铜价步入1万美元时代

Group 1 - Copper prices have reached a new high, with the London Metal Exchange (LME) three-month futures touching $11,200 per ton, the highest since May 2024, and remaining strong into November [4] - Concerns over copper supply have intensified due to recent accidents at major mines in Indonesia, the Democratic Republic of Congo, and Chile, leading to multiple supply disruptions this year [4][8] - The International Copper Study Group (ICSG) forecasts a 3.0% increase in copper consumption in 2025 and a 2.1% increase in 2026, indicating a growing demand for copper in industries like data centers and electric vehicles [4] Group 2 - Goldman Sachs has reported that $10,000 will become the new price floor for copper, driven by supply constraints and increased demand from sectors such as artificial intelligence [7] - The average annual price of copper is projected to rise to approximately $9,750 per ton by November 2025, reflecting a 60% increase compared to the pandemic lows in 2020 [7] - Japanese smelting companies, including Mitsubishi Materials, have begun to reduce copper production due to deteriorating ore procurement conditions, with a 14% reduction planned for the second half of the fiscal year [8]