--- title: "儘管庫存上升，RBC 仍然對銅價持樂觀態度" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/278235905.md" description: "RBC 資本市場對銅的前景持樂觀態度，指出隨着投資者轉向實物資產，銅礦公司的估值顯著上升。自去年 12 月以來，EV/EBITDA 估值增長了 20%，P/NAV 倍數增長了 10%。儘管庫存增加了 60%，達到 120 萬噸，銅價已反彈至每磅約 6.10 美元，年初至今上漲了 14%。RBC 預計供應缺口將持續擴大，並且中國需求可能會反彈。生產商的表現各異，一些因涉及貴金屬而表現優異，而另一些則因運營挑戰而滯後" datetime: "2026-03-07T23:00:43.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278235905.md) - [en](https://longbridge.com/en/news/278235905.md) - [zh-HK](https://longbridge.com/zh-HK/news/278235905.md) --- # 儘管庫存上升，RBC 仍然對銅價持樂觀態度 Investing.com — Valuations for copper mining companies have risen sharply in recent months as investors rotate toward hard assets and maintain a positive outlook on the metal’s long-term fundamentals, according to analysts at RBC Capital Markets.   \[\[pro\_promotion | Get premium news and insight by upgrading to InvestingPro \]\] RBC said copper sector multiples have expanded after a volatile start to 2026. Since December, EV/EBITDA valuations at spot prices for its coverage universe have climbed about 20%, while price-to-net asset value (P/NAV) multiples have increased roughly 10%.   The bank attributed the move partly to what it described as a “halo trade,” where investors increasingly seek exposure to commodities and other hard assets.   Copper prices themselves have also rallied strongly this year. The metal is up about 14% year-to-date, after briefly hitting a record $6.48 per pound before pulling back as buyers resisted higher prices. Prices have since rebounded to around $6.10 per pound, according to RBC.   The rebound has come despite a rise in inventories, which RBC said have increased nearly 60% year-to-date to about 1.2 million tonnes. The bank attributed the inventory build partly to seasonal factors and demand sensitivity to higher prices.   RBC added that around 600,000 tonnes of copper inventories in the United States were accumulated in 2025 ahead of potential tariffs, which could become a headwind if those stocks are later exported back to global markets.   Even with rising inventories, the bank remains constructive on copper’s outlook, pointing to expectations of growing supply deficits in the coming years and a potential rebound in Chinese demand following the Lunar New Year period.   Performance among copper producers has been uneven, RBC said. Companies such as Lundin Mining, Hudbay Minerals and Freeport-McMoRan have significantly outperformed peers this year, partly due to their higher exposure to precious metals and other company-specific factors.   Meanwhile, Capstone Copper, First Quantum Minerals and Ivanhoe Mines have lagged due to weaker guidance, operational challenges or project-specific uncertainties.   Despite the recent gains, RBC said the sector’s improving free cash flow outlook could support further valuation expansion, as mining stocks still trade at a discount relative to the broader equity market. ### 相關股票 - [561330.CN](https://longbridge.com/zh-HK/quote/561330.CN.md) - [159880.CN](https://longbridge.com/zh-HK/quote/159880.CN.md) - [002803.CN](https://longbridge.com/zh-HK/quote/002803.CN.md) - [159876.CN](https://longbridge.com/zh-HK/quote/159876.CN.md) - [600362.CN](https://longbridge.com/zh-HK/quote/600362.CN.md) - [159881.CN](https://longbridge.com/zh-HK/quote/159881.CN.md) ## 相關資訊與研究 - [銅價飆升抵銷成本壓力全球銅礦商首季獲利仍強勁](https://longbridge.com/zh-HK/news/286981377.md) - [銅價升破 1.4 萬美元逼近歷史高位 供應風險與中國需求提振漲勢](https://longbridge.com/zh-HK/news/286196652.md) - [銅價從高點回落！美元轉強掀獲利了結，中國買盤觀望](https://longbridge.com/zh-HK/news/286552323.md) - [《異動股》江銅洛鉬齊升 3%，倫敦銅重上每噸 14000 美元逼近歷史高位](https://longbridge.com/zh-HK/news/286186621.md) - [理解市場 | 銅業股集體走低 加息預期下銅價承壓 機構指工業和金融屬性反覆博弈](https://longbridge.com/zh-HK/news/286844941.md)