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
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
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电解液隔膜隔膜电解液电芯

全球电解铜供需缺口持续扩大库存压力与消费韧性并存

2025-02-20 10:44:36 来源：北方有色网责任编辑：韩泽楷

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全球库存攀升：2024年12月全球电解铜期末库存增至153万吨（环比+7.3%，同比+13.5%），LME铜库存达27.09万吨（+7125吨），国内SHFE仓单增至15.73万吨（+1034吨），反映短期供应压力。
消费缺口仍存：2024年12月中国电解铜消费量142.05万吨，当月产量105.78万吨，供需缺口显著。新能源领域（光伏、风电、电动车）贡献超60%需求增量，传统电力、家电需求稳中有升。
冶炼端承压：铜精矿加工费（TC/RC）跌至-5至-2美元/吨，部分激进报价低至-10美元/吨，冶炼厂亏损倒逼减产或延迟投产，精炼铜供应受限。

分析：矿端短缺（智利暴雨、印尼矿山品位下降）与冶炼产能扩张的矛盾激化，叠加新能源需求韧性，支撑铜价高位震荡。但短期库存累积或压制现货升水，需关注节后复工节奏对需求的拉动。

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全球电解铜供需缺口持续扩大 库存压力与消费韧性并存

全球电解铜供需缺口持续扩大库存压力与消费韧性并存