2025年9月18日中国电解铜市场日报

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9月18日中国电解铜市场日报

2025-09-18 16:56:25 来源：北方有色网责任编辑：韩泽楷

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一、今日价格走势概述

9月18日，中国电解铜现货市场延续近期涨势，主要城市价格普遍上涨，涨幅在780-815元/吨之间。其中，武汉、西安、上海等城市涨幅居前，广州、重庆、北京等核心消费城市价格均突破79900元/吨。具体价格及涨跌幅如下（单位：元/吨）：

二、价格上涨核心驱动因素

供应端方面，海外矿山扰动持续，艾芬豪矿业卡库拉铜矿第二阶段排水虽进展顺利，但仍需至11月底才能恢复高品位采区，加之智利、秘鲁等主产国部分矿山因劳资谈判、设备故障等问题产量不及预期，短期铜矿供应紧张；进口环节，美元指数因美联储9月降息25基点走弱，以美元计价的LME铜价上涨至9500美元/吨附近，叠加离岸人民币升破7.09的汇率波动，进口铜成本较上月增加约1200元/吨，导致8月电解铜进口量同比下降18%，进一步收缩供应。

需求端则呈现传统行业回暖与新能源需求爆发的双重拉动：传统行业中，8月家电零售额同比增长12%，基建投资增速回升至8.5%，拉动电解铜采购量环比增加15%；新能源行业（光伏、电池、电动汽车）成为需求增长核心引擎，8月新能源汽车销量同比增长35%，带动电池用铜量环比增加20%，光伏产业装机量同比增长40%，对电解铜的需求显著提升。

宏观与库存方面，美联储9月如期降息25基点，市场预期后续仍有1-2次降息，推动大宗商品资产配置需求增加，铜价受益；上海期货交易所（SHFE）电解铜库存截至9月17日较上月同期减少15%（至12万吨），主要消费城市（如上海、广州）现货库存亦降至低位，支撑现货价格走强。

反映到市场动态上，贸易商因预期价格仍将上涨普遍惜售，现货报价坚挺，部分甚至暂停报价；下游企业（如家电厂、新能源电池厂）因需求增加被迫接受高价采购，部分已开始增加库存，以应对未来可能的供应短缺。

三、后市展望与风险提示

短期（1-3个月）价格或继续走强，其支撑因素包括供应端扰动仍在（卡库拉矿恢复需至11月底）、新能源需求持续增长及库存低位，若供应无明显改善，现货价格或突破81000元/吨；而中长期（6-12个月）需警惕供应恢复风险，主要风险在于若卡库拉矿等海外矿山顺利恢复生产，铜矿供应将逐步增加，此外，若传统行业需求不及预期（如基建投资增速回落）或新能源补贴退坡导致需求放缓，价格可能出现回调。

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2025年9月18日中国电解铜市场日报

一、今日价格走势概述

二、价格上涨核心驱动因素

三、后市展望与风险提示

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