Group 1: Gold Market Dynamics - Gold prices experienced fluctuations, reaching a peak of $3349.1 per ounce before closing at $3322.6, reflecting a slight decline of 0.09% [1] - Geopolitical tensions, particularly the ongoing Russia-Ukraine conflict, are providing strong support for gold prices, as recent military actions have escalated [5] - The World Bank has downgraded global economic growth expectations to 2.3% for 2025, citing trade barriers and rising tariffs, which enhances gold's appeal as a safe-haven asset [6] Group 2: U.S.-China Trade Negotiations - The second round of U.S.-China trade negotiations commenced in London, with positive progress reported by the U.S. Commerce Department, which could impact global economic conditions and gold prices [3] - If negotiations yield favorable outcomes, market risk appetite may temporarily increase, potentially exerting downward pressure on gold prices in the short term [3] - Long-term implications of the trade war, including supply chain restructuring and economic slowdown, may continue to support gold demand [3] Group 3: U.S. Monetary Policy and Inflation - Recent U.S. non-farm payroll data exceeded expectations, reducing the likelihood of rapid interest rate cuts by the Federal Reserve [4] - Market anticipations suggest a potential 25 basis point rate cut may occur later in 2025, influenced by rising inflation pressures [4] - The upcoming U.S. Consumer Price Index (CPI) data is crucial for assessing economic health and guiding expectations for the dollar and Fed interest rates, which could impact gold prices [4] Group 4: Oil Market Overview - International oil prices remain near seven-week highs, with WTI crude reaching $65 before closing at $64.47 per barrel, while Brent crude settled at $66.72 [8] - OPEC+ is set to increase production by 411,000 barrels per day in July, continuing to ease previous production cuts, which may exert pressure on oil prices [8] - The balance between global trade developments and OPEC+ production increases creates a complex environment for oil price movements [10]

Report Title and Date - Report date: June 9, 2025 [1] - Report title: Crude Oil: Likely to Continue Strong, Hold Long Positions and Positive Spreads with Light Positions [2] Report Industry Investment Rating - Not provided Report's Core View - Crude oil is likely to continue its strong performance, and it is recommended to hold long positions and positive spreads with light positions [2] Summary by Related Catalogs International Crude Oil Prices - WTI July crude oil futures closed up $1.21 per barrel, or 1.91%, at $64.58 per barrel; Brent August crude oil futures closed up $1.13 per barrel, or 1.73%, at $66.47 per barrel; SC2507 crude oil futures closed up 8.00 yuan per barrel, or 1.71%, at 475.90 yuan per barrel [2] Market News and Data - From June 3, crude oil speculators increased their net long positions in WTI by 39,598 contracts to 106,755 contracts [3] - As of June 7, the date of the next round of Iran-US talks is undetermined, and Iran will respond to the US proposal in the next few days [3] - As of June 6, the total number of US oil rigs was 442, down from 461 in the previous period [3] - On June 6, the US imposed a new round of sanctions on Iran, targeting 10 individuals and 27 entities [3] - The US seasonally adjusted non-farm payrolls in May were 13.9 million (expected 13 million, previous 17.7 million), and the unemployment rate was 4.2% (expected 4.2%, previous 4.2%) [3] - The US Department of Transportation announced that Biden-era fuel economy regulations exceed legal authority [3] - HSBC Research expects OPEC+ to agree to significant production increases in August and September, with daily production increasing by 41,000 barrels and 274,000 barrels respectively. It is expected that by the end of 2025, the voluntary production cut of 2.2 million barrels per day will be fully lifted [3] - The revised annual GDP growth rate of the Eurozone in Q1 was 1.5% (expected 1.2%, previous 1.2%) [3] - Israel assured the US that it will not attack Iran unless the negotiations fail [3] - Hamas leaders are ready for a new round of ceasefire negotiations, and the ceasefire negotiations in Gaza are ongoing [3] Trend Intensity - The trend intensity of crude oil is 1, with a range of [-2, 2], where -2 indicates the most bearish and 2 indicates the most bullish [4]

Group 1: Investment Rating - The investment rating for crude oil is to wait and see in the short - term and try long positions with a light position [1] Group 2: Core View - The report analyzes the price changes of international crude oil futures and provides a short - term investment strategy for crude oil, along with various economic data and geopolitical events that may affect the oil market [1][2] Group 3: Summary by Related Information International Crude Oil Futures Prices - WTI June crude oil futures rose $1.96 per barrel, or 3.43%, to $59.09 per barrel; Brent July crude oil futures rose $1.92 per barrel, or 3.19%, to $62.15 per barrel; SC2506 crude oil futures rose 8.10 yuan per barrel, or 1.77%, to 465.90 yuan per barrel [1] Economic Data - China's Caixin Services PMI in April was 50.7, with an expected value of 51.8 and a previous value of 51.9 [2] - Switzerland's seasonally - adjusted unemployment rate in April was 2.8%, in line with expectations and the previous value [2] - France's April Services PMI final value was 47.3, with an expected value of 46.8 and a previous value of 46.8 [2] - Germany's April Services PMI final value was 49, with an expected value of 48.8 and a previous value of 48.8 [2] - UK's April Services PMI final value was 49, with an expected value of 48.9 and a previous value of 48.9 [2] - Eurozone's March PPI monthly rate was - 1.6%, in line with expectations and a previous value of 0.20% [2] - US March trade balance was - $140.5 billion, with an expected value of - $137 billion and a previous value revised from - $122.7 billion to - $123.2 billion [2] - US April Global Supply Chain Pressure Index was - 0.29, with a previous value of - 0.18 [2] - US API crude oil inventory for the week ending May 2 was - 4.494 million barrels, with an expected value of - 2.48 million barrels and a previous value of 3.76 million barrels [2] Geopolitical Events - The EU Commission will propose a legal proposal to ban the import of natural gas and liquefied natural gas from Russia by the end of 2027 [2] - Israel Defense Forces launched an air strike in Yemen, destroying Sanaa International Airport and several power plants and a cement factory [2] - India launched "Operation Sindhul" against multiple locations in Pakistan, and Pakistan launched ground and air operations in response [2] - The US and Yemen's Houthi rebels reached an agreement not to attack each other's ships, but the Houthi rebels' senior officials did not confirm the cease - fire [4] - The fourth round of Iran - US nuclear talks may be held on May 11 [4] Tariff and Trade Agreements - If the negotiation fails, the EU will impose tariffs on US goods worth 100 billion euros [4] - The UK and India reached a free - trade agreement [4] - The UK and the US are expected to reach a trade agreement this week to reduce tariffs on cars and steel [4] - Trump may renegotiate the US - Mexico - Canada Agreement [4] Saudi Oil Pricing - Saudi Arabia set the official selling price of Arabian Light crude oil for the US in June at a premium of $3.40 per barrel over the Argus Sour Crude Index [2] - Saudi Arabia set the official selling price of Arabian Light crude oil for Asia in June at a premium of $1.40 per barrel over the Oman/Dubai average [2] Trend Intensity - The trend intensity of crude oil is 0, indicating a neutral view [3]

Group 1: Gold Market Analysis - The international gold price has shown a short-term increase, currently at $3028.81 per ounce, with a rise of 0.71% [2] - The price opened at $3012.82, reaching a high of $3035.58 and a low of $3007.31, indicating volatility in the market [2] - President Trump is focusing on the Federal Reserve, pushing for quicker interest rate cuts to alleviate economic pressure, which may impact gold prices [2] - Despite a recent downward trend in daily gold prices, the critical support level at $3000 has not been breached, suggesting a potential for upward movement [3][5] - The current market sentiment remains bullish, with a recommendation to adopt a buy-on-dips strategy, targeting resistance levels between $3038 and $3043 [5] Group 2: Oil Market Analysis - Brent crude oil futures rose by $0.01 to $73.01 per barrel, while WTI increased by $0.01 to $69.12 per barrel [6] - Concerns over Trump's tariffs potentially slowing economic growth and oil demand are prevalent, alongside supply restrictions due to sanctions on Venezuela and Iran [6] - The oil market is experiencing a mixed sentiment, with short-term upward momentum observed despite a longer-term bearish trend [7] - The recommendation for oil trading is to focus on buying on dips, with resistance levels identified between $70.0 and $70.5 and support levels between $68.2 and $67.7 [7]