黄金：政府关门持续影响流动性白银：震荡反弹铜：缺乏明确驱动，价格震荡

Report Industry Investment Rating There is no relevant content provided in the report. Core Views - Gold: The government shutdown continues to affect liquidity [2]. - Silver: It will have an oscillating rebound [2]. - Copper: Lacks a clear driver, and the price will oscillate [2]. - Zinc: Will have a wide - range oscillation [2]. - Lead: Reduced overseas inventories support the price [2]. - Tin: Attention should be paid to macro - impacts [2]. - Aluminum: There is potential for upward movement [2]. - Alumina: There is support at the lower level [2]. - Cast aluminum alloy: Follows the trend of electrolytic aluminum [2]. - Nickel: High inventory accumulation and risks in Indonesia are in a tug - of - war, and it will oscillate at a low level [2]. - Stainless steel: Weak market reality drags down the steel price, and it will oscillate at a low level in the short - term [2]. Summary by Commodity Gold - Fundamentals: Yesterday, the closing price of Shanghai Gold 2512 was 921.26 with a daily increase of 0.38%, and the night - session closing price was 919.96 with a night - session increase of 0.25%. The trading volume of Shanghai Gold 25122510 increased by 35,620 compared with the previous day, and the position decreased by 1,223. The inventory of Shanghai Gold increased by 1,800 kg compared with the previous day [4]. - Macro and Industry News: Although US consumer confidence is close to a record low, hopes that the US government shutdown will end boosted the US stock market on Friday [4]. - Trend Intensity: 0 [6]. Silver - Fundamentals: Yesterday, the closing price of Shanghai Silver 2512 was 11484 with a daily increase of 0.51%, and the night - session closing price was 11405.00 with a night - session increase of 0.10%. The trading volume of Shanghai Silver 2512 increased by 11,217 compared with the previous day, and the position decreased by 469. The inventory of Shanghai Silver decreased by 16888 kg compared with the previous day [4]. - Trend Intensity: - 1 [6]. Copper - Fundamentals: Yesterday, the closing price of the Shanghai Copper main contract was 85,940 with a daily decrease of 0.44%, and the night - session closing price was 85920 with a night - session decrease of 0.02%. The inventory of Shanghai Copper decreased by 499, and the inventory of London Copper increased by 1,425 [8]. - Macro and Industry News: The US government shutdown may have a serious impact on the economy, and mining giant Glencore plans to close its Canadian refineries. The US included copper in the new critical minerals list [8][10]. - Trend Intensity: 0 [10]. Zinc - Fundamentals: The closing price of the Shanghai Zinc main contract was 22720 with a 0.20% increase, and the closing price of the London Zinc 3M electronic disk was 3066.5 with a 0.51% increase. The inventory of Shanghai Zinc futures increased by 1246 tons, and the inventory of London Zinc increased by 800 tons [11]. - News: The US Treasury will auction $125 billion in Treasury bonds this week, and the market liquidity is under pressure [12]. - Trend Intensity: 0 [13]. Lead - Fundamentals: The closing price of the Shanghai Lead main contract was 17420 with a 0.06% decrease, and the closing price of the London Lead 3M electronic disk was 2045 with a 0.42% increase. The inventory of London Lead decreased by 1800 tons [14]. - News: The government will strengthen AI technology research and application. The US government shutdown may halve the Q4 GDP growth rate [15]. - Trend Intensity: 0 [15]. Tin - Fundamentals: The closing price of the Shanghai Tin main contract was 283,510 with a 0.03% increase, and the closing price of the London Tin 3M electronic disk was 35,820 with a 0.17% increase. The inventory of Shanghai Tin decreased by 62, and the inventory of London Tin increased by 60 [17]. - Macro and Industry News: Similar to gold, there are impacts from the US government shutdown and other macro - events [18]. - Trend Intensity: 1 [19]. Aluminum, Alumina, and Cast Aluminum Alloy - Fundamentals: The closing price of the Shanghai Aluminum main contract was 21625. The closing price of the Shanghai Alumina main contract was 2783. The closing price of the aluminum alloy main contract was 21010. The domestic aluminum ingot social inventory was 60.70 million tons, and the LME aluminum ingot inventory was 54.92 million tons [20]. - Comprehensive News: China's October CPI increased by 0.2% year - on - year, and the core CPI reached the highest since March 2024. The US CPI report release is postponed [22]. - Trend Intensity: Aluminum, Alumina, and Cast Aluminum Alloy all have a trend intensity of 0 [22]. Nickel and Stainless Steel - Fundamentals: The closing price of the Shanghai Nickel main contract was 119,440, and the closing price of the stainless steel main contract was 12,565. The 8 - 12% high - nickel pig iron (ex - factory price) was 916 [23]. - Macro and Industry News: An Indonesian nickel mining area was taken over, and China suspended a non - official subsidy for imported copper and nickel from Russia [23][24]. - Trend Intensity: Both nickel and stainless steel have a trend intensity of 0 [27].