五矿期货贵金属日报-20250610

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The US economic data is further weakening, and the gradual resolution of the debt - ceiling issue will increase the pressure of US Treasury bond issuance in the second half of the year. The Fed's further interest - rate cuts are necessary, which will drive the silver price to continue to be strong [2][3]. - The Senate plans to announce the revised healthcare provisions of Trump's fiscal bill this week, and Republicans are eager to complete the legislation before July 4. Once the bill is passed, the debt - ceiling issue will be resolved, and the issuance pressure of US Treasury bonds will significantly increase under the background of loose fiscal policy. Given the high policy interest rate of the Fed, interest - rate cuts are crucial for controlling the interest expenditure of US Treasury bonds [3]. - Based on the trends of economic data and the issuance path of US Treasury bonds, it is certain that the Fed will further lower interest rates in the second half of the year [3]. - Currently, it is recommended to maintain a long - position thinking in the precious - metals strategy. Against the background of the expected marginal loosening of the Fed's monetary policy, the silver price will perform more strongly. The reference operating range of the main contract of Shanghai Gold is 756 - 809 yuan/gram, and that of the main contract of Shanghai Silver is 8545 - 9500 yuan/kilogram [3]. 3. Summary According to Relevant Catalogs 3.1 Market Quotes - Domestic Futures: Shanghai Gold (Au) rose 0.18% to 776.66 yuan/gram, and Shanghai Silver (Ag) rose 2.07% to 9015.00 yuan/kilogram. Au(T + D) fell 0.97% to 772.01 yuan/gram, and Ag(T + D) rose 0.55% to 8888.00 yuan/kilogram [2][4]. - International Futures: COMEX Gold fell 0.24% to 3346.80 dollars/ounce, and COMEX Silver rose 0.45% to 36.96 dollars/ounce. London Gold fell 0.62% to 3319.30 dollars/ounce, and London Silver rose 0.18% to 36.25 dollars/ounce [2][4]. - Other Related Data: The yield of the US 10 - year Treasury bond was 4.49%, and the US dollar index was 98.99. The SPDR Gold ETF holdings increased by 0.22% to 936.22 tons, and the SLV Silver ETF holdings decreased by 0.36% to 14656.98 tons [2][4]. 3.2 Gold - Related Data Details | Indicator | Unit | 2025 - 06 - 09 | 2025 - 06 - 06 | Daily Change | Daily Percentage Change | One - Year Historical Quantile | | --- | --- | --- | --- | --- | --- | --- | | COMEX Gold (Closing Price of Active Contract) | dollars/ounce | 3346.70 | 3331.00 | Up | 0.47% | 94.84% | | COMEX Gold (Trading Volume) | 10,000 lots | 13.91 | 18.35 | Down | - 24.17% | 14.68% | | COMEX Gold (Open Interest) | 10,000 lots | 41.59 | 43.75 | Down | - 4.94% | 1.88% | | COMEX Gold (Inventory) | tons | 1185 | 1186 | Down | - 0.05% | 69.84% | | LBMA Gold (Closing Price) | dollars/ounce | 3319.30 | 3339.90 | Down | - 0.62% | 94.86% | | SHFE Gold (Closing Price of Active Contract) | yuan/gram | 774.72 | 783.24 | Down | - 1.09% | 90.16% | | SHFE Gold (Trading Volume) | 10,000 lots | 45.45 | 48.96 | Down | - 7.16% | 74.59% | | SHFE Gold (Open Interest) | 10,000 lots | 41.90 | 42.17 | Down | - 0.64% | 86.47% | | SHFE Gold (Inventory) | tons | 17.85 | 17.85 | Flat | 0.00% | 98.77% | | SHFE Gold (Precipitated Funds) | 100 million yuan | 519.35 | 528.47 | Outflow | - 1.72% | 86.47% | | AuT + D (Closing Price) | yuan/gram | 772.01 | 779.56 | Down | - 0.97% | 90.16% | | AuT + D (Trading Volume) | tons | 46.74 | 52.78 | Down | - 11.44% | 76.63% | | AuT + D (Open Interest) | tons | 216.30 | 212.09 | Up | 1.99% | 77.86% | [6] 3.3 Silver - Related Data Details | Indicator | Unit | 2025 - 06 - 09 | 2025 - 06 - 06 | Daily Change | Daily Percentage Change | One - Year Historical Quantile | | --- | --- | --- | --- | --- | --- | --- | | COMEX Silver (Closing Price of Active Contract) | dollars/ounce | 36.91 | 36.13 | Up | 2.15% | 99.59% | | COMEX Silver (Open Interest) | 10,000 lots | 16.33 | 14.76 | Up | 10.70% | 75.47% | | COMEX Silver (Inventory) | tons | 15375 | 15388 | Down | - 0.08% | 83.33% | | LBMA Silver (Closing Price) | dollars/ounce | 36.25 | 36.19 | Up | 0.18% | 99.60% | | SHFE Silver (Closing Price of Active Contract) | yuan/kilogram | 8909.00 | 8850.00 | Up | 0.67% | 99.59% | | SHFE Silver (Trading Volume) | 10,000 lots | 120.21 | 196.65 | Down | - 38.87% | 41.39% | | SHFE Silver (Open Interest) | 10,000 lots | 104.82 | 103.95 | Up | 0.84% | 99.18% | | SHFE Silver (Inventory) | tons | 1158.33 | 1117.94 | Up | 3.61% | 52.86% | | SHFE Silver (Precipitated Funds) | 100 million yuan | 252.15 | 248.39 | Inflow | 1.51% | 99.59% | | AgT + D (Closing Price) | yuan/kilogram | 8888.00 | 8839.00 | Up | 0.55% | 99.59% | | AgT + D (Trading Volume) | tons | 583.95 | 973.30 | Down | - 40.00% | 72.13% | | AgT + D (Open Interest) | tons | 3559.336 | 3545.11 | Up | 0.40% | 10.24% | [6] 3.4 Price Difference Data - Gold Price Difference: On June 9, 2025, the SHFE - COMEX gold price difference was 2.28 yuan/gram (9.88 dollars/ounce), and the SGE - LBMA gold price difference was 0.05 yuan/gram (0.20 dollars/ounce) [49]. - Silver Price Difference: On June 9, 2025, the SHFE - COMEX silver price difference was 371.45 yuan/kilogram (1.61 dollars/ounce) [49].