> 数据图表如何解释交易端：铜价波动率高位，LME和SHFE铜持仓走稳2025-5-1交易端：铜价波动率高位，LME和SHFE铜持仓走稳美铜波动率高位LME铜3月合约持仓小幅回升SHFE铜持仓持稳沪铜期限结构走俏CU00-CU01期限Back结构扩大铜进口亏损收窄Special report on Guotai Junan FuturesSMM， 国 泰 君 安 期 货 研 究资 料 来 源 ：资料来源：SMM，国泰君安期货研究2929COMEX铜价波动率45%40%35%30%25%20%15%10%5%0%10-320220-320230-320240-320250-320260-320270-320280-320290-320201-320211-320221-320210-420220-420230-420240-420250-420260-420270-420280-420290-420201-420211-420221-420210-520220-520230-520240-5202LME铜持仓量2022202320242025张40000038000036000034000032000030000028000026000024000022000020000020-1031-1042-1040-2051-2062-2090-3002-3013-3011-4022-4030-5041-5052-5050-6061-6072-6080-7091-7003-7001-8012-8010-9021-9032-9040-0151-0162-0160-1171-1182-1190-2102-21持仓量:沪铜指数20212022202320242025手70000065000060000055000050000045000040000035000030000025000020000020-1031-1042-1040-2051-2062-2090-3002-3013-3021-4032-4070-5081-5092-5090-6002-6010-7021-7032-7030-8041-8052-8050-9061-9072-9051-0162-0160-1171-1182-1190-2102-2113-21沪铜合约价格2025-04-282025-04-072025-04-212025-03-282025-04-142025-03-21元/吨820008000078000760007400072000FHS.00UCFHS.10UCFHS.20UCFHS.30UCFHS.40UCFHS.50UCFHS.60UCFHS.70UCFHS.80UCFHS.90UCFHS.01UCFHS.11UCcu00-cu01202020212022202320242025元/吨10008006004002000-200-400-60020-1041-1062-1070-2091-2030-3051-3072-3090-4012-4060-5081-5003-5011-6032-6050-7071-7092-7001-8022-8030-9051-9072-9061-0182-0190-1112-1130-2151-2172-21电解铜现货进口利润元/吨10005000-500-1000-1500-2000-250010-120240-120270-120201-120210-220240-220270-220201-220210-320240-320270-320201-320210-420240-420270-420201-420210-520240-5202国泰君安期货能源矿产
