下游需求方已现抵触情绪！高盛：金属牛市隐现裂缝 需求回落恐拖累涨势

Core Viewpoint - Goldman Sachs indicates that the surge in base metal prices will face resistance due to soaring prices, bullish market sentiment, and a divergence from actual manufacturing demand [1] Group 1: Market Dynamics - The actual production enterprises in the downstream of the supply chain are showing resistance, with a noted decline in demand [1] - Global investors are betting on tightening supply, a weaker dollar, and interest rate cuts by the Federal Reserve, leading to a significant influx into the industrial commodity market [1] - The LMEX index, covering six major commodities on the London Metal Exchange, has risen approximately 7% this year, nearing the historical high set in 2022 [1] Group 2: Demand Trends - Recent surveys by Goldman Sachs reveal that the order volume for processing enterprises has decreased by 10% to 30% due to reduced procurement from downstream demand sectors such as consumer electronics and hardware products [1] - Even orders related to the power grid, a crucial pillar of copper consumption in China, are experiencing a slowdown in growth [1] Group 3: Price Movements - Copper prices reached a peak of $13,185 per ton, slightly below the record set earlier this month, while aluminum prices have hit a three-year high [1] - The current high levels of metal prices are supported by fundamentals but are losing their synergistic support effect as prices rise rapidly [2]