<p>上海銅在週二下跌，因獲利了結和中國需求疲軟對市場造成壓力，整體風險偏好轉向謹慎。</p>
<p>截至格林威治標準時間 0330，上海期貨交易所最活躍合約下跌 1.96%，報 98,490 元（14,064.78 美元）每公噸，曾短暫觸及 96,010 元，為 12 月 25 日以來的最低點。</p>
<p>在倫敦金屬交易所基準三個月銅價上漲 2.19% 至每噸 12,489.50 美元后，交易初期的損失有所縮小。</p>
<p>交易員表示，銅價下跌促使一些投資者逢低買入，幫助減少損失。</p>
<p>上海銅的下跌是自亞洲下午交易時段以來的延續，當時紅色金屬從上週創下的歷史高點回落，因年末獲利了結和中國需求疲軟，且價格高企。</p>
<p>楊山銅溢價（SMM-CUYP-CN），衡量中國對進口銅的需求，週一降至每噸 53 美元，低於之前的 55 美元，但仍較 10 月中旬的 40 美元以下有所改善。</p>
<p>銅價也受到投資者整體風險偏好轉向謹慎的影響。週一，黃金和白銀均從歷史高點回落。</p>
<p>投資者繼續關注美國聯邦儲備委員會，因特朗普總統週一威脅要起訴美聯儲主席鮑威爾，同時等待週二稍晚發佈的中央銀行 12 月會議紀要。</p>
<p>在其他上海期貨交易所基礎金屬中，錫領跌，上海合約下跌 4.84%，報 325,780 元每噸。</p>
<p>高錫價對中國國內焊接金屬的需求造成壓力，庫存水平持續上升。</p>
<p>根據交易所週五發佈的每週庫存報告，上海期貨交易所可交割錫庫存上週上升至 8,477 噸。</p>
<p>然而，基準三個月錫價上漲 1.59%，報每噸 41,390 美元。</p>
<p>鎳價大幅上漲。上海最活躍的鎳合約上漲 3.71%，報 132,200 元每噸，曾觸及近九個月高點 133,330 元。</p>
<p>基準三個月鎳價也上漲，漲幅為 4.15%，達到每噸 16,470 美元，突破 16,500 美元水平，觸及九個月高點 16,540 美元。</p>
<p>鎳價近期的強勁表現仍源於印尼政府計劃削減 2026 年鎳產量的消息。</p>
<p>在上海期貨交易所，鋁價下跌 0.22%，鋅價上漲 0.56%，鉛價上漲 0.40%。</p>
<p>在其他倫敦金屬交易所金屬中，鋁價上漲 0.56%，鋅價上漲 0.79%，鉛價上漲 1%。</p>
<p>（1 美元 = 7.0026 元人民幣）</p>

<p>上海銅價因獲利了結和中國需求疲軟下跌 1.96%，至每公噸 98,490 元。此次下跌是在創紀錄高位之後，反映出投資者普遍的風險規避情緒。陽山銅溢價降至每噸 53 美元，表明對進口銅的需求減弱。其他金屬表現參差不齊，錫價下跌 4.84%，而鎳價上漲 3.71%。投資者還在密切關注美國聯邦儲備委員會在持續市場波動中的行動</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>上海銅在週二下跌，因獲利了結和中國需求疲軟對市場造成壓力，整體風險偏好轉向謹慎。</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>截至格林威治標準時間 0330，上海期貨交易所最活躍合約下跌 1.96%，報 98,490 元（14,064.78 美元）每公噸，曾短暫觸及 96,010 元，為 12 月 25 日以來的最低點。</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>在倫敦金屬交易所基準三個月銅價上漲 2.19% 至每噸 12,489.50 美元后，交易初期的損失有所縮小。</p>
</div><p>Lower copper prices encouraged some dip-buying, helping trim losses, traders said.</p>
<div class="lb-trans"><p>交易員表示，銅價下跌促使一些投資者逢低買入，幫助減少損失。</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>上海銅的下跌是自亞洲下午交易時段以來的延續，當時紅色金屬從上週創下的歷史高點回落，因年末獲利了結和中國需求疲軟，且價格高企。</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>楊山銅溢價（SMM-CUYP-CN），衡量中國對進口銅的需求，週一降至每噸 53 美元，低於之前的 55 美元，但仍較 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>銅價也受到投資者整體風險偏好轉向謹慎的影響。週一，黃金和白銀均從歷史高點回落。</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>投資者繼續關注美國聯邦儲備委員會，因特朗普總統週一威脅要起訴美聯儲主席鮑威爾，同時等待週二稍晚發佈的中央銀行 12 月會議紀要。</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>在其他上海期貨交易所基礎金屬中，錫領跌，上海合約下跌 4.84%，報 325,780 元每噸。</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>高錫價對中國國內焊接金屬的需求造成壓力，庫存水平持續上升。</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>根據交易所週五發佈的每週庫存報告，上海期貨交易所可交割錫庫存上週上升至 8,477 噸。</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，基準三個月錫價上漲 1.59%，報每噸 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>鎳價大幅上漲。上海最活躍的鎳合約上漲 3.71%，報 132,200 元每噸，曾觸及近九個月高點 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>基準三個月鎳價也上漲，漲幅為 4.15%，達到每噸 16,470 美元，突破 16,500 美元水平，觸及九個月高點 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>鎳價近期的強勁表現仍源於印尼政府計劃削減 2026 年鎳產量的消息。</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>在上海期貨交易所，鋁價下跌 0.22%，鋅價上漲 0.56%，鉛價上漲 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>在其他倫敦金屬交易所金屬中，鋁價上漲 0.56%，鋅價上漲 0.79%，鉛價上漲 1%。</p>
</div><p>($1 = 7.0026 Chinese yuan renminbi)</p>
<div class="lb-trans"><p>（1 美元 = 7.0026 元人民幣）</p>
</div>

上海銅價因中國需求疲軟和獲利回吐而下跌