Group 1 - Key Point 1: The article highlights key economic data and events to be monitored on June 20, 2025, including various consumer confidence indices and retail sales figures [1] - Key Point 2: Important announcements include speeches from Russian President Putin and Bank of Japan Governor Ueda, which may influence market sentiment [1] - Key Point 3: The article lists specific times for the release of economic indicators such as the UK Gfk Consumer Confidence Index and the US Philadelphia Fed Manufacturing Index [1] Group 2 - Key Point 1: The article emphasizes the significance of the Chinese one-year loan market quotation rate to be released on June 20, which could impact lending rates and economic activity [1] - Key Point 2: The German Producer Price Index (PPI) and UK retail sales figures are also highlighted as critical indicators for assessing economic health in Europe [1] - Key Point 3: The article notes the scheduled release of the Eurozone consumer confidence index, which is crucial for understanding consumer sentiment in the region [1]

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - Gold is expected to have a strong oscillation. The short - term uncertainty remains high, and it has high strategic allocation value in the long run [1]. - Silver is predicted to have a high - level oscillation, following the characteristics of gold and base metals [1]. - Copper is likely to continue to rebound and oscillate upward, and is still favored in the medium and long term [1]. - Zinc is expected to rebound, but overall it is still weak. There is an opportunity to short at high prices in the long run [1]. - Lead's price rebound is under pressure due to cost support and inventory accumulation [1]. - Tin's price is under pressure after a continuous rebound because of slow复产 and weak smelter start - up [1]. - Aluminum's price is under pressure with weakening overseas disturbances and emerging downstream consumption off - season characteristics [1]. - Nickel's price is weak due to rising overseas shipments and high domestic inventory [1]. - Industrial silicon's price is bearish because of increasing supply and weak downstream demand [1]. - Lithium carbonate's price is bearish due to continuous supply surplus pressure and increasing inventory [1]. Summary by Related Catalogs Gold and Silver - **Market Review**: Gold opened high and closed low as the short - term risk - aversion sentiment declined due to Iran's softening stance [2]. - **Basic Logic**: Iran hopes to end the hostile state, US data is weak, and the long - term bullish logic of gold remains unchanged [2]. - **Strategy Recommendation**: Consider making long - term preparations for gold. Control the position of silver due to its high elasticity [3]. Copper - **Market Review**: Shanghai copper continued to rebound [4]. - **Industrial Logic**: Overseas copper ore supply is tight, domestic production is increasing, there are concerns about overseas soft squeeze - out risks, and green copper demand offsets traditional demand shortages [4]. - **Strategy Recommendation**: Hold short - term long positions. Be cautious about risks. Long - term optimism about copper remains [5]. Zinc - **Market Review**: Zinc rebounded in a V - shape and stopped falling to stabilize [7]. - **Industrial Logic**: Zinc ore supply is loosening, domestic refined zinc production is expected to increase, and downstream demand is weakening [7]. - **Strategy Recommendation**: Temporarily wait and see in the short term. Look for opportunities to short at high prices in the long term [8]. Aluminum - **Market Review**: Aluminum prices were strong in the near - term and weak in the long - term, and alumina was under pressure [9]. - **Industrial Logic**: For electrolytic aluminum, the cost is decreasing, inventory is changing, and demand is entering the off - season. For alumina, the supply is in surplus [10]. - **Strategy Recommendation**: Short on rebounds for Shanghai aluminum. Alumina will operate in a low - level range [10]. Nickel - **Market Review**: Nickel prices were weak, and stainless steel was under pressure [11]. - **Industrial Logic**: Overseas nickel ore supply is increasing, domestic supply is in surplus, and stainless steel inventory is rising [12]. - **Strategy Recommendation**: Short on rebounds for nickel and stainless steel, and pay attention to downstream consumption [12]. Lithium Carbonate - **Market Review**: The main contract LC2509 increased positions and declined [13]. - **Industrial Logic**: The supply surplus pressure of lithium carbonate remains, and the inventory is expected to increase further [14]. - **Strategy Recommendation**: Hold short positions [14].

Group 1 - The 39th OPEC and non-OPEC oil-producing countries ministerial meeting is scheduled to take place, which may influence global oil supply and pricing dynamics [1] - The U.S. Vice President will deliver a speech at the "Bitcoin 2025" conference, potentially impacting cryptocurrency market sentiment [1] - The Federal Reserve's Williams will participate in a panel discussion at the Bank of Japan's financial research institute meeting, which could provide insights into U.S. monetary policy [1] Group 2 - Australia's April weighted CPI year-on-year data will be released, which is crucial for assessing inflation trends in the region [1] - The Reserve Bank of New Zealand will announce its interest rate decision and monetary policy statement, impacting the New Zealand dollar and economic outlook [1] - The final GDP year-on-year figure for France's first quarter will be published, providing insights into the country's economic performance [1] Group 3 - Germany's adjusted unemployment figures for May will be released, including both the number of unemployed and the unemployment rate, which are key indicators of labor market health [1] - The Swiss ZEW investor confidence index for May will be announced, reflecting investor sentiment and expectations for the Swiss economy [1] - The Richmond Fed's manufacturing index for May will be published, offering insights into the manufacturing sector's performance in the U.S. [1] Group 4 - The Federal Reserve will release the minutes from its May monetary policy meeting, which may provide clues about future interest rate decisions [1] - The API crude oil inventory data for the week ending May 23 will be released, which is significant for understanding oil supply trends in the U.S. [1]