黄金：再创新高白银：高位回落

Report Industry Investment Ratings Not provided in the content. Core Views - The report provides a comprehensive analysis of various commodities, including precious metals, base metals, energy, agricultural products, and chemical products, and gives corresponding trend intensities and trading suggestions for each commodity [2][9][12]. Summary by Directory Precious Metals - Gold: Reached a new high, with the Shanghai gold futures contract 2602 closing at 1,249.12 yuan, up 5.30% during the day, and the overnight session closing at 1202.00 yuan, down 1.38%. The trend intensity is 0 [6]. - Silver: Fell from a high, with the Shanghai silver futures contract 2602 closing at 30891 yuan, up 5.91% during the day, and the overnight session closing at 30358.00 yuan, up 2.10%. The trend intensity is 0 [6]. - Platinum: Oscillated upward, with the gold exchange - traded platinum closing at 703.90 yuan, up 4.99%. The trend intensity is 0 [24]. - Palladium: Followed the upward trend due to continuous inflow of ETFs. The trend intensity is 0 [24]. Base Metals - Copper: Supported by the weak US dollar, the Shanghai copper main contract closed at 109,110 yuan, up 5.87%. The trend intensity is 1 [9]. - Zinc: Inventory was depleted, with the Shanghai zinc main contract closing at 25950 yuan, up 1.35%. The trend intensity is 1 [12]. - Lead: Domestic inventory increased continuously, pressuring the price. The Shanghai lead main contract closed at 17185 yuan, up 1.12%. The trend intensity is 0 [16]. - Tin: Oscillated within a range, with the Shanghai tin main contract closing at 446,130 yuan, up 0.53%. The trend intensity is 0 [19]. - Aluminum: High - level and high - volatility, with the Shanghai aluminum main contract closing at 25590 yuan. The trend intensity is 1 [22]. - Alumina: Weakly running, with the Shanghai alumina main contract closing at 2816 yuan. The trend intensity is 0 [22]. - Cast Aluminum Alloy: Followed the trend of electrolytic aluminum. The trend intensity is 1 [22]. - Nickel: The situation in Indonesia was undetermined, with a game between hedging and speculative positions. The Shanghai nickel main contract closed at 147,470 yuan. The trend intensity is 0 [29]. - Stainless Steel: Concerns about nickel ore in Indonesia intensified, and the rise of ferronickel supported the price center. The stainless - steel main contract closed at 14,585 yuan. The trend intensity is 0 [29]. Energy - Fuel Oil: Will continue to be strong in the short term, with a high - volatility trend. The trend intensity is 2 [132]. - Low - Sulfur Fuel Oil: Continued to rise, and the price difference between high - and low - sulfur fuels in the overseas spot market continued to shrink. The trend intensity is 2 [132]. - LPG: Short - term geopolitical disturbances were strong. The trend intensity is 0 [117]. - Coal: - Coking Coal: The first round of price increase was implemented, and it oscillated at a high level. The trend intensity is 0 [56]. - Coking Coal: The event was fermenting, and it oscillated at a high level. The trend intensity is 0 [56]. - Steam Coal: Supply and demand tended to be weak, and the coal price slightly increased. The trend intensity is 0 [60]. Agricultural Products - Palm Oil: High - level volatility increased, and attention should be paid to the previous high pressure. The trend intensity is 0 [160]. - Soybean Oil: Oscillated and adjusted at a high level. The trend intensity is 0 [160]. - Soybean Meal: The overnight US soybeans closed down, and the Dalian soybean meal adjusted and oscillated. The trend intensity is 0 [166]. - Soybean: The spot price was stable, and the futures price fluctuated with the sentiment of the commodity market. The trend intensity is 0 [166]. - Corn: The callback range was limited. The trend intensity is 1 [169]. - Sugar: Attention should be paid to the low - basis spot - futures opportunities. The trend intensity is 0 [172]. - Cotton: Maintained a strong - side oscillation. The trend intensity is 1 [177]. - Eggs: The expectation of the off - season after the Spring Festival remained unchanged. The trend intensity is 0 [183]. - Hogs: The demand performance was lower than expected, and the supply contradiction was released. The trend intensity is - 2 [186]. - Peanuts: Oscillated. The trend intensity is 0 [190]. Chemical Products - PX: Unilaterally strong, with a reverse spread in the monthly difference. The trend intensity is 1 [66]. - PTA: Supported by cost, with a unilateral strong trend. The trend intensity is 1 [66]. - MEG: The trend remained strong. The trend intensity is 1 [66]. - Rubber: Oscillated strongly. The trend intensity is 1 [72]. - Synthetic Rubber: Oscillated widely at a high level. The trend intensity is 1 [75]. - LLDPE: Import was difficult to increase in the short term, and supported by the oil price. The trend intensity is - 1 [78]. - PP: The oil price increased, providing cost support. The trend intensity is 0 [81]. - Caustic Soda: Oscillated at a low level. The trend intensity is 0 [84]. - Pulp: Oscillated widely. The trend intensity is 0 [89]. - Glass: The price of the original sheet was stable. The trend intensity is - 1 [96]. - Methanol: Oscillated with support. The trend intensity is 1 [100]. - Urea: The oscillation center moved up. The trend intensity is 0 [105]. - Styrene: Oscillated strongly. The trend intensity is 0 [108]. - Soda Ash: The spot market changed little. The trend intensity is - 1 [112]. - Propylene: Supported by strong demand, the spot price remained high. The trend intensity is 0 [117]. - PVC: Oscillated within a range. The trend intensity is 0 [129]. Shipping - Container Freight Index (European Line): In an oscillating market, with the geopolitical situation fermenting again. The trend intensity is 0 [134]. Fibers - Short - Fiber: Oscillated strongly at a high level. The trend intensity is 1 [148]. - Bottle Chip: Oscillated strongly at a high level. The trend intensity is 1 [148]. Paper - Offset Printing Paper: Hold short positions and conduct a 3 - 4 reverse spread. The trend intensity is - 1 [152]. Aromatics - Pure Benzene: Oscillated strongly. The trend intensity is 0 [156].