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
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
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电解液隔膜隔膜电解液电芯

2025年11月11日铜市场日报

2025-11-11 18:54:27 来源：北方有色网责任编辑：郝炳文

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2025年11月11日，国内沪铜期货延续震荡偏强走势，收盘微幅上涨，主力合约继续在关键技术位附近徘徊。

一、行情回顾

截至2025年11月11日收盘，沪铜主力合约报收86630元/吨，较前一交易日上涨300元/吨，日内涨幅0.35%。近五个交易日累计上涨1.04%。

现货方面，上海1#电解铜现货价格报价86765.00元/吨，相较于期货主力价格升水135.0元/吨。当日现货市场采购情绪有所回升，但下游对86000元/吨以上的铜价仍表现出一定的谨慎态度，还盘意愿增强。

二、市场动态

国际市场方面，伦敦金属交易所(LME)铜价前期呈现上涨态势。截至11月10日收盘，LME期铜报收10874.5美元/吨，较前一日上涨1.47%。另有数据显示，11月11日LME期铜收于10796美元/吨，上涨80美元。

宏观层面，美元指数从高位回落，美国政府在停摆结束后，市场关注就业和通胀数据公布。美联储11月降息25BP符合预期，并暗含12月再度暂停的信号，中美关税博弈阶段性落地，市场回归经济实际走势研判。

三、基本面分析

供应方面，铜精矿加工费(TC)费用周度小幅回升，但整体仍运行于负值区间，原料供给紧张对铜价成本支撑仍强。由于年末集中检修叠加铜矿、废铜供给紧张等原因，令冶炼厂产能受限，国内精炼铜供给量或将有所收紧。

需求方面，近期铜价有所回调，令前期因铜价快速上涨抑制的部分需求得以释放。年末部分应用消费企业为冲刺产销目标推出促销政策，在一定程度上拉动下游新开工及订单的增长，社会库存小幅去化。

四、机构观点

南华期货认为，内外铜价反弹至成交密集区，能否突破有待考验。12月合约继续关注85000附近支撑，上看86500附近压力。若下游需求继续走强，入场点可抬升。

瑞达期货分析指出，沪铜基本面或处于供给小幅减少、需求逐步增长的阶段，产业去库，预期向好。操作上建议轻仓逢低短多交易，注意控制节奏及交易风险。

五、后市展望

综合来看，铜价短期有望维持偏强态势，但亦存在回撤风险。宏观预期再度进入博弈阶段，投资者需关注实际经济预期和风险情绪变化。技术面上，沪铜主力合约关键支撑位于83860一线，在该支撑位之上可偏强看待。

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