节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：4/10
ICSG 4月23日表示，受需求增长放缓及再生铜产量增加影响，2026年全球精炼铜市场预计转为约9.6万吨供应过剩，逆转此前15万吨短缺预测。2027年过剩规模或扩大至37.7万吨，但地缘政治风险（含中东战争）及贸易流向变化可能影响供需平衡。
需求端，ICSG预计2026年全球精炼铜消费量增长1.6%，低于此前2.1%预估；2027年增速预计2%。中国需求2026年或增1.9%，其他地区增幅1.3%。欧盟和日本消费仍低迷，亚洲为全球需求增长主要推动力。
供..矿供应有限，再生铜产量增加部分抵消制约。2027年随铜精矿产量提高及新增产能投产，精炼铜产量增速或加快至3%。
The complete content requires login
You can view the full content after logging in. If you don't have an account, please register first.
This Website publishes publicly available information that SMMNN deems reliable, but makes no warranty as to the accuracy or completeness of such information. The information provided by SMMNN is for reference only and does not constitute investment advice to any entity. Members of the Website shall not replace their own independent judgment with such information.
