1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are supported by a weakening US dollar index, an 87.2% probability of a Fed rate cut in September, mixed labor - market data, and Middle - East geopolitical tensions [3]. - Copper prices face upward pressure from the US dollar index and demand feedback at high prices, but are supported by increasing downstream acceptance, with a target support price of 78,000 yuan per ton [15]. - Aluminum is expected to oscillate with an upward bias in the short - term due to dovish Fed signals and increasing downstream restocking, while alumina is expected to oscillate weakly due to supply surpluses [33]. - Zinc is expected to oscillate in the short - term, with supply in a surplus state, stable demand, and potential risks of a short squeeze in LME inventories [62]. - The nickel industry shows stability in nickel ore, firmness in nickel iron, and an uncertain outlook for stainless steel and nickel sulfate, with attention on the September rate - cut expectation [77]. - Tin prices may rise due to falling social inventories and decent demand from solder enterprises [92]. - Carbonate lithium prices may have short - term rebound opportunities if there are supply disruptions, but the long - term supply - demand situation remains loose [103]. - Industrial silicon is in a wait - and - see state, with its开工 rate potentially peaking, and polysilicon requires attention to industry policies [111]. 3. Summaries by Related Catalogs 3.1 Precious Metals - **Gold**: Supported by a low - interest - rate environment, geopolitical risks, and economic data, pushing up prices [3]. - **Silver**: No specific daily view provided, but multiple data charts on prices, spreads, and inventories are presented [4][6][11]. 3.2 Copper - **Price Outlook**: Short - term upward pressure and downward support coexist, with a target support price of 78,000 yuan per ton [15]. - **Market Data**: Various copper futures and spot prices show daily increases, with different price changes in different contracts [16][19]. - **Inventory and Spread**: LME copper inventory increased by 1.19% to 157,950 tons, and the scrap - refined copper spread remained stable [15][31]. 3.3 Aluminum - **Aluminum**: Short - term upward - biased oscillation due to macro and demand factors [33]. - **Alumina**: Weak short - term oscillation due to supply surpluses, with a support range of 3000 - 3050 yuan per ton and a reference upper range of 3250 - 3300 yuan per ton [33]. - **Cast Aluminum Alloy**: Supported by tight scrap - aluminum supply and tax - policy changes, with a price spread of 400 - 500 yuan per ton from aluminum [34]. 3.4 Zinc - **Supply and Demand**: Supply is in a surplus state, demand is stable, and there is a potential short - squeeze risk in LME inventories [62]. - **Price Movement**: LME zinc prices rose by 0.73% to 2781 dollars per ton, while domestic zinc prices declined slightly [63]. 3.5 Nickel - **Nickel Ore**: Stable, with a possible slight decline in the Indonesian benchmark price in September [77]. - **Nickel Iron**: Relatively firm, with some large - scale transactions above 940 [77]. - **Stainless Steel and Nickel Sulfate**: Both show oscillating trends, with attention on the September - October peak season [77]. 3.6 Tin - **Price Outlook**: May rise due to falling social inventories and decent demand from solder enterprises [92]. - **Market Data**: Tin futures prices increased, with the Shanghai tin main contract rising 2.19% to 278,650 yuan per ton [93]. 3.7 Carbonate Lithium - **Price Outlook**: Short - term potential for price rebounds with supply disruptions, but long - term supply - demand remains loose [103]. - **Market Data**: Futures and spot prices declined, with the main carbonate lithium futures contract dropping 960 yuan to 77,180 yuan per ton [104][106]. 3.8 Industrial Silicon - **Market Outlook**: Suggest a wait - and - see approach, with the开工 rate potentially peaking [111]. - **Market Data**: Spot and futures prices declined, with the industrial silicon main contract dropping 2.1% to 8390 yuan per ton [112][115].

Group 1 - The core viewpoint indicates that gold is experiencing a stable upward trend despite weak national risk aversion and a lack of significant decline in the US dollar index, suggesting the entry of long-term funds for non-speculative purposes [1] - The historical highest point for gold is $3499 (London gold), and if the current upward trend can reach a new high, the probability of long-term funds entering the market is high [1] - The potential for a technical rebound exists if the upward movement stops near the resistance level of $3438, which has been the range since April 22 [1] Group 2 - The US dollar index has been in a sideways trend since July 1, with an upper limit of 100.23 and a lower limit of 96.34, indicating a medium price range [2] - A potential interest rate cut by the Federal Reserve in September could lead to a significant decline in the dollar index, but current market conditions have not yet reacted to this possibility [2] - The recent movements of the dollar index have a weak influence on gold prices [2] Group 3 - From a technical perspective, the medium to long-term trend for gold remains oscillatory, with a converging structure [4] - An effective breakout is indicated if the closing price remains above the upper trend line after being breached on the 27th [4] - A warning signal will arise if a future candlestick closes below the upward trend line, indicating potential resistance and a pullback [4]

Core Viewpoint - The article discusses the recent fluctuations in the US dollar index, which is influenced by expectations of a Federal Reserve interest rate cut and political concerns regarding tariffs proposed by President Trump [1] Group 1: Dollar Index Movement - As of August 29, the US dollar index is at 97.99, with a slight increase of 0.12% from an opening price of 97.87 [1] - The dollar index experienced a decline of 0.17% the previous day due to heightened expectations of a Federal Reserve rate cut [1] Group 2: Currency Strength - The weakening of the dollar has led to a strengthening of major currencies, with the euro rising by 0.24%, the yen increasing by 0.33%, and the pound gaining 0.13% [1] Group 3: Market Focus - Market attention is shifting from previous discussions between Trump and the Federal Reserve to the upcoming release of the core PCE price index, which is a key inflation indicator for the Federal Reserve [1] - Despite the market's cautious stance ahead of this critical data release, overall trading volume in the forex market remains low [1] Group 4: Political Influence - Analysts suggest that the recent decline in the dollar is not only due to rate cut expectations but also concerns stemming from Trump's tariff comments, which have raised fears about political interference in the Federal Reserve's independence [1] Group 5: Technical Analysis - The dollar index has shown signs of support near previous lows and has started to rebound, although it still faces strong resistance above [1] - An upward trend has been observed in the hourly chart, but the overall movement is constrained by key resistance levels, necessitating close monitoring of these levels to determine the short-term direction of the dollar index [1]

Core Viewpoint - South Korea is considering issuing dollar bonds, which will test global investor sentiment amid recent diplomatic engagements with the U.S. [1] Group 1: Economic Context - The dollar index is currently at 98.01, with a 0.14% increase from an opening price of 97.87 [1] - The dollar index is trading between a support level of 97.56 and a resistance level of 98.83, indicating a narrow range [1] Group 2: Government Actions - South Korean President Lee Jae-myung met with U.S. President Trump, easing tensions and leading to potential financial commitments [1] - The South Korean government has requested proposals from domestic and international banks for the issuance of dollar and yen bonds in the coming months [1] - With parliamentary approval, South Korea may issue up to approximately $1.8 billion in bonds [1] Group 3: Corporate Investments - Following the trade agreement, South Korean companies announced plans for private sector investments in addition to the $350 billion related to the U.S. government [1]

Core Points - The US dollar index fell by 0.43% on August 28, closing at 97.814 [2] - The euro strengthened against the dollar, with the exchange rate rising to 1.1689 from 1.1632 [2] - The British pound also appreciated, increasing to 1.3516 from 1.3497 [2] - The dollar depreciated against the Japanese yen, with the rate dropping to 146.82 from 147.39 [2] - The dollar weakened against the Swiss franc, falling to 0.8012 from 0.8025 [2] - The dollar decreased in value against the Canadian dollar, with the exchange rate moving to 1.3747 from 1.3794 [2] - The dollar also fell against the Swedish krona, decreasing to 9.4679 from 9.5320 [2]

（文章来源：每日经济新闻） 每经AI快讯，8月28日纽约尾盘，美元指数跌0.33%报97.87，非美货币多数上涨，欧元兑美元涨0.38%报 1.1682，英镑兑美元涨0.10%报1.3512，澳元兑美元涨0.41%报0.6532，美元兑日元跌0.32%报146.9445， 美元兑加元跌0.32%报1.3749，美元兑瑞郎跌0.14%报0.8013。 ...

Group 1 - The US dollar index decreased by 0.33% to 97.87, indicating a weakening of the dollar against other currencies [1] - Most non-US currencies appreciated, with the euro rising by 0.38% to 1.1682 against the dollar [1] - The British pound increased by 0.10% to 1.3512 against the dollar, while the Australian dollar rose by 0.41% to 0.6532 [1] Group 2 - The US dollar depreciated by 0.32% against the Japanese yen, reaching 146.9445 [1] - The dollar also fell by 0.32% against the Canadian dollar, trading at 1.3749 [1] - Additionally, the dollar decreased by 0.14% against the Swiss franc, with a rate of 0.8013 [1]

Core Viewpoint - The US dollar index declined by 0.43% on August 28, closing at 97.814, indicating a weakening of the dollar against major currencies [1] Currency Exchange Rates - 1 Euro exchanged for 1.1689 USD, an increase from the previous day's rate of 1.1632 USD [1] - 1 British Pound exchanged for 1.3516 USD, up from 1.3497 USD the previous day [1] - 1 USD exchanged for 146.82 Japanese Yen, down from 147.39 Yen [1] - 1 USD exchanged for 0.8012 Swiss Francs, a decrease from 0.8025 Francs [1] - 1 USD exchanged for 1.3747 Canadian Dollars, lower than the previous rate of 1.3794 Dollars [1] - 1 USD exchanged for 9.4679 Swedish Krona, down from 9.5320 Krona [1]

Group 1 - The offshore RMB exchange rate surged approximately 300 points, reaching 7.1173, marking the first time it has surpassed 7.12 since November 6, 2024 [1] - The appreciation of the RMB significantly outpaced the depreciation of the USD [1] - The FTSE China A50 index futures rose by about 0.3% [4] Group 2 - According to China Merchants Securities, the RMB middle rate has steadily appreciated since July, and it is expected that the RMB settlement scale may expand again around the FOMC rate cut in September [6] - If the central bank continues to adhere to a market supply-demand-based adjustment policy, the RMB exchange rate may return to the "6" level, enhancing the attractiveness of Chinese assets [6] Group 3 - The US stock market showed mixed results, with the Dow Jones slightly down, while the Nasdaq rose by approximately 0.3% [8] - Nvidia's stock fell over 1% despite reporting a 56% revenue growth that exceeded Wall Street expectations, although there were concerns regarding its data center business revenue being slightly below expectations [9][10]

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is attributed to a combination of internal and external factors, with a notable influence from the US Federal Reserve's potential interest rate cuts [2][3][5]. Group 1: RMB Exchange Rate Dynamics - As of August 28, the RMB to USD central parity rate was reported at 7.1063, marking a new high since November 6, 2024 [1]. - The RMB's recent strength is driven by three main factors: domestic economic performance, a significant decline in the US dollar, and the central bank's intervention to guide the RMB's market value [2]. - The central bank's adjustment of the RMB's midpoint has shifted from a neutral stance to a stronger position, with the deviation from the onshore market price increasing to 400-500 basis points [2]. Group 2: Impact of US Federal Reserve Policies - The US Federal Reserve Chairman's dovish signals regarding potential interest rate cuts have led to a weakening of the US dollar, which in turn supports the appreciation of the RMB [3][5]. - Following the Fed's signals, the US dollar index experienced a significant drop of nearly 1%, marking its largest single-day decline since April [4]. - Market expectations for two rate cuts by the Fed before the end of the year have intensified, contributing to the downward pressure on the dollar [3][5]. Group 3: Market Sentiment and Future Outlook - The recent rally in the domestic stock market, reaching a ten-year high, is expected to enhance the RMB's strength as it boosts investor sentiment and increases demand for RMB-denominated assets [9][10]. - The RMB is anticipated to continue fluctuating within a range in the short term, while medium to long-term trends suggest a stable appreciation due to strong domestic economic fundamentals and ongoing internationalization efforts [8][10]. - Factors such as stable economic growth, a favorable trade balance, and increased cross-border capital inflows are expected to provide support for the RMB exchange rate [9][10].