金属与材料行业:降息预期兑现 有色阶段性回调

天风证券
Sep 21, 2025

基本金属:降息政策落地,铜铝价格阶段性回调。1)铜:本周铜价重心下移,沪铜收于80080元/吨。随着美联储等多国央行议息会议落定,市场宏观的高风险影响事件告一段落,来自宏观的扰动因素有所缓和,但价格的波动依然处于较为剧烈的极端。基本面上,随着旺季的深入,下游的交易与订单逐步活跃起来,且在经历本周价格回调之后,市场交易的积极性有明显回升;另一方面,下周又将进入国庆前的备货阶段,预计后半段的交易将有...

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