节点：中游（冶炼、中间品）情绪：利空参考度：6/10
内外铜价冲高【机构评论】
来源：光大期货 2025-12-04 09:44
宏观方面，美国11月ADP就业人数减少3.2万人，创2023年3月以来最大降幅，劳动力市场疲软迹象正在显现；但美国11月份ISM服务业PMI指数升至52.6，创九个月来新高，预期52.0，服务业指数受到供应商交付时间延长以及商业活动进一步改善的支撑。国内方面，关注即将召开的中央经济工作会议。
库存方面，LME库存增加350吨至162150吨；Comex库存增加2127吨至39397...昨晚LME铜注册仓单大量转为注销仓单，被市场认为即将大量被提货的表现，佐证投资者对未来铜价的看好，也凸显了LME库存紧张和全球显性库存结构性问题，成为内外铜价联袂创新高的理由。
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