铜价飙涨中国断购！智利巨头强硬喊话，供应格局酝酿剧变

Core Viewpoint - A significant price increase in copper, driven by supply shortages and high demand, is creating tension between major copper producers like Codelco and Chinese buyers, leading to strategic responses from China to mitigate costs and secure supply [2][4][11]. Group 1: Supply and Demand Dynamics - Codelco, a major player in the copper industry, has raised the processing fee for copper from $89 to $350 per ton, a nearly threefold increase [4]. - The global demand for copper is surging, particularly due to its critical role in renewable energy technologies, with electric vehicles using four times more copper than traditional vehicles [6][7]. - Supply disruptions have occurred in major copper-producing regions, leading to a forecasted supply gap of 150,000 tons by 2026 [11]. Group 2: China's Strategic Response - Chinese companies are responding to high copper prices by shifting their purchasing strategy from finished copper to copper concentrate, leveraging their significant refining capacity [15][17]. - A coalition of Chinese copper companies has agreed to collectively reduce smelting capacity by at least 10% to exert pressure on upstream suppliers [19][20]. - Chinese firms are diversifying their sourcing by investing in copper mines globally, reducing reliance on any single supplier [28]. Group 3: Market Positioning and Pricing Power - The establishment of the Shanghai Futures Exchange for copper aims to create a pricing benchmark that reflects Asian market dynamics, allowing China to influence global copper pricing [30]. - The current situation reflects a shift in power dynamics within the global commodities market, with China transitioning from a passive buyer to an active strategic player [31].