10月31日，受隔夜金价上涨影响，黄金相关ETF相对强势，截至9点41分，黄金ETF华夏（518850）涨 1.31%，黄金股ETF（159562）涨1.17%，有色金属ETF基金（516650）跌0.34%。 消息面上，美联储如期降息25个基点，并宣布将结束缩表，但内部分歧较大，短期来看对贵金属带来利 多，叠加特朗普持续施压美联储负责人面临换届，利率路径不确定性因素较多，受流动性宽松预期影 响，贵金属止跌回升。 值得注意的是，黄金ETF华夏（518850）和黄金股ETF（159562）管理费加托管费合计0.2%的费率在同 类产品中处于最低水平，助力投资人以更低成本参与黄金行情。 每日经济新闻 中信建投期货贵金属首席分析师王彦青指出，短期而言，金雅福黄金研究院报告提示，突破3700美元后 技术面存在回调压力。但黄金正处于第三轮大牛市，各国央行购金行为正在重塑长期价格中枢。 ...

每日经济新闻 伦敦金现跌破3940美元，COMEX黄金期货价格跌破3960美元，贵金属价格的下跌，主要是此前价格大 幅上涨，多头头寸拥挤带来的止盈抛售。另外，叠加美国政府停摆危机缓解、贸易摩擦和地缘冲突的降 温预期，阶段性削弱黄金的避险需求。 相关分析指出，尽管金价短期波动，较历史高点显著回落，金价今年以来仍累计上涨逾50%。各国央行 持续购金以及所谓的"货币贬值交易"（投资者抛售主权债券和货币以规避财政赤字扩大带来的风险）为 金价提供支撑。 10月28日，COMEX黄金期货价格反弹至4030美元后再度大幅回落，盘中一度跌至3958美元，日内波动 超70美元，截至亚市收盘，黄金ETF华夏（518850）跌幅扩大至3.5%，黄金股ETF（159562）跌 3.62%，有色金属ETF基金（516650）跌2.98%。 ...

Group 1 - The article highlights a significant shift in the global copper supply, with estimates indicating a transition from a surplus of 105,000 tons to a shortage of 55,000 tons due to various mining disruptions [2] - Major copper mines, including Kamoa-Kakula and El Teniente, faced operational halts due to seismic activities, while the Grasberg mine in Indonesia experienced a landslide, exacerbating supply issues [2] - As a result of the reduced supply, copper prices have surged, with LME copper prices increasing by over 20% year-to-date, approaching historical highs [2] Group 2 - The article discusses the performance of the non-ferrous metal ETF (516650), which tracks various metals including gold, copper, aluminum, and lithium, achieving a year-to-date increase of 73.85% [3] - The historical context of the 1970s is referenced to explain the current surge in metal prices, drawing parallels between past inflationary pressures and today's economic environment [6] - The article notes that during the 1970s, significant geopolitical events led to supply crises, resulting in dramatic price increases for various commodities, including copper, which rose by 68% during that period [8][9] Group 3 - The article emphasizes that the current price increases in metals are primarily driven by supply-side crises rather than explosive demand growth, with the ongoing U.S. debt crisis and dollar depreciation acting as catalysts [10][12] - The discussion includes the impact of U.S. government debt, which has escalated from $23.7 trillion in early 2020 to $38 trillion, raising concerns about the stability of the dollar and increasing interest in commodity holdings [12] - The article also highlights the significant rise in cobalt prices, which surged by 155.35% due to export restrictions from the Democratic Republic of Congo, the largest cobalt producer [13] Group 4 - The article concludes that the current environment of liquidity expansion in the U.S. suggests that commodities will serve as a hedge against currency devaluation, similar to the dynamics observed in the 1970s [15] - It suggests that the ongoing supply-demand mismatch in resource commodities, particularly gold, is likely to persist until a global order reconstruction is fully realized [16] - The article points out that the rising prices of commodities will benefit related listed companies, with the gold stock ETF (159562) reporting a revenue increase of 3.28% and a net profit growth of 33.84% in the first half of the year [19]

消息面上，韩国央行计划"从中长期角度考虑"增持黄金，央行将密切关注市场，以决定购买黄金的时机 和规模。韩国央行上一次增加黄金储备是在2013年，此后其黄金持有量一直停滞不前。 10月28日，COMEX黄金期货午后再度下跌，跌破3990美元，目前交投于3988.2美元附近，黄金相关 ETF产品纷纷下跌，截至13点20分，黄金ETF华夏（518850）跌2.63%，黄金股ETF（159562）跌 2.83%，有色金属ETF基金（516650）跌1.99%。 （文章来源：每日经济新闻） 东方金诚研究发展部副总监瞿瑞指出，这种极端行情主要是技术回调，背后是黄金多头市场拥挤度已经 过高，短期内金价波动会成为常态。整体上看，黄金在投资组合中依然属于对冲风险的配置型资产，其 避险属性和抗通胀属性仍可靠，长期来看黄金上行趋势未发生趋势性扭转。 ...

Group 1 - The copper futures market is experiencing significant capital inflow, with a total of 487.58 billion yuan in settled funds, making it the second-largest commodity futures after gold [1] - Shanghai copper futures have surpassed 88,300 yuan per ton, while London Metal Exchange (LME) copper prices have exceeded 11,000 USD per ton, indicating a high bullish sentiment in the market [1] - Recent data shows that copper futures have seen net inflows of 38.71 billion yuan and 26.99 billion yuan on October 24 and October 27, respectively, with the non-ferrous sector attracting over 50 billion yuan and 35 billion yuan [1] Group 2 - The rising copper prices support Goldman Sachs' assertion that "copper is the new oil," driven by the synergy of grid upgrades, AI, and new energy [2] - The Grasberg mine in Indonesia, the world's second-largest copper mine, has experienced significant production cuts due to a safety incident, exacerbating global copper supply tightness [2] Group 3 - The non-ferrous sector has seen substantial performance, with companies like Tongling Nonferrous Metals and Luoyang Molybdenum reporting significant stock price increases of 104.95% and 187.32%, respectively, since April 9, 2025 [3] - The non-ferrous metal sector has recorded an overall increase of over 70% this year, nearing historical highs, making it the best-performing sector among 31 primary industries [3] - Luoyang Molybdenum's third-quarter net profit reached 5.608 billion yuan, a 96.4% year-on-year increase, attributed to rising copper production and prices [3] Group 4 - Continuous inflow of international long-term funds is believed to be driving up global copper prices, with the U.S. experiencing high copper imports and low copper inventories in London and Shanghai [4] - Other non-ferrous metals are also gaining traction, with China Aluminum reporting a 90.31% year-on-year increase in net profit for the third quarter [4] Group 5 - The copper-to-gold ratio is at a historically low level, suggesting potential for copper price recovery as gold prices rise [6] - The copper market is entering a structural tightness cycle, with demand shifting towards technology and energy sectors, supported by global energy transition and AI developments [6] - The International Copper Study Group (ICSG) predicts a 150,000-ton copper supply shortage in 2026, marking the first supply shortfall in three years [6][7]

每日经济新闻 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 10月27日，受中美经贸磋商相关消息影响，市场避险情绪减弱。A股市场回暖，三大指数涨幅超 1%，COMEX黄金期货价格跌破4100美元/盎司，黄金相关ETF产品表现分化。截至亚市收盘，黄金ETF 华夏（518850）跌0.47%，黄金股ETF（159562）涨2.03%，有色金属ETF基金（516650）涨2.58%。 从金价走势看，在此前多因素共振推高后，现货黄金价格围绕4090/盎司区间震荡，较10月中旬的 历史高点已回落约6%~7%，进入技术性调整阶段。随着地缘冲突缓和、贸易磋商持续推进、避险资金 获利了结及美元持续走高影响，金价触发回撤。 申银万国分析指出，金价驱动因素弱化，短期存在高位震荡调整，但大环境层面，在美国财政赤 字、债务状况持续恶化、全球对抗加剧、当前金融体系不信任度上升背景下，各国央行持续增持黄金， ...

Core Viewpoint - The current copper-to-gold ratio is at a historically low level, indicating potential for copper price increases following a rise in gold prices. The market sentiment remains bullish due to structural supply shortages anticipated in the copper market [6][5]. Group 1: Market Performance - On October 24, the copper futures market saw a net inflow of 3.871 billion yuan, with significant positions being built up, leading to a total capital scale of 46.059 billion yuan in copper futures, making it the second-largest commodity futures after gold [1][3]. - As of October 24, the domestic copper futures main contract closed at 87,660 yuan/ton, while the Shanghai spot electrolytic copper price surpassed 86,500 yuan/ton, and the London Metal Exchange (LME) copper price approached 11,000 USD/ton [3][4]. - The copper price surge has led to strong performance in the listed companies within the non-ferrous sector, with notable increases in stock prices, such as a 99.36% rise for Tongling Nonferrous Metals and a 178.76% rise for Luoyang Molybdenum [4]. Group 2: Supply and Demand Dynamics - The copper market is entering a structural tightness cycle, with predictions of a 150,000-ton supply shortage by 2026, marking the first such occurrence in three years. This is attributed to insufficient capital expenditure in global copper mining and declining ore grades [6][7]. - Demand for copper is shifting from traditional industrial uses to technology and energy sectors, driven by global energy transitions and advancements in AI, which are expected to elevate copper's strategic importance [6][7]. - The Grasberg copper mine in Indonesia, the second-largest globally, has faced production cuts due to safety incidents, further exacerbating supply constraints [3][7].

Core Viewpoint - Economic uncertainty has heightened risk aversion, leading to a rebound in gold prices after hitting a low, with COMEX gold futures trading around $4092 per ounce [1] Market Performance - As of 14:23, the China Gold ETF (518850) decreased by 0.37%, while the Gold Stock ETF (159562) increased by 1.89%, and the Non-ferrous Metals ETF (516650) rose by 2.58% [1] Economic Context - The U.S. White House has warned that due to the ongoing government shutdown, it may not release the inflation data for October, marking the first time in history this data will not be published [1] - In the absence of this data, the interaction between Federal Reserve policy expectations and market sentiment will be the primary driver of gold price fluctuations [1] Investment Insights - According to Guangfa Fund Advisory, the recent pullback in gold prices is mainly due to easing concerns over geopolitical conflicts and some profit-taking by investors [1] - Despite the high volatility expected in the medium to long term, gold still holds certain asset allocation value [1]

10月24日，金属铜期货市场，迎来38.71亿元资金净流入。资金增仓动作明显，有色铜期货品种沉淀资金规模 达到460.59亿元，成为仅次于黄金的第二大资金沉淀规模的商品期货品种。10月 27日，沪铜进一步上涨，主力 2512合约突破88000元/吨关口。 当前铜金比处在历史极低水平。 铜价上涨也让上市公司的有色板块持续领涨，龙头股表现活跃。Wind数据显示，自2025年4月9日至10月24 日，铜陵有色区间涨幅达99.36%，洛阳钼业区间涨幅更是达178.76%。而有色金属板块年内涨幅超七成，创 2007年12月以来新高，正逼近历史高点。含"铜"量高的有色金属ETF基金（516650）区间涨幅达到77.18%，规 模年内增长超17倍，实现规模与业绩齐升。 目前，有色板块上市公司三季度业绩大幅预增，部分企业净利润或呈现倍数增长。其中，洛阳钼业24日晚披 露，第三季度实现归属于上市公司股东的净利润56.08亿元，同比增长96.4%。对于报告期内利润的大幅增长， 洛阳钼业表示，这主要是由于公司产铜量和铜销售量实现两旺，叠加铜价前三季度持续上涨所致。此外，铜陵 有色预计28日披露三季报，市场预测其第三季度净利润同比大 ...

10月27日，A股三大指数高开后震荡走强，板块方面，科技板块集体大涨，光刻胶、存储、CPO、量子 科技等板块涨幅居前。COMEX黄金期货价格震荡下行，目前交投于4086美元/盎司附近，黄金相关ETF 产品表现分化，截至13点20分，黄金ETF华夏（518850）跌0.44%，黄金股ETF（159562）涨1.14%，有 色金属ETF基金（516650）涨2.04%。 兴证全球基金指出，短期金价面临技术调整压力，技术指标出现过热信号，会出现一定程度回调。但中 长期来看，这一轮黄金行情还没有走完，多家专业机构依旧维持高位黄金目标价格。 每日经济新闻 上周五美国劳工统计局（BLS）公布了9月消费者价格指数报告，报告显示，通胀率仍远高于美联储2% 的目标。同时，美国9月CPI全线低于预期，交易员押注美联储年内再降息两次。 ...