金属周报 | 地缘风险与降息预期共振，黄金再启升势、铜价有所承压

Group 1 - The core viewpoint indicates that gold prices strengthened while copper prices declined, with COMEX gold rising by 3.65% and COMEX copper falling by 1.68% [2][3] - Risk appetite has decreased, leading to pressure on copper prices due to geopolitical tensions and market reactions to U.S. warnings regarding Israel and Iran [3][6] - Increased risk aversion has led to a resurgence in gold prices, driven by lower-than-expected CPI data and escalating conflicts in the Middle East [4][20] Group 2 - In the copper market, COMEX copper prices experienced significant fluctuations, with a notable decline attributed to geopolitical tensions and a cautious market sentiment [5][6] - The domestic refined copper consumption showed signs of weakening, which has made bullish sentiment cautious, although overall demand remains resilient [6][50] - The copper concentrate processing fee has shown stability, with recent market indicators suggesting that prices may have reached a bottom [9][12] Group 3 - In the precious metals market, gold significantly outperformed silver, with COMEX gold prices ranging between $3,313 and $3,468 per ounce [20][21] - The inventory levels for COMEX gold decreased by approximately 330,000 ounces, while COMEX silver inventory increased by about 3.74 million ounces [36][41] - SPDR gold ETF holdings increased by 6 tons to 940 tons, indicating a shift in market sentiment towards gold [41]