节点：中游（冶炼、中间品）位置：中游情绪：利好参考度：6/10
11月27日，伦敦金属交易所（LME）市场发展负责人罗宾·马丁在世界铜业亚洲大会上指出，美国Comex铜价相对LME铜价的溢价结构已成为持久性现象，预计未来18个月将持续维持。这一价差通常保持在2%至3%区间，核心驱动因素为美国国内政策不确定性，包括对铜及关键矿产的潜在关税调整、贸易政策方向以及本土供应链安全政策等，此类因素正深度影响区域铜市定价逻辑。
市场参与者面对关税风险时，更倾向于在美国本土的Comex市场进行定价与对冲操作，直接推升了Comex铜合约的相对吸引力。与此同时，金融机构与工业用户均在提...
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