Zijin Mining(SH:601899) Guo Tai Jun An Qi Huo·2025-05-08 01:31Report Industry Investment Ratings There is no information about the overall industry investment rating in the provided content. Core Views - Gold: Slight progress in China-US negotiations [2] - Silver: Oscillate and decline [2] - Copper: Continuous decline in inventory limits price decline [2] - Aluminum: Price under pressure [2] - Alumina: Continue to bottom out [2] - Zinc: Operate under pressure [2] - Lead: Weak supply and demand, range-bound oscillation [2] - Nickel: The upside and downside space converges, and nickel prices return to narrow-range oscillation [2] - Stainless steel: Spot prices decline to repair the basis, and there is still support below the futures price [2] - Tin: Prices weakened during the holiday [2] - Industrial silicon: Weak demand, weak futures price [2] - Polysilicon: Futures price hits a new low since listing [2] - Lithium carbonate: The cost center continues to move down, and the inventory accumulation pattern restricts the rebound [2] Summary by Commodity Precious Metals - Gold: Shanghai Gold 2506 closed at 801.04 with a daily increase of 0.79%, and the night - session closed at 802.68 with a 0.07% increase. Comex Gold 2506 closed at 3400.32 with a 2.46% increase. The trend strength is 0. China's central bank has been increasing gold holdings for six consecutive months [5][8][9]. - Silver: Shanghai Silver 2506 closed at 8252 with a 0.21% increase, and the night - session closed at 8146 with a - 1.15% decrease. Comex Silver 2506 closed at 32.610 with a - 2.47% decrease. The trend strength is - 1 [5][8]. Base Metals - Copper: Shanghai Copper's main contract closed at 77,790 with a 0.24% increase, and the night - session closed at 77450 with a - 0.44% decrease. LME Copper 3M closed at 9,406 with a 1.74% increase. The inventory continued to decline, and the trend strength is 0. The global refined copper market is expected to have a supply surplus in 2025 and 2026 [10][12]. - Aluminum: Shanghai Aluminum's main contract closed at 19465, down 320 from the previous day. LME Aluminum 3M closed at 2381, down 47 from the previous day. The price is under pressure, and the trend strength is - 1. Some alumina enterprises plan to cut production, and the trend strength of alumina is 0 [13][15]. - Zinc: Shanghai Zinc's main contract closed at 22210 with a - 0.65% decrease. LME Zinc 3M closed at 2625.5 with a 0.40% increase. The trend strength is - 1 [16][17]. - Lead: Shanghai Lead's main contract closed at 16700 with a 0.00% change. LME Lead 3M closed at 1917.5 with a - 0.72% decrease. The supply and demand are weak, and the trend strength is 0 [19][20]. - Nickel: Shanghai Nickel's main contract closed at 124,450, down 180 from the previous day. The upside and downside space converges, and the trend strength is 0. Some Indonesian nickel - iron projects are resuming production, and the resource tax on nickel products has been adjusted [22][23]. - Stainless steel: The main contract closed at 12,710, down 25 from the previous day. Spot prices decline to repair the basis, and the trend strength is 0 [22]. - Tin: Shanghai Tin's main contract closed at 261,230 with a 0.10% increase, and the night - session closed at 259,430 with a - 0.94% decrease. LME Tin 3M closed at 31,645 with a - 1.10% decrease. Prices weakened during the holiday, and the trend strength is - 1 [25][26]. Other Metals - Industrial silicon: The Si2506 contract closed at 8,290, down 35 from the previous day. The demand is weak, and the trend strength is - 1 [30]. - Polysilicon: The PS2506 contract closed at 35,520, down 890 from the previous day. The futures price hits a new low since listing, and the trend strength is - 1 [30]. - Lithium carbonate: The 2507 contract closed at 64,160, down 1,100 from the previous day. The cost center continues to move down, and the inventory accumulation pattern restricts the rebound. The trend strength is 0 [33].