节点：下游（终端消费/应用）位置：下游情绪：利空参考度：7/10
美股调整与铜市分析
近期，金融市场与铜市场呈现出一系列动态变化。从宏观层面来看，美科技龙头股的持续调整成为欧美股指下跌的重要推动因素。美国 ADP 数据显示，10 月私人部门每周减少就业岗位 2500 个，就业放缓引发市场担忧，对 12 月降息的预期升至 50%，市场密切关注本周即将发布的数据及后续解读。与此同时，日本计划推出大规模刺激计划，致使日元兑美元汇率下跌。此外，实体需求低于预期，降息预期下调，风险情绪减弱，受 AI 股估值下修带动的风险资产调整或仍未结束。
在铜市基本面方面，LME 库存增加 4400 吨，源于中国出口窗口开启约 1 个半月，炼厂交仓促使 LME 库存回升，现货贴水扩大至 30 美元以下，CL 升水也在最近两天回落至 250 美元，需关注资金离场的持续性。中国本周铜库存小幅减少，因炼厂出口增加与进口减少，虽ƕ..
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Given the current situation, will the upcoming data this week really clarify the market’s future direction? And with the increase in LME copper inventory and the expected production recovery of Grasberg mine, can the so – called short – term support at 85000 still hold? Considering the weak supply -…