金属周报 | 三大驱动力交织：地缘、关税与流动性如何主导金属后市

Group 1 - The overall market exhibited high volatility last week, with a focus on potential statements from the Trump administration regarding the Section 232 tariff investigation, which could impact silver and copper import tariff expectations [2][6]. - Precious metals saw significant price increases, with COMEX gold rising by 4.07% and silver by 10.41%, while SHFE gold and silver increased by 2.96% and 9.7% respectively [4][27]. - Industrial metals also experienced price fluctuations, with COMEX copper and SHFE copper increasing by 3.38% and 3.23% respectively [4]. Group 2 - Copper prices initially surged due to military activities in Venezuela, raising concerns about supply from South America, but later retreated as the US PMI data indicated a slowdown in manufacturing [6][10]. - Supply-side factors, including a strike at the Mantoverde mine and delays in the Mirador project, provided support for copper prices, which rebounded after a brief decline [6][10]. - The market is closely monitoring the Trump administration's stance on the Section 232 investigation, as it may influence copper tariff expectations [10][11]. Group 3 - The US economy is on a soft landing path, with mixed PMI data and non-farm payrolls slightly below expectations, but overall performance in wage growth and unemployment rate exceeded forecasts [8][27]. - Geopolitical tensions have positively impacted precious metal prices, with expectations of continued strength in gold and silver due to liquidity easing and potential credit risks in the US [8][44]. - The upcoming announcement regarding silver tariffs is expected to lead to increased volatility in silver prices [8][44].