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

2025年12月12日电解铜价格日报

2025-12-12 16:35:14 来源：北方有色网责任编辑：郝炳文

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一、市场行情概述

2025年12月12日，国内外铜价延续强劲涨势。国内方面，沪铜期货主力合约收盘报94080元/吨，日内上涨1.95%；国际铜期货主力合约报收84490元/吨，上涨2.19%。现货市场同步走高，上海电解铜现货市场均价报93525元/吨，较昨日上涨885元/吨。国际市场上，伦敦金属交易所（LME）三个月期铜价格在盘中突破每吨11906美元，创下历史新高，最终收盘于11833.5美元/吨。

二、行情驱动分析

宏观层面，美联储于昨日（12月11日）晚间宣布下调联邦基金利率25个基点，符合市场预期。美联储主席鲍威尔的表态被市场解读为偏鸽派，美元走弱，为以美元计价的铜价提供了上涨空间。此外，美国最新公布的初请失业金人数出现回升，强化了市场对流动性持续宽松的预期，进一步提振了风险资产情绪。

基本面看，供应紧张格局是支撑铜价的核心因素。全球主要铜矿生产近期频受干扰，同时，铜精矿供应持续紧张，导致冶炼环节利润微薄。库存方面，全球铜库存呈现结构性失衡。受跨市场套利活动影响，大量铜库存从亚洲、欧洲向美国转移，加剧了美国以外地区的现货紧张局面。尽管绝对库存水平不低，但区域性短缺对价格形成了直接拉动。

三、后市展望

当前市场仍在交易流动性宽松预期与铜资源的战略溢价。在宏观利好与结构性供应紧张的共同驱动下，铜价短期维持强势格局。后续需密切关注美元走势、铜库存变化以及高价对下游需求的抑制作用。

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