2025年4月21日电解铜市场日报

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4月21日电解铜市场日报

2025-04-21 17:26:54 来源：北方有色网责任编辑：韩泽楷

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一、价格走势

现货价格
- 上海市场主流品牌1#电解铜报价区间为 76295-76550元/吨（上海有色金属交易中心、广东南储、上海华通），较前一日上涨约240元/吨，创近期新高。
- 区域价差方面，广东市场报价76410-76650元/吨，华北市场76290-76460元/吨，西南市场76310-76580元/吨，整体呈现华东＞西南＞华北＞华南的格局。
期货表现
- LME铜期货主力合约收于9254美元/吨，周内上涨0.36%，但受美国潜在关税政策及宏观情绪影响，短期面临9300美元/吨压力位。
- 沪铜主力合约（2505）收于76,220元/吨，日内震荡上涨，月差BACK结构维持，支撑现货升水走高。

二、现货升水与市场动态

上海市场
- 现货升水继续上抬，主流平水铜品牌（如JCC、鲁方）升水120-130元/吨，好铜（如金川大板）升水130-160元/吨，部分贸易商因货源紧张惜售。
- 早间非注册品牌成交活跃，下游企业逢低补库，叠加精废价差收窄，再生铜杆企业转向采购电解铜，需求支撑升水。
区域市场分化
- 佛山：升水120-150元/吨，库存去化加速，贸易商看涨后市，下游刚需采购为主。
- 天津：升水企稳于贴80-升60元/吨，高铜价抑制补库，成交以刚需为主。
- 重庆：到货增加但需求疲软，持货商下调升水至平水附近，零单采购意愿低。

三、库存与供需

库存变化
- 全国电解铜社会库存降至 23.51万吨（较4月10日减少3.52万吨），其中上海库存15.66万吨（环比降2.47万吨），广东库存3.84万吨（环比降0.74万吨），去库速度超预期。
- 保税区库存12.38万吨（环比降0.78万吨），进口比价回暖推动仓单清关。
供需分析
- 供应端：国内冶炼厂检修计划增加，铜精矿加工费低位运行，但再生铜及阳极板投料补充供应，4月产量预计平稳。
- 需求端：电力、新能源订单支撑消费，精废价差收窄至1,320元/吨，再生替代效应减弱，精铜消费占比提升。

四、成交与资金

4月18日单日成交量 4.39万吨（环比增7.97%），周累计成交17.72万吨（环比增3.56%），创节后新高。
贸易商逢低收货情绪浓厚，下游节前备货预期升温，市场看涨升水情绪主导。

五、影响因素与后市预测

核心驱动因素
- 宏观政策：美国对华关税政策或于4月底落地，市场避险情绪升温，铜价波动率或加剧。
- 金融属性：美元走弱及降息预期支撑铜价长期上行，但短期需警惕政策预期差带来的回调风险。
后市展望
- 价格：预计沪铜主力运行区间75000-77000元/吨，LME铜价9030-9440美元/吨，短期震荡偏强。
- 升水：下周临近五一备货，上海市场升水或上探至100-200元/吨，广东市场升水50-200元/吨。
- 库存：到货难有明显增量，叠加节前备货，库存或延续去化。

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2025年4月21日电解铜市场日报

一、价格走势

二、现货升水与市场动态

三、库存与供需

四、成交与资金

五、影响因素与后市预测

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