金属 — 包括铜、铝和锌 — 在伦敦经历了几天动荡的交易后反弹，此前市场因担心美联储将采取更激进的紧缩政策而波动。
Metals — including copper, aluminum and zinc — rebounded in London after a shaky few days of trading fueled by fears of more aggressive tightening by the Federal Reserve.
周五，在前一天因美国通胀数据强于预期和对美联储加息的担忧而引发的剧烈抛售之后，风险偏好在亚洲回暖。铜结束了三天的下跌，铝从今年最低收盘价反弹，锌一度上涨1.5%。美国货币政策预计将在未来几个月成为金属的关键驱动因素，但其他多种因素也将发挥重要作用。地缘政治、贸易政策以及人工智能支出的潜在影响也将左右供需和价格。
Risk appetite returned to Asia on Friday after a sharp selloff the day before, triggered by stronger-than-expected US inflation and fears over Fed rate hikes. Copper snapped a three-day decline, aluminum bounced from its lowest close this year, and zinc jumped as much as 1.5% US monetary policy is likely to be a key driver of metals in the coming months, but a range of other factors will also be important. Geopolitics, trade policy and the potential impact of artificial-intelligence spending are set to also steer supply, demand and prices.
“工业金属将继续呈现分化表现，处于艰难的宏观经济背景和日益分化的商品特定基本面之间，紧缩的货币条件将限制广泛上行空间，”Fitch Solutions旗下公司BMI在一份报告中表示。
“Industrial metals will continue to post mixed performance, caught between a challenging macroeconomic backdrop and increasingly divergent commodity-specific fundamentals, with tighter monetary conditions to limit broad-based upside,” BMI, a Fitch Solutions company, said in note.
周五情绪转积极部分得益于美联储前主席凯文·沃尔什的言论，他表示人工智能投资对美国经济是巨大利好。虽然他未就货币政策发表评论，但其在曼谷的演讲后，市场对加息的押注有所减少。更高利率可能通过抑制需求和增加制造商成本而成为金属的逆风。
The more positive sentiment on Friday was aided by comments from Fed Chair Kevin Warsh, who said investment in artificial intelligence is a huge benefit to the US economy. While he didn’t comment on monetary policy, bets on a rate hike slipped after his speech in Bangkok. Higher rates can be a headwind for metals by cooling demand and raising costs for manufacturers.
截至上海时间12:51，铜在伦敦金属交易所上涨0.9%至每吨14,477美元，铝上涨1%至每吨3,017美元，锌上涨1.3%至每吨3,711.50美元。
Copper rose 0.9% to $14,477 a ton on the London Metal Exchange as of 12:51 p.m. in Shanghai, while aluminum climbed 1% to $3,017 and zinc was 1.3% higher at $3,711.50 a ton.
花旗集团Inc.在一份报告中表示，其对铜和铝的近期持中性立场，认为未来三个月价格将较当前水平变化不大。
Citigroup Inc. said in a note that it’s “near-term neutral” on copper and aluminum, seeing prices little changed from near current levels in the coming three months.
“两种金属的持仓水平偏高，展望2027年，铜的供需平衡接近持平，而铝则处于过剩状态，这是因为市场预期两种金属在明年将有更强的供应增长，”该行表示。
“Positioning in both metals is elevated with 2027 balances looking close to flat for copper and in surplus for aluminum amid stronger supply growth expectations for both metals into next year,” the bank said.