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Core Viewpoint - The article discusses the recent market trends, highlighting the significant rise in precious metals and certain industrial metals, indicating a potential commodity bull market driven by various economic factors [2][5][18]. Group 1: Market Performance - On September 9, the A-share market saw a decline, with the Shanghai Composite Index down 0.51% and the Shenzhen Component down 1.23%, while the ChiNext Index fell 2.23% [2]. - Despite the overall market downturn, sectors like gold and industrial metals experienced significant gains, with the precious metals index rising by 8.3% [2][3]. Group 2: Precious Metals Trends - Gold prices have surged from approximately $3,400 per ounce to nearly $3,700 per ounce, marking a significant increase over the past two years [4][6]. - The price of gold has increased by over 80% in the past year, a rare occurrence historically [7][9]. Group 3: Industrial Metals Performance - The prices of various industrial metals have shown notable increases, with specific metals like antimony, cobalt, and rare earths experiencing significant price hikes since July [9][10]. - Major industrial metals like copper and aluminum have not seen as dramatic increases, but the overall trend indicates a recovery in commodity prices [9][10]. Group 4: Investment Opportunities - Companies in the rare metals sector, such as Northern Rare Earth and China Rare Earth, have seen their stock prices double since July [11][13]. - Major players like Zijin Mining and China Molybdenum have also shown strong performance, with stock price increases of 29.18% and 49.41% respectively since July [13][16]. Group 5: Economic Factors Influencing Prices - The article attributes the rise in gold and commodity prices to several factors, including expectations of a shift in the U.S. Federal Reserve's monetary policy, which has led to increased investment in gold [20][21]. - Historical data suggests that gold price increases often precede broader commodity bull markets, indicating a potential upcoming cycle [25][26]. Group 6: Valuation and Future Outlook - Despite significant price increases, certain core assets in the metals sector, such as Zijin Mining and China Hongqiao, still present attractive valuations, with price-to-earnings ratios of 16.6 and 8.18 respectively [33][36]. - The article suggests that the current market conditions and government policies may support a sustained bull market in commodities, particularly in the context of ongoing economic recovery [40][41].