节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：9/10


铜价夜盘大幅调整【机构评论】

宏观层面，美国芝商所集团宣布全线上调包括金、银、钯金等在内的金属期货交易保证金，于当地时间周一收盘后生效。元旦节日将至，持仓保证金上调引发多头大幅减仓，贵金属与有色金属价格同步大幅下挫。

供需端，2025年1-10月全球铜精矿产量同比增加36万吨，全球精炼铜产量同比增加88万吨，全球精炼铜消费同比增加114万吨，全球精炼铜过剩20.3万吨，较去年同期46万吨的过剩规模显著收窄。

利润方面，周度TC为-44.9美元/吨，环比下降1.25美元/吨；硫酸均价865元/吨，较上周877元/吨略有回落。10月铜长单冶炼盈..00元/吨。

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