摩根大通预估2026年全球铜缺口13万吨，铜价剑指13500美元，供给收紧叠加AI算力需求爆发

Group 1 - Morgan Stanley predicts a global copper market supply gap of approximately 130,000 tons by 2026, with price forecasts of $13,500 per ton in Q2 and $13,000 per ton in Q3 of 2026 [1] - Major copper mining companies, including Southern Copper, have lowered their production forecasts for 2026 and 2027, contributing to uncertainty in global copper concentrate supply [1] - The ongoing global energy transition and electrification processes are driving a steady increase in copper demand, particularly in power infrastructure, electric vehicles, and energy storage systems [1] Group 2 - The expansion of data center construction, driven by the AI wave, is accelerating the demand for high-quality copper materials [1] - The combination of tightening supply and resilient demand is tilting the copper market further towards a supply gap [1] - Changes in global trade policies, particularly increased tariff costs for U.S. medium-sized enterprises, may impact the cross-regional flow and pricing dynamics of copper [2]