RBC资本市场评估铜价飙升的前景 未来走势取决全球贸易局势进展

Group 1 - RBC Capital Markets analysts noted that copper inflow into the U.S. has supported a price surge of approximately 11% since early 2025, outperforming global copper prices [1] - North American copper stocks have risen about 9% year-to-date, with Capstone Mining Corp and HudBay Minerals identified as the most favored stocks in the sector [1] - The announcement of a potential investigation into new tariffs on copper imports by President Trump in February has contributed to the increase in copper prices, as copper is essential for various products from electric vehicles to power grids [1] Group 2 - The U.S. copper imports totaled over 123,000 tons in March, significantly higher than 58,000 tons in February and 76,000 tons in January [1] - RBC strategists indicated signs of weakening demand and supply for copper, suggesting that if tariffs are not continued, it could act as a negative catalyst for prices [1] - Short-term risks to copper prices are highlighted due to the potential continuation of Trump's aggressive trade agenda and a slowdown in the construction industry during the summer [2]