2025年4月24日铜市场日报

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24日铜市场日报

2025-04-25 08:52:50 来源：北方有色网责任编辑：韩泽楷

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一、期货市场动态

国际期货价格
- LME铜价：隔夜LME铜价尾盘回落，收于9369美元/吨，跌幅0.16%；但4月24日电子盘下午交易时段，LME铜价反弹至9455美元/吨，较前日上涨86美元，主要受秘鲁Antamina铜矿停产及库存下降的短期刺激。
- COMEX铜：5月期铜合约价格波动加剧，受美国政策扰动及美元走弱影响，盘中一度冲高至4.89美元/磅，但收盘涨幅收窄至0.43%。
国内期货表现
- 沪铜主力合约（2506）：日内震荡偏弱，收于77480元/吨，跌幅0.36%。市场对78000-80000元/吨阻力区间保持关注，短期内情绪受美股及LME非亚洲盘走势影响显著。

二、现货市场与基差

现货价格
- 电解铜：上海地区1#电解铜现货均价为78120元/吨，升水区间收窄至升水20~150元/吨。下游节前备货需求逐步释放，但高价抑制采购积极性，成交以刚需为主。
- 废铜：价格小幅上涨，1#光亮铜线报价73,600-74,700元/吨（不含税）。上游贸易商惜售情绪缓解，但下游铜厂原料库存紧张，再生铜杆经济性优势减弱，成交清淡。
进口盈亏
- 现货进口窗口短暂打开后关闭，进口亏损收窄至-80元/吨左右，部分保税区货源流入国内市场。

三、库存变动

全球显性库存
- LME库存：减少7450吨至205250吨，注销仓单占比回升至37.9%，显示海外需求边际改善。
- 国内库存：上期所铜仓单减少1728吨至44965吨；社会库存连续七周去库，总库存较去年同期减少17万吨，主因进口到货减少及下游补库。

四、供需基本面分析

供应端压力加剧
- 铜矿紧张：秘鲁Antamina铜矿（年产量41万吨）因事故全面停工，加剧矿端短缺预期。进口铜精矿加工费（TC）跌至-34.71美元/吨，创历史新低，冶炼厂减产压力增大。
- 精炼铜产量：3月国内电解铜产量124.8万吨，同比增长8.6%，但高TC时代结束，冶炼利润承压，部分企业转向再生铜补充原料。
需求端分化
- 传统领域：电力及家电订单稳中有升，但地产竣工面积同比下滑26%，建筑用铜需求疲软。
- 新能源领域：光伏、新能源汽车及AI算力基建用铜增速维持15%以上，支撑长期需求。4月三元前驱体产量环比增长，但出口受美国关税政策压制。

五、宏观与政策影响

美国政策扰动
- 特朗普政府表示“关税僵局不可持续”，市场预期对华加征关税范围可能调整，但短期内贸易风险仍压制出口预期。
- 美联储降息预期升温，美元指数跌至三年低位，提振铜的金融属性。
国内政策支撑
- 电网投资额突破7000亿元（同比增18.7%），特高压项目加速落地，支撑铜消费韧性。

六、后市展望

短期走势
- 铜价维持震荡偏强格局，沪铜主力支撑位上移至76000元/吨，阻力位关注80000元/吨。若LME库存持续去化及矿端事件发酵，价格或突破区间上沿。

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2025年4月24日铜市场日报

一、期货市场动态

二、现货市场与基差

三、库存变动

四、供需基本面分析

五、宏观与政策影响

六、后市展望

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