节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：6/10
《内外铜价窄幅震荡分析》
近期，内外铜价呈现窄幅震荡态势。从宏观层面来看，美国 ADP 就业数据意义重大。10 月 ADP 私营部门就业人数减少 4.5 万，创下两年半以来的最大降幅。此数据致使美联储降息预期得到提振。而在昨晚，市场在逐步消化美政府预期重新开门这一利好因素后，美股却重新陷入低迷，进一步加重了市场担忧情绪。
中国方面，央行发布的 2025 年第三季度中国货币政策执行报告备受关注。报告强调，要全面平衡好短期与长期、稳增长与防风险、内部均衡与外部均衡，以及支持实体经济与保持银行体系自身健康性之间的关系。通过强化宏观政策取向一致性，做好逆周期和跨周期调节，进而提升宏观经济治理...
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Given the current situation, will the LME’s new rule effectively curb market manipulation and ease the rapid rise of spot premium? Considering the different inventory performances in various markets and the cautious market sentiment, how exactly will the overseas financial market and China’s invento…