铜行业周报:10月下游消费商精炼铜库存创2015年以来新低

光大证券
Nov 16, 2025

本周小结:短期铜价震荡,需求修复后仍看好铜价上行。截至2025 年11 月14日,SHFE 铜收盘价86900 元/吨,环比11 月7 日+1.12%;LME 铜收盘价10846美元/吨,环比11 月7 日+1.41%。(1)宏观:短期宏观扰动减弱。(2)供需:自由港削减2025-2026 年铜产量,供给后续仍维持紧张;本周线缆企业开工率在铜价上行中仍有回升,Q4 电网旺季效应仍存;2025/11...

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