2025 年初金属市场动态与再生锌行业展望

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

2025 年初金属市场动态与再生锌行业展望

2025-01-14 10:41:39 来源：北方有色网责任编辑：管理员

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在 2025 年全球经济格局调整的起始阶段，金属市场率先拉开风云变幻的大幕。文华财经外电 1 月 2 日传来消息，新年首个交易日，伦敦基本金属市场呈现出复杂态势，多品种在不同力量拉扯下涨跌各异，背后蕴含着深刻的宏观经济逻辑。

一、中国刺激预期提振金属开局

市场普遍捕捉到一则关键信号：中国将推出更多刺激举措促进经济增长。这一预期宛如春风，为金属市场注入活力，点燃了投资者对金属需求回升的希望之火。作为全球最大的金属消费国之一，中国经济的任何风吹草动都在金属价格上掀起涟漪。从伦敦金属交易所（LME）数据来看，多个品种受此提振价格上扬。三个月期铜在北京时间 14:23 上涨 94 美元或 1.07%，报每吨 8,862 美元，铜作为广泛应用于电力、电子、建筑等诸多领域的基础工业原料，对中国基建、新能源产业发展高度敏感，刺激政策落地有望释放大量需求，推动铜价上行。同样，三个月期铝上涨 15 美元或 0.59%，报每吨 2,566.50 美元，铝在交通运输、包装等行业需求庞大，中国制造业复苏预期为其价格助力；三个月期镍上涨 32 美元或 0.21%，报每吨 15,360 美元，镍在新能源电池领域地位关键，随着中国新能源汽车产业蓬勃发展，需求前景可观支撑价格；三个月期铅上涨 11.5 美元或 0.59%，至每吨 1,963.50 美元，铅在蓄电池领域应用广泛，中国消费市场的回暖预期拉动其价格；三个月期锌上涨 28 美元或 0.94%，至每吨 3,006.50 美元，锌于镀锌、压铸行业不可或缺，中国制造业扩张将带动锌需求攀升，促使价格上升。

二、美元走强限制金属涨幅

然而，金属市场的上行之路并非一帆风顺，美元强势如同一堵高墙，横亘在前。美元兑大多数货币在 2024 年强劲涨势后，于 2025 年首个交易日周四继续以强势姿态开启新一年的交易。投资者基于美国利率或将在更长时间内维持在较高水平的判断，纷纷涌入美元资产，使得美元需求旺盛。一方面，美元走强令以美元计价的商品对于海外买家而言更加昂贵，削弱了国际市场对金属的购买力，抑制出口导向型金属企业的订单量，进而限制金属价格涨幅；另一方面，从市场心理层面，强势美元引发投资者对金属等风险资产相对收益的重新评估，资金流向美元避险，抽离部分金属市场资金。如交易商所言：“从宏观经济方面来看，美联储维持利率在高位，且美元指数达到两年高位，二者均限制铜价涨势。” 这一观点在各金属品种表现上得到充分印证，即便有中国刺激预期托底，金属价格涨幅仍受限，沪铜 2502 合约下跌 460 元或 0.62%，日前，若你还有进一步的修改意见，比如突出某个重点板块、调整语言风格等，欢迎随时提出。

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2025 年初金属市场动态与再生锌行业展望

一、中国刺激预期提振金属开局

二、美元走强限制金属涨幅

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