节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：5/10
全球库存持续回升，铜价减仓降波震荡【机构评论】
当前铜价锚定的两大核心逻辑中，黄金保值属性维持高位运行，金铜比持续支撑铜价在10万附近震荡；而美国经济虹吸效应有所弱化，COMEX铜远月高升水格局环比回落，全球库存突破100万吨，C-L价差（伦敦与纽约价差）由顺差转为逆转，铜价上行动能承压。
从宏观维度看，中国有色工业协会提出加强铜战略储备，探索商业储备模式，该举措短期利多有限，长期将改善铜矿紧张与精铜过剩的供需矛盾；美联储新任提名主席落地后事件预期平稳，后续需重点关注降息节奏变化，美国经济韧性仍存（通胀数据暂未超预期、失业率回落），但美元回流压力阶段性缓解，对非美市场定价的虹吸效应边 ..
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