黄金：降息预期回升白银：加速冲刺，再创新高

Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold: Expectations of interest rate cuts are rising [2][4]. - Silver: Accelerating upward and reaching a new high [2][4]. - Copper: Stronger spot prices are driving up the overall price [2][8]. - Zinc: There is support at the lower level [2][11]. - Lead: Reduced inventory is supporting the price [2][14]. - Tin: Supply is facing new disruptions [2][17]. - Aluminum: Showing a relatively strong performance [2][21]. - Alumina: Fundamental contradictions remain unresolved [2][21]. - Cast aluminum alloy: Following the trend of electrolytic aluminum [2][21]. - Nickel: Fundamental factors limit its upward potential, and it is trading in a low - level range [2][25]. - Stainless steel: High inventory, weak supply and demand, and cost factors limit the downside [2][25]. 3. Summary by Relevant Catalogs Gold and Silver - Price Data: For gold, the closing price of Shanghai Gold 2512 was 949.66 with a daily increase of 0.65%, and the night - session closing price was 959.82 with a night - session increase of 0.97%. For silver, the closing price of Shanghai Silver 2512 was 12724 with a daily increase of 1.74%, and the night - session closing price was 13191.00 with a night - session increase of 5.17% [4]. - Trading Volume and Open Interest: The trading volume of Shanghai Gold 2512 decreased by 20,962 compared to the previous day, and the open interest decreased by 5,967. The trading volume of Shanghai Silver 2512 increased by 11,774, and the open interest increased by 9,710 [4]. - Inventory: Shanghai Gold inventory increased by 450 kilograms, and Shanghai Silver inventory increased by 11,906 kilograms [4]. - Spread: The spread between Gold T + D and AU2512 remained unchanged at - 2.25. The spread between Silver T + D and AG2510 decreased from 11 to - 34 [4]. - Trend Intensity: Both gold and silver have a trend intensity of 1 [6]. Copper - Price Data: The closing price of the Shanghai Copper main contract was 87,430 with a daily increase of 0.51%, and the night - session closing price was 88,740 with a night - session increase of 1.50%. The closing price of LME Copper 3M was 11,176 with a daily increase of 2.25% [8]. - Trading Volume and Open Interest: The trading volume of the Shanghai Copper index increased by 10,795, and the open interest increased by 7,940. The trading volume of LME Copper 3M increased by 12,031, and the open interest increased by 3,311 [8]. - Inventory: Shanghai Copper inventory decreased by 629 tons, and LME Copper inventory increased by 2,250 tons [8]. - Spread: The LME copper cash - 3M spread increased from 16.56 to 44.69 [8]. - Trend Intensity: Copper has a trend intensity of 1 [10]. Zinc - Price Data: The closing price of the Shanghai Zinc main contract was 22,425 with a daily increase of 0.04%, and the closing price of LME Zinc 3M was 3,051 with a daily increase of 0.96% [11]. - Trading Volume and Open Interest: The trading volume of the Shanghai Zinc main contract decreased by 20,489, and the open interest decreased by 207. The trading volume of LME Zinc increased by 669, and the open interest decreased by 2,655 [11]. - Inventory: Shanghai Zinc inventory decreased by 1,501 tons, and LME Zinc inventory increased by 950 tons [11]. - Trend Intensity: Zinc has a trend intensity of 0 [13]. Lead - Price Data: The closing price of the Shanghai Lead main contract was 17,090 with a daily increase of 0.80%, and the closing price of LME Lead 3M was 1,981 with a daily decrease of 0.13% [14]. - Trading Volume and Open Interest: The trading volume of the Shanghai Lead main contract decreased by 13,886, and the open interest decreased by 207. The trading volume of LME Lead increased by 85, and the open interest increased by 1,812 [14]. - Inventory: Shanghai Lead inventory decreased by 1,235 tons, and LME Lead inventory decreased by 1,000 tons [14]. - Trend Intensity: Lead has a trend intensity of 0 [15]. Tin - Price Data: The closing price of the Shanghai Tin main contract was 305,040 with a daily increase of 0.94%, and the night - session closing price was 305,980 with a night - session increase of 1.49%. The closing price of LME Tin 3M was 39,300 with a daily increase of 3.63% [17]. - Trading Volume and Open Interest: The trading volume of the Shanghai Tin main contract decreased by 7,592, and the open interest increased by 1,513. The trading volume of LME Tin 3M decreased by 9, and the open interest increased by 53 [17]. - Inventory: Shanghai Tin inventory increased by 44 tons, and LME Tin inventory increased by 35 tons [17]. - Trend Intensity: Tin has a trend intensity of 0 [20]. Aluminum, Alumina, and Cast Aluminum Alloy - Price Data: The closing price of the Shanghai Aluminum main contract was 21,610, and the night - session closing price was 21,780. The closing price of LME Aluminum 3M was 2,832. The closing price of the Shanghai Alumina main contract was 2,707 [21]. - Trading Volume and Open Interest: The trading volume of the Shanghai Aluminum main contract decreased by 22,895, and the open interest increased by 3,532. The trading volume of the Shanghai Alumina main contract decreased by 31,965, and the open interest increased by 5,038 [21]. - Inventory: Domestic aluminum ingot social inventory remained unchanged at 590,000 tons, and LME aluminum ingot inventory decreased by 2,000 tons [21]. - Trend Intensity: Aluminum has a trend intensity of 1, alumina has a trend intensity of - 1, and cast aluminum alloy has a trend intensity of 1 [23]. Nickel and Stainless Steel - Price Data: The closing price of the Shanghai Nickel main contract was 117,080, and the closing price of the stainless - steel main contract was 12,365 [25]. - Trading Volume and Open Interest: The trading volume of the Shanghai Nickel main contract decreased by 11,292, and the trading volume of the stainless - steel main contract increased by 2,067 [25]. - Industry News: There are multiple industry news items affecting nickel and stainless - steel supply and demand, such as Indonesia's policies and production disruptions [25][26][28]. - Trend Intensity: Both nickel and stainless steel have a trend intensity of 0 [29].