Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views of the Report - The short - term view of gold is bearish, with short - term decline, medium - term oscillation, and intraday decline, due to geopolitical conflict easing and large technical pressure on gold prices [1]. - The short - term view of copper is bullish, with short - term, medium - term, and intraday increases, as the macro - risk preference recovers and copper prices rise [1]. Group 3: Summary by Variety Gold - The core logic for the bearish view is that last week, gold prices continued to decline, with both domestic and foreign gold prices falling below the 60 - day moving average. The cease - fire between Iran and Israel led to short - term geopolitical conflict easing, increased market risk preference, and significant drops in crude oil and gold prices, while US and A - shares rose. The recent increase in market expectations of Fed rate cuts and the continuous weakening of the US dollar index provided some support for gold prices. FedWatch Tool data shows that the probability of three rate cuts this year exceeds 50%. Technically, after gold prices fell below the 60 - day moving average, the willingness of previous short - sellers to close positions may increase, and gold prices are expected to remain weak, while the gold - silver ratio may continue to weaken [3]. Copper - The core logic for the bullish view is that last week, copper prices increased with rising positions, and after reaching a high on Friday, they oscillated below 80,000. The spread between July and August continued to weaken. At the macro level, the cease - fire between Iran and Israel improved market risk preference, leading to a general rise in non - ferrous metals. At the industrial level, the significant strengthening of the premium of LME copper recently indicates a shortage of overseas electrolytic copper spot. In the macro background of the slowdown of US tariff policies and the cease - fire between Iran and Israel, market risk preference may continue to recover, driving copper prices up. Technically, attention should be paid to the long - short game at the 80,000 mark, and copper prices are expected to maintain a strong operation [4].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on gold and copper futures, suggesting a short - term weakening for gold and a short - term strengthening for copper [1]. 3. Summary by Variety Gold (AU) - **View**: Short - term: decline; Medium - term: oscillation; Intraday: decline; Overall: short - term bearish [1][3] - **Core Logic**: Recent significant drops in crude oil and gold, along with rallies in US and A - shares. The cease - fire between Iran and Israel has eased short - term geopolitical conflicts, increasing market risk appetite and pressuring gold prices. Gold prices rebounded after falling to the 60 - day moving average, indicating technical support. If the 60 - day moving average of Shanghai gold and New York gold is broken, gold may remain weak in the short term. Also, the decline in safe - haven demand may cause the gold - silver ratio to continue weakening [3]. Copper (CU) - **View**: Short - term: increase; Medium - term: increase; Intraday: increase; Overall: short - term bullish [1][4] - **Core Logic**: This week, copper prices have oscillated upwards, with an increase in open interest. The main futures price is approaching the 79,000 yuan mark, and the monthly spread continues to weaken. Short - term macroeconomic improvement has pushed up copper prices. Overseas macroeconomics have clearly improved since Tuesday due to the cease - fire between Iran and Israel, reducing safe - haven demand and increasing risk appetite. Crude oil and gold have significantly declined, while global equity and commodity markets have risen. In the context of the slowdown of US tariff policies and the cease - fire between Iran and Israel, market risk appetite may continue to rise, pushing up copper prices. Technically, attention should be paid to the pressure at the 80,000 yuan mark. If the market trades on the production - cut expectation again, the macro and industrial factors may resonate, and copper prices may perform well [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Gold is expected to be weak in the short - term, with short - term and intraday outlooks of decline and a mid - term outlook of oscillation due to geopolitical conflict easing and significant technical pressure on gold prices [1][3] - Nickel is expected to be strong in the short - term, with short - term and intraday outlooks of increase and a mid - term outlook of oscillation. Short - term geopolitical conflict easing, improved overseas macro conditions, and increased market risk appetite may lead to a rebound in nickel prices [1][5] 3. Summary by Variety Gold (AU) - **Viewpoints**: Short - term decline, mid - term oscillation, intraday decline, and a short - term weak outlook [1][3] - **Core Logic**: Geopolitical conflict between Israel and Iran has eased as both sides agreed to a full cease - fire. Market risk appetite has increased, putting pressure on gold prices. Attention should be paid to the support of the 60 - day moving average of Shanghai gold and New York gold [3] Nickel (NI) - **Viewpoints**: Short - term increase, mid - term oscillation, intraday increase, and a short - term strong outlook [1][5] - **Core Logic**: The main nickel futures price stabilized at the 117,000 level and rebounded slightly at night. With the cease - fire between Iran and Israel, the overseas macro situation has improved, and market risk appetite has increased. Fundamentally, nickel ore in the Philippines and Indonesia remains strong, stainless steel is weak, nickel sulfate is stable, and inventory shows internal - external differentiation. The short - term macro improvement may lead to a rebound in non - ferrous metals and a bottom - up recovery of nickel prices. Attention should be paid to the technical pressure at the 120,000 level [5]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on gold and nickel futures, with corresponding core logics [1]. 3. Summary by Variety Gold - **View**: Short - term: decline; Medium - term: oscillation; Intraday: decline; Overall: short - term bearish [1][3]. - **Core Logic**: Geopolitical conflicts have eased as the US President Trump announced on June 23 that Israel and Iran had agreed to a full cease - fire, leading to a rise in market risk appetite and downward pressure on gold prices. Attention should be paid to the support of the 60 - day moving average of Shanghai gold [3]. Nickel - **View**: Short - term: rise; Medium - term: oscillation; Intraday: rise; Overall: short - term bullish [1][5]. - **Core Logic**: After the cease - fire between Iran and Israel, geopolitical conflicts have eased, and market risk appetite has increased. Although nickel's fundamentals were weak last week, short - term macroeconomic improvement may lead to a rebound in non - ferrous metals and a bottom - up recovery of nickel prices [5].

Group 1 - The article emphasizes that the fundamental outlook is expected to improve in a pulse-like manner, supported by the stabilization of capital market expectations through the balanced fund [2] - The market is currently engaged in a game where public fund holdings are aligning with performance benchmarks, indicating a focus on thematic investments [2] - Global risk appetite is rising due to easing geopolitical tensions, as indicated by positive movements in major indices like the S&P 500 and Nasdaq 100 [3] Group 2 - The demand is showing slight recovery, but asset turnover rates are declining, which is negatively impacting profitability [6] - The future rhythm of the industry remains unchanged, with key catalysts for the domestic AI industry still pending [7] - The article suggests a focus on consumer sectors such as air conditioning, white goods, liquor, education publishing, traditional Chinese medicine, dairy products, and non-sports apparel [20]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report focuses on LPG, indicating that geopolitical conflicts have eased and cost support has weakened [1] 3. Summary by Relevant Sections 3.1 Fundamental Tracking - **Futures Data**: - PG2506 had a closing price of 4,356 with a daily increase of 1.42% and a night - session closing price of 4,324 with a decrease of 0.73%. Its trading volume was 100,442 (up 1,966 from the previous day), and the open interest was 54,898 (down 7,767 from the previous day) [1] - PG2507 had a closing price of 4,266 with a daily increase of 1.64% and a night - session closing price of 4,237 with a decrease of 0.68%. Its trading volume was 32,889 (down 2,049 from the previous day), and the open interest was 47,936 (down 4,245 from the previous day) [1] - **Spread Data**: - The spread of Guangzhou domestic gas to the 06 contract was 694, compared to 755 the previous day - The spread of Guangzhou imported gas to the 06 contract was 724, compared to 775 the previous day [1] - **Industrial Chain Price Data**: - The PDH operating rate was 59.6% this week, down from 62.4% last week - The MTBE operating rate was 61.4% this week, up from 60.8% last week - The alkylation operating rate was 41.0% this week, down from 42.2% last week [1] 3.2 Trend Intensity - The LPG trend intensity is 0, with a value range of [-2, 2]. -2 represents the most bearish view, and 2 represents the most bullish view [7] 3.3 Market Information - **Saudi CP Expectations**: On May 13, 2025, the expected price of propane for June was 577 dollars/ton, up 6 dollars/ton from the previous trading day; the expected price of butane was 557 dollars/ton, up 6 dollars/ton from the previous trading day. For July, the expected price of propane was 553 dollars/ton, up 10 dollars/ton from the previous trading day; the expected price of butane was 533 dollars/ton, up 10 dollars/ton from the previous trading day [9] - **Domestic PDH Device Maintenance Plans**: Multiple companies, including Puyang Far East Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., have PDH device maintenance plans with various start times and undetermined end times [8] - **Domestic Refinery Device Maintenance Plans**: Many refineries, such as Zhenghe Petrochemical, Panjin Haoya, etc., have device maintenance plans with different normal production volumes, loss volumes, start times, and end times [10]

Core Viewpoint - Short-term gold prices may decline due to the appreciation of the US dollar and easing geopolitical tensions, with analysts setting price targets accordingly [1] Group 1 - Analysts are monitoring the impact of the US dollar's strength on gold prices [1] - Geopolitical conflicts are showing signs of easing, which could further influence gold price movements [1] - Price targets for gold have been established by analysts in light of current market conditions [1]