节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：8/10
smmnn11月11日消息显示，美国政府于本周正式将铜纳入关键矿物名单，将其视为关乎经济与国家安全的战略金属。值得注意的是，与传统国家储备有所不同，美国铜库存呈现大幅增长态势，且这一增长完全由市场机制驱动，并非依靠财政资金支持。
由于芝加哥商品交易所（CME）铜价长期高于伦敦金属交易所（LME）报价，由此形成巨额套利空间。这一情况促使全球贸易商纷纷将现货铜运往美国，使得美国意外成为仅次于中国的全球第二大铜储备地。
今年2月，特朗普政府启动对铜进口的国家安全调查，因市场预期美国可能加征关税，推动CME铜价一度较LME高出近每吨3000美元。尽管7月特朗普政府仅对铜半成品征税，暂缓精炼铜关税决定，致使价差一度回落，但近期套利再度升温。目前现货溢价重返每吨300美元以上，远期价差更达800美元，足以覆盖运输成本，进而刺激更多铜流入美国。在..
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If the “strategic copper reserve” formed by commercial inventory in the US is approaching China’s target, what impact will it have on the global copper market? And will the US government really impose copper import tariffs in the future? Given the current situation of market – driven inventory incre…