黄金：俄乌危机缓解白银：震荡反弹

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Gold: The Russia-Ukraine crisis is easing [2]. - Silver: It is in a volatile rebound [2]. - Copper: Market sentiment has improved, leading to price increases [2]. - Zinc: Attention should be paid to LME inventories [2]. - Lead: Inventory is continuously decreasing, resulting in price increases [2]. - Tin: Focus on macro - economic impacts [2]. - Aluminum: The price center is moving up; Alumina is in bottom - range oscillation; Cast aluminum alloy has upward potential [2]. - Nickel: It shows short - term narrow - range oscillation, and contradictions are still accumulating [2]. - Stainless steel: There is no upward driving force in supply and demand, but cost limits the downside space [2]. Summary by Commodity Gold and Silver - Price and Trading Volume: For gold,沪金2512 closed at 952.56 with a daily decline of 4.17%, and its night - session price was 934.72 with a decline of 1.56%. For silver,沪银2512 closed at 11404 with a daily decline of 3.42%, and its night - session price was 11331 with a gain of 0.04%. Trading volumes and open interests of various contracts also changed to different extents [4]. - Inventory and Spread: Gold and silver inventories in different markets changed, and there were also changes in various spreads such as cross - period spreads and basis spreads [4]. - Trend Intensity: Gold and silver trend intensities are both - 1, indicating a bearish outlook [7]. Copper - Price and Trading Volume: The closing price of沪铜主力合约 was 85400 with a daily gain of 0.02%, and its night - session price was 86730 with a gain of 1.56%. Trading volumes and open interests of沪铜 and伦铜3M also changed [9]. - Inventory and Spread: Copper inventories in沪铜 and伦铜 changed, and various spreads such as LME copper spreads and cross - period spreads also had different changes [9]. - Industry News: Peru's copper production in August decreased by 1.6% year - on - year. Codelco plans to sell copper to European customers at a record - high premium next year. China's copper import and export data in September also changed [11]. - Trend Intensity: Copper trend intensity is 1, indicating a bullish outlook [11]. Zinc - Price and Trading Volume: The closing price of沪锌主力 was 22345 with a daily gain of 1.57%, and伦锌3M closed at 3019.5 with a gain of 0.87%. Trading volumes and open interests of沪锌 and伦锌 also changed [12]. - Inventory and Spread: Zinc inventories in沪锌 and LME changed, and various spreads such as LME zinc spreads and cross - period spreads also had different changes [12]. - Trend Intensity: Zinc trend intensity is 0, indicating a neutral outlook [15]. Lead - Price and Trading Volume: The closing price of沪铅主力 was 17565 with a daily gain of 2.27%, and伦铅3M closed at 1995 with a gain of 0.10%. Trading volumes and open interests of沪铅 and伦铅 also changed [16]. - Inventory and Spread: Lead inventories in沪铅 and LME decreased, and various spreads such as LME lead spreads and cross - period spreads also had different changes [16]. - Trend Intensity: Lead trend intensity is 1, indicating a bullish outlook [17]. Tin - Price and Trading Volume: The closing price of沪锡主力 was 281680 with a daily gain of 0.29%, and伦锡3M closed at 35475 with a gain of 0.50%. Trading volumes and open interests of沪锡 and伦锡 also changed [19]. - Inventory and Spread: Tin inventories in沪锡 and伦锡 changed, and various spreads such as LME tin spreads and cross - period spreads also had different changes [19]. - Trend Intensity: Tin trend intensity is 0, indicating a neutral outlook [21]. Aluminum, Alumina, and Cast Aluminum Alloy - Price and Trading Volume: For aluminum,沪铝主力 and LME aluminum prices changed, and trading volumes and open interests also had different trends. For alumina and cast aluminum alloy, prices, trading volumes, and open interests also changed [23]. - Inventory and Spread: Aluminum inventories in different markets changed, and various spreads such as LME aluminum spreads and cross - period spreads also had different changes [23]. - Industry News: China will focus on building a modern industrial system, and the US established a critical minerals fund [25]. - Trend Intensity: Aluminum and cast aluminum alloy trend intensities are 1, indicating a bullish outlook; Alumina trend intensity is 0, indicating a neutral outlook [25]. Nickel and Stainless Steel - Price and Trading Volume: The closing price of沪镍主力 was 121380, and that of stainless steel主力 was 12765. Trading volumes and open interests of沪镍 and stainless steel also changed [26]. - Industry News: An Indonesian nickel mining area was taken over, China suspended a non - official subsidy for Russian copper and nickel imports, and Indonesia imposed sanctions on mining companies [26]. - Trend Intensity: Nickel and stainless steel trend intensities are 0, indicating a neutral outlook [28].