新能源及有色金属日报：就业数据及通胀均有所降温，特朗普持续呼吁降息-20250613

Market News and Key Data - The number of initial jobless claims in the week ending June 7 was 248,000, higher than the expected 240,000, reaching a new high since the week ending October 5, 2024 [1] - The monthly rate of the US core PPI in May was 0.1%, lower than the expected 0.30%. Traders fully priced in two interest rate cuts by the Fed this year, and the US dollar declined for two consecutive days [1] - US President Trump criticized Fed Chairman Powell and demanded a 200 - basis - point interest rate cut [1] Futures Quotes and Volumes - On June 12, 2025, the Shanghai gold futures main contract opened at 777.00 yuan/gram and closed at 785.16 yuan/gram, up 0.98% from the previous trading day's close. The trading volume was 218,198 lots, and the open interest was 172,351 lots. In the night session, it opened at 786.98 yuan/gram and closed at 786.02 yuan/gram, up 0.65% from the afternoon close [2] - On June 12, 2025, the Shanghai silver futures main contract opened at 8,859 yuan/kilogram and closed at 8,819 yuan/kilogram, down 1.31% from the previous trading day's close. The trading volume was 662,487 lots, and the open interest was 432,670 lots. In the night session, it opened at 8,818 yuan/kilogram and closed at 8,787 yuan/kilogram, down 0.53% from the afternoon close [2] US Treasury Yield and Spread Monitoring - On June 12, 2025, the yield of the 10 - year US Treasury bond closed at 4.41%, down 0.06% from the previous trading day. The spread between the 10 - year and 2 - year Treasury bonds was 0.46%, down 1 basis point from the previous trading day [3] Changes in Positions and Volumes of Gold and Silver on the SHFE - On the Au2502 contract on June 12, 2025, long positions decreased by 72 lots compared to the previous day, and short positions decreased by 618 lots. The total trading volume of gold contracts on the previous trading day was 427,902 lots, up 36.23% from the previous trading day [4] - On the Ag2502 contract, long positions decreased by 5,010 lots, and short positions increased by 1,704 lots. The total trading volume of silver contracts on the previous trading day was 1,085,408 lots, down 20.62% from the previous trading day [4] Precious Metal ETF Position Tracking - The position of the gold ETF was 937.91 tons on the previous day, up 3.72 tons from the previous trading day. The position of the silver ETF was 14,729.08 tons, unchanged from the previous trading day [5] Precious Metal Arbitrage Tracking - On June 12, 2025, the domestic premium of gold was - 2.53 yuan/gram, and the domestic premium of silver was - 523.63 yuan/kilogram [6] - The price ratio of the main gold and silver contracts on the SHFE was about 89.03, up 1.93% from the previous trading day. The price ratio of gold and silver in the overseas market was 92.85, up 1.75% from the previous trading day [6] Fundamental Analysis - On June 12, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 50,430 kilograms, up 3.63% from the previous trading day. The trading volume of silver was 805,092 kilograms, up 64.55% from the previous trading day. The delivery volume of gold was 15,196 kilograms, and the delivery volume of silver was 40,230 kilograms [7] Investment Recommendations - Gold: It is recommended to buy on dips for hedging, with an operating range of 760 - 765 yuan/gram [8] - Silver: Cautiously bullish. It is still advisable to buy on dips for hedging, but avoid aggressive chasing. More attention should be paid to position control and strict stop - loss [8] - Arbitrage: Short the gold - silver ratio on rallies [8] - Options: Put on hold [8]