Group 1 - The core viewpoint of the article highlights a significant decline in the prices of non-ferrous metal stocks, driven by a global "de-risking" sentiment in financial markets, leading to a sell-off in precious metals [1] - Specific stock performances include China Nonferrous Mining (01258) down 5.27% to HKD 14.91, Zijin Mining (02899) down 4.98% to HKD 42.78, Luoyang Molybdenum (03993) down 4.71% to HKD 22.24, and Minmetals Resources (01208) down 4.54% to HKD 9.89 [1] - The article notes that the recent drop in metal prices is characterized by algorithmic trading and systematic strategies, particularly a "momentum deleveraging" triggered by programmatic trend funds reducing positions after key price levels were breached [1] Group 2 - According to Dongfang Securities, the previous liquidity shock has been largely absorbed, and the pricing of various metals is expected to return to fundamentals [1] - In the industrial metals sector, despite short-term setbacks in easing narratives, the overall direction remains towards interest rate cuts, with copper and aluminum inventories still accumulating but at a slowing pace [1] - The article indicates that as prices adjust in the short term, downstream acceptance is improving, and overall supply-demand dynamics for certain metals are expected to continue performing well [1]

Group 1 - The global financial market is experiencing a "de-risking" sentiment, leading to a sell-off in precious metals, particularly gold, silver, and copper, as investors seek liquidity amid falling tech stocks in the US [1][2] - Gold prices saw a maximum intraday drop of 4.1%, while silver plummeted by 11%, and copper prices fell by 2.9%, before slightly rebounding from their lows [1][2] - Market volatility is characterized by a rapid clearing of risk assets, with even traditionally safe-haven assets like gold being sold off due to urgent liquidity needs [1][2] Group 2 - The strong upward momentum in precious metals since the beginning of 2024 was abruptly halted on January 29, when gold recorded its largest single-day drop in over a decade, and silver its largest historical drop [2] - Analysts suggest that the recent sharp decline does not necessarily indicate a sustained downward trend for gold, but it does increase the likelihood of high volatility in the short term [2] - Institutional perspectives indicate that the recent sell-off is driven by algorithmic trading and systematic strategies, particularly after key price levels were breached [2] Group 3 - In the silver market, the dynamics of the options market have amplified volatility, with active trading in call options for the iShares Silver Trust contributing to selling pressure [3] - Traders are closely monitoring upcoming US economic data, especially core inflation indicators, to assess the Federal Reserve's interest rate trajectory, as lower borrowing costs typically benefit non-yielding precious metals [3] - As of the close of US markets, spot gold fell by 3.15% to $4922.3 per ounce, while silver dropped over 10% to $75.31 per ounce, alongside declines in platinum and palladium, with a slight increase in the US dollar index [3]

全球金融市场突发"去风险"情绪，贵金属遭遇抛售。受美股科技股大跌及流动性需求上升影响，黄金价 格一度重挫，白银与铜同步暴跌，部分交易员为弥补股票仓位亏损而抛售金属资产，另有资金转向美国 国债避险。 智通财经APP获悉，数据显示，金价盘中最大跌幅达4.1%，白银一度暴跌11%，伦敦金属交易所铜价下 跌2.9%，随后均自低位小幅反弹。MKS PAMP SA的Nicky Shiels表示，市场波动来得"又快又猛"，明显 呈现风险资产出清的特征；在极端市场压力下，即便是黄金这样的避险资产，也可能因投资者急需流动 性而被抛售。 市场人士指出，周四金银的部分跌幅也与获利了结有关。此前一轮疯狂上涨在一定程度上由投机性买盘 推动，短线资金在风险情绪逆转时集中撤离。Saxo Bank大宗商品策略师Ole Hansen表示，黄金和白银 的交易仍高度依赖情绪与动量，在这种剧烈波动的交易日里往往表现承压。 回顾走势，自2024年以来贵金属的强劲涨势在上月明显加速，动量资金推动金银价格接连刷新高点。但 这一势头在1月29日戛然而止，当天金价录得十余年来最大单日跌幅，白银则创下历史最大跌幅。此 后，两种金属在缺乏新催化剂的情况下维持区间 ...