金吾财讯 | 中信建投证券研究认为，铜现货依旧紧张，驱动价格再去新高。在美联储加息冲击过后，恰逢国内期货近月合约完成换月，back结构换月后，国内现货对沪铜2610合约报出660~810元/吨的超高升水，这与国内现货库存仅8.9万吨紧密相关。与此同时，铜精矿TC跌至负221.89美元/干吨历史新低，副产品硫酸价格连续回落约两个半月，副产品利润贡献持续收紧，冶炼环节运行压力不断攀升。10月至11月国内多家铜冶炼厂将进行计划检修，电解铜产量面临下行压力。尽管Comex-LME铜价差已经转负，但尚不足以驱动精炼铜从美国流出，非美区域库存紧张的难题仍无法解决，沪铜2610合约的持仓/仓单比居高，外加冶炼厂兑现减产推动，铜价有望再度尝试新高。
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