Core Insights - BHP reported a decline in annual profits to the lowest level in five years due to falling iron ore and coal prices, indicating a mixed global economic outlook [1] - For the fiscal year ending June 2025, total revenue decreased by 8% to $51.3 billion, while profit fell by 26% to $10.2 billion [1] - Increased copper production helped offset weakness in other commodities, contributing 45% to the company's underlying earnings, with copper output growing by 28% over the past three years [1] - The company noted record iron ore and copper production for the fiscal year, with demand from major Asian export markets helping to mitigate the impact of an unstable overall trade environment [1]

澳洲联储会议纪要：全球经济前景具有高度不确定性，美国的贸易政策难以预测。未进行利率调整的理 由之一是包括通胀在内的部分数据比预期略微坚挺。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Overnight LME copper fluctuated weakly, down 0.21% to $9,637/ton; SHFE copper main contract slightly declined 0.01% to CNY 77,950/ton. The domestic spot import remained in a loss, with the loss narrowing. The US economic data and Fed's report showed some economic improvement, but the copper market was worried about the global economic outlook. The short - term inventory was accumulating, and the demand was weak due to the off - season. The copper price showed weakness, and its trend was unclear. If the 50% copper tariff became a reality, it would cause short - term high volatility [1]. - Alumina fluctuated weakly, while Shanghai aluminum and aluminum alloy fluctuated strongly. The Guinea's policy on bauxite index raised cost concerns. The short - term near - month contracts were expected to remain strong due to factors like low inventory and cost support. The new US tariff was about to be implemented, which might lead to global liquidity tightening. The aluminum ingot inventory accumulation was not smooth, and it was difficult for the price to fall significantly. The aluminum alloy was affected by the off - season [1][2]. - Overnight LME nickel fell 1.48% to $14,990/ton, and Shanghai nickel fell 0.9% to CNY 119,510/ton. The Indonesian nickel mine production plan was announced, and the nickel ore price decreased slightly. The stainless - steel cost support weakened, and the inventory remained high. The demand for nickel in the new - energy industry increased slightly in July. The nickel price was expected to fluctuate in the short term, and attention should be paid to overseas policy changes [2]. Group 3: Summary by Related Catalogs Research Views - **Copper**: The price of LME and SHFE copper decreased. The US economic data and Fed's report affected the market sentiment. The inventory increased in multiple exchanges, and the demand was weak due to the off - season and trade policies. The price showed weakness, and the trend was unclear [1]. - **Aluminum**: Alumina prices fell, while aluminum and aluminum alloy prices rose. The Guinea's policy, domestic market factors, and inventory conditions affected the price trend. The short - term near - month contracts were expected to be strong, and the price was difficult to fall significantly [1][2]. - **Nickel**: The price of LME and Shanghai nickel decreased. The Indonesian nickel mine production plan, nickel ore price, stainless - steel industry situation, and new - energy industry demand affected the nickel price. It was expected to fluctuate in the short term [2]. Daily Data Monitoring - **Copper**: The price of some copper products changed slightly, and the inventory increased in LME, COMEX, and social inventory. The import loss narrowed [3]. - **Lead**: The price of lead products decreased, and the inventory in LME decreased while the inventory in SHFE increased [3]. - **Aluminum**: The price of aluminum products changed, and the inventory in LME and SHFE increased, as well as the social inventory of alumina [4]. - **Nickel**: The price of some nickel products increased, and the inventory in LME increased while the inventory in SHFE decreased. The stainless - steel inventory decreased [4]. - **Zinc**: The price of zinc products decreased, and the inventory in LME and SHFE increased, as well as the social inventory [5]. - **Tin**: The price of tin products decreased, and the inventory in LME increased while the inventory in SHFE decreased [5]. Chart Analysis - **Spot Premium**: Charts showed the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][9][11]. - **SHFE Near - Far Month Spread**: Charts presented the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [13][16][17]. - **LME Inventory**: Charts displayed the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [19][21][23]. - **SHFE Inventory**: Charts showed the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [26][28][30]. - **Social Inventory**: Charts presented the social inventory trends of copper, aluminum, nickel, zinc, stainless - steel, and 300 - series from 2019 - 2025 [32][34][36]. - **Smelting Profit**: Charts showed the trends of copper concentrate index, copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [39][41][43]. Group 4: Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, a medium - level gold investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily & Securities Times. He has over a decade of commodity research experience, serves many spot leading enterprises, and has published dozens of professional articles. His team has won many awards [46]. - Wang Heng, a master of finance from the University of Adelaide in Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He provides policy interpretations and writes in - depth reports [46]. - Zhu Xi, a master of science from the University of Warwick in the UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel. She focuses on the integration of non - ferrous metals and new energy and provides policy interpretations [47].

英国央行行长贝利：全球经济前景面临的风险依然很高。英国借款人具有韧性，银行能够提供支持。 ...

瑞士央行：全球经济前景仍存在较高不确定性。 ...

Group 1 - The article discusses the U.S. President Trump's decision to shorten his visit to Canada due to the escalating situation in the Middle East, specifically regarding the Israel-Iran conflict [1] - The G7 summit opened on June 16, with divisions emerging among leaders, particularly regarding a proposed joint statement on de-escalation of the Israel-Iran conflict, which Trump refused to sign [1][2] - European leaders, including those from France, Germany, and the UK, are pushing for a consensus among G7 leaders to include their stance on the Israel-Iran conflict in a joint statement, emphasizing Israel's right to self-defense and the prevention of Iran obtaining nuclear weapons [2]

新加坡经济部：尽管近期出现了积极的发展，但全球经济前景仍然笼罩在不确定性之中，且风险偏向下 行。 ...