively [2] - The copper market saw a slight rebound, with SHFE copper prices returning above 79,000 yuan/ton, driven by positive sentiment from urban renewal meetings and expectations of further measures against "involution" [6][49] - The copper concentrate TC weekly index was -43.20 USD/ton, showing a slight increase, with the market remaining relatively stable [8] Group 3 - The COMEX copper price curve shifted upward, maintaining a contango structure, while COMEX copper inventories exceeded 240,000 tons, indicating potential for further accumulation [6] - The domestic market for electrolytic copper saw a slight increase in inventory, with total stocks at 144,400 tons, reflecting limited demand from downstream processing enterprises [14] - The processing fees for 8mm refined copper rods increased, particularly in East China, although overall demand remains limited due to seasonal factors [16] Group 4 - The gold and silver prices fluctuated at high levels, with COMEX gold trading between 3,314 and 3,389 USD/oz, and silver between 37.6 and 39.6 USD/oz [19] - COMEX gold inventory increased by approximately 445,000 ounces to 37.19 million ounces, while silver inventory rose by about 232,000 ounces to 49.724 million ounces [35] - The SPDR gold ETF holdings decreased by 4 tons to 944 tons, while SLV silver ETF holdings fell by 100 tons to 14,658 tons, indicating a shift in market sentiment [40]
多地价格同步上涨!今日国内废铜回收市场最新价格,供参考
Sou Hu Cai Jing· 2025-07-18 13:59
Core Viewpoint - The waste copper market experienced significant price fluctuations over a week, driven by futures market dynamics, supply chain adjustments, and policy changes [2][6]. Group 1: Price Fluctuations - On July 10, the price of bright copper dropped by 200 yuan/ton to 72,200 yuan/ton, with a nationwide average falling to 65,000 yuan/ton, marking a single-day decline of 600 yuan, the lowest of the year [2]. - The futures market saw the main copper contract (CU888) drop over 500 yuan/ton from July 9 to 10, leading to panic selling in the waste copper market [2]. - By July 16, the main copper contract stabilized at 78,020 yuan/ton, prompting a recovery in waste copper prices, with the national average rising to 70,630 yuan/ton [2]. Group 2: Regional Price Competition - As of July 17, the price of bright copper wire in Nanyang and Xi'an reached 70,690 yuan/ton, only 10 yuan lower than Shanghai, with a previous price difference of 150 yuan a month prior [4]. - The transportation time for waste copper from North China to East China decreased from 5 days to 3 days, reducing transportation costs by 30 yuan/ton [4]. - The competition reshaped price tiers, with Nanyang and Xi'an in the top tier (70,680-70,690 yuan/ton) due to strong demand from local motor manufacturing [5]. Group 3: Quality Differentiation - On July 17, the average price of bright copper wire was 70,645 yuan/ton, while crushed yellow brass was priced at 68,230 yuan/ton, showing a price difference of 2,415 yuan [5]. - High-purity waste copper, such as bright copper wire, is increasingly viewed as "hard currency" in the market due to its critical role in battery-grade copper foil production [5]. Group 4: Market Dynamics and Policy Impact - The relationship between futures and waste copper prices is defined as: waste copper price = futures copper price × 90% - processing fee ± regional premiums [6]. - The implementation of new recycling regulations in Shanghai benefits compliant companies through a VAT refund policy, saving 420 yuan per ton of waste copper [6]. - Technological advancements, such as the use of laser sorting machines, have significantly improved waste copper recovery efficiency and purity, further driving up prices for high-grade copper [6].
新能源及有色金属日报:特朗普声称将会对铜加征50%关税-20250709
Hua Tai Qi Huo· 2025-07-09 05:29
新能源及有色金属日报 | 2025-07-09 特朗普声称将会对铜加征50%关税 市场要闻与重要数据 期货行情: 2025-07-08,沪铜主力合约开于 79370元/吨,收于 79620元/吨,较前一交易日收盘0.44%,昨日夜盘沪铜主力合约 开于 79,590元/吨,收于 80,300 元/吨,较昨日午后收盘上涨0.69%。 现货情况: 据 SMM 讯,昨日电解铜现货市场延续弱势运行。SMM1#电解铜报价79,660-79,930元/吨,当月合约升水40-130元 /吨,均价85元/吨,较前日收窄10元。沪铜07合约早盘下探79,570元/吨后反弹,但未能站稳79,800元关口,最终收 于79,750元/吨。市场呈现三个显著特征:一是月差持续收敛(250→190元/吨),二是区域分化加剧(常州平水下方 成交),三是品牌价差扩大(好铜升水100-120元/吨全数成交,而进口货源贴水20-30元/吨)。随着交割日临近,在 月差维持200元/吨以上的背景下,预计持货商仍将积极调降升水以促成交易,现货溢价或进一步承压。 重要资讯汇总: 宏观与地缘方面,特朗普称,关税将于8月1日开始征收,不会给予任何延期,将对进口 ...
沪铜日评:国内铜冶炼厂5月检修产能或环增,国内电解铜社会库存量环比增加-20250520
Hong Yuan Qi Huo· 2025-05-20 05:38
Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The easing of mutual tariffs between China and the US has led to expectations of a rush to export, but the traditional off - season for consumption is approaching. The domestic electrolytic copper social inventory has increased compared to last week, which may cause the Shanghai copper price to fluctuate widely. It is recommended that investors wait and see, paying attention to the support and pressure levels of Shanghai copper, London copper, and US copper [4]. 3. Summary by Related Content Market Data - **Shanghai Copper Futures**: On May 19, 2025, the closing price of the active contract was 77,820, down 320 from the previous day; the trading volume was 82,415 lots, an increase of 10,104; the open interest was 171,235 lots, a decrease of 9,255; and the inventory was 61,913 tons, a decrease of 1,334 [2]. - **Spot Prices and Basis**: The average price of SMM 1 electrolytic copper was 78,110, down 720; the Shanghai copper basis was 290, down 400; the spot premiums and discounts in different regions showed varying degrees of decline [2]. - **Spread**: The spread between near - month and far - month contracts of Shanghai copper showed minor changes, with the spread between near - month and continuous - first contracts increasing by 10, and the spreads between continuous - first and continuous - second, continuous - second and continuous - third contracts decreasing [2]. - **London Copper and COMEX Copper**: The LME 3 - month copper futures closing price (electronic trading) was 9,523.5, up 76; the total inventory of registered and cancelled warrants was 0, a significant decrease of 174,325; the COMEX copper futures active contract closing price was 4.6635, down 0.02, and the total inventory weight was 170,380, an increase of 1,817 [2]. Industry News - **Mine Operations**: The Zaldivar copper mine in Chile has received environmental approval to extend its operation until 2028; the Antamina copper mine in Peru has started to resume production; some mines in Poland, Kazakhstan, and other places have suspended production due to various reasons [2][4]. - **Production and Expansion Projects**: Multiple copper mine and smelter projects have production, expansion, or suspension plans. For example, the ACS - Metalstopes metal mine's fluidized copper ore expansion project will be put into production in Q1 2020; the second - phase project of some copper mines may increase production capacity in 2025 [4]. - **Trade and Policy**: The US budget resolution includes tax cuts and debt ceiling increases; the US economic data may lead to Fed rate cuts; trade disputes and export policies affect copper trade, such as the export approval and higher export tax for Indonesian copper concentrate [3][4]. Downstream Market - **Copper Rod Enterprises**: The new orders and long - term order executions of refined copper rod enterprises have significantly decreased, and the capacity utilization rates of refined and recycled copper rod enterprises have increased, with changes in raw material and finished product inventories [4]. - **Other Downstream Products**: The capacity utilization rates of various copper products such as copper wires and cables, electrolytic copper rods, recycled copper rods, copper clad wires, steel strips, copper foils, copper tubes, and brass rods may decline due to factors such as high copper prices, trade policies, and market demand [4].
【铜铝指数】5月7日:今日现货铜价上涨、铝价继续大跌!LME铜价同期上涨、铝价同期下跌
Sou Hu Cai Jing· 2025-05-07 07:04
Price Movements - Copper prices have shown a slight increase, with the price at 78,480 CNY/ton, up by 150 CNY/ton [2] - The price of electrolytic copper in Guangdong has seen a rise, with market quotations for flat copper increasing by 130-200 CNY/ton [3] - The price of recycled copper has also increased, following the upward trend in copper prices [4] Inventory Trends - Copper inventory in the LME has decreased by 400 tons, totaling 197,300 tons [2] - The Shanghai Futures Exchange (SHFE) copper inventory has significantly dropped by 27,446 tons, now at 89,307 tons [2] - Post-holiday, the electrolytic copper inventory in Guangdong is expected to continue to accumulate slightly due to increased arrivals [3] Market Dynamics - The market for recycled copper is experiencing a recovery in trading atmosphere, with downstream copper plants actively seeking to replenish their stocks after the holiday [4] - There is a mixed response from downstream copper manufacturers regarding procurement, with some showing strong demand while others remain cautious [4] - The trading volume for copper rods in Guangdong has been stable, with a notable demand for replenishment after the holiday [5]