铜_长期看涨前景 vs 短期疲软基本面_主要观点

ab Global Research 17 November 2025 Copper Bullish outlook vs soft fundamentals near-term Remain structurally positive but short-term positioning elevated We have maintained a structurally positive view on copper through 2025, but were concerned a 'soft patch' in S&D fundamentals would weigh on the market in 3Q25 as elements of China demand softened after a strong 1H (renewables/appliances), some overhang from tariff pre-buying/US imports and resilient China smelter output. This fundamental thesis has broad ...