金属周报 | 关税与降息预期交织， 铜价八万关口多空博弈​，黄金震荡

Group 1 - The macro market atmosphere remains neutral to bullish, with concerns about Powell's dismissal easing after Trump's visit to the Federal Reserve, leading to a recovery in market sentiment and a rise in U.S. Treasury yields [1][3] - Gold and silver prices experienced a decline, with COMEX gold down 0.51% and silver down 0.26%, while copper prices saw an increase of 3.99% on COMEX [2][22] - The copper market is closely monitoring the upcoming implementation of U.S. tariffs on imported copper, with market sentiment affected by rising Treasury yields and a rebound in the dollar [3][6] Group 2 - The precious metals market faced pressure as risk appetite increased, leading to a pullback in gold prices despite macroeconomic support for high price levels [4][54] - COMEX copper prices reached a historical high before retreating, indicating significant resistance above 80,000 CNY/ton, with domestic refined copper consumption showing signs of seasonal weakness [6][12] - The COMEX copper price curve remains in contango, with inventories nearing 250,000 tons, suggesting potential for further accumulation in U.S. copper stocks [7][8] Group 3 - The copper concentrate TC weekly index increased slightly, indicating a stable yet low activity in the spot market, with processing fees showing a slight recovery [9][12] - COMEX gold and silver inventories increased, with gold inventory rising to 37.76 million ounces and silver to approximately 50.03 million ounces [39][44] - The SPDR gold ETF holdings increased by 13 tons, indicating a continued preference for gold among investors [44]