特朗普抨击盟友、美联储政策双重推动金属上涨 铜价逼近每吨13000美元

Core Viewpoint - The surge in copper prices to around $13,000 per ton is driven by a significant shift of investors from foreign exchange and sovereign bond markets to the metal market, with other metal prices also rising in tandem [2][4]. Group 1: Market Dynamics - Copper prices have seen a maximum increase of 1.8%, while nickel and tin have risen over 3% [2][4]. - The geopolitical reshaping by U.S. President Donald Trump and renewed criticism of the Federal Reserve are prompting a market influx into safe-haven assets, which has recently extended to base metals [2][4]. - Since mid-last year, copper prices have been on a steady rise due to large copper mine supply disruptions, a surge in demand driven by electrification processes, and a spike in copper exports ahead of potential U.S. tariffs [2][4]. Group 2: Supply and Inventory - Despite the rise in benchmark copper prices, the price spread between different copper futures contracts on the London Metal Exchange has been narrowing [2][4]. - Following a severe short squeeze earlier in the week, the delivery volume of copper inventory in U.S. and Asian exchange warehouses has increased, alleviating purchasing pressure for buyers [2][4]. - As of Thursday, the spot copper price on the London Metal Exchange was at a discount of $82.84 per ton compared to the three-month futures contract, indicating an improving supply situation [2][4]. - This contrasts sharply with the market conditions earlier in the week when spot copper was at a premium of over $100 per ton, reflecting tight supply [2][4]. Group 3: Future Expectations - Traders indicate that although the current arbitrage window has closed, more copper inventory is expected to flow into exchange warehouses in the coming weeks [3][5].