金十期货4月21日讯，夜盘沪铜、国际铜主力合约均涨超1%。宏观层面，继上周美日谈判后，日方表示双方不会快速达成协议；近期特朗普一系列威胁解雇鲍威尔的言论引发美元资产抛售，美元大幅下挫。基本面上，铜原料供应紧张局面加剧，进口精矿加工费继续下调，关税亦影响废铜进口量，不过目前铜冶炼端减产力度并不大，4月份多以检修为主，副产品硫酸和黄金高位可抵补冶炼厂部分亏损。消费方面，再生铜原料紧缺刺激市场对电解铜消费，但美国关税政策影响逐渐显现下，铜后续消费难言乐观。库存方面，LME铜库存降速放缓，COMEX铜库存增速较快，而国内铜库存维持去化态势，关注后续库存变化。总体来看，目前铜基本面支撑尚可，美元下行亦利好铜价，但宏观层面美国关税仍困扰市场，预计将限制后续铜价反弹幅度，预计短期沪铜仍以上行修复为主。
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