Market Overview - US stock indices attempted to rebound after a significant drop, with the Dow Jones rising by 256.19 points (0.52%) to 49,060.25, the Nasdaq increasing by 92.00 points (0.41%) to 22,719.28, and the S&P 500 gaining 14.11 points (0.21%) to 6,851.86 [3][10] - Concerns over AI's disruptive potential across various industries led to a market sell-off, with major indices declining the previous day [3][10] Company Developments - AMD's stock surged by 6.6% following Meta's announcement of a multi-year partnership, which includes deploying up to 6 gigawatts of AMD GPUs for AI data centers and a potential investment in AMD stock through performance-based warrants [3][10] - Meta previously indicated the use of millions of Nvidia chips in its data center construction, highlighting the competitive landscape in AI technology [3][10] Trade and Tariff Concerns - President Trump's new "unified tariff rate" took effect, raising concerns about the enforceability of last year's trade agreement, with the European Parliament postponing a vote on the agreement [3][10] - The US government is considering imposing new national security tariffs on six industries, including large batteries and telecommunications equipment, following a Supreme Court ruling that invalidated many tariffs from Trump's second term [4][11] Economic Indicators and Federal Reserve Commentary - Chicago Fed President Austan Goolsbee called for a pause in interest rate cuts until more evidence shows inflation is decreasing, emphasizing the need to monitor inflation closely [6][14] - The core personal consumption expenditures price index, a key inflation indicator, was reported at 3%, up 0.2 percentage points from November, partly due to tariffs and pressures in the service sector [6][14] - Market expectations suggest a 50% probability of a rate cut in June and a 71% probability in July, with discussions among Fed officials indicating a cautious approach to further cuts [7][15]

隔夜，现货黄金一度上涨超2%或超110美元，突破5200美元关口，刷新日高至5237.54美元。此前，金价已连续三周录得周线上涨，逐步收复月初 自历史高位回落后的跌幅。今日欧市盘中，黄金大幅下跌，跌破5200美元，目前在5171美元附近徘徊。 与此同时，现货白银上触89美元，最终收涨4.24%，报88.18美元。今日欧市盘中，白银大幅下跌，目前在88.19美元附近徘徊。 特朗普关税"二次出击"！ 隔夜，美股市场全线杀跌，道指重挫超821点，纳指、标普500指数均大跌超1%。具体来看，道指大跌超821点，跌幅达1.66%，纳指跌1.13%，标 普500指数跌1.04%。 消息面上，美拟以国家安全为由推出新关税。 美国《华尔街日报》当地时间周一最新报道称，在美国最高法院上周作出裁决、否决了特朗普总统第二任期的多项关税后，特朗普政府正考虑对 六大行业征收新的国家安全关税。 据知情人士透露，正在考虑的新的关税或将涵盖大型电池、铸铁件和铸铁配件、塑料管道、工业化学品以及电网和电信设备等行业。 报道称，这些关税将根据1962年《贸易扩展法》第232条款征收，该条款赋予总统基于国家安全风险征收关税的广泛权力。 此外，特朗普 ...

In this articleUAMYU.S. President Donald Trump looks on, during a meeting with European Commission President Ursula von der Leyen (not pictured), after an announcement of a trade deal between the U.S. and EU, in Turnberry, Scotland, Britain, July 27, 2025. Evelyn Hockstein | ReutersThe U.S. has breached the terms of its trade deal with the European Union and the bloc is ready to retaliate if necessary, a top EU trade lawmaker told CNBC."We wanted to have really stability and predictability. And unfortunatel ...

在美国最高法院驳回特朗普关税引发市场哗然之际，投资者可能忽略了一个惊人的美联储政策信号——下一次利率调整是加息也并非不可 能。 从当地时间上周五早间开始，一系列重磅信息密集袭来：GDP数据大幅不及预期、通胀读数居高不下、最高法院裁决出炉，随后特朗普又加 码全球关税。这些消息让多数投资者在新一周开局时陷入困惑。 海量数据与戏剧性事件交织，也解释了为何一位即将卸任的地方联储主席发出的尖锐警告，未能获得足够关注。 亚特兰大联储主席博斯蒂克从中间派转向鹰派，执掌该联储近9年后将于本月底卸任。他上周五的临别发言，凸显出美联储内部对进一步宽松 的强烈抵制——更不用说特朗普要求的大幅降息，以及他提名的部分理事似乎愿意支持的降息举措。 由于PCE还会纳入生产者价格指数（PPI）的分项（如机票、医疗服务、投资组合管理费），在本周五PPI数据公布后，1月核心PCE预估甚至 可能升至3.1%。 "最新数据引发担忧：核心通胀可能比美联储12月经济展望（SEP）所假设的更具粘性，"宏观咨询公司SGH的美联储观察人士蒂姆・杜伊 （Tim Duy）写道。他指出，美联储主席鲍威尔已悄然将关税引发通胀峰值的预估时间进一步后移。 "如果通胀开始 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper main contract rebounded slightly, with a decrease in open interest, a spot discount, and a strengthening basis. The raw material side of the fundamentals shows that the spot index of copper concentrate TC is running at a low level, and the expectation of tight ore still provides solid support for copper prices. On the supply side, smelters shut down during the holiday and the number of production days was relatively small. Coupled with the tightening of the import window, the arrival volume decreased, and the domestic copper supply decreased. On the demand side, after the holiday is the traditional domestic consumption peak season, and with the support of policies for consumption, the overall industry outlook is positive. In terms of options, the call - put ratio of at - the - money option positions is 1.67, a month - on - month increase of 0.2874, indicating a bullish sentiment in the options market, and the implied volatility has slightly increased. Technically, on the 60 - minute MACD, the double lines are below the 0 - axis, and the red bars are expanding. The summary of the view is to conduct short - term long trades on dips with a light position, and pay attention to controlling the rhythm and trading risks [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 101,510.00 yuan/ton, a daily increase of 1,130.00 yuan; the price of LME 3 - month copper is 13,029.00 US dollars/ton, a daily increase of 160.50 US dollars. The spread between the main contract and the next - month contract is - 300.00 yuan/ton, a daily decrease of 50.00 yuan. The open interest of the main contract of Shanghai copper is 130,714.00 lots, a daily decrease of 8,909.00 lots. The net position of the top 20 futures holders of Shanghai copper is - 60,673.00 lots, a daily increase of 4,904.00 lots. The LME copper inventory is 241,825.00 tons, a daily increase of 6,675.00 tons. The Shanghai Futures Exchange inventory of cathode copper is 272,475.00 tons, a weekly increase of 23,564.00 tons. The LME copper cancelled warrants are 10,525.00 tons, a daily increase of 250.00 tons. The Shanghai Futures Exchange warehouse receipts of cathode copper are 277,089.00 tons, a daily decrease of 2,856.00 tons. The COMEX copper inventory is 600,436.00 short tons, a daily increase of 1,734.00 short tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 101,455.00 yuan/ton, a daily increase of 1,220.00 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 101,720.00 yuan/ton, a daily increase of 1,345.00 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 34.00 US dollars/ton, unchanged. The average premium of Yangshan copper is 33.00 US dollars/ton, unchanged. The basis of the CU main contract is - 55.00 yuan/ton, a daily increase of 90.00 yuan. The LME copper cash - 3 - month spread is - 83.60 US dollars/ton, a daily decrease of 0.55 US dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 270.43 million tons per month, an increase of 17.80 million tons. The rough smelting fee (TC) of domestic copper smelters is - 50.53 US dollars/kiloton, a weekly increase of 1.84 US dollars. The price of copper concentrate in Jiangxi is 90,680.00 yuan/metal ton, a daily decrease of 1,710.00 yuan; the price of copper concentrate in Yunnan is 91,380.00 yuan/metal ton, a daily decrease of 1,710.00 yuan. The processing fee of blister copper in the south is 2,300.00 yuan/ton, unchanged; the processing fee of blister copper in the north is 1,800.00 yuan/ton, unchanged [2] 3.4 Industry Situation - The output of refined copper is 132.60 million tons per month, an increase of 9.00 million tons. The import volume of unwrought copper and copper products is 440,000.00 tons per month, an increase of 10,000.00 tons. The social inventory of copper is 41.82 million tons per week, an increase of 0.43 million tons. The price of 1 bright copper wire in Shanghai is 66,990.00 yuan/ton, a daily decrease of 1,200.00 yuan; the price of 2 copper (94 - 96%) in Shanghai is 80,950.00 yuan/ton, a daily decrease of 1,350.00 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,030.00 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 222.91 million tons per month, an increase of 0.31 million tons. The cumulative completed investment in power grid infrastructure is 639.502 billion yuan per month, an increase of 79.113 billion yuan. The cumulative completed investment in real estate development is 8,278.814 billion yuan per month, an increase of 41.9724 billion yuan. The monthly output of integrated circuits is 4,807,345.50 ten - thousand pieces, an increase of 415,345.50 ten - thousand pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 43.97%, a daily increase of 0.16%; the 40 - day historical volatility of Shanghai copper is 36.59%, a daily increase of 0.05%. The implied volatility of the at - the - money option in the current month is 31.69%, an increase of 0.0920. The call - put ratio of at - the - money options is 1.67, an increase of 0.2874 [2] 3.7 Industry News - Iran issue: Trump said he prefers to reach an agreement with Iran rather than go to war. US envoys Witkoff and Kushner will participate in a new round of US - Iran negotiations. US media reported that the Chairman of the Joint Chiefs of Staff warned that the risk of military action against Iran is extremely high and it is easy to fall into a long - term conflict. - Trump's tariffs: The European Parliament suspended the approval of the EU - US trade agreement. Trump warned that countries that do not comply with trade agreements with the US will face higher tariffs. US House Speaker Johnson said that there is no precedent for tariff rebates, and it will be decided by the White House. The British Prime Minister's spokesman said that all measures are under consideration. The Trump administration is considering imposing new "national security tariffs" on six industries, which may cover large - scale batteries, pig iron and iron accessories, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. - The US Supreme Court announced the ruling of the tariff lawsuit, ruling that the reciprocal tariffs, fentanyl tariffs and other related tariffs imposed by the US government on relevant trading partners under the International Emergency Economic Powers Act are illegal. The Chinese Ministry of Commerce responded that it is comprehensively evaluating the relevant content and impact. China urges the US to cancel the relevant unilateral tariff measures imposed on trading partners. China noted that the US is preparing to take trade investigations and other alternative measures to maintain the tariffs imposed on trading partners, and China will closely monitor this and firmly safeguard China's interests. - The director of the Planning Department of the National Energy Administration, Ren Yuzhi, said that a new energy system and a series of sub - field energy plans will be released and implemented. On the one hand, solidly promote the construction of strategic and landmark major projects, safely and orderly promote the construction of the Yalong River hydropower project, layout and construct wind and photovoltaic bases in the "Three North" regions, integrated water - wind - solar bases in the southwest, coastal nuclear power bases, and offshore wind power bases, and optimize the construction of backbone channels for electricity, oil and gas. On the other hand, accelerate the construction of a number of "small and beautiful" projects, implement the project to improve the electric vehicle charging network, layout and construct several integrated bases of wind - solar - hydrogen - ammonia - alcohol, and build a number of solar thermal power generation projects. - Federal Reserve Governor Waller said that if the employment data in February is strong, he may tend to suspend interest rate hikes. The potential inflation rate is close to the 2% target level [2]

美元上涨，从最高法院推翻美国总统特朗普大部分关税后的跌势中回升。德国商业银行的Michael Pfister在一份报告中称，鉴于特朗普迅速征收新关税，美元最初可能由财政担忧引发的疲软走势已经消 退。他表示，"不过，不确定性可能仍会很高。"一项10%的关税已于周二生效，此前特朗普在法院裁决 后不久签署了一项行政命令。此后他威胁要将关税提高到15%，但尚未发布正式提高税率的指令。 美元上涨，从最高法院推翻美国总统特朗普大部分关税后的跌势中回升。德国商业银行的Michael Pfister在一份报告中称，鉴于特朗普迅速征收新关税，美元最初可能由财政担忧引发的疲软走势已经消 退。他表示，"不过，不确定性可能仍会很高。"一项10%的关税已于周二生效，此前特朗普在法院裁决 后不久签署了一项行政命令。此后他威胁要将关税提高到15%，但尚未发布正式提高税率的指令。 责任编辑：何云 责任编辑：何云 ...

【技术分析】 【要闻速递】 美国最高法院裁定去年美国总统特朗普的关税，随后特朗普展开报复，开征新一轮关税，幅度达15%， 同时，威胁说"耍花招"的国家会面临报复。并且，正考虑对六大行业征收新的国家安全关税。 俄乌还好，谈谈打打，打打谈谈，目前依然在谈。其次是中东地区，美伊以动态引全球关注，剑拔弩 张；虽然打的概率不大，毕竟伊朗不是阿富汗，不是伊拉克，更不是利比亚和叙利亚那种相对小的国 家；并且伊朗地处位置敏感，对油价影响大。 开战容易，停战难，特朗普还面临中期选举；极限施压目前没有效果，狠话都撂下了，特朗普和相关方 都有点骑虎难下。 摘要周二(2月24日)欧洲时段，春节期间，国际金银整体震荡，临近节尾受关税及地缘局势刺激打破平 衡，多头发力拉升。截至目前，国际黄金较节前涨逾200美元，白银涨超10美元，今日沪金银、TD等国 内品种料将高开。长假后首日波动剧烈，多空博弈加剧，切忌盲目追单，宜待市场修复后再介入。昨日 金银续创新高，黄金突破5140-45后触及5220-40目标，白银站上88美元，后市仍聚焦美伊局势与关税动 态。 周二(2月24日)欧洲时段，春节期间，国际金银整体震荡，临近节尾受关税及地缘局势刺激 ...

摘要今日周二(2月24日)亚盘时段，纸黄金目前交投于1143.42元附近，截至发稿，纸黄金暂报1147.37元/ 克，跌幅0.62%，最高触及1165.93元/克，最低下探1143.42元/克。目前来看，纸黄金短线偏向拉锯走 势。 美国众议院议长约翰逊称，1340亿美元关税退税由白宫决定，此情况"史无前例"，众院暂未介入，民主 党则推动立法，部分人建议直接发退税支票。约翰逊还表示，国会在关税立法上难达共识，焦点转向行 政部门应对。 联邦快递已起诉政府，要求全额退还紧急关税费用。 特朗普政府正考虑对六大行业(大型电池、生铁配件、塑料管材、工业化学品、电网及电信设备)征"国 家安全关税"(依据《1962年贸易扩展法》第232条)，与15%全球关税分开实施，调查由商务部负责，时 间未定。惠誉指出，裁决后美国贸易体制变动，不确定性高，短期财政影响有限，但企业仍面临关税挑 战，2月20日裁决难成评级利好。 【最新纸黄金行情解析】 工行纸黄金价格延续高位震荡，近期在1110-1120元/克区间波动，整体呈存量资金博弈特征，技术面短 期支撑稳固但上行压力渐强，市场处于多空平衡阶段。小时级别支撑构成第一道防线，月线支撑虽弱仍 ...

1. Report Date - The report was released on February 24, 2026 [1] 2. Analysts - Liu Yuxuan, Investment Consulting Practitioner Qualification Number: Z0020476, Email: liuyuxuan023982@gtjas.com [2] - Tang Wenhao (Contact), Futures Practitioner Qualification Number: F03152608, Email: tangwenhao@gtht.com [2] 3. Fundamental Data of Tin Futures - The closing price of the main contract of Shanghai Tin yesterday was 365,400, with a daily decline of 7.05% [2] - The closing price of the LME Tin 3M electronic disk yesterday was 47,370, with a daily increase of 1.35% [2] - The trading volume of the main contract of Shanghai Tin yesterday was 180,497, an increase of 2,643 compared with the previous day; the position was 24,005, a decrease of 4,255 compared with the previous day [2] - The trading volume of the LME Tin 3M electronic disk yesterday was 266, an increase of 18 compared with the previous day; the position was 21,997, a decrease of 271 compared with the previous day [2] - The inventory of LME Tin was 7,660, an increase of 15 compared with the previous day; the cancelled - warrant ratio was 6.57%, a decrease of 0.38% compared with the previous day [2] Spot and Price Difference - The price of SMM 1 tin ingot was 378,750 yesterday, a decrease of 12,900 compared with the previous day [2] - The average price of Yangtze River Non - ferrous 1 tin was 378,100 yesterday, a decrease of 15,800 compared with the previous day [2] - The LME Tin (spot/three - month) spread was - 64 yesterday, an increase of 53 compared with the previous day [2] - The spread between the nearby contract and the consecutive first contract was 165,620 yesterday, unchanged from the previous day [2] - The spread between the spot and the main futures contract was - 13,220 yesterday, a decrease of 12,420 compared with the previous day [2] Key Industry Price Data - The price of 40% tin concentrate (Yunnan) was 364,750 yesterday, a decrease of 12,900 compared with the previous day [2] - The price of 60% tin concentrate (Guangxi) was 368,750 yesterday, a decrease of 12,900 compared with the previous day [2] - The price of 63A solder bar was 251,250 yesterday, a decrease of 8,000 compared with the previous day [2] - The price of 60A solder bar was 240,250 yesterday, a decrease of 8,000 compared with the previous day [2] 4. Trend Intensity - The trend intensity of tin is 1, with the range of trend intensity being integers in the [-2, 2] interval. The strength levels are classified as weak, slightly weak, neutral, slightly strong, and strong. -2 means most bearish, and 2 means most bullish [3] 5. Macro and Industry News - Trump said countries that play tricks will face higher tariffs [4] - Due to US tariff risks, the EU plans to suspend the approval of the US - EU trade agreement [4] - German Chancellor Merz will pay an official visit to China from February 25 to 26 [4] - Fed Governor Waller: CEOs say AI will lead to massive layoffs [4]

然而，美国海关与边境保护局CBP当日宣布，从美国东部时间24日凌晨12时01分起，停止征收所有依据 《国际紧急经济权力法》实施的关税。CBP在其货运系统信息服务向托运人发布的一份通知中表示，将 停用所有相关关税代码。(凤凰卫视王冰汝华盛顿报道) 据凤凰卫视报道，美国最高法院日前推翻了美国总统特朗普依据紧急权力法对几乎所有国家征收的关 税，但特朗普并没有退缩的迹象，他在23日发出威胁，要求全球继续遵守此前达成的关税协议，并发文 称，任何试图利用美国最高法院裁决玩花样的国家，都将面临比他们最近刚同意的更高、甚至更糟糕的 关税。 ...