铜价大涨、库存告急？理性看待“新石油”供需变局

Group 1 - Recent international copper prices have reached historical highs, with LME copper futures up over 30% year-to-date, raising concerns about a potential "copper shortage" as global copper inventories fall below 100,000 tons [1] - Copper is deemed "irreplaceable" during the industrial transformation, being essential for clean energy, digital economy, and high-end manufacturing, with significant demand in sectors like electric vehicles and smart grids [2][3] - The global copper supply is under pressure due to the aging of high-quality mines and increasing extraction difficulties, with the average copper grade declining from 1.3% in 2005 to 0.65% currently [4] Group 2 - Strategic emerging industries are projected to drive copper consumption growth, with an expected consumption of 15.4 million tons in China by 2025, a 3% increase, particularly in sectors like new energy vehicles and AI [5] - Technological innovations are being pursued to stabilize copper production, including advancements in resource extraction and recycling, with companies like China Copper focusing on integrating technology across the entire supply chain [6][7]