节点：中游（冶炼、中间品）位置：中游情绪：中性参考度：2/10
节前成交清淡，铜价延续震荡【机构评论】
当前铜价锚定的黄金保值逻辑与美国虹吸逻辑呈现一维持一弱化特征。黄金高位运行支撑铜价，金铜比锚定铜价近10万元/吨区间；但C-L价差逆转，COMEX铜远月高升水格局环比回落，全球库存累增至100万吨以上，弱现实信号逐步显现。
宏观层面，美联储新任提名主席落地后，市场焦点转向后续降息节奏。美国通胀暂未超预期，失业率回落，经济韧性仍存；但全球经济弱复苏背景下，铜价上行驱动不足。产业端，远期供需转折暂难证..
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