特朗普关税威胁下，全球铜交易商瞄准美国市场套利

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

特朗普关税威胁下，全球铜交易商瞄准美国市场套利

2025-02-28 15:20:35 来源：北方有色网责任编辑：韩泽楷

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随着美国总统特朗普威胁要对铜征收进口关税，全球顶级大宗商品交易商纷纷将目光投向美国市场，试图从各地向美国出口铜以获取丰厚利润。

特朗普周二签署行政令，对是否向进口铜产品加征关税展开贸易调查。受此影响，美国与其他地区铜价之间的差距急剧扩大。周三，纽约商品交易所（Comex）铜价飙升4.9%，比伦敦金属交易所（LME）铜价高出逾1000美元/吨，后者上涨1.2%，至约9500美元/吨。

据知情人士透露，嘉能可等交易商是最近几周向美国市场运输铜材的主要企业之一，这些铜大多来自南美，同时它们也在询问是否可以从LME追踪的亚洲仓库中运送铜。市场相关人士表示，关税威胁为交易商创造了赚取丰厚利润的机会，美国铜价本月曾一度比其他地区高出每吨1300美元，而将铜运送到美国的运费通常为每吨300美元或更低，相比之下，大宗商品级金属在常规交易中的利润非常微薄。

麦格理银行大宗商品策略副主管 Alice Fox 表示：“很多人都在关注这个套利机会，但实际上敢于交易的人非常少。” 她解释道，将铜运送到美国需要时间，这可能意味着交易商可能会在铜发货之前被关税困住，“人们认为这是一项高风险的交易，因为可能发生变化的因素太多了。”

尽管如此，特朗普发起的调查可能需要数月才能完成，这为交易商提供了一个窗口期，在此期间，它们可以在不支付关税的情况下将铜出口到美国，并获得每吨几百美元的利润。铜价的走势反映了其他金属市场的类似情况，黄金、白银和铝的美国价格相对于国际基准也都出现了上涨，为交易商创造了套利机会。与此同时，美国制造商一直在计算成本，自特朗普在1月底首次提出征收关税以来，它们购买铜的平均价格比世界其他地区的同行高出8%左右。

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