节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：9/10
隔夜内外铜价震荡回落【机构评论】
隔夜内外铜价震荡回落，国内精炼铜进口持续处于亏损状态。宏观层面，美国当周首次申请失业救济人数录得20.8万人，虽较前值19.9万人小幅回升，但仍低于市场预期的21.2万人，反映劳动力市场基本面保持稳固。美联储最新报告显示，消费者对未来一年的物价上涨预期为3.4%，高于11月的3.2%。美联储内部官员分歧显著，部分官员更关注通胀粘性风险，另一部分则担忧失业率...降息预期仍不明朗
库存端，LME铜库存减少2150吨至141075吨；Comex铜库存增加2255吨至467165吨；SHFE铜仓单增加12211吨至108685吨，BC铜库存维持1053吨。需求端，受铜价持续高位影响，终端订单有所放缓，市场以刚性采购需求为主。随着淡季来临，国内铜市进入累库阶段，市场分歧逐步加大。
笔者认为，当前铜价的有序调整有利于后续行情健康发展，需持续关注调整的持续性。
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