铜行业周报:COMEX铜非商业净多头持仓处于1990年以来87%分位数

光大证券
Dec 21, 2025

本周小结:继续看好铜价上行。截至2025 年12 月19 日,SHFE 铜收盘价93180元/吨,环比12 月12 日-0.96%;LME 铜收盘价11882 美元/吨,环比12 月12日+2.85%。(1)宏观:美国11 月失业率达4.6%,2026 年1 月降息概率环比回升。(2)供需:据SMM,中国冶炼厂与安托法加斯塔敲定2026 年铜精矿TC长单Benchmark 为0 美元/吨(本周TC...

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