Group 1: Investment Ratings - No specific investment ratings for the industries are provided in the report. Group 2: Core Views - Nickel is expected to operate in a low - level oscillatory pattern [1]. - Stainless steel prices will oscillate due to the game between expectations and realities [2]. Group 3: Summary of Relevant Catalogs 1. Fundamental Data Tracking - **Futures Data**: The closing price of the main Shanghai nickel contract was 119,830, down 100 from T - 1; the closing price of the main stainless - steel contract was 12,795, down 25 from T - 1. The trading volume of the main Shanghai nickel contract was 90,715, an increase of 27,039 from T - 1; the trading volume of the main stainless - steel contract was 99,736, a decrease of 50,000 from T - 1 [2]. - **Industrial Chain Data**: The price of 1 imported nickel was 120,250, up 200 from T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) was 928, up 1 from T - 1. The price of 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan was 13,050, unchanged from T - 1; the price of 304/2B coil - trimmed edge (Wuxi) Taigang/Zhangpu was 13,700, unchanged from T - 1 [2]. 2. Macro and Industry News - On March 3, Ontario's Premier Ford proposed that Ontario's minerals are key in the tariff struggle and may stop exporting nickel to the US [2]. - On April 27, the first - phase project of Indonesia's CNI nickel - iron RKEF successfully produced nickel - iron, with an annual output of about 12,500 tons of nickel metal per single line [3]. - Environmental violations were found in the Indonesia Morowali Industrial Park, and the ministry may fine the confirmed illegal companies and audit the whole park [3][4]. - Indonesia plans to shorten the mining quota period from three years to one year to improve industry governance [4]. - The approved 2025 production plan and budget (RKAB) output of Indonesian nickel miners is 364 million tons, higher than the 2024 target of 319 million tons [4]. - An Indonesian nickel - iron smelting industrial park suspended all EF production lines due to long - term losses, which is expected to affect the monthly nickel - iron output by about 1,900 metal tons [4][5]. - Indonesian mining and coal companies must resubmit the 2026 work plan and budget (RKAB) starting from October 2025 [5]. - A Shandong steel mill started maintenance due to the 5% annual production reduction target, suspending the delivery of long - term supply agreements signed in August [5]. - The Indonesian President stated that illegal mining will be severely punished, and reports of 1,063 illegal mines have been received [6]. 3. Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is 0, both indicating a neutral view [7].

Core Viewpoint - The imposition of a 25% tariff by Trump on India, effective August 7, 2025, results in a total tariff rate of 50%, making India the country facing the highest tariffs globally, which poses a significant challenge for India amid its efforts to strengthen ties with the U.S. [1][3] Group 1: Tariff Impact - The new tariff structure makes India the first country to have final tariffs exceed initial tariffs, marking a significant escalation in trade tensions [3] - Trump's strategy typically involves raising tariffs to create urgency for negotiations, but in India's case, there was little room for negotiation, with the first tariff being implemented just seven days after announcement [3][4] Group 2: Political Dynamics - The timing of the second tariff coincides with Modi's announcement of a visit to China, suggesting a deliberate attempt by Trump to influence Modi's diplomatic choices [4] - India's response to the tariffs has been one of defiance, with officials publicly criticizing the U.S. actions as unfair and unjust, and Modi indicating that agricultural interests will not be sacrificed [4][6] Group 3: National Sentiment and Strategy - There is a strong nationalist sentiment in India, with both ruling and opposition parties reluctant to appear submissive to U.S. pressure, reflecting a desire to stand firm against the tariffs [6] - Some Indian scholars suggest seeking support from China, highlighting that China has managed to avoid similar tariffs despite purchasing Russian oil, indicating a potential strategy for India to navigate the current crisis [6][8] Group 4: Regional and Global Implications - India's decisions in response to U.S. tariffs will not only affect its own economy but also have broader implications for regional and global trade dynamics [8] - Strengthening collaboration with countries like China may provide India with a viable path to mitigate the impact of U.S. tariffs and reshape its trade relationships [8]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - The nickel market is experiencing intensified long - short competition, with nickel prices fluctuating in a narrow range [1]. - The stainless - steel market is facing a game between the reality of supply elasticity and macro - expectations, resulting in steel price fluctuations [2]. 3. Summary by Related Catalogs 3.1. Fundamental Data Tracking - **Futures Data**: The closing price of the main Shanghai nickel contract is 121,850, up 780 from T - 1; the closing price of the main stainless - steel contract is 13,000, up 65 from T - 1. The trading volume of the main Shanghai nickel contract is 96,611, up 8,771 from T - 1; the trading volume of the main stainless - steel contract is 85,499, up 3,480 from T - 1 [2]. - **Industrial Chain Data**: The price of 1 imported nickel is 121,350, up 50 from T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 919, up 1 from T - 1. The price of 304/2B coil - rough edge (Wuxi) is 13,050, unchanged from T - 1; the price of battery - grade nickel sulfate is 27,440, up 40 from T - 1 [2]. 3.2. Macro and Industry News - On March 3, Ontario Premier Ford proposed that Ontario's minerals are crucial in the tariff fight and may stop exporting nickel to the US [2]. - On April 27, the first - phase project of Indonesia's CNI nickel - iron RKEF, EPC - contracted by China ENFI, successfully produced nickel - iron, entering the trial - production stage. The project is located in Southeast Sulawesi, Indonesia, producing 22% nickel - iron with a single - line annual metal - nickel output of about 12,500 tons [3]. - Environmental violations were found in the Indonesia Morowali Industrial Park, including improper wastewater management, air pollution, and the use of unlicensed tailing areas. The government may fine the confirmed illegal companies and will audit the entire park [3]. - Indonesia plans to shorten the mining quota period from three years to one year to improve industry governance and control coal and ore supply [4]. - The approved 2025 production plan and budget (RKAB) output of Indonesian nickel - mining companies is 364 million tons, higher than the 2024 target of 319 million tons [4]. - An Indonesian nickel - iron smelting industrial park has suspended all EF production lines due to long - term losses, which is expected to reduce nickel - iron output by about 1,900 metal tons per month [4][5]. - Indonesian mining and coal companies must resubmit their 2026 work plans and budgets (RKAB) starting in October 2025 [5]. - Due to capacity limitations and a 5% annual production reduction target, a Shandong steel mill has started maintenance, suspending the delivery of long - term supply agreements signed in August [5]. 3.3. Trend Intensity - The trend intensity of nickel is 0, and the trend intensity of stainless steel is 0, both indicating a neutral market sentiment [6].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - The nickel market experiences intensified long - short game, with nickel prices fluctuating in a narrow range. The stainless - steel market is dragged down by supply - demand realities, while raw material costs limit the downside space [1][2] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai nickel main contract is 120,910, down 890 from T - 5; the closing price of the stainless - steel main contract is 12,960, up 40 from T - 5. The trading volume of the Shanghai nickel main contract is 84,818, down 35,117 from T - 5; the trading volume of the stainless - steel main contract is 79,826, down 58,935 from T - 5 [2] - **Industrial Chain Data**: The price of 1 imported nickel is 121,100, down 650 from T - 5; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 916, up 5 from T - 5. The price of 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan is 13,000, up 100 from T - 5; the price of 304/2B coil - trimmed edge (Wuxi) Taigang/Zhangpu is 13,500, up 100 from T - 5 [2] 3.2 Macro and Industry News - On March 3, Ontario, Canada's provincial governor Ford proposed that Ontario's minerals are key in the tariff struggle and may stop exporting nickel to the US [2] - On April 27, the first - phase project of Indonesia's CNI nickel - iron RKEF, EPC - contracted by China ENFI, successfully produced nickel - iron, entering the trial production stage. The project is located in Southeast Sulawesi, Indonesia, producing 22% grade nickel - iron, with an annual output of about 12,500 tons of metallic nickel per line [3] - Environmental violations were found in the Indonesia Morowali Industrial Park (IMIP), and the relevant department may fine the confirmed illegal companies and will audit the entire industrial park [3][4] - Indonesia plans to shorten the mining quota period from three years to one year to improve industry governance and better control coal and ore supplies [4] - The Indonesian Nickel Miners Association (APNI) revealed that the government - approved 2025 work plan and budget (RKAB) production is 364 million tons, higher than the 2024 target of 319 million tons [4] - Two Indonesian nickel - iron smelting industrial parks' EF production lines have suspended production due to long - term losses, with an expected impact on nickel - iron production of about 1,900 metal tons per month [4][5] - Indonesia's Ministry of Energy and Mineral Resources (ESDM) emphasized that mining and coal companies must resubmit the 2026 work plan and budget (RKAB) starting from October 2025 [5] 3.3 Trend Intensity - The trend intensity of nickel is 0, and that of stainless - steel is 0, indicating a neutral trend for both [6]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - The nickel market is affected by news, and its fundamentals are under pressure; the stainless - steel market is in a game between reality and macro factors, and steel prices fluctuate [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of the main contract of Shanghai nickel is 120,550, with changes of 1,170 compared to T - 1, 1,410 compared to T - 5, etc. The closing price of the main contract of stainless steel is 12,670, with a change of - 25 compared to T - 1. The trading volume of the main contract of Shanghai nickel is 131,554, and that of the main contract of stainless steel is 151,703 [1] - **Industrial Chain Data**: The price of 1 imported nickel is 121,450, the price of 8 - 12% high - nickel pig iron (ex - factory price) is 900, and the price of battery - grade nickel sulfate is 27,220. There are also data on price differences, premiums, and other indicators [1] 3.2 Macro and Industry News - In March, Ontario, Canada, may stop exporting nickel to the US due to tariff threats [1] - In April, the first - phase project of Indonesia's CNI nickel - iron RKEF successfully produced nickel - iron and entered the trial - production stage, with an annual output of about 12,500 tons of nickel metal per line [2] - An important nickel smelter in an Indonesian metal processing park has resumed production, and the capacity of PT QMB New Energy Materials has recovered to 70% - 80% [2][3] - An Indonesian cold - rolling mill plans to continue maintenance from June to July, which may affect 110,000 - 130,000 tons of production, mainly 300 - series output, and it cut production by 40% - 50% in May [3] - The Philippine Nickel Industry Association welcomes the removal of the raw - ore export ban clause from the final version of the mining fiscal system bill [3] - Environmental violations were found in the Morowali Industrial Park in Indonesia, and the government may fine the confirmed illegal companies and audit the entire park [3] - Indonesia plans to shorten the mining quota period from three years to one year [3] - The government - approved 2025 production plan and budget (RKAB) output of Indonesian nickel - mining companies is 364 million tons, higher than the 2024 target of 319 million tons [4] 3.3 Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is 0, with the range of trend intensity being integers in the [-2, 2] interval [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Nickel: The support at the mine end is loosening, and there is marginal inventory accumulation of refined nickel globally [1]. - Stainless steel: There is a game between reality and macro factors, and steel prices are oscillating [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Data Tracking - **Futures Data**: The closing price of the main contract of Shanghai Nickel was 121,390, with a change of 250 compared to T - 1; the closing price of the main contract of stainless steel was 12,710, with a change of -155 compared to T - 1. The trading volume of the main contract of Shanghai Nickel was 101,921, a decrease of 234 compared to T - 1; the trading volume of the main contract of stainless steel was 156,045, an increase of 55,013 compared to T - 1 [1]. - **Industrial Chain Data**: The price of 1 imported nickel was 121,500, an increase of 1,600 compared to T - 1; the ex - factory price of 8 - 12% high - nickel pig iron was 904, a decrease of 1 compared to T - 1; the price of red土镍矿1.5% (Philippines CIF) was 59, unchanged compared to T - 1 [1]. 3.2 Macro and Industry News - On March 3, Ontario Premier Ford proposed that Ontario's minerals are crucial in the tariff battle and may stop exporting nickel to the US [1]. - On April 27, the first - phase project of Indonesia's CNI nickel - iron RKEF, EPC - contracted by China ENFI, successfully produced nickel - iron, entering the trial production stage. The project is located in Southeast Sulawesi, Indonesia, producing 22% grade nickel - iron, with an annual production of about 12,500 tons of metallic nickel per line [2]. - An important nickel smelter in an Indonesian metal processing park has resumed production. In March this year, it almost stopped all production due to a tailings pond landslide. The capacity of PT QMB New Energy Materials has recovered to 70% - 80% [3][4]. - An Indonesian cold - rolling mill plans to continue maintenance from June to July, with an expected impact of 110,000 - 130,000 tons, mainly affecting the production of 300 - series stainless steel. In May, it had cut production by 40% - 50% due to the sluggish market [4]. - The Philippine Nickel Industry Association welcomes the removal of the raw ore export ban clause from the final version of the mining fiscal system bill [4]. - Environmental violations were found in the Morowali Industrial Park in Indonesia, including improper wastewater management, air pollution, and the use of unlicensed tailings areas. The government may fine the confirmed illegal companies and will audit the entire park [4]. - Indonesia plans to shorten the mining quota period from three years to one year to improve industry governance and better control coal and ore supplies [5]. - The government - approved 2025 work plan and budget (RKAB) production of Indonesian nickel mining companies is 364 million tons, higher than the 2024 target of 319 million tons [5]. 3.3 Trend Intensity - The trend intensity of nickel is 0, and the trend intensity of stainless steel is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Gold: Non - farm payrolls slightly exceeded expectations [2]. - Silver: Technical breakthrough [2]. - Copper: The strength of LME copper spot prices supports the price [2]. - Aluminum: Sideways oscillation [2]. - Alumina: Continued downward movement [2]. - Zinc: Social inventory accumulation, price under downward pressure [2]. - Lead: Short - term supply and demand are both weak, bullish in the medium term [2]. - Tin: Stopped falling and rebounded [2]. - Nickel: The reality support and weak expectations are in a game, nickel prices oscillate [2]. - Stainless steel: Negative feedback leads to increased production cuts, steel prices oscillate within a range [2]. Summary by Related Catalogs Precious Metals Gold - **Fundamentals**: Yesterday, the closing price of Shanghai Gold 2508 was 774.72, down 1.09%; the night - session closing price was 776.66, up 0.18%. The trend strength is 0 [5][8]. - **Macro News**: The first meeting of the China - US economic and trade consultation mechanism was held in London on June 9th and continued on the 10th, focusing on tariffs, technology, and rare earths. China's May CPI decreased by 0.1% year - on - year, and PPI's year - on - year decline widened to 3.3% [5][7]. Silver - **Fundamentals**: Yesterday, the closing price of Shanghai Silver 2508 was 8909, up 0.70%; the night - session closing price was 9015.00, up 2.07%. The trend strength is 2 [5][8]. Copper - **Fundamentals**: The closing price of the Shanghai copper main contract was 78,910, down 0.03%; the night - session closing price was 79330, up 0.53%. The LME copper 3M electronic disk rose 1.01%. The trend strength is 1 [10]. - **Macro and Industry News**: The one - year inflation expectation in the US dropped from 3.6% in April to 3.2%. Teck Resources' copper mine in Chile will suspend production for about a month due to mechanical failure. China's May copper concentrate imports were 239.5 million tons, a year - on - year increase of 7.4% [10][12]. Aluminum and Alumina Aluminum - **Fundamentals**: The closing price of the Shanghai aluminum main contract was 20025, down 45. The LME aluminum 3M closing price was 2483, up 32. The trend strength is 0 [13]. - **News**: China's May CPI decreased by 0.1% year - on - year, and PPI's year - on - year decline widened to 3.3% [13][15]. Alumina - **Fundamentals**: The closing price of the Shanghai alumina main contract was 2892, down 9. The trend strength is 0 [13]. Zinc - **Fundamentals**: The closing price of the Shanghai zinc main contract was 21910, down 2.12%. The LME zinc 3M electronic disk closed at 2662.5, down 0.95%. The trend strength is - 1 [16]. - **News**: China's May CPI decreased by 0.1% year - on - year, exports increased by 4.8% year - on - year in US dollars, and imports decreased by 3.4% [16][17]. Lead - **Fundamentals**: The closing price of the Shanghai lead main contract was 16765, down 0.09%. The LME lead 3M electronic disk closed at 1974, down 0.35%. The trend strength is 1 [19]. - **News**: Similar to zinc, China's May CPI decreased by 0.1% year - on - year, exports increased by 4.8% year - on - year in US dollars, and imports decreased by 3.4% [19][20]. Tin - **Fundamentals**: The closing price of the Shanghai tin main contract was 263,740, up 0.05%; the night - session closing price was 263,860, up 0.38%. The LME tin 3M electronic disk rose 1.07%. The trend strength is 1 [22][23]. - **Macro and Industry News**: The China - US economic and trade consultation mechanism meeting, China's May economic data, etc. [24]. Nickel and Stainless Steel Nickel - **Fundamentals**: The closing price of the Shanghai nickel main contract was 122,710, up 510. The trend strength is 0 [26]. - **Macro and Industry News**: Canada may stop exporting nickel to the US. An Indonesian nickel iron project has entered the trial - production stage. A nickel smelter in Indonesia has resumed production. The Philippines is discussing a nickel ore export ban [26][29]. Stainless Steel - **Fundamentals**: The closing price of the stainless - steel main contract was 12,640, down 40. The trend strength is 0 [26]. - **Industry News**: An Indonesian cold - rolling mill plans to stop production for maintenance from June to July, affecting about 11 - 13 million tons of 300 - series production [29].