1. Report Industry Investment Ratings - Gold: Bullish with a long - term strategic allocation recommendation, suggested to buy on dips [1] - Silver: Bullish, recommended to buy on rebounds, both short - term trial and long - term investment are advised [1] - Copper: Bullish in the long - term, recommended to hold existing long positions and take partial profits [1] - Zinc: Bearish in the medium - to - long - term, waiting for opportunities to short on rallies [1] - Lead: Bearish, price rebound is under pressure [1] - Tin: Bearish, price rebound is under pressure [1] - Aluminum: Bearish, price rebound is under pressure [1] - Nickel: Bearish, price rebound is under pressure [1] - Industrial Silicon: Cautiously bearish [1] - Polysilicon: Bullish, recommended to take long positions after corrections [1] - Lithium Carbonate: Bullish, recommended to hold long positions [1] 2. Core Views of the Report - Gold will benefit from global monetary easing, declining US dollar credit, and geopolitical restructuring in the long run, showing a long - term bullish trend. The short - term price may be supported around 770, and long positions can be considered after stabilization. Silver also has an upward trend, with a trading range of 9150 - 9400 in the short - term, and long - term investment is recommended [1][3][4] - Copper is in a high - level consolidation phase. Although there is short - term inventory accumulation overseas and it is the consumption off - season, the domestic social inventory is relatively tight. Long - term demand is expected to pick up, and it is recommended to hold long positions and take partial profits [1][7][8] - Zinc shows a pattern of strong overseas and weak domestic markets. In the short - term, inventory accumulates during the off - season, and in the medium - to - long - term, supply increases while demand decreases. Opportunities to short on rallies should be awaited [1][10][11] - Aluminum price rebounds under pressure due to insufficient terminal orders. It is recommended to short on rebounds in the short - term, paying attention to the inventory accumulation progress [1][14][15] - Nickel price rebounds and then falls. With the slowdown of downstream production cuts, it is recommended to short on rebounds, paying attention to downstream inventory changes [1][18][19] - Lithium carbonate demand is about to enter the peak season. With supply - side speculation, there may be a short - term supply - demand mismatch, and long positions should be held [1][22][23] 3. Summary by Related Catalogs Gold and Silver Market Review - After the impact of tariffs fades and with the ongoing Russia - Ukraine issue and impending US interest rate cuts, gold prices consolidate after a decline, and silver rebounds after stopping the decline [2] Basic Logic - Japan may raise interest rates in October. The US is likely to cut interest rates in September. Long - term gold will benefit from global monetary easing, declining US dollar credit, and geopolitical restructuring [3] Strategy Recommendation - Gold may be supported around 770 in the short - term, and long positions can be considered after stabilization. The short - term trading range of silver is 9150 - 9400, and short - term trial orders can be made, while long - term investment is supported by fundamentals and the market trend [4] Copper Market Review - Shanghai copper prices fall under pressure and test the support at 79,000 [7] Industry Logic - Copper concentrate supply remains tight. Although refined copper production is at a high level, it may decline marginally. It is currently the consumption off - season, but demand is expected to pick up in the peak season. Overseas copper inventories accumulate slightly, while domestic social inventories are relatively tight, and the supply - demand balance is tight throughout the year [7] Strategy Recommendation - After the macro - positive factors are realized, copper prices consolidate at a high level. It is recommended to hold existing long positions and take partial profits. Enterprises can actively arrange short - hedging positions. The long - term outlook for copper is bullish, with the Shanghai copper price focusing on the range of [78000, 80000] and the LME copper price on [9650, 9950] dollars per ton [8] Zinc Market Review - Shanghai zinc prices fall under pressure and show a weak and volatile trend [10] Industry Logic - In 2025, zinc concentrate supply is ample, and refined zinc production is expected to increase. However, due to factors such as Vietnam's tariff increase on galvanized steel and the domestic consumption off - season, demand is expected to decline. Domestic inventories accumulate, while overseas LME zinc warrants are in short supply, with a risk of a soft squeeze [10] Strategy Recommendation - With tight LME zinc warrants, zinc shows a pattern of strong overseas and weak domestic markets. In the short - term, inventory accumulates during the off - season, and in the medium - to - long - term, supply increases while demand decreases. Opportunities to short on rallies should be awaited. The Shanghai zinc price focuses on the range of [22200, 22800], and the LME zinc price on [2700, 2900] dollars per ton [11] Aluminum Market Review - Aluminum prices rebound under pressure, and alumina prices first rebound and then fall [13] Industry Logic - For electrolytic aluminum, the macro - sentiment is positive, but downstream demand is weak, and inventories are rising. For alumina, overseas bauxite shipments are smooth, and domestic production capacity is increasing, with supply - demand remaining loose in the short - term [14] Strategy Recommendation - It is recommended to short on rebounds in the short - term for Shanghai aluminum, paying attention to the inventory accumulation progress during the off - season. The main operating range is [20000 - 20900] [15] Nickel Market Review - Nickel prices rebound and then fall, and stainless steel prices are under pressure [17] Industry Logic - Overseas nickel ore prices are weak, and domestic refined nickel production is increasing. Stainless steel production cuts are weakening, and although short - term inventories decline, there is still long - term pressure [18] Strategy Recommendation - It is recommended to short on rebounds for nickel and stainless steel, paying attention to downstream inventory changes. The main operating range of nickel is [121000 - 123000] [19] Lithium Carbonate Market Review - The main contract LC2511 opens lower, strongly rallies, and then falls in the afternoon following market sentiment [21] Industry Logic - Although domestic weekly production reaches a new high, inventory increases slightly, indicating that terminal demand is about to enter the peak season. There is speculation about production stoppages on the supply side, and there may be a short - term supply - demand mismatch [22] Strategy Recommendation - With the expectation of supply - side speculation still existing, long positions should be held in the range of [84200 - 88000] [23]