2025年6月23日电解铜市场日报：主流城市普跌，区域供需差异显化价格分化

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6月23日电解铜市场日报：主流城市普跌，区域供需差异显化价格分化

2025-06-23 17:57:03 来源：北方有色网责任编辑：韩泽楷

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一、市场综述

今日国内电解铜现货市场延续普跌调整格局，核心城市报价集体下行。供需端博弈加剧、宏观情绪偏谨慎叠加传统消费淡季效应，共同压制市场信心，现货交投以“刚需采购”为主，上下游观望氛围浓厚。

二、价格走势：核心城市现货普跌，区域跌幅分化

从国内主要城市监测数据看，电解铜价格普遍下行，不同区域因供需结构差异呈现跌幅分化特征。具体价格及涨跌情况如下（单位：元/吨）：

城市	现货价格	当日涨跌	区域特征与解读
天津	78200	↓30	华北流通枢纽，货源供应充裕拖累价格
沈阳	78250	↓60	东北区域领跌，下游加工企业订单疲软
北京	78360	↓30	华北消费中心，跟跌主流市场节奏
西安	78310	↓20	西北区域抗跌性较强，本地需求韧性足
广州	78325	↓50	华南核心市场，外贸订单疲软压制需求
重庆	78445	↓30	西南区域同步下行，基建项目备货放缓
武汉	78455	↓50	华中加工集群区，铜箔/线缆需求走弱
济南	78165	↓50	华东次中心，制造业开工率边际回落
上海	78405	↓25	全国定价核心，跌幅相对温和（货源流通效率高）

三、核心影响因素分析

1. 宏观层面：内外预期博弈，情绪偏谨慎

海外：美联储6月议息会议释放“暂缓降息”信号，美元指数攀升至105附近，伦铜（LME铜）承压下挫，内外盘联动导致沪铜主力合约同步走弱，现货市场情绪受压制。
国内：5月宏观数据（如制造业PMI、社融）延续“弱复苏”特征，市场对政策加码的期待与落地前的观望情绪并存，下游企业备货节奏明显放缓。

2. 供需层面：供应充裕，需求“淡季效应”凸显

供应端：国内冶炼企业开工率维持高位（行业机构统计显示，主流冶炼厂开工率超85%），月度电解铜产量同比增长约5%，市场货源供应充足，现货升贴水持续低位（部分市场甚至贴水出货）。
需求端：下游进入传统淡季，多领域需求疲软：
- 线缆行业：房地产新开工低迷拖累建筑线缆订单，电网招标节奏偏缓；
- 铜加工行业（铜板带、铜箔）：新能源汽车产销增速边际放缓，锂电铜箔企业开工率小幅回落；
- 终端消费：家电内销旺季不及预期，出口订单受海外需求疲软制约。

3. 库存层面：去化节奏放缓，压制短期信心

截至6月20日，国内电解铜**社会库存（SMM统计）**约28万吨，周度去化幅度收窄至0.5万吨以内；保税区库存维持近5万吨高位。显性库存压力叠加隐性货源流通，进一步弱化现货市场“缺货逻辑”。

四、后市展望

震荡磨底，关注政策与外部变量

宏观预期落地前，市场或延续“供需弱平衡 + 情绪博弈”格局，现货价格大概率围绕7.8 - 7.85万元/吨区间震荡。需重点跟踪：

美联储7月议息会议对加息/降息的指引；
国内稳增长政策（如基建专项债、地产支持政策）的落地节奏。

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2025年6月23日电解铜市场日报：主流城市普跌，区域供需差异显化价格分化

一、市场综述

二、价格走势：核心城市现货普跌，区域跌幅分化

三、核心影响因素分析

1. 宏观层面：内外预期博弈，情绪偏谨慎

2. 供需层面：供应充裕，需求“淡季效应”凸显

3. 库存层面：去化节奏放缓，压制短期信心

四、后市展望

震荡磨底，关注政策与外部变量

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