黄金：震荡上行白银：突破上行铜：情绪良好，支撑价格

Report Industry Investment Ratings No specific investment ratings for the industry are provided in the report. Core Views - Gold is expected to move upwards in a volatile manner; silver is expected to break through and move upwards [2][5]. - Copper prices are supported by positive sentiment [2][10]. - Zinc is expected to trade within a range [2][13]. - Lead prices are expected to strengthen as supply - demand contradictions gradually emerge [2][16]. - Tin prices are expected to weaken [2][19]. - Aluminum is expected to be slightly stronger with volatility; alumina sees an increase in capital positions; cast aluminum alloy follows the trend of electrolytic aluminum [2][24]. - For nickel, macro sentiment boosts expectations, but the real - world situation limits the upside potential; stainless steel prices are expected to fluctuate as the real - world situation and macro factors compete [2][28]. Summaries by Commodity Precious Metals (Gold and Silver) - Price and Trading Volume: Gold and silver prices showed varying degrees of increase. For example, the daily increase of Shanghai Gold 2510 was 0.10%, and that of Shanghai Silver 2510 was 1.17%. Trading volumes and positions also changed, with Shanghai Silver 2510's trading volume decreasing by 52,666 and its position increasing by 41,429 [7]. - Inventory: Gold and silver inventories changed, with Shanghai Gold inventory decreasing by 15 kilograms and Shanghai Silver inventory decreasing by 6,009 kilograms [7]. - News: There were various macro and industry news, such as Japan's political situation, trade relations between the US and Japan, and China's economic policies [8][21]. - Trend Intensity: Gold and silver both have a trend intensity of 1 [9]. Copper - Price and Trading Volume: The Shanghai copper main contract price increased by 0.76%, and the London copper 3M electronic disk price increased by 1.20%. Trading volumes and positions also changed, with the Shanghai copper main contract trading volume increasing by 19,103 and its position increasing by 3,763 [10]. - Inventory: Shanghai copper inventory decreased by 3,900 tons, and London copper inventory increased by 25 tons [10]. - News: Macro news included the Fed's possible interest - rate cut and Trump's tariff policies. Micro news involved China's copper imports and production in other countries [10][12]. - Trend Intensity: Copper has a trend intensity of 0 [12]. Zinc - Price and Trading Volume: The Shanghai zinc main contract price increased by 0.79%, and the London zinc 3M electronic disk price increased by 3.16%. Trading volumes and positions changed, with the Shanghai zinc main contract trading volume increasing by 54,662 and its position increasing by 11,470 [13]. - News: The US plans to impose heavy taxes on Chinese graphite, which may impact the electric vehicle industry [14]. - Trend Intensity: Zinc has a trend intensity of 0 [14]. Lead - Price and Trading Volume: The Shanghai lead main contract price decreased by 0.15%, and the London lead 3M electronic disk price increased by 1.72%. Trading volumes and positions changed, with the Shanghai lead main contract trading volume increasing by 893 and its position decreasing by 1,370 [16]. - News: There was news about the Fed's possible interest - rate cut, China's industrial policies, and a global supply shortage of refined lead in May 2025 [17]. - Trend Intensity: Lead has a trend intensity of 1 [17]. Tin - Price and Trading Volume: The Shanghai tin main contract price decreased by 0.77%, and the London tin 3M electronic disk price decreased by 0.81%. Trading volumes and positions changed, with the Shanghai tin main contract trading volume increasing by 6,677 and its position increasing by 221 [20]. - Inventory: Shanghai tin inventory decreased by 70 tons, and London tin inventory increased by 55 tons [20]. - News: There were various macro news, such as Japan's political and economic situation and China's infrastructure project [21][22]. - Trend Intensity: Tin has a trend intensity of - 1 [23]. Aluminum, Alumina, and Cast Aluminum Alloy - Price and Trading Volume: Aluminum, alumina, and cast aluminum alloy prices and trading volumes changed. For example, the Shanghai aluminum main contract price was 20,510, and the Shanghai alumina main contract price was 3,133 [24]. - Inventory: Aluminum inventories in different regions changed, with the domestic aluminum ingot social inventory remaining unchanged at 47.10 million tons [24]. - News: There were news about Trump's tariff policies and a large - scale hydropower project in China [26]. - Trend Intensity: Aluminum has a trend intensity of 0, alumina has a trend intensity of 1, and cast aluminum alloy has a trend intensity of 0 [26]. Nickel and Stainless Steel - Price and Trading Volume: The Shanghai nickel main contract price was 120,500, and the stainless steel main contract price was 12,725. Trading volumes and positions changed, with the Shanghai nickel main contract trading volume increasing by 8,473 [28]. - News: There were news about potential supply disruptions of nickel due to tariff threats, project progress in Indonesia, and environmental issues in Indonesia's nickel - related industries [28][30]. - Trend Intensity: Both nickel and stainless steel have a trend intensity of 0 [32].