节点：中游（冶炼、中间品）位置：中游情绪：中性参考度：2/10
近期，铜市场受多种因素影响，价格走势备受关注。周三沪铜主力止跌企稳，伦铜夜盘延续震荡态势，中国近月市场结构发生转变。同时，中国电解铜现货市场成交有所好转，节后进入新一轮补库周期。
从宏观层面来看，美联储最新褐皮书释放重要信号。特朗普政府加征关税的举措推动整体通胀上升，企业面临成本压力，在自行消化成本与转嫁给终端之间艰难抉择。此外，移民政策收紧致使部分地区酒店、农业、建筑和制造等行业劳动力市场供应紧张。美国企业为巩固竞争力，部分维持价格不变，部分则被迫将成本转嫁给消费者。而两党针对临时拨款法案的新一轮投票未通过，美国政府停摆，就业和通胀等关键经济数据缺失，此时褐皮书或成为短期政策路径的重要参考依据。美联储官员...
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