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12日电解铜市场日报

2025-11-12 17:45:59 来源：北方有色网责任编辑：郝炳文

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一、价格行情
今日国内铜期货表现平稳，沪铜主力合约收盘于86840元/吨，较前一日上涨0.16%。国际铜期货主力合约收报77320元/吨，微涨0.18%。

二、市场分析与展望
供需格局：当前铜市场处于多空因素交织的震荡阶段。供应方面，全球铜矿供应持续紧张，智利国家铜业公司近期再次下调年度产量指引，加上此前印尼Grasberg矿场减产，全球铜矿供应缺口扩大。需求方面，10月国内精铜杆产量为75.6万吨，环比下降10.99%，反映高铜价对下游需求产生一定压制。

库存状况：库存数据呈现分化态势，截至11月7日，LME铜库存为13.6万吨，而国内社会库存却创近5年同期新高，表明国内现货供应相对宽松。

宏观环境：中国人民银行提出实施"适度宽松"的货币政策，为市场提供流动性支持。同时美国政府结束停摆，市场风险偏好有所回升。

短期展望：铜价在供应紧张与需求疲软的博弈中维持震荡格局。机构预计沪铜主力波动区间在8.5-8.8万元，当前价格接近区间上沿，向上突破需更多利好驱动。长期看，供需偏紧格局与能源转型带来的需求增长仍将支撑铜价。

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