智通财经APP获悉，铜业股集体下行，截至发稿，五矿资源(01208)跌4.56%，报2.51港元；中国有色矿业(01258)跌4.26%，报5.4港元；洛阳钼业(03993)跌3.32%，报6.12港元；江西铜业股份(00358)跌2.78%，报13.28港元；紫金矿业(02899)跌2.66%，报16.86港元。
正信期货指出，美国对等关税政策落地，平均税率10%，但未涉及铜品种，或意味着后续有更高的税率空间，美联储议息会议符合预期，增加对经济不确定性描述，点阵图维持两次降息预测，当前关税预期对铜价的影响逻辑仍存，但依靠美国超预期的消费数据才能有进一步发酵的空间，重点关注美国经济预期变化，美国制造业创三个月新低，当前边际走弱背景下通胀预期导致的价格上涨有弱化。
综合来看，关税逻辑占主导的背景下，需要警惕极端价差之后的反转，美铜对全球铜价的影响开始弱化，同时关税预期调整，铜价冲高回落，开始出现大幅减仓，美国对等关税或让价差短暂定价至10%，但长期不确定性仍存，铜价偏调整对待。
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