套利交易推高铜价,明年铜价中枢或站上1.2万美元/吨

国际金融报
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2025年,铜价抬升的原因之一是美国囤库。特别是在这一周,LME铜库存出现集中提货之后,市场对于非美地区低库存的担忧越发高涨。COMEX—LME溢价持续存在,尽管三季度、四季度溢价较二季度大幅回落,但溢价均值仍维持在330美元/吨附近。花旗集团表示,COMEX和LME套利交易导致铜流向美国,预计将进一步加剧LME铜供应吃紧。而且随着投资者押注美国经济软着陆,宏观基金买盘将继续支撑价格,同时供应缺口...

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