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11日电解铜价格日报

2025-12-11 17:05:17 来源：北方有色网责任编辑：郝炳文

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一、市场表现概览
今日国内外铜价同步走强，延续高位运行。截至收盘，沪铜期货主力合约报92210元/吨，日内上涨0.80%；国际铜期货主力合约报82650元/吨，上涨0.88%。现货方面，根据北方有色网数据，上海地区1#电解铜现货成交均价为92640元/吨，较前一交易日大幅上涨1160元/吨。

二、核心驱动与宏观背景
今日铜价走强的主要驱动来自宏观层面。北京时间今日凌晨，美联储如期宣布降息25个基点，为年内连续第三次降息。尽管点阵图显示未来降息节奏可能放缓，但美联储同时宣布启动短期美债购买，被市场解读为偏鸽派的信号，提振了风险资产情绪。此外，世界银行于今日上调2025年中国经济增速预期，一定程度上改善了需求前景。

三、基本面与现货市场动态
与期货的强势相比，现货市场呈现“高价弱需”特征。受铜价持续居于历史高位抑制，下游采购积极性偏低，现货升水承压下行。山东地区现货升贴水已跌至贴水280元/吨，反映出高铜价下终端订单承接乏力，市场成交维持清淡格局。供应端，全球显性库存维持偏低水平对价格构成支撑，但国内社会库存已出现回升迹象。

四、短期展望
整体来看，铜价处于宏观利好与基本面现实矛盾之中。美联储宽松基调与全球低库存格局为铜价提供了底部支撑，市场氛围审慎乐观。然而，高价对消费的抑制作用日益显现，现货疲软与潜在累库风险将限制价格上行空间。后续需密切关注现货成交变化、库存拐点以及下周日本央行的利率决议对全球流动性的进一步影响。

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