Investment Rating - The industry rating is "Recommended" [5] Core Views - The report highlights the impact of recent changes in US tariff policies on precious and base metals, with gold prices experiencing a pullback due to market optimism and fluctuations in US Treasury yields, stock markets, and the dollar [4][50] - The report anticipates a long-term positive outlook for gold and silver prices, driven by ongoing economic uncertainties and investor preferences for safe-haven assets [7][50] Summary by Sections Precious Metals - COMEX gold fell 1.33% to 33.08 per ounce. SHFE gold decreased 1.06% to ¥771.80 per gram, and SHFE silver fell 0.54% to ¥8,218.00 per kilogram [28] - The US International Trade Court's ruling to block the implementation of new tariffs has led to a temporary suspension of tariffs on various imports, which has influenced market sentiment and gold prices [48][50] - The SPDR Gold ETF holdings increased by 248,838.84 troy ounces, while SLV Silver ETF holdings rose by 2,772,877.00 ounces [28] Base Metals - In the LME market, copper fell 1.22% to 2,448.50 per ton, zinc dropped 3.06% to 1,964.00 per ton [57] - SHFE copper decreased 0.24% to ¥77,600.00 per ton, aluminum fell 0.42% to ¥20,070.00 per ton, zinc increased 0.05% to ¥22,225.00 per ton, and lead dropped 1.42% to ¥16,620.00 per ton [57] - The report notes a tightening supply of copper, with Antofagasta proposing negative processing fees in negotiations with Chinese smelters, indicating a potential upward trend in copper prices [19][51] Small Metals - Magnesium prices fell 2.15% to ¥18,180 per ton, with cautious purchasing behavior observed in downstream sectors [15] - Molybdenum prices increased, with ferromolybdenum rising 3.79% to ¥246,500 per ton, driven by tight raw material costs [16]
有色：基本金属行业周报：美国关税政策再度生变，基本金属本周震荡运行-20250601
HUAXI Securities·2025-06-01 12:52