周三，铜期货价格保持在每磅4.90美元附近，交易区间狭窄，因为市场消化了在伦敦举行的美中贸易谈判的结果。经过两天的谈判，两国就执行日内瓦共识的框架达成一致，并推进特朗普总统和Xi总统最近通话中做出的承诺。作为协议的一部分，预计北京将取消对稀土出口的限制，而华盛顿可能会放宽对向中国销售先进技术的限制——此举可能会缓解地缘政治紧张局势，稳定工业金属的需求前景。在供应方面，LME铜库存继续下降，由于预计可能征收进口关税，大量铜被运往美国。然而，随着国内冶炼厂在当地需求疲软的情况下越来越多地寻求出口过剩供应，中国铜市场出现疲软迹象。

Copper futures held near $4.90 per pound on Wednesday, trading in a narrow range as markets digested the outcome of US–China trade talks held in London. After two days of negotiations, both countries agreed on a framework to implement the Geneva consensus and advance commitments made during a recent call between Presidents Trump and Xi. As part of the deal, Beijing is expected to lift restrictions on rare earth exports, while Washington may ease limitations on sales of advanced technology to China—moves that could ease geopolitical tensions and stabilize demand prospects for industrial metals. On the supply side, LME copper inventories continue to decline, with significant volumes being shipped to the US in anticipation of potential import tariffs. However, signs of softness in China’s copper market are emerging, as domestic smelters increasingly look to export surplus supply amid weakening local demand.