SNXUSD (SNXUSD) 加自选

周二，美国铜期货价格上涨至每磅5.1美元，为三个月来的最高点，主要交易所的供应紧张加剧了美元疲软的影响。美国总统特朗普对铜征收关税的风险促使交易员在交易所之间转移金属，并引发关键存储中心的供应紧缩。美国继续对铜进口进行调查，以拉开最终关税的序幕，挤压外国供应，并保持对有限冶炼和加工能力的压力。交易员将铜移出LME仓库，引发期货曲线出现激进的现货溢价，导致权证库存今年上下价差暴跌80%，至每吨40美元。与此同时，对美国互惠关税的担忧减弱、中东地缘政治紧张局势缓解、对中国政府刺激措施的预期以及美联储的货币宽松，都促使美元走软，并改善了全球制造业需求的前景。

Copper futures in the US rose toward $5.1 per pound on Tuesday, the highest in three months, as tight supply in key exchanges magnified the impact that a weak dollar. The risk of tariffs on copper by US President Trump drove traders to move metal between exchanges and trigger supply squeezes in key storage centers. The US maintained its probe against copper imports to prelude eventual tariffs, squeezing foreign supply and maintaining the pressure on limited smelting and processing capacity. Traders moved copper out of LME warehouses and triggered an aggressive backwardation in the futures curve, driving on-warrant inventory to plunge 80% this year tom/next spreads to $40 per tonne. In the meantime, softer concerns of reciprocal tariffs by the US, lower geopolitical tension in the Middle East, expectations of stimulus by the Chinese government and monetary easing by the Federal Reserve all contributed to a softer dollar and an improved outlook for global manufacturing demand.