连续逼空！有色为何不回调？

Group 1 - The core viewpoint of the article highlights the strong performance of the non-ferrous metals sector, which has been the "champion of growth" since the beginning of the year, with significant interest from investors [1][3] - The non-ferrous metals ETF (159690) has seen a year-to-date increase of 33.62% and a cumulative increase of over 156% in the past 250 days, indicating strong market confidence [1][3] - The current rally in the non-ferrous sector is driven by three main factors: expectations of global liquidity easing, rigid supply constraints for certain commodities, and long-term support from downstream demand in sectors like renewable energy [3][4] Group 2 - The supply chain vulnerabilities for copper and the entire non-ferrous sector remain significant, with global copper inventories at historically low levels and ongoing supply disruptions from South American mines [4] - The demand narrative is shifting from macroeconomic trends to micro-level confirmations, with more downstream companies engaging in hedging against future price increases, reflecting confidence in long-term demand [6] - The financial and commodity attributes of metals are rebalancing, with precious metals currently attracting investment due to risk aversion, but historical trends suggest a return to mean for the "gold-copper ratio" once macro conditions stabilize [6]