铜2020商品年度报告：无畏周期，进退有度

请务必阅读正文之后的免责条款部分 1 无畏周期，进退有度 南华期货研究 NFR 南华期货研究所 郑景阳 投资咨询证号： Z0014143 0571-89727544 zhengjingyang@nawaa.com 2020 铜年度报告 请务必阅读正文之后的免责条款部分 2 2020 铜年度报告 请务必阅读正文之后的免责条款部分 3 ............................................................................................. 4 .................................................................. 5 ............................................................. 6 .............................................................................................. 6 .............................................................. 7 ................................................................................................... 8 ............................................................................. 8 ............................... 9 .................................................................................. 10 ................................................................................ 10 ....................................................................................... 11 ............................................................................................... 12 ........................................................................................... 12 .................................................................................................. 13 ......................................................................... 13 ................................................................ 14 ......................... 14 ............................................................................. 15 .......................................................................................................... 16 ........................................... 16 ............... 17 ................................................................. 18 ..................................... 18 ...................................................... 19 ............................................................................ 19 .............................................................. 20 ............................................ 20 ..................................................................... 21 ........................................................................... 21 ................................................................. 22 ....................................................... 22 ............................................................................ 23 ............................................................................ 23 2020 铜年度报告 请务必阅读正文之后的免责条款部分 4 关键词一：经济下行和逆周期调节 关键词二：中美贸易摩擦 关键词三：电解铜产量释放不及预期 关键词四：低波动率 5200540056005800600062006400660068007000440004500046000470004800049000500005100052000530002019-012019-012019-012019-022019-022019-032019-032019-042019-042019-052019-052019-062019-062019-072019-072019-072019-082019-082019-092019-092019-102019-102019-112019-112019-12沪铜主力伦铜三月(右轴)单位：元/吨单位：美元/吨。 2020 铜年度报告