Group 1 - The core viewpoint of the article highlights the impact of the US November CPI returning to the "2 era," which supports a rebound in the US dollar and leads to a decline in copper prices by 0.13% [1] - Domestic stock indices are declining, affecting market sentiment, despite tight supply conditions; however, the current copper market is experiencing deep discounts and weak transactions, indicating a potential drop in spot copper prices [1] - The aluminum market shows resilience in consumption from sectors like automotive and electronics, with a low inventory of aluminum ingots, leading to a 0.38% increase in London aluminum prices [1] Group 2 - Zinc prices fell by 0.44% in London due to poor US inflation data and traders reducing positions ahead of Christmas, although tight supply and declining zinc ingot inventories provide some support [1] - Lead prices decreased by 0.05% in London, pressured by a rebound in the US dollar; the lead market is facing structural contraction, but demand remains weak, leading to subdued transactions [1] - Tin prices increased by 1.53% in London, driven by concerns over supply due to geopolitical disturbances, although trading remains quiet due to high spot prices [1] - Nickel prices rose by 1.84% in London, supported by expectations of interest rate cuts following disappointing US CPI data, despite ongoing oversupply pressures [1]

Group 1 - The core viewpoint of the articles indicates that the gold market is experiencing volatility, with prices fluctuating between support and resistance levels, influenced by expectations of a Federal Reserve interest rate cut and recent positive U.S. job vacancy data [1][3]. - Gold prices showed a rebound after hitting a low of 4170, with significant resistance noted at 4230 and 4245, while support levels are identified around 4190, 4170, and 4163 [1][3]. - The market sentiment is mixed, with bullish expectations for gold due to potential interest rate cuts, but caution is advised as there is a risk of profit-taking leading to sharp declines [1]. Group 2 - The trading strategy outlined includes taking light short positions near 4230 and considering long positions around 4190-4200, with specific targets for profit-taking at various levels [5]. - The trading performance has been highlighted as successful, with multiple trades yielding profits, including a notable rebound from 4170 to higher levels [3]. - Real-time trading updates and strategies are provided, indicating a proactive approach to market movements and adjustments based on price action [5].

Report Industry Investment Rating - Not provided Core View of the Report - The recent rebound of the US dollar index suppresses the upward space of copper prices. If the 50% tariff on copper starts on August 1st, the subsequent arbitrage channel will close, export demand will sharply decrease, and inventory will start to accumulate, with the market trend being bearish. Currently, the market is mainly volatile as there are many uncertainties regarding the copper tariff [1]. Summary by Relevant Catalogs Strategy Analysis - The copper market opened high and weakened during the day. The issue of the Fed's interest - rate cut remains uncertain, and the proposed tariff on copper may extend the Fed's wait - and - see period. As of July 4, 2025, the spot smelting fee is - 43.31 dollars per dry ton, and the spot refining fee is - 4.31 cents per pound. The expected supply shortage may improve. As of May 2025, the apparent consumption of electrolytic copper was 1363500 tons, a month - on - month increase of 80800 tons (+6.30%). July is expected to be a seasonal consumption off - season [1]. Futures and Spot Market Quotes - Futures: The Shanghai copper futures opened high and weakened during the day, closing at 78700. The long positions of the top 20 were 118651 lots, an increase of 2530 lots; the short positions were 115777 lots, a decrease of 3320 lots. Spot: The spot premium in East China was - 40 yuan per ton, and in South China was - 30 yuan per ton. On July 10, 2025, the LME official price was 9742 dollars per ton, and the spot premium was 10 dollars per ton [4]. Supply Side - As of July 4, the spot smelting fee (TC) was - 43.31 dollars per dry ton, and the spot refining fee (RC) was - 4.31 cents per pound [6]. Fundamental Tracking - Inventory: SHFE copper inventory was 23300 tons, a decrease of 9478 tons from the previous period. As of July 10, the copper inventory in the Shanghai Free Trade Zone was 67100 tons, an increase of 2000 tons from the previous period. LME copper inventory was 108700 tons, a slight increase of 625 tons from the previous period. COMEX copper inventory was 231100 short tons, an increase of 7736 short tons from the previous period [9].

Group 1 - The article discusses the volatile fluctuations in gold prices, indicating a "roller coaster" trend influenced by various market factors [1] - There is a focus on the rebound of the US dollar index and its potential to maintain upward momentum, which could impact gold prices [1] - The TTPS team is actively analyzing the situation and providing live updates on the gold market trends [1]