Group 1: Report's Overall Information - Report authors include Yang Lina, Hu Bin, and Liang Haikuan [1] - Report is a daily strategy for non - ferrous metals issued on August 21, 2025 [1][3] Group 2: Report's Core View - The non - ferrous metal sector continues to oscillate. The market is in a state of sorting and repeating under the situation of strong expectations and weak reality. The focus remains on changes in interest - rate cut expectations. If hawkish information persists, there is a risk of the non - ferrous metal sector weakening further [11] - For specific metals: Copper is expected to see an upward shift in its price center; zinc has a mid - term short - selling opportunity; the aluminum industry chain is generally bearish; tin is suitable for high - selling and low - buying; lead can be bought slightly at low prices; nickel and stainless steel are bearish in the mid - term [3][4][5][7][8] Group 3: Investment Ratings (Not Mentioned in the Report) Group 4: Summary by Section Part 1: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous metal sector continues to oscillate. The market is affected by China's monetary policy, real - estate policies, geopolitical issues, and the Fed's interest - rate cut expectations. The market remains cautious before the geopolitical situation becomes clear [11] - **Investment Recommendations for Specific Metals** - **Copper**: With the improvement of supply and demand fundamentals and the approaching of the peak season and Fed rate cuts, the price center is expected to rise. It is recommended to buy on dips [3][13] - **Zinc**: With increasing supply and weak demand, it is recommended to short on rallies in the mid - term [4][13] - **Aluminum Industry Chain**: The supply of electrolytic aluminum has increased slightly this week. It is recommended to short on rallies or wait and see [5][13][14] - **Tin**: With a pattern of weak supply and demand, it is suitable for high - selling and low - buying [6][14] - **Lead**: With weak prices and slow recovery of demand, it is recommended to buy slightly at low prices and use a wide - range option double - selling strategy [7][15] - **Nickel and Stainless Steel**: Nickel has an oversupply situation, and stainless steel has weak demand. It is recommended to short on rallies in the mid - term [8][15] Part 2: Non - ferrous Metals Market Review - **Futures Closing Prices and Changes**: Copper closed at 78,540 yuan/ton with a 0.13% decline; zinc at 22,240 yuan/ton with a 0.11% decline; aluminum at 20,590 yuan/ton with a 0.27% increase; etc. [16] Part 3: Non - ferrous Metals Position Analysis - Different non - ferrous metal varieties have different net long - short positions and changes. For example, TV (SI2511) has a strong short - position of the main force, and its net short - position is 46,925, with the short - position of the main force decreasing [18] Part 4: Non - ferrous Metals Spot Market - **Spot Prices and Changes**: Copper's Yangtze River spot price is 78,850 yuan/ton with a 0.09% increase; zinc's Yangtze River 0 zinc spot average price is 22,240 yuan/ton with a 0.27% increase; etc. [19][21] Part 5: Non - ferrous Metals Industry Chain - **Copper**: The report provides charts on inventory changes, copper concentrate smelting fees, and the relationship between the US dollar index and copper prices [23][25] - **Zinc**: Charts on inventory changes, zinc concentrate processing fees, etc. are presented [27] - **Aluminum and Alumina**: Charts on inventory and price relationships, spot premium and discount trends are provided [29][35] - **Other Metals**: Similar industry - chain - related charts are provided for tin, lead, nickel, stainless steel, and casting aluminum alloy [37][41][44] Part 6: Non - ferrous Metals Arbitrage - The report presents charts on the ratio of domestic to foreign prices, premium and discount relationships, and price differences between different contracts for various non - ferrous metals, such as copper, zinc, aluminum, tin, etc. [56][57][59] Part 7: Non - ferrous Metals Options - For different non - ferrous metals like copper, zinc, and aluminum, the report provides charts on historical volatility, weighted implied volatility, option trading volume and open - interest changes, and the ratio of call to put open - interest [72][74][77]

Group 1 - The market is almost certain that the Federal Reserve will cut interest rates by 25 basis points next month, with at least one more cut expected by the end of the year [1][3] - Powell's upcoming speech at the Jackson Hole conference is anticipated to be a pivotal moment for the bond market, potentially influencing future monetary policy [1][4] - Despite recent strong inflation data, traders believe that a weak job market has paved the way for a dovish shift from the Fed [1][4] Group 2 - The yield curve has steepened, with the two-year yield remaining around 3.75%, reflecting a downward trend in yields across various maturities [3] - Historical context from previous Jackson Hole meetings suggests that Powell's statements can significantly impact market expectations regarding interest rate changes [4] - There is a notable pressure from President Trump and his administration for the Fed to lower rates, which has contributed to increased bets on rate cuts [4][5] Group 3 - The focus will shift to the August non-farm payroll data to be released on September 5, which will be crucial in determining the rate cut path [5] - Investors express skepticism about the likelihood of a substantial 50 basis point cut, given the persistent inflation above the Fed's target [5] - The potential for aggressive rate cuts raises concerns about ignoring inflation risks and the implications for the job market [5]

Group 1 - The core viewpoint indicates that the complexity of economic data poses a significant challenge for Federal Reserve Chairman Jerome Powell, despite market perceptions that Trump's tariff comments are the main issue [1] - July's U.S. inflation data shows an annual CPI stable at 2.7%, while the core CPI unexpectedly rose to 3.1%, the highest since February, significantly above the Fed's 2% target [1] - The mixed signals from economic data create a dilemma for the Fed, as some indicators support rate cuts, while core inflation and a robust labor market suggest that cutting rates could be a high-risk choice [1] Group 2 - The market currently prices in nearly a 100% probability of a rate cut by the Fed in September, but experts argue that accelerating inflation, low unemployment, and strong financial market performance may make a rate cut unwise [1] - Powell faces the challenge of making decisions without clear data support, as any rate cut could be interpreted as yielding to political pressure, complicating the decision-making process [1] Group 3 - Technically, the dollar index is at a critical support area, with the latest quote at 97.7630, having pierced the bottom of the consolidation range from July and August at 97.70 [2] - Analysts suggest that a drop below 97.70 could indicate further declines for the dollar index, potentially targeting this year's low of 96.373 [2] - If the dollar index falls below this level, the market may further test the psychological level around 95.00 [2]

Core Viewpoint - The article discusses the cautious stance of Federal Reserve Chairman Jerome Powell regarding potential interest rate cuts, contrasting his previous year's statements that indicated a willingness to lower rates [1] Group 1: Federal Reserve's Position - A year ago, Powell indicated that the labor market did not need further cooling, suggesting a rate cut in September, which led to a 50 basis point reduction [1] - Current expectations for a September rate cut are tempered by Ed Yardeni's report, which suggests Powell may adopt a more cautious, watchful approach rather than a hawkish or dovish stance [1] Group 2: Economic Indicators - Yardeni anticipates that inflation will be higher than expected and employment data will also outperform expectations before the September meeting [1] - This potential economic performance may lead the Federal Reserve to exercise greater caution in their decision-making process [1]

Core Viewpoint - The article discusses the potential for the Federal Reserve to adopt a more cautious approach regarding interest rate decisions, particularly in light of recent economic data and statements from Chairman Jerome Powell [1] Group 1: Federal Reserve's Position - A year ago, Jerome Powell indicated a shift towards interest rate cuts, suggesting that it was time for policy adjustments [1] - The market is currently anticipating a rate cut in September, with expectations of a 50 basis point reduction [1] - Economist Ed Yardeni suggests that Powell may adopt a more cautious stance, akin to an "owl," rather than being strictly hawkish or dovish [1] Group 2: Economic Indicators - Yardeni predicts that inflation may be higher than expected and employment data may outperform expectations before the September meeting [1] - This potential economic performance could lead the Federal Reserve to be more careful in its decision-making process [1]

所有人的目光都正转向美联储主席鲍威尔，他定于本周五在怀俄明州杰克逊霍尔举行的央行会议上发表 备受期待的演讲。 这一央行年度盛会以往曾是政策制定者预告未来利率动向的机会。去年，鲍威尔就曾暗示将转向降息， 称"政策调整的时机已到"，并且"他越来越相信通胀正处于回到2%的可持续路径上"。 华尔街普遍预计美联储将在9月恢复降息，此前由于美国总统特朗普的关税影响波及整个经济，美联储 已数月按兵不动。与此同时，特朗普和白宫也向美联储施加了巨大的宽松压力，且一位更为鸽派的理事 也获得了任命。 但鲍威尔在今年的杰克逊霍尔央行会议上可能不会给出重大的暗示。 首先，一些分析师认为9月降息并非板上钉钉，因为通胀仍高于美联储2%的目标，并且随着关税给物价 带来上行压力，通胀正在走高。 与此同时，经济学家们正在争论就业数据的恶化是由于工人需求疲软还是供应不足。如果问题在于供 应，那么降息将加剧通胀。 牛津经济研究院副首席美国经济学家Michael Pearce在上周五的一份报告中写道，"关税的影响正在不均 衡地显现，并将在未来几个月继续推高通胀，对于政策制定者来说，要从更持久的通胀压力中厘清一次 性的关税影响将是困难的。" 目前，他认 ...

Group 1 - The market is increasingly anticipating a rate cut in September, with a focus on the Federal Reserve officials' upcoming statements [1][12] - Chicago Fed President Goolsbee expressed hesitance towards rate cuts due to mixed inflation data and ongoing tariff uncertainties [2][4] - Goolsbee previously suggested a "golden path" for gradual rate cuts, contingent on stable labor markets and moderate inflation [3][5] Group 2 - Goolsbee indicated that more convincing inflation data is needed before confirming the economic outlook [5] - San Francisco Fed President Daly supports the idea of two rate cuts this year, citing a weakening labor market and slowing economic growth [7][8] - Daly emphasized the importance of waiting for data before making decisions on the number of rate cuts [8] Group 3 - The Federal Reserve's next meeting is scheduled for September 16-17 to decide on potential rate cuts [10] - Upcoming economic data releases include the August non-farm payrolls on September 5 and the August CPI on September 11 [10] - Market sentiment is optimistic regarding rate cuts, with futures traders pricing in a high likelihood of a September cut and potentially a third cut by year-end [13]

从解雇劳工统计局局长，到要求高盛换经济学家，美国媒体评价说，特朗普处理"不合意"数据的方式无 非两种——要么改数据，要么换人。 新华财经北京8月15日电 美国高盛集团日前发布研究报告认为，美国消费者将承担美国关税政策成本中 越来越大的份额。美国总统特朗普针对这一观点发文表示，高盛集团经济学家"应该换人"，业余爱 好"打碟"的集团首席执行官应专注其副业。 《华尔街日报》报道说，从实际情况看，高盛经济学家团队的预测较为准确：近几个月来，美国就业增 长放缓至16年来最低水平；顽固的通货膨胀率不降反升；2025年美国经济增长乏力。 特朗普：高盛CEO要么换经济学家，要么去搞副业 高盛10日发布的最新报告认为，截至今年6月，美国消费者已承担22%的关税成本。随着越来越多企业 转嫁关税成本，预计到今年10月，美国消费者承担的比例将达到67%。 特朗普12日在社交媒体平台"真实社交"上发文批评高盛首席执行官戴维·所罗门及其经济研究团队，称 其对关税的相关预测"错了"。"大多数情况下，承担这些关税（成本）的根本不是消费者，主要是公司 和政府，其中许多是外国（公司和政府）。" 特朗普在帖文中不点名批评牵头完成上述研究报告的高盛 ...

据报道，古尔斯比周三表示："我理解市场快速处理信息是其商业模式，但这不符合我对央行运作方式 的理解。" 这位芝加哥联储主席强调，美国就业市场仍比7月劳动力市场数据显示的更为强劲。他还指出，通胀数 据中的一些细节引发了担忧，表明美联储抑制价格压力的努力可能不再处于"黄金路径"。 鹰派声音来了！美联储票委最新警告：不要在通胀受控前"仓促"降息，给市场对9月降息的强烈预期"泼 下一盆冷水"。 8月13日，据媒体报道，芝加哥联储主席、2025年FOMC票委古尔斯比（Austan Goolsbee）发出鹰派警 告，敦促美联储不要在通胀完全受控前"仓促"降息。 古尔斯比称，美联储可能面临将通胀推回2%目标的"困难时期"。他强调央行不应像市场那样快速处理 信息，暗示需要更加谨慎的政策路径。 分析人士称，这一表态显示美联储内部对降息时机存在分歧，与特朗普政府官员的激进降息呼声形成鲜 明对比。 据见闻文章提及，美国财政部长贝森特早些时候建议美联储在9月中旬会议上将基准利率下调50个基 点。另外，上周六，美联储理事鲍曼发表讲话，支持今年降息三次并敦促央行在9月会议上启动降息。 鹰派票委发声：不要仓促 市场此前已完全消化9月降息2 ...

Core Viewpoint - The U.S. Treasury Secretary, Mnuchin, indicated a high likelihood of a significant 50 basis points rate cut by the Federal Reserve in September due to recent weak employment data [1][2][4] Group 1: Employment Data and Economic Indicators - Recent revisions to employment data show that job growth in May, June, and July has nearly stagnated, contrasting sharply with previous reports [4] - The market's expectation for a September rate cut by the Federal Reserve has approached nearly 100% following the latest inflation data showing a mild increase [2] Group 2: Policy Recommendations and Political Context - Mnuchin suggested that the Federal Reserve should lower rates by 150 to 175 basis points, aligning with the Trump administration's criticism of the Fed's previous rate decisions [1][5] - The proposed rate cut would reduce the current rate from the 4.25% to 4.5% range to approximately 3%, which is considered a "neutral" level that neither stimulates nor suppresses economic growth [5] Group 3: Inflation and Future Outlook - Despite calls for rate cuts, Federal Reserve officials remain cautious, stating that the fight against inflation is not yet won, as price increases still exceed target levels [6] - Some policymakers are beginning to accept the idea of ignoring price fluctuations related to tariffs, focusing instead on the potential rise in unemployment [6]