节点：中游（冶炼、中间品）位置：中游情绪：中性参考度：2/10
内外铜价再次表现偏强【机构评论】（来源：光大期货 2025-12-02）
宏观层面，美国11月ISM制造业PMI录得48.2，低于预期49及前值48.7，该指数连续九个月处于50荣枯线以下，制造业持续收缩，其中就业分项疲软，物价分项回升。日本央行行长植田和男明确表示，12月货币政策会议将“考虑加息”并“做出正确决定”，历史经验显示日央行加息通常对全球流动性产生抑制作用。
基本面方面，国内12月电解铜预估产量环比增5.96%、同比增6.69%，...铜价高位导致终端订单放缓，市场以刚性采购为主。库存端，LME铜库存维持低位，Comex库存增加，SHFE铜仓单下降，BC铜仓单持平。
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