铜价此前因唐纳德·特朗普总统提出的关税提案而大幅飙升，但华尔街分析师警告市场逆风浮现，两家矿业巨头遭评级下调。摩根士丹利分析师卡洛斯·德·阿尔巴将麦克莫兰铜金评级从买入降至持有，目标价从45美元上调至54美元；南方铜业则从持有降至卖出，目标价从86美元上调至99美元。早盘交易中，麦克莫兰铜金股价下跌3.5%至43.91美元，南方铜业下滑2.8%至97.22美元。
尽管近期涨幅显著——麦克莫兰铜金过去三个月上涨约36%，受关税提案推动铜价从每磅4.80美元跃至5.60美元——但评级下调凸显风险。德·阿尔巴指出，宏观经济担忧和估值过高是主因：南方铜业的远期市盈率从17倍飙升至22倍，麦克莫兰铜金则从13倍升至19倍。需求面同样承压，花旗分析师汤姆·马尔昆预测未来三个月铜价将跌至每磅4美元，因制造业活动疲软和太阳能前置需求（指制造商在政策变化前提前采购）拖累消费。
分析师共识分化明显：FactSet数据显示，65%的覆盖分析师仍给予麦克莫兰铜金买入评级，高于标普500平均的55%，平均目标价51美元；南方铜业仅16%建议买入，平均目标价93美元。
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