Group 1: Federal Reserve Policy Shift - The Federal Reserve is transitioning from a hawkish to a dovish stance, with Chairman Powell indicating that inflation is nearing target levels and monetary policy will gradually shift towards easing [1] - Market expectations for a rate cut in November have surged to 92%, significantly lowering the holding cost of gold, which has led to gold prices breaking historical highs [1] Group 2: Geopolitical Risks - The escalation of the Russia-Ukraine conflict and the breakdown of negotiations over Iran's nuclear issue have heightened global risk aversion, resulting in a single-day influx of over $5 billion into gold [2] Group 3: Weakening Dollar Index - The dollar index has fallen from a high of 105 to below 103, which has positively impacted gold prices, as historical data shows that a 1% drop in the dollar index correlates with an average 1.2% increase in gold prices [3] Group 4: Central Bank Gold Purchases - Central banks globally have increased gold purchases, with a report indicating that by 2025, purchases will exceed 1,200 tons, and China's central bank has been increasing its holdings for 10 consecutive months, raising gold reserves to 7.2% [4] Group 5: Rising Inflation Expectations - Despite the Federal Reserve's attempts to control inflation, rising energy prices and supply chain disruptions are pushing inflation expectations higher, increasing the demand for gold as a traditional hedge against inflation [5] Group 6: Investment Recommendations - Short-term focus on a support level of $3,680 for gold, with a recommendation to increase the allocation to 15% of the asset portfolio for the medium to long term [6] Group 7: Technical Analysis of Gold - Gold has confirmed a "flag breakout" on the weekly chart, closing at $3,727, indicating strong bullish momentum [7] - The key resistance level of $3,700 has turned into strong support, with the next target at $3,820 based on Fibonacci extension [8] Group 8: Domestic Gold Market Insights - Domestic demand for gold jewelry has decreased by 24%, while investment gold bars have surged by 25%, indicating a shift from consumption to preservation of value [10][11] - The price difference between domestic and international gold has reached a historical high, presenting arbitrage opportunities for professional investors [12] Group 9: U.S. Treasury Yield Inversion - The 10-year U.S. Treasury yield has dropped below 4%, showing a strong negative correlation with gold prices, which reduces the holding cost of gold [14] - Bridgewater Associates has increased its holdings in gold ETFs from 15% to 25%, reflecting institutional concerns over stagflation risks [15] Group 10: Gold Mining and Recycling Trends - The average global gold mining cost has risen to $1,800, putting pressure on mining profits, suggesting a focus on low-cost leaders like Barrick Gold [17] - The volume of gold recycling has increased by 40% year-on-year, with a record 120 tons recycled in September [18] - The open interest in gold options has doubled, indicating a surge in market hedging demand [19]

1. Report Industry Investment Rating - There is no information provided regarding the report's industry investment rating 2. Core Viewpoints of the Report - The dovish remarks from Powell at the global central bank annual meeting increased the certainty of a September interest rate cut in the US, causing the US dollar index to weaken in recent trading days. The recent appreciation of the RMB exchange rate is mainly driven by the weak US dollar, and there are also positive domestic signals. If the stock market rally continues, the RMB exchange rate may gain new support. It is recommended to pay attention to domestic policy guidance [2][17][19] 3. Summary by Related Catalogs Exchange Rate Market Situation - Since last Friday, the exchange - rate market has seen amplified fluctuations due to the global central bank annual meeting. The US dollar index has weakened, non - US currencies have strengthened, the RMB has appreciated against the US dollar but depreciated against a basket of currencies, and the on - shore, offshore, and mid - price of the RMB have converged [2][10][17] - In April, the RMB exchange rate reached a high of 7.4295 and then appreciated. Recently, it has strengthened again, reaching a low of 7.1407 (offshore). The US dollar index has dropped from around 103 to below 100, and the RMB exchange - rate index has been declining unilaterally since April [3] Factors Affecting the US Dollar - This year, overseas uncertainties and geopolitical risks have increased, and the US dollar's fluctuations are centered around the Trump administration, Fed policies, and the US economy. The impact of tariffs is stabilizing, and future attention will focus on how macro data affects Fed policies [17] - Powell's dovish remarks increased the certainty of a September interest rate cut, and Trump's intention to remove Fed governor Cook may increase his control over the Fed, challenging the Fed's independence. The US dollar index has weakened and broken the rebound trend since July [2][17] Factors Affecting the RMB - The recent appreciation of the RMB is mainly due to the weak US dollar. Domestically, the central bank has increased the issuance of offshore central - bank bills in August, with new issuance of 45 billion and net financing of 30 billion after deducting maturities. The mid - price has strengthened, signaling an intention to stabilize the exchange rate [2][19] - The stock market has reached a 10 - year high in the past two months, but the rally has not driven the RMB exchange rate up as foreign investors have mainly reduced their bond holdings. If the stock - market rally continues, the RMB exchange rate may get new support [19]

Group 1 - The largest gold ETF, iShares Silver Trust, reported a holding of 956.77 tons of gold as of August 22, unchanged from the previous trading day [1] - As of the market close on August 22, spot gold was priced at $3,371.69 per ounce, reflecting a 1.00% increase, with an intraday high of $3,378.52 and a low of $3,321.19 [1] Group 2 - Market expectations for a Federal Reserve interest rate cut in September are a primary factor supporting gold prices, with Powell's remarks indicating potential policy adjustments [3] - A recent decline in the US dollar index, reported at 97.93, has made gold cheaper for holders of other currencies, thereby supporting demand [3] - Geopolitical uncertainties, such as the escalating tensions in the Russia-Ukraine conflict, are providing safe-haven support that may drive gold prices higher [3]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - Gold is expected to show short - term strength due to the weakening US economy and rising market risk - aversion demand [1]. - Copper is also seen as having short - term strength as the domestic market atmosphere warms up and copper prices stabilize and rebound [1]. 3) Summary by Related Catalogs Gold - **Price Movement**: On Friday night, New York gold rose and then fell, with the main contract price dropping from around $3500 to around $3450. The price difference between New York gold and London gold once widened to $100 [3]. - **Core Logic**: The US has added 1 - kilogram and 100 - ounce gold bars to the tariff - imposed category, causing the New York gold market to differ from London and Shanghai. Short - term New York gold is still in the oscillation range since the second quarter, and attention should be paid to the upper - edge pressure of the range [3]. - **Views**: Short - term: rising; Medium - term: oscillating; Intraday: oscillating and slightly stronger; Overall: short - term strength [1][3]. Copper - **Price Movement**: Last week, copper prices stabilized and rebounded, with a significant upward movement on Friday night [4]. - **Core Logic**: The increasing expectation of the Fed's interest - rate cut and the weakening US dollar index are positive for copper prices, but the risk of overseas recession trading needs to be watched. The domestic market atmosphere has warmed up, which is conducive to the stabilization and rebound of copper prices. In the off - season of the industry, high upstream production, weak downstream demand, and copper inventory accumulation are negative for copper prices. Overall, macro factors are positive and industrial factors are negative, and copper prices are expected to remain strong [4]. - **Views**: Short - term: rising; Medium - term: oscillating; Intraday: oscillating and slightly stronger; Overall: short - term strength [1][4].

Report Summary 1) Report Industry Investment Rating The report does not provide an overall industry investment rating. 2) Core Views - The report is optimistic about the short - term performance of both gold and copper, with a view of short - term strength for both metals [1][3][5]. - Gold is expected to have a short - term upward trend, a medium - term sideways movement, and an intra - day tendency to be slightly stronger. Copper is also expected to have a short - term upward trend, a medium - term sideways movement, and an intra - day tendency to be slightly stronger [1]. 3) Summary by Relevant Catalogs Gold - **Price Performance**: Yesterday, gold prices remained strong, with London gold approaching $3400 and Shanghai gold reaching above 785 yuan [3]. - **Core Logic**: In early August, the US non - farm payrolls were unexpectedly weak, and inflation rebounded more than expected earlier, increasing the expectation of a US economic recession and driving a rapid rebound in gold prices. The expectation of a Fed rate cut may rise as the economic outlook weakens, and the US dollar index may weaken again, which is beneficial to gold prices. On August 7, a new round of "reciprocal tariffs" in the US took effect, reducing market risk appetite and also benefiting gold prices. Short - term attention should be paid to the technical resistance at the upper edge of London gold's sideways movement since the second quarter [3]. Copper - **Price Performance**: Last night, copper prices rose and then fell, with little change in open interest [5]. - **Core Logic**: At the macro level, the domestic situation is favorable, but recent US economic data have continuously fallen short of expectations, so there is a risk of overseas recession trading. The US stock market opened high and closed low yesterday, and precious metals were strong, reducing market risk appetite. At the industrial level, the electrolytic copper inventory decreased slightly on Thursday compared to Monday, which is beneficial to copper prices. With a strong domestic and weak overseas macro environment and less impact from the industrial off - season, copper prices are expected to be in a slightly stronger sideways movement [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Gold is expected to show a short - term upward trend, with a mid - term oscillation and an intraday oscillation with a stronger bias. The view is to be bullish in the short run due to the cold non - farm payrolls and increased market risk - aversion demand [1][3] - Copper is expected to have a short - term upward trend, a mid - term oscillation, and an intraday oscillation with a stronger bias. The view is to be bullish in the short run as the domestic atmosphere has warmed up and copper prices have stabilized and rebounded [1][5] Group 3: Summary by Variety Gold - Short - term: Upward; Mid - term: Oscillation; Intraday: Oscillation with a stronger bias; Reference view: Bullish in the short run. The core logic is that the unexpected non - farm payrolls in early August and the previous inflation rebound have increased the expectation of a US economic recession, driving the rapid rebound of gold prices. Also, the expectation of Fed rate cuts may rise, and the US dollar index may weaken, which is beneficial to gold prices. The market currently expects 3 rate cuts this year. Short - term attention should be paid to the upper limit of the oscillation of New York gold since the second quarter [1][3] Copper - Short - term: Upward; Mid - term: Oscillation; Intraday: Oscillation with a stronger bias; Reference view: Bullish in the short run. The core logic is that macroscopically, the domestic atmosphere is good, while overseas, US economic data has been continuously below expectations. The market atmosphere is still stable. At the industrial level, upstream production is high, downstream demand is in the off - season and is weakening marginally, and electrolytic copper inventories are rising. With macro - level benefits and industrial - level drawbacks, copper prices are expected to continue to stabilize and rebound [1][5]

Core Viewpoint - Recent inflow of over 49 billion yuan into Hong Kong stock ETFs indicates strong investor interest, particularly in sectors like brokerage, internet, and technology, despite a slight pullback in market sentiment [1][3]. Fund Inflows - As of August 5, over 49 billion yuan has been invested in Hong Kong-themed ETFs in the past month, with significant contributions from major funds [1][3]. - The E Fund CSI Hong Kong Securities Investment Theme ETF saw its shares increase from 53.12 billion to 105.66 billion, attracting 11.375 billion yuan [2][3]. - The Fortune CSI Hong Kong Stock Connect Internet ETF's shares rose from 563.54 billion to 676.35 billion, with an inflow of 10.327 billion yuan [2][3]. - Other ETFs like the GF CSI Hong Kong Stock Connect Non-Bank Financial Theme ETF and the ICBC Credit Suisse National Index Hong Kong Stock Connect Technology ETF also experienced inflows of 7.19 billion yuan and 2.58 billion yuan, respectively [2][3]. Sector Preferences - Investors are favoring sectors such as brokerage, internet, and technology, with two ETFs receiving over 10 billion yuan each [1][3]. - However, there is a divergence in sentiment towards the pharmaceutical sector, particularly in innovative drugs, with mixed inflows observed [4]. Market Outlook - Analysts believe that the current low risk premium in the stock market and favorable valuation of Hong Kong stocks could attract more global capital [5]. - The expectation of a Federal Reserve rate cut and a weaker US dollar are seen as positive factors for the Hong Kong market [5]. - Future investment strategies should focus on balancing growth and high dividend sectors, with particular attention to internet, AI, and innovative industries [5].

Industry Investment Ratings - Gold: Bullish [1] - Silver: Bullish [1] - Copper: Bullish [1] - Zinc: Cautiously Bullish [1] - Lead: Rebound [1] - Tin: Rebound [1] - Aluminum: Rebound [1] - Nickel: Rebound [1] - Industrial Silicon: Cautiously Bullish [1] - Polysilicon: Cautiously Bullish [1] - Lithium Carbonate: Bullish [1] Core Views - The market is influenced by factors such as Trump's pressure on the Fed to cut interest rates, trade negotiations, and geopolitical uncertainties, leading to different trends in various metals [1][3] - Gold and silver are likely to rise due to trade uncertainties and the potential for Fed rate cuts [1][2][3] - Copper is expected to perform well in the long - term due to global copper mine shortages and strategic importance [1][6][7] - Zinc supply is abundant, limiting its upside potential in the short - term, with a long - term supply - increase and demand - decrease outlook [1][8][9] - Aluminum and nickel prices may experience short - term rebounds, but are affected by factors such as inventory and seasonal demand [1][10][11][12][13] - Lithium carbonate is expected to rise due to supply - side disruptions [1][14][15] Summary by Metal Gold and Silver - **行情回顾**: The US trade negotiations with Brazil and the EU are not going smoothly, and the approaching tariff deadline on August 1st has increased the safe - haven sentiment for gold and silver [2] - **基本逻辑**: Trump pressures the Fed to cut interest rates, the US has reached trade agreements with some countries, and there are uncertainties in the global economic and political situation. The Fed rate cuts may exceed expectations, and central banks continue to buy gold, supporting the long - term upward trend of gold [3] - **策略推荐**: Gold has strong support around 770 - 775, and the long - term bullish logic remains unchanged. Silver has strong support at 9250, and a bullish approach is recommended [4] Copper - **行情回顾**: Shanghai copper has rebounded strongly and is consolidating around the 80,000 - yuan mark [6] - **产业逻辑**: The supply of copper concentrates remains tight, electrolytic copper production has increased, domestic social inventory has decreased seasonally, downstream开工率 has rebounded, and green copper demand in power and automotive sectors has maintained resilience [6] - **策略推荐**: With Trump's pressure on the Fed and positive short - term macro - sentiment, it is recommended to hold existing copper long positions. In the long - term, copper is still expected to rise. The focus range for Shanghai copper is [79000, 81000], and for London copper is [9700, 10000] US dollars/ton [7] Zinc - **行情回顾**: Shanghai zinc is oscillating at a high level, testing the pressure of the upper resistance [8] - **产业逻辑**: In 2025, the supply of zinc concentrates is abundant, new smelting capacity is being released, and the processing fees for zinc concentrates are rising. The demand side is affected by the high - temperature season and the consumption off - season, and downstream enterprises are hesitant to buy at high prices [8] - **策略推荐**: Due to cost support, low inventory, and macro - sentiment stimulation, zinc has rebounded. It is recommended to hold existing long positions cautiously, not to chase the rise blindly. In the long - term, wait for opportunities to short at high prices. The focus range for Shanghai zinc is [22800, 23200], and for London zinc is [2750, 2950] US dollars/ton [9] Aluminum - **行情回顾**: Aluminum prices continue to rebound, and alumina also shows a rebound trend [10] - **产业逻辑**: For electrolytic aluminum, the operating capacity has increased, the cost has risen, the inventory has slightly increased, and the downstream processing industry's开工率 has decreased in the off - season. For alumina, there are disturbances in Guinea's bauxite supply, and the supply of spot alumina is relatively tight in the short - term [11] - **策略推荐**: It is recommended to wait and see with Shanghai aluminum, paying attention to the change in aluminum ingot inventory. The main operating range for Shanghai aluminum is [20300 - 21200], and alumina is expected to operate in a low - level range [11] Nickel - **行情回顾**: Nickel prices continue to rebound, and stainless steel also shows a rebound trend [12] - **产业逻辑**: For nickel, there are uncertainties in the overseas environment, the price of Philippine nickel ore may decline, and the domestic nickel supply - demand situation has improved slightly. For stainless steel, the production reduction is weakening, and the inventory pressure is emerging again in the off - season [13] - **策略推荐**: It is recommended to wait and see with nickel and stainless steel, paying attention to inventory changes. The main operating range for nickel is [122000 - 125000] [13] Lithium Carbonate - **行情回顾**: The main contract LC2509 has increased in position and reached a new high [14] - **产业逻辑**: In the spot market, lithium salt producers are more willing to sell, and the basis has weakened. The total inventory has increased for 7 consecutive weeks, and the demand growth in the new energy vehicle market has slowed down. However, there are many supply - side disruptions, and the futures market has priced in the improvement of the supply - demand situation in advance [15] - **策略推荐**: It is expected to be strong in the short - term, with a range of [71800 - 74000] [15]

1. Report Industry Investment Ratings No information provided regarding industry investment ratings in the given reports. 2. Core Views of the Reports Copper - Short - term copper prices are expected to be strong. The core drivers are the ongoing "232" investigation in the US and unresolved LME warehouse receipt issues, which provide strong support for copper prices. Before the "232" investigation is concluded, the tight copper supply pattern in non - US regions is difficult to reverse. The reference price range for the main contract is 80,000 - 82,000 yuan/ton [1][3]. Aluminum - Alumina prices are expected to fluctuate weakly in the short term. The market is in a state of slight surplus due to high - capacity operation. The reference price range for the main contract is 2,750 - 3,150 yuan/ton. It is recommended to short on rallies in the medium term. - Aluminum prices are expected to oscillate widely at high levels in the short term. Although macro factors and low inventory support the price, consumption in the off - season restricts its upward space. The reference price range for the main contract is 20,000 - 20,800 yuan/ton [4]. Aluminum Alloy - The aluminum alloy market is expected to show weak oscillations. The supply of scrap aluminum is tight in the short term, and the demand is suppressed by the traditional off - season. The reference price range for the main contract is 19,200 - 20,000 yuan/ton [5]. Zinc - Zinc prices rebounded in the short term driven by the expectation of interest rate cuts and a weak US dollar. However, the fundamentals have not fundamentally improved. In the medium - long term, a short - selling strategy on rallies is recommended. The reference price range for the main contract is 21,500 - 23,000 yuan/ton [8]. Nickel - The nickel market is expected to adjust within a range in the short term. Although macro policies boost market sentiment, the fundamentals have not changed significantly, and the cost support for refined nickel has weakened. The reference price range for the main contract is 116,000 - 124,000 yuan/ton [10]. Stainless Steel - The stainless - steel market is expected to oscillate in the short term under macro support. The fundamentals still face pressure, with high production, weak demand, and slow inventory reduction. The reference price range for the main contract is 12,500 - 13,000 yuan/ton [12]. Tin - Tin prices are expected to oscillate strongly in the short term due to slow supply - side recovery. However, considering the pessimistic demand outlook, a short - selling strategy on rallies based on inventory and import data is recommended [15]. Lithium Carbonate - The lithium carbonate market is expected to oscillate within a range in the short term. The market is in a state of contradiction between sentiment and fundamentals. The supply pressure is obvious, and the price is restricted from rising. It is necessary to observe the performance around 65,000 yuan/ton and pay attention to changes in macro expectations [17]. 3. Summary According to Related Catalogs Copper Price and Basis - SMM 1 electrolytic copper price increased by 0.98% to 80,990 yuan/ton; SMM 1 electrolytic copper premium decreased by 80 yuan/ton to 120 yuan/ton. - The refined - scrap price difference increased by 11.18% to 2,403 yuan/ton; the import profit and loss improved by 356.71 yuan/ton to - 1,128 yuan/ton [1]. Fundamental Data - In June, electrolytic copper production was 1.1349 million tons, a month - on - month decrease of 0.30%; in May, electrolytic copper imports were 0.2531 million tons, a month - on - month increase of 1.23%. - SHFE inventory decreased by 19.11% week - on - week, and LME inventory increased by 0.69% day - on - day [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.14% to 20,810 yuan/ton; SMM A00 aluminum premium decreased by 30 yuan/ton to 10 yuan/ton. - The 2507 - 2508 month - to - month spread increased by 50 yuan/ton to 215 yuan/ton [4]. Fundamental Data - In May, alumina production was 7.2581 million tons, a month - on - month decrease of 0.19%; electrolytic aluminum production was 3.609 million tons, a month - on - month decrease of 3.22%. - China's electrolytic aluminum social inventory increased by 0.86% week - on - week, and LME inventory increased by 2.29% day - on - day [4]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 price remained unchanged at 20,100 yuan/ton. - The 2511 - 2512 month - to - month spread increased by 5 yuan/ton to 85 yuan/ton [5]. Fundamental Data - In May, regenerated aluminum alloy ingot production was 0, a month - on - month decrease of 100%; primary aluminum alloy ingot production was 0.0261 million tons, a month - on - month decrease of 0.38%. - The regenerated aluminum alloy ingot weekly social inventory increased by 6.74% week - on - week [5]. Zinc Price and Spread - SMM 0 zinc ingot price increased by 0.04% to 22,290 yuan/ton; the import profit and loss improved by 262.82 yuan/ton to - 911 yuan/ton. - The 2507 - 2508 month - to - month spread increased by 20 yuan/ton to 80 yuan/ton [8]. Fundamental Data - In June, refined zinc production was 0.5851 million tons, a month - on - month increase of 6.50%; in May, refined zinc imports were 0.0267 million tons, a month - on - month decrease of 5.36%. - China's zinc ingot seven - region social inventory increased by 3.60% week - on - week, and LME inventory decreased by 1.28% day - on - day [8]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.49% to 122,050 yuan/ton; 1 Jinchuan nickel premium decreased by 100 yuan/ton to 2,500 yuan/ton. - The LME 0 - 3 spread increased by 1 dollar/ton to - 194 dollars/ton; the futures import profit and loss improved by 142 yuan/ton to - 2,419 yuan/ton [10]. Supply and Inventory - In June, China's refined nickel production was 31,800 tons, a month - on - month decrease of 10.04%; refined nickel imports were 19,157 tons, a month - on - month increase of 116.90%. - SHFE inventory decreased by 1.51% week - on - week, and LME inventory increased by 0.11% day - on - day [10]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) increased by 0.40% to 12,700 yuan/ton; the spot - futures price difference decreased by 23.08% to 200 yuan/ton. - The 2508 - 2509 month - to - month spread decreased by 20 yuan/ton to 25 yuan/ton [12]. Fundamental Data - In April, China's 300 - series stainless - steel crude steel production was 1.7912 million tons, a month - on - month increase of 0.36%; Indonesia's 300 - series stainless - steel crude steel production remained unchanged at 0.36 million tons. - The 300 - series social inventory (Wuxi + Foshan) decreased by 0.28% week - on - week, and SHFE warehouse receipts decreased by 0.05% day - on - day [12]. Tin Spot Price and Basis - SMM 1 tin price increased by 0.75% to 268,500 yuan/ton; SMM 1 tin premium remained unchanged at 650 yuan/ton. - The LME 0 - 3 premium decreased by 138.42% to - 48.99 dollars/ton [15]. Fundamental Data - In May, tin ore imports were 13,449 tons, a month - on - month increase of 36.39%; SMM refined tin production was 14,840 tons, a month - on - month decrease of 2.37%. - SHEF inventory decreased by 0.14% week - on - week, and social inventory increased by 2.84% [15]. Lithium Carbonate Price and Spread - SMM battery - grade lithium carbonate average price increased by 0.57% to 61,650 yuan/ton; the 2507 - 2508 month - to - month spread increased by 160 yuan/ton to 140 yuan/ton. - The lithium spodumene concentrate CIF average price increased by 1.12% to 632 dollars/ton [17]. Fundamental Data - In June, lithium carbonate production was 78,090 tons, a month - on - month increase of 8.34%; battery - grade lithium carbonate production was 57,630 tons, a month - on - month increase of 11.74%. - In May, lithium carbonate imports were 21,146 tons, a month - on - month decrease of 25.37%; lithium carbonate exports were 287 tons, a month - on - month decrease of 60.95%. - Lithium carbonate total inventory increased by 2.27% month - on - month in June [17].

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - For gold, the short - term view is a decline, the medium - term view is a sideways movement, and the intraday view is a sideways movement with a slight upward bias. The recommended approach is to wait and see. The core logic is that the rising expectations of interest rate cuts and tariffs are beneficial to the gold price [1]. - For copper, the short - term, medium - term, and intraday views are all upward. The recommended approach is to be bullish in the short - term. The core logic is that the recovery of macro - risk appetite drives the copper price up [1]. 3. Summary by Variety Gold - **Price Performance**: The gold price rebounded significantly yesterday. After the Asian market closed, the overseas market continued to rebound, and both domestic and overseas gold prices rose above the 60 - day moving average again [3]. - **Core Logic**: The recent increase in market expectations of interest rate cuts and the continuous weakening of the US dollar index have provided strong support for the gold price. FedWatch Tool data shows that the probability of three interest rate cuts this year exceeds 50%. Also, Trump not extending the deadline for trade - agreement negotiations has increased market concerns about US tariffs, leading to a significant rebound in the gold price. However, the overall market is not overly pessimistic as the US stock market has only slightly corrected from its high. Continued attention should be paid to the multi - empty game around the 60 - day moving average [3]. Copper - **Price Performance**: The copper price increased significantly with increased positions at the end of trading yesterday, and the main contract price rose to around 80,700 yuan [5]. - **Core Logic**: At the macro level, the rising expectations of Fed interest rate cuts and the continuous decline of the US dollar index are beneficial to the copper price. At the industrial level, the premium of LME copper has strengthened significantly recently, indicating a shortage of overseas electrolytic copper in the spot market. In China, the social inventory of electrolytic copper has been continuously decreasing, and downstream enterprises have a strong willingness to replenish stocks. The combination of macro and industrial positive factors has pushed up the copper price. Technically, after the main copper contract price broke through 80,000 yuan, it increased significantly with increased positions, showing strong upward momentum. It is expected that the contract price will maintain a strong trend, and attention can be paid to the support of the 5 - day moving average [5].