节点：中游（冶炼、中间品）位置：中游情绪：中性参考度：2/10
全球铜库存一年翻倍至百万吨，创五年新高，截至2026年2月全球总库存达100万吨，较2025年同期的47万吨增长113%，创五年新高。尽管四季度全球矿山出现供应中断，库存仍持续攀升，显示需求端相对疲软，供需格局正发生转变。摩根大通监测显示，铜精矿加工费（TC/RC）持续为负值，原料端供应紧张，冶炼厂采购议价能力弱；伦敦金属交易所（LME）净投机头寸开始下降，取消仓单数量减少，投资者情绪趋于谨慎，市场短期信心动...
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