铜：宏观政策与供应端预期共同发力，铜价跨越10万历史门槛

Core Viewpoint - Recent domestic spot copper prices have risen, driven by optimistic market expectations following Trump's statement that the next Federal Reserve chairman must be a "super dove" and expectations of loose domestic liquidity [1] Group 1: Market Dynamics - The domestic liquidity expectation is easing, with policy encouraging major copper smelting enterprises to merge and restructure, enhancing industry competitiveness and boosting market sentiment [1] - The signing of the 2026 copper concentrate long-term processing fee (TC) at $0 per ton highlights a tight supply situation at the mining end [1] Group 2: Supply Concerns - Continuous siphoning of global electrolytic copper by the U.S. has intensified supply concerns in non-U.S. regions, further driving up copper prices [1] - Short-term support logic remains unchanged, with expectations for spot copper prices to remain stable to slightly strong [1]