广发期货则指出，在铜供给格局得到充分预期背景下，宏观视角下的需求预期仍为铜价锚定的核心因素，2025年宏观环境的不确定性将加剧对铜价的扰动，核心关注海外降息进程、特朗普关税政策推进进度、中国增量政策规模及进入政策效应释放期后的落地效果。Copper stocks fell across the board. As of the time of writing, MMG (01208) dropped by 3.15% to HKD 2.46; CMOC Group Limited (03993) fell by 2.91% to HKD 5.33; CHINFMINING (01258) decreased by 2.14% to HKD 5.02; Zijin Mining Group (02899) went down by 1.95% to HKD 14.08.
According to Zhito Finance APP, copper stocks fell across the board. As of the time of writing, MMG (01208) dropped by 3.15% to HKD 2.46; CMOC Group Limited (03993) fell by 2.91% to HKD 5.33; CHINFMINING (01258) decreased by 2.14% to HKD 5.02; Zijin Mining Group (02899) went down by 1.95% to HKD 14.08.
In news, the Federal Reserve is expected to cut rates by 25 basis points at its December 2024 meeting. CITIC SEC predicts that the Federal Reserve will likely pause interest rate cuts at the next meeting to observe developments. A clearer guidance may not come until the March meeting. Baicheng Futures pointed out that the Federal Reserve's hawkish stance on rate cuts in 2025 has lifted the USD from 107 to around 108, putting pressure on copper prices.
Guangfa Futures noted that in the context of fully anticipated copper supply conditions, the macro perspective on demand expectations remains a core factor anchoring copper prices. The uncertainty of the macro environment in 2025 is expected to intensify disturbances to copper prices, with core focus on the overseas rate cut process, the progress of Trump's tariff policies, China’s incremental policy scale, and the actual effects after the policy implementation period.