2025年3月12日电解铜市场日报：普涨近千元，区域升贴水分化加剧！交割换月博弈下市场成交趋冷

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3月12日电解铜市场日报：普涨近千元，区域升贴水分化加剧！交割换月博弈下市场成交趋冷

2025-03-12 15:23:39 来源：北方有色网责任编辑：韩泽楷

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一、价格速览：

重庆市场：电解铜中间价78,590元/吨，较前一交易日上涨980元/吨；供应商主流升贴水均价升至60元/吨，环比上调，显示供应商挺价意愿强烈。

沈阳市场：电解铜价格区间78,440-78,480元/吨，中间价78,460元/吨，日涨幅970元/吨；平水铜贴水90~50元/吨，下游畏高情绪压制成交。

天津市场：电解铜价格区间78,390-78,430元/吨，中间价78,410元/吨，单日上涨980元/吨；平水铜贴水扩大至140~100元/吨，成交以长单提货为主。

山东市场：电解铜中间价78,380元/吨，较前日涨920元/吨，价格区间78,350-78,410元/吨；平水铜贴水180~120元/吨，持货商降价出货但市场反应冷淡。

佛山市场：1#电解铜中间价77,615元/吨，逆势下跌755元/吨，成为全国唯一回调区域；现货升贴水升0~50元/吨（微涨5元），交割换月压力致价格倒挂。

上海市场：1#电解铜现货成交价78,535元/吨，上涨950元/吨；好铜升水10元/吨，近月Contango月差扩大至百元，持货商挺价意愿强烈。

二、市场动态：

1. 西南市场（重庆）

成交冰点：铜价突破关键阻力位后，下游铜厂点价意愿降至冰点，仅零星小型铜厂补库，多数企业转提长单或消耗库存。

情绪压制：升水坚挺但高价抑制实际采购，市场进入“有价无市”状态。

2. 华北市场（天津/沈阳/山东）

供应宽松：现货到港量稳定，但山东持货商降价出货仍难提振成交，贴水扩大至180元/吨。

成交清淡：下游对高价敏感，仅低价散单和长单提货支撑市场，天津贴水140元/吨反映需求疲软。

3. 华南市场（佛山）

逆势下跌：交割换月压力下，现货升水难抵盘面回调，中间价单日暴跌755元/吨，成全国唯一负增长区域。

交投谨慎：贸易商挺价意愿强，但下游逢低仅刚需补库，整体成交清淡。

4. 华东市场（上海）

Contango博弈：近月月差扩大至100元/吨，持货商低价惜售，好铜升水稳于20-30元/吨。

僵持格局：早盘贴水20-0元/吨报价未能激发需求，午后压价至贴30元/吨方有少量成交。

三、后市预测：

短期：铜价或维持78,000-79,500元/吨区间波动，交割换月后贴水压力或缓解。

中期：若电网订单4月放量叠加再生铜供应收缩（美国出口减量传导），价格有望冲击80,000元/吨。

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2025年3月12日电解铜市场日报：普涨近千元，区域升贴水分化加剧！交割换月博弈下市场成交趋冷

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