Core Insights - The China Logistics and Purchasing Federation reported that the commodity price index for October increased for the sixth consecutive month, indicating a recovery in the commodity market driven by government policies and improved international trade conditions [1][2] Price Index Overview - The October commodity price index reached 113.2 points, with a month-on-month increase of 1.2% [1] - Among 50 monitored commodities, 16 saw price increases, with electrolytic copper, corrugated paper, and coking coal leading the gains at 6.9%, 6%, and 6% respectively [1] Sector Analysis - The non-ferrous metals price index rose by 3.5% due to increased global demand for renewable energy, traditional production peaks, and incidents in Indonesian copper mines and Icelandic aluminum smelters [2] - The mineral price index rebounded by 0.7% thanks to a recovery in the construction industry [2] - The energy and chemical price indices fell by 1.3% and 3.1% respectively, influenced by declining international oil prices [2] Market Outlook - Experts noted rapid growth in high-tech manufacturing, equipment manufacturing, and consumer goods sectors, alongside positive signals from US-China negotiations and the Federal Reserve's second interest rate cut of the year [2] - Despite the overall positive trend, uncertainties in the global economy persist, and some commodity prices remain low, indicating ongoing supply-demand imbalances [2]

Group 1 - The recent easing of international trade tensions has led to a rapid recovery in market risk appetite, resulting in a significant decline in gold prices, with London gold spot prices dropping 3.66% to $3202.2 per ounce and COMEX gold futures falling 3.72% to $3205 per ounce [2] - Analysts indicate that the adjustment in precious metal prices is primarily due to the unexpected extent of the easing in trade tensions, prompting a shift of funds from safe-haven assets to riskier assets [2][3] - The geopolitical landscape has also contributed to the decline in gold prices, with expectations of improved U.S.-Iran relations and a reduction in tensions between India and Pakistan [3] Group 2 - Speculative net long positions in COMEX gold decreased by 1,300 contracts to 161,200 contracts, while the long-to-short ratio rebounded by 1.6% [3] - The outlook for precious metals remains mixed, with key resistance levels providing support, and expectations of a shift in U.S. Federal Reserve policy potentially limiting further price declines [3][4] - The market is advised to monitor changes in U.S. Treasury yields, as recent political disagreements have impacted market expectations significantly [5]