集运再度回落：申万期货早间评论-20250527

Core Viewpoint - The article discusses the recent decline in shipping rates and the impact of U.S. tariff policies on various commodities, particularly precious metals and copper, while highlighting the ongoing economic adjustments and market expectations [1][2][4]. Group 1: Precious Metals - Gold and silver prices are currently in a consolidation phase, influenced by U.S. tariff policies and economic data reflecting potential stagflation [2][4][16]. - President Trump's decision to extend the deadline for a 50% tariff on the EU has alleviated some market concerns, leading to temporary price increases in gold [2][4][16]. - The U.S. House of Representatives passed a tax reform bill that is expected to increase federal debt by approximately $3.8 trillion over the next decade, raising concerns about U.S. debt levels [2][4][16]. Group 2: Copper - Domestic demand for copper remains stable, driven by increased investments in power grids and growth in home appliance production [17]. - The copper market is experiencing fluctuations due to low processing fees and copper prices, with attention on U.S. tariff negotiations and currency exchange rates [17]. Group 3: Shipping Industry - The shipping index for Europe has shown a decline, with the latest SCFIS European line index at 1247.05 points, down 1.4% [30]. - The shipping market is optimistic about potential price increases in June, with average container prices rising to around $2400, reflecting a $600-$700 increase from the end of May [30]. - The overall shipping capacity is expected to remain stable, but the market anticipates a cooling period after initial price increases, leading to a more balanced outlook [30].