铜价年内屡创新高 四季度重要因素系“232铜关税”

智通财经
Oct 06
【铜价年内屡创新高 四季度重要因素系“232铜关税”】2026年前三季度,铜市场在宏观扰动与产业供需的反复博弈中走出强势行情。尽管中东地缘冲突、美联储货币政策转向等因素一度引发市场调整,但矿端供给约束持续强化,叠加美国铜进口关税预期引发全球贸易流重构,铜价中枢仍不断抬升。进入四季度,分析师认为,此前主导行情的矿端供给紧缺、冶炼减产与库存迁移等因素仍将提供支撑,但美国“232铜关税”政策的最终走向及美国铜库存能否回流,将成为影响铜价的重要变量。SMM铜研究团队认为,美国关税预期持续吸引铜资源流向美国,是全球铜资源错配的重要原因。与此同时,国内再生铜原料供给偏紧,削弱了对精炼铜供给的补充作用,叠加中秋、国庆节前下游集中备货,共同推动国内现货供给趋紧。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10