（来源：研报虎）投资要点：铜：供给端扰动频发，铜矿或由紧平衡转向短缺，铜价有望迎来上行周期。本周伦铜/沪铜/美铜涨跌幅为+2.08%/+3.20%/+2.89%。供给端，全球第二大铜矿Grasberg遭遇矿难停产，Freeport预计最早要到2027年才能恢复事故前的生产水平，2026年铜金产量较此前预期下降约35%。铜冶炼方面，中国有色金属工业协会铜业分会表示坚决反对铜冶炼行业“内卷式”竞争。...
Source Link（来源：研报虎）投资要点：铜：供给端扰动频发，铜矿或由紧平衡转向短缺，铜价有望迎来上行周期。本周伦铜/沪铜/美铜涨跌幅为+2.08%/+3.20%/+2.89%。供给端，全球第二大铜矿Grasberg遭遇矿难停产，Freeport预计最早要到2027年才能恢复事故前的生产水平，2026年铜金产量较此前预期下降约35%。铜冶炼方面，中国有色金属工业协会铜业分会表示坚决反对铜冶炼行业“内卷式”竞争。...
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