中金大宗商品 | 铜铝:走出低波

中金大宗商品
Sep 09, 2025

过去两个月,铜价走势基本符合我们在中金大宗商品 | 有色金属2025下半年展望:近端压力与远端溢价中的判断,在9500-10000美元/吨之间维持窄幅波动。近期我们观察到一系列重要的边际变化,正在推动铜等工业金属选择方向。宏观上看,美联储的立场逐步由鹰转鸽,为铜价带来金融属性顺风。微观上看,今年以来国内精炼铜和电解铝表需持续超预期,在关税风波有所缓和的背景下,消费前置影响可能被高估,铜、铝的消费...

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