铜买家争夺现货！五大关键动态主导市场……

Core Viewpoint - The article discusses the resilience of mineral products despite potential disruptions from geopolitical tensions and trade policies, highlighting key factors that will influence the market through 2026. Group 1: Geopolitical and Trade Dynamics - The Iran/Israel conflict could significantly impact energy prices and the broader commodity complex, with the Strait of Hormuz being crucial for global oil and gas supply [1][6][7] - The U.S.-China trade dispute has previously negatively affected most mineral products, but current raw material trends are independent due to China's stimulus policies [1][3] - European stimulus plans, particularly Germany's focus on large project spending, may accelerate by 2026 [1][2] Group 2: Supply and Demand Factors - Supply constraints are supporting prices for copper, aluminum, silver, and platinum [2][11] - The U.S. budget resolution will be critical for U.S. interest rates, the dollar, and gold prices, with potential for gold to reach $4,000 per ounce if high deficits coincide with increased volatility [2][5][11] - A decline in London Metal Exchange inventories raises the risk of copper short squeezes in the short term [3][11] Group 3: Market Sentiment and Price Projections - Despite macroeconomic volatility, metals are showing resilience, supported by strong demand from China and potential European recovery [6][11] - The article suggests that gold needs a trigger, such as rising U.S. budget deficits and increased volatility, to attract buyers back to the market [4][5][11] - Platinum prices are expected to rise due to supply constraints and recovering demand from jewelry and automotive sectors [5][11]