金属周报 | 降息预期反复，金铜后续走势如何演绎？

Group 1 - The macroeconomic disturbances last week primarily revolved around the possibility of interest rate cuts, with the market initially pricing in a higher likelihood of no cuts in December, but later data from the labor market raised expectations for potential cuts [2][6] - Precious metals experienced a pullback, with COMEX gold down 0.53% and silver down 1.47%, while copper prices also saw fluctuations, with COMEX copper down 1.07% [4][6] - The market for copper showed signs of increased downstream purchasing after a price correction, although overall consumption remained lukewarm, with expectations for next year's supply and demand dynamics influencing current pricing [10][55] Group 2 - The gold and silver markets entered an adjustment phase, with prices fluctuating in response to changing interest rate expectations, particularly after comments from Federal Reserve officials indicated potential for rate cuts [8][28] - COMEX copper prices exhibited a volatile pattern, maintaining a contango structure, with significant inventory levels indicating ongoing supply dynamics that may affect future pricing strategies [10][11] - The copper concentrate treatment charge (TC) index showed a slight decline, with market participants awaiting the results of year-end negotiations that could influence future pricing and demand [16][19] Group 3 - The overall inventory levels for precious metals decreased, with COMEX gold inventory down approximately 620,000 ounces and COMEX silver inventory down about 1,497,000 ounces [43] - The SPDR gold ETF holdings decreased by 3.4 tons, while SLV silver ETF holdings increased by 39 tons, indicating shifting investor sentiment in the precious metals market [48] - The copper market is expected to maintain resilience through the end of the year, with supply-demand dynamics remaining favorable despite current price fluctuations [55]