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12月8日电解铜价格日报

2025-12-08 18:37:26 来源：北方有色网责任编辑：郝炳文

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一、要闻摘要
2025年12月8日，国内外铜价延续强势，同步刷新历史高位。沪铜主力合约盘中最高触及93,300元/吨，收盘报92,970元/吨，日内涨幅1.54%。国际铜期货主力合约收报83,320元/吨。伦敦金属交易所（LME）铜价同步走强，盘中最高至11,771美元/吨。现货方面，上海市场1#电解铜均价报92,430元/吨，但高铜价抑制下游采购，现货升水普遍回落。

二、期货与现货行情
日内期货市场多头情绪强劲，沪铜主力合约增仓上行，领涨国内基本金属。现货市场呈现“价涨量缩”特征。当日市场数据显示，现货好铜升水报200-240元/吨，平水铜升水50-120元/吨，较前一交易日明显下跌。市场反馈显示，铜价持续创高导致下游除刚需外采购意愿低迷，是现货升水承压的主要原因。

三、影响因素分析
本轮铜价上涨受宏观与基本面共振驱动。宏观层面，市场对美联储12月降息的预期为金属价格提供支撑。同时，国内最新政治局会议明确将继续实施积极的财政政策和适度宽松的货币政策，进一步强化了市场的乐观预期。

基本面供应担忧是核心推力。全球铜矿供应干扰不断，智利主要生产商向中国买家提出的2026年铜现货溢价高达350美元/吨，凸显原料紧张格局。此外，中国铜冶炼厂计划联合减产10%以应对极低的加工费，加剧了市场对精炼铜供应收紧的担忧。尽管高价格对部分下游消费产生抑制，但全球显性库存整体处于低位，为铜价提供了坚实支撑。

四、后市展望
短期来看，LME市场的挤仓风险以及强烈的宏观与基本面预期，可能推动铜价保持强势。有观点指出，若伦铜上探12,000美元，沪铜可能测试95,000元/吨关口。然而，需警惕绝对高价对实体需求的持续抑制效应，以及若美联储降息预期落空可能引发的价格高位回调风险。市场将持续关注海外央行政策动向及现货市场的实际成交变化。

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