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Comprehensive reduction in precious metals holdings: gold, silver, and copper positions decrease simultaneously, with rate repricing dampening bullish sentiment

Comprehensive reduction in precious metals holdings: gold, silver, and copper positions decrease simultaneously, with rate repricing dampening bullish sentiment

智通财经智通财经2026/08/01 09:36
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(1) As of the latest statistical period, the precious metals market has shown a comprehensive reduction in positions. Net long positions for gold decreased by 3,258 lots to 120,328 lots; net long positions for silver were cut by 1,614 lots to 8,387 lots; and net long positions for copper fell by 7,195 lots to 66,490 lots. The simultaneous decline across all three markets sends a clear signal of weakening bullish confidence. (2) The core logic driving this round of collective reduction in positions is the market’s re-pricing of the interest rate environment. Moderate inflation data, combined with the Federal Reserve maintaining a hawkish policy stance, has made it difficult for precious metals to receive sustained buying support in the absence of new catalysts, with gold coming under significant pressure in the context of tight interest rate expectations. (3) Besides the drag from precious metals attributes, silver’s industrial demand side is also facing pressure. The marginal slowdown in global manufacturing activity has weakened silver’s consumption outlook in photovoltaic and electronics sectors, creating a double bearish resonance. (4) As an economic barometer, the sharp decline in copper net long positions reflects deepening market doubts regarding the outlook for global industrial growth. Although supply-side disruptions persist, weakening demand expectations are dominating short-term pricing directions. (5) Overall, the simultaneous reduction in positions of precious and industrial metals indicates that the macro logic is shifting from a geopolitical risk-driven narrative towards a rebalancing between interest rates and growth expectations. Subsequent changes in positions will depend on the marginal trend of US employment data and manufacturing indicators from major economies.
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