黄金：政府关门持续影响流动性白银：震荡反弹铜：担忧美国经济，价格回落

Report Industry Investment Ratings No industry investment ratings are provided in the report. Core Viewpoints - Gold: The continuous government shutdown affects liquidity; silver shows an oscillating rebound [2][5]. - Copper: Concerns about the US economy cause prices to decline [2][9]. - Zinc: Experiences wide - range oscillations [2][12]. - Lead: Lacks a clear driving force, with prices oscillating [2][16]. - Tin: Attention should be paid to macro - impacts [2][18]. - Aluminum: Has support at the lower level; alumina's oversupply pattern remains unchanged; cast aluminum alloy follows electrolytic aluminum [2][21]. - Nickel: Smelting - end inventory accumulation suppresses, while ore - end uncertainties provide support; stainless - steel prices oscillate narrowly at a low level [2][23]. - Lithium carbonate: Weakly oscillates due to复产 expectations and off - season expectations [2][26]. - Industrial silicon: With continuous de - stocking of warehouse receipts, it has strong bottom support; polysilicon: Attention should be paid to this week's information [2][29]. - Iron ore: Repeats at a high level [2][32]. - Rebar and hot - rolled coil: Weakly oscillate due to sector sentiment disturbances [2][37]. - Ferrosilicon and silicomanganese: Experience wide - range oscillations due to sector sentiment and supply - demand disturbances [2][41]. - Coke and coking coal: Repeat at a high level [2][44]. - Logs: Oscillate repeatedly [2][46]. - p - Xylene: Aromatic blending oil supports valuation, with a high - level oscillating market; PTA: With fair demand and still existing supply pressure, it has a high - level oscillating market; MEG: Has relatively large supply pressure and a weakening trend [2][50]. Summaries by Related Catalogs Gold and Silver - Price and Trading Volume: Gold prices decline, with沪金2512 closing at 915.58 yuan with a daily decline of 0.76%, and成交 and持仓 decreasing; silver shows an oscillating rebound, with沪银2512 closing at 11238 yuan with a daily decline of 1.90%, and成交 increasing while持仓 slightly increasing [5]. - Macro and Industry News: Wall Street warns of inflation risks, and the US government shutdown may break records [5]. Copper - Price and Trading Volume: Copper prices fall, with沪铜主力合约 closing at 85740 yuan with a daily decline of 1.79%, and成交 increasing while持仓 decreasing [9]. - Macro and Industry News: The US government shutdown and the fate of Trump's tariffs are uncertain; a new copper smelter in Chile gets environmental approval, and an Indonesian company gets a copper concentrate export quota [9][11]. Zinc - Price and Trading Volume: Zinc prices oscillate widely, with沪锌主力 closing at 22670 yuan with a daily increase of 0.47%, and成交 increasing while持仓 decreasing [12]. - News: The Dutch government's interference in semiconductor enterprises and the uncertainty of Trump's tariffs [13][15]. Lead - Price and Trading Volume: Lead prices oscillate, with沪铅主力 closing at 17415 yuan with a daily decline of 0.03%, and成交 and持仓 decreasing [16]. - News: The US government shutdown and the uncertainty of Trump's tariffs [16]. Tin - Price and Trading Volume: Tin prices decline, with沪锡主力 closing at 283730 yuan with a daily decline of 0.71%, and成交 and持仓 decreasing [18]. - Macro and Industry News: Similar to gold, including inflation warnings and government - related news [18][19]. Aluminum, Alumina, and Cast Aluminum Alloy - Price and Trading Volume: Aluminum prices have support at the lower level, with沪铝主力 closing at 21465 yuan with a decline; alumina prices decline, and cast aluminum alloy prices also decline [21]. - Data: Various data such as futures market, spot market, and inventory data are provided [21]. Nickel and Stainless Steel - Price and Trading Volume: Nickel prices decline, with沪镍主力 closing at 119700 yuan with a decline; stainless - steel prices oscillate narrowly at a low level, with stainless - steel主力 closing at 12545 yuan with a decline [23]. - Macro and Industry News: Indonesian mining company issues and possible US tariffs on China [23][25]. Lithium Carbonate - Price and Trading Volume: Lithium carbonate prices weakly oscillate, with 2511合约 closing at 77160 yuan with a decline, and成交 and持仓 decreasing [26]. - Macro and Industry News: SMM lithium carbonate price index decline and Samsung SDI's supply agreement with Tesla [26][27]. Industrial Silicon and Polysilicon - Price and Trading Volume: Industrial silicon prices decline, with Si2601 closing at 8885 yuan with a decline; polysilicon prices decline, with PS2601 closing at 53715 yuan with a decline [29]. - Macro and Industry News:纤纳光电's release of a large - size perovskite photovoltaic commercial component [29][31]. Iron Ore - Price and Trading Volume: Iron ore prices repeat at a high level, with the futures closing at 775.5 yuan with a decline, and持仓 increasing [32]. - Macro and Industry News: Sino - US leaders' meeting [32][33]. Rebar and Hot - Rolled Coil - Price and Trading Volume: Rebar and hot - rolled coil prices weakly oscillate, with RB2601 closing at 3044 yuan with a decline and HC2601 closing at 3265 yuan with a decline [37]. - Macro and Industry News: Steel production data, government policies on commercial real estate, and national development planning related to the steel industry [37][40]. Ferrosilicon and Silicomanganese - Price and Trading Volume: Ferrosilicon and silicomanganese prices oscillate widely, with硅铁2601 closing at 5510 yuan with a decline and锰硅2601 closing at 5754 yuan with a decline [41]. - Macro and Industry News: Exchange policy adjustments, regional price quotes, and power price changes [41][43]. Coke and Coking Coal - Price and Trading Volume: Coke and coking coal prices repeat at a high level, with JM2601 closing at 1253 yuan with a decline and J2601 closing at 1729 yuan with a decline [44]. - Macro and Industry News: Sino - US leaders' meeting [44][45]. Logs - Price and Trading Volume: Log prices oscillate repeatedly, with 2511合约 closing at 740.5 yuan with minor fluctuations, and成交 and持仓 showing significant changes [46][47]. - Macro and Industry News: Sino - US leaders' meeting [47][49]. p - Xylene, PTA, and MEG - Market Conditions: p - Xylene has a high - level oscillating market supported by aromatic blending oil; PTA has a high - level oscillating market with fair demand and supply pressure; MEG has a weakening trend due to large supply pressure [2][50].