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25日电解铜市场日报

2025-11-25 16:13:37 来源：北方有色网责任编辑：郝炳文

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市场概况
2025年11月25日，国内铜期货市场整体呈现反弹态势。沪铜期货主力合约日内震荡上行，截至收盘报86600元/吨，较前一日上涨0.65%；国际铜期货主力合约同步走强，报收77170元/吨，涨幅0.68%。现货市场跟随期货走势，上海地区1#电解铜现货均价报86530元/吨，较前一日上涨270元/吨。

供需与交易分析
现货市场交投整体平稳，铜价重回86000元/吨上方后，下游企业以按需采购为主。期货月差呈贴水结构，对现货价格形成支撑。市场货源有所减少，尤其好铜资源依然稀缺，升水维持在百元以上；普通平水铜品牌价差较大，部分差平水铜报价较多，平水附近成交相对集中。

影响因素与市场展望
宏观面上，美联储12月降息预期升温对铜价形成支撑。据CME"美联储观察"显示，市场对12月降息概率押注升至81%，美元指数震荡走弱，提振铜价区间上涨。

然而，全球铜市场仍面临结构性矛盾。短期来看，COMEX铜库存首次突破40万短吨（约36.5万吨），创历史新高，反映全球铜供应链因政策预期与套利行为发生重构，对铜价构成一定压力。但中长期而言，新能源、电动汽车及AI算力基础设施等领域的需求增长，叠加全球铜矿供应增速放缓，预计将继续支撑铜价重心上移。

城市	价格	涨跌
广州	86510	260
重庆	86255	55
西安	86370	280
武汉	86500	270
济南	86310	255
天津	86260	260
沈阳	86330	270
上海	86460	265

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