铜价一度飙升，受前总统特朗普关税提案提振，但华尔街预见逆风，两大矿业股遭遇评级下调。
周二，摩根士丹利分析师Carlos De Alba调降麦克莫兰铜金和南方铜业评级，股价应声下跌。
De Alba将麦克莫兰铜金从买入降至持有，目标价却从45美元升至54美元；此举反映股价近期涨势——过去三个月，受8月生效的50%铜进口关税推动，麦克莫兰铜金大涨36%，铜价从每磅4.80美元攀至5.60美元。
麦克莫兰铜金股价应声滑落3.2%，收于44.12美元，标普500和道指分别微跌0.4%和1%。
同时，De Alba将南方铜业评级从持有砍至卖出，目标价从86美元提至99美元，股价骤降2.4%，报97.54美元。
分析师担忧宏观经济风险和估值泡沫：南方铜业市盈率从4月的17倍飙至22倍，麦克莫兰铜金则从13倍跃至19倍。
需求端，花旗分析师Tom Mulqueen警告，关税和政策变革将在2025年下半年形成阻力；制造业持续疲软叠加太阳能前置加载——即需求提前释放，以应对再生能源政策变化——将压制铜消费。他预测铜价三个月内跌至每磅4美元。
分析师覆盖数据显示：麦克莫兰铜金获65%买入评级，高于标普500平均55%，目标价均值51美元；南方铜业仅16%建议买入，目标价93美元。
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