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美联储独立性遭最大挑战叠加实际利率下行驱动强劲,黄金上行空间广阔 | 投研报告
Zhong Guo Neng Yuan Wang· 2025-09-01 03:44
Core Viewpoint - The non-ferrous metal sector experienced a significant increase of 7.16% from August 25 to August 29, ranking among the top in all primary industries [1][2]. Industry Summary Non-Ferrous Metal Sector Performance - The small metals sector rose by 12.02%, the precious metals sector increased by 7.22%, and the industrial metals sector saw a rise of 6.95% during the same period [1][2]. Copper Market Insights - As of August 29, copper prices were reported at $9,902 per ton on the London Metal Exchange (LME), reflecting a week-on-week increase of 1.08% [3]. - Domestic copper smelting plants are expected to face significant maintenance pressures in September, with a cautious optimism regarding demand during the "Golden September and Silver October" season [3]. Aluminum Market Insights - The LME aluminum price was reported at $2,619 per ton, a slight decrease of 0.11% from the previous week [4]. - The theoretical operating capacity of China's electrolytic aluminum industry reached 44.035 million tons, indicating a slight increase in supply [4][5]. Gold Market Insights - As of August 29, COMEX gold closed at $3,516.10 per ounce, marking a week-on-week increase of 2.89% [6]. - The recent actions by former President Trump to challenge the independence of the Federal Reserve may create a precedent for future presidential interventions in monetary policy, potentially boosting gold prices [6].