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19日电解铜市场日报

2025-11-19 16:46:24 来源：北方有色网责任编辑：郝炳文

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一、价格表现

2025年11月19日，国内铜价整体呈现震荡整理格局。期货市场沪铜及国际铜主力合约均小幅反弹，而现货价格则略有承压。

截至收盘上海期货交易所国际铜期货主力合约报收76620点，微涨0.09%。沪铜主力合约2512收盘报86080元/吨，微涨0.17%。

二、市场分析与展望
从供需层面看，近期铜市呈现多空因素交织的格局。供应方面，国际铜业研究组织（ICSG）已将2025年矿山供应增速从2.3%下调至1.4%，反映出全球矿山中断带来的结构性限制。同时，国内港口铜精矿库存维持在64.8万吨水平，进口铜精矿加工费已跌至负值区间，表明铜矿供应持续紧张。
需求方面，下游消费呈现缓慢回暖态势。本周铜线缆企业开工率为64.36%，环比上升0.91个百分点，主要受益于Q4电网旺季效应的支撑。不过，2025年11月-2026年1月空调排产同比有所下降，对铜需求形成一定制约。
宏观层面，美国将铜纳入关键矿产名单，使其成为国家安全资产，为国内项目提供政策激励与融资机制。这一政策转变巩固了铜作为能源、国防与人工智能基础设施所需战略材料的地位，对中长期铜价形成支撑。

随着全球电气化、国防系统与数据中心基础建设对铜需求的持续扩张，供需偏紧格局有望推动铜价在震荡后继续上行。

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基本文件流程错误 SQL 调试

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