节点：下游（终端消费/应用）位置：下游情绪：利好参考度：8/10
铜持续吸引大量投机兴趣，机构及散户投资者因其在人工智能与能源转型大趋势中的关键作用而布局。尽管自1月历史高点略有回调，看涨情绪依然强劲。大量资金流入芝加哥商品交易所（CME）与伦敦金属交易所（LME）的期货及期权合约，主要受供应收紧预期及全球贸易政策潜在变化驱动。
美国市场的投机动能显著，CME旗舰铜合约的多头净头寸已达2021年初以来的高位。依赖动量信号的算法基金当前主导市场，正积极维持或扩大多头头寸。空头活动几乎消失，自2023年中以来，基金空头头寸持续处于2万合约以下的历史低位。零售板块亦在此次上涨中发挥重要作用，2026年前五个月，CME微型铜合约交易量同比增长83%。加之二元价格点事件期权的创纪录关注度，凸显公众将铜作为战略投资工具的...
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