金属周报 | 不确定性加剧，贵金属反弹、铜地区间价差再次扩大

Core Viewpoint - The market experienced heightened uncertainty last week, primarily due to concerns over tariffs and the U.S. debt crisis, leading to a risk-off sentiment that boosted precious metal prices while industrial metal prices showed mixed performance [1][4][20]. Group 1: Precious Metals Performance - Last week, COMEX gold rose by 4.75%, and silver increased by 3.73%, while SHFE gold and silver saw gains of 3.76% and 2%, respectively [2]. - The overall uncertainty in overseas markets, particularly related to the U.S. debt crisis and tariff threats from Trump, led to a rebound in precious metal prices [4][20]. - The upward trend for gold remains intact in the medium to long term, supported by ongoing uncertainties and the credit logic of the U.S. dollar [50]. Group 2: Copper Market Dynamics - COMEX copper prices showed a strong upward trend, increasing by 5.96%, while SHFE copper experienced a slight decline of 0.45% [2]. - Concerns over a potential 25% tariff on copper led to significant price increases, widening the price gap between regions [3][5]. - The copper market lacked significant drivers, with prices mostly oscillating within a narrow range, reflecting cautious market sentiment [5][6]. Group 3: Inventory and Positioning - COMEX gold inventory decreased by approximately 130,000 ounces, while COMEX silver inventory fell by about 547,000 ounces [35]. - SPDR gold ETF holdings increased by 3.7 tons to 922 tons, and SLV silver ETF holdings rose by 303 tons to 14,218 tons, indicating a shift in market positioning [40]. - The non-commercial long positions in COMEX gold decreased slightly, while short positions also saw a reduction, suggesting a balanced market sentiment [40].