黄金：再创新高白银：冲刺120

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - Gold is expected to reach new highs; silver is aiming for 120; copper prices are expected to be strong due to a weakening US dollar; zinc's current situation is strong; lead prices are supported by decreasing overseas inventories; tin is expected to trade in a range; aluminum is expected to be slightly bullish; alumina is recommended to be shorted on rallies; cast aluminum alloy will follow the trend of electrolytic aluminum; platinum prices will rise along with others; there is a risk of palladium making up for lost ground; the situation in Indonesia regarding nickel is uncertain, with a game between hedging and speculative positions; the concern about nickel ore in Indonesia is intensifying, and the rising price of ferronickel supports the center of gravity of stainless steel [2] 3. Summary by Relevant Catalogs 3.1 Gold and Silver - Price and Trading Volume: The closing prices of Shanghai Gold 2602 and Comex Gold 2602 increased by 0.46% and 4.28% respectively, and the trading volumes decreased by 21,220 and 248,698 respectively. The closing prices of Shanghai Silver 2602 and Comex Silver 2602 increased by 5.59% and 8.14% respectively, and the trading volumes decreased by 31,870 and 91,699 respectively [4] - Inventory and ETF: The inventory of Shanghai Gold remained unchanged, and the inventory of Comex Gold (previous day) remained unchanged. The inventory of Shanghai Silver decreased by 29,566 kilograms, and the inventory of Comex Silver (previous day) decreased by 1,183,026 ounces. The position of SPDR Gold ETF increased by 1, and the position of SLV Silver ETF (the day before yesterday) decreased by 127 [4] - News: The Fed paused rate cuts as expected, but Fed Chair nominee Waller supported a 25 - basis - point rate cut. Powell said that tariff inflation is expected to subside by mid - year. Silver is facing a "delivery failure" crisis, and March may be a "critical moment" for precious metals [4][7] 3.2 Copper - Price and Trading Volume: The closing price of the Shanghai Copper main contract increased by 0.45%, and the trading volume decreased by 18,638. The closing price of the LME Copper 3M electronic disk increased by 0.74%, and the trading volume increased by 2,119 [8] - Inventory and Spread: The inventory of Shanghai Copper increased by 3,130, and the inventory of LME Copper increased by 1,575. The LME copper premium and other spreads changed to varying degrees [8] - News: The Fed paused rate cuts as expected, and the market's optimistic expectations for AI development continued to ferment. The Chilean environmental regulatory agency fined Antofagasta Minerals about $775,000, and the Mantoverde copper - gold mine in northern Chile basically stopped production. Zambia's copper production in 2025 increased by 8% compared to 2024 [8][10] 3.3 Zinc - Price and Trading Volume: The closing price of the Shanghai Zinc main contract increased by 2.63%, and the trading volume increased by 28,823. The closing price of the LME Zinc 3M electronic disk increased by 0.22%, and the trading volume decreased by 5,211 [11] - Inventory and Spread: The inventory of Shanghai Zinc increased by 29 tons, and the inventory of LME Zinc decreased by 175 tons. The spreads such as Shanghai 0 zinc premium and LME CASH - 3M premium changed [11] - News: The "Three Red Lines" for real - estate enterprises have ended. The Fed paused rate cuts as expected, but Waller supported a 25 - basis - point rate cut [12][13] 3.4 Lead - Price and Trading Volume: The closing price of the Shanghai Lead main contract decreased by 0.03%, and the trading volume decreased by 8,210. The closing price of the LME Lead 3M electronic disk decreased by 0.39%, and the trading volume decreased by 993 [14] - Inventory and Spread: The inventory of Shanghai Lead increased by 397 tons, and the inventory of LME Lead decreased by 2,000 tons. The spreads such as Shanghai 1 lead premium and LME CASH - 3M premium changed [14] - News: The Fed paused rate cuts as expected, and Waller supported a 25 - basis - point rate cut [15] 3.5 Tin - Price and Trading Volume: The closing price of the Shanghai Tin main contract decreased by 1.63%, and the trading volume increased by 115,646. The closing price of the LME Tin 3M electronic disk increased by 3.52%, and the trading volume decreased by 785 [18] - Inventory and Spread: The inventory of Shanghai Tin increased by 104, and the inventory of LME Tin decreased by 25. The spreads such as SMM 1 tin ingot price and LME tin (spot/three - month) premium changed [18] - News: Iran's permanent representative to the United Nations said that Iran is ready to conduct consultations on dialogue. The UK Prime Minister visited China, and the stock price of ASML in Europe reached a record high [18][20] 3.6 Aluminum, Alumina, and Cast Aluminum Alloy - Price and Trading Volume: The closing price of the Shanghai Aluminum main contract increased, and the trading volume and position changed. The closing price of the Shanghai Alumina main contract increased, and the trading volume and position changed. The closing price of the aluminum alloy main contract increased, and the trading volume and position changed [21] - Inventory and Spread: The inventories of electrolytic aluminum, alumina, and aluminum alloy changed to varying degrees, and the spreads such as LME aluminum cash - 3M spread and near - month contract to consecutive - one contract spread also changed [21] - News: Dalio warned that the US is on the verge of "the collapse of the existing order" in the "debt cycle." Tensions between the US and Canada have escalated [22] 3.7 Platinum and Palladium - Price and Trading Volume: The closing prices of platinum and palladium futures and spot prices changed, and the trading volumes and positions of domestic and foreign markets also changed [24] - Inventory and Spread: The positions of platinum and palladium ETFs increased, and the inventories remained unchanged. The spreads such as PT9995 to PT2606 spread and RMB spot palladium price to PD2606 spread changed [24] - News: The Fed's January interest - rate meeting paused rate hikes, and Waller and Milan supported a 25 - basis - point rate cut. Trump warned Iran, and Iran was willing to dialogue [27] 3.8 Nickel and Stainless Steel - Price and Trading Volume: The closing prices of the Shanghai Nickel main contract and the stainless - steel main contract changed, and the trading volumes and positions also changed [29] - Industry Chain Data: The prices of electrolytic nickel, high - nickel pig iron, and other products in the industry chain changed, and the spreads and profits also changed [29] - News: The Indonesian government suspended the issuance of new smelting licenses, and the benchmark price formula for nickel ore commodities will be revised. The Indonesian government plans to reduce the nickel ore production target in 2026 [29][30][32]