Group 1 - The U.S. President Trump announced a 35% tariff on goods imported from Canada starting August 1, following similar actions against over 20 countries, indicating a continued escalation of trade tensions [2][3] - Canada has shown a strong stance in response to the tariffs, with its Minister of Industry Melanie Joly stating that Canada will retaliate against the measures, highlighting the potential for further trade conflict [3] - The U.S. Treasury reported that tariff revenues exceeded $100 billion in the first seven months of 2025, with projections suggesting total tariff income could surpass $300 billion for the year [4] Group 2 - Trump has been vocal about the positive impacts of tariffs, claiming they are leading to economic prosperity in the U.S., including new factories and job creation, while dismissing concerns about inflation [4] - The Federal Reserve is experiencing internal divisions regarding interest rate policies, with some members suggesting a potential rate cut due to temporary inflation effects from tariffs [5] - Jamie Dimon, CEO of JPMorgan Chase, warned that the market may be underestimating the likelihood of interest rate hikes, citing inflationary pressures from tariffs and other economic factors [6] Group 3 - Recent labor market data indicates a cautious approach from U.S. companies regarding hiring, despite a decrease in unemployment claims, with the number of unemployment insurance recipients reaching a four-year high [7]

据央视新闻消息，当地时间7月10日，美国总统特朗普宣布，将自8月1日起，对自加拿大进口的商品 征收35%关税。 加元应声下跌。美元/加元一度上涨0.6%，至1.3731；美元兑G10货币悉数上涨，美元即期指数上涨 0.2%。澳元/美元下跌0.4%至0.6561。新西兰元/美元下跌0.4%至0.6014。 美股股指期货扩大跌幅，其中标普500指数期货跌0.5%，纳指期货下跌0.6%。 此前，特朗普表示美国将自2025年8月1日起对所有巴西产品征收50%的关税。巴西副总统兼发展、工 业、贸易和服务部长热拉尔多·阿尔克明当天表示，特朗普宣布对巴西商品征收新关税是不公平的。他回 应道, "我看不出有任何理由要对巴西提高关税。巴西不是美国的问题，这一点需要强调。美国确实有贸易 逆差，但对巴西是顺差。在美国对我们出口的产品中，十中有八都是零关税的，不需要缴税。"他进一步 表示，这项针对巴西的措施是不公平的，也会对美国自身经济造成损害，因为在贸易领域是存在一体化 的。 免责声明 文章封面图来源于AI，以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性 和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预 ...

Group 1 - The core viewpoint indicates that gold prices are expected to remain volatile due to various factors including geopolitical tensions, tariff policies, and economic uncertainties [1][2][3] - The recent U.S. jobless claims data shows a decline, which may influence the Federal Reserve's decision on interest rates, adding to the uncertainty in monetary policy [1][2] - Analysts suggest that the reasonable valuation for gold over the next three years is around $2,990 per ounce, influenced by the global central banks entering a loosening cycle [2] Group 2 - Metals Focus reports that the downside potential for gold prices in the second half of the year is limited due to ongoing economic uncertainties supporting investment demand [3] - The impact of tariffs on inflation may take time to fully affect consumers, contributing to the risk of economic stagnation [3] - Concerns over unsustainable global debt levels are also seen as a factor supporting the long-term upward trend in gold prices [3]

Core Insights - The U.S. restaurant industry is facing significant challenges due to increased costs from tariffs on imported food ingredients, equipment, and packaging materials, which began on April 2 [1][2] - Consumer willingness to dine out has decreased, compounded by the financial strain from tariffs, leading to a negative outlook for the industry as noted by Fitch Ratings [2] Cost Increases - The cost of disposable items, such as bowls, has risen by 25%, from approximately $25 per box to $35 since March [2] - The price of disposable gloves has increased from $32 in January to $39 in recent orders [2] - Imported goods like wine and coffee have seen price increases of $0.50 to $1, with some raw material costs rising by 20% to 30% over six months [2][3] Business Responses - Businesses are adopting varied strategies to cope with the financial pressures; some are shifting to digital operations while others are passing costs onto consumers [2] - The typical profit margin for restaurants is low, often in single digits, making them particularly vulnerable to rising costs [3] Economic Implications - Economists are monitoring whether tariffs will lead to broader inflation and more cautious consumer spending this summer [5] - The uncertainty caused by the government's tariff announcements has led businesses to delay investments [5]

Core Viewpoint - The proposal by President Trump to impose a 50% tariff on imported copper products, including semi-finished copper goods, is expected to significantly impact various economic sectors and the U.S. copper supply chain [1][2]. Group 1: Tariff Proposal Details - The proposed tariff will cover copper products used in power grids, military equipment, and data centers, with semi-finished products likely included [1]. - The details of the tariff plan are not fully disclosed, and adjustments to the measures are still possible [1]. - The market had anticipated tariffs on refined copper, but the inclusion of semi-finished products (such as wire, sheet, and pipe) was uncertain until now [1]. Group 2: Economic Impact - The tariff is expected to raise production costs across multiple sectors, including electronics, automotive manufacturing, construction, and defense [1]. - In 2022, the U.S. imported 908,000 tons of refined copper, which constituted the largest import category, and these materials are processed into rods, cables, and alloy products [1]. Group 3: Industry Insights - The U.S. Copper Development Association highlighted that semi-finished copper products are critical to the military supply chain, representing 90% of U.S. semi-finished copper producers [2]. - The U.S. domestic copper production is insufficient to meet its own demand, necessitating significant imports of semi-finished copper products, estimated at 800,000 tons last year [2]. - The potential for a 50% tariff on semi-finished products raises national security concerns, as any disruption in foreign copper supply could severely impact U.S. electricity supply [2]. Group 4: Processing Sector Challenges - Imposing tariffs on semi-finished products will directly increase costs for processing companies, which rely heavily on imported raw materials [3]. - Current domestic processing capacity cannot meet the additional demand for 800,000 tons of semi-finished products, and establishing new capacity may take up to seven years [3].

行业 贵金属日评 日期 2025 年 7 月 11 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 美国总统推出更多关税措施特别是对巴西对等关税税率从 10%提高到 50%，关 税武器化程度加剧提振黄金的避险需求；美联储会议纪要显示大部分官员认为关 税政策带来的通胀压力将是暂时的；因此今年晚些时候将重启降息进程，美联储 降息预期再次升温并打压美元汇率和提振贵金属价格，伦敦黄金反弹至 3330 美元 /盎司附近。特朗普 2.0 新政推动全球政经格局重组进入乱纪元模式，黄金的避险 需求得到极大提振；目前看黄金波动性上升但中线上涨趋势保持良好，伦敦 ...

点击蓝字，关注我们 摩根大通CEO杰米戴蒙警告称，市场对美国总统唐纳德特朗普计划的关税感到自满。 智通财经 APP 注意到，摩根大通首席执行官杰米戴蒙警告称， 市场对美国总统唐纳德特朗普计划的关 税感到自满 。他在都柏林的一场活动中表示："不幸的是，我认为市场对关税消息表现出自满情绪。" 戴蒙表示，欧盟和美国达成协议非常重要，并补充说 "需要制定" 关税框架。 "目标应该是让欧洲更加强大，并让美国和欧洲保持团结，" 他补充道。" 德拉吉的报告里都有。所以， 当我们谈论资本市场联盟时，基本上一切都应该是单一市场。这很难做到。" 戴蒙在广泛的评论中还表示，他相信美联储可能会加息 —— 尽管市场预期并非如此。由于预期通胀将 进一步走强，美联储今年没有降息，而是在观望。 " 我认为利率上调的可能性比任何人预想的都要高 ，" 他表示。"如果市场预期利率上调的可能性是 20%，那么我认为是 40% 到 50%。" 特朗普政府正向美联储主席鲍威尔施加巨大压力，要求他降低借贷成本。"降息吧，杰罗姆 —— 现在是 时候了！" 特朗普本周在社交媒体上写道。 内容来源于智通财经APP 贝塔投资智库 为投资交易提供更有价值的服务 他 ...

Group 1 - Jamie Dimon, CEO of JPMorgan Chase, warns European leaders about competitiveness issues, stating that Europe's GDP share compared to the US has dropped from 90% to 65% over the past 10 to 15 years [1] - Dimon criticizes the market's complacency regarding Trump's tariff threats, noting that current tariffs on EU steel and aluminum have increased from 25% to 50% [2] - He emphasizes the declining competitiveness of the European market, indicating that successful large companies are becoming increasingly rare [3] Group 2 - Dimon suggests that Europe and investors should not underestimate the US government's tariff policies, especially if the US economy shows signs of weakness [2] - He calls for significant economic reforms in Europe to address serious issues and promote growth [3] - Dimon expresses a willingness to consider political involvement if certain political changes occur, despite having no political ambitions [3]

Group 1 - The core viewpoint of the news highlights the escalation of trade tensions between the U.S. and Canada, with President Trump announcing a significant increase in tariffs on Canadian goods, which has triggered a rise in safe-haven assets like gold [2][3] - The new tariff rate will increase to 35% from the previous rate, marking a 10 percentage point rise, and this is the third time the Trump administration has pressured Canada this year [2] - The Canadian government is evaluating countermeasures, indicating a willingness to negotiate but insisting on keeping the tariff rates within a tolerable range [3] Group 2 - The price of paper gold has shown an upward trend, currently reported at 768.33 yuan per gram, with a 0.31% increase, reflecting the market's reaction to the heightened geopolitical risks [1] - Technical analysis suggests that while gold prices have faced resistance, they remain above key support levels, indicating potential for a rebound in the near future [4] - Key resistance levels for paper gold are identified between 775-785 yuan, while support levels are noted at 750-760 yuan [4]

| 产业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 周敏波 | Z0015979 | 2025年7月11日 | | | | | | | | | | | 价格及价差 | 单位 | 现值 | 前值 | 涨跌 | 涨跌幅 | | | | | | | | SMM铝合金ADC12 | 元/吨 | 20100 | 20000 | 100.0 | 0.50% | 20000 | SMM华东ADC12 | 20100 | 100.0 | 0.50% | 元/吨 | | SMM华南ADC12 | 100.0 | 元/吨 | 20100 | 20000 | 0.50% | SMM西南ADC12 | 20100 | 20000 | 100.0 | 元/吨 | 0.50% | | SMM东北ADC12 | 20100 | 20000 | 100.0 | 0.50% | 元/吨 | 月间价差 | | | | | | | ...