【中金：预计铜价将小幅下跌】7月16日讯，中金研报称，六月的高铜价主要受到交易所低库存所造就的软逼仓格局推动，但步入七月，美国232铜关税落地，库存搬运需求退潮，也给予了缓解非美地区库存紧张的机会。我们预计铜价将小幅下跌。

Core Viewpoint - The report from CICC indicates that copper prices are expected to decline slightly due to changes in inventory dynamics and tariff impacts [1] Group 1: Market Dynamics - High copper prices in June were primarily driven by low inventory levels at exchanges, creating a soft squeeze in the market [1] - The implementation of the US 232 copper tariff in July has led to a decrease in inventory transportation demand, alleviating inventory pressures in non-US regions [1] Group 2: Price Forecast - CICC forecasts a slight decline in copper prices moving forward as the market adjusts to the new inventory and tariff conditions [1]