黄金仍未突破震荡区间，伦银进一步上涨

Key Points - The core viewpoint of the report indicates that gold prices remain within a fluctuating range while silver prices have seen further increases [2][3] - The report highlights the impact of rumors regarding reduced tariffs between the US and EU, which has led to decreased safe-haven demand for precious metals [2][3] - The Federal Reserve is expected to implement two rate cuts within the year, with a 61.9% probability for a cut in September [2] Precious Metals - Gold price for the week was $3343.50 per ounce, down $11.60 from July 18, reflecting a decrease of 0.35% [2] - Silver price for the week was $38.74 per ounce, up $0.46 from July 18, reflecting an increase of 1.22% [2] - The US Markit Manufacturing PMI for July was reported at 49.5, below expectations of 52.7 [2] - US durable goods orders for June showed a preliminary value of -9.3%, better than the expected -10.7% [2] Copper and Aluminum - LME copper closed at $9839 per ton, up $119 from July 18, an increase of 1.22% [5] - SHFE copper closed at 79170 yuan per ton, up 760 yuan from July 18, an increase of 0.97% [5] - Domestic aluminum price was 20800 yuan per ton, up 40 yuan from July 18 [6] - LME aluminum inventory was 450825 tons, up 20125 tons from July 18 [6] Tin and Antimony - Domestic refined tin price was 271360 yuan per ton, up 5460 yuan from July 18, an increase of 2.05% [8] - Antimony ingot price remained stable at 184500 yuan per ton, with weak demand affecting transactions [10] Industry Ratings and Investment Strategies - The gold industry is rated "recommended" due to the ongoing rate cut cycle by the Federal Reserve [11] - The copper industry is also rated "recommended" despite short-term demand weakness, with expectations of tightening supply-demand dynamics in the medium to long term [12] - The aluminum industry maintains a "recommended" rating, anticipating similar supply-demand conditions [13] - The tin industry is rated "recommended" due to supply tightness potentially supporting prices [13] - The antimony industry is rated "recommended" with expectations of long-term supply tightness supporting prices [13] Recommended Stocks - Gold industry recommendations include Zhongjin Gold, Shandong Gold, Chifeng Gold, and Shanjin International [14] - Copper industry recommendations include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, Western Mining, HeSteel Resources, and Cangge Mining [14] - Aluminum industry recommendations include Shenhuo Co., Yunnan Aluminum, and Tianshan Aluminum [14] - Antimony industry recommendations include Hunan Gold and Huaxi Nonferrous [14] - Tin industry recommendations include Tin Industry Co., Huaxi Nonferrous, and Xingye Silver Tin [14]