铜铝价格高位震荡，等待突破上行 | 投研报告

中国能源网2025-12-22

华源证券近日发布有色金属大宗金属周报：本周伦铜/沪铜/美铜涨跌幅分别为+0.36%/-0.96%/+2.33%。宏观方面，美国11月失业率4.6%超预期，同时11月CPI低于预期，美联储明年降息预期升温，支撑铜价上行。铜冶炼加工费方面，中国铜冶炼厂代表与Antofagasta敲定2026年铜精矿长单加工费Benchmark为0美元/吨与0美分/磅（2025年分别为21.25美元/吨与2.125美分...

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