黄金：再创新高白银：关税预期波动

Report Industry Investment Ratings - Strongly bullish: Platinum, Palladium, Fuel Oil, Low-Sulfur Fuel Oil, Cotton [27][113][156] - Bullish: Gold, Carbonate Lithium, Paraxylene, PTA [5][38][69] - Neutral: Copper, Zinc, Lead, Tin, Aluminum, Cast Aluminum Alloy, Nickel, Stainless Steel, Industrial Silicon, Polysilicon, Iron Ore, Rebar, Hot-Rolled Coil, Ferrosilicon, Silicomanganese, Coke, Coking Coal, Steam Coal, Logs, MEG, Synthetic Rubber, LLDPE, PP, Methanol, Urea, Styrene, Soda Ash, Short Fiber, Bottle Chip, Offset Printing Paper, Pure Benzene, Soybean Meal, Soybean, Corn, Eggs, Peanuts [9][12][16][19][23][29][39][43][46][50][53][57][59][69][76][79][82][95][100][103][105][130][133][138][141][144][158][165] - Bearish: Alumina, Rubber, Caustic Soda, Pulp, Glass, PVC, Sugar, Live Pigs [24][73][84][87][92][110][147][161] - Strongly bearish: None Core Views - The report analyzes the fundamentals, market trends, and investment opportunities of various commodities, including precious metals, base metals, energy, chemicals, agricultural products, etc. [2][6][9] - It provides trend intensities and investment suggestions for each commodity based on factors such as supply and demand, macroeconomic conditions, and geopolitical events. [11][15][17] Summaries by Relevant Catalogs Precious Metals - Gold: Reached a new high, with positive price trends influenced by factors like geopolitical tensions and macroeconomic policies [5]. - Silver: Experienced price fluctuations due to tariff expectations, with specific price and trading volume data provided [6]. - Platinum: May initiate a catch-up rally, showing positive price movements and trading volume changes [25]. - Palladium: Trended upward in a volatile manner, with price increases and trading volume variations [25]. Base Metals - Copper: Faced price pressure due to market risk aversion, affected by factors such as Japanese bond market turmoil and increased investment by the State Grid [9]. - Zinc: Slightly declined, with changes in price, trading volume, and inventory levels [12]. - Lead: Price was pressured by increasing overseas inventories, with specific price and inventory data presented [16]. - Tin: Traded within a range, with price fluctuations and changes in trading volume [20]. - Aluminum: Had support at lower levels, while alumina trended downward, and cast aluminum alloy followed the trend of electrolytic aluminum [23]. - Nickel: Price fluctuated widely due to inconsistent statements from Indonesia, and stainless steel was supported by the rise in nickel iron [29]. Energy - Fuel Oil: Rose with fluctuations and rebounded strongly at night, with price and trading volume data provided [113]. - Low-Sulfur Fuel Oil: Followed the upward trend of fuel oil, with a slight contraction in the price spread between high and low sulfur in the spot market [113]. - Coking Coal and Coke: Were affected by both macro and micro factors, trending weakly in a volatile manner [53]. - Steam Coal: Market sentiment was weak, with short-term price adjustments [57]. Chemicals - Paraxylene: The futures price rose driven by the significant increase in polyester leading stocks, with supply expected to be ample in the future [63]. - PTA: Considered reducing processing fees, with future supply and demand expected to weaken and inventory to accumulate [70]. - MEG: Traded in a range, with limited downside space and attention on basis and 5 - 9 positive spreads [72]. - Rubber: Trended weakly in a volatile manner, affected by factors such as inventory increases and weak downstream demand [73]. - Synthetic Rubber: Operated weakly in the short term, with price and trading volume changes [76]. - LLDPE: The standard product production continued to increase, and spot trading weakened [79]. - PP: Production remained at a low level, and profit repair was limited [82]. - Caustic Soda: Faced downward pressure, with supply and demand imbalances and high inventory levels [84]. - Pulp: Trended weakly in a volatile manner, affected by factors such as high inventory and weak demand [87]. - Glass: The original sheet price remained stable, with weak downstream demand and some support from export orders [92]. - Methanol: Traded in a range, with inventory changes and market sentiment influencing the price [95]. - Urea: Consolidated in a volatile manner, with the downside space narrowing [100]. - Styrene: Trended upward in a volatile manner, with strong export performance and increased downstream replenishment [103]. - Soda Ash: The spot market changed little, with stable production and weak market support [105]. - PVC: Trended weakly in a volatile manner, with high production and inventory levels and limited export benefits [110]. Agricultural Products - Soybean Meal: May trade in a range as overnight US soybeans slightly declined, with specific price and trading volume data provided [141]. - Soybean: The spot price was stable, and the futures price adjusted, with market sentiment influenced by factors such as the US - EU situation and Brazilian soybean production [141]. - Corn: Pulled back, with price and trading volume changes and market information about supply and demand [144]. - Sugar: Trended weakly, affected by factors such as global supply and demand and import policies [147]. - Cotton: Trended upward in a volatile manner, with active spot trading and some improvement in the foreign trade order situation [152]. - Eggs: Market sentiment weakened, with price and trading volume changes [158]. - Live Pigs: The spot price weakened, and the peak - season expectation decreased, with price and trading volume data provided [161]. - Peanuts: Traded in a range, with price and trading volume changes and market information about supply and demand [165]. Shipping - Container Freight Index (European Line): Traded in a range temporarily, affected by factors such as the accelerating decline in spot prices and geopolitical uncertainties [115].