●FPG最新市场脱水消息： 1. 上周六，美国总统特朗普称将对进口到美国的欧盟和墨西哥商品征收30%的关税。这震动了市场，将 金价推高至3374美元/盎司的日高点。然而，特朗普最近的声明表明，他对贸易谈判持开放态度，包括 与欧洲的贸易谈判，这给金价带来下行压力。 现货黄金周一(7月14日)一度涨到三周高点，但很快回落，最终收盘下滑。有分析师指出，特朗普对贸 易谈判持开放态度，这令市场风险偏好改善，打击避险资产黄金。美元涨到近三周高点，代表美元计价 的黄金对其他货币持有者来说相对昂贵。黄金走弱的另一个原因是美国国债收益率正在上升。10年期美 国国债上涨一个基点，至4.427%。联邦基金期货市场显示，交易员预期年底前美联储将降息50个基 点，首度降息可能落在9月。特朗普持续表示希望看到降息，因此这对黄金来说终究是很不错的支撑。 2. 美元走强也在给金价带来压力。追踪美元兑一篮子六种货币表现的美元指数(DXY)上涨0.25%，至 98.10。 3. 美国总统特朗普表示，他愿意进行更多贸易谈判，包括与欧盟的谈判。不过特朗普坚称，他威胁要征 收新关税的信件对美国贸易伙伴来说是"交易"。 4. 投资者严阵以待美国周二公布 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Gold is expected to move in a range, with short - term decline, medium - term oscillation, and intraday oscillation with a weak bias [1][3] - Copper is expected to be strong in the short - term, with short - term rise, medium - term oscillation, and intraday oscillation with a strong bias [1][5] 3. Summary by Relevant Catalogs Gold - **Price Movement**: Gold price strengthened during the day yesterday and was weak at night. It has been rising since July 9th [3] - **Driving Factors**: The expectation of US tariffs on Russia raises risk - aversion demand, which is positive for gold. However, the continuous rebound of the US dollar index and high risk - preference in the equity market put pressure on gold prices. Technically, there is resistance at the early - month high [3] Copper - **Price Movement**: Copper price opened low and went high last night, standing above the 78,000 - yuan mark. It has seen obvious position - reduction and price - decline since last week [5] - **Driving Factors**: The US will impose a 50% tariff on imported copper starting from August 1st, which may lead to a decline in US imports and an increase in non - US supply, causing copper prices to fall. The continuous rise of the US dollar index is also negative for copper prices. But at the 78,000 - yuan level (the price center in June), copper prices may stabilize due to the warming domestic macro - environment [5]

美国商务部同时启动了两项进口调查，分别是针对无人机系统及其零部件的专项审查，以及对太阳能关键材料多晶硅及其衍生品的进口调查。以上都是根据《1962年贸易扩展法》第232条款开展的调查，标志着特朗普政府可能对上述产品加征关税的最新动作。商务部长需在270天内提交结论。若最终认定相关进口产品威胁国家安全，特朗普将有权实施关税制裁。 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The report analyzes the market conditions of various non - ferrous metals including copper, aluminum, lead, zinc, tin, nickel, lithium carbonate, alumina, stainless steel, and casting aluminum alloy, and gives corresponding price trend forecasts and operation suggestions [2][4]. Summary by Metal Category Copper - **Price Movement**: The LME copper price fell 0.2% to $9643 per ton, and the SHFE copper main contract closed at 78020 yuan per ton. The US copper tariff will take effect on August 1, and if strictly enforced, the price difference between US copper and LME and SHFE copper is expected to widen, and the prices of LME and SHFE copper will be under pressure [2]. - **Inventory**: LME inventory increased by 900 tons to 109625 tons, and the domestic social inventory increased by 0.4 million tons (SMM caliber). The SHFE copper warehouse receipts increased by 1100 to 34000 tons [2]. - **Supply - Demand and Price Forecast**: The copper raw material shortage situation remains, but the marginal impact is weakening. After the US copper tariff is implemented, the supply outside the US is expected to increase. It is expected that the copper price will fluctuate weakly. The operating range of the SHFE copper main contract is 77500 - 78600 yuan per ton, and the LME copper 3M is 9500 - 9720 dollars per ton [2]. Aluminum - **Price Movement**: The LME aluminum price fell 0.21% to $2596 per ton, and the SHFE aluminum main contract closed at 20405 yuan per ton [4]. - **Inventory**: The domestic aluminum ingot social inventory increased by 35000 tons to 501000 tons, and the LME aluminum inventory increased by 5000 tons to 406000 tons [4]. - **Supply - Demand and Price Forecast**: The aluminum ingot inventory remains low, but the supply is expected to increase. Considering the off - season and reduced exports, the aluminum price is expected to fluctuate weakly. The operating range of the domestic main contract is 20200 - 20550 yuan per ton, and the LME aluminum 3M is 2560 - 2620 dollars per ton [4]. Lead - **Price Movement**: The SHFE lead index rose 0.03% to 17096 yuan per ton, and the LME lead 3S fell by $10.5 to $2017 per ton [5]. - **Inventory**: The SHFE lead ingot futures inventory was 55100 tons, and the LME lead ingot inventory was 249400 tons [5]. - **Supply - Demand and Price Forecast**: The supply of lead ingots is relatively loose, and the downstream demand is gradually improving. The LME lead price is strong, but the increase of SHFE lead is expected to be limited [5]. Zinc - **Price Movement**: The SHFE zinc index fell 0.55% to 22231 yuan per ton, and the LME zinc 3S fell by $38 to $2739 per ton [7]. - **Inventory**: The domestic social inventory increased slightly to 93100 tons [7]. - **Supply - Demand and Price Forecast**: The domestic zinc ore supply is loose, and the zinc ingot supply is expected to increase. In the long - term, the zinc price is bearish. In the short - term, it is expected to fluctuate. The SHFE zinc main contract is expected to move between 22231 yuan per ton [7]. Tin - **Price Movement**: The tin price fluctuated. The supply is at a low level, and the demand is weak. The short - term supply and demand are balanced [9][10]. - **Inventory**: The national main market tin ingot social inventory decreased by 110 tons to 9644 tons as of July 11, 2025 [10]. - **Supply - Demand and Price Forecast**: Due to the strengthened expectation of Myanmar's resumption of production, the tin price is expected to fluctuate weakly. The domestic tin price is expected to operate between 250000 - 280000 yuan per ton, and the LME tin price between 31000 - 35000 dollars per ton [10]. Nickel - **Price Movement**: The nickel price fell under pressure. The contradiction in the nickel market is concentrated in the ferro - nickel production line [11]. - **Inventory**: No significant inventory - related information for analysis is provided in the text [11]. - **Supply - Demand and Price Forecast**: The ferro - nickel price is expected to continue to fall, and the nickel price has a certain short - selling value. The operating range of the SHFE nickel main contract is 115000 - 128000 yuan per ton, and the LME nickel 3M is 14500 - 16000 dollars per ton [11]. Lithium Carbonate - **Price Movement**: The MMLC spot index of lithium carbonate rose 1.11%, and the LC2509 contract rose 3.42% [13]. - **Inventory**: No significant inventory - related information for analysis is provided in the text [13]. - **Supply - Demand and Price Forecast**: The supply is expected to remain high, and the short - term price is affected by news and demand expectations. The operating range of the LC2509 contract is 65200 - 67700 yuan per ton [13]. Alumina - **Price Movement**: The alumina index rose 0.77% to 3124 yuan per ton [15]. - **Inventory**: The futures warehouse receipts increased by 4800 tons to 23400 tons [16]. - **Supply - Demand and Price Forecast**: The alumina capacity is in excess. The price is expected to be driven up in the short - term but will be anchored by the cost in the long - term. It is recommended to short at high prices. The operating range of the domestic main contract AO2509 is 2850 - 3300 yuan per ton [16]. Stainless Steel - **Price Movement**: The stainless steel main contract closed at 12715 yuan per ton, up 0.04% [18]. - **Inventory**: The social inventory increased to 1167500 tons, a 0.93% increase [18]. - **Supply - Demand and Price Forecast**: The supply exceeds demand in the short - term, and the spot market is expected to remain weak [18]. Casting Aluminum Alloy - **Price Movement**: The AD2511 contract fell 0.63% to 19805 yuan per ton [20]. - **Inventory**: The inventory of recycled aluminum alloy ingots in Foshan, Ningbo, and Wuxi increased by 1400 tons to 27000 tons [20]. - **Supply - Demand and Price Forecast**: The downstream is in the off - season, and the price is expected to face resistance [20].

Group 1 - The US Supreme Court has cleared the way for the Trump administration to dismantle the Department of Education [1] - The European Union is preparing to impose additional counter-tariffs on US goods worth €72 billion (approximately $84 billion) if trade negotiations fail [1][2] - The Bank of England's Governor Bailey indicated that a rapid deterioration in the job market could lead to larger interest rate cuts, with an 80% probability of a 25 basis point cut in the next meeting [2] Group 2 - India's June CPI has slowed to 2.1% year-on-year, marking the eighth consecutive month of decline and providing more room for the central bank to ease monetary policy [2] - The Dow Jones Industrial Average rose by 88.14 points to close at 44,459.65, a gain of 0.20%, while the S&P 500 and Nasdaq also saw slight increases [3] - The COMEX gold futures fell by 0.35% to $3,352.10 per ounce, and silver futures dropped by 1.40% to $38.41 per ounce [3]

截至收盘，道琼斯工业平均指数上涨88.14点，涨幅0.20%，收于44459.65点，纳斯达克综合指数 上涨54.80点，涨幅0.27%，收于20640.33点，标普500指数上涨8.81点，涨幅0.14%，收于 6268.56点。通信板块领涨，而能源板块跌幅最大。 特朗普上周末加剧了贸易紧张局势，警告从8月1日开始对来自欧盟和墨西哥的大多数进口商品征收 30%的关税，同时为最后一刻的贸易协议留下了时间。 欧盟将暂停报复措施的时间延长到8月初，对谈判休战抱有希望。白宫表示，与欧盟、加拿大和墨西 哥的谈判仍在进行中。 2025.07. 15 本文字数：1056，阅读时长大约2分钟 周一美股全线走高，美国总统特朗普威胁对欧盟和墨西哥加征关税后并未升级形势，外界关注本周财 报季和多项重磅经济数据发布。 比特币首次突破12万美元后，加密货币板块走高。Coinbase涨1.8%，MicroStrategy涨3.8%。 纳斯达克金龙中国指数涨0.7%。B站涨4.2%，阿里巴巴、网易涨超1%，京东、百度跌超1%，拼多 多跌2.3%。 麦格理在客户报告中表示："面对美国新的进口关税，交易员们仍然自满；他们可能会认为（特朗 普 ...

Core Viewpoint - The Brazilian real has experienced a slight decline against the US dollar, with a decrease of 0.44%, currently trading at 5.5833 reais, after hitting a daily low of 5.5933 reais [1] Group 1 - The Brazilian Vice President Alckmin stated that Brazil has not requested an extension of the deadline for US tariffs [1] - There is misinformation regarding Brazil's request to lower tariff rates [1]

巴西副总统Alckmin：巴西没有要求延长美国实施关税的最后期限。关于巴西请求降低关税税率的相关 信息也不属实。 跟踪全球贸易动向 +订阅 ...

美国总统特朗普：（谈及关税）我们仍然愿意谈判。 ...

Core Viewpoint - The article discusses the escalating trade tensions between the U.S. and Russia, as well as the potential retaliatory measures from the EU against U.S. imports, highlighting the geopolitical implications on global trade dynamics [1][5]. Group 1: U.S.-Russia Relations - President Trump expressed significant dissatisfaction with Russia, threatening to impose a 100% tariff if an agreement to end the Ukraine conflict is not reached within 50 days [1]. - The potential tariff could have substantial economic implications, indicating a hardening stance from the U.S. in its foreign trade policy [1]. Group 2: EU's Response - The European Commission's trade commissioner stated that the EU is prepared to impose additional tariffs on U.S. imports valued at €72 billion (approximately $84 billion) if trade negotiations fail [1]. - This reflects the EU's readiness to retaliate against U.S. trade policies, suggesting a potential escalation in transatlantic trade tensions [1]. Group 3: Market Reactions - As of July 14, U.S. stock indices showed slight increases, indicating a mixed market response to the geopolitical developments [2]. - Gold and silver prices experienced a rapid decline, reflecting market volatility amid the ongoing trade tensions [3][4].