Vancouver, British Columbia--(Newsfile Corp. - September 17, 2025) - Canada One Mining Corp. (TSXV: CONE) (OTC Pink: COMCF) (FSE: AU31) ("Canada One" or the "Company") is pleased to announce the launch of its 2025 field exploration program at its flagship Copper Dome Project ("Copper Dome", "Property" or "Project"), located 18 km south of Princeton, British Columbia.2025 FIELD WORK PROGRAM HIGHLIGHTSPriority target: Boundary Zone — 1 × 2 km Cu-Au soil anomalyFollow-up targets: Friday Creek, Combination, Ha ...

Core Viewpoint - Evolve Strategic Element Royalties Inc. has increased its private placement offering to approximately $37.5 million due to strong investor demand, up from the initial $20 million [1][2]. Group 1: Evolve Offering Details - The Evolve Offering is being managed by a syndicate of agents led by Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc. [2] - The net proceeds from the Offering will be used for new growth investments, working capital, and general corporate purposes related to the business combination of Voyageur and Evolve [3]. - The completion of the Offering is subject to various closing conditions, including shareholder approval and conditional approval from the Canadian Securities Exchange [3][10]. Group 2: Corporate Agreements and Amendments - Voyageur has agreed to increase the break fee by $262,500 if its board changes its recommendation regarding the business combination [4]. - Northfield Capital Corp., Voyageur's largest shareholder, has amended its voting support agreement to restrict termination in the context of a superior proposal unless certain value thresholds are met [4]. Group 3: Company Profiles - Evolve is a private strategic metals royalty company focused on securing premium assets in the low-carbon and digital economy [5]. - Voyageur is a Canadian junior mineral exploration company with a focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, owning royalties in the Flin Flon greenstone belt [5].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - Gold is expected to break through new highs, and silver is expected to reach its previous high. Copper prices remain firm due to the weakening US dollar. Zinc is in a range-bound consolidation, and lead prices are supported by continuous inventory reduction. Tin and aluminum are in range-bound oscillations, while the center of alumina prices is moving downward. Cast aluminum alloy follows the trend of electrolytic aluminum. Nickel and stainless steel prices are in narrow-range oscillations [2]. - The trend intensities of gold and silver are both 2, indicating a strong bullish outlook. The trend intensity of copper is 1, showing a moderately bullish outlook. The trend intensities of zinc, lead, aluminum, nickel, and stainless steel are 0, suggesting a neutral outlook. The trend intensity of tin is 1, also showing a moderately bullish outlook, and the trend intensity of alumina is -1, indicating a moderately bearish outlook [8][12][15]. Summary by Related Catalogs Precious Metals (Gold and Silver) - **Fundamental Data**: For gold, the closing price of Shanghai Gold 2510 yesterday was 814.88, with a daily increase of 1.31%, and the night - session closing price was 821.68, with a night - session increase of 1.40%. For silver, the closing price of Shanghai Silver 2510 yesterday was 9820, with a daily decrease of 0.04%, and the night - session closing price was 9918.00, with a night - session increase of 1.34% [5]. - **Macro and Industry News**: The number of job openings in the US in July reached a 10 - month low, strengthening the market's expectation of an interest rate cut. Fed Governor Waller said that an interest rate cut should be initiated this month and could be cut multiple times in the next 3 - 6 months [5][9]. Copper - **Fundamental Data**: The closing price of the Shanghai Copper main contract yesterday was 80,110, with a daily increase of 0.56%, and the night - session closing price was 80260, with a night - session increase of 0.19%. The London Copper 3M electronic disk closing price was 9,974, with a daily decrease of 0.39% [10]. - **Macro and Industry News**: Weak US JOLTS job opening data strengthened the market's expectation of an interest rate cut. Canadian mining company Hudbay Minerals resumed operations at its Snow Lake mine in Manitoba. The African Kamoa - Kakula copper mine is expected to resume production capacity early next year [10][12]. Zinc - **Fundamental Data**: The closing price of the Shanghai Zinc main contract yesterday was 22285, with a daily decrease of 0.18%. The London Zinc 3M electronic disk closing price was 2865.5, with a daily increase of 1.15% [13]. - **News**: Fed Governor Waller said that an interest rate cut should be initiated this month and could be cut multiple times in the next 3 - 6 months. The number of US job openings in July reached a 10 - month low [14]. Lead - **Fundamental Data**: The closing price of the Shanghai Lead main contract yesterday was 16865, with a daily increase of 0.09%. The London Lead 3M electronic disk closing price was 1998.5, with a daily decrease of 0.42% [16]. - **News**: Weak US JOLTS job opening data strengthened the market's expectation of an interest rate cut [16]. Tin - **Fundamental Data**: The closing price of the Shanghai Tin main contract yesterday was 273,120, with a daily decrease of 0.31%, and the night - session closing price was 273,690, with a night - session increase of 0.21%. The London Tin 3M electronic disk closing price was 34,620, with a daily decrease of 0.33% [19]. - **Macro and Industry News**: Similar to other metals, the number of US job openings in July reached a 10 - month low, and Fed Governor Waller advocated for an interest rate cut [20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Data**: The closing price of the Shanghai Aluminum main contract yesterday was 20710, with a decrease of 10 compared to the previous day. The closing price of the Shanghai Alumina main contract was 2992, with a decrease of 30 compared to the previous day. The closing price of the aluminum alloy main contract was 20285, with a decrease of 15 compared to the previous day [25]. - **Comprehensive News**: Trump reiterated that tariffs could replace income tax, and the US was reported to use tariffs as a threat against the UN shipping emissions agreement [27]. Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai Nickel main contract was 121,790, with a decrease of 740 compared to the previous day. The closing price of the stainless steel main contract was 12,915, with a decrease of 45 compared to the previous day [29]. - **Macro and Industry News**: Ontario, Canada, may stop exporting nickel to the US due to US tariff threats. An Indonesian nickel - iron project has entered the trial production stage, and environmental violations have been found in an Indonesian industrial park [29][30].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides trend outlooks for various commodities, including precious metals, base metals, energy, chemicals, and agricultural products. For example, gold is expected to break new highs, while silver is likely to reach previous highs. Copper prices are expected to remain firm due to a weaker US dollar, and zinc is expected to trade within a range [2][7][14]. - The market is influenced by multiple factors such as macro - economic data, central bank policies, and geopolitical events. For instance, weak US JOLTS job openings data has strengthened the market's expectation of a September interest rate cut [7][14][17]. 3. Summary by Commodity Precious Metals - **Gold**: Expected to break new highs. The trend strength is 2, indicating a strong bullish view. Yesterday, the closing price of Shanghai Gold 2510 was 814.88, with a daily increase of 1.31%, and the night - session closing price was 821.68, with a night - session increase of 1.40% [2][7][10]. - **Silver**: Expected to reach previous highs. The trend strength is 2, also indicating a strong bullish view. The closing price of Shanghai Silver 2510 was 9820, with a daily decrease of 0.04%, and the night - session closing price was 9918.00, with a night - session increase of 1.34% [2][7][10]. Base Metals - **Copper**: With the US dollar under pressure, copper prices are firm. The trend strength is 1, suggesting a moderately bullish view. The closing price of the Shanghai Copper main contract was 80,110, with a daily increase of 0.56%, and the night - session closing price was 80260, with a night - session increase of 0.19% [2][13][15]. - **Zinc**: Expected to trade within a range. The trend strength is 0, indicating a neutral view. The closing price of the Shanghai Zinc main contract was 22285, with a daily decrease of 0.18% [2][16][18]. - **Lead**: With continuous inventory reduction, lead prices are supported. The trend strength is 0, a neutral view. The closing price of the Shanghai Lead main contract was 16865, with a daily increase of 0.09% [2][19]. - **Tin**: Expected to trade within a range. The trend strength is 1, a moderately bullish view. The closing price of the Shanghai Tin main contract was 273,120, with a daily decrease of 0.31% [2][22][27]. - **Aluminum**: Expected to trade within a range. The trend strength is 0, a neutral view. The closing price of the Shanghai Aluminum main contract was 20710, with a decrease of 10 compared to the previous day [2][28][29]. - **Alumina**: The price center is moving down. The trend strength is - 1, indicating a bearish view. The closing price of the Shanghai Alumina main contract was 2992, with a decrease of 30 compared to the previous day [2][28][29]. - **Nickel and Stainless Steel**: Nickel is expected to have narrow - range fluctuations based on fundamentals and be affected by news - driven sentiment. Stainless steel prices are expected to have narrow - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of the Shanghai Nickel main contract was 121,790, and the closing price of the Stainless Steel main contract was 12,915 [2][31][36]. Energy and Chemicals - **Carbonate Lithium**: Spot trading has improved, but the continuous increase in warehouse receipts suppresses the futures market. The trend strength is 0, a neutral view. The closing price of the 2509 contract was 72,080, with a decrease of 1,200 compared to the previous day [2][37][41]. - **Industrial Silicon**: With warehouse receipt accumulation, the strategy is to short at high prices. The trend strength is 0, a neutral view. The closing price of Si2511 was 8,490, with an increase of 20 compared to the previous day [2][42][45]. - **Polysilicon**: Attention should be paid to market news. The trend strength is 1, a moderately bullish view. The closing price of PS2511 was 52,160, with an increase of 285 compared to the previous day [2][43][45]. - **Iron Ore**: Due to repeated macro - expectations, it is expected to have wide - range fluctuations. The trend strength is 0, a neutral view. The closing price of the futures was 777.0, with an increase of 5.5 and a daily increase of 0.71% [2][46]. - **Rebar and Hot - Rolled Coil**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of RB2510 was 3,034, with a decrease of 10 and a decrease of 0.33%; the closing price of HC2510 was 3,310, with a decrease of 6 and a decrease of 0.18% [2][48][49]. - **Silicon Ferrosilicon and Manganese Silico - Manganese**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of Silicon Ferrosilicon 2511 was 5520, with a decrease of 8; the closing price of Manganese Silico - Manganese 2511 was 5720, with a decrease of 10 [2][53][55]. - **Coke and Coking Coal**: Both are expected to have wide - range fluctuations. The trend strength of both is 0, a neutral view. The closing price of JM2601 was 1106, with a decrease of 6.5 and a decrease of 0.6%; the closing price of J2601 was 1594, with a decrease of 2.5 and a decrease of 0.2% [2][56]. - **Log**: Expected to fluctuate repeatedly. The trend strength is 0, a neutral view. The closing price of the 2509 contract was 775.5, with a daily decrease of 2.8% [2][58][61]. - **Para - Xylene**: The cost has collapsed, and the unilateral trend has weakened. The trend strength is not provided. The closing price of the PX main contract was 6810, with a decrease of 24 and a decrease of 0.35% [2][62]. - **PTA**: The strategy is to take a long position in the spread between different months. The trend strength is not provided. The closing price of the PTA main contract was 4732, with a decrease of 24 and a decrease of 0.50% [2][62]. - **MEG**: The unilateral trend is weak. The trend strength is not provided. The closing price of the MEG main contract was 4331, with a decrease of 8 and a decrease of 0.18% [2][62]. Agricultural Products - **Palm Oil**: Lacks continuous driving forces and is waiting for a correction. The trend strength is not provided [2][61]. - **Soybean Oil**: Expected to have an oscillatory adjustment. The trend strength is not provided [2][61]. - **Soybean Meal**: Due to trade friction concerns, US soybeans are weak, while domestic soybean meal is slightly stronger. The trend strength is not provided [2][63]. - **Corn**: Expected to trade within a range. The trend strength is not provided [2][65]. - **Sugar**: Attention should be paid to the production and cost in Guangxi. The trend strength is not provided [2][66]. - **Cotton**: Attention should be paid to the new crop listing situation. The trend strength is not provided [2][67]. - **Egg**: The near - term trading sentiment is strong. The trend strength is not provided [2][69]. - **Live Pig**: The spot market is weak, while the long - term expectation is strong. The trend strength is not provided [2][70]. - **Peanut**: Attention should be paid to the new peanut listing. The trend strength is not provided [2][71].

Core Viewpoint - Voyageur Mineral Explorers Corp. and Evolve Strategic Element Royalties Inc. are moving forward with a proposed business combination and Evolve plans to raise approximately $20 million through a private placement of subscription receipts [2][3][6] Group 1: Business Combination Details - Evolve intends to complete a private placement of subscription receipts for gross proceeds of approximately $20 million, with existing shareholders and management planning to subscribe for up to $9 million [2][3] - The subscription receipts will be offered at a price of $0.80 each, and the offering will be conducted on a "best efforts" private placement basis [3] - Upon closing, the gross proceeds will be held in escrow until certain conditions are met, including approval from the Canadian Securities Exchange [5][6] Group 2: Share Exchange and Consolidation - Each subscription receipt will automatically convert into one common share of Evolve upon meeting escrow release conditions, with a subsequent exchange for common shares of Voyageur based on an exchange ratio of 0.285 [5] - If the consolidation of Voyageur's common shares is not completed prior to the business combination, the exchange ratio will be adjusted to 1.14 common shares of the resulting issuer for each subscription receipt share [5] Group 3: Use of Proceeds - The net proceeds from the Evolve offering will be utilized for new growth investments, working capital, and general corporate purposes [6] Group 4: Company Profiles - Evolve is a strategic metals royalty company focused on securing premium assets in the low-carbon and digital economy, with a royalty portfolio that includes interests in Teck Resources and Hudbay Minerals [7] - Voyageur is a junior mineral exploration company with a focus on properties in Northwest Manitoba and Northeast Saskatchewan, holding royalties in the Flin Flon greenstone belt [8]

Report Information - Report Date: September 3, 2025 [1][4][9][12][15][17][22][25][26] - Report Title: Guotai Junan Futures Commodity Research Morning Report - Precious Metals and Base Metals Industry Investment Ratings - Not provided in the given content Core Views - Gold is expected to break through new highs; silver is expected to reach the previous high [2][4] - Copper prices are rising due to improved market sentiment [2][9] - Zinc is expected to trade in a range [2][12] - Lead prices are supported by continuous inventory reduction [2][15] - Tin is expected to trade in a range [2][17] - Aluminum is expected to be moderately strong with fluctuations; alumina is expected to trade in a range; attention should be paid to the progress of policy implementation for cast aluminum alloy [2][22] - Nickel's fundamentals suggest narrow - range fluctuations, while news may stimulate market sentiment; stainless - steel prices are expected to move in a narrow range [2][26] Summary by Commodity Precious Metals Gold - **Price Performance**: The closing price of Shanghai Gold 2510 was 804.32 with a daily increase of 0.47%, and the night - session closing price was 813.00 with a 1.08% increase [5] - **Trading Volume and Open Interest**: The trading volume of Shanghai Gold 2510 decreased by 114,740 compared to the previous day, and the open interest decreased by 2,067 [5] - **ETF and Inventory**: The SPDR Gold ETF's position increased by 13 to 990.56, and the Shanghai Gold inventory increased by 447 to 40,191 kilograms [5] - **Trend Intensity**: Gold trend intensity is 2, indicating a strong bullish view [7] Silver - **Price Performance**: The closing price of Shanghai Silver 2510 was 9824 with a 0.52% daily increase, and the night - session closing price was 9836.00 with a 0.01% increase [5] - **Trading Volume and Open Interest**: The trading volume of Shanghai Silver 2510 decreased by 336,732 compared to the previous day, and the open interest decreased by 12,097 [5] - **ETF and Inventory**: The SLV Silver ETF's position (the day before yesterday) increased by 56 to 15,366.48, and the Shanghai Silver inventory increased by 8001 to 1,215,228 kilograms [5] - **Trend Intensity**: Silver trend intensity is 2, indicating a strong bullish view [7] Base Metals Copper - **Price Performance**: The closing price of the Shanghai Copper main contract was 79,660 with a - 0.15% daily decrease, and the night - session closing price was 80410 with a 0.94% increase [9] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper main contract decreased by 16,804 compared to the previous day, and the open interest decreased by 579 [9] - **Inventory and News**: The Shanghai Copper inventory decreased by 699 to 19,501 tons. Free Port's Indonesian branch will complete the maintenance of the Gresik plant in early September [9][11] - **Trend Intensity**: Copper trend intensity is 1, indicating a moderately bullish view [11] Zinc - **Price Performance**: The closing price of the Shanghai Zinc main contract was 22325 with a 0.68% daily increase, and the LME Zinc 3M electronic - disk closing price was 2833 with a 0.68% increase [12] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Zinc main contract decreased by 14018, and the LME Zinc trading volume decreased by 5760 [12] - **Inventory and News**: The Shanghai Zinc futures inventory increased by 998 to 38955 tons, and the LME Zinc inventory decreased by 275 to 55600 tons. Eurozone inflation slightly rebounded in August [12][13] - **Trend Intensity**: Zinc trend intensity is 0, indicating a neutral view [13][14] Lead - **Price Performance**: The closing price of the Shanghai Lead main contract was 16850 with a - 0.03% daily decrease, and the LME Lead 3M electronic - disk closing price was 2007 with a 0.50% increase [15] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Lead main contract increased by 2369, and the LME Lead trading volume decreased by 2581 [15] - **Inventory and News**: The Shanghai Lead futures inventory decreased by 373 to 56428 tons, and the LME Lead inventory decreased by 1525 to 258025 tons [15] - **Trend Intensity**: Lead trend intensity is 0, indicating a neutral view [15] Tin - **Price Performance**: The closing price of the Shanghai Tin main contract was 273,980 with a 0.27% daily increase, and the night - session closing price was 274,130 with a - 0.08% decrease [18] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract decreased by 75,860, and the open interest decreased by 1,036 [18] - **Inventory and News**: The Shanghai Tin inventory increased by 48 to 7,263 tons, and the LME Tin inventory increased by 20 to 2,175 tons [18] - **Trend Intensity**: Tin trend intensity is 1, indicating a moderately bullish view [21] Aluminum, Alumina, and Cast Aluminum Alloy - **Price Performance**: The closing price of the Shanghai Aluminum main contract was 20720, and the Shanghai Alumina main contract was 3022 [22] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Aluminum main contract decreased by 55120, and the open interest decreased by 7232 [22] - **Inventory and News**: The domestic aluminum ingot social inventory was 61.60 million tons, and the LME Aluminum inventory was 47.96 million tons [22] - **Trend Intensity**: Aluminum, alumina, and cast aluminum alloy trend intensities are all 0, indicating a neutral view [24] Nickel and Stainless - Steel - **Price Performance**: The closing price of the Shanghai Nickel main contract was 122,530, and the stainless - steel main contract was 12,960 [26] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Nickel main contract decreased by 43,115, and the stainless - steel main contract decreased by 34,264 [26] - **Industry News**: Canada's Ontario Province may stop exporting nickel to the US; an Indonesian nickel - iron smelting park has suspended production [26][28][29] - **Trend Intensity**: Nickel and stainless - steel trend intensities are both 0, indicating a neutral view [31]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The market sentiment for copper has warmed up, leading to a price increase [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Copper main contract was 79,660 with a daily decline of 0.15%, and the night - session closing price was 80,410 with a night - session increase of 0.94%. The closing price of the LME Copper 3M electronic disk was 10,014 with a daily increase of 1.40%. The trading volume of the Shanghai Copper main contract was 61,677, a decrease of 16,804 from the previous day, and the position was 180,065, a decrease of 579. The trading volume of the LME Copper 3M electronic disk was 26,784, an increase of 16,271, and the position was 278,000, an increase of 8,630 [1] - **Inventory Data**: The Shanghai Copper futures inventory was 19,501, a decrease of 699. The LME Copper inventory was 158,775, a decrease of 100, and the注销仓单 ratio was 8.23%, a decrease of 0.06% [1] - **Spread Data**: The LME copper premium/discount and bonded - area warrant premium changed by 16.69 and 0 respectively. The bonded - area bill of lading premium decreased by 1. The Shanghai 1 bright copper price increased by 300. The spot - to - futures near - month spread decreased by 15. The near - month contract to the first - consecutive contract spread increased by 30. The cost of the inter - period arbitrage of buying the near - month and selling the first - consecutive contract was 195. The spread between Shanghai copper spot and LME cash increased by 75. The spread between the Shanghai Copper third - consecutive contract and LME 3M increased by 46. The spread between Shanghai copper spot and Shanghai 1 recycled copper increased by 176. The recycled copper import profit and loss increased by 486 [1] 3.2 Macro and Industry News - **Macro News**: In the US, the ISM Manufacturing PMI in August contracted for the sixth consecutive month, with new orders improving and the price index falling again. Trump will request the Supreme Court to "quickly rule" on the global tariff case, and if he wins, the stock market will rise sharply, otherwise, it will experience huge fluctuations. Bessent expects the Supreme Court to support Trump's tariffs but is also considering alternative plans [1] - **Industry News**: Freeport's Indonesian branch will complete the maintenance of the Gresik plant in early September. Hudbay Minerals has resumed the operation of its Snow Lake mine in Manitoba. The drainage of the eastern section of the Kamoa - Kakula copper mine, the largest copper producer in Africa, will enable the mine to resume production capacity early next year. Chile's copper production in July was 445,214 tons, a slight month - on - month increase of 5% and a limited year - on - year increase. Chile's economic activity growth rate in July slowed down year - on - year due to the decline of the key mining industry [1][3] 3.3 Trend Intensity - The copper trend intensity is 1, indicating a relatively neutral to slightly positive view on the copper price trend, with the trend intensity ranging from - 2 (most bearish) to 2 (most bullish) [3]

Core Insights - The article emphasizes the importance of focusing on emerging markets, particularly in Latin America, with a specific interest in energy and mining sectors [1] Group 1: Investment Focus - The company prioritizes businesses that exhibit competitive advantages and strong future prospects [1] - Key investment criteria include good cash flow generation, growing income, healthy margins, solid asset base, and sustainable debt levels [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The domestic spot copper has a high premium, and the price is firm [1] Group 3: Summary of Copper Fundamental Data Futures - The closing price of the Shanghai Copper main contract yesterday was 79,780, with a daily increase of 0.47%, and the night - session closing price was 79,660, with a decrease of 0.15%. The closing price of the LME Copper 3M electronic disk yesterday was 9,875, with a decrease of 0.31% [1] - The trading volume of the Shanghai Copper main contract yesterday was 78,481, an increase of 7,420 compared with the previous day, and the position was 180,644, an increase of 6,818. The trading volume of the LME Copper 3M electronic disk was 10,513, a decrease of 12,738, and the position was 269,000, an increase of 742 [1] - The inventory of Shanghai Copper was 20,200, a decrease of 1,212. The inventory of LME Copper was 158,875, a decrease of 25, and the cancellation warrant ratio was 8.29%, an increase of 0.08% [1] Spot - The LME copper premium was - 86.27, a decrease of 6.01 compared with the previous day. The bonded - area warehouse receipt premium was 55 (unchanged), and the bonded - area bill of lading premium was 58, a decrease of 1 [1] - The price of Shanghai 1 bright copper was 73,700, an increase of 300. The spot - to - futures near - month spread was 235, a decrease of 15 [1] - The spread between the near - month contract and the consecutive - first contract was - 10, a decrease of 40. The cost of the inter - period arbitrage of buying the near - month contract and selling the consecutive - first contract was 200 [1] - The spread between Shanghai copper spot and LME cash was 91, a decrease of 100. The spread between the Shanghai Copper consecutive - third contract and LME 3M was - 213, a decrease of 146 [1] - The spread between Shanghai copper spot and Shanghai 1 recycled copper was 1,637, an increase of 176. The import profit and loss of recycled copper was 700, an increase of 486 [1] Group 4: Summary of Macro and Industry News Macro - China's S&P manufacturing PMI in August rebounded to 50.5, and the new order growth rate was the fastest since March. New orders promoted the recovery of manufacturing production, the decline of new export business slowed down, procurement activities and inventory increased, and business confidence also improved [1] - Boosted by the recovery of domestic demand, the Eurozone's manufacturing PMI in August rose above the boom - bust line for the first time in three years, with strong rebounds in Germany and France [1] Industry - Freeport's Indonesian branch will complete the maintenance of the Gresik factory in early September [1] - Canadian mining company Hudbay Minerals has resumed operations at its Snow Lake mine in Manitoba since the authorities lifted the mandatory evacuation order on August 22 [3] - Ivanhoe Mines said that the drainage of the eastern section of the Kamoa - Kakula copper mine, the largest copper producer in Africa, will enable the mine to resume production capacity early next year [3] - Chile's copper production in July was 445,214 tons, a slight month - on - month increase of 5% and a limited year - on - year increase [3] Group 5: Copper Trend Intensity - The copper trend intensity is 1, and the value range of trend intensity is an integer in the [-2, 2] interval [3]

1. Report Industry Investment Ratings No industry investment ratings are provided in the content. 2. Core Views of the Report - Gold is expected to break through new highs, and silver is likely to reach its previous peak [2][4]. - Copper prices remain firm due to high domestic spot premiums [2][9]. - Zinc is predicted to trade within a range [2][12]. - Lead prices are supported by continuous inventory reduction [2][15]. - Tin is expected to move within a range [2][18]. - The fundamentals of aluminum are weak, alumina is in low - level oscillation, and cast aluminum alloy follows the trend of electrolytic aluminum [2][22]. - Nickel's price will fluctuate narrowly based on fundamental logic, with news influencing sentiment, and stainless - steel prices will move in a narrow range [2][26]. 3. Summaries by Related Catalogs 3.1 Precious Metals (Gold and Silver) - **Price Movements**: The closing price of Shanghai Gold 2510 yesterday was 800.56, with a daily increase of 1.97%, and the night - session closing price was 801.58, with a night - session increase of 0.86%. Shanghai Silver 2510 closed at 9775 yesterday, up 4.15%, and the night - session closing price was 9836.00, up 2.46% [5]. - **Trading Volume and Open Interest**: The trading volume and open interest of Shanghai Gold 2510 and Shanghai Silver 2510 both changed compared to the previous day. For example, the trading volume of Shanghai Gold 2510 increased by 167,929, and the open interest increased by 4,000 [5]. - **Inventory Changes**: The inventories of Shanghai Gold and Shanghai Silver both increased compared to the previous day, with Shanghai Gold increasing by 120 kilograms and Shanghai Silver increasing by 11,231 kilograms [5]. - **Trend Intensity**: Gold and silver both have a trend intensity of 2, indicating a strong upward trend [8]. 3.2 Copper - **Price Movements**: The closing price of the Shanghai Copper main contract yesterday was 79,780, up 0.47%, and the night - session closing price was 79,660, down 0.15%. The LME Copper 3M electronic - trading price was 9,875, down 0.31% [9]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper main contract increased by 7,420, and the open interest increased by 6,818. The trading volume of LME Copper 3M decreased by 12,738, and the open interest increased by 742 [9]. - **Inventory Changes**: The inventory of Shanghai Copper decreased by 1,212 tons, and the LME Copper inventory decreased by 25 tons [9]. - **Macro and Industry News**: China's August S&P Manufacturing PMI rebounded to 50.5, and the eurozone's August Manufacturing PMI rose above the boom - bust line for the first time in three years. Some copper mines have resumed operations or will complete maintenance work [9][11]. - **Trend Intensity**: Copper has a trend intensity of 1, indicating a relatively strong upward trend [11]. 3.3 Zinc - **Price Movements**: The closing price of the Shanghai Zinc main contract was 22,175, up 0.16%, and the LME Zinc 3M electronic - trading price was 2,814, up 0.97% [12]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Zinc main contract increased by 76, and the open interest decreased by 407. The trading volume of LME Zinc increased by 889, and the open interest increased by 1018 [12]. - **Inventory Changes**: The Shanghai Zinc futures inventory remained unchanged, and the LME Zinc inventory decreased by 625 tons [12]. - **News**: China's August S&P Manufacturing PMI rebounded [13]. - **Trend Intensity**: Zinc has a trend intensity of 0, indicating a neutral trend [14]. 3.4 Lead - **Price Movements**: The closing price of the Shanghai Lead main contract was 16,855, down 0.15%, and the LME Lead 3M electronic - trading price was 1,997, up 0.45% [15]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Lead main contract decreased by 3,999, and the open interest increased by 1,835. The trading volume of LME Lead increased by 2,073, and the open interest decreased by 686 [15]. - **Inventory Changes**: The Shanghai Lead futures inventory decreased by 524 tons, and the LME Lead inventory decreased by 1,500 tons [15]. - **News**: China's August S&P Manufacturing PMI rebounded, and the eurozone's August Manufacturing PMI rose above the boom - bust line [16]. - **Trend Intensity**: Lead has a trend intensity of 0, indicating a neutral trend [16]. 3.5 Tin - **Price Movements**: The closing price of the Shanghai Tin main contract was 273,240, down 1.94%, and the night - session closing price was 274,320, up 0.20%. The LME Tin 3M electronic - trading price was 35,060, up 0.31% [19]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract increased by 1,564, and the open interest decreased by 10,315. The trading volume of LME Tin decreased by 9, and the open interest increased by 53 [19]. - **Inventory Changes**: The Shanghai Tin inventory decreased by 58 tons, and the LME Tin inventory increased by 145 tons [19]. - **Macro and Industry News**: Multiple news events such as stock market trends, political events, and corporate developments are reported [20]. - **Trend Intensity**: Tin has a trend intensity of 1, indicating a relatively strong upward trend [21]. 3.6 Aluminum, Alumina, and Cast Aluminum Alloy - **Price Movements**: The closing price of the Shanghai Aluminum main contract was 20,645, down 95. The closing price of the Shanghai Alumina main contract was 3,008, down 28. The closing price of the aluminum alloy main contract was 20,275, down 75 [22]. - **Trading Volume and Open Interest**: There were changes in the trading volume and open interest of Shanghai Aluminum, LME Aluminum, Shanghai Alumina, and the aluminum alloy main contract [22]. - **Inventory Changes**: The domestic aluminum ingot social inventory increased by 0.60 tons, and the LME aluminum ingot inventory remained unchanged [22]. - **Comprehensive News**: The ECB is expected to maintain price stability, and the eurozone's Manufacturing PMI rose above the boom - bust line [24]. - **Trend Intensity**: Aluminum has a trend intensity of 0, alumina has a trend intensity of - 1, and cast aluminum alloy has a trend intensity of 0 [24]. 3.7 Nickel and Stainless - Steel - **Price Movements**: The closing price of the Shanghai Nickel main contract was 123,450, and the closing price of the stainless - steel main contract was 12,950 [26]. - **Trading Volume and Open Interest**: There were changes in the trading volume and open interest of Shanghai Nickel and the stainless - steel main contract [26]. - **Industry News**: There are various news about nickel production in Canada and Indonesia, such as potential export stoppages, new project production, environmental issues, and production suspensions [26][27][28]. - **Trend Intensity**: Nickel and stainless - steel both have a trend intensity of 0, indicating a neutral trend [31].