全球铜市场-2025 年持续看涨；增持伦丁矿业、安托法加斯塔和力拓（欧洲、中东及非洲地区），自由港麦克莫兰和泰克资源（美洲地区），紫金矿业、卡普斯通和默德卡（亚太地区）

J P M O R G A N Global Equity Research 21 March 2025 Global Copper Staying bullish for 2025; OW Lundin, Antofagasta & Rio Tinto in EMEA, Freeport & Teck in the Americas, Zijin, Capstone, & Merdeka in APAC LME Copper prices have risen +15% YTD to ~US$10,000/t as China stimulus and supply disappointments have supported the market. Comex Copper prices in the US are +25$5/lb (~US$11,200/t) on the back of US copper import tariff concerns. YTD Chinese economic activity data has been stronger than expe ...