国际铜研究组织（ICSG）称在最新月度中指出，全球精炼铜市场9月出现5.1万吨缺口，而8月尚有4.1万 吨盈余。该机构称，今年前九个月市场呈现9.4万吨盈余，而去年同期盈余达31万吨。9月全球精炼铜产 量为237万吨，消费量为242万吨。经中国保税仓库库存变动调整后，9月出现5万吨缺口，8月为4.7万吨 盈余。 目前国内铜精矿现货加工费持续低迷，临近年底市场关注焦点在于国内冶炼厂和海外矿商对于加工费的 长单谈判结果。 11月26日（周三），铜价上涨，因疲软的美国数据提高了美联储12月降息的预期。 上海期货交易所交投最活跃的1月铜合约日盘收涨170元或0.20%，报每吨86,590元。 伦敦金属交易所(LME)指标三个月期铜最新上涨74美元或0.68%，报每吨10,892美元。 市场获得新的支撑，因美国政府关门而推迟至周二才发布的美国9月经济数据显示零售销售和通胀降 温，支持美联储在12月降息。 美国商务部周二公布的数据显示，美国9月零售销售月率上升0.2%，市场此前预期增长0.4%，前值增长 0.6%。 美国9月PPI月率增长0.3%，符合预期，前值下降0.1%。 上海期交所其他基本金属中，期铝2601合约小 ...

交易咨询资格号： 证监许可[2012]112 晨会纪要 2025 年 11 月 26 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 [Table_Report] 中泰期货公众号 | 趋势空头 | 震荡偏空 | 農物 | 震荡偏多 | 趋势多头 | | --- | --- | --- | --- | --- | | | 铝 | 多晶硅 | 碳酸锂 | | | | 锌 | 上证50股指期货 | 苹果 | | | | 液化石油气 | 沪深300股指期货 | 原木 | | | | 原油 | 工业硅 | 玻璃 | | | | 三十债 | 中证1000指数期货 | | | | | 橡胶 | 中证500股指期货 | | | | | 合成橡胶 | 白糖 | | | | | 燃油 | 棉纱 | | | | | 对二甲苯 | 棉花 | | | | | PTA | 五债 | | | | | 瓶片 | 二债 | | | ...

每经AI快讯，夜盘期货收盘，国际铜夜盘收跌0.05%，沪铜收平，沪铝收涨0.12%，沪锌收跌0.13%，沪 铅收跌0.58%，沪镍收涨0.69%，沪锡收涨0.05%。氧化铝夜盘收涨0.07%，铝合金收跌0.02%。不锈钢夜 盘收涨0.16%。 ...

（文章来源：每日经济新闻） 每经AI快讯，11月22日，国际铜夜盘收涨0.13%，沪铜收涨0.21%，沪铝收跌0.35%，沪锌收跌0.60%， 沪铅收跌0.38%，沪镍收涨0.20%，沪锡收跌0.18%。氧化铝夜盘收跌0.07%，铝合金收跌0.27%。不锈钢 夜盘收跌0.49%。 ...

Market Overview - As of November 19, 2025, domestic futures contracts showed mixed performance, with lithium carbonate, industrial silicon, and polysilicon rising over 4%, while soda ash fell over 3% [3][4] - The A-share market experienced a volatile trading session, with the Shanghai Composite Index up 0.18% and the ChiNext Index up 0.25% [6] - The bond market saw a decline across all maturities, with the 30-year contract down 0.41%, reflecting increased market divergence on long-term interest rates [7] Commodity Insights - Palm oil prices increased significantly, reaching a three-week high, while soybean oil also saw a rise, indicating strong demand despite a weak supply outlook for Malaysian palm oil [8][9] - The coal market is under pressure due to concerns over potential supply increases, with the focus on energy production stability during the heating season [11] - Gold and silver futures rose by 2.01% and 3.84% respectively, influenced by recent employment data indicating a decrease in private sector jobs [12][13] Specific Commodity Analysis - Lithium carbonate prices surged by 6.18% due to high demand from the power and storage sectors, although there are concerns about potential supply disruptions from upcoming mine restarts [14] - Industrial silicon and polysilicon contracts rose by 4.57% and 4.63% respectively, driven by reduced production rates in key regions [15] - Soda ash prices fell sharply, with the main contract dropping to a new low, reflecting weak demand and a slowdown in new orders [16] Shipping and Logistics - The European shipping index declined by 2.66%, with a notable drop in freight rates for container shipments, indicating a potential oversupply in the market [19]

11月18日（周二），伦敦金属交易所(LME)期铜延续跌势，美联储官员对12月降息仍存分歧，市场关注 延后公布的9月非农就业数据。 截至北京时间16:44，LME三个月期铜下跌0.50%，报每吨10,725美元。 沪铜主力12月合约日间收盘下跌790元或0.88%，至每吨85,650元。 美元受益于美联储下月降息预期的减弱。美元走强使得以美元交易的大宗商品对使用其他货币的投资者 来说更加昂贵。 因美国政府关门而推迟的9月份官方就业数据将于周四公布。 进入11月，电池原料硫酸镍也显示出疲软的迹象。 周一公布的交易所数据显示，LME镍库存升至252,090吨。 LME三个月期铝下跌0.68%，至每吨2,794.50美元；期锌下跌0.23%，至每吨3,013.50美元；期铅下跌 0.05%，至每吨2,036.50美元；期锡下跌0.17%，至每吨36,825美元。 沪铝主力1月合约下跌1.22%，至每吨21,465元；沪铅合约下跌1.12%，至每吨17,230元；沪锌下跌 0.58%，至每吨22,310元；沪镍下跌1.67%，报每吨114,840元；沪锡下挫0.36%，至每吨288,890元。 （文华综合） 苏克墩金 ...

每经AI快讯，11月18日，国际铜夜盘收跌0.16%，沪铜收跌0.10%，沪铝收跌0.48%，沪锌收跌0.22%， 沪铅收跌0.86%，沪镍收跌1.08%，沪锡收涨0.19%。氧化铝夜盘收跌0.36%，铝合金收跌0.60%。不锈钢 夜盘收跌0.32%。 （文章来源：每日经济新闻） ...

每经AI快讯，11月15日，国际铜夜盘收跌0.67%，沪铜收跌0.64%，沪铝收跌0.82%，沪锌收跌0.24%， 沪铅收跌0.77%，沪镍收跌0.71%，沪锡收跌1.12%。氧化铝夜盘收跌1.62%，铝合金收跌1.01%。不锈钢 夜盘收跌0.24%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The London Metal Exchange (LME) copper prices fell due to demand concerns, with investors awaiting delayed U.S. economic data to assess the health of the global economy [1] Group 1: Copper Market - LME three-month copper dropped by 0.90% to $10,857 per ton, but has risen 1.31% for the week [1] - The Shanghai copper main contract for December closed down by 430 yuan or 0.49% at 86,900 yuan per ton [1] Group 2: Economic Indicators - China's National Bureau of Statistics reported stable economic performance in October, with ongoing transformation and growth of new economic drivers [1] - However, external uncertainties and domestic structural adjustment pressures pose challenges to stable economic operation [1] Group 3: Other Base Metals - Other base metals also experienced declines: - Shanghai aluminum for January fell by 0.68% to 21,840 yuan per ton [1] - Shanghai lead for December decreased by 1.05% to 17,495 yuan per ton [1] - Shanghai zinc dropped by 1.02% to 22,425 yuan per ton [1] - Shanghai nickel fell by 1.48% to 117,080 yuan per ton [1] - Shanghai tin decreased by 1.77% to 291,450 yuan per ton [1] - LME three-month aluminum fell by 1.45% to $2,854.50 per ton [2] - LME zinc dropped by 1.42% to $3,011.50 per ton [2] - LME lead decreased by 0.38% to $2,070 per ton [2] - LME nickel fell by 1.01% to $14,830 per ton [2] - LME tin decreased by 1% to $36,860 per ton [2]

（文章来源：每日经济新闻） 每经AI快讯，11月12日，国际铜夜盘收涨0.09%，沪铜收涨0.08%，沪铝收涨0.23%，沪锌收跌0.29%， 沪铅收涨0.17%，沪镍收跌0.25%，沪锡收涨1.14%。氧化铝夜盘收平，铝合金收涨0.31%。不锈钢夜盘 收跌0.56%。 ...