Core Viewpoint - The Governor of the Bank of Canada, Tiff Macklem, indicated that if U.S. tariffs lead to an economic slowdown, a rate cut may be necessary [1] Group 1 - The potential impact of U.S. tariffs on the Canadian economy could necessitate a change in monetary policy [1] - Macklem emphasized the interconnectedness of the U.S. and Canadian economies, suggesting that external factors can significantly influence domestic economic conditions [1] - The Bank of Canada is closely monitoring economic indicators to assess the need for adjustments in interest rates [1]

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。 ...

| 《八》国经期货 | | 能源 日报 | | --- | --- | --- | | 操作评级 | | 2025年05月30日 | | 原油 | ★☆☆ | 高明宇 首席分析师 | | 燃料油 | ★☆☆ | F0302201 Z0012038 | | 低硫燃料油 ★☆☆ | | 李祖智 中级分析师 | | 沥青 | ☆☆☆ | F3063857 Z0016599 | | 液化石油气 ☆☆☆ | | | | | | 王盈敏 中级分析师 | | | | F3066912 Z0016785 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 1 【原油】 隔夜国际油价收跌,SC07合约日内收跌4.11%。昨日美国联邦上诉法院作出裁定,暂缓此前下级法院禁止特朗普 关税的命令14天,此前市场因美国关税遇阻带来的短期乐观情绪快速降温,且特朗普政府上诉后胜出并重新实 施关税的可能性依然较大。考虑到5月31日会议OPEC+增产压力悬而未决，中期供需宽松展望之下原油市场下行 压力积聚。 【燃料油&低硫燃料油】 燃油系期货大幅下行,FU跌幅更深。高硫方面,中 ...

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]

日本政府官员：（就工厂产出表示）没有听到企业表示美国关税对其业务产生了重大影响。 ...

Core Viewpoint - The Dutch International Group's senior economist Min Joo Kang reports that the Bank of Korea may lower interest rates twice in the second half of the year, aiming to reduce the policy rate to 2.0% by the end of 2025 to support a weak economy [1] Economic Outlook - The Bank of Korea has revised its economic growth forecast for South Korea from 1.5% to 0.8% for 2025 [1] - Following a 0.25 percentage point reduction in the benchmark interest rate to 2.50%, the focus of the Bank of Korea has shifted towards promoting growth rather than curbing inflation [1] External Factors - Higher-than-expected U.S. tariffs are anticipated to suppress exports [1] - Weak construction investment is expected to negatively impact overall economic growth for the year [1]

沃尔沃汽车CFO：我们已经开始采取一些定价措施，我们相信市场将会向上发展，这也是我们应对美国 关税的缓解措施之一。 ...

日本核心通胀率高于预期，提高日本央行7月加息的可能性 金十数据5月23日讯，荷兰国际集团韩国和日本资深经济学Min Joo Kang在一份研究报告中表示，日本 核心通胀率高于预期，增加了日本央行 7月份加息的可能性。通胀率仍将高于日本央行2.0%的目标。在 7月份可能加息25个基点之后，由于围绕美国关税的高度不确定性，日本央行可能会在相当长的一段时 间内按兵不动。 ...