摩根大通：全球铜库存一年翻倍至百万吨，创五年新高！短期铜价或将在1.2万美元/吨附近承压盘整

Group 1 - The global copper inventory has doubled over the past year to reach one million tons, marking a five-year high, despite supply disruptions in global mines during the fourth quarter, indicating a relative weakening in demand [1] - High-frequency indicators show a decline in net speculative positions on the London Metal Exchange, along with a decrease in canceled warehouse receipts, reflecting a cautious sentiment among investors [1] - JPMorgan forecasts that copper prices will face pressure and consolidate around $12,000 per ton in the short term, awaiting demand signals in the second quarter [1]