多资产周报:如何看待铜价创历史新高?

国信证券股份有...
Nov 02

如何看待铜价创历史新高?(1)库存扭曲直接放大铜波动。今年特朗普政府时期的关税博弈引发全球铜库存“西进运动”,大量铜资源从LME仓库转移至美国商品期货交易委员会(COMEX)体系,导致LME 库存持续处于历史低位。库存低位直接放大了价格波动性,极易引发交易层面的流动性风险。一方面,低库存环境下,少量交易订单即可推动价格大幅波动,10 月印尼Grasberg 铜矿停产事件中,LME 铜价单日涨幅超...

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