【多重因素共振，铜价刷新历史纪录】铜价正处于历史高位。铜价上涨通常是衡量全球经济增长的一项非正式指标，但眼下，“铜博士” 给出的经济信号却被美国关税及其他供应问题搅得模糊不清。在交易所交易的原生金属精炼铜目前暂免关税，但这一豁免状态能维持多久尚不明朗。特朗普政府去年表示，正考虑自明年起对铜加征 15% 关税，后续进一步提高税率。这一消息促使各方争相赶在潜在关税落地前向美国进口精炼铜。随着美国国内库存不断累积，全球境外铜资源的争夺趋于激烈，进而推高铜价。人工智能产业扩张同样拉动铜需求。铜是人工智能数据中心与电网的核心原料，当前数据中心建设热潮高涨。此外，全球铜产量出现下滑。据 Kitco 报道，受强风暴影响，全球最大产铜国智利 7 月铜产量同比下降 9.4%。
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