Core Viewpoint - The Bank of Japan reports that multiple regions express concerns over rising sales prices in the U.S. leading to decreased demand and a slowdown in the global economy [1] Group 1 - Companies are worried about the impact of rising sales prices in the U.S. on their demand [1] - There is a general concern regarding the slowdown of the global economy affecting business operations [1]

Core Viewpoint - Despite the easing of tariff tensions, the global economy is expected to slow significantly [1] Group 1 - The global economic slowdown is anticipated to be substantial, indicating potential challenges for various industries [1] - The easing of tariff disputes may not be sufficient to counteract the broader economic deceleration [1]

美联储的货币政策走向同样对金价至关重要。尽管市场预计美联储在9月之前降息的可能性较低，但利率期货显示，投资者仍押注2025年晚些时候可能出现 25个基点的降息。如果通胀数据超预期，美联储可能进一步推迟降息计划，从而对美元形成支撑，短期内对金价构成压力。然而，长期来看，经济复苏的不 确定性和全球地缘政治风险将继续推高黄金的避险需求。值得注意的是，中国央行在5月连续第七个月增持黄金储备。这一举动不仅反映了中国对黄金作为 战略资产的重视，也为金价提供了长期支撑。黄金储备的增加被视为一种多元化资产配置的策略，旨在降低对美元资产的依赖。其他新兴市场国家可能效仿 这一趋势，进一步推高全球黄金需求。 基本面： 周二（6月10日）亚市早盘，现货白银窄幅震荡，本周焦点：中美贸易谈判、通胀数据经历就业数据密集的一周后，本周重心转向通胀数据，关键价格稳定 指标将陆续公布： 贸易谈判的结果将对全球经济和金价产生深远影响。如果会谈取得积极进展，市场风险偏好可能短暂回升，短期内对金价形成一定压 力。然而，长期来看，贸易战引发的供应链重构和全球经济放缓将继续支撑黄金需求。投资者需要密切关注会谈的进展，尤其是双方在关税减免和市场开放 方面的 ...

Core Viewpoint - The OECD warns that further increases in tariffs will exacerbate the slowdown of the global economy [1] Group 1 - The OECD highlights the potential negative impact of rising tariffs on global economic growth [1] - The organization suggests that the current economic slowdown could worsen if trade tensions escalate [1]

Group 1: Gold Market Analysis - The international gold market is experiencing fluctuations, with current trading around $3233, down approximately $10 from the previous closing price [2] - The geopolitical landscape and uncertainty in the global economy are influencing gold prices, with significant attention on the U.S. tax reform debate led by President Trump [2] - Technical analysis indicates that gold is in a consolidation phase, with resistance at $3250 and support around $3200, suggesting potential for further adjustments [4][2] Group 2: Oil Market Analysis - The oil market opened the week with a slight upward trend, with Brent crude oil futures rising to $65.54 per barrel and U.S. crude oil futures to $62.69, both showing over 1% gains from the previous week [5] - Geopolitical factors, particularly tensions between the U.S. and Iran regarding nuclear negotiations, are driving oil prices higher, although market sentiment remains fragile due to economic slowdown concerns [5] - Technical analysis suggests that oil prices are under medium-term downward pressure, with potential support at $61 and resistance at $63.5 to $64 [6][5]

Global Economic Outlook - The United Nations projects global economic growth to slow to 2.4% in 2025, down from 2.9% in 2024, indicating a significant decline [1] - Global trade growth is expected to plummet from 3.3% in 2024 to 1.6% in 2025, with developing countries facing multiple challenges including reduced exports and tightening financing conditions [1] - Inflation is anticipated to be 3.6% in 2025, higher than earlier predictions, reflecting a deceleration in the overall decline of inflation levels [1] China Urban Planning - The newly released 2025 version of the "National Land Space Planning Urban Health Assessment Regulations" emphasizes a people-centered approach and introduces new indicators for urban planning [3] - The regulations aim to enhance urban infrastructure and ensure a balanced development of urban areas, addressing issues like traffic congestion and inadequate facilities [3][4] Japanese Economic Performance - Japan's economy contracted for the first time in a year, with a 0.2% decline in Q1 2025, contrasting with a 0.6% growth in the previous quarter [5] - The Bank of Japan has revised its GDP growth forecasts downwards for the next two fiscal years, reflecting ongoing economic challenges [5][6] UK Immigration Policy - The UK government has introduced stringent measures to reduce immigration, including tightening visa standards and extending the residency requirement for permanent residency [7][8] - The policy aims to address labor market imbalances and public service demands following a surge in immigration during the pandemic [8] Automotive Industry Performance - Geely Automobile reported a 264% increase in net profit for Q1 2025, with revenue reaching 72.495 billion yuan, driven by a record sales volume of 703,800 vehicles [9] - The company is undergoing strategic integration of its brands to enhance operational efficiency and market competitiveness [9][10] Alibaba Financial Results - Alibaba's revenue for the fiscal year 2025 was 996.347 billion yuan, a 6% increase year-on-year, with a notable performance in its core e-commerce and cloud services [11][12] - Despite growth in revenue, the company faces challenges in profitability due to high operational costs and external market pressures [11][12] NetEase Financial Performance - NetEase reported a 36% increase in net profit for Q1 2025, with total revenue of 28.8 billion yuan, primarily driven by its gaming segment [13] - The company is focusing on enhancing the performance of existing games while optimizing its marketing strategies to improve profitability [13][14]

Core Viewpoint - Copper prices have seen a slight increase amid signs of progress in trade negotiations, but warnings of a global economic slowdown raise questions about the sustainability of this price rise [1] Group 1: Copper Price Movement - Copper prices have experienced a small uptick recently, indicating potential optimism in the market [1] - The increase in copper prices may be temporary, as concerns about a global economic slowdown persist [1] Group 2: Trade Negotiations - There are emerging signs of progress in trade negotiations, which could positively impact copper demand and pricing [1] - The outcome of these negotiations remains uncertain, and their impact on the copper market will need to be closely monitored [1]

Group 1 - Goldman Sachs expects OPEC+ to announce an increase of 410,000 barrels per day in June for the second consecutive month [1] - The firm maintains its price forecast for Brent crude at $63 and WTI at $59 for the remainder of 2025, with expectations of $58 and $55 respectively for 2026 [1] - A global economic slowdown or a complete reversal of OPEC+'s voluntary production cut plan of 2.2 million barrels per day could push Brent crude prices into the $40 range by 2026, with extreme scenarios potentially seeing prices below $40 [1] Group 2 - It is anticipated that Iranian supply will continue to see a moderate decline starting from the second half of 2025 [1]

高盛：继续估计全球经济放缓或欧佩克+自愿减产220万桶/日的计划完全逆转，可能会在2026年将布伦 特原油价格推至40美元的区间，在不太可能出现的极端情况下，布伦特原油价格将低于40美元。 ...

Market Overview - Tin prices have shown strong performance, rising over 10% year-to-date, but faced pressure following the announcement of reciprocal tariffs by the US in early April [2] - The London Metal Exchange (LME) tin price reached a nearly three-year high of $38,395 per ton on April 2, before sharply declining to $28,925 per ton by April 9, marking a nearly 20% drop within a week [2] - Despite recent volatility, tin prices continue to outperform other metals, supported by ongoing supply challenges [2] Supply Dynamics - LME tin inventories have decreased by over 40% since the beginning of the year, reaching a low of 2,810 tons by the end of April, the lowest level since June 2023 [2] - In contrast, Shanghai Futures Exchange inventories have surged over 70% this year, reaching nearly 9,000 tons, the highest level since September of the previous year [2] - Indonesia's refined tin exports in February increased over 100% month-on-month to 3,670 tons, driven by higher demand from major buyers and increased exports to other Asian markets [3][4] Import Challenges - Myanmar's ongoing issues continue to pressure tin ore imports for major consuming countries, with China's imports of tin ore and concentrates in March 2025 dropping 64% year-on-year to 8,322.55 tons [5] - The cumulative import volume for January to March 2025 was 26,900 tons, reflecting a 55% year-on-year decline [5] - Although there are hopes for supply recovery following a recent meeting by Wa State authorities to outline new mining and processing licensing procedures, the timeline remains uncertain [6] Consumption Trends - Global refined tin consumption has started strong this year, with an estimated 8% year-on-year growth in the first two months, driven by robust demand from countries like India and Japan [8] - However, potential risks to domestic and export-driven demand may arise from US tariffs, which could dampen economic momentum [9] Production Outlook - The mining ban in Myanmar is expected to end soon, but the restart of operations faces delays and rising costs, with a recent meeting discussing new mining license applications [10] - Alphamin Resources announced a phased restart of its Bisie mine, which accounts for about 6% of global supply, but has lowered its 2025 tin production forecast from 20,000 tons to 17,500 tons due to increased anti-government activity [10]