节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：6/10
11月27日消息，全球最大铜生产商智利国家铜业（Codelco）在亚洲铜周期间向中国买家提出2026年长期合同报价，将铜供应溢价大幅提至每吨350美元，较2023年约定的89美元上涨近300%，创行业纪录。这一调整折射出美国潜在关税政策引发的全球铜贸易流向变化及供应紧张预期。作为行业基准报价方，Codelco此次上调叠加美联储降息预期升温，进一步支撑铜价买盘，但部分中国买家难以接受，至少三家客户计划放弃长单转向现货采购。
截至11月27日，伦敦金属交易所（LME）三个月期铜上涨1.45%至每吨10975美元，今年以来累计涨幅近25%，上月更创下超11000美元的历史新高。其他五种主要金属同步上扬，铝和锌涨幅超2%，锡价涨超1%。铜价走高受多重因..
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