黄金：关税问题再出扰动，白银：高位震荡

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report The report offers short - term trend forecasts for various commodities in the futures market, including precious metals, base metals, energy, and agricultural products. These forecasts are influenced by factors such as tariffs, supply - demand dynamics, and macro - economic policies [2][4]. 3. Summary by Commodity Precious Metals - Gold: Facing disturbances from tariff issues, with a trend strength of - 1, indicating a bearish outlook [2][5][9]. - Silver: In a high - level oscillation, with a trend strength of 1, suggesting a bullish outlook [2][5][9]. Base Metals - Copper: Inventory is continuously increasing, putting pressure on prices. The trend strength is 0, showing a neutral outlook [2][11][13]. - Zinc: Operating within a range, with a trend strength of 0, indicating a neutral outlook [2][14]. - Lead: Showing a mid - term upward trend, with a trend strength of 0, suggesting a neutral outlook [2][16][17]. - Tin: Prices are weakening, with a trend strength of 0, indicating a neutral outlook [2][19][23]. - Aluminum: The price center is moving up. Aluminum has a trend strength of 0, alumina has a trend strength of 1, and casting aluminum alloy follows the trend of electrolytic aluminum [2][24][26]. - Nickel: There is a game between macro and fundamental factors, resulting in an oscillating trend. The trend strength is 0, indicating a neutral outlook [2][27][33]. - Stainless Steel: There is a game between reality and macro - expectations, leading to an oscillating trend. The trend strength is 0, indicating a neutral outlook [2][28][33]. Energy and Chemicals - Carbonate Lithium: Inventory accumulation is accelerating, but the number of warehouse receipts is relatively small. The oscillating pattern may continue, with a trend strength of 0, indicating a neutral outlook [2][34][36]. - Industrial Silicon: Attention should be paid to the registration of warehouse receipts, with a trend strength of 0, indicating a neutral outlook [2][37][40]. - Polysilicon: Policy disturbances are amplifying market fluctuations, with a trend strength of 0, indicating a neutral outlook [2][38][40]. - Iron Ore: Expectations are fluctuating, resulting in wide - range oscillations, with a trend strength of 0, indicating a neutral outlook [2][41]. - Rebar and Hot - Rolled Coil: Due to sector sentiment resonance, they are in a relatively strong oscillating trend, with a trend strength of 1, suggesting a bullish outlook [2][44][48]. - Silicon Ferrosilicon and Manganese Silicide: Cost expectations may rise, leading to a relatively strong oscillating trend, with a trend strength of 1, suggesting a bullish outlook [2][50][53]. - Coke: Oscillating with an upward bias, with a trend strength of 0, indicating a neutral outlook [2][55][58]. - Coking Coal: Affected by news, oscillating with an upward bias, with a trend strength of 1, suggesting a bullish outlook [2][56][58]. - Steam Coal: Daily consumption is recovering, and the market is stabilizing with oscillations, with a trend strength of 0, indicating a neutral outlook [2][60][63]. Agricultural Products - Palm Oil: Driven by macro - sentiment, but the fundamental upside is limited [2][62]. - Soybean Oil: There is insufficient speculation on US soybean weather, lacking upward drivers [2][62]. - Soybean Meal: Waiting for the USDA report, with a rebound and oscillation trend [2][64]. - Soybean: Spot prices are stable, and the market is oscillating [2][64]. - Corn: Undergoing oscillating adjustments [2][66]. - Cotton: The expectation of tight old - crop inventory continues to support futures prices [2][68]. - Egg: As the peak season approaches, attention should be paid to the expected difference [2][70]. - Live Pig: Spot sentiment is weakening, and there is a divergence between futures and spot prices [2][71]. - Peanut: There is support at the lower level [4].