Group 1 - The overall sentiment from Federal Reserve officials, including Powell, remains dovish, with indications of considering an end to balance sheet reduction and reinforcing market expectations for an interest rate cut in October [2][6] - Risk assets experienced a rebound initially, but concerns over issues in the U.S. banking system led to a decline in market risk appetite, causing a pullback in U.S. stocks and negatively impacting copper prices [2][6] - Gold and silver prices saw significant increases, with COMEX gold rising by 5.76% and silver by 6.55%, while copper prices fluctuated, with COMEX copper increasing by 3.15% and then decreasing by 1.77% [4][6] Group 2 - The copper market is experiencing a lack of clear direction, with traditional peak season nearing its end and no significant improvement in consumption observed, partly due to previously high copper prices suppressing downstream purchasing demand [10][11] - COMEX copper inventories have increased significantly, surpassing 340,000 tons, with a notable rise in delivery volumes, indicating potential supply pressures in the future [11][12] - The domestic market for electrolytic copper is seeing rising inventories, with a total of 183,100 tons, reflecting limited downstream demand and ongoing inventory accumulation [21][24] Group 3 - The precious metals market saw strong upward movement, with gold prices experiencing a significant rise due to heightened safe-haven demand amid concerns over credit risks in the banking sector, followed by a correction as trade tensions appeared to ease [27][28] - COMEX gold inventory decreased by approximately 830,000 ounces, while silver inventory saw a reduction of about 1.3 million ounces, indicating shifts in market dynamics [40][41] - SPDR gold ETF holdings increased by 30.1 tons, reflecting growing investor interest in gold as a safe-haven asset [46]
金属周报 | 金价飙升后迎波动考验，铜价震荡整理——避险逻辑未变，短期调整
对冲研投·2025-10-20 03:00