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摩科瑞计划从 LME 仓库提取近 10 万吨铝或改变市场格局

2025-09-17 17:00:44 来源：北方有色网责任编辑：王欣悦

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近日，全球大宗商品贸易巨头摩科瑞(Mercuria)传出重大举措，计划从伦敦金属交易所(LME)仓库提取近10万吨铝，这一行动极有可能打破其在LME铝市场长期以来的主导地位，引发了业内的广泛关注。

据业内消息人士透露，摩科瑞于9月5日和8日，分别向LME注册仓库——马来西亚巴生港，提交了取消部分铝现货仓单的指令，涉及铝数量接近10万吨。截至9月4日的数据显示，摩科瑞持有的LME铝仓单总量高达42.6万吨以上，在LME铝仓单总量中的占比长期维持在90%以上，在铝现货市场形成了极高的集中度。尽管摩科瑞的持仓操作并未违反任何监管规定，但其对市场的影响力不容小觑，这种高度集中的持仓状况在行业内一直备受关注。

通常情况下，企业进行仓单取消操作多是在“期现升水”的市场结构下，通过提取实物货物来获取利润。然而，当前铝市场呈现的是期现贴水格局，即铝的即期合约价格高于远期价格，贴水幅度约为每吨5美元。在这样的市场环境下，摩科瑞选择注销仓单并提货的行为显得颇为罕见。

对于摩科瑞的这一行动，LME方面并未就其具体仓位和提货意图发表评论。不过，LME强调交易所已建立完善机制，旨在防止大型机构持仓对市场造成不合理影响。这些机制包括在必要时，要求市场参与者削减持仓比例，以维护市场的稳定运行。

从全球铝市场的供需格局来看，目前总体保持平衡。一项季度调查预计，2025年全球铝供应将出现约20万吨的小幅过剩，到2026年过剩量可能进一步扩大至28.15万吨。今年全球原铝产量预计在7400万吨左右。尽管摩科瑞的提货计划引发了市场对短期波动的担忧，但整体而言，全球铝市场的供需格局仍具有较强的韧性。

业内人士分析认为，摩科瑞此次提货行为，可能意在调整自身库存结构，或者是为了满足特定的实物交付需求，并非单纯的市场操控行为。然而，鉴于摩科瑞长期在LME铝仓单中占据主导地位，其后续行动仍可能对铝现货溢价、区域供应链以及投资者信心等方面产生一定影响，相关各方需持续关注市场动态，以应对可能出现的变化。

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摩科瑞计划从 LME 仓库提取近 10 万吨铝 或改变市场格局

摩科瑞计划从 LME 仓库提取近 10 万吨铝或改变市场格局