Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The strengthening of the US dollar restricts the price recovery of copper [1] Group 3: Summary According to Relevant Catalogs 1. Fundamental Tracking - **Price and Volume Data**: The closing price of the Shanghai Copper main contract was 95,760 with a daily decline of 0.18%, and the night - session closing price was 95,350 with a decline of 0.43%. The closing price of the LME Copper 3M electronic disk was 1,2195 with a daily increase of 0.44%. The trading volume and open interest of both Shanghai Copper and LME Copper decreased compared with the previous day [1] - **Inventory and Spread Data**: The inventory of Shanghai Copper decreased by 6,105 to 230,971, and the inventory of LME Copper increased by 2,350 to 362,600. There were various changes in spreads such as LME copper premium, spot - futures spreads, and cross - period spreads [1] 2. Macro and Industry News - **Macro News**: Powell said the Fed's interest rate is in a "favorable position", can ignore Iran - related oil price shocks but should be wary of changes in inflation expectations. Powell reversed traders' bets, and it is still possible to cut interest rates this year. The US Treasury bond gains expanded and did not follow oil prices. The White House said Trump hopes to reach an agreement by April 6, but Iran denies the negotiation. Trump threatened to "destroy all power plants, oil wells and Kharg Island in Iran" if no agreement is reached, and Iran responded that it would cut power to the entire region if attacked [1] 3. Industry News - China's refined copper production from January to February was 2.473 million tons, a year - on - year increase of 9%. China's February 2026 scrap copper imports were 167,937.84 tons, a month - on - month decrease of 27.72% and a year - on - year decrease of 13.13%. Peru's January copper production was 226,256 tons, a year - on - year increase of 3%. Codelco expects the supply disruption caused by the Middle East conflict to increase its production cost by about 5%. Glomar Minerals and Cobalt Blue will jointly build a seabed mineral processing facility [3] 4. Trend Intensity - The trend intensity of copper is 0, indicating a neutral position [3]

Group 1: Industry Investment Rating - No information provided Group 2: Core View - The lead price lacks driving factors and shows a volatile trend [1] Group 3: Summary by Relevant Catalogs Fundamental Tracking - Shanghai lead main contract closing price was 16,495 yuan/ton, down 0.36% from the previous day; LME lead 3M electronic disk closing price was 1,903 dollars/ton, up 0.69% [1] - Shanghai lead main contract trading volume was 50,614 lots, a decrease of 6,171 lots; LME lead trading volume was 4,273 lots, a decrease of 1,115 lots [1] - Shanghai lead main contract open interest was 62,160 lots, a decrease of 3,956 lots; LME lead open interest was 180,262 lots, an increase of 2,305 lots [1] - Shanghai 1 lead premium/discount was 0 yuan/ton, unchanged; LME CASH - 3M premium/discount was -35.16 dollars/ton, a decrease of 0.54 dollars/ton [1] - PB00 - PB01 was -30 yuan/ton, an increase of 10 yuan/ton; import premium/discount was 90 dollars/ton, unchanged [1] - Lead ingot spot import profit and loss was -97.18 yuan/ton, a decrease of 44.26 yuan/ton; Shanghai lead continuous third import profit and loss was 345.89 yuan/ton, a decrease of 5.46 yuan/ton [1] - Shanghai lead futures inventory was 52,867 tons, an increase of 404 tons; LME lead inventory was 283,000 tons, a decrease of 75 tons [1] - Scrap electric vehicle battery price was 9,750 yuan/ton, a decrease of 25 yuan/ton; LME lead cancelled warrants was 15,025 tons, an increase of 625 tons [1] - Recycled refined lead price was 16,325 yuan/ton, unchanged; recycled lead comprehensive profit and loss was -176 yuan/ton, an increase of 53 yuan/ton [1] News - Powell said the Fed's interest rates are in a "favorable position", can ignore oil price shocks related to Iran, but should be vigilant about changes in inflation expectations. Traders' bets were reversed, and it is still possible to cut interest rates this year, with the increase in US Treasury bonds expanding and not following oil prices [2] - The White House said Trump hopes to reach an agreement before April 6, intends to let Arab countries pay, and the US - Iran dialogue is ongoing and progressing smoothly, but Iran denies the negotiation. Trump said if no agreement is reached, he will "destroy all power plants, oil wells and Kharg Island in Iran", and Iran responded that if attacked, it will cut off power to the entire region [2] Lead Trend Intensity - The lead trend intensity is 0, indicating a neutral position [2]

Core Viewpoint - The article discusses the temporary removal of Iranian officials, including Parliament Speaker Ghalibaf and Foreign Minister Zarif, from the U.S. and Israel's target list, indicating a potential shift towards dialogue to end the conflict [5]. Group 1 - U.S. officials reported that Ghalibaf and Zarif have been removed from the target list for a period of 4 to 5 days as President Trump opens the door for high-level negotiations to end the war [5]. - The U.S. has been signaling a willingness to engage in dialogue with Iran, suggesting that Ghalibaf could be a potential interlocutor [5]. - Ghalibaf has denied any dialogue with the U.S., while Zarif stated that there are no discussions or negotiations between Iran and the U.S. [6].

Group 1: Gold Market Insights - The international spot gold price fell from a near three-week high of approximately 5250 to 5144 USD/oz, a decline of 1.6% due to profit-taking after previous gains and a stable dollar [1][5] - The gold market opened at 5231 USD/oz, peaked at 5150 USD/oz, and dropped to a low of 5093 USD/oz before closing at 5144.7 USD/oz, indicating a potential consolidation phase [2][6] - The trading strategy for gold suggests a high short and low long approach, with resistance levels at 5190-5250 USD and support levels at 5120-5100 USD [7] Group 2: Oil Market Insights - WTI crude oil closed at 66.06 USD/barrel, down 0.3%, while Brent crude oil closed at 71.07 USD/barrel, down 0.04%, amid ongoing tensions in the oil market [1][5] - The US crude oil market opened at 66.44 USD/barrel, reached a high of 67.26 USD/barrel, and fell to a low of 65.66 USD/barrel, closing at 66.22 USD/barrel, indicating a range-bound trading pattern [3][7] - The trading strategy for oil suggests focusing on long positions during pullbacks, with resistance levels at 67.2-68.0 USD and support levels at 65.5-64.4 USD [7] Group 3: Nasdaq Market Insights - The Nasdaq index opened at 24747.06 USD, peaked at 24836.28 USD, and dropped to a low of 24642.19 USD before closing at 24966.06 USD, showing potential for further resistance testing [4][8] - The trading strategy for the Nasdaq suggests prioritizing long positions on pullbacks, with resistance levels at 25078-25350 USD and support levels at 24930-24870 USD [8]

Group 1 - The core viewpoint of the articles is that the U.S. is considering various military options against Iran, including a large-scale bombing campaign targeting the Iranian regime and the Islamic Revolutionary Guard Corps if Iran does not halt its nuclear program [1][2] - The plans have been developed collaboratively by the White House and the U.S. Department of Defense, indicating a coordinated approach to addressing the situation with Iran [2] - President Trump expressed a desire to avoid military action while emphasizing the presence of powerful naval forces heading towards Iran, suggesting a readiness to act if necessary [2] Group 2 - Defense Secretary Esper reiterated the U.S. stance on Iran, stating that all options are on the table to ensure Iran does not pursue nuclear capabilities, highlighting the seriousness of the U.S. position [2] - The potential military actions include not only bombings but also cyberattacks on Iran's banking system and stricter sanctions against the Iranian government, showcasing a range of strategies being considered [1]

Core Viewpoint - President Trump stated that Iran is interested in dialogue [1] Group 1 - The statement indicates a potential shift in diplomatic relations between the U.S. and Iran [1]

Core Viewpoint - The article highlights that U.S. President Trump has not closed the door on dialogue with Iran, indicating a potential for future negotiations and diplomatic engagement [1] Group 1 - The U.S. administration remains open to discussions with Iran, which could impact geopolitical stability in the region [1] - This stance may influence market perceptions and investment strategies related to energy and defense sectors [1]

Core Viewpoint - President Trump stated that Iran is willing to engage in dialogue [1] Group 1 - The statement indicates a potential shift in diplomatic relations between the U.S. and Iran [1]

Core Viewpoint - The article highlights President Trump's belief that Iran is interested in engaging in dialogue [1] Group 1 - President Trump expresses optimism regarding potential discussions with Iran [1]