2月27日（周五），伦敦金属交易所（LME）基本金属涨跌互现，其中期铜周五触及四周最高，且录得 连续第七个月线涨幅，需求乐观情绪盖过了对库存积压的担忧。 | | 2月27日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 | 张跃 张紫幅 | | 三个月期铜 | 13,343.50 ↑ | +39.00 ↑ +0.29% | | 三个月期铝 | 3.140.00 ↓ | -17.50 -0.55% | | 三个月期锌 | 3,317.00 ↓ | -61.50 -1.82% | | 三个月期铅 | 1,962.00 | -22.00 -1.11% | | 三个月期镇 | 17.844.00 1 | +150.00 ↑ +0.85% | | 三个月期锡 | | 57,728.00 ↑ +3,294.00 ↑ +6.05% | 乐观需求预期支撑铜价 伦敦时间2月27日17:00(北京时间2月28日01:00)，LME三个月期铜上涨39美元，或0.29%，收报每吨 13,343.50美元，盘中触及1月30日以来最高的13,527美元。 期铜本周上涨2.93% ...

2月26日（周四），除期锡上涨外，伦敦金属交易所（LME）其他基本金属普遍下跌，其中期铜从此前 所及的两周高点回落，因为库存增加以及美元持坚冲抵了需求回暖相关预期所带来的积极情绪。 伦敦时间2月26日17:00(北京时间2月27日01:00)，LME三个月期铜下跌18美元，或0.14%，收报每吨 13,304.50美元。春节后铜价持续上涨，前一交易日曾触及13,350美元高点。 SP Angel分析师John Meyer表示："通常中国交易商在春节后重返市场较慢，但今年他们从第一天就开始 交易了。" 衡量中国铜进口兴趣的指标——洋山铜溢价已从节前的每吨33美元攀升至50美元。 美元指数上升，美元走强使以美元计价的金属对使用其他货币的投资者而言更加昂贵。 高库存也对价格构成压力。LME周四公布的库存数据显示，在另有4,000吨金属流入美国和韩国仓库 后，LME铜库存达到253,600吨，当前库存总量已达到2025年3月以来的最高水平，此前推动大量铜流向 美国交易所的COMEX溢价已基本消散。 此外，芝商所数据显示，2月25日COMEX铜库存降至601,037短吨，但仍处在历史最高水平。 Meyer表示："我认为 ...

2月24日（周二），伦敦金属交易所（LME）基本金属普涨，中国节后需求增加以及积极的投资者情绪 推动期铜攀升至逾一周高点。 伦敦时间2月24日17:00(北京时间2月25日01:00)，LME三个月期铜上涨298美元，或2.32%，收报每吨 13,166.50美元，此前触及2月12日以来最高水平。 据央视新闻报道，美国海关与边境保护局（CBP）表示，将从美国东部时间2月24日起停止征收依据 《国际紧急经济权力法》（IEEPA）开征的关税。 此前，美国最高法院20日公布裁决，认定特朗普政府援引《国际紧急经济权力法》实施的大规模关税政 策违法。 同在20日，特朗普在最高法院裁决公布后宣布，依据美国《1974年贸易法》第122条，对全球商品加征 10%的进口关税，为期150天，以取代被最高法院认定违法的关税。21日，特朗普在社交媒体上发文 称，他前一天宣布对输美商品加征的"全球进口关税"税率将从10%提高到15%。 铜价周一曾下跌0.7%，但过去三个月上涨了22%，然而铜价仍远低于1月29日创下的14,527.50美元历史 峰值。 | | 2月24日 LIE基本金属收盘报价(美元/吨) | | --- | --- ...

2月23日（周一），随着库存持续攀升，伦敦金属交易所（LME）期铜从逾一周高点回落，与此同时投 资者对美国关税政策走向及春节假期后交易前景感到困惑。 伦敦时间2月23日17:00(北京时间2月24日01:00)，LME三个月期铜下跌95.5美元，或0.74%，收报每吨 12,868.50美元，盘中曾触及13,050美元，创逾一周新高。 尽管LME铜价在过去四个交易日反弹约3%，但仍远低于1月29日创下的14,527.50美元历史峰值。 | | 2月23日 LIE基本金属收盘报价(美元/吨) | | | --- | --- | --- | | 金屋 | 收盘价 张跃 | 张默帽 | | 三个月期铜 | 12,868.50 - 95.50 -0.74% | | | 三个月期铝 | 3,089.50 ↓ -13.00 | J -0.42% | | 三个月期锌 | 3,354.50 ↓ | -28.00 -0.83% | | 三个月期铅 | 1,951.00 ↓ | -14.00 -0.71% | | 三个月期镇 | 17.283.00 J -67.00 | J -0.39% | | 三个月期锡 | 47.718.0 ...

2月20日（周五），因美国最高法院裁定特朗普政府大规模关税政策违法，伦敦金属交易所（LME）铜、铝等基本金属价格应声上 涨。 | 15 LCPT | 综合铜03 | $ 13000.00 | 1.26 162.00 | 0 0 0 - | - 0.03 | | | --- | --- | --- | --- | --- | --- | --- | | 16 LALT | 综合铝03 | $ 3105.50 | 1.21 37.00 | 10 0 0 0 0 - | | -0.14 | | 17 LLDT | 综合铅03 | $ 1966.50 | 0.69 13.50 | 10 | | - - - 0.03 | | 18 LZNT | 综合锌03 | $ 3378.00 | 0.91 30.50 | 10 0 0 0 0 | | -0.10 | | 19 LTNT | 综合锡03 | $ 46740 1.99 | 910 | 10 0 0 0 0 0 0 0 0 0 0 0 0 | | 0.00 | | 20 LNKT | 综合镇03 | 17435 | 0.78 | 135 - 0 - 0 - 0 - 0 ...

Core Viewpoint - LME aluminum prices reached a near two-week high due to South32's confirmation of production suspension at its Mozambique smelter, but subsequently, all metal prices declined amid worsening investor sentiment and a drop in other financial markets [1][3]. Group 1: Metal Prices - LME three-month aluminum fell by $3, or 0.1%, closing at $3,100.00 per ton after earlier reaching a high of $3,163.50 per ton [1][2]. - LME three-month copper decreased by $291, or 2.21%, closing at $12,875.50 per ton, despite having previously reached a record high of $14,527.50 per ton on January 29 [5]. - LME three-month nickel dropped by $452, or 2.53%, closing at $17,428.00 per ton, reversing a 2.2% gain from the previous day [5]. - LME three-month zinc fell by $32.50, or 0.95%, closing at $3,374.00 per ton [6]. - LME three-month lead decreased by $15.50, or 0.78%, closing at $1,977.50 per ton [7]. - LME three-month tin increased by $28, or 0.06%, closing at $49,663.00 per ton [8]. Group 2: Company and Market Context - South32 confirmed that its Mozambique aluminum plant will undergo maintenance next month due to drought affecting power supply [3]. - The company reported higher-than-expected profits for the first half of the year [4]. - The U.S. stock market declined, influenced by a sell-off in software and tech stocks, while gold prices fell to a near one-week low due to strong U.S. labor market data undermining expectations for Federal Reserve rate cuts [4].

Core Viewpoint - The London Metal Exchange (LME) copper prices rebounded on February 6, 2023, ending a two-day decline, driven by increased buying interest due to lower prices and improved investor confidence [1]. Group 1: Copper Market Performance - On February 6, three-month copper futures closed at $12,994.00 per ton, up $91.00 or 0.71%, after earlier dropping 2.9% during the session [1]. - The price has fallen over 10% from the record high of $14,527.50 per ton reached on January 29, 2023 [1]. - Marex reported that the recent price drop has sparked buying interest, with support noted at the $12,500 per ton level [3]. Group 2: Inventory and Supply Dynamics - Copper inventories in LME registered warehouses increased to 183,275 tons, the highest level since May 2025, due to more copper being delivered to warehouses in South Korea and New Orleans [3]. - Shanghai Futures Exchange monitored copper inventories have risen for the ninth consecutive week, reaching 248,911 tons ahead of the Lunar New Year [3]. - COMEX copper inventories stood at 586,429 short tons, at record high levels [4]. Group 3: Other Base Metals Performance - Three-month aluminum futures showed the strongest performance among base metals, rising 1.92% to $3,085.00 per ton [5]. - Three-month zinc increased by 1.32%, closing at $3,345.50 per ton, while three-month lead rose 0.23% to $1,960.00 per ton [7]. - Three-month nickel experienced a slight decline of 0.11%, closing at $17,090.00 per ton, and three-month tin increased by 0.56% to $46,718.00 per ton [7].

伦敦时间2月2日17:00(北京时间2月3日01:00)，LME三个月期铜收盘下跌266.00美元，或2.02%，报每吨 12,891.50美元。 | | 2月2日LIE基本金属收盘报价(美元/吨) | | | | --- | --- | --- | --- | | 令屋 | 收盘价 | 涨跌 | 涨跌幅 | | 三个月期锅 | 12891.50 | +-266.00 | + -2. 02% | | 三个月期铝 | 3056.00 | +-88.00 | +-2. 80% | | 三个月期锌 | 3323. 50 | +-78.50 | + -2. 31% | | 三个月期铅 | 1963.00 | -46.00 | + -2. 29% | | 三个月期镍 | 16827.00 | +-1127.00 +-6.28% | | | 三个月期锡 | 46591.00 | +-5364.00 +-10.32% | | 在亚洲交易时段，铜价一度暴跌5.6%，触及1月9日以来最低点。 尽管价格回落，但过去六个月里，LME铜价仍上涨了33%，市场仍担忧今年矿山停产可能导致供应短 缺。 2月2日（周一），伦敦金属交易所（L ...

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) copper prices increased, while aluminum and zinc reached multi-year highs due to a decline in the US dollar, prompting speculation in industrial metals [1][3]. Group 1: Price Movements - LME three-month copper rose by $80, or 0.62%, closing at $13,086.50 per ton [1][2]. - LME three-month aluminum increased by $50, or 1.56%, reaching $3,257.00 per ton, the highest since April 2022 [2][5]. - LME three-month zinc rose by $13, or 0.39%, closing at $3,364.00 per ton, marking the highest since January 2023 [2][6]. - LME three-month lead decreased by $3, or 0.15%, closing at $2,017.00 per ton [2][7]. - LME three-month nickel increased by $101, or 0.56%, closing at $18,270.00 per ton [2][8]. - LME three-month tin surged by $1,075, or 1.96%, closing at $55,953.00 per ton, previously reaching a record high of $58,340.00 [2][9]. Group 2: Market Dynamics - The US dollar hit a four-year low, making metals priced in dollars cheaper for holders of other currencies, thus boosting demand [3]. - Analysts noted that the rise in base metals is driven by macroeconomic factors rather than the fundamentals of the metals themselves [3]. - Speculators previously invested in gold and silver are now also moving into base metals [3]. - The copper premium in China, a major metal consumer, fell to $20 per ton, the lowest in 18 months, indicating reduced import demand [4]. - Chinese producers sold copper ahead of the Lunar New Year to mitigate risks, potentially leading to tighter market liquidity and increased volatility [4]. Group 3: Forecasts and Influences - Goldman Sachs raised its forecast for the average aluminum price in the first half of the year to $3,150 per ton from a previous estimate of $2,575 per ton, citing low inventories and strong global demand from electric vehicle manufacturers and grid construction [5].