节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：4/10
铜的长线逻辑受影响有限，人工智能领域高热度使铜与金价锚定效应仍在，基本面层面全球铜矿供给弹性不足的核心矛盾未解决。当前盘面主要制约因素包括海外较高显性库存带来的消化压力，以及地缘政治走向不确定性压制风险偏好，重点关注5月宏观事件落地后的预期变化。
国内社会库存已连续数周去化，总库存水平降至约120万吨，现货市场买盘成为本轮价格反弹核心驱动力。硫酸价Ơ..
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