Report Industry Investment Rating - Not provided in the content Core Viewpoints - Copper prices are likely to maintain high - level oscillations due to factors such as the uncertain outcome of Sino - US economic and trade negotiations, weak domestic economic data, the transition from peak season to off - season, and low inventory [1]. - Aluminum prices are affected by the Sino - US talks and the approaching off - season. It is recommended to closely monitor the results of the Sino - US talks [2]. - Nickel is expected to experience weak oscillations in the medium - to - long term due to cost support and supply surplus [3][5]. - Tin prices are expected to oscillate, and it is advisable to conduct range trading, while paying attention to supply resumption and downstream demand [6]. Summary by Related Catalogs Basic Metals Copper - As of June 11, the Shanghai copper main 07 contract rose 0.2% to 79,290 yuan/ton. The Sino - US economic and trade negotiation has not made a breakthrough, but the US side is optimistic. The market expects the US to impose tariffs on copper, which has led to a halving of LME copper inventory in the past three months. The domestic spot market has low downstream consumption, low social inventory, and a narrowing BACK spread. The negative low level of copper ore smelting TC exerts continuous pressure on the supply outlook [1]. Aluminum - As of June 11, the Shanghai aluminum main 07 contract rose 1.25% to 20,250 yuan/ton. Mining disruptions in Guinea will impact the import volume of bauxite in July. The operating capacity of alumina has increased, and the inventory has decreased. The operating capacity of electrolytic aluminum remains stable. The downstream processing enterprise's operating rate has declined, and the inventory of aluminum ingots and aluminum rods has decreased. The 232 steel and aluminum tariffs in the US have increased, and the impact of the off - season is gradually emerging [2]. Nickel - As of June 11, the Shanghai nickel main 07 contract rose 0.11% to 121,790 yuan/ton. The US PMI is expanding, and the euro - zone PMI is contracting. Domestically, the LPR has been lowered. The nickel ore market in Indonesia is tight, and the downstream nickel - iron is in a loss state. The refined nickel has a surplus, and the LME inventory has increased. The demand for stainless steel is average, and the price of nickel sulfate is pushed up by cost but has limited demand [3][5]. Tin - As of June 11, the Shanghai tin main 07 contract rose 0.69% to 265,530 yuan/ton. In May, domestic refined tin production decreased, and in April, tin concentrate imports increased. The supply of tin ore is gradually improving, and the inventory has decreased. The semiconductor industry is expected to recover, but the US tariff policy may suppress downstream demand [6]. Spot Transaction Summary Copper - Domestic spot copper prices rose slightly. Sellers were reluctant to cut prices, and buyers were waiting and watching, resulting in a stalemate in the market [7]. Aluminum - Spot aluminum market transactions improved. Sellers were reluctant to sell due to low inventory, and buyers were less willing to chase up prices. Long - term orders supported trading activity, and the market showed a situation of more buying than selling in the afternoon [8]. Alumina - Spot market transactions were light. Sellers maintained a price - holding strategy, while buyers were waiting and watching, resulting in poor transactions [9]. Zinc - Spot zinc market prices fell. Sellers were forced to cut prices, and buyers only made purchases to meet rigid demand, with low overall purchasing willingness [10]. Lead - Spot lead market prices rose slightly. Traders' discount quotes narrowed, and they were waiting for price corrections to replenish inventory. Recycled lead enterprises were more willing to sell, and transactions were concentrated on low - priced goods [11][12]. Nickel - Spot nickel market prices fell. Market transactions were cautious, and trading was light [13]. Tin - Spot tin market prices rose. Market transactions were cautious, and trading was light [14]. Warehouse Receipt and Inventory Report - SHFE copper futures warehouse receipts decreased by 373 tons to 33,373 tons; LME copper inventory decreased by 950 tons to 119,450 tons. SHFE aluminum futures warehouse receipts decreased by 75 tons to 47,468 tons; LME aluminum inventory decreased by 2,300 tons to 357,600 tons. SHFE zinc futures warehouse receipts remained unchanged at 3,075 tons; LME zinc inventory decreased by 1,975 tons to 132,575 tons. SHFE lead futures warehouse receipts increased by 399 tons to 42,597 tons; LME lead inventory decreased by 4,500 tons to 273,525 tons. SHFE nickel futures warehouse receipts increased by 72 tons to 21,113 tons; LME nickel inventory decreased by 618 tons to 197,508 tons. SHFE tin futures warehouse receipts decreased by 56 tons to 6,810 tons; LME tin inventory decreased by 50 tons to 2,365 tons [15].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For gold, both short - and medium - term trends are expected to be volatile, with an intraday view of being weakly volatile. It's recommended to take a wait - and - see approach. The core factors include lower - than - expected US inflation in May, rising short - term interest - rate cut expectations, and the positive outcome of China - US economic and trade consultations[1][3]. - For nickel, both short - and medium - term trends are expected to be volatile, with an intraday view of being strongly volatile. It's also recommended to take a wait - and - see approach. The key factors are the tight upstream nickel ore supply, weak downstream demand, and the price stabilizing at the 120,000 yuan level[1][5]. 3. Summary According to Related Catalogs Gold - **Price Trend**: Short - term and medium - term trends are volatile, intraday is weakly volatile[1][3]. - **Reference View**: Wait - and - see[1][3]. - **Core Logic**: US May inflation was lower than expected, leading to a decline in the US dollar and Treasury yields and an increase in gold prices. Short - term interest - rate cut expectations pushed up gold prices. The first meeting of the China - US economic and trade consultation mechanism achieved positive results. Technically, focus on the 780 - yuan level for the battle between bulls and bears[3]. Nickel - **Price Trend**: Short - term and medium - term trends are volatile, intraday is strongly volatile[1][5]. - **Reference View**: Wait - and - see[1][5]. - **Core Logic**: Nickel prices dropped to 120,000 yuan and stabilized. Short - term market risk appetite declined, and the non - ferrous metals sector generally fell while gold prices rose. Upstream ore supply was tight, downstream demand was weak, domestic nickel inventories decreased from a high level, and overseas inventories continued to rise. Technically, the price is expected to stabilize at the 120,000 - yuan level if the macro - environment doesn't turn cold continuously[5].

Group 1 - The core point of the article is the significant progress made in the US-China trade negotiations, with both sides reaching a preliminary agreement framework during the meetings held in London on June 9-10, 2023 [1][4][5] - The negotiations involved deep discussions on key technical issues, indicating a serious commitment from both parties to resolve trade disputes [4][6] - The agreement framework is expected to include considerations for the removal of certain export controls and technology restrictions by the US, particularly in the semiconductor and aerospace sectors, while China may ease restrictions on rare earth exports [5][10] Group 2 - The US holds a significant advantage in advanced semiconductor technology, while China dominates the rare earth market, which is crucial for various industries [6][11] - The negotiations are seen as a positive signal for global economic stability, emphasizing the importance of a sustainable and mutually beneficial bilateral trade relationship [6][14] - The article highlights that the US's recent actions, which contradict the agreements made, could undermine the progress achieved in the negotiations [8][9] Group 3 - China's strategic use of its rare earth resources has been effective in compelling the US to return to the negotiation table, showcasing China's dominant position in this sector [10][12] - The article suggests that the US's reliance on China for rare earth materials could take at least a decade to overcome, indicating the critical nature of this resource in the US supply chain [11] - The overall sentiment is that the US needs China more than vice versa in the context of trade negotiations, with China maintaining a strong negotiating position [13][14]

Market Data - As of June 11, the Shanghai Composite Index rose by 0.52% to 3402.32 points, while the ChiNext Index increased by 1.21% to 2061.87 points [1] - U.S. stock indices collectively declined, with the S&P 500 down by 0.27% and the Nasdaq down by 0.5%, amid better-than-expected inflation data raising expectations for potential interest rate cuts by the Federal Reserve [1] - International oil prices saw significant increases, with light crude oil futures rising by $3.17 to $68.15 per barrel, a 4.88% increase, and Brent crude oil futures up by $2.90 to $69.77 per barrel, a 4.34% increase [1] Economic News - The first meeting of the China-U.S. economic consultation mechanism took place in London, where both sides reached a principled consensus on addressing economic concerns and enhancing cooperation [2][3] - China's stance on U.S.-China trade relations emphasizes mutual benefit and cooperation, with a clear rejection of trade wars [2] - The Chinese Ministry of Commerce reported that the recent discussions were professional and aimed at building trust and stability in economic relations [3] Automotive Industry - The National Certification and Accreditation Administration announced a pilot program for mandatory product certification in the automotive sector to enhance quality infrastructure for exports [5] - China is projected to export 5.859 million vehicles in 2024, maintaining its position as the world's largest automotive exporter, but will face increasing demands for product diversification and compliance with international regulations [5][6] Green Finance - A joint notice from multiple departments in Shanghai aims to enhance financial support for green projects, promoting the development of a green finance service platform and increasing the scale of green loans [7] Inflation Data - The U.S. Consumer Price Index (CPI) for May increased by 2.4% year-on-year, slightly below market expectations, while the core CPI rose by 2.8%, also below expectations [9]

【环球时报综合报道】当地时间6月9日至10日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头 人、美国财政部长贝森特及商务部长卢特尼克、贸易代表格里尔在英国伦敦举行中美经贸磋商机制首次 会议。双方进行了坦诚、深入的对话，就各自关心的经贸议题深入交换意见，就落实两国元首6月5日通 话重要共识和巩固日内瓦经贸会谈成果的措施框架达成原则一致，就解决双方彼此经贸关切取得新进 展。消息传出，亚洲股市普遍上涨。香港韩礼士基金会贸易政策主管黛博拉·埃尔姆斯告诉卡塔尔半岛 电视台，经过两轮"激烈"的谈判，中美双方似乎都重申了避免局势进一步升级的意愿，并开始使未来前 进道路更加清晰，但相关谈判绝非易事。日本《日经亚洲》引述哈佛大学肯尼迪政府学院高级研究员安 德鲁·科利尔的话强调，虽然伦敦会谈并不是最终章，但这是积极的一步，表明中美双方的共识比第二 届特朗普政府上任之初预期的要多。他说，对抗的缓和可能会使中美经贸关系"重启"，避免"破裂"。 当地时间10日晚，为期两天的中美经贸磋商机制首次会议在伦敦结束。美国哥伦比亚广播公司称，此次 会议于9日持续了6个小时，10日又进行到深夜。 何立峰表示，本次会议是在两国元首今年6月5日战 ...

来源：环球时报 目前本次会议的具体细节还没有公布，但双方在会后都表达了积极态度。中方一再强调，对经贸磋商是 有诚意的，也是有原则的。中国人一向言必行、行必果，希望美方拿出恪守承诺的诚信精神和切实履行 共识的努力行动，与中方相向而行，共同维护来之不易的对话成果。对美方来说，排除各种干扰甚至破 坏，尤为重要。日内瓦会谈后中美经贸关系一度重陷僵局，根本原因就是美方一些人仍抱持着零和博弈 思维和冷战逻辑，对中美双方的互信造成损害。而在关税风暴下，美国企业和消费者首当其冲，怨声载 道。美方应当吸取其中教训，纠正错误做法。 中美经贸关系的本质是互利共赢，中美在经贸领域合则两利、斗则俱伤，这已被历史和现实反复证明。 中国美国商会会长何迈可此前表示，关税战就像一场"事实验证"，证明中国是美国重要的商品市场，也 是美国商品重要的供应来源。美国有线电视新闻网（CNN）则称，两国在伦敦举行的磋商意义重 大，"没有人希望回到4月的对峙局面"。还有英国企业家表示，中美保持稳定的贸易关系对全球经济始 终有益。"秉持平等态度，尊重各自关切，争取双赢结果"，是中方对经贸磋商机制的基本态度，它同样 应成为美方的一份政治理性。 还应看到，除了高 ...

李成钢表示，中美双方原则上就落实两国元首6月5日通话共识以及日内瓦会谈共识达成了框架。双方将 向各自国家领导人汇报此次会议情况以及原则上达成的措施框架。 李成钢还感谢英国政府为本次会谈给予支持、提供便利。 当地时间6月9日至10日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森 特及商务部长卢特尼克、贸易代表格里尔在伦敦举行中美经贸磋商机制首次会议。 来源：新华社 责编： 刘珺宇 中国商务部国际贸易谈判代表兼副部长李成钢10日晚在英国伦敦说，过去两天，中美双方团队进行了深 入交流，就落实两国元首6月5日通话共识以及日内瓦会谈共识达成了框架。 李成钢在中美经贸磋商机制首次会议结束后告诉中外媒体记者，过去两天，中美双方团队的沟通是"非常 专业、理性、深入、坦诚的"。 "我们希望这次伦敦会谈取得的进展有利于中美之间进一步增进信任，进一步推动中美经贸关系稳定健康 发展，为全球经济发展注入积极的正能量。"李成钢说。 校对：高源 百万用户都在看 暴增超370%！A股，重磅信号！ 突发，美军出动！特朗普发声 任正非最新发声！ 重磅来袭！突然，跳涨94%！ 全面暂停！特朗普签了！ 违法和不良信息举报电话 ...

李成钢在中美经贸磋商机制首次会议结束后告诉中外媒体记者，过去两天，中美双方团队的沟通是"非常专 业、理性、深入、坦诚的"。 中概股大幅高开。 当地时间6月11日，美股三大指数集体小幅高开。中概股大幅高开，纳斯达克中国金龙指数开盘涨1.1%，盘初 涨幅一度扩大至1.5%以上，随后有所收窄，目前涨幅约0.5%。 消息面上，当地时间6月9日至10日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长 贝森特及商务部长卢特尼克、贸易代表格里尔在英国伦敦举行中美经贸磋商机制首次会议。双方进行了坦诚、 深入的对话，就各自关心的经贸议题深入交换意见，就落实两国元首6月5日通话重要共识和巩固日内瓦经贸会 谈成果的措施框架达成原则一致，就解决双方彼此经贸关切取得新进展。 据新华社消息，中国商务部国际贸易谈判代表兼副部长李成钢10日晚在英国伦敦说，过去两天，中美双方团队 进行了深入交流，就落实两国元首6月5日通话共识以及日内瓦会谈共识达成了框架。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 马斯克突然发声：后悔了！特斯拉股价大涨 丨 刚 ...

中概股大幅高开。 当地时间6月11日，美股三大指数集体小幅高开。中概股大幅高开，纳斯达克中国金龙指数开盘涨1.1%，盘初 涨幅一度扩大至1.5%以上，随后有所收窄，目前涨幅约0.5%。 消息面上，当地时间6月9日至10日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长 贝森特及商务部长卢特尼克、贸易代表格里尔在英国伦敦举行中美经贸磋商机制首次会议。双方进行了坦诚、 深入的对话，就各自关心的经贸议题深入交换意见，就落实两国元首6月5日通话重要共识和巩固日内瓦经贸会 谈成果的措施框架达成原则一致，就解决双方彼此经贸关切取得新进展。 据新华社消息，中国商务部国际贸易谈判代表兼副部长李成钢10日晚在英国伦敦说，过去两天，中美双方团队 进行了深入交流，就落实两国元首6月5日通话共识以及日内瓦会谈共识达成了框架。 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 马斯克突然发声：后悔了！特斯拉股价大涨 丨 刚刚！华为新机发布！余承东再提"那四个字" 丨 小米SU7 Ultra起火？紧急回应→ 丨 重磅信号释放！A股、港股、A50爆发 丨 中美经贸磋 ...

人民日报：用好磋商机制 共护对话成果 金十数据6月11日讯，当地时间6月9日至10日，中美经贸磋商机制首次会议在英国伦敦举行。中美双方 进行了坦诚、深入的对话，就各自关心的经贸议题深入交换意见，就落实两国元首6月5日通话重要共识 和巩固日内瓦经贸会谈成果的措施框架达成原则一致，就解决彼此经贸关切取得新进展。这是双方通过 平等对话解决两国经贸问题迈出的新一步，中美双方都认识到稳定的中美经贸关系对两国经济和全球经 济的重要性，会议取得的建设性成果也给世界带来了新的"乐观情绪"。历史和现实都告诉我们，中美合 则两利、斗则俱伤。对话和合作是中美唯一正确选择。我们相信，只要双方相向而行，坚持平等互利原 则，用好现有磋商机制，以实际行动共护来之不易的对话成果，就一定能推动中美经贸关系行稳致远。 ...