特朗普政府近期在贸易谈判中频繁将波音公司(BA.US)飞机订单纳入议程，这一动向促使美国银行重拾 对其股票的信心。 爱泼斯坦将波音股票评级从中性上调至买入，并将12个月目标价从185美元大幅上调至260美元——这是 华尔街目前最高预测，较当前股价高出约25%。受此消息提振，波音股价周一大涨2.1%。 分析师罗纳德.爱泼斯坦(Ronald Epstein)在研报中指出："波音飞机已成为近期美国贸易谈判中的'首选贸 易工具'，我们预计这一趋势将持续。" 尽管该股较4月低点已反弹超50%，但尚未完全收复2024年初因737Max机型重大事故引发的暴跌失地， 那次事故曾严重动摇市场对其安全记录的信心。 他表示，包括卡塔尔航空创纪录的采购订单，以及中国解除对波音飞机的交付禁令等利好因素，正为该 股创造买入机会。 爱泼斯坦指出，在新任首席执行官凯利.奥特伯格(Kelly Ortberg)领导下，波音正逐步摆脱"厄运循环"。 737机型的生产流程持续改善，分析师预计，类似4月106亿美元资产出售的交易将进一步缓解公司资产 负债表压力。 作为全球两大商用飞机制造商之一，波音早已深陷贸易谈判的风口浪尖——特朗普首个总统任期内， ...

特朗普的关税政策变数仍在。 据最新消息，当地时间6月2日，美国特朗普政府请求联邦上诉法院阻止此前哥伦比亚特区联邦地区法院裁定其 关税政策"违法"的命令。 与此同时，欧盟对特朗普的关税政策发出警告。当地时间6月2日，欧盟警告称，如果美国总统特朗普兑现其最 新的关税威胁，欧盟可能会加快实施报复性措施。 另外，美国与印度的贸易谈判也有最新消息。美国商务部长卢特尼克称，两国谈判已开始取得积极进展，预计 不久的将来能够与印度达成贸易协议。 特朗普政府上诉 6月3日，据央视新闻，当地时间6月2日，美国特朗普政府请求联邦上诉法院阻止此前哥伦比亚特区联邦地区法 院裁定其关税政策"违法"的命令。 当地时间5月29日，位于首都华盛顿的哥伦比亚特区联邦地区法院就特朗普政府依据《国际紧急经济权力法》 对多国加征的关税措施发布初步禁令。该裁决针对美国两家小企业4月22日对联邦政府发起的诉讼。 5月28日，位于纽约的美国国际贸易法院裁定禁止执行特朗普政府依据《国际紧急经济权力法》对多国加征关 税措施的行政令。29日，美国联邦巡回上诉法院批准特朗普政府的请求，暂时搁置美国国际贸易法院做出的裁 决。 另据新华社消息，美国特朗普政府2日向最高 ...

日本经济再生大臣赤泽亮正：在贸易谈判中达成全面协议至关重要。 ...

Group 1 - The US stock market saw a collective rise on June 2, with the Dow Jones up 0.08%, Nasdaq up 0.67%, and S&P 500 up 0.41%. Notable tech stocks like AMD and Meta rose over 3% [1] - The Nasdaq Golden Dragon China Index increased by 0.53%, with companies like Baidu and JD.com rising over 1% [1] - The Trump administration requested a federal appeals court to block a ruling that deemed its tariff policy illegal, stemming from a preliminary injunction issued by a court on May 29 [1] Group 2 - The European Union expressed strong regret over the US's tariff increases, stating it undermines efforts to resolve trade disputes. EU Trade Commissioner will meet with US trade representatives to negotiate [2] - The EU has approved tariffs on US products worth €21 billion, targeting politically sensitive items from states like Louisiana, and has a backup list of €95 billion in tariffs on US industrial products [2] - The Trump administration is pushing for countries involved in tariff negotiations to submit their best offers by Wednesday, indicating a sense of urgency to finalize trade agreements before a July deadline [3][4]

Core Viewpoint - The European Union (EU) has sent a technical team to Washington for trade negotiations, warning that increased steel tariffs by the Trump administration could jeopardize discussions and lead to retaliatory tariffs on U.S. goods [1] Group 1: Trade Negotiations - EU officials are engaging in trade talks with the Trump administration, emphasizing the importance of balanced outcomes in negotiations [1] - The EU Trade Commissioner, Sefcovic, is scheduled to meet with U.S. Trade Representative Lighthizer in Paris [1] Group 2: Tariff Concerns - The EU has issued a warning regarding the potential increase of steel tariffs to 50% by the Trump administration, which could threaten the economic relationship between the two regions [1] - The EU is prepared to implement countermeasures if negotiations do not yield satisfactory results [1]

周度报告-外汇期货 d[Table_Title] 特朗普关税再度施压，美元短期走弱 市场风险偏好摇摆，股市多数上涨，债券收益率多数下行，美 债收益率降至 4.4%。美元指数涨 0.22%至 99.3，非美货币多数贬 值，离岸人民币跌 0.45%，欧元跌 0.14%，英镑跌 0.58%，日元 跌 1.02%，瑞郎跌 0.16%，雷亚尔、韩元、比索跌超 1%，澳 元、兰特、泰铢、林吉特、新西兰元收跌。金价跌 2%至 3289 美 元/盎司，VIX 指数回落至 18.6，现货商品指数收跌，布油跌 2.5%至 63.9 美元/桶。 外 ★市场交易逻辑 汇 期 货 股市情绪受到特朗普政府关税政策的扰动，先是美国国际贸易 法院阻止"解放日"关税生效，裁定特朗普以贸易逆差等为 由，援引《国际紧急经济权力法》征收全面关税，属于越权行 为，股市情绪一度被提振。但随后联邦上诉法院暂停一项阻止 特朗普征收全球关税的裁决，美国继续对外加征关税，美国与 欧盟、日本等其他国家的贸易谈判也在继续推进，仍然牵动市 场神经。特朗普也再度施压中国，表示谈判目前停滞状态，并 将对外的钢铁等关税提升至 50%。美联储 5 月利率会议纪要显 示经济面 ...

美国贸易代表格里尔 ：关税诉讼并未影响贸易谈判。 ...

Core Viewpoint - The U.S. Trade Representative, Tai, indicated that if tariff rulings "go in the opposite direction," there are other tools available, suggesting that tariff litigation has not harmed trade negotiations [1] Group 1 - The statement emphasizes the readiness to utilize alternative measures if tariff decisions are unfavorable [1] - The assertion that tariff litigation has not negatively impacted trade negotiations highlights the resilience of ongoing discussions [1]

隔夜，现货黄金探底回升，亚市一度触及5月20日以来最低3245.88美元，随后展开反弹，盘中最高触及3330.92美元，收报于3317.59美元。今日欧市盘 中，黄金震荡下跌，目前在3297美元附近徘徊。 关税又有新变数！ 隔夜，美股三大股指集体高涨，截至收盘，道指涨0.28%，报42215.73点；纳指涨0.39%，报19175.87点；标普500指数涨0.40%，报5912.17点。 本月迄今，标普500指数累计上涨5.7%，道指上涨3.5%，纳斯达克指数飙升9.5%。 消息面上，不到24小时，美国国际贸易法院的裁定就被暂缓执行了。 白宫贸易顾问纳瓦罗证实，"B计划"将先后动用1974年《贸易法》第122条（对严重贸易失衡国家征收临时关税）；同法案第301条（针对不公平贸易行为 征税）；乃至1930年《斯姆特-霍利关税法》（对歧视美国的国家加征关税）。 特朗普规定的7月9日关税最后期限临近，到目前为止仅与英国达成了象征性的协议。 接下来，市场要面对两种可能，一种是，协议意外突破 → 贸易谈判氛围短暂缓和；另一种是，无果僵局加剧 → "B计划"正式启动，关税威胁规模与范围 将急剧升级。 美国联邦巡回上诉法院 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall situation of the non - ferrous metals market is complex, affected by factors such as trade policies, supply and demand fundamentals, and inventory changes. Each metal has its own unique price trends and influencing factors [1][3][4][5][6][8][10][12][14]. - For copper, although there is support from supply tightness, attention should be paid to the risk of economic slowdown in the medium - term. For aluminum, low inventory supports prices, but the market atmosphere is not optimistic. For lead, the cost support may weaken if scrap prices fall further. For zinc, there is a risk of price decline as inventory accumulates. For tin, the supply is expected to turn looser, and demand is dragging down prices. For nickel, macro uncertainty is high, and it is advisable to wait for a rebound to short. For lithium carbonate, prices may continue to decline without supply disruptions. For alumina, it is recommended to short at high prices. For stainless steel, the market may continue to decline weakly [1][3][4][5][6][8][10][12][14]. 3. Summary by Metal Copper - Price: LME copper rose slightly by 0.01% to $9567/ton, and SHFE copper main contract closed at 77850 yuan/ton. The reference range for SHFE copper main contract is 77200 - 78400 yuan/ton, and for LME copper 3M is 9450 - 9650 dollars/ton [1]. - Inventory: LME inventory decreased by 1925 to 152375 tons, and SHFE copper warehouse receipts decreased by 0.3 to 3.2 million tons. The social inventory of electrolytic copper decreased slightly [1]. - Market situation: The supply of copper raw materials remains tight, and the short - term supply disruptions support copper prices. However, pay attention to the risk of economic slowdown in the medium - term [1]. Aluminum - Price: LME aluminum fell 0.59% to $2450/ton, and SHFE aluminum main contract closed at 20110 yuan/ton. The reference range for SHFE aluminum main contract is 20000 - 20200 yuan/ton, and for LME aluminum 3M is 2430 - 2480 dollars/ton [3]. - Inventory: SHFE aluminum weighted contract open interest increased by 1.2 million hands to 52.6 million hands, and futures warehouse receipts decreased by 0.2 to 5.2 million tons. The social inventory of aluminum ingots decreased [3]. - Market situation: Low inventory supports aluminum prices, but the market atmosphere is not optimistic, and the trade situation is volatile [3]. Lead - Price: SHFE lead index rose 0.26% to 16745 yuan/ton, and LME lead 3S rose to $1987.5/ton [4]. - Inventory: The domestic social inventory increased to 4.57 million tons [4]. - Market situation: The production of recycled lead enterprises is decreasing, and the cost support may weaken if scrap prices fall further [4]. Zinc - Price: SHFE zinc index rose 1.11% to 22407 yuan/ton, and LME zinc 3S rose to $2716.5/ton [5]. - Inventory: The domestic social inventory decreased slightly to 7.50 million tons, but there is an expectation of inventory accumulation in the medium - term [5]. - Market situation: Zinc concentrate supply is abundant, and there is a risk of price decline as inventory accumulates [5]. Tin - Price: Tin prices continued to fall due to the expectation of mine restart. The reference range for domestic main contract is 240000 - 260000 yuan/ton, and for LME tin is 29000 - 32000 dollars/ton [6][7]. - Inventory: SHFE futures registered warehouse receipts decreased by 14 to 7984 tons, and LME inventory increased by 20 to 2680 tons [7]. - Market situation: The supply is expected to turn looser, and demand is weak, dragging down prices [6][7]. Nickel - Price: Nickel prices rebounded significantly. The reference range for SHFE nickel main contract is 115000 - 128000 yuan/ton, and for LME nickel 3M is 14500 - 16500 dollars/ton [8]. - Market situation: The production of refined nickel is at a high level, and the demand from the stainless - steel market is weak. Macro uncertainty is high, and it is advisable to wait for a rebound to short [8]. Lithium Carbonate - Price: The MMLC index fell 1.62% to 60737 yuan, and the LC2507 contract closed 2.52% lower at 58860 yuan. The reference range for GC lithium carbonate 2507 contract is 58000 - 59800 yuan/ton [10]. - Inventory: The domestic lithium carbonate inventory decreased slightly by 0.2% to 131571 tons [10]. - Market situation: The supply clearance is slow, and prices may continue to decline without supply disruptions [10]. Alumina - Price: The alumina index fell 1% to 2945 yuan/ton. The reference range for domestic main contract AO2509 is 2850 - 3300 yuan/ton [12]. - Inventory: The futures warehouse receipts decreased by 0.33 to 14.02 million tons [12]. - Market situation: The alumina production capacity is in excess, and it is recommended to short at high prices, paying attention to changes in bauxite prices [12]. Stainless Steel - Price: The stainless - steel main contract closed at 12680 yuan/ton, down 1.36%. The 304 stainless - steel market may continue to decline weakly in the short - term [14]. - Inventory: The social inventory increased by 0.85% to 111.77 million tons, and the 300 - series inventory decreased by 3.42% [14]. - Market situation: The spot price is under pressure, and the market is in a difficult situation of "the lower the price, the harder to sell" [14].