黄金：政府关门持续影响流动性白银：震荡反弹铜：美联储降息预期，支撑价格

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Gold: The government shutdown continues to affect liquidity [2][4] - Silver: Fluctuating and rebounding [2][4] - Copper: The expectation of Fed rate cuts supports the price [2][9] - Zinc: Trading within a range [2][12] - Lead: A significant increase in inventory restricts price hikes [2][15] - Tin: Attention should be paid to macro - impacts [2][18] - Aluminum: The price center is moving up; Alumina: Bottom - oscillating; Cast aluminum alloy: Following the trend of electrolytic aluminum [2][21] - Nickel: High inventory accumulation is in a game with risks in Indonesia, resulting in low - level oscillations; Stainless steel: Lacks upward driving force, and the downward space is also limited [2][24] Summary by Related Catalogs Gold and Silver - Fundamentals: For gold, the closing prices of Shanghai Gold 2512, Gold T + D, and Comex Gold 2512 increased by 1.38%, 1.44%, and 0.24% respectively. For silver, the closing prices of Shanghai Silver 2512, Silver T + D, and Comex Silver 2512 rose by 1.40%, 1.21%, and 1.33% respectively. The inventory of Shanghai Silver decreased by 18,094 kg, and Comex Silver decreased by 1,011,247 ounces [4] - News: The US "small non - farm" data showed that the number of ADP private - sector employees decreased by 45,000 in October, the largest decline in two and a half years. The White House official said that some US October data might be lost forever. China's central bank's Q3 monetary policy report indicated that a natural decline in future financial aggregate growth was expected [4][6][8] - Trend Intensity: Gold trend intensity is 0, and silver trend intensity is 0 [7] Copper - Fundamentals: The closing price of the Shanghai Copper main contract was 86,630, up 0.17%. The London Copper 3M electronic - trading price was 10,840, down 0.32%. The inventory of Shanghai Copper decreased by 825 tons, and London Copper decreased by 25 tons [9] - News: Weak ADP employment data boosted the expectation of Fed rate cuts. The US included copper in the new critical minerals list. Tanzania reopened its border with Zambia. Freeport Indonesia completed the investigation of a mudslide incident. Chile's state - owned copper company's copper production declined by over 7% in September [9][11] - Trend Intensity: Copper trend intensity is 1 [11] Zinc - Fundamentals: The closing price of the Shanghai Zinc main contract was 22,675, up 0.02%. The London Zinc 3M electronic - trading price was 3,085.5, up 0.62%. The inventory of Shanghai Zinc increased by 649 tons, and London Zinc increased by 400 tons [12] - News: The US suspended the implementation of the export - control penetration rule for one year, and then the two sides would continue discussions [12] - Trend Intensity: Zinc trend intensity is 0 [12] Lead - Fundamentals: The closing price of the Shanghai Lead main contract was 17,440, down 0.37%. The London Lead 3M electronic - trading price was 2,056.5, up 0.56%. The inventory of Shanghai Lead increased by 574 tons, and London Lead increased by 24,525 tons [15] - News: Weak ADP employment data boosted the expectation of Fed rate cuts. China's central bank's Q3 monetary policy report had relevant statements [16] - Trend Intensity: Lead trend intensity is 0 [16] Tin - Fundamentals: The closing price of the Shanghai Tin main contract was 288,180, up 0.57%. The London Tin 3M electronic - trading price was 36,695, up 1.42%. The inventory of Shanghai Tin decreased by 112 tons, and London Tin decreased by 20 tons [18] - News: Similar to gold and silver news, including US ADP data, China's central bank report, etc. [19] - Trend Intensity: Tin trend intensity is 1 [20] Aluminum, Alumina, and Cast Aluminum Alloy - Fundamentals: The closing price of the Shanghai Aluminum main contract was 21,665, with a certain change compared to previous data. The closing price of the Shanghai Alumina main contract was 2,816. The closing price of the cast aluminum alloy also had corresponding changes. There were also changes in inventory, trading volume, and other aspects [21] - News: The UK unemployment rate unexpectedly rose, increasing the pressure on the government's autumn budget and the central bank's decision - making. Microsoft will invest $10 billion in building an AI data center in Portugal [23] - Trend Intensity: Aluminum trend intensity is 1, alumina trend intensity is 0, and cast aluminum alloy trend intensity is 1 [23] Nickel and Stainless Steel - Fundamentals: The closing price of the Shanghai Nickel main contract was 119,380, and the stainless - steel main - contract closing price was 12,465. There were also changes in inventory, price spreads, and other aspects [24] - News: An Indonesian mining area was taken over by the forestry working group, China suspended a non - official subsidy for imported copper and nickel from Russia, and Indonesia imposed sanctions on 190 mining companies [24][25] - Trend Intensity: Nickel trend intensity is 0, and stainless - steel trend intensity is 0 [28]