【铜价屡创历史新高之际 铜冶炼厂却抢着亏本加工】铜价屡创历史新高之际，将铜矿提炼成可用金属的冶炼厂却陷入负价加工的困境中，这一反常折射出当前铜市场的供需情况日趋复杂。周二，伦敦金属交易所三个月期铜触及每吨14779美元的历史新高，周三小幅回落至14767.5美元/吨，但今年以来，铜价已累计上涨近18%。然而，数据显示，今年度铜冶炼厂的基准处理和精炼费——即矿商向冶炼厂支付的将精矿加工成成品金属的费用——为每吨0美元，创历史新低。这一数字低于2025年的每吨21.25美元和2024年的每吨80美元。精炼费用现价跌幅更大，年中已经跌至每吨约负127美元，相当于冶炼厂付费帮矿商加工他们的矿石。业内强调，造成这一现状的基本原因在于供需缺口主导了铜市场。由于矿产供应能力远低于加工能力，而冶炼能力又被各国日益视为一种战略实力，这导致冶炼厂争夺日益有限的原矿供应。
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