1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Gold: Focus on the switch between liquidity contraction and safe - haven trading. Gold is in a state of shock. The price range is 970 - 1050 yuan/gram. The first wave of liquidity contraction has been relatively sufficient. If the U.S. stocks accelerate their decline and there is a joint sell - off of all - market assets in the future, there may be a second - round sell - off of gold. However, the rebound of gold on Friday night when the U.S. stocks broke down may indicate the return of safe - haven sentiment. Gold has the value of the first - wave bottom - fishing, and it is mainly in a range - bound state in the medium - term, with the decline risk not fully cleared, but it already has buying cost - effectiveness [3]. - Silver: The gold - silver ratio continues to be repaired. Silver is in a state of shock. The price range is 16000 - 18500 yuan/kilogram. Silver bears greater elasticity and volatility, and the gold - silver ratio is in an upward - repair channel [3]. 3. Summary According to Relevant Catalogs 3.1 Trading Aspect (Price, Spread, Inventory, Capital, and Position) 3.1.1 Overseas Spot - Futures Spread - Gold: This week, the spread between London spot and COMEX gold main contract rebounded to 3.648 dollars/ounce, and the spread between COMEX gold continuous and COMEX gold main contract was 2.3 dollars/ounce [8][9]. - Silver: This week, the spread between London spot and COMEX silver main contract rebounded to - 0.045 dollars/ounce, and the spread between COMEX silver continuous and COMEX silver main contract was - 2.22 dollars/ounce [8][15]. 3.1.2 Domestic Spot - Futures Spread - Gold: This week, the gold spot - futures spread was - 6.21 yuan/gram, at the lower edge of the historical range [19]. - Silver: This week, the silver spot - futures spread was - 22 yuan/gram, at the upper edge of the historical range [22]. 3.1.3 Inter - month Spread - Gold: This week, the gold inter - month spread was 8.22 yuan/gram, at the upper edge of the historical range [26]. - Silver: This week, the silver inter - month spread was 51 yuan/gram, at the lower edge of the historical range [29]. 3.1.4 Cross - month Positive Arbitrage Delivery Cost - Buying TD and shorting Shanghai gold: The total cost is 20.20 yuan/gram [31]. - Buying Shanghai gold December contract and shorting June contract: The total cost is 5.93 yuan/gram [32]. - Buying TD and shorting Shanghai silver: The total cost is 354.11 yuan/kilogram [33]. - Buying Shanghai silver December contract and shorting June contract: The total cost is 341.50 yuan/kilogram [34]. 3.1.5 Delivery Direction of Deferred Fees for Gold and Silver Spot in Shanghai Gold Exchange This week, for gold, the long pays the short, indicating strong delivery power; for silver, the short pays the long, indicating strong receiving power [35]. 3.1.6 Inventory and Position - to - Inventory Ratio - Gold: This week, COMEX gold inventory decreased by 10 tons, and the registered warrant ratio rebounded to 52.4%. The domestic gold futures inventory decreased by 0.2 tons [37][43]. - Silver: This week, COMEX silver inventory decreased by 136 tons to 10211 tons, and the registered warrant ratio fell to 23.2%. The domestic silver futures inventory increased by 9.3 tons to 371 tons [39][43]. 3.1.7 CFTC Non - commercial Positions This week, the non - commercial net long position of COMEX CFTC gold rebounded slightly, and the non - commercial net long position of silver rebounded slightly [45]. 3.1.8 ETF Positions - Gold: This week, the SPDR gold ETF position decreased by 4.29 tons, and the domestic gold ETF position decreased by 12.4 tons [49]. - Silver: This week, the SLV silver ETF position increased by 150 tons [53]. 3.1.9 Gold - Silver Ratio This week, the gold - silver ratio rebounded from 62 in the previous week to 66 [55]. 3.1.10 COMEX Gold Delivery Volume and Gold - Silver Lease Rate This week, the 3 - month gold lease rate was - 0.188%, and the 3 - month silver lease rate was 2.03% [57]. 3.2 Core Drivers of Gold 3.2.1 Gold and Real Interest Rates This week, the correlation between gold and real interest rates has returned, and the 10Y TIPS continued to decline [62]. 3.2.2 Inflation and Retail Sales Performance No specific analysis conclusions are provided in the content, only relevant data charts are presented [66]. 3.2.3 Non - farm Employment Performance No specific analysis conclusions are provided in the content, only relevant data charts are presented [68]. 3.2.4 Industrial Manufacturing Cycle and Financial Conditions No specific analysis content is provided in the content. 3.2.5 Economic Surprise Index and Inflation Surprise Index No specific analysis content is provided in the content. 3.2.6 Fed Rate - cut Probability No specific content is provided in the text, only a title is given.

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report focuses on the precious metals market, including gold and silver, and provides detailed price, trading volume, position, inventory, and spread data. It also reports on macro and industry news, which may have an impact on the market [2] 3. Summary by Relevant Catalogs 3.1 Precious Metals Fundamental Data - **Price**: - Gold: The closing price of Shanghai Gold 2602 was 1,153.06, with a daily decline of 2.45%; the night - session closing price was 1,144.20, with a decline of 0.22%. Comex Gold 2602 rose 1.02% to 5,151.60. London Gold Spot rose 0.63% to 5,120.54. - Silver: The closing price of Shanghai Silver 2602 was 21,854, with a daily increase of 0.86%; the night - session closing price was 21,546.00, with an increase of 1.53%. Comex Silver 2602 rose 1.78% to 83.765. London Silver Spot rose 1.86% to 83.540 [2] - **Trading Volume and Position**: - Gold: The trading volume of Shanghai Gold 2602 was 418,498, an increase of 25,719 from the previous day; the position was 126,419, a decrease of 13,351. The trading volume of Comex Gold 2602 was 135,880, a decrease of 123,812; the position was 270,147, a decrease of 4,316. - Silver: The trading volume of Shanghai Silver 2602 was 526,514, a decrease of 187,374; the position was 150,089, a decrease of 11,077. The trading volume of Comex Silver 2602 was 44,443, a decrease of 52,679; the position was 77,647, unchanged [2] - **ETF Position**: - SPDR Gold ETF position was 1,081.04, a decrease of 18. SLV Silver ETF position (the day before yesterday) was 15,947.57, a decrease of 34 [2] - **Inventory**: - Gold: Shanghai Gold inventory was 105,033 kilograms, a decrease of 27. Comex Gold inventory (the day before yesterday) was 33,071,598 troy ounces, a decrease of 99,538. - Silver: Shanghai Silver inventory was 294,823 kilograms, a decrease of 12,661. Comex Silver inventory (the day before yesterday) was 355,173,837 troy ounces, a decrease of 2,391,537 [2] - **Spread**: - Gold: The spread between Gold T + D and AU2602 was - 0.11, unchanged from the previous day. The spread between Shanghai Gold 2602 and 2606 contracts was N/A. The cost of the long - December and short - June cross - period arbitrage of Shanghai Gold was 4.77, a decrease of 0.87. The spread between Gold T + D and London Gold was 783.47, an increase of 730.27. - Silver: The spread between Silver T + D and AG2602 was 218, a decrease of 261. The spread between Shanghai Silver 2602 and 2606 contracts was - 13,933, a decrease of 414. The cost of the long - December and short - June cross - period arbitrage of Shanghai Silver was 73.41, a decrease of 11.3. The spread between Silver T + D and London Silver was 584, a decrease of 293 [2] - **Exchange Rate**: - The US dollar index was 98.80, a decrease of 0.48%. The US dollar against the Chinese yuan (CNY spot) was 6.91, an increase of 0.21%. The euro against the US dollar was 1.16, a decrease of 0.01. The US dollar against the Japanese yen was 157.70, an increase of 0.05. The British pound against the US dollar was 1.21, unchanged [2] 3.2 Macro and Industry News - The blockage in the Strait of Hormuz was alleviated, resulting in a rise in US stocks and bonds. The S&P 500 and Nasdaq rose by more than 1%, US oil dropped by 5%, and Ethereum soared by 10% [2] - Trump hinted at an attack on the oil facilities on Kharg Island; US allies were lukewarm about the joint escort plan for the Strait of Hormuz [4] - Part of the important oil hub in the UAE resumed operation. Earlier, Fujairah was attacked again, causing a complete suspension of oil loading and unloading [5] - US Treasury Secretary Bentsen said that oil prices would be far below $80 in a few months [6] - The Trump administration asked the judge to reconsider the decision to revoke the subpoena for Powell [6] - The US SEC is preparing to propose new regulations to cancel the requirement for listed companies to disclose quarterly performance and change it to twice a year [6] - China and the US held economic and trade consultations in Paris, France. The two sides are considering establishing a working mechanism to promote bilateral trade and investment cooperation [6] 3.3 Trend Intensity - The trend intensity of gold was 0, and the trend intensity of silver was 0 [6]

Report Industry Investment Rating No relevant content provided. Core Views - Gold: Geopolitical conflicts have broken out [2][4]. - Silver: Attention should be paid to liquidity contraction [2][5]. - Copper: The price is supported by the callback of the US dollar [2][10]. - Zinc: The price shows a weak and volatile trend [2][13]. - Lead: The price is under pressure due to the increase in inventory [2][17]. - Tin: The price is in an oscillatory adjustment [2][20]. - Aluminum: The price is in a range - bound oscillation; Alumina: Attention should be paid to the disturbances at the mine end; Cast aluminum alloy: It follows the trend of electrolytic aluminum [2][24]. - Nickel: The accumulation of smelting inventory resonates with the macro - sentiment, and the shortage at the mine end supports the lower limit; Stainless steel: The fundamentals and the macro - environment exert pressure, and the current cost provides support [2][26]. Summary by Directory Gold - **Fundamentals**: The closing price of Shanghai Gold 2602 was 1,153.06, with a daily decline of 2.45%, and the night - session closing price was 1144.20, with a decline of 0.22%. The trading volume increased by 25,719 compared with the previous day, and the position decreased by 13,351. The position of SPDR Gold ETF decreased by 18, and the inventory of Shanghai Gold decreased by 27 kilograms [5]. - **News**: The obstruction in the Strait of Hormuz has been alleviated, leading to a rise in US stocks and bonds, a 5% drop in US oil, and a 10% increase in Ethereum. Trump hinted at attacking the oil facilities on Kharg Island, and the US allies' response to the joint escort plan for the Strait of Hormuz was lukewarm [5][7]. Silver - **Fundamentals**: The closing price of Shanghai Silver 2602 was 21854, with a daily increase of 0.86%, and the night - session closing price was 21546.00, with an increase of 1.53%. The trading volume decreased by 187,374 compared with the previous day, and the position decreased by 11,077. The position of SLV Silver ETF decreased by 34 [5]. - **News**: Similar to gold, including the situation in the Strait of Hormuz and Trump's remarks [5][7]. Copper - **Fundamentals**: The closing price of the Shanghai Copper main contract was 99,720, with a daily decline of 0.59%, and the night - session closing price was 100190, with an increase of 0.47%. The trading volume of the Shanghai Copper index increased by 109,826, and the position increased by 17,776. The inventory of Shanghai Copper increased by 7,935, and the London Copper inventory decreased by 225 [10]. - **News**: The international oil price has fallen, alleviating inflation concerns and leading to a rise in US stocks. Mongolia is seeking to renegotiate the "unfair" business terms of the Oyu Tolgoi copper mine. Zambia aims to triple its copper production by 2031. Rio Tinto suspended the operation of its Kennecott copper mine in Utah after an accident [10][12]. Zinc - **Fundamentals**: The closing price of the Shanghai Zinc main contract was 23905, with a daily decline of 0.97%. The trading volume increased by 23045, and the position increased by 2126. The London Zinc 3M electronic - disk closing price was 3293.5, with a decline of 0.63%. The inventory of Shanghai Zinc increased by 12003, and the London Zinc inventory decreased by 400 [13]. - **News**: Trump hinted at attacking the oil facilities on Kharg Island and called for escort in the Strait of Hormuz. The London Metal Exchange's trading was interrupted for two hours, but the market price did not change significantly after the resumption [14][16]. Lead - **Fundamentals**: The closing price of the Shanghai Lead main contract was 16315, with a daily decline of 1.45%. The trading volume increased by 28081, and the position increased by 2368. The London Lead 3M electronic - disk closing price was 1903, with a decline of 1.68%. The inventory of Shanghai Lead increased by 535, and the London Lead inventory increased by 75 [17]. - **News**: The international oil price has fallen, alleviating inflation concerns and leading to a rise in US stocks [18]. Tin - **Fundamentals**: The closing price of the Shanghai Tin main contract was 373,360, with a daily decline of 3.18%, and the night - session closing price was 381,840, with an increase of 2.43%. The trading volume increased by 11,405, and the position decreased by 2,351. The inventory of Shanghai Tin decreased by 278, and the London Tin inventory decreased by 60 [21]. - **News**: Trump called for the establishment of a Strait of Hormuz escort alliance. Iran warned of a decisive response if the Kharg Island facilities were attacked [23]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: The closing price of the Shanghai Aluminum main contract was 25170, with a decrease of 210 compared with T - 1. The trading volume increased by 105097, and the position increased by 117111. The closing price of the Shanghai Alumina main contract was 2965, with an increase of 9 compared with T - 1. The closing price of the aluminum alloy main contract was 23830, with an increase of 175 compared with T - 1 [24]. - **News**: China and the US are considering establishing a working mechanism to promote bilateral trade and investment cooperation. Indonesia is considering imposing a "windfall tax" on commodities [25]. Nickel and Stainless Steel - **Fundamentals**: The closing price of the Shanghai Nickel main contract was 136,400, with a decrease of 530 compared with T - 1. The closing price of the stainless - steel main contract was 14,120, with a decrease of 70 compared with T - 1 [26]. - **News**: Indonesia will revise the benchmark price formula for nickel ore products in early 2026. Solway Investment Group plans to restart its nickel mine in Guatemala. There were various incidents in the nickel industry, such as landslides in Indonesia and production adjustments in Cuba [26][30].

Report Industry Investment Ratings - Gold: Not provided - Silver: Not provided - Copper: Not provided - Zinc: Not provided - Lead: Not provided - Tin: Not provided - Aluminum: Not provided - Alumina: Not provided - Cast Aluminum Alloy: Not provided - Nickel: Not provided - Stainless Steel: Not provided - Lithium Carbonate: Not provided - Industrial Silicon: Not provided - Polysilicon: Not provided - Iron Ore: Not provided - Rebar: Not provided - Hot Rolled Coil: Not provided - Ferrosilicon: Not provided - Manganese Silicon: Not provided - Coke: Not provided - Coking Coal: Not provided - Steam Coal: Not provided - Logs: Not provided - Paraxylene: Not provided - PTA: Not provided - MEG: Not provided - Synthetic Rubber: Not provided - LLDPE: Not provided - PP: Not provided - Caustic Soda: Not provided - Glass: Not provided - Methanol: Not provided - Urea: Not provided - Styrene: Not provided - Soda Ash: Not provided - LPG: Not provided - Propylene: Not provided - PVC: Not provided - Fuel Oil: Not provided - Low Sulfur Fuel Oil: Not provided - Container Freight Index (European Line): Not provided - Staple Fiber: Not provided - Bottle Chip: Not provided - Offset Printing Paper: Not provided - Pure Benzene: Not provided - Palm Oil: Not provided - Soybean Oil: Not provided - Soybean Meal: Not provided - Soybean: Not provided - Corn: Not provided - Sugar: Not provided - Cotton: Not provided - Eggs: Not provided - Live Pigs: Not provided - Peanuts: Not provided Core Views - The report analyzes the fundamentals and market trends of various commodities, including precious metals, base metals, energy, agricultural products, etc., and provides corresponding trend intensity and trading suggestions [2][44][47] - Geopolitical conflicts, supply and demand changes, and policy factors have a significant impact on commodity prices [10][44][125] - Different commodities show different trends, such as some in a wide - range shock, some with upward or downward trends [2][44][47] Summary by Related Catalogs Precious Metals - **Gold**: Geopolitical conflicts break out. The trend intensity is 0. The price of Comex gold 2602 rose 1.02% to 5151.60, and the London gold spot rose 0.63% to 5120.54 [2][6] - **Silver**: Attention should be paid to liquidity contraction. The trend intensity is 0. The price of Comex silver 2602 rose 1.78% to 83.765, and the London silver spot rose 1.86% to 83.540 [2][6] Base Metals - **Copper**: The dollar callback supports the price. The trend intensity is 0. The price of the Shanghai copper main contract was 99,720, down 0.59%, and the LME copper 3M electronic disk rose 1.44% to 12,919 [2][11] - **Zinc**: It shows a weak shock. The trend intensity is - 1. The price of the Shanghai zinc main contract was 23905, down 0.97%, and the LME zinc 3M electronic disk closed at 3293.5, down 0.63% [2][14] - **Lead**: Inventory increases, and the price is under pressure. The trend intensity is 0. The price of the Shanghai lead main contract was 16315, down 1.45%, and the LME lead 3M electronic disk closed at 1903, down 1.68% [2][18] - **Tin**: It is in shock adjustment. The trend intensity is 0. The price of the Shanghai tin main contract was 373,360, down 3.18%, and the LME tin 3M electronic disk was 47,810, down 0.97% [2][22] - **Aluminum**: It is in a range - bound shock. The trend intensity is 0. The price of the Shanghai aluminum main contract was 25170, up 210 [2][25] - **Alumina**: Attention should be paid to the disturbances at the mine end. The trend intensity is 1 [26] - **Cast Aluminum Alloy**: It follows electrolytic aluminum. The trend intensity is 0 [26] - **Nickel**: The smelting inventory accumulation resonates with the macro - sentiment, and the shortage at the mine end supports the bottom. The trend intensity is 0. The price of the Shanghai nickel main contract was 136,400, down 530 [27] - **Stainless Steel**: The fundamentals and the macro - situation put pressure, and the actual cost provides support. The trend intensity is 0. The price of the stainless steel main contract was 14,120, down 70 [27] Energy - **Steam Coal**: Supply and demand tend to be loose, and the coal price回调. The trend intensity is - 1. The price of Shanxi Datong 5500 was 590.0 yuan/ton, down 5.0 yuan/ton [56] - **Fuel Oil**: It has a slight pullback, and the price remains at a high level in the short term. The trend intensity is - 1. The price of FU2604 was 4,905 yuan/ton, down 0.59% [116] - **Low Sulfur Fuel Oil**: It weakens in the short term, and the price difference between high - and low - sulfur in the overseas spot market has decreased. The trend intensity is - 1. The price of LU2604 was 5,727, up 3.52% [116] - **LPG**: The geopolitical uncertainty is high. The trend intensity is 0 [2][108] - **Propylene**: There are geopolitical disturbances at the cost end, and the supply is expected to decrease. The trend intensity is 0 [2][108] Agricultural Products - **Palm Oil**: There are frequent speculation themes, and it still has a short - term strong gene. The trend intensity is 0. The price of the palm oil main contract was 10,010 yuan/ton, up 2.48% [142] - **Soybean Oil**: The U.S. soybeans closed significantly lower, and it is necessary to guard against a high - level callback. The trend intensity is 0. The price of the soybean oil main contract was 8,716 yuan/ton, up 0.30% [142] - **Soybean Meal**: Concerns about exports and the decline of U.S. soybeans may lead to a weak trend in Dalian soybean meal. The trend intensity is - 1 [147] - **Soybean**: The international soybean price has declined, and the disk may be adjusted. The trend intensity is - 1 [147] - **Corn**: It runs in a shock. The trend intensity is 0. The price of C2605 was 2,379 yuan/ton, down 0.42% [150][151] - **Sugar**: Attention should be paid to the opportunity of capital position transfer. The trend intensity is 1 [155][157] - **Cotton**: The overseas market is strong. The trend intensity is 1. The price of CF2605 was 15,480 yuan/ton, up 0.42% [159][162] - **Eggs**: It is in a range - bound shock. The trend intensity is 0. The price of the eggs 2604 contract was 3,289, up 0.12% [165][166] - **Live Pigs**: The inventory reduction and weight reduction will start, and the duration may exceed expectations. The trend intensity is - 1 [168][170] - **Peanuts**: Attention should be paid to the macro - impact. The trend intensity is 0 [173][175] Chemicals - **Paraxylene**: It is in a short - term shock market. The trend intensity is - 1. The price of the PX main contract was 10180, up 1.62% [2][63][68] - **PTA**: It is in a short - term shock market. The trend intensity is - 1. The price of the PTA main contract was 6982, up 0.69% [2][63][68] - **MEG**: It is in a short - term shock market. The trend intensity is - 1. The price of the MEG main contract was 4897, up 3.55% [2][63][68] - **Synthetic Rubber**: It has a high - level wide - range shock. The trend intensity is 1. The price of the cis - butadiene rubber main contract was 15,700 yuan/ton, down 25 [72][75] - **LLDPE**: The cracking supply shrinks, and downstream users resist high prices. The trend intensity is 1. The price of L2605 was 8677, up 3.10% [76][79] - **PP**: The supply of various raw materials is limited, and the upstream start - up rate shrinks. The trend intensity is 1. The price of PP2605 was 8857, up 2.95% [76][79] - **Caustic Soda**: The futures premium is relatively large, and the disk is mainly in a callback. The trend intensity is 0. The 05 - contract futures price was 2547 [81][83] - **Glass**: The price of the original sheet is stable. The trend intensity is 0. The price of FG605 was 1102, down 2.74% [86][87] - **Methanol**: It runs strongly. The trend intensity is 1. The price of the methanol main contract was 2,837 yuan/ton, up 3.2 [90][94] - **Urea**: It has a wide - range shock, and the fundamentals support the price. The trend intensity is 0. The price of the urea main contract was 1,900 yuan/ton, up 11 [95][97] - **Styrene**: It has a strong shock. The trend intensity is 1. The price of the styrene 2605 contract was 10,063, up 173 [98] - **Soda Ash**: The spot market has little change. The trend intensity is 1. The price of SA2605 was 1,256, down 1.64% [101][102] - **PVC**: It has a short - term callback adjustment. The trend intensity is 0. The 05 - contract futures price was 5849 [112][114] Others - **Iron Ore**: It is strong in the near - term and weak in the far - term, and a 5 - 9 positive spread is recommended. The trend intensity is 1. The price of I2605 was 809.0 yuan/ton, down 2.5 [44][45] - **Rebar**: It has a wide - range shock. The trend intensity is 0. The price of RB2605 was 3,140, down 1 [47][50] - **Hot Rolled Coil**: It has a wide - range shock. The trend intensity is 0. The price of HC2605 was 3,299, up 1 [47][50] - **Ferrosilicon**: The spot price is firm, and it has a wide - range shock. The trend intensity is 0. The price of the ferrosilicon 2605 contract was 5872, down 16 [51][52] - **Manganese Silicon**: The spot price is firm, and it has a wide - range shock. The trend intensity is 0. The price of the manganese silicon 2605 contract was 6162, down 14 [51][52] - **Coke**: It has a wide - range shock. The trend intensity is 0. The price of J2605 was 1746, up 8.5 [53][55] - **Coking Coal**: It has a wide - range shock. The trend intensity is 0. The price of JM2605 was 1181, up 0.3% [53][55] - **Logs**: The supply recovers, the inventory accumulates, and the log price回调. The trend intensity is 0. The price of the 2605 contract was 808.5, up 2.0% [58][61] - **Container Freight Index (European Line)**: Attention should be paid to the freight rate landing situation in the first week of April, and be vigilant against the repeated geopolitical sentiment. The trend intensity is 0. The price of EC2604 was 1,970.1, down 7.08% [118][129] - **Staple Fiber**: It fluctuates at a high level, and it is necessary to guard against upward risks. The trend intensity is 1. The price of the staple fiber 2604 contract was 8382, down 74 [130][131] - **Bottle Chip**: It fluctuates at a high level, and it is necessary to guard against upward risks. The trend intensity is 1. The price of the bottle chip 2604 contract was 8342, up 28 [130][131] - **Offset Printing Paper**: It is advisable to wait and see. The trend intensity is 0. The price of OP2604.SHF was 4188, up 22 [133] - **Pure Benzene**: It has a strong shock. The trend intensity is 1. The price of BZ2605 was 8510, up 211 [137][140]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints The report presents the latest prices, trading volumes, positions, inventories, and price spreads of precious metals such as gold and silver, along with macro and industry news, including economic data from the US and China, and geopolitical events [2][4][5][6]. 3. Summary by Directory 3.1 Precious Metals Fundamental Data - **Prices**: - Gold:沪金2602 closed at 1,153.06 with a -2.45% daily increase, and its night - session price was 1144.20 with a -0.22% increase; Comex黄金2602 closed at 5151.60 with a 1.02% increase; London gold spot was at 5120.54 with a 0.63% increase [2]. - Silver:沪银2602 closed at 21854 with a 0.86% increase, and its night - session price was 21546.00 with a 1.53% increase; Comex白银2602 closed at 83.765 with a 1.78% increase; London silver spot was at 83.540 with a 1.86% increase [2]. - **Trading Volumes and Positions**: - Gold:沪金2602 had a trading volume of 418,498, an increase of 25,719 from the previous day, and a position of 126,419, a decrease of 13,351; Comex黄金2602 had a trading volume of 135,880, a decrease of 123,812, and a position of 270,147, a decrease of 4,316 [2]. - Silver:沪银2602 had a trading volume of 526,514, a decrease of 187,374, and a position of 150,089, a decrease of 11,077; Comex白银2602 had a trading volume of 44,443, a decrease of 52,679, and a position of 77,647, unchanged [2]. - **ETF Positions**: - SPDR黄金ETF position was 1,081.04, a decrease of 18; SLV白银ETF position (the day before yesterday) was 15,947.57, a decrease of 34 [2]. - **Inventories**: - Gold:沪金 inventory was 105,033 kg, a decrease of 27; Comex黄金 inventory (the day before yesterday) was 33,071,598 troy ounces, a decrease of 99,538 [2]. - Silver:沪银 inventory was 294,823 kg, a decrease of 12661; Comex白银 inventory (the day before yesterday) was 355,173,837 troy ounces, a decrease of 2,391,537 [2]. - **Price Spreads**: - Gold: The spread between 黄金T+D and AU2602 was -0.11, unchanged from the previous day; the cost of the long - December and short - June cross - period arbitrage for 沪金 was 4.77, a decrease of 0.87; the spread between 黄金T+D and London gold was 783.47, an increase of 730.27 [2]. - Silver: The spread between 白银T+D and AG2602 was 218, a decrease of 261; the spread between 沪银2602 and 2606 contracts was -13,933, a decrease of 414; the cost of the long - December and short - June cross - period arbitrage for 沪银 was 73.41, a decrease of 11.3; the spread between 白银T+D and London silver was 584, a decrease of 293 [2]. - **Exchange Rates**: - The US dollar index was 98.80, a -0.48% decrease; the US dollar against the Chinese yuan (CNY spot) was 6.91, a 0.21% increase; the euro against the US dollar was 1.16, a decrease of 0.01; the US dollar against the Japanese yen was 157.70, an increase of 0.05; the British pound against the US dollar was 1.21, unchanged [2]. 3.2 Macro and Industry News - **US Economic Data**: - The US Q4 GDP growth rate was significantly revised down to 0.7% due to the government shutdown; the US March Michigan consumer confidence hit a three - month low as consumers were worried about oil prices [2]. - The US January core PCE price increased by 3.1% year - on - year, reaching a two - year high, and the month - on - month growth rate remained at 0.4% [4]. - **Chinese Economic Data**: - China's February new social financing was 2.38 trillion yuan, new RMB loans were 9000 billion yuan, and M2 increased by 9% year - on - year [5]. - **Geopolitical Events**: - Over the weekend, the US military claimed to have "successfully attacked" more than 90 military targets on Iran's Kharg Island, while Iranian media reported that the island's oil facilities were not damaged. The US was reported to be planning to announce the formation of a "convoy alliance" in the Strait of Hormuz. The Pentagon expected the Iran war to last four to six weeks [6]. - A US judge rejected the Trump administration's subpoena against Powell, and the Department of Justice vowed to appeal. Key lawmakers said the appeal would only delay the confirmation of Wash's nomination. Court documents showed that Powell "threatened" to stay on as a Fed governor until January 2028 if the investigation continued [6]. - **Chinese Policy**: - China's State Council executive meeting studied the establishment of a negative list management mechanism for local fiscal subsidies [6]. 3.3 Trend Intensity The trend intensity of gold was 0, and that of silver was 0 [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold is affected by geopolitical conflicts; silver requires attention to liquidity contraction; copper's price decline is limited by the reduction of domestic inventories; zinc prices are under pressure; lead prices are pressured by the increase of domestic inventories; tin is in a state of shock adjustment; aluminum requires attention to supply issues in the Middle East; alumina's cost is rising; cast aluminum alloy follows the trend of electrolytic aluminum; platinum requires attention to the support strength of actual demand; palladium is generally pessimistic; nickel's price is supported by the shortage of ore supply despite the accumulation of smelting inventories and macro - sentiment resonance; stainless steel is pressured by fundamentals and the macro - environment but supported by actual costs [2]. Summary by Relevant Catalogs Gold - **Price and Trading Volume**: Yesterday, the closing price of Shanghai Gold 2602 was 1,153.06, with a daily decline of 2.45%, and the night - session closing price was 1144.20, with a decline of 0.22%. The trading volume of Shanghai Gold 2602 was 418,498, an increase of 25,719 compared to the previous day, and the position was 126,419, a decrease of 13,351 [5]. - **Macro and Industry News**: The US Q4 GDP growth rate was significantly revised down to 0.7% due to the government shutdown. The US March Michigan consumer confidence hit a three - month low. The US January core PCE price increased by 3.1% year - on - year, reaching a two - year high. China's February new social financing was 2.38 trillion yuan, new RMB loans were 900 billion yuan, and M2 increased by 9% year - on - year [5][7][8]. - **Trend Intensity**: Gold trend intensity is 0 [9]. Silver - **Price and Trading Volume**: Yesterday, the closing price of Shanghai Silver 2602 was 21854, with a daily increase of 0.86%, and the night - session closing price was 21546.00, with an increase of 1.53%. The trading volume of Shanghai Silver 2602 was 526,514, a decrease of 187,374 compared to the previous day, and the position was 150,089, a decrease of 11,077 [5]. - **Trend Intensity**: Silver trend intensity is 0 [9]. Copper - **Price and Trading Volume**: Yesterday, the closing price of the Shanghai Copper main contract was 100,310, with a daily decline of 0.69%, and the night - session closing price was 99730, with a decline of 0.58%. The trading volume of the Shanghai Copper index was 183,195, a decrease of 16,426 compared to the previous day, and the position was 579,456, a decrease of 1,832 [10]. - **Macro and Industry News**: The US is reported to have sent marines and warships to the Middle East. Trump claimed to launch a "violent air strike" on Iran next week. Mongolia is seeking to renegotiate the "unfair" business terms of the Oyu Tolgoi copper mine. Zambia aims to triple copper production by 2031. Rio Tinto suspended the operation of its Kennecott copper mine in Utah [10][12]. - **Trend Intensity**: Copper trend intensity is 0 [12]. Zinc - **Price and Trading Volume**: Yesterday, the closing price of the Shanghai Zinc main contract was 24140, with a daily decline of 0.66%. The trading volume of the Shanghai Zinc main contract was 85941, a decrease of 23062 compared to the previous day, and the position was 75191, an increase of 2465 [13]. - **News**: Sino - US economic and trade consultations will be held from March 14th to 17th. China's February new social financing was 2.38 trillion yuan, new RMB loans were 900 billion yuan, and M2 increased by 9% year - on - year [14]. - **Trend Intensity**: Zinc trend intensity is - 1 [15]. Lead - **Price and Trading Volume**: Yesterday, the closing price of the Shanghai Lead main contract was 16555, with a daily decline of 0.36%. The trading volume of the Shanghai Lead main contract was 45931, an increase of 15603 compared to the previous day, and the position was 63681, an increase of 1415 [16]. - **News**: The US is reported to have sent marines and warships to the Middle East. Trump claimed to launch a "violent air strike" on Iran next week [17]. - **Trend Intensity**: Lead trend intensity is 0 [17]. Tin - **Price and Trading Volume**: Yesterday, the closing price of the Shanghai Tin main contract was 374,110, with a daily decline of 4.14%, and the night - session closing price was 372,860, with a decline of 3.31%. The trading volume of the Shanghai Tin main contract was 227,740, an increase of 12,579 compared to the previous day, and the position was 35,386, an increase of 2,288 [20]. - **Macro and Industry News**: The US Q4 GDP growth rate was significantly revised down to 0.7% due to the government shutdown. The US military claimed to have "successfully attacked" more than 90 military targets on Iran's Kharg Island. China's State Council executive meeting studied the establishment of a negative list management mechanism for local fiscal subsidies. Meta plans to lay off 20% of its employees [22]. - **Trend Intensity**: Tin trend intensity is 0 [21]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 24960, a decrease of 280 compared to the previous day. The closing price of the Shanghai Alumina main contract was 2956, an increase of 91 compared to the previous day. The closing price of the aluminum alloy main contract was 23655, a decrease of 335 compared to the previous day [23]. - **Comprehensive News**: Trump launched a "violent air strike" on Iran's Kharg Island. Iran said it would retaliate if attacked. The US January core PCE price increased by 3.1% year - on - year [24]. - **Trend Intensity**: Aluminum trend intensity is 1; alumina trend intensity is 1; aluminum alloy trend intensity is 1 [24]. Platinum and Palladium - **Price and Trading Volume**: Yesterday, the closing price of platinum futures 2606 was 541.60, with a decline of 4.08%. The closing price of palladium futures 2606 was 408.10, with a decline of 2.04% [26]. - **Macro and Industry News**: Sino - US economic and trade consultations began in Paris [28]. - **Trend Intensity**: Platinum trend intensity is - 1; palladium trend intensity is - 1 [29]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 136,930, a decrease of 1,170 compared to the previous day. The closing price of the stainless steel main contract was 14,190, a decrease of 95 compared to the previous day [31]. - **Macro and Industry News**: Indonesia plans to revise the benchmark price formula for nickel ore. Solway Investment Group plans to restart its nickel mine in Guatemala. The Indonesian government has approved a nickel ore production quota. There were various incidents in the nickel industry such as landslides and production suspensions [31][32][35]. - **Trend Intensity**: Nickel trend intensity is 0; stainless steel trend intensity is 0 [38].

1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Views - Gold: Geopolitical conflicts have broken out [2][4]. - Silver: Attention should be paid to liquidity contraction [2][5]. - Copper: The narrowing of domestic spot discounts supports prices [2][8]. - Zinc: It shows a range - bound oscillation [2][11]. - Lead: The increase in domestic inventories exerts downward pressure on prices [2][14]. - Tin: It is in an oscillatory adjustment [2][17]. - Aluminum: It remains relatively strong [2][21]. - Alumina: It returns to the fundamentals [2][21]. - Cast aluminum alloy: It follows the trend of electrolytic aluminum [2][21]. - Platinum: It oscillates following gold and silver [2][23]. - Palladium: It failed to reach a high and remains sluggish [2][24]. - Nickel: Tightness at the ore end supports the current situation, while inventory accumulation in smelting limits its elasticity [2][28]. - Stainless steel: Macroeconomic risk appetite causes disturbances, and the real - cost center has shifted upwards [2][28]. 3. Summary by Related Catalogs Gold - **Fundamentals**: The prices of domestic and foreign gold futures and spot markets showed different trends. For example, Comex gold 2602 rose by 1.02%, while Shanghai gold 2602 fell by 2.45%. Trading volumes and positions also changed, with Shanghai gold 2602's trading volume increasing by 25,719 and positions decreasing by 13,351. ETF and inventory data also showed changes, such as SPDR gold ETF's position decreasing by 18 [5]. - **News**: Geopolitical news included the US Navy's contradictory information on escort in the Strait of Hormuz, which caused fluctuations in the crude oil market, and China's February export and import growth rate returning to double - digits [5][7]. Silver - **Fundamentals**: Prices generally showed an upward trend, with Comex silver 2602 rising by 1.78%. Trading volumes and positions changed, and inventory decreased. For example, Comex silver's inventory decreased by 2,391,537 ounces [5]. - **News**: Similar to gold, it was affected by geopolitical and macro - economic news [5][7]. Copper - **Fundamentals**: The prices of Shanghai and London copper futures increased, with Shanghai copper's main contract rising by 1.33%. Futures inventory and spot price spreads also changed, such as the spot - to - futures near - month spread changing from - 45 to 0 [8]. - **News**: Geopolitical news included the tense situation between the US and Iran, and industry news included Revere copper products company increasing investment in the US and Mongolia's re - negotiation of the Oyu Tolgoi copper mine's commercial terms [8][10]. Zinc - **Fundamentals**: Shanghai and London zinc prices showed different trends, with Shanghai zinc's main contract falling by 0.02% and London zinc rising by 0.20%. Inventory increased, and price spreads and premiums also changed [11]. - **News**: China's foreign trade growth rate returned to double - digits, and there was geopolitical news related to the Strait of Hormuz [12]. Lead - **Fundamentals**: Shanghai and London lead prices declined, with Shanghai lead's main contract falling by 0.54%. Inventory increased, and price spreads and import - related data changed [14]. - **News**: Geopolitical news included the tense situation between the US and Iran and China's foreign trade growth [15]. Tin - **Fundamentals**: Shanghai and London tin prices rose, with Shanghai tin's main contract rising by 2.24%. Inventory decreased, and prices in the industrial chain, such as tin concentrate and solder, also increased [18]. - **News**: It included geopolitical news and news about the robot mobile phone [20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: Aluminum prices remained relatively strong, alumina returned to the fundamentals, and cast aluminum alloy followed electrolytic aluminum. There were changes in futures prices, trading volumes, positions, inventory, and price spreads in each market [21]. - **News**: Geopolitical news included the possibility of the US and Iran negotiating and the US's high - intensity strike on Iran. There was also news about the possible decline in oil prices if the situation in the Strait of Hormuz improved [22]. Platinum and Palladium - **Fundamentals**: Platinum prices generally rose, while palladium prices showed different trends. There were changes in trading volumes, positions, inventory, and price spreads [24]. - **News**: Geopolitical news included the tense situation between the US and Iran, the possible negotiation between the US and Iran, and the reduction in oil production by Middle - Eastern countries [27]. Nickel and Stainless Steel - **Fundamentals**: Nickel prices were supported by tight ore supply but limited by smelting inventory. Stainless steel was affected by macro - risk appetite and cost. There were changes in futures prices, trading volumes, positions, and prices in the industrial chain [28]. - **News**: Industry news included Indonesia's plan to revise the nickel ore benchmark price formula, the restart of a nickel mine in Guatemala, and various incidents in the Indonesian nickel industry, such as landslides and sanctions [28][33].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The report tracks the fundamentals of precious metals, including price, trading volume, position, inventory, and price spreads, and also provides macro and industry news [2] Group 3: Summary Based on Relevant Catalogs Precious Metals Fundamental Data - **Price**: - Gold:沪金2602 closed at 1,153.06 with a daily decline of 2.45%, and its night - session price was 1144.20 with a decline of 0.22%; Comex黄金2602 closed at 5151.60 with a rise of 1.02% [2] - Silver:沪银2602 closed at 21854 with a rise of 0.86%, and its night - session price was 21546.00 with a rise of 1.53%; Comex白银2602 closed at 83.765 with a rise of 1.78% [2] - **Trading Volume and Position**: - Gold:沪金2602 had a trading volume of 418,498, an increase of 25,719 from the previous day, and a position of 126,419, a decrease of 13,351; Comex黄金2602 had a trading volume of 135,880, a decrease of 123,812, and a position of 270,147, a decrease of 4,316 [2] - Silver:沪银2602 had a trading volume of 526,514, a decrease of 187,374, and a position of 150,089, a decrease of 11,077; Comex白银2602 had a trading volume of 44,443, a decrease of 52,679, and a position of 77,647, unchanged [2] - **Inventory**: - Gold:沪金 inventory was 105,033 kg, a decrease of 27 kg; Comex黄金 inventory (previous day) was 33,071,598 troy ounces, a decrease of 99,538 [2] - Silver:沪银 inventory was 294,823 kg, a decrease of 12,661 kg; Comex白银 inventory (previous day) was 355,173,837 troy ounces, a decrease of 2,391,537 [2] - **Price Spreads**: - Gold: The spread between 黄金T+D and AU2602 was - 0.11, unchanged; the cost of buying December and selling June cross - period arbitrage of 沪金 was 4.77, a decrease of 0.87 [2] - Silver: The spread between 白银T+D and AG2602 was 218, a decrease of 261; the cost of buying December and selling June cross - period arbitrage of 沪银 was 73.41, a decrease of 11.3 [2] Macro and Industry News - Trump mentioned that the war would end soon, causing US oil prices to fall more than 10% after rising more than 30% during the session, and US stocks to rebound, with the Nasdaq rising more than 1% and the chip index rising nearly 4% [2] - Trump said that the US military action against Iran would "soon" end but not this week, and would lift some sanctions to stabilize international oil prices [5] - After the G7 meeting, it was stated that oil reserves would not be released for the time being, but they were "ready at any time" to take necessary measures to support global energy supply; the US supported the G7 to release 300 - 400 million barrels of oil reserves [5] - Middle East "production halt" data: production has been cut by 2 million barrels per day and will exceed 4 million barrels per day before Friday [5] - China's February CPI year - on - year increase expanded to 1.3%, the highest growth rate in nearly three years, and PPI year - on - year decline continued to narrow to 0.9% [4] - CATL's Q4 revenue increased 36.6% year - on - year, and net profit attributable to shareholders increased 57.1% year - on - year, the largest increase in two and a half years, and it plans to distribute 31.5 billion yuan for the whole year [4] Trend Intensity - Gold trend intensity: - 1; Silver trend intensity: - 1 [4]

Report Industry Investment Rating - Not provided in the document Core Views - The report provides daily research and analysis on precious metals and base metals futures, covering gold, silver, copper, zinc, lead, tin, aluminum, alumina, cast aluminum alloy, platinum, palladium, nickel, and stainless steel, and gives corresponding trend intensities and trading suggestions [1][2] Summary by Commodity Gold - **Trend**: Affected by geopolitical conflicts [2][4] - **Fundamentals**: The prices of domestic and foreign gold futures and spot have different fluctuations, trading volume and positions have changed, ETF positions have decreased, inventory has decreased, and spreads have changed [5] - **Trend Intensity**: -1 [5] Silver - **Trend**: Attention should be paid to liquidity contraction [2][5] - **Fundamentals**: Similar to gold, the price, trading volume, position, inventory, and spread of silver futures and spot have changed [5] - **Trend Intensity**: -1 [5] Copper - **Trend**: The decline of the US dollar supports the price [2][9] - **Fundamentals**: The price of copper futures has changed, trading volume has increased, positions have changed, inventory has increased, and spreads have changed. There are also some macro and industrial news, such as the decline of copper production in Chile and the increase of investment in the US by copper product companies [9][11] - **Trend Intensity**: 0 [11] Zinc - **Trend**: Range-bound [2][12] - **Fundamentals**: The price of zinc futures has increased, trading volume has increased, positions have decreased, inventory has decreased, and spreads have changed. There are news about G7's monitoring of the energy market and consideration of releasing oil reserves [12][13] - **Trend Intensity**: 0 [13] Lead - **Trend**: The reduction of overseas inventory supports the price [2][15] - **Fundamentals**: The price of lead futures has slightly changed, trading volume has increased, positions have decreased, inventory has changed, and spreads have changed. There are some macro news [15][16] - **Trend Intensity**: 0 [16] Tin - **Trend**: Attention should be paid to the stabilization situation [2][18] - **Fundamentals**: The price of tin futures has changed, trading volume has increased, positions have decreased, inventory has changed, and spreads have changed. There are some macro and industrial news [19][21] - **Trend Intensity**: 1 [20] Aluminum, Alumina, Cast Aluminum Alloy - **Trend**: Aluminum oscillates and falls, alumina rises and then falls, and cast aluminum alloy follows electrolytic aluminum [2][22] - **Fundamentals**: The prices, trading volumes, positions, inventories, and spreads of aluminum, alumina, and cast aluminum alloy futures and spot have changed. There is news about the increase in alumina freight and the possible end of the war [22][23] - **Trend Intensity**: Aluminum: 0; Alumina: -1; Aluminum Alloy: 0 [23] Platinum, Palladium - **Trend**: Platinum quickly recovers due to geopolitical reversal, and palladium rebounds upward with high elasticity [2][24][25] - **Fundamentals**: The prices, trading volumes, positions, inventories, and spreads of platinum and palladium futures and spot have changed. There are some macro and industry news [25][28] - **Trend Intensity**: Platinum: 1; Palladium: 1 [27] Nickel, Stainless Steel - **Trend**: The tightness of the nickel ore end supports the present situation, but the accumulation of smelting inventory limits the elasticity; the macro - risk preference disturbs stainless steel, and the real - cost center moves up [2][29] - **Fundamentals**: The prices, trading volumes, positions, and related industrial data of nickel and stainless steel futures have changed. There are many industry news, such as the revision of the nickel ore benchmark price formula in Indonesia, the restart of nickel mines in Guatemala, and production accidents in Indonesia [29][35] - **Trend Intensity**: Nickel: 0; Stainless Steel: 0 [36]

Core Viewpoint - Recent fluctuations in international gold and silver prices, following historical highs, indicate increased volatility in the precious metals market, driven by changes in global liquidity expectations, Federal Reserve personnel shifts, and concentrated speculative positions [1][2]. Market Volatility - On January 29, both gold and silver prices reached historical highs before experiencing significant declines, with gold futures dropping nearly 7% and silver prices plummeting 11% within 28 minutes [2]. - By February 2, silver prices had fallen by over 14%, while gold prices saw a decline exceeding 9% [2]. - The sharp price drops were attributed to automatic stop-loss trades triggered when prices fell below key technical support levels, leading to increased market sell-offs [2]. Structural Adjustment of Institutional Funds - The recent price volatility is linked to structural adjustments in institutional funds, with a notable mismatch between registered silver inventories and open contracts observed at the end of January [3]. - Major international banks significantly reduced their net long positions in gold and silver amid the price fluctuations [3]. - Analysts suggest that institutional investors tend to act decisively in uncertain environments, opting to secure profits when underlying macroeconomic conditions change [3]. Repricing and Market Logic Shift - Changes in expectations regarding the U.S. dollar's trajectory have contributed to the recent volatility in gold and silver prices [4]. - The nomination of Kevin Walsh as the next Federal Reserve Chair has led to expectations of a stronger dollar, which could pressure non-yielding gold and silver prices [4]. - The market's trading logic has shifted from betting on interest rate cuts to reassessing liquidity contraction risks, resulting in capital flowing from precious metals to U.S. Treasury bonds [4]. Market Reconstructing Asset Pricing Logic - The turbulence in the precious metals market reflects a restructuring of global asset pricing logic, with silver being particularly vulnerable to liquidity tightening due to its lesser depth compared to gold [5]. - The decline in precious metal prices serves as a reminder that there are no absolute safe havens in the market, as the focus shifts from emotional to more rational macroeconomic data-driven factors [5]. - Historical trends suggest that while gold prices may experience short-term volatility, this can help curb excessive speculation, with future market movements increasingly dependent on global real interest rates and central bank gold purchasing transparency [5].