黄金：地缘冲突再起白银：高位回落

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Gold: Geopolitical conflicts have resurfaced [2]. - Silver: Prices have fallen from high levels [2]. - Copper: Lacks a clear driving force, with prices oscillating [2]. - Aluminum: The current situation remains strong [2]. - Alumina: The price center has slightly shifted downwards [2]. - Zinc: Under pressure [2]. - Lead: Short - term supply and demand are both weak, but it can be bullish in the medium term [2]. - Tin: Tight current situation but weak future expectations [2]. - Nickel: Concerns at the ore end have cooled, and smelting supply has full elasticity [2]. - Stainless steel: Negative feedback has led to increased production cuts, with weak supply and demand and low - level oscillations [2]. Summary by Related Catalogs Gold and Silver - Fundamental Data: The closing prices of various gold and silver contracts showed different changes, with daily increases in gold prices and a decline in the price of Shanghai silver 2508. There were also changes in trading volume, positions, ETF holdings, and inventories [5]. - Macro and Industry News: China's May social financing increment was 2.29 trillion yuan, and geopolitical conflicts between Iran and Israel intensified [5][9]. - Trend Intensity: Both gold and silver have a trend intensity of 0, indicating a neutral stance [8]. Copper - Fundamental Data: The closing price of the Shanghai copper main contract decreased by 0.76%, and the London copper 3M electronic disk decreased by 0.44%. There were changes in trading volume, positions, inventory, and various price spreads [10]. - Macro and Industry News: China's May social financing increment was 2.29 trillion yuan, and there were geopolitical conflicts between Iran and Israel. China's May copper ore imports increased year - on - year, while un - wrought copper and copper product imports decreased [10][12]. - Trend Intensity: Copper has a trend intensity of 0, indicating a neutral stance [12]. Aluminum and Alumina - Fundamental Data: The closing prices of the Shanghai aluminum main contract and the Shanghai alumina main contract showed different trends. There were also changes in trading volume, positions, inventory, and various price spreads in the aluminum and alumina markets [13]. - Macro and Industry News: China's May social financing increment was 2.29 trillion yuan [13][15]. - Trend Intensity: Both aluminum and alumina have a trend intensity of 0, indicating a neutral stance [15]. Zinc - Fundamental Data: The closing price of the Shanghai zinc main contract decreased by 1.22%, and the London zinc 3M electronic disk decreased by 0.66%. There were changes in trading volume, positions, inventory, and various price spreads [16]. - Macro and Industry News: In early June 2025, compared with late May, 11 types of products' prices rose, 35 declined, and 4 remained flat [16]. - Trend Intensity: Zinc has a trend intensity of - 1, indicating a slightly bearish stance [16]. Lead - Fundamental Data: The closing price of the Shanghai lead main contract increased by 0.33%, and the London lead 3M electronic disk increased by 0.03%. There were changes in trading volume, positions, inventory, and various price spreads [18]. - Macro and Industry News: In early June 2025, compared with late May, 11 types of products' prices rose, 35 declined, and 4 remained flat [19]. - Trend Intensity: Lead has a trend intensity of 0, indicating a neutral stance [19]. Tin - Fundamental Data: The closing price of the Shanghai tin main contract decreased by 0.55%, and the London tin 3M electronic disk increased by 0.24%. There were changes in trading volume, positions, inventory, and various price spreads [22]. - Macro and Industry News: China's May social financing increment was 2.29 trillion yuan, and there were geopolitical conflicts between Iran and Israel [23]. - Trend Intensity: Tin has a trend intensity of 0, indicating a neutral stance [24]. Nickel and Stainless Steel - Fundamental Data: The closing prices of the Shanghai nickel main contract and the stainless - steel main contract decreased. There were changes in trading volume, positions, and various price spreads in the nickel and stainless - steel industries [25]. - Macro and Industry News: There were issues such as potential nickel export restrictions from Canada and production resumptions and suspensions in the Indonesian nickel industry [25][26][27][28]. - Trend Intensity: Both nickel and stainless steel have a trend intensity of 0, indicating a neutral stance [28].