节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：10/10
白银与铜因供应受限表现超越黄金
2026年临近，白银与铜已取代黄金成为金属交易的领头羊。机构与零售投资者正布局押注创纪录上涨，背后驱动力为供应担忧与需求攀升。白银今年涨幅近一倍，受伦敦市场历史性供应紧缩、印度需求增长及白银ETF资金流入支撑；同时中国库存处于十年低点，进一步推升价格上行压力。
铜价同样大幅上涨，涨幅近9%，因电气化、人工智能数据中心及清洁能源项目需求增加。伦敦金属交易所（LME）铜价创下每吨超11600美元的历史新高。策略交易者预计未来供应短缺，理由包括主要矿山生产中断及能源转型需求的结构性增长。
白银与铜的隐含波动率均大幅上升，反映集中买入与投机性持仓行为。投资者通过ETF及期权合约获取敞口，推动短期价格波动。这一买入热..
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