节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：4/10
铜价短期调整压力显现，长期资源叙事支撑仍存
周一，沪铜主力合约减仓下跌，尾盘跌幅扩大，现货市场成交有限。宏观层面，美联储降息预期及关税政策潜在变化对铜价上涨形成干扰，特朗普拟留任哈塞特的表态令市场宽松货币政策预期降温，对铜价构成利空。
产业端，铜价快速上涨下，现实需求负反馈持续积累。中国电解铜社会库存进入1月后持续累库，当前处于近5年历史同期高位；广东电解铜现货对当月合约转为大贴水，市场情绪低迷，现货需求承压。此外，英伟达修改技术论文下调数据中心铜使用量，促使市场重新审视铜需求Ţ..
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