The CITIC Construction Investment Research Report pointed out that the US-Iran conflict at the beginning of the year pushed up oil prices, changed the market's expectations about the Federal Reserve's policy path, and the colorful market came to an abrupt end. Currently, the market is very divided about the non-ferrous market. CITIC Construction Investment has two major judgments: First, at the current point, the decline in gold prices is limited, showing a more volatile pattern. The next catalyst for the rise in gold prices may be fiscal and monetary easing that exceeds expectations in the US. The logic is that from the end of last year until the US-Iran conflict this year, the sharp rise in gold prices essentially came from European and American ETF purchases corresponding to liquidity easing expectations. This part of demand was quickly washed away after high fluctuations in oil prices. Gold then returned to fundamental pricing, that is, the central bank bought gold. Second, with regard to copper, the broad framework of the global tariff game continues, and supply chain reshaping is also progressing, which means that copper prices rise easily and are difficult to fall. In summary, at the moment, copper and gold have a good price-performance ratio.

The CITIC Construction Investment Research Report pointed out that the US-Iran conflict at the beginning of the year pushed up oil prices, changed the market's expectations about the Federal Reserve's policy path, and the colorful market came to an abrupt end. Currently, the market is very divided about the non-ferrous market. CITIC Construction Investment has two major judgments: First, at the current point, the decline in gold prices is limited, showing a more volatile pattern. The next catalyst for the rise in gold prices may be fiscal and monetary easing that exceeds expectations in the US. The logic is that from the end of last year until the US-Iran conflict this year, the sharp rise in gold prices essentially came from European and American ETF purchases corresponding to liquidity easing expectations. This part of demand was quickly washed away after high fluctuations in oil prices. Gold then returned to fundamental pricing, that is, the central bank bought gold. Second, with regard to copper, the broad framework of the global tariff game continues, and supply chain reshaping is also progressing, which means that copper prices rise easily and are difficult to fall. In summary, at the moment, copper and gold have a good price-performance ratio.