节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：7/10
铜方面，宏观层面美联储内部降息路径分歧显著，里士满联储主席巴尔金称利率已达中性水平，理事米兰则表示数据支持进一步降息，今年幅度或超100个基点。国内央行2026年重点工作明确加大逆周期与跨周期调节力度，灵活运用降准降息等货币政策工具。库存端LME铜库存增加3525吨至146075吨，Comex库存增加4996吨至461654吨，SHFE铜仓单增加2989吨至93271吨，BC铜维持1053吨。需求上因铜价高位终端订单放缓，市场以刚性采购为主。
贵金属乐观表现传导做多...
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