金属周报 | 关税预期改善叠加通胀支撑，铜价上行、金价再创新高

Group 1 - The article highlights a recent recovery in market risk appetite due to easing tariff tensions between China and the U.S., with both sides expressing willingness to engage in dialogue under certain conditions [1][4] - Gold and copper prices have shown strength, with COMEX gold rising by 2.65% and copper by 3.35% last week, indicating a positive market sentiment [3][4] - The article notes that while gold prices reached a historical high, there was a slight pullback due to profit-taking, suggesting a potential short-term weakening of upward momentum [5][21] Group 2 - The copper market has stabilized after previous volatility, with prices reflecting an optimistic outlook despite the lack of concrete actions regarding tariffs [4][6] - Domestic refined copper inventory has significantly decreased, with strong downstream demand reflected in increased orders and deliveries, indicating resilience in domestic consumption [6][50] - The article discusses the copper concentrate market, noting a decline in the TC index and ongoing supply pressures, which may affect pricing dynamics in the near term [8][11] Group 3 - In the precious metals market, gold and silver prices have shown significant increases, with COMEX gold reaching $3323.1 per ounce, a 5.0% rise from the previous week [22] - The article mentions that the gold-silver ratio continues to rise, indicating a stronger performance of gold relative to silver [23] - The article also highlights a decrease in COMEX gold inventory by approximately 1.37 million ounces, while silver inventory increased by about 1.63 million ounces, reflecting changing market dynamics [35][40]