<p>上海铜在周二下跌，因获利了结和中国需求疲软对市场造成压力，整体风险偏好转向谨慎。</p>
<p>截至格林威治标准时间 0330，上海期货交易所最活跃合约下跌 1.96%，报 98,490 元（14,064.78 美元）每公吨，曾短暂触及 96,010 元，为 12 月 25 日以来的最低点。</p>
<p>在伦敦金属交易所基准三个月铜价上涨 2.19% 至每吨 12,489.50 美元后，交易初期的损失有所缩小。</p>
<p>交易员表示，铜价下跌促使一些投资者逢低买入，帮助减少损失。</p>
<p>上海铜的下跌是自亚洲下午交易时段以来的延续，当时红色金属从上周创下的历史高点回落，因年末获利了结和中国需求疲软，且价格高企。</p>
<p>杨山铜溢价（SMM-CUYP-CN），衡量中国对进口铜的需求，周一降至每吨 53 美元，低于之前的 55 美元，但仍较 10 月中旬的 40 美元以下有所改善。</p>
<p>铜价也受到投资者整体风险偏好转向谨慎的影响。周一，黄金和白银均从历史高点回落。</p>
<p>投资者继续关注美国联邦储备委员会，因特朗普总统周一威胁要起诉美联储主席鲍威尔，同时等待周二稍晚发布的中央银行 12 月会议纪要。</p>
<p>在其他上海期货交易所基础金属中，锡领跌，上海合约下跌 4.84%，报 325,780 元每吨。</p>
<p>高锡价对中国国内焊接金属的需求造成压力，库存水平持续上升。</p>
<p>根据交易所周五发布的每周库存报告，上海期货交易所可交割锡库存上周上升至 8,477 吨。</p>
<p>然而，基准三个月锡价上涨 1.59%，报每吨 41,390 美元。</p>
<p>镍价大幅上涨。上海最活跃的镍合约上涨 3.71%，报 132,200 元每吨，曾触及近九个月高点 133,330 元。</p>
<p>基准三个月镍价也上涨，涨幅为 4.15%，达到每吨 16,470 美元，突破 16,500 美元水平，触及九个月高点 16,540 美元。</p>
<p>镍价近期的强劲表现仍源于印尼政府计划削减 2026 年镍产量的消息。</p>
<p>在上海期货交易所，铝价下跌 0.22%，锌价上涨 0.56%，铅价上涨 0.40%。</p>
<p>在其他伦敦金属交易所金属中，铝价上涨 0.56%，锌价上涨 0.79%，铅价上涨 1%。</p>
<p>（1 美元 = 7.0026 元人民币）</p>

<p>上海铜价因获利了结和中国需求疲软下跌 1.96%，至每公吨 98,490 元。此次下跌是在创纪录高位之后，反映出投资者普遍的风险规避情绪。阳山铜溢价降至每吨 53 美元，表明对进口铜的需求减弱。其他金属表现参差不齐，锡价下跌 4.84%，而镍价上涨 3.71%。投资者还在密切关注美国联邦储备委员会在持续市场波动中的行动</p>

<p>Shanghai copper declined on Tuesday, as profit-taking and weaker Chinese demand weighed on the market amid a broader risk-off turn.</p>
<div class="lb-trans"><p>上海铜在周二下跌，因获利了结和中国需求疲软对市场造成压力，整体风险偏好转向谨慎。</p>
</div><p>The most-traded contract on the Shanghai Futures Exchange  dropped 1.96% to 98,490 yuan ($14,064.78) per metric ton, as of 0330 GMT, after briefly touching 96,010 yuan, the lowest since December 25.</p>
<div class="lb-trans"><p>截至格林威治标准时间 0330，上海期货交易所最活跃合约下跌 1.96%，报 98,490 元（14,064.78 美元）每公吨，曾短暂触及 96,010 元，为 12 月 25 日以来的最低点。</p>
</div><p>The losses in the initial minutes of trading were narrowing, following gains in the benchmark three-month copper on the London Metal Exchange , which climbed 2.19% to $12,489.50 a ton.</p>
<div class="lb-trans"><p>在伦敦金属交易所基准三个月铜价上涨 2.19% 至每吨 12,489.50 美元后，交易初期的损失有所缩小。</p>
</div><p>Lower copper prices encouraged some dip-buying, helping trim losses, traders said.</p>
<div class="lb-trans"><p>交易员表示，铜价下跌促使一些投资者逢低买入，帮助减少损失。</p>
</div><p>The decline in Shanghai copper was an extension of easing since Asian afternoon trading hours, when the red metal pulled back from record highs hit last week, weighed by profit-taking ahead of year-end and weaker demand in China amid high prices.</p>
<div class="lb-trans"><p>上海铜的下跌是自亚洲下午交易时段以来的延续，当时红色金属从上周创下的历史高点回落，因年末获利了结和中国需求疲软，且价格高企。</p>
</div><p>The Yangshan copper premium (SMM-CUYP-CN), a gauge of Chinese appetite for imported copper, declined to $53 a ton on Monday, down from $55 previously but still an improvement from below $40 since mid-October.</p>
<div class="lb-trans"><p>杨山铜溢价（SMM-CUYP-CN），衡量中国对进口铜的需求，周一降至每吨 53 美元，低于之前的 55 美元，但仍较 10 月中旬的 40 美元以下有所改善。</p>
</div><p>Copper also took a hit from investors' broader shift to a risk-off stance. Both gold  and silver  saw a reversal from record highs on Monday.</p>
<div class="lb-trans"><p>铜价也受到投资者整体风险偏好转向谨慎的影响。周一，黄金和白银均从历史高点回落。</p>
</div><p>Investors continued to monitor the U.S. Federal Reserve after President Donald Trump on Monday threatened to sue Fed Chair Jerome Powell, while waiting for minutes of the central bank's December meeting to be published later on Tuesday.</p>
<div class="lb-trans"><p>投资者继续关注美国联邦储备委员会，因特朗普总统周一威胁要起诉美联储主席鲍威尔，同时等待周二稍晚发布的中央银行 12 月会议纪要。</p>
</div><p>Among other SHFE base metals, tin led the decline, with the Shanghai contract  declining 4.84% to 325,780 yuan a ton.</p>
<div class="lb-trans"><p>在其他上海期货交易所基础金属中，锡领跌，上海合约下跌 4.84%，报 325,780 元每吨。</p>
</div><p>High tin prices weighed on China's domestic demand for the soldering metal, with stock levels continuing to rise.</p>
<div class="lb-trans"><p>高锡价对中国国内焊接金属的需求造成压力，库存水平持续上升。</p>
</div><p>Deliverable tin stocks (SN-STX-SGH) in SHFE sheds rose to 8,477 tons last week, according to the exchange's weekly stock report on Friday.</p>
<div class="lb-trans"><p>根据交易所周五发布的每周库存报告，上海期货交易所可交割锡库存上周上升至 8,477 吨。</p>
</div><p>The benchmark three-month tin , however, rose 1.59% to $41,390 a ton.</p>
<div class="lb-trans"><p>然而，基准三个月锡价上涨 1.59%，报每吨 41,390 美元。</p>
</div><p>Nickel surged. The most-active nickel contract  in Shanghai surged 3.71% to 132,200 yuan a ton, after touching a near-nine-month high of 133,330 yuan.</p>
<div class="lb-trans"><p>镍价大幅上涨。上海最活跃的镍合约上涨 3.71%，报 132,200 元每吨，曾触及近九个月高点 133,330 元。</p>
</div><p>The benchmark three-month nickel  also rose, up 4.15% to reach $16,470 a ton after breaching $16,500 level to touch a nine-month high of $16,540.</p>
<div class="lb-trans"><p>基准三个月镍价也上涨，涨幅为 4.15%，达到每吨 16,470 美元，突破 16,500 美元水平，触及九个月高点 16,540 美元。</p>
</div><p>The recent strength in nickel still came from the reported plan of the Indonesian government to slash 2026 nickel output.</p>
<div class="lb-trans"><p>镍价近期的强劲表现仍源于印尼政府计划削减 2026 年镍产量的消息。</p>
</div><p>Elsewhere on SHFE, aluminium  dipped 0.22%, zinc rose  gained 0.56%, lead  added 0.40%.</p>
<div class="lb-trans"><p>在上海期货交易所，铝价下跌 0.22%，锌价上涨 0.56%，铅价上涨 0.40%。</p>
</div><p>Among other LME metals, aluminium  rose 0.56%, zinc  added 0.79% and lead  climbed 1%.</p>
<div class="lb-trans"><p>在其他伦敦金属交易所金属中，铝价上涨 0.56%，锌价上涨 0.79%，铅价上涨 1%。</p>
</div><p>($1 = 7.0026 Chinese yuan renminbi)</p>
<div class="lb-trans"><p>（1 美元 = 7.0026 元人民币）</p>
</div>

上海铜价因中国需求疲软和获利回吐而下跌