中信建投 | 全球银、铜价再创历史新高,国际油价区间震荡

中信建投证券研究
Dec 08, 2025

文|梁骁 韩军1)全球银、铜价再创历史新高。由于供应的扰动持续,长单的海外溢价远超出市场预期,结合降息预期乐观,宏观和基本面共振,11月末,银和铜价翘尾收涨,并于12月初现货价格再度刷新历史高位。1日晚间,伦敦银现货价格盘中最高冲至57.862美元/盎司,刷新历史纪录;4日国内现货铜价格升至91145元/吨,同比上涨22.06%。后市来看,基本面的结构性矛盾存在,长期银价和铜价上涨的逻辑不变。2)...

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