铜冠金源期货商品日报-20250717

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Overseas, rumors of Trump dismissing Powell led to a "triple kill" in the US stock, bond, and foreign exchange markets, followed by a resurgence of the TACO trade. The US June PPI同比 dropped to 2.3%, hitting a nearly one - year low. Trump insists on a 25% tariff on Japan and is promoting an agreement with India, while the EU is preparing a 72 - billion - euro retaliatory list [2]. - Domestically, Li Qiang chaired the State Council Executive Meeting to study key policy measures for strengthening the domestic cycle, promote consumption, and standardize the new energy vehicle industry. A - shares are in a shrinking adjustment, and the bond market is under pressure. The short - term is expected to continue to fluctuate and adjust [3]. - Due to the intensifying rumors of a change in the Fed's leadership and geopolitical tensions, precious metals are expected to show a volatile and upward - biased pattern, and silver prices are expected to perform well in the future [4][5]. - For copper, overseas spot tightness has eased. With factors such as price increases and cost pressures from tariffs, and some mine production increases, both Lun copper and Shanghai copper are expected to fluctuate in the short term [6][7]. - Aluminum prices are in a volatile adjustment. With the increase in ingot production and the arrival of the consumption off - season, the short - term is expected to remain weak [8][9]. - Alumina is expected to fluctuate in the short term, and there is still significant medium - to - long - term supply pressure [10]. - Zinc prices are in a narrow - range fluctuation. With weak fundamentals and limited short - selling power from funds, they are expected to run weakly in the short term [11]. - Lead prices are affected by the tariff on exported batteries and are in a weak state. Although supply tightening may provide some support, they are expected to fluctuate weakly in the short term [12][13]. - Tin prices are affected by macro factors and have large intraday fluctuations. With limited fundamental changes, they are expected to maintain a wide - range fluctuation in the short term [14]. - Industrial silicon is expected to run strongly and fluctuate in the short term under the impetus of new policies, despite weak demand in some downstream industries [15][16]. - Lithium carbonate prices are fluctuating. Affected by mine - end disturbances, they are in a strong state in the short term, but may return to fundamentals in the future [17][18]. - Nickel prices are fluctuating. With the easing of the shortage of nickel ore in Indonesia and the weakening of cost pressure, they are expected to be affected by tariff disturbances in the short term [19]. - Crude oil prices are fluctuating. The uncertainty of the Israel - Iran conflict makes it advisable to wait and see [20]. - Steel futures are in a high - level volatile state. Policy expectations boost the market, but fundamentals are weak, and demand is expected to remain weak [21][22]. - Iron ore futures are expected to fluctuate strongly in the short term. Macro sentiment is positive, but iron water production is expected to remain weak [23]. - Bean and rapeseed meal are expected to fluctuate strongly in the short term. The US - Indonesia agreement improves export expectations, but bean meal inventory is increasing [24]. - Palm oil is expected to fluctuate and adjust. Malaysian palm oil production increased in the first half of July, while demand decreased [25][26]. Group 3: Summaries According to Relevant Catalogs 1. Metal Main Varieties Yesterday's Trading Data - The table shows the closing data of major metal futures contracts, including copper, aluminum, zinc, lead, nickel, tin, gold, silver, etc., including closing prices, price changes, price change percentages, trading volumes, and open interest [27]. 2. Industrial Data Perspective - For copper, data such as SHFE and LME copper prices, inventory, spot quotes, and spreads are presented, showing changes from July 11th to July 14th [28]. - For nickel, similar data including SHFE and LME nickel prices, inventory, and spreads are provided, indicating changes during the same period [28]. - Similar data for zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, coke, coking coal, lithium carbonate, industrial silicon, and bean and rapeseed meal are also presented, reflecting their price and inventory changes [28][30][31][32][33][34][35].