1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Overseas macro: The adverse impact of Trump's equal - tariff hikes and high uncertainty on US imports and factory orders in April has emerged. US economic data in May was weak, but the better - than - expected May non - farm payrolls and hourly wage growth reduced market bets on Fed rate cuts. It is expected that the Fed will keep the benchmark overnight interest rate in the 4.25% - 4.50% range in June [6]. - Domestic macro: Current policies maintain stability, and in the short term, they may mainly utilize existing resources. Domestic manufacturing enterprise profits are expected to remain resilient, but pressure on export and price data may gradually appear. Attention should be paid to China's "rush re - export" and "rush export" progress and the Politburo meeting in July [6]. - Asset views: For major asset classes, maintain the view of more hedging and more volatility overseas and a structural market in China. Strategically allocate gold and non - US dollar assets. Gold's short - term adjustment may narrow, and its price is expected to gradually rise. Bonds are still worth allocating at low prices after the capital pressure eases. Stocks and commodities return to the fundamental logic, showing short - term range - bound fluctuations. Focus on low - valuation and policy - driven logics [6]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - Overseas: In April, the US trade deficit was $61.62 billion. The year - on - year import was 3.4%, and the month - on - month was - 16.3%. Factory orders declined more than expected. The June "Beige Book" showed a slight decline in economic activity, and the economic outlook was described as "slightly pessimistic and uncertain". However, May's non - farm payrolls and hourly wage growth were better than expected [6]. - Domestic: Policies maintain stability. Manufacturing profits are resilient, but export and price data may face pressure. Pay attention to "rush re - export", "rush export" and the July Politburo meeting [6]. - Asset: Overseas, more hedging and more volatility; in China, a structural market. Allocate gold and non - US dollar assets. Gold's short - term adjustment may narrow, and bonds are worth allocating at low prices. Stocks and commodities are range - bound, focusing on low - valuation and policy - driven logics [6]. 3.2 Viewpoints Compendium 3.2.1 Macro - Domestic: Moderate reserve requirement ratio and interest rate cuts, and short - term fiscal policies implement established plans [7]. - Overseas: The inflation expectation structure flattens, economic growth expectations improve, and stagflation trading cools down [7]. 3.2.2 Finance - Stock index futures: Micro - cap risks are not fully released, and the market is in a state of shock. Pay attention to the trading congestion of micro - cap stocks [7]. - Stock index options: The market is stable, and be cautious with covered strategies. Pay attention to option market liquidity, and the market is in a state of shock [7]. - Treasury bond futures: The short - end may be relatively strong. Pay attention to changes in the capital market and policy expectations, and the market is in a state of shock [7]. 3.2.3 Precious Metals - Gold/silver: The progress of Sino - US negotiations exceeded expectations, and precious metals continued to adjust in the short term. Pay attention to Trump's tariff policy and the Fed's monetary policy, and the market is in a state of shock [7]. 3.2.4 Shipping - Container shipping to Europe: Focus on the game between peak - season expectations and price - increase implementation. Pay attention to tariff policies and shipping companies' pricing strategies, and the market is in a state of shock [7]. 3.2.5 Black Building Materials - Steel: Sino - US talks have started, and the market is waiting and observing. Pay attention to the issuance progress of special bonds, steel exports, and molten iron production, and the market is in a state of shock [7]. - Iron ore: The fundamentals are healthy, and the price fluctuates. Pay attention to overseas mine production and shipment, domestic molten iron production, weather, port ore inventory, and policy dynamics, and the market is in a state of shock [7]. - Coke: Demand support weakens, and there is still an expectation of price decline. Pay attention to steel mill production, coking costs, and macro sentiment, and the market is in a state of shock and decline [7]. - Coking coal: Supply and demand are still loose, and upstream sales are weak. Pay attention to steel mill production, coal mine safety inspections, and macro sentiment, and the market is in a state of shock and decline [7]. - Other products: Such as silicon iron, manganese silicon, glass, and soda ash, are all in a state of shock, with different factors to pay attention to [7]. 3.2.6 Non - ferrous Metals and New Materials - Copper: The US dollar index is weak, and copper prices are high. Pay attention to supply disruptions, domestic policy surprises, the Fed's less - dovish than expected stance, and domestic demand recovery, and the market is in a state of shock [7]. - Other non - ferrous metals: Such as aluminum, zinc, lead, nickel, etc., are in a state of shock, with different influencing factors [7]. 3.2.7 Energy and Chemicals - Crude oil: Supply pressure continues, and pay attention to macro and geopolitical disturbances. The market is in a state of shock [9]. - Other chemical products: Such as LPG, asphalt, high - sulfur fuel oil, etc., have different short - term trends and factors to pay attention to, mainly in a state of shock, with some in a state of decline or shock and rise [9]. 3.2.8 Agriculture - Rubber: Driven by the strength of commodities, rubber prices rise. Pay attention to production area weather, raw material prices, and macro changes, and the market is in a state of shock [9]. - Other agricultural products: Such as cotton, sugar, and corn, have different short - term trends and factors to pay attention to, mainly in a state of shock [9].

Report Title - The report is titled "Commodities Rise More Than Fall, Aluminum Alloy and Silver Perform Strongly — CITIC Futures Morning Report 20250611" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Views - Overseas macro: Trump's tariff policies have negatively impacted US imports and factory orders. The US economy shows signs of weakness, but the May non - farm payrolls and wage data have boosted market confidence. It is expected that the Fed will keep the benchmark overnight interest rate in the 4.25% - 4.50% range in June [7] - Domestic macro: Policies remain stable, and short - term focus is on using existing resources. Manufacturing profits are resilient, but export and price data may face pressure. Attention should be paid to "re - export rush" and the July Politburo meeting [7] - Asset views: Maintain the view of more hedging and volatility overseas and a structured market in China. Strategically allocate gold and non - US dollar assets. Bonds are worth allocating after the capital pressure eases. Stocks and commodities are range - bound in the short term, and low - valuation and policy - driven opportunities should be noted [7] Summary by Directory 1. Macro Essentials - Overseas: The negative impact of Trump's tariff policies on US imports and factory orders is emerging. The May ISM manufacturing and service PMIs are below expectations. The April trade deficit decreased, and factory orders declined more than expected. The latest economic data is mixed, and the Fed is expected to keep rates unchanged in June [7] - Domestic: Policies maintain stability, and short - term focus is on using existing resources. Manufacturing profits are resilient, but export and price data may face pressure. Attention should be paid to "re - export rush" and the July Politburo meeting [7] - Asset views: Overseas, there is more hedging and volatility; in China, it is a structured market. Strategically allocate gold and non - US dollar assets. Gold's short - term adjustment may narrow, and bonds are worth allocating after capital pressure eases. Stocks and commodities are range - bound, and low - valuation and policy - driven opportunities should be noted [7] 2. View Highlights Macro - Overseas: The stagflation trade is cooling, with a flattened inflation expectation structure and improved economic growth expectations [8] - Domestic: There may be moderate reserve requirement ratio cuts and interest rate cuts, and short - term fiscal policies are being implemented [8] Financial - Stocks: Maintain a wait - and - see attitude due to the un - released micro - cap risks [8] - Bonds: The short - end may be relatively strong [8] Precious Metals - Gold and silver: Short - term adjustment continues due to better - than - expected Sino - US negotiations [8] Shipping - Container shipping to Europe: Attention should be paid to the game between peak - season expectations and price - increase implementation [8] Black Building Materials - Steel: The fundamentals have limited contradictions, mainly driven by raw materials [8] - Iron ore: Overseas shipments are increasing, and port inventories are stable [8] - Coke: Three rounds of price cuts have been implemented, and the bearish expectation remains [8] - Coking coal: Market transactions are light, and upstream inventories are high [8] Non - ferrous Metals and New Materials - Copper: The price is high due to a weak US dollar [8] - Aluminum: The price is high due to Trump's steel and aluminum tariff policies [8] Energy and Chemicals - Crude oil: Supply pressure continues, and the market is affected by macro and geopolitical factors [10] - LPG: The rebound space may be limited due to weak demand [10] - Asphalt: The futures price is falling [10] Agriculture - Livestock: The market sentiment is boosted by pork purchases [10] - Cotton: The fundamentals change little, and the macro - environment is positive [10]