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]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Short - term precious metals may fluctuate, and investors should pay attention to the evolution of the Iranian situation. The market has high short - term uncertainty, and investors should control positions and prevent risks [77] 3. Summary by Directory 3.1. Disk Review - **Gold Trend**: On January 29, 2026, Shanghai gold hit a high of 1258.72 yuan/gram. After the US President announced the nomination of Kevin Warsh as a candidate for the Fed Chairman, the market tumbled. It rebounded in February overall. After the US - Israel - Iran conflict on February 28, it rose on March 2 but then fell continuously, and closed around 1000 on March 27 [7] - **Silver Trend**: On January 30, 2026, Shanghai silver hit a high of 32382 yuan/kg and then fell sharply. It rebounded after February 6. After the US - Israel - Iran conflict on February 28, it rose on March 2, then fell continuously, and closed around 17500 on March 27 [10] 3.2. Current Analysis - **Inventory Analysis** - **Gold Inventory**: Since February this year, the Shanghai Futures Exchange gold inventory has been stable at around 105 tons. COMEX gold inventory decreased from 36.26 million ounces (1128 tons) at the end of 2025 to 31.71 million ounces on March 27 [16] - **Silver Inventory**: The Shanghai Futures Exchange silver inventory decreased from 692 tons at the end of 2025 to 253 tons on March 9 and then rebounded to 372 tons on March 27. COMEX silver inventory decreased from about 450 million ounces (about 14000 tons) at the end of 2025 to 328 million ounces on March 27. The Shanghai Gold Exchange silver inventory decreased from 774 tons at the end of 2025 to 276 tons on March 13 and was 301 tons on March 20 [20][25] - **ETF Holdings** - **Gold ETF**: The holdings of the world's largest gold ETF, SPDR Gold Trust, reached a high of 1101.33 tons at the end of February and then declined to 1052.705 tons on March 27. The continuous out - flow in recent weeks has put pressure on prices [28] - **Silver ETF**: The holdings of the world's largest silver ETF, iShares Silver Trust, declined continuously in March, hitting a low of 15185.94 on March 19, a decrease of 8.2% from the high of 16546.59 on February 2, and then rebounded slightly [30] - **Gold - Silver Ratio**: The London spot gold - silver ratio hit a low of 45 on January 29, then rebounded, fluctuated around 60 in February, and was 66 on March 27 [34] - **US Economic Data** - **GDP**: The initial value of the annualized quarterly - on - quarterly growth rate of the US real GDP in the fourth quarter of 2025 was 1.4%, far lower than the expected 3.0%, with the government shutdown dragging down GDP by about 1 percentage point [36] - **Unemployment Rate**: The US unemployment rate was 4.4% in February, 4.3% in January, 4.4% in December last year, 4.5% in November, and 4.4% in September and August [39] - **Non - farm Payrolls**: In February, the US non - farm payrolls decreased by 92,000, while the forecast was an increase of 55,000 [42] - **CPI**: In February, the US CPI increased by 2.4% year - on - year, in line with expectations. The core CPI increased by 2.5% year - on - year and 0.2% month - on - month, in line with expectations [45] - **PCE**: In January, the US core PCE increased by 0.4% month - on - month and 3.1% year - on - year, in line with expectations [48] - **PPI**: In February, the US PPI increased by 3.4% year - on - year, higher than the expected 3.0%. The core PPI increased by 3.9% year - on - year, higher than the expected 3.7% [51] - **PMI**: In February, the US ISM manufacturing PMI was 52.4, higher than the market expectation of 51.5. The US ISM services index rose to 56.1, the highest since mid - 2022 [54] - **Interest Rate and Market Indicators** - **Fed Interest Rate**: The Fed decided to keep the federal funds rate unchanged in March. According to CME "FedWatch" on March 26, the probability of a 25 - basis - point rate hike in April is 6.2%, and the probability of keeping the rate unchanged is 93.8% [56] - **US Treasury Yield**: After the US - Israel - Iran conflict on February 28, the US Treasury yield rebounded due to concerns about inflation [60] - **US Dollar Exchange Rate**: After the US - Israel - Iran conflict on February 28, the US dollar index rose due to risk - aversion sentiment [64] - **Implied Volatility**: The implied volatility of Shanghai gold and silver options is high. It is recommended to wait and see for now [68][72] 3.3. Strategy Suggestion - In January this year, gold accelerated its rise and silver skyrocketed. After the nomination of Kevin Warsh, the precious metals market tumbled. After the US - Israel - Iran conflict, gold only rose slightly and then fell. The ongoing war has pushed up inflation expectations, and the market's expectation of a Fed rate cut has turned to a possible rate hike. The strengthening of the US dollar and the rise of US Treasury yields have suppressed precious metals. Short - term precious metals may fluctuate, and investors should pay attention to the Iranian situation and control positions [77]

Group 1: Market Movements - On March 25, international gold and silver prices increased, with gold futures closing at $4,552.30 per ounce, up 3.41%, and silver futures at $72.641 per ounce, up 4.42% [1][12] - The three major U.S. stock indices rose collectively, with the Dow Jones up 0.66%, S&P 500 up 0.54%, and Nasdaq up 0.77% [2] - European stock indices also saw gains, with the FTSE 100 up 1.42%, CAC 40 up 1.33%, and DAX up 1.41% [7] Group 2: Commodity Prices - U.S. import prices rose by 1.3% in February, marking the largest monthly increase in four years, indicating potential inflationary pressures [5] - International oil prices fell significantly, with Brent crude futures dropping below $100 per barrel, closing at $102.22, down 2.17% [9] - European natural gas prices also declined, with TTF natural gas futures closing at €52.065 per megawatt-hour, down 3.66% [10]

Price Trends - COMEX gold closed at $5,084.20 per ounce on February 9, 2026, after reaching a high of $5,626.8 on January 29, 2026, and a low of $4,423.2 on February 2, 2026[4] - COMEX silver closed at $83.05 per ounce on February 9, 2026, with a high of $121.785 on January 30, 2026, and a low of $63.9 on February 6, 2026[4] - Shanghai gold closed at ¥1,121.22 per gram on February 10, 2026, after a high of ¥1,258.72 on January 29, 2026, and a low of ¥1,005.4 on February 2, 2026[7] Supply and Demand Analysis - Global gold supply in 2025 was 5,002.31 tons, with recycled gold contributing 1,404.33 tons; China's gold production was 552.020 tons, a 3.35% increase year-on-year[10] - Global gold demand reached a record 5,002 tons in 2025, driven by investment demand of 2,175 tons, an 84% increase year-on-year; jewelry demand fell by 19.2% to 1,638 tons[13] - Central banks purchased 863.25 tons of gold in 2025, a 21% decrease from 2024, but their share of total demand rose to nearly 25% by 2024[16] Inventory Insights - SHFE gold inventory rose from approximately 15 tons at the beginning of 2025 to about 100 tons by year-end, with a peak of 104 tons on February 9, 2026[18] - COMEX silver inventory started at over 300 million ounces in early 2025, peaking near 500 million ounces before declining to approximately 390 million ounces (1.21 million tons) by February 9, 2026[23] Economic Indicators - The U.S. unemployment rate was 4.4% in December 2025, down from 4.6% in November; non-farm payrolls increased by 50,000, below expectations[35] - The U.S. manufacturing PMI returned to expansion at 52.6 in January 2026, while the services PMI was at 53.8, indicating economic resilience[46] Market Outlook - The nomination of Kevin Walsh as Fed Chair led to a significant drop in precious metals, as he is viewed as a strong inflation fighter, impacting market expectations for gold[55] - Despite recent volatility, geopolitical risks and economic uncertainties may keep gold and silver prices above historical averages, with short-term targets around $5,000 per ounce for gold and $80 per ounce for silver[55]

Group 1 - The bond market is consolidating ahead of the release of consumer confidence data in the US [1] - Economists expect the preliminary Michigan Consumer Sentiment Index for mid-February to be 55, down from January's final value of 56.4 [1] - The January employment report, delayed due to a brief government shutdown, is anticipated to show an increase in employment numbers with the unemployment rate stable at 4.4% [1] Group 2 - A decline in labor market indicators led to a drop in the market, increasing the likelihood that the Federal Reserve will maintain interest rates in March [1] - The yield on the 10-year US Treasury is at 4.202%, while the 2-year Treasury yield is at 3.475% [1]

Core Viewpoint - The current federal funds rate target range of 3.50%–3.75% is close to neutral levels and is not expected to exacerbate inflationary pressures [1] Group 1: Federal Reserve and Interest Rates - The market anticipates that the Federal Reserve will maintain interest rates during the upcoming monetary policy meeting [1] - There is a growing focus on the appointment of the next Federal Reserve Chair, with expectations that the new chair may favor interest rate cuts [1] Group 2: Inflation and Economic Indicators - The current investment surge is closely linked to artificial intelligence developments [1] - Significant increases in commodity and industrial metal prices may lead to more persistent inflation by 2026 than previously expected [1]

Core Viewpoint - The stability of U.S. Treasury yields is observed ahead of the Federal Reserve meeting, amidst outdated data and rising political tensions [1] Economic Data - Durable goods orders increased by 5.3% in November, surpassing the Wall Street Journal economists' average expectation of 4.5% [1] - The October data was revised to a decline of 2.1% [1] Market Expectations - The market anticipates that the Federal Reserve will maintain interest rates during the upcoming meeting [1] - Federal Reserve Chairman Jerome Powell may face questions regarding the independence of the central bank [1] Political Context - The threat of a government shutdown is increasing, as Democrats link funding support to adjustments in immigration enforcement [1] Treasury Yields - The 10-year U.S. Treasury yield stands at 4.227%, while the 2-year yield is at 3.605%, both remaining stable compared to the previous Friday [1] Other Market Indicators - The Wall Street Journal Dollar Index remains unchanged, while gold prices have risen by 1.5% [1]

Report Industry Investment Rating - Not provided Core View - Zinc has upward elasticity [1] Summary by Relevant Catalogs Fundamental Tracking - **Price**: The closing price of the main contract of Shanghai Zinc was 24,400 yuan/ton, up 0.21%; the closing price of the LME Zinc 3M electronic disk was 3,175 US dollars/ton, unchanged [1] - **Volume and Open Interest**: The trading volume of the main contract of Shanghai Zinc was 131,273 lots, a decrease of 14,813 lots; the trading volume of LME Zinc was 10,031 lots, a decrease of 1,448 lots. The open interest of the main contract of Shanghai Zinc was 118,558 lots, a decrease of 3,135 lots; the open interest of LME Zinc was 228,807 lots, a decrease of 649 lots [1] - **Premium and Discount**: The premium of Shanghai 0 zinc was 55 yuan/ton, unchanged; the LME CASH - 3M premium was -40.12 US dollars/ton, an increase of 3.45 US dollars/ton. The premium of Guangdong 0 zinc was 20 yuan/ton, an increase of 5 yuan/ton; the import bill of lading premium was 135 US dollars/ton, unchanged. The premium of Tianjin 0 zinc was -15 yuan/ton, unchanged; the spot import profit and loss of zinc ingots was -1,844.12 yuan/ton, an increase of 88.46 yuan/ton. ZN00 - ZN01 was -45 yuan/ton, unchanged; the import profit and loss of Shanghai Zinc continuous three was -1,779.24 yuan/ton, an increase of 30.12 yuan/ton [1] - **Inventory**: The inventory of Shanghai Zinc futures was 30,300 tons, a decrease of 747 tons; the LME zinc inventory was 111,700 tons, a decrease of 150 tons. The LME zinc cancelled warrants were 8,825 tons, a decrease of 150 tons; the LME off - warrant (T + 3) was 27,758 tons, a decrease of 4,958 tons [1] - **Related Product Prices**: The tax - included price of 1.0mm hot - dipped galvanized coil was 4,077 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 25,560 yuan/ton, an increase of 100 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 24,985 yuan/ton, an increase of 100 yuan/ton. The price of zinc oxide ≥99.7% was 23,100 yuan/ton, an increase of 100 yuan/ton [1] News - The governor of the People's Bank of China, Pan Gongsheng, said that there is still room for reserve requirement ratio cuts and interest rate cuts this year, and multiple monetary policy tools such as reserve requirement ratio cuts and interest rate cuts will be used flexibly and efficiently. He also mentioned maintaining the basic stability of the RMB exchange rate, strengthening market supervision, and establishing a mechanism to provide liquidity to non - bank institutions in specific scenarios, and continuing to use two monetary policy tools to support the capital market [2] - The final value of the US Q3 real GDP quarterly - on - quarterly growth rate was slightly revised up to 4.4%, the fastest growth rate in two years, and the core PCE inflation remained at 2.9%. The market generally expects the Fed to keep interest rates unchanged at the next week's interest - rate meeting [2][3] Trend Intensity - The trend intensity of zinc is 1, indicating a relatively strong trend [3]

Group 1 - The steel spot market experienced a slight decline, with major futures contracts all dropping, including rebar and hot-rolled coils down by approximately 0.5%, coking coal down by 1.83%, and coke down by 0.59% [1] - The macroeconomic support for the market is limited, leading to a weak market sentiment, while recent emergency responses to heavy pollution in multiple regions are expected to stabilize futures prices [1][3] - A series of fiscal policies aimed at stabilizing employment, enterprises, and market expectations are set to be implemented, which may boost market confidence and positively impact steel prices [2] Group 2 - The current domestic steel market shows a slight decline in transaction volume [5] - The futures market saw all major contracts decline by the end of trading [7] - Four steel mills adjusted their ex-factory prices, with three lowering prices by 20 yuan/ton and one increasing prices by 20 yuan/ton [9] Group 3 - The imported iron ore market saw a slight decline in prices, with supply and demand remaining weak, leading to expectations of price pressure in the near term [10] - Coking coal prices remained stable, with demand slightly decreasing and supply being relatively stable [10] - Scrap steel prices experienced a slight decline, with many steel mills operating at a loss, limiting overall demand [10] Group 4 - The steel market is facing challenges due to a combination of cold weather, emergency pollution alerts, and high inventory levels, which are suppressing demand [11] - While macro policies and pollution alerts provide some support, the Federal Reserve's decision to maintain interest rates is negatively impacting market sentiment [11] - Overall, steel prices are expected to remain stable with a slight increase, projected between 0-10 yuan [11]