黄金：突破新高白银：冲顶前高铜：美元承压，价格坚挺

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - Gold is expected to break through new highs, and silver is expected to reach its previous high. Copper prices remain firm due to the weakening US dollar. Zinc is in a range-bound consolidation, and lead prices are supported by continuous inventory reduction. Tin and aluminum are in range-bound oscillations, while the center of alumina prices is moving downward. Cast aluminum alloy follows the trend of electrolytic aluminum. Nickel and stainless steel prices are in narrow-range oscillations [2]. - The trend intensities of gold and silver are both 2, indicating a strong bullish outlook. The trend intensity of copper is 1, showing a moderately bullish outlook. The trend intensities of zinc, lead, aluminum, nickel, and stainless steel are 0, suggesting a neutral outlook. The trend intensity of tin is 1, also showing a moderately bullish outlook, and the trend intensity of alumina is -1, indicating a moderately bearish outlook [8][12][15]. Summary by Related Catalogs Precious Metals (Gold and Silver) - Fundamental Data: For gold, the closing price of Shanghai Gold 2510 yesterday was 814.88, with a daily increase of 1.31%, and the night - session closing price was 821.68, with a night - session increase of 1.40%. For silver, the closing price of Shanghai Silver 2510 yesterday was 9820, with a daily decrease of 0.04%, and the night - session closing price was 9918.00, with a night - session increase of 1.34% [5]. - Macro and Industry News: The number of job openings in the US in July reached a 10 - month low, strengthening the market's expectation of an interest rate cut. Fed Governor Waller said that an interest rate cut should be initiated this month and could be cut multiple times in the next 3 - 6 months [5][9]. Copper - Fundamental Data: The closing price of the Shanghai Copper main contract yesterday was 80,110, with a daily increase of 0.56%, and the night - session closing price was 80260, with a night - session increase of 0.19%. The London Copper 3M electronic disk closing price was 9,974, with a daily decrease of 0.39% [10]. - Macro and Industry News: Weak US JOLTS job opening data strengthened the market's expectation of an interest rate cut. Canadian mining company Hudbay Minerals resumed operations at its Snow Lake mine in Manitoba. The African Kamoa - Kakula copper mine is expected to resume production capacity early next year [10][12]. Zinc - Fundamental Data: The closing price of the Shanghai Zinc main contract yesterday was 22285, with a daily decrease of 0.18%. The London Zinc 3M electronic disk closing price was 2865.5, with a daily increase of 1.15% [13]. - News: Fed Governor Waller said that an interest rate cut should be initiated this month and could be cut multiple times in the next 3 - 6 months. The number of US job openings in July reached a 10 - month low [14]. Lead - Fundamental Data: The closing price of the Shanghai Lead main contract yesterday was 16865, with a daily increase of 0.09%. The London Lead 3M electronic disk closing price was 1998.5, with a daily decrease of 0.42% [16]. - News: Weak US JOLTS job opening data strengthened the market's expectation of an interest rate cut [16]. Tin - Fundamental Data: The closing price of the Shanghai Tin main contract yesterday was 273,120, with a daily decrease of 0.31%, and the night - session closing price was 273,690, with a night - session increase of 0.21%. The London Tin 3M electronic disk closing price was 34,620, with a daily decrease of 0.33% [19]. - Macro and Industry News: Similar to other metals, the number of US job openings in July reached a 10 - month low, and Fed Governor Waller advocated for an interest rate cut [20]. Aluminum, Alumina, and Cast Aluminum Alloy - Fundamental Data: The closing price of the Shanghai Aluminum main contract yesterday was 20710, with a decrease of 10 compared to the previous day. The closing price of the Shanghai Alumina main contract was 2992, with a decrease of 30 compared to the previous day. The closing price of the aluminum alloy main contract was 20285, with a decrease of 15 compared to the previous day [25]. - Comprehensive News: Trump reiterated that tariffs could replace income tax, and the US was reported to use tariffs as a threat against the UN shipping emissions agreement [27]. Nickel and Stainless Steel - Fundamental Data: The closing price of the Shanghai Nickel main contract was 121,790, with a decrease of 740 compared to the previous day. The closing price of the stainless steel main contract was 12,915, with a decrease of 45 compared to the previous day [29]. - Macro and Industry News: Ontario, Canada, may stop exporting nickel to the US due to US tariff threats. An Indonesian nickel - iron project has entered the trial production stage, and environmental violations have been found in an Indonesian industrial park [29][30].