Group 1: Trade Relations - The US and UK reached a limited agreement to lower tariffs on certain products, but a 10% base tariff remains in place, indicating long-term challenges for tariff reductions with other countries[1] - US Treasury Secretary Scott Bessenet reported "substantial progress" in trade talks with China, with further details expected to be announced[2] - President Trump expressed willingness to reduce tariffs on China by up to 80% prior to the Geneva meetings, highlighting a potential shift in trade policy[2] Group 2: Economic Indicators - The US services PMI rose to 51.6 in April, while the manufacturing PMI fell to 48.7, indicating mixed economic signals[10] - The Federal Reserve maintained interest rates, aligning with market expectations, and is likely to remain cautious in the face of uncertain trade policies[2] - Market pricing suggests there may be three more interest rate cuts within the year, reflecting ongoing economic concerns[31] Group 3: Risks and Outlook - The ongoing trade negotiations are subject to fluctuations, posing risks to market stability[3] - The Fed's current stance is to wait for actual economic data to weaken before making further adjustments to monetary policy, indicating a cautious approach[2] - The potential for a rebound in risk assets is tempered by the possibility of a "buy the rumor, sell the fact" scenario in the stock market[2]

周度报告-黄金 贸易问题短期缓和，黄金冲高回落 | [走Ta势bl评e_级Ra：nk] | | | 黄金：看跌 | | | | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 | 年 | 5 月 | 11 | 日 | [★Ta市bl场e_综Su述mm：ary] 伦敦金反弹 2.6%至 3325 美元/盎司。10 年期美债收益率 4.38%，通 胀预期 2.31%，实际利率微升至 2.06%，美元指数涨 0.31%至 100.3， 标普 500 指数跌 0.47%，离岸人民币小跌，沪金维持较高溢价。 贵 金 属 金价波动增加，关税问题仍然是市场交易核心所在，特朗普表示将 对美国以外生产的电影加征 100%关税，叠加地缘军事冲突升温，国 内资金节后抄底增加，推动黄金再度突破 3400 美元/盎司。但随后 美联储 5 月利率会议按兵不动表态偏鹰，以及英国和美国达成贸 易协议，黄金高位回落，日内波动幅度加大。中美高层瑞士举行 会谈，此前的关税无法正常贸易，因而双方均有降低关税到能贸 易的水平的意愿，关税问题边际上存在改善空间，短期对黄金不 利，但中长期维度贸易不会 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals, particularly gold, are expected to perform well in the long term despite recent price fluctuations. The report notes a slight increase of 0.33% in domestic spot gold prices and highlights improving international trade conditions, which may influence gold's safe-haven appeal [5]. - Industrial metal prices have mostly declined, with specific changes noted in copper, aluminum, lead, zinc, tin, and nickel prices. However, demand from the renewable energy sector is expected to offset declines in traditional industries [5]. - The report emphasizes the potential for investment opportunities in the non-ferrous metals sector, particularly in precious metals, as the Federal Reserve enters a rate-cutting cycle and domestic monetary policies strengthen [5]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Domestic gold prices have shown a slight increase, while international trade issues are showing signs of improvement [5]. 1.2 Industrial Metals - Prices for copper, aluminum, lead, zinc, tin, and nickel have varied, with copper prices slightly increasing by 0.3% [27]. 1.3 Minor Metals - Prices for rare earth elements like praseodymium-neodymium oxide have increased, indicating a potential rise in demand due to manufacturing recovery [30]. 1.4 Energy Metals - Lithium carbonate and hydroxide prices have decreased, with a focus on future demand growth for energy metals [34]. 2. Market Data - The report includes various tables summarizing price changes for different metals, indicating overall market trends [36]. 3. Important Events Review - Notable events include the resumption of production at a major nickel plant in Indonesia and the discovery of a significant copper deposit by Lundin Mining in South America [41][42].

美联储主席鲍威尔：贸易问题由政府来解决。 ...

墨西哥总统辛鲍姆：同意未来数日继续致力于贸易问题。 ...

智通财经4月30日电，特朗普表示，将与澳大利亚总理讨论贸易问题。 ...

美国总统特朗普：各国领导人希望就贸易问题举行会晤。 ...

智通财经4月24日电，国际货币基金组织（IMF）总裁格奥尔基耶娃表示，贸易问题带来的不确定性代 价高昂。 ...

IMF总裁格奥尔基耶娃：贸易问题带来的不确定性代价很高。 ...

欧洲央行管委Villeroy：警告关税可能损害全球经济。 特朗普在贸易问题上玩"双输游戏"。 ...