Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The report presents the market trends and outlooks for various commodities, including precious metals, base metals, energy products, agricultural products, and chemical products. Each commodity's trend is described as high - level shock, small decline, range shock, etc., based on their respective fundamentals and market news [2][4]. 3. Summary by Commodity Precious Metals - **Gold**: Expected to experience high - level shock. Yesterday, the closing price of Shanghai Gold 2510 was 772.68, with a daily decline of 0.31%. Comex Gold 2510 rose by 0.99% to 3392.20. The trend strength is 1 [2][5][6]. - **Silver**: Forecasted to have a small decline. The closing price of Shanghai Silver 2510 was 9042, down 1.57%. The trend strength is - 1 [2][5][6]. Base Metals - **Copper**: Lacks a clear driving force, and the price will fluctuate. The closing price of Shanghai Copper's main contract was 78,630, down 0.30%. The trend strength is 0 [2][12]. - **Zinc**: Will trade in a range. The closing price of Shanghai Zinc's main contract was 22,265, up 0.27%. The trend strength is 0 [2][15]. - **Lead**: Inventory reduction supports the price. The closing price of Shanghai Lead's main contract was 16,725, down 0.59%. The trend strength is 0 [2][18]. - **Tin**: Will trade in a range. The closing price of Shanghai Tin's main contract was 267,840, down 0.09%. The trend strength is - 1 [2][21]. - **Aluminum**: Expected to experience high - level shock. The closing price of Shanghai Aluminum's main contract was 20,535, down 10. The trend strength is 0 [2][26]. - **Nickel**: The fundamentals will cause narrow - range fluctuations, and beware of news - based risks. The closing price of Shanghai Nickel's main contract was 119,930, down 400. The trend strength is 0 [2][28]. - **Stainless Steel**: The steel price will fluctuate due to the game between macro - expectations and reality. The closing price of the stainless - steel main contract was 12,820, down 65. The trend strength is 0 [2][28]. Energy and Chemical Products - **Carbonate Lithium**: The game between reality and expectations intensifies, and the market volatility will increase. The closing price of the 2509 contract was 81,040, down 6,540. The trend strength is 0 [2][34]. - **Industrial Silicon**: Market sentiment is boosted. The Si2511 closing price was 8,390, down 235. The trend strength is 1 [2][37]. - **Polysilicon**: Quotes are rising, and sentiment continues to be boosted. The PS2511 closing price was 51,875, down 385. The trend strength is 1 [2][38]. - **Iron Ore**: Macro - risk appetite has not significantly reversed, and support remains. The trend strength is 1 [2][41]. - **Rebar and Hot - Rolled Coil**: Both will experience wide - range fluctuations. The closing price of RB2510 was 3,132, down 12; HC2510 was 3,402, down 21. The trend strength for both is 0 [2][43][44]. - **Silicon Ferroalloy and Manganese Ferroalloy**: Market sentiment is cold, and both will experience weak - side fluctuations. The closing price of Silicon Ferroalloy 2511 was 5622, down 56; Manganese Ferroalloy 2511 was 5818, down 80. The trend strength for both is - 1 [2][47]. - **Coke and Coking Coal**: Both will experience wide - range fluctuations. The closing price of JM2601 was 1162.5, down 32; J2601 was 1678, down 30.5. The trend strength for both is 0 [2][50]. - **Log**: The price will fluctuate repeatedly. The closing price of the 2509 contract was 805.5, down 0.6%. The trend strength is 0 [2][53]. - **Para - Xylene**: Crude oil rebounds, demand improves, and it is unilaterally strong. The closing price of the PX main contract was 6844, up 1.03%. - **PTA**: Cost provides support, and it is strong in the short - term. The closing price of the PTA main contract was 4778, up 0.93%. - **MEG**: There is an expectation of overseas supply contraction, and it is strong in the short - term. The closing price of the MEG main contract was 4477, up 1.20% [2][57]. Agricultural Products - **Palm Oil**: Fundamentals provide strong support, and go long on macro - pullbacks. - **Soybean Oil**: Driven by US soybeans is insufficient, and it will experience high - level shock consolidation. - **Soybean Meal**: Overnight US soybeans rose slightly, rapeseed meal was weak, and Dalian soybean meal may fluctuate. - **Soybean No.1**: Will experience weak - side fluctuations. - **Corn**: Will operate weakly. - **Sugar**: Will be strong with fluctuations. - **Cotton**: Pay attention to the listing situation of new cotton. - **Egg**: Pay attention to the culling rhythm of old hens. - **Live Pig**: Wait for the end - of - month spot verification. - **Peanut**: Near - term contracts are strong, and far - term contracts are weak [2][4].

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Report's Core View - Gold is expected to trade in a high - level range; silver is likely to decline slightly [2][4]. - Copper lacks a clear driver, and its price will oscillate [2][11]. - Zinc will trade within a range [2][14]. - The decreasing inventory of lead will support its price [2][17]. - Tin will trade within a range [2][20]. - Aluminum will trade in a high - level range; alumina will rise slightly in a sideways movement; cast aluminum alloy will follow the trend of electrolytic aluminum [2][25]. - Nickel will have a narrow - range oscillation based on fundamental logic, and investors should be wary of news - related risks; stainless steel prices will oscillate due to the game between macro - expectations and reality [2][28]. 3. Summary by Related Catalogs 3.1 Precious Metals (Gold and Silver) - **Price and Trading Volume**: For gold, the closing prices of沪金2510 and黄金T+D decreased by 0.31% and 0.33% respectively, while Comex黄金2510 increased by 0.99%. For silver,沪银2510 and白银T+D decreased by 1.57% and 1.74% respectively, and Comex白银2510 increased by 1.48%. The trading volumes and open interests of some contracts also changed [5]. - **Inventory**: The inventories of ETFs, domestic and foreign exchanges showed different trends, such as a decrease in SPDR黄金ETF持仓 by 4 and an increase in Comex白银库存 by 600,232 ounces [5]. - **Macro and Industry News**: Fed's July meeting minutes released hawkish signals; Trump pressured Fed governor Lisa Cook; Fed's potential payment innovation with the industry; China's August LPR remained unchanged [5][22]. - **Trend Intensity**: Gold trend intensity is 1; silver trend intensity is - 1 [9]. 3.2 Copper - **Price and Trading Volume**: The closing price of沪铜主力合约 decreased by 0.30% during the day and increased by 0.13% at night; the closing price of伦铜3M电子盘 increased by 0.38%. The trading volumes and open interests of both contracts changed [11]. - **Inventory and Spread**: The inventory of沪铜 decreased by 275 tons, and that of伦铜 increased by 1,200 tons. Various spreads such as LME铜升贴水 and现货 - to - futures spreads also changed [11]. - **Macro and Industry News**: Fed's meeting minutes were hawkish; China's August LPR remained unchanged; PT Smelting's maintenance was extended; Codelco's smelter restarted; Glencore applied for investment incentives; China's July copper imports data were released [11][13]. - **Trend Intensity**: Copper trend intensity is 0 [13]. 3.3 Zinc - **Price and Related Data**: The closing price of沪锌主力 increased by 0.27%, and that of伦锌3M电子盘 decreased by 0.50%. Other data such as trading volume, open interest, and various spreads also changed [14]. - **News**: The US PPI reached 3.3%, and the growth rate of M2 was approaching 5%, which might lead to inflation [14]. - **Trend Intensity**: Zinc trend intensity is 0 [14]. 3.4 Lead - **Price and Related Data**: The closing price of沪铅主力 decreased by 0.59%, and that of伦铅3M电子盘 decreased by 0.33%. The inventory of沪铅 and伦铅 decreased, and other data such as trading volume, open interest, and spreads also changed [17]. - **Macro and Industry News**: Fed's meeting minutes were hawkish; China's August LPR remained unchanged [18]. - **Trend Intensity**: Lead trend intensity is 0 [18]. 3.5 Tin - **Price and Trading Volume**: The closing price of沪锡主力 decreased by 0.09% during the day and 0.23% at night; the closing price of伦锡3M电子盘 increased by 0.01%. The trading volumes and open interests of both contracts changed [21]. - **Inventory and Spread**: The inventory of沪锡 decreased by 184 tons, and that of伦锡 increased by 85 tons. Various spreads also changed [21]. - **Macro and Industry News**: Similar to other metals, including Fed's meeting minutes, Trump's pressure on the Fed, etc. [22]. - **Trend Intensity**: Tin trend intensity is - 1 [24]. 3.6 Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Related Data**: For aluminum,沪铝主力 and LME铝3M prices changed; for alumina,沪氧化铝主力 price changed. Various data such as trading volume, open interest, spreads, and enterprise profits also changed [25]. - **Macro and Industry News**: China's August LPR remained unchanged; Trump pressured Fed governor Lisa Cook [27]. - **Trend Intensity**: Aluminum, alumina, and cast aluminum alloy trend intensities are all 0 [27]. 3.7 Nickel and Stainless Steel - **Price and Industry Chain Data**: The closing prices of沪镍主力 and不锈钢主力 changed. Various data in the industrial chain such as import profit, spreads, and raw material prices also changed [28]. - **Macro and Industry News**: Multiple events in the Indonesian nickel industry, including potential export suspension, project production, environmental violations, and production suspension; a steel mill in Shandong reduced production [28][31]. - **Trend Intensity**: Nickel and stainless steel trend intensities are both 0 [33].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View - Gold is expected to trade in a high - level range, while silver is expected to experience a slight decline [1] - The trend strength of gold is 1, indicating a relatively weak positive outlook; the trend strength of silver is - 1, indicating a relatively weak negative outlook [6] 3. Summary by Relevant Catalogs 3.1. Fundamental Tracking - **Precious Metal Prices**: - For gold, the previous day's closing prices of沪金2510 and黄金T+D decreased by 0.31% and 0.33% respectively, while Comex黄金2510 increased by 0.99% [2] - For silver, the previous day's closing prices of沪银2510 and白银T+D decreased by 1.57% and 1.74% respectively, while Comex白银2510 increased by 1.48% [2] - **Trading Volume and Open Interest**: - For沪金2510, the previous day's trading volume increased by 31,416 compared to the day before, and the open interest increased by 39 [2] - For沪银2510, the previous day's trading volume increased by 242,392 compared to the day before, and the open interest decreased by 23,822 [2] - **ETF and Inventory**: - The SPDR gold ETF持仓 decreased by 4, and the SLV白银ETF持仓 (the day before yesterday) decreased by 34 [2] - The沪金 inventory increased by 249 kilograms, while the Comex黄金 inventory (the day before) decreased by 17,426 ounces; the沪银 inventory decreased by 9,247 kilograms, while the Comex白银 inventory (the day before) increased by 600,232 ounces [2] - **Price Spreads**: - The买沪金12月抛6月跨期套利 cost decreased by 0.87, and the买沪银12月抛6月跨期套利 cost decreased by 11.3 [2] - The黄金T+D对伦敦金的价差 increased by 378.99, and the白银T+D对伦敦银的价差 increased by 4,670 [2] - **Exchange Rates**: - The dollar index decreased by 0.04%, and the dollar - to - CNY (CNY spot) decreased by 0.06% [2] 3.2. Macro and Industry News - The Fed's July meeting minutes showed that most people think inflation is a higher risk than employment, and there are concerns about the fragility of the US Treasury market and the impact of stablecoins [4] - Trump pressured the Fed, asking Lisa Cook to resign, but Cook refused to be coerced [7] - Fed Chair favorite Waller said there's nothing to fear about cryptocurrency technology and the Fed should promote payment innovation with the industry [7] - Li Qiang emphasized promoting the improvement and upgrading of the biopharmaceutical industry [7] - China's August LPR quotes remained unchanged, with the 5 - year - plus LPR at 3.5% and the 1 - year LPR at 3% [7] - The Hong Kong Stock Exchange will study a 24 - hour trading mechanism [5]

Group 1 - Goldman Sachs and BNY Mellon are reportedly collaborating to integrate cryptocurrency technology into money market funds [1]

Group 1 - Goldman Sachs and BNY Mellon are reportedly collaborating to integrate cryptocurrency technology into money market funds [1]