Core Viewpoint - The long-term outlook for non-ferrous metals, particularly gold, is still in its early stages, with significant potential for growth driven by macroeconomic factors and liquidity support [1] Group 1: Non-Ferrous Metals Market - The non-ferrous metals theme index has outperformed the second-best communication industry index by over 20% this year, indicating strong performance [1] - Key drivers for the strength in non-ferrous metals include macro liquidity issues, particularly the Federal Reserve entering a rate-cutting phase, supply-demand mismatches, and a recovery in manufacturing [1] - Global economic recovery is expected to increase demand for metals like copper, aluminum, and zinc due to infrastructure projects and domestic consumption upgrades [1] Group 2: Gold Market - The upward trend in gold prices began last year and is expected to continue for the next two to three years, primarily due to the weakening of the US dollar's credit rather than just interest rate cuts [1] - The current rise in gold prices reflects heightened risk aversion and confidence issues, with central bank gold purchases and de-dollarization remaining significant long-term themes [1] Group 3: Copper's Role - Copper is described as the "king of commodities" and is essential for industrial applications, with its resource not being significantly overvalued [2] - The narrative surrounding non-ferrous metals is largely driven by copper, which is expected to attract market attention and investment due to increased consumption [2]
万家基金贺方舟：有色金属行情离结束尚早 金价上涨核心逻辑是美元信用的走弱
智通财经网·2025-10-21 23:21