节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：3/10
上海期货交易所数据显示，6月26日当周，周度库存减少5.66%至135,732吨，降至年内新低。国内现货市场TC/RC加工费持续探底甚至进入负值区间，炼厂陷入加工亏损困境，仅能依靠副产品硫酸维持收益。多家冶炼厂集中开展年度检修，市场现货供给阶段性收缩。目前，库存水平偏低对铜价仍构成支撑。同期，国际铜库存减少2481吨至17,859吨。
伦敦金属交易所（LME）数据显示，上周伦铜库存继续下降，最新库存水平为336,475吨，降至逾三个月新低。COMEX铜库存延续上行趋势，最新库存水平为662,802短吨，再创历史新高。
去年7月，美国政府公布铜关税方案，此前仅针对铜半成品等征收50%关税，精炼铜暂获豁免，计划自2027年起分阶段对精炼铜加征关税。该方案最终...美国商务部需于6月30日前提交“232关税”的调查报告，并据此作出最终决策。
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.
