高盛警告称金属上涨面临风险，因用户“反应负面”

Group 1 - Goldman Sachs indicates that the rise in base metal prices will face headwinds due to a conflict between soaring prices and weak demand from manufacturers [2] - Trina Chen, co-head of equity research, notes that real producers are experiencing negative reactions, with demand showing a decline [2] - A recent survey by Goldman Sachs reveals that orders from manufacturers have decreased by 10-30% across various sectors, including consumer electronics and hardware [2] Group 2 - The LME index, which covers six major metals traded on the London Metal Exchange, has risen approximately 7% this year, nearing record highs set in 2022 [4] - Chen states that the current price levels are supported by fundamentals, including capital flows and the macro environment, but warns that the rapid price increase is approaching a critical point where these factors may no longer support each other [4] - China's copper industry faces three major challenges: increasing dependence on foreign resources, overcapacity in the midstream processing sector, and suppressed downstream demand due to high copper prices [4]