期货交易咨询业务资格：证监许可[2011]1773号 杨磊 从业资格证号：F03128841 投资咨询证号：Z0020255 核心要点及策略 1 铜周报 20260301 中东地缘扰动加剧， 沪铜预计偏强运行 节后沪铜盘面震荡上行 影响因素分析 | 2 | | --- | 01 03 02 价格数据 04 宏观经济数据 基本面数据 19 07 3 数据来源：钢联、ifind、国联期货 5 01 价格数据 4 5 数据来源：钢联、ifind、国联期货 节后铜现货供应压力增加，铜现货贴水承压走扩 6 数据来源：钢联、ifind、国联期货 02 基本面数据 7 本周铜精矿TC指数平均价为-50.43美元/吨，与节前基本持平、仍低 数据来源：钢联、ifind、国联期货 9 数据来源：钢联、ifind、国联期货 据钢联，本周港口铜精矿库存环比增4.6万吨至51.4万吨 精废价差较节前有所回落 数据来源：钢联、ifind、国联期货 10 8 11 数据来源：钢联、ifind、国联期货 国内2月生产天数减少、电解铜产量预计环比降但同比增；3月产量预计重新提升 铜现货进口窗口关闭 12 数据来源：钢联、ifind、国联期货 ...

南华期货铜产业周报 ——美伊事件下，铝带动铜上涨 南华有色金属研究团队 傅小燕 投资咨询证号：Z0002675 联系邮箱：fxiaoyan@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 2026/03/01 第一章 核心矛盾与策略建议 1.1 核心矛盾 节后首周美伊矛盾激化，美国对伊朗的军事打击，以及由此引发的霍尔木兹海峡关闭，将影响下周有色金属 市场价格走势，尤其是铝价格。对于铜价来说，大周期级别看上涨弹性大于下跌弹性，短期尽管高库存压制 涨幅，但情绪偏多令估值上移。 基本面上，节后市场依然处于累库阶段，产业链端企业开工率尚未完全恢复，预估元宵节后开工率会大幅回 升。这导致价格在突破102000-103000区间后，未能继续向上大幅上涨。此外，期限结构呈现正向市场结 构，也反映出市场的谨慎情绪。 基于模型推断，阴极铜当前阶段: 上涨中期 -趋势向上，周期中性；LME铜当前阶段: 上涨中期 -趋势向上，周 期中性 沪铜做多风险收益比1.09（中等风险收益比，适度参与），伦铜做多风险收益率1.15（中等风险收益比，适 度参与）。 远期核心矛盾将转变为强劲的实物供需基本面，能否抵消宏观政策 ...

（文章来源：证券日报） 证券日报网讯 2月26日，西藏珠峰在互动平台回答投资者提问时表示，公司聚焦于资源产业，在塔吉克 斯坦进行铅锌铜银有色金属矿山资源开发，主要产品中包含铜精矿。2025年上半年，公司生产铜金属量 737.82吨，关于公司生产经营情况敬请关注公司后续披露的2025年年度报告。 ...

西藏珠峰（600338.SH）2月26日在投资者互动平台表示，公司聚焦于资源产业，在塔吉克斯坦进行铅 锌铜银有色金属矿山资源开发，主要产品中包含铜精矿。2025年上半年，公司生产铜金属量737.82吨， 关于公司生产经营情况敬请关注公司后续披露的2025年年度报告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问西藏珠峰在铜矿资源方面有何布局，业绩收益如 何？ ...

沪铜产业日报 2026/2/26 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | 项目类别 | 期货主力合约收盘价:沪铜(日,元/吨) | 102,670.00 | +210.00↑ LME3个月铜(日,美元/吨) | 13,275.00 | -47.50↓ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主力合约隔月价差(日,元/吨) | -260.00 | 0.00 主力合约持仓量:沪铜(日,手) | 184,703.00 | +74655.00↑ | 期货市场 | 期货前20名持仓:沪铜(日,手) | -67,640.00 | +2750.00↑ LME铜:库存(日,吨) | 249,650.00 | +6475.00↑ | | | 上期所库存:阴极铜(周,吨) | 272,475.00 | +23564.00↑ LME铜:注销仓单(日,吨) | 12,525.00 | +1600.00↑ | 上期所仓单:阴极铜(日,吨) | 289,219.00 | -2856.00↓ ...

今天，我把铜精矿进口的核心流程和16个真实处罚案例整理出来，希望能帮到正在做或准备做铜精矿进口的朋友。 为什么铜精矿进口这么难？ 铜精矿不是普通货物，它有几个特点决定了它必然是海关监管的重点： 第一，它涉及环保安全。 铜精矿可能含有放射性物质和有毒有害元素（氟、砷、铅、镉、汞），一旦超标就是环境污染问题。 第二，它涉及税收。 铜精矿价值高，13%的增值税不是小数目。如果含有黄金且单独作价，黄金部分还能免征增值税——这里面的操作空间大，风险也 大。 第三，它的定价复杂。 铜精矿通常采用公式定价（LME铜价+加工费），需要在进口前向海关备案，否则货物到了港口也只能干等着。 一、核心流程：这5个环节必须搞清楚 1. 资质确认：不只是有进出口权就行 除了基本的进出口经营权，你还需要： 自动进口许可证——这是门槛，必须在签合同后及时申请。注意，这个证通常只能用6次，要合理规划使用批次。 公式定价备案——这是最大的坑。铜精矿一般采用公式定价，必须在第一批货到港前完成备案。新疆有家企业2024年因为没提前备案，货物在港口滞留14 天，滞期费花了200多万。 2. 单证准备：10项申报要素缺一不可 申报时要精确提供以下信息： ...

2026年02月24日 周报 期货研究报告 铜：高位拉锯，等待节后破局信号 曹宝琴 投资咨询从业资格号：Z0012851 caobaoqin@nzfco.com 关注因素：美国关税政策变动、节后需求复苏 | | 单位 | 本周最新 | 上周同期 | 周度环比 | 周度环比 | 频率 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 变化量 | 变化率 | | | 电解铜价格（≥99.95%）：上海 | 元/吨 | 100275 | 99625 | 650 | 0.65% | 周度 | | 电解铜升贴水（≥99.95%）：上海 | 元/吨 | -5 | 25 | -30 | -120.00% | 周度 | | 干净铜精矿远期现货综合指数（TC计） | 美元/干吨 | -51.17 | -51.13 | -0.04 | -0.08% | 周度 | | 无氧铜杆价格 | 元/吨 | 101270 | 101240 | 30 | 0.03% | 周度 | | LME铜库存 | 吨 | 241825 | 183275 | 58550 | 31.95% | 周 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper main contract rebounded slightly, with a decrease in open interest, a spot discount, and a strengthening basis. The raw material side of the fundamentals shows that the spot index of copper concentrate TC is running at a low level, and the expectation of tight ore still provides solid support for copper prices. On the supply side, smelters shut down during the holiday and the number of production days was relatively small. Coupled with the tightening of the import window, the arrival volume decreased, and the domestic copper supply decreased. On the demand side, after the holiday is the traditional domestic consumption peak season, and with the support of policies for consumption, the overall industry outlook is positive. In terms of options, the call - put ratio of at - the - money option positions is 1.67, a month - on - month increase of 0.2874, indicating a bullish sentiment in the options market, and the implied volatility has slightly increased. Technically, on the 60 - minute MACD, the double lines are below the 0 - axis, and the red bars are expanding. The summary of the view is to conduct short - term long trades on dips with a light position, and pay attention to controlling the rhythm and trading risks [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 101,510.00 yuan/ton, a daily increase of 1,130.00 yuan; the price of LME 3 - month copper is 13,029.00 US dollars/ton, a daily increase of 160.50 US dollars. The spread between the main contract and the next - month contract is - 300.00 yuan/ton, a daily decrease of 50.00 yuan. The open interest of the main contract of Shanghai copper is 130,714.00 lots, a daily decrease of 8,909.00 lots. The net position of the top 20 futures holders of Shanghai copper is - 60,673.00 lots, a daily increase of 4,904.00 lots. The LME copper inventory is 241,825.00 tons, a daily increase of 6,675.00 tons. The Shanghai Futures Exchange inventory of cathode copper is 272,475.00 tons, a weekly increase of 23,564.00 tons. The LME copper cancelled warrants are 10,525.00 tons, a daily increase of 250.00 tons. The Shanghai Futures Exchange warehouse receipts of cathode copper are 277,089.00 tons, a daily decrease of 2,856.00 tons. The COMEX copper inventory is 600,436.00 short tons, a daily increase of 1,734.00 short tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 101,455.00 yuan/ton, a daily increase of 1,220.00 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 101,720.00 yuan/ton, a daily increase of 1,345.00 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 34.00 US dollars/ton, unchanged. The average premium of Yangshan copper is 33.00 US dollars/ton, unchanged. The basis of the CU main contract is - 55.00 yuan/ton, a daily increase of 90.00 yuan. The LME copper cash - 3 - month spread is - 83.60 US dollars/ton, a daily decrease of 0.55 US dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 270.43 million tons per month, an increase of 17.80 million tons. The rough smelting fee (TC) of domestic copper smelters is - 50.53 US dollars/kiloton, a weekly increase of 1.84 US dollars. The price of copper concentrate in Jiangxi is 90,680.00 yuan/metal ton, a daily decrease of 1,710.00 yuan; the price of copper concentrate in Yunnan is 91,380.00 yuan/metal ton, a daily decrease of 1,710.00 yuan. The processing fee of blister copper in the south is 2,300.00 yuan/ton, unchanged; the processing fee of blister copper in the north is 1,800.00 yuan/ton, unchanged [2] 3.4 Industry Situation - The output of refined copper is 132.60 million tons per month, an increase of 9.00 million tons. The import volume of unwrought copper and copper products is 440,000.00 tons per month, an increase of 10,000.00 tons. The social inventory of copper is 41.82 million tons per week, an increase of 0.43 million tons. The price of 1 bright copper wire in Shanghai is 66,990.00 yuan/ton, a daily decrease of 1,200.00 yuan; the price of 2 copper (94 - 96%) in Shanghai is 80,950.00 yuan/ton, a daily decrease of 1,350.00 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,030.00 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 222.91 million tons per month, an increase of 0.31 million tons. The cumulative completed investment in power grid infrastructure is 639.502 billion yuan per month, an increase of 79.113 billion yuan. The cumulative completed investment in real estate development is 8,278.814 billion yuan per month, an increase of 41.9724 billion yuan. The monthly output of integrated circuits is 4,807,345.50 ten - thousand pieces, an increase of 415,345.50 ten - thousand pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 43.97%, a daily increase of 0.16%; the 40 - day historical volatility of Shanghai copper is 36.59%, a daily increase of 0.05%. The implied volatility of the at - the - money option in the current month is 31.69%, an increase of 0.0920. The call - put ratio of at - the - money options is 1.67, an increase of 0.2874 [2] 3.7 Industry News - Iran issue: Trump said he prefers to reach an agreement with Iran rather than go to war. US envoys Witkoff and Kushner will participate in a new round of US - Iran negotiations. US media reported that the Chairman of the Joint Chiefs of Staff warned that the risk of military action against Iran is extremely high and it is easy to fall into a long - term conflict. - Trump's tariffs: The European Parliament suspended the approval of the EU - US trade agreement. Trump warned that countries that do not comply with trade agreements with the US will face higher tariffs. US House Speaker Johnson said that there is no precedent for tariff rebates, and it will be decided by the White House. The British Prime Minister's spokesman said that all measures are under consideration. The Trump administration is considering imposing new "national security tariffs" on six industries, which may cover large - scale batteries, pig iron and iron accessories, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. - The US Supreme Court announced the ruling of the tariff lawsuit, ruling that the reciprocal tariffs, fentanyl tariffs and other related tariffs imposed by the US government on relevant trading partners under the International Emergency Economic Powers Act are illegal. The Chinese Ministry of Commerce responded that it is comprehensively evaluating the relevant content and impact. China urges the US to cancel the relevant unilateral tariff measures imposed on trading partners. China noted that the US is preparing to take trade investigations and other alternative measures to maintain the tariffs imposed on trading partners, and China will closely monitor this and firmly safeguard China's interests. - The director of the Planning Department of the National Energy Administration, Ren Yuzhi, said that a new energy system and a series of sub - field energy plans will be released and implemented. On the one hand, solidly promote the construction of strategic and landmark major projects, safely and orderly promote the construction of the Yalong River hydropower project, layout and construct wind and photovoltaic bases in the "Three North" regions, integrated water - wind - solar bases in the southwest, coastal nuclear power bases, and offshore wind power bases, and optimize the construction of backbone channels for electricity, oil and gas. On the other hand, accelerate the construction of a number of "small and beautiful" projects, implement the project to improve the electric vehicle charging network, layout and construct several integrated bases of wind - solar - hydrogen - ammonia - alcohol, and build a number of solar thermal power generation projects. - Federal Reserve Governor Waller said that if the employment data in February is strong, he may tend to suspend interest rate hikes. The potential inflation rate is close to the 2% target level [2]

Group 1 - Yunnan Copper's revenue exceeded 170 billion yuan, with projected revenue of 178 billion yuan in 2024, a year-on-year increase of 21.11%, while net profit is expected to decline by 19.90% to 12.65 billion yuan [1] - The company operates three major copper smelting plants: Southwest Copper with a capacity of 550,000 tons, Chifeng Yuncopper with 400,000 tons, and Southeast Copper with 450,000 tons, totaling 1.4 million tons of smelting capacity [2] - The three smelting bases form a stable industrial structure, leveraging regional resource advantages: Southwest Copper as the main base in Southwest China, Chifeng Yuncopper in Northern China, and Southeast Copper in Eastern China [5] Group 2 - Chifeng Yuncopper's refined copper output is stable, projected at 450,900 tons in 2024, while Southwest Copper's output is expected to decline significantly to 285,000 tons, and Southeast Copper's output is anticipated to increase to 470,100 tons [7] - Yunnan Copper's upstream layout focuses on backward integration, with copper concentrate production from various mines, including 30,600 tons from Diqing Yousheng in 2024 [9] - The overall development strategy of Yunnan Copper emphasizes resource acquisition, cost reduction, and a focus on overseas markets, aiming to become a world-class copper company through innovation and risk management [12]

2025年12月，全球铜精矿产量为160.96万吨。 2月18日（周三），世界金属统计局（WBMS）公布的最新报告显示，2025年12月，全球精炼铜产量为225.06万吨，消费量为215.26万吨，供应过剩9.8万 吨。 2025年1-12月，全球铜精矿产量为1877.3万吨。 2025年1-12月，全球精炼铜产量为2721.23万吨，消费量为2682.71万吨，供应过剩38.51万吨。 （文华综合） ...