1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Gold is in high - level adjustment with long - term strategic allocation value due to unsolved contradictions, uncertain tariff negotiations, and the trend of de - dollarization [1][2] - Silver is in wide - range adjustment. Short - term tariff negotiations improve sentiment, but mid - term uncertainty is high [1] - Copper is expected to fall in the short - term due to approaching holidays and rising risk - aversion. However, it is still favored in the long - term [1][5] - Zinc is expected to fall in the short - term because of policy expectation disappointment and holiday - approaching risk - aversion. In the long - term, supply increases while demand is weak [1][8] - Lead and tin prices are under pressure to rebound due to their respective supply - demand situations [1] - Aluminum prices continue to rebound as overseas environment eases, supply is stable, and inventory is decreasing [1][11] - Nickel prices rebound and then fall because of the contradiction at the Indonesian nickel mine end and slow stainless - steel de - stocking [1][13] - Industrial silicon and lithium carbonate are bearish due to supply - demand imbalances and high inventories [1] 3. Summaries by Related Catalogs 3.1 Gold and Silver 3.1.1 Market Conditions - SHFE gold is at 780.04, down 0.91% from the previous value and 6.18% from last week; COMEX gold is at 3361, up 0.92% from the previous value and down 0.91% from last week. SHFE silver is at 8168, down 1.35% from the previous value and 0.07% from last week; COMEX silver is at 34, up 0.89% from the previous value and 4.22% from last week [2] 3.1.2 Basic Logic - Tariff negotiations are in a deadlock. The US plans to negotiate with 18 trade partners in a fixed mode. If no agreement is reached, equal tariffs will be implemented [2] - A large amount of investment funds has withdrawn from the SPDR Gold Shares ETF, with an outflow of $1.27 billion, the largest since 2011 [2] - The short - term adjustment of gold is affected by the marginal easing of Sino - US trade frictions, the alleviation of concerns about the Fed's independence, and trading congestion. But the bull - market logic remains unchanged [2] 3.1.3 Strategy Recommendation - For short - term, when the short - term sentiment relaxes and the price stops falling and stabilizes, continue to participate. For silver, use a range - trading strategy within [8100, 8400] [3] 3.2 Copper 3.2.1 Market Conditions - The closing price of SHFE copper is 77630, down 0.22% from the previous day; LME copper is at 9428, up 0.38% from the previous day; COMEX copper is at 490, down 0.01% from the previous day [4] 3.2.2 Industrial Logic - Overseas copper mine supply is constantly disturbed, and copper concentrate processing fees continue to hit new lows. Demand shows resilience, but enterprises' order expectations are cautious due to price fluctuations and US tariff policies [5] 3.2.3 Strategy Recommendation - In the short - term, as the May Day holiday approaches, it is recommended to gradually take profits on long copper positions, and hold light positions or be empty - handed during the holiday. In the long - term, be confident in the upward trend of copper prices. Short - term SHFE copper focuses on the range [76000, 78000], and LME copper focuses on [9000, 9500] dollars/ton [5] 3.3 Zinc 3.3.1 Market Conditions - The closing price of SHFE zinc is 22530, up 0.07% from the previous day; LME zinc is at 2639, down 0.28% from the previous day [7] 3.3.2 Industrial Logic - In 2025, the supply of zinc ore is expected to be loose. The import of zinc concentrate in March decreased month - on - month but increased year - on - year. Refining zinc smelter profits are positive, and downstream demand is entering the off - season [7] 3.3.3 Strategy Recommendation - In the short - term, zinc prices will fall again due to holiday - approaching risk - aversion. In the long - term, supply increases while demand is weak. Look for opportunities to short on rallies. SHFE zinc focuses on the range [22000, 22800], and LME zinc focuses on [2600, 2680] dollars/ton [8][9] 3.4 Aluminum 3.4.1 Market Conditions - The closing price of LME aluminum is 2431, down 0.27% from the previous value; SHFE aluminum is at 19935, down 0.47% from the previous value [10] 3.4.2 Industrial Logic - For electrolytic aluminum, overseas tariff policy disturbances weaken, inventory decreases, and downstream demand is in the peak season. For alumina, the supply and demand surplus situation is temporarily alleviated [11] 3.4.3 Strategy Recommendation - It is recommended to lightly go long on SHFE aluminum at low prices, paying attention to the performance of the peak season. The main operating range is [19500 - 20300]. Alumina is expected to run relatively weakly [11] 3.5 Nickel 3.5.1 Market Conditions - The closing price of LME nickel is 15590, up 0.65% from the previous value; SHFE nickel is at 124690, down 0.88% from the previous value [12] 3.5.2 Industrial Logic - The Indonesian nickel mine policy increases costs, providing some support for nickel prices. Domestic refined nickel production is high, and inventory is at a relatively high level. Stainless - steel inventory de - stocking faces resistance, and the industry is in a state of oversupply [13] 3.5.3 Strategy Recommendation - In the short - term, it is recommended to wait and see, paying attention to inventory changes. The main operating range of nickel is [121000 - 129000] [13] 3.6 Lithium Carbonate 3.6.1 Market Conditions - The price of the main contract LC2507 is 66,960, down 1.79% from the previous value [14] 3.6.2 Industrial Logic - The fundamental situation has not improved significantly, with 11 consecutive weeks of inventory accumulation indicating a supply - demand imbalance. Downstream pre - holiday replenishment willingness is low, and demand has no seasonal increase. Although short - term supply is tightened, there is a risk of negative feedback [15] 3.6.3 Strategy Recommendation - The price is expected to run weakly. Look for opportunities to short on rebounds, with the range [65000, 69000] [15]