节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：4/10
铜在12月的涨势中创下2017年以来最长连涨纪录，这一涨势由供应链可能出现更多压力的预期推动。该金属上涨2.7%，收于每吨12558.50美元，实现八连涨，积极情绪展现出韧性。交易商因预期可能加征关税而纷纷将金属运往美国，导致全球其他地区市场收紧。
铜价在年末涨势中于周一触及略低于每吨13000美元的纪录高位，随后涨幅收窄。今年期货价格已上涨逾40%，创下2009年以来最大年度涨幅。美元走弱（使其他货币买家购买金属的成本降低）也助力涨势，2025年美元指数下跌约8%。
今年供应问题主导金属市场，从印尼、智利到刚果民主共和国的铜矿均发生事故。与此同时，铝生产受到中国能源成本上升和供应限制的威胁，锌矿也遭遇中断。对铜...
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