节点：中游（冶炼、中间品）位置：中游情绪：中性参考度：2/10
2025年11月10日上海期货交易所午间金属行情综述：
铜：主力合约CU2601上午收报68,200元/吨，较前日结算价下跌0.8%。交易所库存报85,350吨，较上周减少1,200吨。受智利供应中断传闻影响，早盘空头回补推动价格短暂冲高，但终端消费数据疲软压制反弹空间。
铝：主力合约AL2601上午收报19,150元/吨，微跌0.2%。交易所库存降至205,600吨，单周去库3.5%。云南电解铝厂限产升级导致现货升水扩大至200元/吨，但汽车板需求不及预期制约涨幅。
铅：主力合约PB2512上午收报15,780元/吨...
镍：主力合约NI2601上午收报139,500元/吨，跌幅1.5%。交易所库存增至15,280吨，创三个月新高。印尼镍铁回流量超预期，不锈钢厂采购意愿低迷导致期现同步承压。
市场动态：今日早盘多空博弈加剧，铜镍受宏观情绪拖累表现疲软，铅价因供应端扰动领涨。交易所数据显示铝锭仓单注销量骤增，暗示下游备货启动，午后期铝或延续抗跌走势。
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