贸易局势缓和，伦铜大幅反弹

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

贸易局势缓和，伦铜大幅反弹

2025-04-10 09:23:21 来源：金源期货责任编辑：韩泽楷

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周三沪铜主力2505合约低开高走，伦铜昨夜反弹至8800美金一线，国内近月转向B结构，周三电解铜现货市场成交活跃，铜价回落后下游采买意愿高涨，现货维持升水95元吨，昨日LME库存降至21.2万吨。宏观方面:美国新任总统昨夜表示，鉴于超过75个国家已致电美国的代表机构，就与贸易、贸易壁垒、关税、汇率操纵以及非货币性关税等相关议题进行谈判以寻求解决方案，已授权对不报复的国家暂缓征收关税90天。欧盟已投票通过首轮对美国关税的反制措施，将涵盖280亿美元的美国商品征收25%的关税，主要针对美国的钢铁和铝制品，欧盟表示如果美国同意达成公平互免协议，这些反制措施可以暂停，我们认为全球贸易战短期转入缓和谈判期，全球市场风险偏好显著回升，美股和金属板块大幅反弹。最新CME观密工具显示5月美联储维持不变的榔率为76%，产业方面:Codeco董事长表示，公司2025年前三个月铜产量仍高于2024年同期，对全球铜需求长期前景持乐观态度。尽管2月全国停电导致产量短暂下降，但公司维持产量预期，Codelco今年的目标是铜产量达到 137-140万吨。
美国新任总统称对不采取报复措施的国家暂缓征收关税90天，大幅提振资本市场情绪，全球贸易局势短期缓和转入谈判阶段，铜价暂稳阶段性底部支撑或已显现，基本面铜矿趋紧格局未变，中国内贸铜维持升水，预计铜价短期将企稳向上，关注全球贸易局势变化。

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贸易局势缓和，伦铜大幅反弹

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