节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：5/10
沪铜减仓，10万关口反复震荡【机构评论】
国内供需：当前铜精矿供应持续偏紧，进口矿加工费承压下行。高硫酸价格及副产品价格支撑下，春节前后国内炼厂产出预计稳定。铜市交投处于长线叙事与供需弱现实博弈的背景下，下半年合约价差排列不显著，而春季及二季度合约呈现正向市场排列。节后季节性库存累库节奏或令价格阶段性承压，后续需围绕需求预期强弱再次上探。通常，国内正月十五后四至六周基本金属以趋势性累库为主，今年开年高价背景下，尽管春节较晚但节前累库起点明显抬高，节后成规模复工前行业对库存囤ǧ..
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