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
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
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电解液隔膜隔膜电解液电芯

2025年2月11日铜日报：电解铜价升库存增，供需博弈下的市场预期

2025-02-11 10:03:59 来源：北方有色网责任编辑：韩泽楷

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市场情绪：
谨慎观望为主：当前铜价处于相对高位，下游消费尚未全面开启，需求回暖存在不确定性，导致市场成交较为惨淡。持货商出货难度加大，虽然升贴水有所调整，但整体交投氛围平淡，买卖双方多持谨慎观望态度。

存在一定的乐观因素：从宏观层面来看，全球制造业有回暖迹象，中国也有政策刺激预期，叠加春节后开工旺季预期，部分投资者对未来需求增长持乐观态度。此外，供应端存在铜矿供应紧张、冶炼瓶颈等问题，以及刚果（金）武装冲突带来的供给端扰动，这些因素也使得市场对铜价有一定的支撑预期。

市场预期：
短期预期：短期内，由于下游企业尚未全面开工，需求端难以快速释放，而供应端有国产货源到货和进口铜流入，库存继续垒库，预计铜价反弹力度有限，市场可能维持震荡偏弱走势。
长期预期：长期来看，全球新能源产业发展迅猛，电动汽车、光伏及储能系统装机量不断增长，铜在电力传输和电池中的不可替代性使其长期需求预期向好。同时，多国推进电网升级以支持可再生能源并网，也将进一步刺激铜消费，所以铜价可能受到长期的支撑，结构性牛市逻辑或持续支撑价格中枢上移。

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