到底是什麼在支撐銅價？

市場資訊

08/12

熱點欄目自選股數據中心行情中心資金流向模擬交易

客戶端

　　作者：王偉偉/F0257412、Z0001897/

　　一德期貨有色金屬分析師

　　2026年以來，儘管受中東地緣衝突、金價回調、美元階段性升值等多重不利因素擾動，銅價依舊走出相對獨立的強勢行情。下文從多重因素共振支撐的角度，拆分驅動銅價上行的核心因素，便於讀者理解本輪行情的內在邏輯。

　　礦端銅精礦TC處於深度負值區間，剛果（金）擬出台銅精礦出口限制政策，原料緊缺格局持續發酵。國內陽極銅供給收緊，疊加現貨礦冶煉虧損，7‑8月電解銅產量按年下滑，冶煉端產能釋放顯著受限。非美地區庫存持續去化，LME、SHFE社會庫存維持偏低分位，實物端形成有力支撐。

　　市場博弈美國對精煉銅加徵關稅，該國精銅月度進口量維持高位，COMEX‑LME持續溢價，貨源向美國集中，進一步加劇非美區域貨源緊張。美國非農數據不及預期，加息預期有所降溫，美元對銅價的壓制邊際緩和；國內穩增長政策持續託底，綠電、儲能、算力賽道持續發力，貢獻銅消費新增量。

　　風險方面，需重點警惕國內終端需求修復不及預期、海外政策轉向、剛果（金）相關政策出現豁免或延期等變量。

新浪合作大平台期貨開戶安全快捷有保障

免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。

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cms-style=\"font-L\">　　市場博弈美國對精煉銅加徵關稅，該國精銅月度進口量維持高位，COMEX‑LME持續溢價，貨源向美國集中，進一步加劇非美區域貨源緊張。美國非農數據不及預期，加息預期有所降溫，美元對銅價的壓制邊際緩和；國內穩增長政策持續託底，綠電、儲能、算力賽道持續發力，貢獻銅消費新增量。</p>\n<p cms-style=\"font-L\">　　風險方面，需<font cms-style=\"font-L strong-Bold\">重點警惕國內終端需求修復不及預期、海外政策轉向、剛果（金）相關政策出現豁免或延期等變量</font>。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/490/w550h740/20260812/22d8-7044b891d6bc7b85beee825a0e24a217.png\"/><span></span></div>\n<div>\n<span>新浪合作大平台期貨開戶 安全快捷有保障</span>\n<img src=\"\"/>\n</div>\n</div></body></html>","source":"sina","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>到底是什麼在支撐銅價？</title>\n<style 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src=\"http://image.sinajs.cn/newchart/v5/png/min/futures/ndaily/CU0.png\"/>\n</div>\n<div>\n<div>\n<span>熱點欄目</span>\n<s></s>\n自選股\n數據中心\n行情中心\n資金流向\n模擬交易\n</div>\n客戶端\n</div>\n</div>\n<p cms-style=\"font-L align-Center\">　　作者：王偉偉/F0257412、Z0001897/</p>\n<p cms-style=\"font-L align-Center\">　　一德期貨有色金屬分析師</p>\n<p cms-style=\"font-L\">　　2026年以來，儘管受中東地緣衝突、<span>金價</span><span></span>回調、美元階段性升值等多重不利因素擾動，銅價依舊走出相對獨立的強勢行情。下文從多重因素共振支撐的角度，拆分驅動銅價上行的核心因素，便於讀者理解本輪行情的內在邏輯。</p>\n<p cms-style=\"font-L\">　　礦端銅精礦TC處於深度負值區間，剛果（金）擬出台銅精礦出口限制政策，原料緊缺格局持續發酵。國內陽極銅供給收緊，疊加現貨礦冶煉虧損，7‑8月電解銅產量按年下滑，冶煉端產能釋放顯著受限。非美地區庫存持續去化，LME、SHFE社會庫存維持偏低分位，實物端形成有力支撐。</p>\n<p cms-style=\"font-L\">　　市場博弈美國對精煉銅加徵關稅，該國精銅月度進口量維持高位，COMEX‑LME持續溢價，貨源向美國集中，進一步加劇非美區域貨源緊張。美國非農數據不及預期，加息預期有所降溫，美元對銅價的壓制邊際緩和；國內穩增長政策持續託底，綠電、儲能、算力賽道持續發力，貢獻銅消費新增量。</p>\n<p cms-style=\"font-L\">　　風險方面，需<font cms-style=\"font-L strong-Bold\">重點警惕國內終端需求修復不及預期、海外政策轉向、剛果（金）相關政策出現豁免或延期等變量</font>。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/490/w550h740/20260812/22d8-7044b891d6bc7b85beee825a0e24a217.png\"/><span></span></div>\n<div>\n<span>新浪合作大平台期貨開戶 安全快捷有保障</span>\n<img src=\"\"/>\n</div>\n</div></body></html>\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://finance.sina.com.cn/money/future/2026-08-12/doc-inimzytr4007167.shtml\">市場資訊</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CATG","symbol_name":"2倍做多CAT ETF-Leverage 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ETF","TRFM":"AAM Transformers ETF"},"translate_title":"What exactly is supporting copper prices?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COPZ":1.5,"HARD":1.5,"NRES":1.5,"TRFM":1.5,"BCIM":1.5,"PWER":1.5,"RSPM":1.5,"COMD":1.5,"KCOP":1.5,"VAW":1.5,"HCOM":1.5,"COPJ":1.5,"ION":1.5,"NBCM":1.5,"XLBX":1.5,"ILF":1.5,"CSNR":1.5,"METL":1.5,"ZSC":1.5,"ERO":1.5,"BCD":1.5,"EPU":1.5,"EVMT":1.5,"ICOP":1.5,"COMT":1.5,"EMET":1.5,"BCI":1.5,"PYZ":1.5,"RJZ":1.5,"UCIB":1.5,"ECH":1.5,"UCOP":1.5,"FTRI":1.5,"NANR":1.5,"GSG":1.5,"ZAP":1.5,"PIT":1.5,"COM":1.5,"CPXR":1.5,"COPP":1.5,"OTGL":1.5,"FLLA":1.5,"SMOG":1.5,"COMB":1.5,"XLBI":1.5,"FTGC":1.5,"CPER":1.5,"CCOM":1.5,"CATG":1.5,"ISTM":1.5},"content_text":"熱點欄目\n\n自選股\n數據中心\n行情中心\n資金流向\n模擬交易\n\n客户端\n\n\n　　作者：王偉偉/F0257412、Z0001897/\n　　一德期貨有色金屬分析師\n　　2026年以來，儘管受中東地緣衝突、金價回調、美元階段性升值等多重不利因素擾動，銅價依舊走出相對獨立的強勢行情。下文從多重因素共振支撐的角度，拆分驅動銅價上行的核心因素，便於讀者理解本輪行情的內在邏輯。\n　　礦端銅精礦TC處於深度負值區間，剛果（金）擬出台銅精礦出口限制政策，原料緊缺格局持續發酵。國內陽極銅供給收緊，疊加現貨礦冶煉虧損，7‑8月電解銅產量按年下滑，冶煉端產能釋放顯著受限。非美地區庫存持續去化，LME、SHFE社會庫存維持偏低分位，實物端形成有力支撐。\n　　市場博弈美國對精煉銅加徵關税，該國精銅月度進口量維持高位，COMEX‑LME持續溢價，貨源向美國集中，進一步加劇非美區域貨源緊張。美國非農數據不及預期，加息預期有所降温，美元對銅價的壓制邊際緩和；國內穩增長政策持續託底，綠電、儲能、算力賽道持續發力，貢獻銅消費新增量。\n　　風險方面，需重點警惕國內終端需求修復不及預期、海外政策轉向、剛果（金）相關政策出現豁免或延期等變量。\n\n\n新浪合作大平台期貨開户 安全快捷有保障","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}