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

五矿证券：铜冶炼厂减产风云再现下半年矿端原料供应有望面临更大压力

2025-03-21 10:17:04 来源：智通财经责任编辑：韩泽楷

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智通财经APP获悉，五矿证券发布研报称，根据SMM，2025年中国冶炼厂计划投产总产能110万吨，主要集中于2025年下半年。自由港Manyar冶炼厂预计Q3投产，卡莫阿冶炼厂预计2025H1投产，可能进一步加剧国内资源环节紧张。2025年下半年矿端原料供应有望面临更大压力，或将出现减产且放缓中国冶炼产能投产进展。基于供应端扰动影响，铜价或呈现走高趋势。根据S&P，2025-2026年铜精矿或将面临供需缺口放大的问题，TC至少会在今明两年维持低位。

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五矿证券：铜冶炼厂减产风云再现 下半年矿端原料供应有望面临更大压力

五矿证券：铜冶炼厂减产风云再现下半年矿端原料供应有望面临更大压力