Report Industry Investment Rating - Gold: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Silver: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] - Platinum: ★★★, indicating a clearer upward trend and a relatively appropriate investment opportunity currently [1] Core View - Overnight, precious metals declined with high volatility. The intense situation between the US and Iran, the continuous strengthening of the US dollar, and the rising oil prices have intensified concerns about the economic outlook, weakening the market's bets on the Fed's interest - rate cuts. A significant decline in global stock markets may lead to further liquidity tightening and continue to suppress precious metals. Short - term market volatility has increased, and the subsequent trend is still determined by the war situation. It is recommended to control positions and participate cautiously [1] Summary by Relevant Catalogs Iran Situation - Iran claims to have destroyed two sets of US THAAD systems. The US is considering transferring THAAD and Patriot systems from South Korea to the Middle East [2] - Saudi Arabia and the UAE are considering joining the fight against Iran due to continuous missile attacks. The UAE says it has not changed its defense plan for now [2] - Trump says Iran wants to negotiate but it's too late. The US has sufficient armaments for indefinite combat [2] - Israel has officially mobilized troops for a ground invasion of Lebanon [2] - The US Senate will vote on the "War Powers Resolution" on Wednesday to limit Trump's power to act against Iran [2] - Iran's ambassador to the UN says Iran has not contacted the US for possible peace negotiations [2] - An Iranian opposition news website reports that Khamenei's son has been selected as Iran's next supreme leader [2] Fed - Kashkari originally expected one interest - rate cut in 2026 but is now uncertain due to the war [2] - Williams believes the Fed has to consider the spill - over effects of the Iran issue on foreign markets and trading partners and thinks the interest rate is slightly above the neutral rate [2] - Schmid says the only thing the Fed can do is to continue to suppress inflation [2] Energy Situation - Trump announces to provide insurance for maritime oil transportation, and the navy will expand the passage of ships through the Strait of Hormuz [3] - Debris from intercepted drones causes a fire at the UAE's major oil trading hub Fujairah [3] - Iraq's oil storage facilities are nearly full, and Iraq will be forced to cut production by more than 3 million barrels per day within a few days [3] - Saudi Aramco is exploring oil exports via the Red Sea [3] - Trump says he can tolerate short - term oil price increases and prioritizes eliminating the Iranian threat [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The platinum and palladium markets continued their weak trend due to profit - taking by long positions in the gold and silver markets and the strengthening of the US dollar. The market is highly volatile in the short term, and the subsequent development of the US - Iran situation needs to be observed. It is recommended to conduct light - position trading within a narrow range [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 563.50 yuan/gram, a decrease of 26.85 yuan; the closing price of the palladium main contract was 433.80 yuan/gram, a decrease of 12.40 yuan. The platinum main contract's open interest was 10387.00 lots, a decrease of 277.00 lots; the palladium main contract's open interest was 3179.00 lots, an increase of 90.00 lots [2] 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 551.68 yuan/gram, a decrease of 19.22 yuan; the average spot price of palladium in the Yangtze River area was 392.00 yuan/gram, a decrease of 28.00 yuan. The basis of the platinum main contract was - 11.82 yuan/gram, an increase of 7.63 yuan; the basis of the palladium main contract was - 41.80 yuan/gram, a decrease of 15.60 yuan [2] 3.3 Supply - Demand Situation - The non - commercial long positions of platinum in CFTC (weekly) was 9966.00 contracts, a decrease of 243.00 contracts; the non - commercial long positions of palladium in CFTC (weekly) was 3003.00 contracts, a decrease of 342.00 contracts. The total supply of platinum in 2025 was expected to be 220.40 tons, a decrease of 0.80 tons; the total supply of palladium in 2025 was expected to be 293.00 tons, a decrease of 5.00 tons. The total demand for platinum in 2025 was expected to be 261.60 tons, an increase of 25.60 tons; the total demand for palladium in 2025 was expected to be 287.00 tons, a decrease of 27.00 tons [2] 3.4 Macro Data - The US dollar index was 99.27, an increase of 0.72; the 10 - year US Treasury real yield was 2.13%, an increase of 1.77 percentage points; the VIX volatility index was 1.77, an increase of 0.01 [2] 3.5 Industry News - Trump's tough stance on Iran led to a stock sell - off and rising energy prices, reigniting inflation concerns. The probability of the Fed's second interest rate cut this year dropped to 50%. The Middle East conflict continued to spread. The nominee for the Fed chair, Kevin Warsh, would slowly advance the Fed's balance - sheet reduction. Fed officials had different views on interest - rate cuts depending on inflation trends. The high - tension US - Iran geopolitical situation increased market risk aversion, tightened market liquidity, and put upward pressure on the US dollar and US Treasury yields, which affected the precious metals market [2] 3.6 Fundamental Analysis - On the supply side, power shortages and insufficient capital expenditure in South Africa restricted production growth, Russia faced sanctions risks, and North American mines cut production. On the demand side, the substitution of platinum for palladium might slow down due to platinum's price exceeding palladium's. China's platinum jewelry demand reached a seven - year high due to the high gold price substitution effect, and the hydrogen energy field provided long - term support for platinum demand [2] 3.7 Key Events to Watch - On March 4th, the US ADP private employment report at 21:15 and the US ISM non - manufacturing PMI at 23:00. On March 5th, the US January trade balance data at 20:30 and the US February Challenger job - cuts number at 20:30 [2]

Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9] Core Viewpoints - Geopolitical conflicts in the Middle East are intensifying, with the continuous spread of the conflict between Iran and Israel, which has led to a rise in energy prices and reignited market inflation concerns [1] - Traders' bets on the probability of the Fed's second interest rate cut this year have dropped to 50%, significantly raising the threshold for interest rate cuts, which has a significant suppressing effect on precious metal prices [1] - Due to the current market conditions, the prices of gold and silver are expected to remain in a volatile pattern in the near future [8] Summary by Relevant Catalogs Market Analysis - Geopolitical conflicts in the Middle East are intensifying, with Iran and Israel engaging in continuous attacks and counterattacks. The new round of stock selling wave driven by Trump's stance has led to a continuous rise in energy prices and reignited market inflation concerns [1] - Traders' bets on the probability of the Fed's second interest rate cut this year have dropped to 50%, significantly raising the threshold for interest rate cuts, which has a significant suppressing effect on precious metal prices [1] Futures Quotes and Trading Volumes - On March 3, 2026, the Shanghai Gold main contract opened at 1,199.52 yuan/gram and closed at 1,182.00 yuan/gram, a change of -1.27% from the previous trading day's close. The trading volume on that day was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 1,163.20 yuan/gram and closed at 1,144.98 yuan/gram, a 3.13% decline from the afternoon close [2] - On March 3, 2026, the Shanghai Silver main contract opened at 24,449.00 yuan/kilogram and closed at 21,645.00 yuan/kilogram, a change of -11.40% from the previous trading day's close. The trading volume on that day was 713,888 lots, and the open interest was 161,172 lots. In the night session, it opened at 21,300 yuan/kilogram and closed at 21,521 yuan/kilogram, a 0.57% decline from the afternoon close [2] U.S. Treasury Yield and Spread Monitoring - On March 3, 2026, the U.S. 10-year Treasury yield closed at 4.059%, unchanged from the previous trading day. The spread between the 10-year and 2-year Treasuries was 0.557%, also unchanged from the previous trading day [3] Changes in Positions and Trading Volumes of Gold and Silver on the Shanghai Futures Exchange - On the Au2604 contract, the number of long positions decreased by 9,573 lots compared to the previous day, while the number of short positions decreased by 741 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 544,885 lots, a change of 24.12% from the previous trading day [4] - On the Ag2604 contract, the number of long positions decreased by 4,558 lots, and the number of short positions decreased by 5,767 lots. The total trading volume of the silver contract on the previous trading day was 1,910,286 lots, a change of 43.74% from the previous trading day [4] Tracking of Precious Metal ETF Positions - The gold ETF position was 1,101.33 tons, an increase of 3.43 tons from the previous trading day. The silver ETF position was 15,902 tons, a decrease of 90 tons from the previous trading day [5] Tracking of Precious Metal Arbitrage - On March 3, 2026, the domestic premium for gold was 18.57 yuan/gram, and the domestic premium for silver was 1,826.31 yuan/kilogram [6] - The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was approximately 54.61, a change of 11.44% from the previous trading day. The overseas gold-silver ratio was 56.97, a change of -3.96% from the previous trading day [6] Fundamentals - On March 3, 2026, the trading volume of gold on the Shanghai Gold Exchange T+d market was 81,118 kilograms, a change of 33.10% from the previous trading day. The trading volume of silver was 504,106 kilograms, a change of -38.53% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 30 kilograms [7] Strategies - Gold: It is expected that the gold price will mainly be in a volatile pattern in the near future, with the Au2604 contract's volatility range likely to be between 1,100 yuan/gram and 1,200 yuan/gram [8] - Silver: Similar to gold, the silver price is also expected to maintain a volatile pattern, with the Ag2604 contract's volatility range likely to be between 21,000 yuan/kilogram and 23,000 yuan/kilogram [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - On March 3, 2026, the platinum and palladium prices on the Guangzhou Futures Exchange dropped, with the platinum main - contract falling 8.44% to 570.30 yuan/gram and the palladium main - contract falling 6.16% to 433.90 yuan/gram [1] - For platinum, due to the strengthening of the US dollar index, the price has declined. The short - term safe - haven sentiment's boost to precious metals is weakening, and the market is trading on the postponed interest - rate cut expectation. In the long - term, the weakening of the US dollar index is beneficial for the release of platinum price elasticity. The expected trend is oscillating upward [2] - For palladium, the market sentiment has weakened, and the price has followed the decline of platinum. The supply side has uncertainties, and the demand side faces structural pressure. The long - term supply - demand is loosening, but short - term supply disturbances still exist. The expected trend is also oscillating upward [3] Group 3: Summary by Related Catalogs Platinum - **Main Logic**: The situation in the Middle East (US - Iran) is disturbing the precious metals market. The tense situation in the Strait of Hormuz has increased global energy transportation costs and oil prices. If the strait is blocked for a long time, it may lead to global inflation, postponed Fed rate cuts, and increased economic recession risks. The short - term safe - haven sentiment's boost to precious metals is weakening, and the market is trading on the postponed interest - rate cut expectation, causing the US dollar index to strengthen and platinum prices to decline. In the long - term, the damage to the Fed's independence and the loosening of the global political and economic order will lead to the long - term weakening of the US dollar index, which is beneficial for platinum prices. However, the duration and intensity of the US - Iran geopolitical conflict also have an impact on the US dollar and platinum prices [2] - **Outlook**: The fundamentals are resilient, and the US dollar credit is weakening. In the long - term, the price is expected to oscillate upward [2] Palladium - **Main Logic**: The supply side of palladium has continuous uncertainties. The US has made a preliminary anti - dumping ruling on Russian unforged palladium, and Europe is considering a new round of sanctions on Russian palladium. The supply disturbances continue, and the spot shortage supports the price. The demand side still faces structural pressure. In general, the long - term supply - demand of palladium is loosening, and short - term supply disturbances still exist, but it mainly follows the overall fluctuations of the precious metals sector [3] - **Outlook**: The spot is in short supply, and the US dollar credit is weakening. In the long - term, the price is expected to oscillate upward [3] Commodity Index - **Composite Index**: No specific data provided - **Specialty Index**: The commodity index is 2482.90, up 1.00%; the commodity 20 index is 2847.65, up 0.83%; the industrial products index is 2364.70, up 1.43% [49] Plate Index - **Non - ferrous Metals Index**: On March 3, 2026, the index was 2717.21, with a daily decline of 0.58%, a 5 - day increase of 0.26%, a 1 - month decline of 3.99%, and a year - to - date increase of 1.16% [51]

Core Viewpoint - The article discusses the impact of geopolitical tensions in the Middle East on commodity prices, particularly gold, and the implications for investment strategies in the context of changing market dynamics and inflation expectations [2][28]. Group 1: Geopolitical Events and Market Reactions - Recent military actions by the US and Israel against Iran have led to significant geopolitical tensions, resulting in a spike in global oil prices, with Brent crude oil rising over 14% [2][28]. - The article suggests that the price of gold could reach a "reasonable price" of around $5,000, plus an additional $200-300, due to ongoing geopolitical instability [2][28]. Group 2: CFTC Data and Market Sentiment - As of February 24, managed positions in COMEX gold showed a net long position of 311 tons, up 4% from the previous week, indicating a bullish sentiment in the market [3][6]. - Silver also saw a significant increase in net long positions, rising 30% to 1,241 tons, marking the highest level in five weeks [6]. - Platinum's net long position increased by 44% to 7 tons, reflecting a positive shift in market sentiment towards precious metals [6]. Group 3: Historical Context and Future Outlook - The article notes that despite a 21% decline in net long positions for gold year-to-date, the price of gold has increased by 64.4%, indicating strong physical demand outpacing futures market dynamics [16][17]. - The current geopolitical landscape is described as a "Warring States" era, suggesting that traditional global economic rules have shifted, which may lead to continued upward pressure on commodity prices [29][32]. - The potential for inflation to rise again poses a challenge for the Federal Reserve's interest rate decisions, with implications for future market conditions [30][32]. Group 4: Investment Strategies and Market Indicators - The article emphasizes the importance of monitoring the gold-to-North American mining stock ratio, which has seen a decline, indicating a potential shift in market dynamics [20][21]. - The gold-silver ratio, a measure of market sentiment, has decreased, suggesting a more favorable outlook for silver relative to gold [25]. - The focus on ESG (Environmental, Social, and Governance) factors is influencing investment strategies, with a trend towards prioritizing companies that align with these values [21].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Platinum is in a weak state due to the spread of panic sentiment while palladium is hovering at a low level [1] - The trend intensity of both platinum and palladium is -1, indicating a bearish outlook [5] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: Platinum and palladium prices showed significant declines. For example platinum futures 2606 dropped by 8.97% to 570.30 and palladium futures 2606 decreased by 6.42% to 433.90 [2] - **Trading Volume and Open Interest**: The trading volume and open interest of platinum and palladium contracts had different changes. For instance NYMEX platinum's trading volume increased by 21,962 to 58,016 kg and its open interest decreased by 647 to 77,429 kg [2] - **ETF Holdings**: Platinum ETF holdings (ounces) decreased by 1,038 to 3,262,226 while palladium ETF holdings (ounces) increased by 584 to 1,167,312 [2] - **Inventory**: NYMEX platinum inventory (ounces) decreased by 907 to 587,159 and NYMEX palladium inventory (ounces) remained unchanged at 202,181 [2] - **Price Spread**: Various price spreads of platinum and palladium contracts also changed. For example the PT9995 - PT2606 price spread increased by 20.75 to 0.60 [2] - **Exchange Rate**: The US - dollar index rose by 1.67% to 99.27 and the US - dollar to RMB exchange rates also had certain increases [2] 3.2 Macro and Industry News - **Political News**: Trump announced to cut off trade with Spain due to its lack of cooperation in actions against Iran and the US Senate will vote on the "war powers resolution" to limit Trump's actions against Iran [6] - **Military Tension**: Iran claimed to have destroyed two US THAAD systems and there are various military movements and statements in the Middle - East situation, such as Saudi and UAE's considerations regarding Iran [6] - **Fed's Statements**: Fed officials expressed different views on interest rates and the impact of the Iran issue on the economy [6] - **Energy Situation**: Trump announced to provide insurance for maritime crude - oil transportation and there are issues like fires in UAE's oil hub and Iraq's potential production cut [6] - **Other News**: The 4th Session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held from March 4th to 11th [6]

晨报 铝锭 成材：重心下移 偏弱运行 铝锭：地缘局势动荡 铝价高位偏强 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 2026 年 3 月 4 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 证监许可【2011】1452 号 逻辑:昨日铝价偏强运行。市场担忧中东冲突可能长期化，通胀担忧加 剧，进而使得美联储的降息预期延迟。据 CME"美联储观察"，美联储到 3 月降息 25 个基点的概率为 2.6%，维 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The sharp rise of the US dollar exerts pressure on copper prices. If the oil price shock turns into a persistent supply disturbance, the decline of inflation may be hindered, and the Fed's rate - cut space will also narrow. The trend strength of copper is 0, indicating a neutral view [1][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Prices**: The closing price of the Shanghai copper main contract was 102,100 with a daily decline of 1.69%, and the night - session closing price was 101,330 with a decline of 0.75%. The closing price of the LME copper 3M electronic disk was 12,965 with a decline of 0.91% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper index was 359,956, an increase of 33,376 compared with the previous day, and the open interest was 574,953, a decrease of 41. The trading volume of the LME copper 3M electronic disk was 40,498, an increase of 14,391, and the open interest was 307,000, a decrease of 4,847 [1] - **Futures Inventory**: The inventory of Shanghai copper was 300,505, an increase of 4,624. The inventory of LME copper was 257,675 with no change, and the注销仓单比 was 4.97%, an increase of 0.01% [1] - **Spreads**: Various spreads such as LME copper premium, spot - to - futures spreads, and inter - month spreads showed different changes compared with the previous day. For example, the LME copper premium (bonded area warehouse receipt premium) changed from - 49.47 to - 74.01, a change of - 24.54 [1] 2. Macro and Industry News - **Macro News**: The attacks by the US and Israel on Iran have pushed up oil prices, bringing the US inflation pressure back into the market's view. If the oil price shock becomes a persistent supply disturbance, the decline of inflation may be blocked, and the Fed's rate - cut space will be narrowed [1] - **Industry News**: Hudbay Minerals has obtained approval from the British Columbia provincial government in Canada to advance the three - phase expansion project of its Copper Mountain mine, extending the mine's operating life to 2040. Japan's copper and copper alloy imports in January increased by 13.51% year - on - year but decreased by 12.75% month - on - month. Chile's copper production in January decreased by 3% year - on - year to 413,712 tons. Revere copper products company is increasing investment in the US due to increased revenues from tariffs and data center demand [1][3]

Group 1: Report Date and Title - The report is dated March 4, 2026, and focuses on tin, suggesting to pay attention to macro - sentiment [1] Group 2: Analysts' Information - The analysts are Liu Yuxuan (Investment Consulting Qualification No.: Z0020476) and Tang Wenhao (Futures Practicing Qualification No.: F03152608) [2] Group 3: Fundamental Data Futures and Spot Prices - The closing price of the Shanghai Tin main contract was 394,890 with a daily decline of 12.00%, and the night - session closing price was 387,840 with a decline of 8.31%. The LME Tin 3M electronic disk closed at 49,785 with a decline of 5.77% [2] Trading Volume and Open Interest - The trading volume of the Shanghai Tin main contract was 464,400, an increase of 1,501 from the previous day, and the open interest was 39,535, a decrease of 10,412. The trading volume of the LME Tin 3M electronic disk was 1,444, an increase of 742, and the open interest was 21,561, an increase of 75 [2] Inventory and Warehouse - Receipt Data - The inventory of Shanghai Tin was 11,316, a decrease of 215. The inventory of LME Tin was 7,730, an increase of 260, and the cancelled - warrant ratio was 6.57%, a decrease of 0.38% [2] Spot and Price - Spread Data - The SMM 1 tin ingot price was 412,950, a decrease of 21,050 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 406,600, a decrease of 27,000. The LME Tin (spot/three - month) spread remained unchanged at 19. The spread of the near - month contract to the consecutive - first contract was 197,780, a decrease of 46,950, and the spot - to - futures main - contract spread was 11,710, an increase of 22,120 [2] Industrial Chain Price Data - The price of 40% tin concentrate in Yunnan was 396,950, a decrease of 21,050; the price of 60% tin concentrate in Guangxi was 400,950, a decrease of 21,050. The price of 63A solder bar was 272,750, a decrease of 13,500, and the price of 60A solder bar was 260,750, a decrease of 13,000 [2] Group 4: Macro and Industry News - The conflict between the US and Iran reignited "inflation concerns", and the probability of the Fed's second interest rate cut this year dropped to 50%. Wang Yi had a phone call with the Israeli Foreign Minister. Saudi Aramco is exploring a plan to export oil via the Red Sea to avoid the Strait of Hormuz. The stock markets of Japan and South Korea tumbled [2][4] Group 5: Trend Intensity - The trend intensity of tin is -1, with a range of [-2, 2], where -2 means the most bearish and 2 means the most bullish [3]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - Gold: Geopolitical conflicts have broken out [2][4]. - Silver: In a volatile pattern [2][4]. - Copper: The sharp rise of the US dollar exerts pressure on prices [2][7]. - Zinc: Follows macro - level fluctuations [2][10]. - Lead: The reduction of domestic inventories limits price decline [2][13]. - Tin: Attention should be paid to macro - level sentiment [2][16]. - Aluminum: Supply concerns are intensifying [2][20]. - Alumina: Focus on the commissioning of new production capacity [2][20]. - Cast aluminum alloy: Follows the trend of electrolytic aluminum [2][20]. - Platinum: Due to the spread of panic sentiment, platinum is in a weak position [2][24]. - Palladium: Remains at a low level [2][24]. - Nickel: The actual situation of the Indonesian mining end is catching up, and beware of its speculative nature in March [2][30]. - Stainless steel: The contradictions at the mining end are increasing marginally, and the cost support center is moving up [2][31]. 3. Summary by Relevant Catalogs Gold and Silver - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2602 was 1,147.90 with a daily increase of 0.12%, and the night - session closing price was 1,159.98 with a night - session increase of 1.31%. For silver, the closing price of Shanghai Silver 2602 was 23,019 with a daily increase of 1.94%, and the night - session closing price was 23,927.00 with a night - session increase of 6.95% [4]. - **Inventory and Spread**: The inventory of Shanghai Gold decreased by 12 kilograms, and the inventory of Shanghai Silver decreased by 39,773 kilograms. The spread between Gold T + D and AU2602 remained unchanged at - 5.42 [4]. - **Trend Intensity**: Gold trend intensity is 1; silver trend intensity is 1 [6]. Copper - **Price and Trading Volume**: The closing price of the main Shanghai Copper contract was 102,100 with a daily decrease of 1.69%, and the night - session closing price was 101,330 with a night - session decrease of 0.75%. The trading volume of the Shanghai Copper index increased by 33,376 [7]. - **Inventory and Spread**: The inventory of Shanghai Copper increased by 4,624 tons, and the LME copper inventory remained unchanged. The LME copper cash - 3M spread decreased by 24.54 [7]. - **Macro and Industry News**: US - Israeli strikes on Iran have pushed up oil prices, affecting US inflation and the Fed's interest - rate cut space. Hudbay Minerals has received approval to expand its Copper Mountain mine [7]. - **Trend Intensity**: Copper trend intensity is 0 [9]. Zinc - **Price and Trading Volume**: The closing price of the main Shanghai Zinc contract was 24,370 with a daily decrease of 1.93%. The trading volume of the main Shanghai Zinc contract increased by 31, and the LME zinc trading volume increased by 5,385 [10]. - **Inventory and Spread**: The Shanghai Zinc futures inventory increased by 2,359 tons, and the LME zinc inventory decreased by 1,400 tons. The LME CASH - 3M spread decreased by 2.26 [10]. - **News**: Trump's measures to protect shipping in the Gulf and Qatar's closure of the LNG plant have affected the market [11]. - **Trend Intensity**: Zinc trend intensity is - 1 [12]. Lead - **Price and Trading Volume**: The closing price of the main Shanghai Lead contract was 16,840 with a daily decrease of 0.33%. The trading volume of the main Shanghai Lead contract decreased by 6,926 [13]. - **Inventory and Spread**: The Shanghai Lead futures inventory decreased by 41 tons, and the LME lead inventory remained unchanged. The LME CASH - 3M spread decreased by 3.13 [13]. - **News**: US - Israeli strikes on Iran have affected US inflation and the Fed's interest - rate cut space [14]. - **Trend Intensity**: Lead trend intensity is 0 [14]. Tin - **Price and Trading Volume**: The closing price of the main Shanghai Tin contract was 394,890 with a daily decrease of 12.00%, and the night - session closing price was 387,840 with a night - session decrease of 8.31%. The trading volume of the main Shanghai Tin contract increased by 1,501 [16][17]. - **Inventory and Spread**: The Shanghai Tin inventory decreased by 215 tons, and the LME tin inventory increased by 260 tons. The spread between the near - month contract and the consecutive - first contract decreased by 46,950 [17]. - **Macro and Industry News**: The US - Iran conflict has reignited "inflation concerns", and the probability of the Fed's second interest - rate cut this year has dropped to 50% [17]. - **Trend Intensity**: Tin trend intensity is - 1 [18]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the main Shanghai Aluminum contract was 23,905, and the night - session closing price was 24,410. The closing price of the main Shanghai Alumina contract was 2,807, and the night - session closing price was 2,797. The closing price of the main Aluminum Alloy contract was 22,750, and the night - session closing price was 23,090 [20]. - **Inventory and Spread**: The domestic aluminum ingot social inventory remained unchanged at 124.60 million tons, and the LME aluminum ingot inventory decreased by 0.20 million tons [20]. - **Comprehensive News**: Iran - related conflicts and Qatar's production suspension have affected the aluminum market. Goldman Sachs predicts that if the disturbance lasts for a month, the aluminum price may reach $3,600 [22]. - **Trend Intensity**: Aluminum trend intensity is 1; Alumina trend intensity is 0; Aluminum Alloy trend intensity is 1 [22]. Platinum and Palladium - **Price and Trading Volume**: The closing price of Platinum Futures 2606 was 570.30 with a decrease of 8.97%. The closing price of Palladium Futures 2606 was 433.90 with a decrease of 6.42% [25]. - **Inventory and Spread**: The inventory of Shanghai Platinum decreased, and the inventory of NYMEX Platinum decreased by 907 ounces. The spread between PT9995 and PT2606 increased by 20.75 [25]. - **Macro and Industry News**: Trump's trade - related statements and the Iran situation have affected the market [29]. - **Trend Intensity**: Platinum trend intensity is - 1; Palladium trend intensity is - 1 [28]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the main Shanghai Nickel contract was 135,450, and the closing price of the main Stainless Steel contract was 14,185 [31]. - **Industry Chain Data**: The price of 8 - 12% high - nickel pig iron remained unchanged at 1,088. The price of 304/2B coil - cut edge (Wuxi) Taiyuan Iron and Steel/Zhangpu remained unchanged at 14,950 [31]. - **Macro and Industry News**: Indonesia plans to revise the nickel ore benchmark price formula, and some nickel mines have production - related news [31]. - **Trend Intensity**: Nickel trend intensity is 0; Stainless steel trend intensity is 0 [38].