作为全球最大铜消费国，中国铜买家正争相抢购实物铜，现货升水飙升，供应急剧收紧。
Copper buyers in China are scrambling for physical metal, with spot premiums soaring as supplies tighten sharply in the world’s biggest consumer.
据上海有色网数据，周三上海现货铜对期货升水跳升至每吨1900元人民币（约合285美元），为2021年以来最高水平。这一飙升是当前可即时交割阴极铜日益稀缺的最新信号，因中国冶炼厂减产收紧了供应。
The premium for spot copper in Shanghai jumped to 1,900 yuan ($285) a ton over futures on Wednesday, the highest since 2021, according to data from Shanghai Metals Market. The surge is the latest sign that immediately available cathode is becoming increasingly scarce as production curbs by Chinese smelters tighten supplies.
紫金天风期货分析师周晓鸥表示：“持续短缺源于国内冶炼厂减产，以及来自非洲、俄罗斯等海外供应有限。加工企业正采取‘手到口’式采购。” 今年铜价升至历史高位，押注特朗普政府将对精炼铜征收关税吸引大量铜流向美国，挤压了其他市场供应。不过近几周涨势有所缓和，因市场担忧作为关键需求驱动力的数据中心建设热潮能否持续。
“The persistent shortage is due to production cuts at domestic smelters and limited supplies from overseas such as Africa and Russia,” said Zhou Xiaoou, analyst at Zijin Tianfeng Futures Co. “Fabricators are buying hand to mouth.”Copper has rallied to record levels this year as bets the Trump administration would slap tariffs on refined metal drew huge volumes to the US, squeezing markets elsewhere. The surged has eased in recent weeks, however, as concerns mount over the durability of the spending boom on data centers that has become a key driver of demand.
期货市场也反映出紧张局面：上海铜12月合约对1月合约升水达每吨880美元，为2022年以来最陡峭的期货升水（backwardation）。同时，洋山进口铜升水——另一国内需求指标——触及历史新高。
The squeeze is also showing up in futures, with Shanghai copper for December trading at an $880-a-ton premium to January, the steepest backwardation since 2022. Meanwhile, the Yangshan premium for imported copper, another gauge of domestic demand, has hit all-time highs.
截至新加坡时间上午10:16，伦敦金属交易所铜期货上涨0.2%至每吨14044.50美元。其他基本金属多数上涨，铝涨1.1%。新加坡铁矿石期货上涨1.2%至每吨92.75美元。
Copper futures edged 0.2% higher to $14,044.50 a ton on the London Metal Exchange as of 10:16 a.m. in Singapore. Other base metals were mostly stronger, with aluminum up 1.1%. Iron ore futures rose 1.2% to $92.75 a ton in Singapore.