黄金：情绪降温白银：震荡调整，铜：美联储降息预期，限制价格回落

Report Industry Investment Rating No information provided. Report's Core View - Gold is experiencing a cooling of sentiment [2][4] - Silver is in a state of oscillatory adjustment [2][4] - For copper, the market's expectation of the Fed's interest rate cut restricts the price decline [2][9] - Zinc is in a continuous process of inventory accumulation [2][12] - The reduction of internal and external inventories supports the price of lead [2][15] - Tin is oscillating within a range [2][17] - Aluminum is oscillating within a range, alumina is operating weakly, and cast aluminum alloy follows the trend of electrolytic aluminum [2][22] - The price of stainless steel is oscillating within a narrow range [2][26] Summary by Related Catalogs Gold and Silver - Fundamental Data: The closing prices of Shanghai Gold 2510 and Gold T+D showed increases, while the closing price of Shanghai Silver 2510 slightly decreased. The trading volume and positions of some contracts changed, and the positions of SPDR Gold ETF decreased. The inventories of Shanghai Gold and Shanghai Silver increased [5] - Macro and Industry News: The US ISM services index expanded at the fastest pace in half a year, employment was weak, and prices remained high. The ADP employment growth in August slowed significantly, and the first - time unemployment claims reached the highest level since June. The trade deficit widened, and there were various statements and events related to the Fed [5][8] - Trend Intensity: The trend intensity of both gold and silver is 0, indicating a neutral outlook [7] Copper - Fundamental Data: The closing prices of the Shanghai Copper main contract and the London Copper 3M electronic disk decreased. The trading volume and positions of some contracts changed, and the inventory of Shanghai Copper increased while that of London Copper decreased [9] - Macro and Industry News: The weak JOLTS job vacancy data in the US strengthened the market's expectation of interest rate cuts. The copper production in Chile in July increased slightly, and some copper - related companies had production and operation news [9][11] - Trend Intensity: The trend intensity of copper is 0, indicating a neutral outlook [11] Zinc - Fundamental Data: The closing price of the Shanghai Zinc main contract decreased, while that of the London Zinc 3M electronic disk increased. The trading volume and positions of some contracts changed, and the inventory of Shanghai Zinc decreased while that of London Zinc decreased [12] - News: The ADP employment growth in the US in August slowed significantly, strengthening the Fed's interest rate cut expectation. The US trade deficit widened [13] - Trend Intensity: The trend intensity of zinc is - 1, indicating a slightly bearish outlook [14] Lead - Fundamental Data: The closing prices of the Shanghai Lead main contract and the London Lead 3M electronic disk decreased. The trading volume and positions of some contracts decreased, and the inventories of Shanghai Lead and London Lead decreased [15] - News: The weak JOLTS job vacancy data in the US strengthened the market's expectation of interest rate cuts [15] - Trend Intensity: The trend intensity of lead is 0, indicating a neutral outlook [15] Tin - Fundamental Data: The closing prices of the Shanghai Tin main contract and the London Tin 3M electronic disk decreased. The trading volume and positions of some contracts changed, and the inventories of Shanghai Tin and London Tin increased [18] - Macro and Industry News: Similar to the gold - silver section, there were various economic data and events in the US [18][19][20] - Trend Intensity: The trend intensity of tin is - 1, indicating a slightly bearish outlook [21] Aluminum, Alumina, and Cast Aluminum Alloy - Fundamental Data: The closing prices of the Shanghai Aluminum main contract, the Shanghai Alumina main contract, and the Aluminum Alloy main contract changed. The trading volume and positions of some contracts also changed, and the inventories of electrolytic aluminum, alumina, and aluminum alloy had different trends [22] - Comprehensive News: The US ISM services PMI expanded at the fastest pace in half a year, with weak employment and high prices [24] - Trend Intensity: The trend intensity of aluminum and cast aluminum alloy is 0 (neutral), and that of alumina is - 1 (slightly bearish) [24] Nickel and Stainless Steel - Fundamental Data: The closing prices of the Shanghai Nickel main contract and the Stainless Steel main contract changed. The trading volume and positions of some contracts changed, and there were price and profit - related data in the nickel industry chain [26] - Macro and Industry News: There were various events in the nickel - related industry in Canada, Indonesia, and China, such as production suspension, environmental violations, and policy changes [26][27][28][29][30] - Trend Intensity: The trend intensity of both nickel and stainless steel is 0, indicating a neutral outlook [31]