Group 1 - Trump discusses tariff plans, indicating nearly 200 tariff letters will be sent, with rates potentially set at 10% or 15% [2] - Intel reports worsening net losses in Q2 and announces a restructuring plan, including a 15% workforce reduction and cancellation of a multi-billion dollar investment in Europe [2] - US stock markets see all major indices rise, with the Nasdaq and S&P 500 reaching new highs, while Intel's stock drops over 8% [3][5] Group 2 - The Nasdaq China Golden Dragon Index declines by 0.89%, with NIO rising over 1% and Alibaba and JD.com experiencing minor declines [4] - The China Securities Regulatory Commission emphasizes efforts to stabilize the market and promote long-term capital investment [8] - The State Council announces plans to gradually implement free preschool education, highlighting its importance for long-term development [9] Group 3 - Nvidia receives approval to resume sales of H20 GPUs to China, which is seen as a positive development for Nvidia and its supply chain [19] - The Shanghai stock market experiences a decline, with the index down 0.33%, while the Hong Kong market also sees losses [30][31]

银河有色 有色研发报告 有色和贵金属每日早盘观察 2025 年 6 月 10 日星期二 | 研究所副所长、有色及贵 | 有色和贵金属每日早盘观察 | | --- | --- | | 金属板块负责人：车红云 | | | 期货从业证号：F03088215 | 贵金属 | | 投资咨询号：Z0017510 | 【市场回顾】 | | | 1. 贵金属市场：昨日，得益于美元的疲软，伦敦金自盘中早些时候触及的低点反弹， | | 研究员：王伟 | 收复日内全部跌幅，最终收涨 0.43%，收报 3325.215 美元/盎司；伦敦银连续第四个交 | | 期货从业证号：F03143400 | 易日上涨，最终收涨 2.16%，报 36.743 美元/盎司，继续刷新自 2012 年以来的价格高 | | 投资咨询从业证号： Z0022141 | 点。受外盘影响，沪金主力合约收涨 0.18%，报 776.66 元/克，沪银主力合约收涨 | | | 2.07%，报 9015 元/千克，为沪银合约上市以来的新高。 | | 研究员：王露晨 CFA | 2.美元指数：美元指数震荡走低，最终收跌 0.25%，报 98.94。 | | 期货从业证号 ...

Report Industry Investment Ratings - The operation ratings for rebar, hot-rolled coil, iron ore, coke, coking coal, silicon manganese, and ferrosilicon are all ★★★, indicating a more distinct long/short trend and relatively appropriate investment opportunities currently [1]. Core Viewpoints - The overall market shows a complex situation with different trends and influencing factors for each product. Uncertainties such as demand, inventory, and tariff policies have a significant impact on the market. It is recommended to pay close attention to terminal demand and relevant domestic and foreign policies [1][2][3]. Summary by Product Steel - The steel futures market opened high and closed low today. Due to pre - holiday downstream replenishment overdraft and approaching off - season, demand weakened. Rebar apparent demand dropped significantly, production declined slightly, and inventory increased. Hot - rolled coil demand also declined, production was stable, and inventory increased. High iron - water production led to increased supply pressure, and concerns about negative feedback emerged due to insufficient terminal acceptance. The market's expectation of domestic demand is still pessimistic, and the short - term market may fluctuate. Attention should be paid to terminal demand and relevant policies [1]. Iron Ore - The iron ore futures market fluctuated today. Globally, iron ore shipments decreased compared to the previous period but were slightly stronger than the same period last year. Domestic arrivals continued to decline, and port inventories decreased. With low berthing volume, the overall inventory pressure is not large. Terminal demand has declined from its peak, but high iron - water production still supports actual demand. Although there are rumors of production restrictions, there are also positive factors from external trade negotiations. It is expected to fluctuate in the short term, and attention should be paid to the pressure of iron - water production peaking and falling in the medium term [2]. Coke - Coke prices remained weak. A price cut is expected on Thursday this week, and daily production has been increasing slightly. Coke inventory has not been effectively reduced and remains at a high level, and traders have no purchasing enthusiasm. The supply of carbon elements is still abundant, downstream iron - water production is stable at a high level, and steel billet export orders are good. Attention should be paid to the evolution of steel exports. Due to tariff uncertainties, it is recommended to wait and see [3]. Coking Coal - Coking coal prices are relatively weak. Production has gradually climbed to a relatively high level this year. The activity in the spot auction market is low, the transaction price has slightly decreased, and terminal inventory is still high. The total coking coal inventory is basically flat, and the production - end inventory pressure remains high. Downstream coking plants and steel mills maintain just - in - time procurement. The futures price is at a discount, and it is affected by inventory and tariff policies. It is recommended to wait and see in the short term [5]. Silicon Manganese - Silicon manganese prices fluctuated within a narrow range. The manganese ore inventory at national ports has been increasing, with an increase of over 300,000 tons last week. It is expected that about 50,000 tons of South32 Australian ore will arrive at the port by the end of this month. With high and stable iron - water production, silicon manganese supply continues to decline, and the overall inventory has increased significantly, suppressing prices. As manganese ore inventory starts to increase, there may be a short - term rebound drive. It is recommended to wait and see and pay continuous attention to tariff trends [6]. Ferrosilicon - Ferrosilicon prices fluctuated within a narrow range. Iron - water production remained stable at a high level. Export demand decreased slightly month - on - month, with a marginal impact. The production of magnesium metal was basically flat and remained at a high level, and overall demand was acceptable. Ferrosilicon supply rebounded slightly, market transactions were average, and on - balance - sheet inventory continued to increase. There may be a short - term rebound drive. It is recommended to wait and see and pay continuous attention to tariff trends [7].

Core Insights - The Federal Reserve has decided to maintain its current monetary policy, indicating a cautious approach to interest rate changes [1] - There are underlying tensions regarding tariff movements, which could impact market dynamics and investor sentiment [1] - Real-time analysis of gold order flows is being conducted to assess future trends in the gold market [1] Group 1 - The Federal Reserve's decision to hold steady on interest rates suggests stability in the financial markets for the time being [1] - Tariff developments are creating uncertainty, which may influence gold prices and investor behavior [1] - Continuous monitoring of gold order flows is essential for understanding market trends and potential investment opportunities [1]

Group 1 - The article discusses the potential risks associated with the recent pullback in gold prices, suggesting that tariff movements may play a crucial role in influencing gold prices [1] - The analysis includes insights from Gu Fongda, the chief analyst at Guosen Futures, indicating that market participants should closely monitor tariff developments as they could significantly impact gold market dynamics [1]