2025年11月26日电解铜市场日报

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11月26日电解铜市场日报

2025-11-26 16:47:39 来源：北方有色网责任编辑：郝炳文

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一、价格概览
今日国内铜期货价格整体呈现反弹态势。截至收盘，沪铜主力合约报86590元/吨，较前日上涨0.20%。国际铜期货主力合约报收77200元/吨，涨幅0.26%。上海现货市场电解铜均价86610元/吨，较昨日上涨150元/吨。

海外市场方面，伦敦金属交易所（LME）三个月期铜收涨45美元，报10818美元/吨。

二、市场分析与展望
今日铜价反弹主要受益于美联储降息预期升温。美国最新劳动力和零售数据显示经济走软后，市场对美联储12月降息25个基点的概率预期已超过80%。降息预期提振了市场情绪，给予铜价支撑。

从基本面看，供应端呈现收紧趋势。铜精矿现货TC指数持续在低位负值运行，原料供应紧张格局未改。同时，受铜矿供给偏紧及部分冶炼厂检修集中的影响，国内精铜供给量可能有所收敛。需求端则表现相对平稳，下游多以刚需补库为主。

三、结论
整体而言，当前铜市处于供需双弱格局，宏观面与基本面共同影响着价格走势。预计短期铜价将维持震荡，中长期有望在背靠支撑位后震荡偏强运行。建议投资者轻仓逢低短多交易，注意控制节奏及风险。

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2025年11月26日电解铜市场日报

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