金源期货:袁退担忧加剧，铜价承压

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

金源期货:袁退担忧加剧，铜价承压

2025-04-16 09:30:20 来源：文华财经责任编辑：韩泽楷

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周二沪铜主力2505合约承压回落，伦铜9300一线上冲无果遇阻回调，国内近月B结构收窄，周二电解铜现货市场成交零星，下游刚需采购为主，当月换月后现货回落至升水40元吨，昨日LME库存升至21.2万吨。宏观方面:美国签署行政令称将展开调查进口矿物产品及其行生品的国家安全风险，虽然美国近期取消了对中国手机和电子产品的关税，并不会将其关税计划全部付诸实施并留有谈判空间，但高额关税对部分国家特定产业的影响将逐渐显现，并在短期大对包括美国在内的全球经济增长形成冲击，市场叙事或转向全球经济衰退预期，央行强调，我国货币政策工具箱储备充足，保留了应对超预期挑战的政策空间，未来该出手时必出手，央行将通过精准滴灌的结构性工具和灵活适度的流动性管埋营造适宜的货币金融环境。产业方面:海关数据，一季度我国进口未锻造铜及铜材产量达130.3万吨，同比-5.2%。
近期给于部分产业关税豁免，难以将其计划全部付诸实施并留有谈判空间，主因其担忧关税政策将在短期内显著拖累美国经济，美联储立场不明令美国新任总统期望的快速降息对冲高关税的可能性变得较为渺茫;基本面矿端趋紧格局未变，国内库存平稳下行，铜价超跌反弹或已临近尾声，关注技术面的前高阻力，预计短期铜价将转入震荡偏弱。

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金源期货:袁退担忧加剧，铜价承压

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