对于铜价走势，光大期货表示，随着贵金属的历史级调整，铜价也难免受到冲击调整，虽然调整力度弱 于贵金属，但1月份以来主要由资金推动行情的涨幅部分很有可能受到挑战。进入2月份，市场将首先消 化贵金属调整带来的冲击，也面临基本面方面疲软的现货、持续累积的库存以及春节前后的需求真空， 构成了价格短期回调的压力。 沪铜低开低走，午后和国际铜双双封死跌停板，表现尤为弱势。美联储政策预期边际转鹰，贵金属遭遇 抛售，悲观情绪持续蔓延，叠加需求隐忧，沪铜大跌，期价下破十万关口。 （文华综合） 2月2日国内市场电解铜现货库存34.08万吨，较29日增0.50万吨。周末国产货源仍有陆续到货，且由于部 分时间铜价大幅冲高，同时日内波动加剧，下游企业采购情绪相对谨慎，市场需求仍较为有限，仓库出 库量偏少，库存因此维持增加。此前铜价高企，下游需求不佳，社会库存加速累积，今日铜价大幅回 落，不过国内临近春节，下游需求或难有亮眼表现，关注现货贴水是否持续收窄和库存变化。 上周五美国总统特朗普宣布提名沃什出任下一任美联储主席，美联储政策预期边际转鹰，独立性担忧缓 解，美指出现反弹，叠加贵金属高位坠落，有色集体下跌，甚至出现跌停潮。1月份，中国 ...

Macro News - On February 1, Trump announced a 10% tariff on all goods exported to the U.S. from eight European countries (Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland), with a 25% tariff to follow on June 1 [1] - In response, the EU is preparing to impose tariffs amounting to €93 billion, as a countermeasure to Trump's threats regarding Greenland [1] Institutional Viewpoints - The precious metals sector is likely to face pressure and adjustments due to the continued strength of the U.S. dollar index and expectations for a delayed first interest rate cut by the Federal Reserve, which diminishes the appeal of holding non-yielding assets like gold [1] - Global macroeconomic data shows resilience, particularly in U.S. manufacturing and employment, which temporarily reduces the safe-haven demand for precious metals [1] - Despite geopolitical risks providing some bottom support, gold prices may enter a phase of high-level fluctuations, while industrial metals like silver, platinum, and palladium may experience more significant adjustment pressures due to slowing global industrial growth and weak demand in the automotive sector [1]