供应预期提振铜价，创2009年以来最大年度涨幅

Group 1: Copper Price Trends - Copper prices are set to achieve the largest annual increase since 2009, driven by short-term supply shortages and anticipated demand growth exceeding production levels [1][2] - The London Metal Exchange copper price has risen over 40% this year, ranking first among six major industrial metals [1][2] - On the last trading day of 2025, copper prices experienced a slight decline of 1% [1][2] Group 2: Supply Chain Dynamics - Traders are increasing shipments of copper to the U.S. in anticipation of potential import tariffs, tightening supply in other regions [3] - The expectation of U.S. tariffs has led to over 650,000 tons of copper flowing into the U.S., resulting in supply shortages outside the country [3] - Significant supply pressures have been exacerbated by accidents at major copper mines, including the Grasberg mine in Indonesia and incidents in Congo and Chile [3] Group 3: Demand Outlook - China's weak demand is casting a shadow over short-term growth prospects for copper, with the real estate market in decline affecting demand for copper products [4] - Despite current demand challenges, long-term global copper demand is expected to grow significantly, with projections indicating a more than one-third increase by 2035 [4] - Key drivers of this long-term demand include the ongoing transition to clean energy sources like solar and wind, increased electric vehicle adoption, and expansion of global power grid infrastructure [4]