Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Core Viewpoints of the Report - Copper, zinc, aluminum, and nickel are the main focus of the report. Copper and zinc may experience short - term wide - range fluctuations; aluminum may oscillate in the short term; nickel may show a slightly stronger oscillating trend in the short term [1]. 3) Summary According to Relevant Catalogs Metal Market Analysis - **Copper**: Night - time copper prices closed higher. With low concentrate processing fees and low copper prices, smelting output is under pressure. Domestic downstream demand is generally stable and positive, but there are both positive and negative factors, so copper prices may fluctuate within a range. Attention should be paid to US tariff progress, and changes in the US dollar, copper smelting, and home appliance production [1]. - **Zinc**: Night - time zinc prices closed higher. Concentrate processing fees have been rising recently. The market expects an obvious improvement in concentrate supply this year, and smelting supply may recover. Short - term zinc prices may fluctuate widely. Attention should be paid to US tariff progress, and changes in the US dollar, zinc smelting, and home appliance production [1]. - **Aluminum**: The main contract of Shanghai aluminum closed up 0.25% at night. Trump's tariff attitude is wavering, and the US inflation expectation is strong. There were disturbances in Guinea's bauxite supply, but there may be a turnaround. The operating rate of the aluminum processing sector has declined, and the demand for electrolytic aluminum is weakening in the short term, so Shanghai aluminum may oscillate [1]. - **Nickel**: The main contract of Shanghai nickel closed up 0.25% at night. The supply of nickel ore in Indonesia is still tight, leading to rising prices. The new Indonesian tariff policy may increase local nickel product prices. Precursor manufacturers have sufficient raw material inventories, and nickel salt enterprises have production - cut expectations. Nickel prices may follow the non - ferrous metal sector and show a slightly stronger oscillating trend in the short term [1]. Market Data | Metal | Domestic Previous - day Futures Closing Price (CNY/ton) | Domestic Basis (CNY/ton) | Previous - day LME 3 - month Futures Closing Price (USD/ton) | LME Spot Premium/Discount (CASH - 3M) (USD/ton) | LME Inventory (ton) | LME Inventory Daily Change (ton) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 77,940 | 215 | 9,639 | 52.31 | 143,850 | - 4,600 | | Aluminum | 19,990 | 110 | 2,471 | - 3.59 | 367,875 | - 2,400 | | Zinc | 22,570 | 135 | 2,712 | - 25.19 | 137,350 | - 800 | | Nickel | 121,150 | - 1,640 | 15,475 | - 200.58 | 201,462 | 1,152 | | Lead | 16,530 | - 165 | 1,986 | - 19.72 | 283,150 | - 1,000 | | Tin | 249,560 | 150 | 31,450 | - 79.00 | 2,605 | 0 | [2]

澳洲联储助理主席亨特：较高的美国关税将对全球经济产生拖累。 ...

日本央行行长植田和男：如果美国关税损害出口商的利润，可能会对家庭和企业产生更广泛的影响，例 如削弱消费者信心。 ...

Core Viewpoint - The article discusses the uncertainty surrounding U.S. tariffs and its implications for gold trading strategies on a daily basis [1] Group 1 - The fluctuating nature of U.S. tariffs is highlighted as a significant factor affecting gold prices [1] - The article suggests that traders should consider various strategies for gold based on the current tariff situation [1]

金十数据5月29日讯，荷兰国际集团高级经济学家Min Joo Kang在一份报告中写道，韩国央行可能在下 半年再降息两次，到2025年底将政策利率降至2.0%，以支撑疲软的经济。在韩国央行将2025年韩国经 济增长预期从1.5%下调至0.8%，并将基准利率下调0.25个百分点至2.50%后，Kang表示："韩国央行现 在的重点是促进增长，而不是抑制通胀。"她说，高于预期的美国关税预计将抑制出口，而低迷的建筑 投资预计将破坏今年的整体经济增长。 荷兰国际：韩国央行下半年可能再降息两次 ...

意大利财政部长：制药行业面临美国关税的风险。 ...

Group 1 - Japan's Finance Minister Kato Katsunobu confirmed existing views on foreign exchange issues with US Treasury Secretary Yellen [1] - No discussions were held regarding the level of foreign exchange rates with Yellen [1] - Kato reiterated that foreign exchange should be determined by the market [1] Group 2 - There is potential for in-depth discussions on basic views regarding foreign exchange policy [1] - Kato expressed extreme regret over US tariffs [1] - Ongoing dialogue with Yellen on bilateral issues will continue [1] Group 3 - There was no direct discussion with Yellen regarding US Treasury bonds [1]

日本财务大臣加藤胜信：告诉贝森特美国关税令人遗憾。 ...

Core Viewpoint - The European Central Bank (ECB) is nearing its 2% inflation target, driven by a stronger euro and declining energy costs [1] Group 1: Economic Factors - The strengthening of the euro is contributing to downward pressure on consumer prices in the Eurozone [1] - Decreasing energy costs are also playing a significant role in the reduction of inflation [1] Group 2: Inflation Outlook - The overall impact of U.S. tariffs on inflation remains uncertain, but there is a possibility that it could eventually lead to a slowdown in price increases [1]

Core Viewpoint - The Governor of Bank Indonesia emphasizes the need to strengthen domestic economic growth to mitigate the impacts of U.S. tariffs [1] Group 1 - The Indonesian central bank is focusing on enhancing economic resilience in response to external pressures, particularly from U.S. trade policies [1] - Strengthening domestic growth is seen as a crucial strategy to counterbalance the adverse effects of tariffs imposed by the United States [1]