黄金：如期降息白银：再创新高，突破60

Report Industry Investment Rating No relevant information provided. Core Views of the Report - Gold: Interest rates were cut as expected [2][4]. - Silver: Reached a new high, breaking through 60 [2][4]. - Copper: The decline of the US dollar supported the price [2][8]. - Zinc: Pulled back from a high level [2][11]. - Lead: The reduction in inventory limited the price decline [2][14]. - Tin: Supply was disrupted again [2][17]. - Aluminum: Continued to fluctuate; Alumina rebounded slightly; Cast aluminum alloy followed electrolytic aluminum [2][20]. - Platinum: Faced significant resistance above [2][25]. - Palladium: Trended slightly upward in a volatile manner [2][25]. - Nickel: The structural surplus situation changed, but the conflicting factors in the game remained unchanged; Stainless steel: Both supply and demand continued to be weak, and the cost - support logic was strengthened [2][29]. Summary by Related Catalogs Gold - Price: The closing prices of Shanghai Gold 2512, Gold T + D, Comex Gold 2512, and London Gold Spot all rose by 0.51% yesterday, while the night - session prices of Shanghai Gold 2512 and Gold T + D declined slightly [4]. - Trading Volume and Position: The trading volume of Shanghai Gold 2512 decreased by 6,955, and the position decreased by 1,834; the trading volume of Comex Gold 2512 increased by 6,122, and the position increased by 1,832 [4]. - Inventory: The inventory of Shanghai Gold remained unchanged, while the inventory of Comex Gold decreased by 113,819 (in troy ounces) [4]. - Spread: The spread between Gold T + D and AU2512 remained unchanged, and the cost of the spread - arbitrage strategy of buying December and selling June decreased by 0.87 [4]. - Macro and Industry News: The Fed removed the total - amount limit for standing repo operations and announced monthly purchases of $40 billion in Treasury bills starting from December 12; Trump criticized the Fed for the small rate - cut amplitude; China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened [4][7]. - Trend Intensity: 1 [6]. Silver - Price: The closing prices of Shanghai Silver 2512 and Silver T + D rose by 5.59% and 5.72% respectively yesterday, and the night - session price of Shanghai Silver 2512 rose by 0.78% [4]. - Trading Volume and Position: The trading volume of Shanghai Silver 2512 increased by 505,812, and the position increased by 33,231; the trading volume of Comex Silver 2512 increased by 2,658, and the position remained unchanged [4]. - Inventory: The inventory of Shanghai Silver increased by 24,057 kilograms, while the inventory of Comex Silver decreased by 321,251 (in troy ounces) [4]. - Spread: The spread between Silver T + D and AG2510 decreased by 46, and the cost of the spread - arbitrage strategy of buying December and selling June decreased by 11.3 [4]. - Trend Intensity: 1 [6]. Copper - Price: The closing prices of the Shanghai Copper main contract and LME Copper 3M electronic disk rose by 0.83% and 0.78% respectively yesterday, and the night - session price of the Shanghai Copper main contract declined slightly [8]. - Trading Volume and Position: The trading volume of the Shanghai Copper index decreased by 83,947, and the position decreased by 1,936; the trading volume of LME Copper 3M electronic disk decreased by 2,268, and the position increased by 3,241 [8]. - Inventory: The inventory of Shanghai Copper decreased by 600 tons, and the inventory of LME Copper decreased by 700 tons [8]. - Spread: The LME Copper cash - to - 3M spread decreased by 8.19, and the spot - to - near - month spread decreased by 65 [8]. - Macro and Industry News: The Fed cut interest rates by 25 basis points as expected and announced purchases of short - term US Treasuries; China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened; Ivanhoe Mines' Kamoa - Kakula copper mine in the DRC will have lower production in 2026 than in 2024; China's November imports of copper ore and concentrates were 2.526 million tons, with a cumulative import of 27.614 million tons from January to November, a year - on - year increase of 8.0%; the US is negotiating with central African countries to provide over $1 billion for two key mineral and railway projects; Chile's November copper export value increased by 4.57% year - on - year [8][10]. - Trend Intensity: 0 [10]. Zinc - Price: The closing price of the Shanghai Zinc main contract rose slightly by 0.02%, while the closing price of LME Zinc 3M electronic disk declined by 1.33% [11]. - Trading Volume and Position: The trading volume and position of the Shanghai Zinc main contract decreased, and the trading volume and position of LME Zinc also decreased [11]. - Inventory: The inventory of Shanghai Zinc decreased by 1,297 tons, while the inventory of LME Zinc increased by 1,650 tons [11]. - News: China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened [11]. - Trend Intensity: - 1 [11]. Lead - Price: The closing prices of the Shanghai Lead main contract and LME Lead 3M electronic disk declined by 0.32% and 1.10% respectively [14]. - Trading Volume and Position: The trading volume of the Shanghai Lead main contract increased, and the position decreased; the trading volume of LME Lead increased, and the position decreased [14]. - Inventory: The inventory of Shanghai Lead decreased by 202 tons, and the inventory of LME Lead decreased by 1,375 tons [14]. - News: The Fed cut interest rates by 25 basis points as expected and announced purchases of short - term US Treasuries; China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened [14][15]. - Trend Intensity: 0 [15]. Tin - Price: The closing price of the Shanghai Tin main contract rose by 3.30%, and the night - session price declined by 0.51%; the closing price of LME Tin 3M electronic disk rose by 0.40% [17]. - Trading Volume and Position: The trading volume and position of the Shanghai Tin main contract increased, and the trading volume of LME Tin 3M electronic disk decreased slightly, while the position increased [17]. - Inventory: The inventory of Shanghai Tin decreased by 86 tons, and the inventory of LME Tin increased by 605 tons [17]. - Spread: The spread between the spot and the main - contract futures of tin increased by 8,380 [17]. - Macro and Industry News: The Fed removed the total - amount limit for standing repo operations and announced monthly purchases of $40 billion in Treasury bills starting from December 12; Trump criticized the Fed for the small rate - cut amplitude; China's November CPI rose by 0.7% year - on - year, reaching the highest since March 2024, and the year - on - year decline of PPI slightly widened; the AH - share real - estate sector rose sharply on Wednesday afternoon; the Goldman Sachs model showed that the RMB was undervalued by 25% [17][18]. - Trend Intensity: 0 [19]. Aluminum, Alumina, and Cast Aluminum Alloy - Price: The closing prices of the Shanghai Aluminum main contract, LME Aluminum 3M, and Shanghai Alumina main contract showed different trends; the closing price of the cast - aluminum - alloy main contract rose [20]. - Trading Volume and Position: The trading volumes and positions of the Shanghai Aluminum main contract, LME Aluminum 3M, and Shanghai Alumina main contract changed to varying degrees [20]. - Inventory: The inventory of Shanghai Aluminum increased slightly, and the inventory of LME Aluminum decreased; the domestic alumina average price declined [20]. - Comprehensive News: The Fed cut interest rates by 25 basis points as expected, with three voting members opposing, and still expected one rate cut next year, and would buy $40 billion in short - term bonds; the US employment - cost increase reached a new low in over four years, and inflation pressure eased [22]. - Trend Intensity: 0 for all of aluminum, alumina, and aluminum alloy [22]. Platinum and Palladium - Price: The prices of platinum and palladium futures and spot markets showed different trends, with some rising and some falling [24]. - Trading Volume and Position: The trading volumes and positions of platinum and palladium futures changed to varying degrees [24]. - Inventory: The inventory of NYMEX Platinum decreased by 152 ounces, and the inventory of NYMEX Palladium increased by 7,049 ounces [24]. - Spread: The spreads between different platinum and palladium contracts and the spreads between spot and futures changed [24]. - Macro and Industry News: The Fed announced purchases of $40 billion in short - term bonds in the next 30 days, cut interest rates by 25 basis points with three dissenting votes, and the dot plot maintained the expectation of one rate cut in each of the next two years; Trump continued to criticize Powell after the rate cut; Indonesia imposed a floating tariff on gold exports, with a maximum rate of 15%; the US seized a Venezuelan oil tanker near Venezuela; Maduro stated that Venezuela was ready to "knock out the teeth of the US" if necessary; the US third - quarter labor - cost growth rate dropped to the lowest in four years [26][28]. - Trend Intensity: 0 for platinum and 1 for palladium [27]. Nickel and Stainless Steel - Price: The closing price of the Shanghai Nickel main contract declined slightly, and the closing price of the stainless - steel main contract rose [29]. - Trading Volume and Position: The trading volumes and positions of the Shanghai Nickel main contract and the stainless - steel main contract changed to varying degrees [29]. - Industry - Chain Data: The prices of various products in the nickel and stainless - steel industry chains, such as 1 imported nickel, high - nickel pig iron, and stainless - steel products, showed different trends [29]. - Macro and Industry News: The Indonesian forestry working group took over more than 148 hectares of the PT Weda Bay Nickel mining area; China suspended an unofficial subsidy for copper and nickel imports from Russia; the Indonesian Ministry of Energy and Mineral Resources imposed sanctions on 190 mining companies; Indonesia issued a ministerial order regarding the RKAB approval process; Trump threatened to impose a 100% tariff on China and export controls on "all key software"; Indonesia suspended the issuance of new smelting licenses through the OSS platform; safety inspections in Indonesian industrial parks affected the production of some nickel - wet - process projects; New York Fed President John Williams and Fed Governor Stephen Miran made dovish remarks, increasing the probability of a 25 - basis - point rate cut in December [29][32]. - Trend Intensity: 0 for both nickel and stainless steel [33].