【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 （责任编辑：张晓波 ） 每经AI快讯，沪铝主力合约日内大涨4%，现报23650.00元/吨。 ...

1月5日，商品价格继续走高，现货白银突破76美元/盎司，日内涨超4%。沪铝主力合约跳空高开，目前涨幅超 4%，刷新2021年10月以来新高。 受此提振，贵金属、工业金属双双大涨，湖南白银涨超9%，中国铝业、兴业银锡、白银有色、西部黄金、云 铝股份等跟涨。有色矿业ETF招商（159690）涨1.63%，行情数据显示，近6个交易日，该ETF获资金连续净流 入约2900万元， 续扩大，产能利用率保持高位。 值得关注的是，彭博大宗商品指数将调整，时间于1月8日起的五日展期窗口内操作。 长江证券分析认为，彭博大宗商品指数调整或短期压制贵金属价格，鉴于贵金属此前已大幅上涨，被动跟踪基 金可能会抛售部分合约，以匹配新的权重配置。展望2026年一季度，通胀与流动性共振窗口并未改变，银领衔 贵金属继续上涨趋势延续，权益端或可逢调增配。 工业金属方面，该机构认为，降息预期与美国囤铜共振，铜铝春季攻势或前置，商品短期强势，中长期经济底 部+供需结构优化，铜铝商品弹性可期。周期视角，铜铝板块低估值适逢年底年初之际险资增配概率较大，板 块春季行情值得期待且有望提前。价值视角，铜铝权益价值或终将重估。 有色矿业ETF招商（159690） ...

09:22 港股开盘丨恒生指数高开0.09% 恒生指数高开0.09%，恒生科技指数涨0.33%。快手涨近6%，阿里巴巴、中芯国际涨幅靠前；理想汽 车、小鹏汽车、携程集团跌幅靠前。 | HSTECH | 恒生科技 | min | 5755.28c | 18.84 | 0.33% | | --- | --- | --- | --- | --- | --- | | HSI | 1 2011 11/2011 恒生指数 | - M | 26361.44c | 22.97 | 0.09% | 09:25 A股开盘丨四大指数集体高开 沪指高开0.46%，深成指高开0.80%，创业板指高开0.84%，科创综指高开0.93%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Vym | 3986.97 | 18.13 | 0.46% | | 399001 | 深证成指 | U m | 13633.63 | 108.61 | 0.80% | | 399006 | 创业板指 | 25 m | 3229 ...

12月31日（周三），伦敦金属交易所(LME)期铜周三小幅下跌，但预计2025年，期铜料录得自2009年以 来最大年线涨幅，且为基本金属总表现最好者，因供应忧虑和AI繁荣和能源唤醒等引发的需求增长预 期。 作为"万物电气化"的主要受益者之一，由于美国关税的不确定性和对可能限制供应的矿山生产中断的担 忧，铜价今年迄今已飙升逾42%。 三个月期铜最新跌0.49%，报每吨12,497美元。 沪铜主力合约周三收高0.84%，报每吨98,240元，今年累计上涨33.27%。 今年铜价数度突破关键水准，触及纪录新高，主要是受矿山生产中断，比如自由港旗下印尼旗舰 Grasberg铜金矿一度暂停生产，这推动铜价走升。 周三LME三个月期铝上涨0.44%，料录得逾17%的年线涨幅。沪铝主力合约周三收盘上涨2.25%，今年 累计上涨14.65%。 预计镍价将自2023年以来首度录得年线涨幅，因印尼政府计划削减2026年矿业出口配额，以支撑价格。 三个月期镍下跌1.35%，最新报每吨16,600美元，今年料录得逾8%的年线涨幅。沪镍主力合约周三收高 2.44%，年线涨幅为4.93%。 其他基本金属方面，三个月期锌下跌0.24%，而 ...

Group 1 - The core viewpoint of the articles highlights the fluctuations in metal prices, particularly copper and aluminum, influenced by market expectations regarding the Federal Reserve's policy decisions and supply dynamics [1][2]. Group 2 - As of December 10, London copper prices remained stable, slightly below record highs, with a 0.68% increase to $11,565 per ton [1]. - The Shanghai Futures Exchange reported a 0.23% decrease in the main copper contract, closing at 91,850 yuan per ton [1]. - Speculators reduced their net long positions in COMEX copper futures and options by 4,155 contracts to 62,397 contracts as of the week ending November 4 [1]. Group 3 - Overseas aluminum suppliers have raised their quotes for shipments to Japan in Q1 2024, with premiums of $190-203 per ton over LME spot prices, marking an increase of 121%-136% compared to Q4 2023 [2]. - In LME base metals, three-month aluminum rose by 0.37% to $2,867 per ton, while zinc, lead, nickel, and tin also saw price increases [2]. - In Shanghai, the main aluminum contract fell by 0.25% to 21,935 yuan per ton, while other metals like zinc and nickel also experienced declines [2].

1. Report Industry Investment Rating - The report does not provide a unified industry - wide investment rating. Instead, it gives specific investment suggestions for different metals: - Copper: Suggests waiting and seeing or trading in a light - position range [3] - Aluminum: Recommends waiting and seeing [3] - Zinc: Advises range trading [3] - Lead: Recommends range trading and being cautious and bearish [3] - Nickel: Suggests cautious short - holding or waiting and seeing [4] - Stainless steel: Recommends waiting and seeing [4] - Tin: Advises cautious range trading [4] - Industrial silicon: Recommends waiting and seeing [4] - Polysilicon: Suggests low - buying and high - selling [4] - Lithium carbonate: Recommends exiting and waiting and seeing [4] 2. Report's Core View - The macro - environment has a significant impact on metal prices. For example, the uncertainty of the Fed's policy and geopolitical conflicts affect market sentiment. At the same time, the fundamentals of supply and demand also play a crucial role in determining metal prices. Some metals are facing supply - side challenges such as production cuts or disruptions, while others are affected by changes in downstream demand. Overall, the market is complex and volatile, and different metals show different trends and investment opportunities [3][4]. 3. Summary According to Related Catalogs 3.1 Metals Market Analysis 3.1.1 Copper - Price trend: The Shanghai copper main contract continues to show a high - level volatile pattern. In the short term, it will remain at 85,000 - 88,000. The long - term demand outlook is optimistic, but in the short term, it is necessary to be vigilant about the suppression of consumption by high copper prices and the pressure brought by changes in the Fed's policy expectations [3]. - Fundamentals: Market consumption has improved recently, and social inventories have declined. The focus has shifted to the long - term contract negotiation of mines. Freeport - McMoRan plans to resume large - scale production in the Grasberg mine in Indonesia in the second quarter of 2026, which is expected to ease the anxiety about mine - end supply [3]. 3.1.2 Aluminum - Price trend: The price has fallen from a high level. The aluminum price is expected to fluctuate at the current position. - Fundamentals: The price of bauxite in Shanxi and Henan is stable, while the price of imported bauxite in Guinea has decreased. The operating capacity of alumina has increased, and the inventory has also increased. The operating capacity of electrolytic aluminum remains unchanged. Some enterprises have carried out production reduction and technological transformation. The downstream demand is gradually entering the off - season, and the inventory of aluminum ingots has decreased slightly [3]. 3.1.3 Zinc - Price trend: The zinc price has fluctuated weakly in the range of 22,000 - 22,800 yuan/ton. - Fundamentals: The processing fees of domestic and imported zinc mines have continued to decline, and there are expectations of production cuts. Terminal consumption is weak, and the inventory is still at a high level [3]. 3.1.4 Lead - Price trend: The Shanghai lead main contract shows a bearish trend and is expected to fluctuate weakly after a rapid decline. The reference range is 16,800 - 17,300 yuan/ton. - Fundamentals: The supply of Shanghai lead has decreased, and the prices of lead concentrate, lead ingots, and waste batteries have all declined. With the completion of the first large - capacity all - solid - state battery production line in China, the market is affected [3]. 3.1.5 Nickel - Price trend: The price has declined widely and is expected to continue to decline. - Fundamentals: The global refined nickel has continued to accumulate inventory. The price of nickel ore is stable, the price of nickel iron has declined, and the pattern of nickel iron surplus continues. The downstream stainless steel is in the off - season, with weak demand and continuous increase in inventory. The price of nickel sulfate has slightly declined, and the demand is weak [4]. 3.1.6 Tin - Price trend: The price shows a high - level volatile pattern and is expected to rise overall. The reference range is 280,000 - 300,000 yuan/ton. - Fundamentals: The domestic refined tin production has increased year - on - year, and the import of tin concentrate has increased month - on - month. The export of refined tin in Indonesia has decreased. The semiconductor industry is expected to continue to recover, and the inventory is at a medium level. The supply of tin ore is expected to improve [4]. 3.1.7 Industrial Silicon and Related Products - Price trend: Industrial silicon is at high risk and is recommended to wait and see; polysilicon is recommended for low - buying and high - selling. - Fundamentals: The production of industrial silicon has decreased, and the inventory of polysilicon has increased. The production of organic silicon has increased, and enterprises have reached a price - holding consensus and formulated production - cut measures. The production of the photovoltaic industry chain is expected to decline slightly [4]. 3.1.8 Lithium Carbonate - Price trend: The price has risen and then fallen, and it is expected to fluctuate strongly. - Fundamentals: The supply of lithium carbonate is in a tight balance. The production in October has increased month - on - month, and the import has also changed. The downstream demand is strong, especially in the energy storage field. However, there are still uncertainties in the mining rights of Yichun mines [4]. 3.2 Macroeconomic Data - The report provides a series of macro - economic data, including the US economic data (such as the New York Fed manufacturing index, durable goods orders, unemployment rate, etc.), euro - zone inflation data, and China's loan market quotation rate (LPR). These data reflect the current economic situation of different regions and have an impact on the metal market [12][15][16].

Report Industry Investment Rating - The report gives an overall rating of "Bullish Oscillation" for the electrolytic aluminum industry [4][11] Core Viewpoints - Mid - term (2026): The global supply growth rate of primary aluminum is expected to slow down, while demand is likely to remain resilient due to the global manufacturing recovery. The supply gap is expected to widen compared to 2025, indicating a bullish mid - term supply - demand pattern [4] - Short - term (November 2025): The aluminum price may fluctuate. There is no significant new demand increment, and although the demand is resilient, the exploration above 22,000 yuan/ton for Shanghai aluminum usually requires major supply disruptions. The supply from Guinea is expected to be stable at the end of the year, and domestic bauxite and alumina inventories are abundant [4] Summary by Relevant Catalogs 1. Overall View Supply - Bauxite: The market is in a state of oversupply. Market participants expect an increase in shipments from Guinea at the end of the year, and the cumulative import volume growth rate of bauxite this year is higher than the cumulative production growth rate of alumina [9][12] - Alumina: As of November 21, 2025, the domestic built - in capacity is about 11,255 million tons, the operating capacity is about 9,660 million tons, and the capacity utilization rate is about 85.46%. In 2026, about 1,440 million tons/year of new capacity will be put into production, mainly in the first half of the year in the southwest and northern coastal regions. The supply - demand contradiction is still severe due to high inventory and new capacity [9] - Electrolytic Aluminum: In October 2025, the domestic built - in capacity was about 4,571.65 million tons, and the operating capacity was about 4,455.93 million tons. The domestic smelting profit is high, and the supply is steadily increasing. However, overseas supply may decrease due to power shortages, and the global aluminum supply has entered a low - growth stage [9] Demand - Aluminum Profiles: The weekly industry starting rate decreased by 0.5 percentage points to 52.6%. The construction profile market sentiment is weak, while the automotive profile orders are expected to last until the end of the year. The procurement of photovoltaic component factories has slowed down, and the starting rate is expected to decline slightly [10] - Aluminum Plate, Strip and Foil: The starting rate of leading aluminum plate and strip enterprises increased by 0.4 percentage points to 66.0%, but it will continue to decline due to the off - season, uncertain environmental policies, and lack of order support. The starting rate of leading aluminum foil enterprises decreased by 0.7 percentage points to 70.4%, and the demand in traditional consumption areas is weak [10] - Aluminum Cables: The weekly starting rate increased by 0.4 percentage points to 62.4%. Supported by grid orders, it is expected to continue to recover [10] - Alloys: The starting rate of the primary aluminum alloy industry remained stable at 59.8%, showing a stable supply - demand situation. The starting rate of leading recycled aluminum enterprises remained stable at 60.6%, and it is expected to remain stable in the short term [10] Inventory - Electrolytic Aluminum: The social inventory of electrolytic aluminum ingots is 61.9 million tons, basically stable since November, about 15% higher than the same period last year, and slightly below the mid - axis level since 2023. The in - plant inventory of electrolytic aluminum is at a low level in recent years, and the outbound volume has decreased significantly since the end of October. The inventory of aluminum rods is 13.62 million tons, about 2% lower than last week and about 31% higher than last year. The LME aluminum inventory decreased by about 1% compared to last week and about 23% compared to last year, remaining at a low level in recent years [10] Profit - Alumina: The average full - cost in the past month was about 2,800 yuan/ton, the spot theoretical profit was about 50 yuan/ton, and the futures main - contract theoretical profit was - 70 yuan/ton [11][19] - Electrolytic Aluminum: The current average production cost is about 16,950 yuan/ton, and the theoretical profit is about 4,200 yuan/ton (last week it was 4,800 yuan/ton), with a relatively high profit level [11][19] Market Expectation and Outlook - Market Expectation: The strong US dollar and low interest - rate cut expectations at the macro level suppress the aluminum price. The domestic supply is at a high level, the demand has entered the off - season, the inventory support is limited, the capital sentiment is cautious, and the current spot trading is still weak, so the correction may not be over [11] - Outlook: At the end of November, the macro - guidance is slightly weak. The domestic supply is stable, while the demand has further seasonal contraction pressure. The social inventory may slightly increase, and the price is expected to oscillate under pressure. The main 2601 contract is expected to be in the range of 21,000 - 21,700 yuan/ton in the next week [11] 2. Important Industry Link Price Changes - Bauxite: The import price is under pressure. The price of bauxite SI2 - 3% Guinea decreased by 0.69% week - on - week, and the prices of some other types remained stable [12] - Alumina: It has been oscillating downward since mid - August. The price of Henan first - grade alumina decreased by 0.18% week - on - week [12] - Other: Coal prices have been rising since September, and the supply - demand situation is expected to be strong at the end of the year. The prices of some other raw materials such as pre - baked anodes and ice crystals have also changed to varying degrees [12] 3. Important Industry Link Inventory Changes - Bauxite: The port inventory of imported bauxite decreased slightly, and it has been fluctuating around the annual high of 2,850 million tons since August. The domestic bauxite inventory is abundant [16] - Alumina: It has been accumulating inventory since the end of May and is currently at a high level in recent years. The inventory of alumina plants and ports decreased slightly this week, while the in - plant inventory of electrolytic aluminum continued to accumulate rapidly [16] - Electrolytic Aluminum: The domestic mainstream consumption area inventory of electrolytic aluminum ingots remained stable, and the inventory of aluminum rods decreased [16] 4. Supply - Demand Situation - The off - season characteristics of the aluminum processing industry are more obvious this week, with significant structural differentiation in the sector. The primary aluminum alloy has stable supply and demand; the starting rate of aluminum cables has slightly increased supported by grid orders; the traditional demand for aluminum plates and strips is weak; the construction profiles are sluggish, and the demand for packaging foil has weakened; the recycled aluminum is still restricted by the tight raw material supply [25] 5. Futures - Spot Structure - The current spot - end price is under pressure, and the Shanghai aluminum futures price structure is moderately weak [30] 6. Spread Structure - The spread between aluminum ingots and ADC12 this week is about - 2,040 yuan/ton (pre - holiday was - 1,840 yuan/ton). The current spread of primary aluminum and alloys is at the mid - axis level in recent years and has a neutral impact on electrolytic aluminum [34][36] 7. Market Fund Situation - LME Aluminum: The net long position of funds is near the high level since April 2022. In the latest period, the net long position increased slightly, and both the long and short camps reduced their positions. Overseas funds still have a positive expectation for the aluminum price [38] - SHFE Electrolytic Aluminum: The net long position of the main force significantly reduced this week, with the long camp reducing positions more than the short camp. The net long position of funds with a financial speculation background continued to reduce positions, and funds with a background of mid - downstream enterprises are in a stalemate between long and short. Overall, the main funds still tend to adjust [41]

Core Viewpoint - The London Metal Exchange (LME) copper prices have declined due to a strong US dollar and mixed employment data, leading to cautious investor sentiment ahead of the Federal Reserve's December interest rate decision [1] Group 1: Market Performance - As of 16:14 Beijing time, LME three-month copper fell by 0.66% to $10,667 per ton, with a cumulative weekly decline of 1.65% [1] - The Shanghai copper main contract closed down 0.83% at 85,660 yuan per ton, with a weekly drop of 1.43% [1] - LME three-month aluminum decreased by 0.94% to $2,787.50 per ton, zinc fell by 1.33% to $2,976 per ton, lead dropped by 1.07% to $1,989 per ton, tin decreased by 0.79% to $36,775 per ton, and nickel fell by 0.94% to $14,365 per ton [1] Group 2: Economic Indicators - The mixed September employment data, which showed stronger-than-expected job growth but a rise in the unemployment rate to a near four-year high, is significant for the Federal Reserve's upcoming interest rate decision [1] - The September employment data is the last official employment report before the December interest rate decision [1] - Many Federal Reserve officials maintain a hawkish stance, contributing to the strength of the US dollar, which pressures dollar-denominated commodities [1]

Core Insights - The main point of the article is that the Shanghai Futures Exchange's primary aluminum futures contract experienced a decline, closing at 21,840.0 yuan per ton, with a notable outflow of funds during the trading session [1] Group 1 - The primary aluminum futures contract on the Shanghai Futures Exchange fell by 0.68% [1] - The closing price for the primary aluminum futures contract was reported at 21,840.0 yuan per ton [1] - There was a significant capital outflow of 625 million yuan during the trading day [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold: The ongoing government shutdown continues to affect liquidity [2][4]. - Silver: Expected to rebound with oscillations [2][5]. - Copper: Lacks clear drivers, with prices expected to oscillate [2][9]. - Zinc: Expected to trade within a range [2][12]. - Lead: Reduced overseas inventories support prices [2][16]. - Tin: Attention should be paid to macro - impacts [2][19]. - Aluminum: Expected to perform strongly [2][23]. - Alumina: Expected to rebound from the bottom [2][23]. - Cast aluminum alloy: Expected to follow the trend of electrolytic aluminum [2][23]. - Nickel: Constrained by inventory accumulation at the smelting end, supported by uncertainties at the mine end [2][25]. - Stainless steel: Steel prices are expected to oscillate narrowly at a low level [2][25]. 3. Summary by Commodity Gold - **Price and Performance**: Shanghai Gold 2512 closed at 912.26 with a daily decline of 0.36% and a night - session increase of 0.63% to 916.38; Comex Gold 2512 rose 1.25% to 3990.40 [5]. - **Trend Strength**: Gold trend strength is 0, indicating a neutral view [7]. Silver - **Price and Performance**: Shanghai Silver 2512 closed at 11276 with a daily increase of 0.33% and a night - session increase of 1.58% to 11381; Comex Silver 2512 rose 2.06% [5]. - **Trend Strength**: Silver trend strength is - 1, indicating a weak - bearish view [7]. Copper - **Price and Performance**: Shanghai Copper main contract closed at 85670 with a daily decline of 0.08% and a night - session increase of 0.27% to 85900; LME Copper 3M rose 0.79% to 10733 [9]. - **Industry News**: Chile's state - owned mining company ENAMI obtained environmental permits for a new $1.7 billion copper smelter; Indonesia granted Amman Mineral International a 400,000 - ton copper concentrate export quota; Chile's September copper production was 456,663 tons, up 7.79% month - on - month and down 4.5% year - on - year; Glencore plans to close its Canadian smelter and refinery [9][11]. - **Trend Strength**: Copper trend strength is 0, indicating a neutral view [11]. Zinc - **Price and Performance**: Shanghai Zinc main contract closed at 22650 with a daily decline of 0.09%; LME Zinc 3M closed at 3077.5 with a decline of 0.98% [12]. - **Trend Strength**: Zinc trend strength is 0, indicating a neutral view [15]. Lead - **Price and Performance**: Shanghai Lead main contract closed at 17475 with a daily increase of 0.34%; LME Lead 3M closed at 2021 with a decline of 0.44% [16]. - **Trend Strength**: Lead trend strength is 0, indicating a neutral view [17]. Tin - **Price and Performance**: Shanghai Tin main contract closed at 282090 with a daily decline of 0.58% and a night - session increase of 0.28% to 282820; LME Tin 3M rose 0.21% to 35745 [19]. - **Trend Strength**: Tin trend strength is 1, indicating a slightly bullish view [22]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Performance**: Shanghai Aluminum main contract closed at 21395, Shanghai Alumina main contract closed at 2772, and the aluminum alloy main contract closed at 20830 [23]. - **Industry News**: US employment showed signs of stabilization; the US October ISM services PMI rebounded strongly [24]. - **Trend Strength**: Aluminum, alumina, and aluminum alloy trend strengths are all 0, indicating neutral views [24]. Nickel and Stainless Steel - **Price and Performance**: Shanghai Nickel main contract closed at 120030, and the stainless - steel main contract closed at 12535 [25]. - **Industry News**: An Indonesian nickel mine was taken over by the forestry working group; China suspended a non - official subsidy for imported copper and nickel from Russia; Indonesia imposed sanctions on 190 mining companies; Trump threatened to impose 100% tariffs on China [25][26][27]. - **Trend Strength**: Nickel and stainless - steel trend strengths are both 0, indicating neutral views [27].