黄金：关税乌龙影响价差白银：小幅反弹

Report Industry Investment Ratings - Not provided in the given content Core Views - Gold: Tariff false alarm affects price spread [2] - Silver: Minor rebound [2] - Copper: Strong domestic spot prices support the price [2] - Zinc: Range-bound oscillation [2] - Lead: Reduced smelting output supports the price [2] - Tin: Range-bound oscillation [2] - Aluminum: Range-bound oscillation [2] - Alumina: Slight upward movement in a sideways trend [2] - Cast aluminum alloy: Follows the trend of electrolytic aluminum [2] - Nickel: The supporting logic at the ore end weakens, and the logic at the smelting end limits the upside potential [2] - Stainless steel: Intensified tug-of-war between bulls and bears, with steel prices oscillating [2] Summary by Relevant Catalogs Gold and Silver - Price Performance: Gold and silver prices declined, with Comex gold 2510 down 1.87% and Comex silver 2510 down 2.25% [5] - Trading Volume and Open Interest: Trading volumes of gold and silver futures decreased, and open interests also showed changes [5] - ETF Holdings: SPDR gold ETF holdings increased by 5, and SLV silver ETF holdings (the day before yesterday) increased by 68 [5] - Inventory Changes: Comex gold inventory (the day before yesterday) decreased by 83,720 ounces, and Comex silver inventory (the day before yesterday) increased by 370,507 ounces [5] - Price Spread Changes: Various price spreads of gold and silver showed different degrees of change [5] - Trend Intensity: Gold and silver trend intensities are both 1 [7] Copper - Price Performance: The Shanghai copper main contract rose 0.68%, and the LME copper 3M electronic disk fell 0.42% [9] - Trading Volume and Open Interest: The trading volume of the Shanghai copper main contract increased by 27,135, and the open interest increased by 3,992 [9] - Inventory and Warehouse Receipts: Shanghai copper inventory increased by 2,003 tons, and LME copper inventory decreased by 150 tons [9] - Price Spread Changes: Various price spreads of copper showed different degrees of change [9] - Trend Intensity: Copper trend intensity is 0 [11] Zinc - Price Performance: The Shanghai zinc main contract rose 0.33%, and the LME zinc 3M electronic disk rose 0.66% [12] - Trading Volume and Open Interest: The trading volume of the Shanghai zinc main contract increased by 6,337, and the open interest decreased by 1,509 [12] - Price Spread and Inventory Changes: Various price spreads and inventory of zinc showed different degrees of change [12] - Trend Intensity: Zinc trend intensity is 0 [14] Lead - Price Performance: The Shanghai lead main contract rose 0.24%, and the LME lead 3M electronic disk fell 0.17% [15] - Trading Volume and Open Interest: The trading volume of the Shanghai lead main contract increased by 4,615, and the open interest decreased by 4,728 [15] - Price Spread and Inventory Changes: Various price spreads and inventory of lead showed different degrees of change [15] - Trend Intensity: Lead trend intensity is 0 [15] Tin - Price Performance: The Shanghai tin main contract rose 0.22%, and the LME tin 3M electronic disk rose 0.33% [18] - Trading Volume and Open Interest: The trading volume of the Shanghai tin main contract increased by 10,109, and the open interest decreased by 117 [18] - Inventory and Warehouse Receipts: Shanghai tin inventory decreased by 143 tons, and LME tin inventory increased by 40 tons [18] - Price Spread Changes: Various price spreads of tin showed different degrees of change [18] - Trend Intensity: Tin trend intensity is -1 [24] Aluminum, Alumina, and Cast Aluminum Alloy - Price Performance: The Shanghai aluminum main contract, alumina main contract, and cast aluminum alloy main contract showed different price changes [25] - Trading Volume and Open Interest: Trading volumes and open interests of these contracts showed different degrees of change [25] - Inventory and Price Spread Changes: Inventory and price spreads of aluminum, alumina, and cast aluminum alloy showed different degrees of change [25] - Trend Intensity: Aluminum, alumina, and cast aluminum alloy trend intensities are all 0 [27] Nickel and Stainless Steel - Price Performance: The Shanghai nickel main contract and stainless steel main contract showed price increases [28] - Trading Volume and Open Interest: Trading volumes and open interests of these contracts showed different degrees of change [28] - Industry News: There were news about nickel export threats, project production, environmental violations, and production suspension in the nickel and stainless steel industries [28][29][30] - Trend Intensity: Nickel and stainless steel trend intensities are both 0 [32]