铜冠金源期货商品日报-20251014

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Overseas risk assets have recovered, and A-shares opened lower and closed higher. The gold price reached a new high of $4,132 due to uncertainties such as Trump's tariff threats, the US government shutdown, and interest rate cut expectations. A-shares showed resilience, with the Shanghai Composite Index rebounding over 2% after touching 3,800 points. In the long - term, it is still cost - effective to buy on dips. China's September export and import data were better than expected, and the export structure continued to diversify [2][3]. - Precious metals are in a strong upward phase. Silver prices have reached new highs, driven by geopolitical and economic uncertainties, Fed interest rate cut expectations, and central bank gold - buying. If the shortage of London silver persists, silver prices are expected to continue to soar [4]. - Copper prices rebounded. Although there are uncertainties in Sino - US trade, China's September import data was strong, and the Fed's dovish stance on interest rate cuts is expected to support copper prices in the short term [6][7]. - Aluminum prices were adjusted. The market was mainly influenced by news, and the aluminum price is expected to remain in a favorable shock range considering the supply - demand fundamentals [8]. - Alumina prices are expected to remain weak due to sufficient supply, rigid demand, and a supply - demand balance leaning towards surplus [10]. - Zinc prices stabilized and oscillated. Sino - US tariff friction cooled down, and the Fed's hint of interest rate cuts supported zinc prices, but the increase in domestic social inventory limited the upward space [11]. - Lead prices faced increasing downward pressure. With the approaching delivery and the resumption of production in refineries, supply is expected to increase while demand improvement is limited [12]. - Tin prices adjusted at a high level. Supply disturbances limited the downward space, and the market was waiting for further developments in Sino - US tariff friction [13][14]. - Industrial silicon prices oscillated within a range. Supply was slightly in surplus, and demand showed mixed trends, resulting in short - term price oscillations [15][16]. - Lithium carbonate prices oscillated weakly. Although the power and energy storage markets were strong, supply continued to hit new highs, and with the cooling of resource disturbances, prices may decline [17]. - Nickel prices may rebound. Sino - US trade disturbances cooled down, and although the supply of nickel ore was expected to be loose, the current price was at the lower end of the range [19]. - The prices of soda ash and glass oscillated at a low level. After the holiday, inventory increased, and downstream purchasing was weak, so the market sentiment was low [20][21]. - Steel prices oscillated weakly. Terminal demand was weak, and the supply pressure increased, so the futures prices of steel showed a weak trend [22]. - Iron ore prices oscillated. The supply was stable, and the arrival of goods increased, while the demand from steel mills remained high, so the price was expected to oscillate [23][24]. - The prices of soybean and rapeseed meal oscillated weakly. Brazil's soybean sowing progress was fast, and domestic soybean inventory increased after the holiday, resulting in sufficient supply in the short term [25][26]. - Palm oil prices adjusted with wide - range oscillations. Malaysia's palm oil production and demand both increased in October, and although there were some supporting factors, the weakening of oil prices and cautious market sentiment led to price oscillations [27][28]. Summary by Related Catalogs 1. Metal Main Variety Trading Data - This section provides the closing prices, changes, change percentages, trading volumes, and positions of various metal futures contracts on October 13, including copper, aluminum, alumina, zinc, lead, nickel, tin, precious metals, steel, iron ore, coking coal, coke, industrial silicon, and agricultural products such as soybean and rapeseed meal [29]. 2. Industrial Data Perspective - For copper, it shows the prices, inventory changes, and other data of SHFE copper and LME copper from October 10 to 13, including spot prices, warehouse receipts, inventory, and price spreads [30]. - For nickel, it presents the price changes, inventory, and other information of SHFE nickel and LME nickel from October 10 to 13 [30]. - For other metals such as zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, coke, coking coal, lithium carbonate, industrial silicon, and soybean and rapeseed meal, it also provides relevant price, inventory, and spread data from different periods [33][34][35].