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中文(ZH) 中信建投:当下时点铜金性价比不错

CITIC Securities sees value in copper and gold amid market volatility

CITIC Securities believes that gold prices are currently limited in their downside and are likely to enter a period of fluctuation, with potential catalysts including unexpected fiscal and monetary easing from the US. The firm notes that recent surges in gold prices were driven by expectations of liquidity easing, which has since subsided. For copper, CITIC Securities anticipates that ongoing global tariff dynamics and supply chain restructuring will make prices prone to increases, suggesting that both copper and gold present good value at current price points. AI

RANK_REASON Analyst report providing market outlook on commodities.

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CITIC Securities sees value in copper and gold amid market volatility

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  1. 36氪 (36Kr) TIER_1 中文(ZH) ·

    CITIC Securities: Copper and gold have good cost-effectiveness at the current juncture

    36氪获悉,中信建投研报指出,年初美伊冲突推高油价,一改市场对美联储政策路径的预期,有色行情戛然而止。目前市场对于有色行情存在非常大的分歧。中信建投持有两大判断:第一,当下点位,金价跌幅有限,更多呈现震荡格局。下一个金价上涨催化剂或在美国超预期的财政货币宽松。逻辑是,去年底至今年美伊冲突之前,金价暴涨本质上来自于流动性宽松预期所对应的欧美ETF购金。这部分需求已在油价高位波动之后迅速洗去。随后黄金回归基本面定价,即央行购金。第二,关于铜,全球关税博弈大框架延续,供应链重塑也在推进,这意味着铜价易涨难跌。综上,当下时点,铜金性价比不错。