Investment Ratings - The steel industry is rated as "Neutral" while the non-ferrous metals industry is rated as "Positive" [3] - Specific companies such as Luoyang Molybdenum (603993), Zhongjin Gold (600489), Shandong Gold (600547), Zijin Mining (601899), and China Aluminum (601600) are rated as "Buy" [3] Core Insights - The steel market is experiencing a seasonal downturn, with expectations of declining demand for construction materials and sheet steel, leading to a potential inventory accumulation cycle [1][18] - Copper prices are supported by tight supply at the mine level, but the overall demand remains weak during the off-season [1][41] - Aluminum prices are expected to fluctuate in the short term due to domestic low inventory supporting prices, despite some downstream sectors showing signs of weakness [1][50] - Gold prices are bolstered by international trade tensions, expectations of U.S. interest rate cuts, and geopolitical factors [2][54] - The lithium market faces oversupply pressures, with significant inventory levels expected to keep prices weak [2][57] Industry Summaries Steel Industry - Demand has weakened, with a notable decrease in terminal procurement volumes, down 14.62% week-on-week and 6.41% year-on-year as of June 6 [19] - Steel production from major varieties was 8.8038 million tons, a slight decrease of 0.05% from the previous week [21] - The total steel inventory increased by 0.26% week-on-week, but decreased by 20.97% year-on-year [27] Copper Industry - The copper market is influenced by U.S.-China trade tensions, with the first meeting of trade negotiations expected to impact copper prices significantly [41] - As of June 6, LME copper prices were $9,800 per ton, reflecting a 1.79% increase from the previous week [48] Aluminum Industry - The aluminum sector is facing pressure from rising costs due to higher alumina prices, while some downstream demand is weakening [50] - As of June 6, LME aluminum prices were $2,400 per ton, down 0.55% from the previous week [51] Gold Industry - Gold prices are supported by various macroeconomic factors, including rising U.S. debt and geopolitical tensions [2][54] - As of June 6, COMEX gold closed at $3,331 per ounce, up 0.54% from the previous week [54] Lithium Industry - The lithium market is characterized by significant inventory pressure, with prices expected to remain weak due to oversupply [57] - As of June 6, battery-grade lithium carbonate prices were 60,700 yuan per ton, down 1.30% from the previous week [58] Rare Earth and Minor Metals - Prices for light rare earths have shown an increase, with praseodymium-neodymium oxide priced at 449,000 yuan per ton as of June 6, up 2.51% [68]

Group 1 - The core viewpoint of the news highlights the weak performance of the U.S. retail market, which raises concerns about economic growth and boosts expectations for interest rate cuts, benefiting gold prices [1] - U.S. retail sales for April showed a month-on-month increase of 0.1%, surpassing market expectations of 0.0%, while March's data was revised significantly upward to a growth of 1.7% [1] - The control group data, which directly impacts GDP, decreased by 0.2%, contrary to market expectations of a 0.3% increase, casting a shadow over the start of the second quarter [1] Group 2 - Federal Reserve Chairman Jerome Powell acknowledged that "supply shocks" may become the new normal, indicating that higher real interest rates could reflect more volatile inflation in the future [1] - The Fed's 2020 policy framework may shift focus away from employment gaps, as Powell stated that the central bank might not overly prioritize employment in the future [1] - The Fed adopted a "flexible average inflation targeting" approach, allowing inflation to exceed 2% for a period after being below that level for an extended time [1] Group 3 - Technical analysis of gold indicates a potential upward trend, with a recent price increase from 3120.0 to a peak of 3250.0, suggesting a possible shift in market momentum [4] - The trading strategy for gold suggests attempting to buy near 3211.0, with a stop loss at 3203.0 and targets set at 3231.0 and 3265.0 [2] - Silver prices also showed a bullish trend, recovering above the previous low of 31.87 and reaching a high of 32.67, indicating a potential upward movement [6]

Core Viewpoint - China's foreign exchange reserves have remained stable above $3.2 trillion for 16 consecutive months, with a slight increase in March 2025, attributed to various macroeconomic factors and the central bank's ongoing gold purchases [1][3][4]. Group 1: Foreign Exchange Reserves - As of March 2025, China's foreign exchange reserves stood at $32,407 billion, an increase of $134 billion from February, representing a 0.42% rise [3][4]. - The increase in reserves is influenced by the depreciation of the US dollar index and fluctuations in global financial asset prices, with the dollar index falling by 3.2% to 104.2 in March [4]. - In the first quarter of 2025, China's foreign exchange reserves increased by a total of $38.3 billion, indicating a steady recovery [4]. Group 2: Gold Reserves - The central bank has increased its gold reserves for five consecutive months, with the total gold reserves reaching 7.37 million ounces by the end of March 2025, an increase of 90,000 ounces from February [6][7]. - The international gold price showed an overall upward trend in March, reaching a historical high, although it faced downward pressure in early April due to market liquidity issues and stronger dollar index [7][10]. - Market analysts suggest that while short-term gold prices may face challenges, long-term factors such as geopolitical risks and central bank purchases could support gold prices [10].