Report Industry Investment Ratings - Gold: Bullish [2] - Silver: Bullish [2] - Copper: Neutral [2] - Zinc: Bearish [2] - Lead: Neutral [2] - Tin: Bearish [2] - Aluminum: Neutral [2] - Alumina: Bearish [2] - Cast Aluminum Alloy: Neutral [2] - Nickel: Neutral [2] - Stainless Steel: Neutral [2] Core Views - Gold is expected to oscillate upward, while silver is predicted to break through and rise. The copper market is cautious, with prices oscillating. Zinc is under pressure, and the downside of lead may be limited. Tin prices are weakening, and aluminum faces upward pressure. Alumina requires attention to the impact of the ore end, and cast aluminum alloy is in range - bound oscillation. Nickel is affected by news - related sentiment, and its fundamentals are under pressure. Stainless steel prices oscillate due to the game between reality and the macro - environment [2]. Summary by Commodity Precious Metals - **Fundamentals**: For gold, the closing prices of沪金2510, 黄金T + D, and Comex黄金2510 were 776.66 (down 0.48%), 772.20 (down 0.51%), and 3354.20 (up 0.71%) respectively. The trading volume and positions of relevant contracts changed to varying degrees, and the inventory of some contracts remained stable. For silver, the closing prices of沪银2510, 白银T + D, and Comex白银2510 were 9152 (down 0.79%), 9109 (down 0.82%), and 38.125 (up 0.37%) respectively. The trading volume, positions, and inventory also had corresponding changes [5]. - **News**: Powell's dismissal rumor caused market chaos, with the US stock market first falling and then rising, the US dollar and US bond yields falling, and gold prices rising. Trump's possible dismissal of Powell and tariff - related news also affected the market [6][7][8]. Copper - **Fundamentals**: The closing price of the沪铜主力合约 was 77,970 (down 0.15%), and that of the伦铜3M电子盘 was 9,637 (down 0.21%). The trading volume, positions, inventory, and price spreads of relevant contracts all changed. China's copper imports in June and the cumulative imports from January to June showed different trends, and the copper concentrate production in Azerbaijan increased significantly [9][11]. - **News**: Trump's possible dismissal of Powell and First Quantum Minerals' investment in Prospect Resources were reported [9]. Zinc - **Fundamentals**: The closing price of the沪锌主力 was 22030 (down 0.25%), and that of the伦锌3M电子盘 was 2701.5 (down 1.13%). The trading volume, positions, inventory, and price spreads of relevant contracts changed, and the prices of related products such as zinc alloy and zinc oxide also decreased [12]. - **News**: Trump planned to send tariff letters to more than 150 countries, and the EU considered using the "anti - coercion tool" [13]. Lead - **Fundamentals**: The closing price of the沪铅主力 was 16895 (down 0.21%), and that of the伦铅3M电子盘 was 2001 (down 0.20%). The trading volume, positions, inventory, and price spreads of relevant contracts changed, and the prices of related products such as recycled lead decreased [15]. - **News**: Similar to zinc, Trump's tariff - related news affected the market [16]. Tin - **Fundamentals**: The closing price of the沪锡主力合约 was 263,960 (up 0.27%), and that of the伦锡3M电子盘 was 32,990 (down 0.81%). The trading volume, positions, inventory, and price spreads of relevant contracts changed, and the spot prices of tin decreased [19]. - **News**: Similar to precious metals, market - affecting news such as Powell's dismissal rumor and Trump's tariff - related news were reported [20]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: For aluminum, the closing price of the沪铝主力合约 was 20475, and that of theLME铝3M was 2576. The trading volume, positions, inventory, and price spreads of relevant contracts changed, and the production and cost - related data of electrolytic aluminum also had corresponding changes. For alumina, the closing price of the沪氧化铝主力合约 was 3111, and relevant trading volume, positions, and price data changed. For cast aluminum alloy, the closing price of the主力 contract was 19820, and relevant data also changed [22]. - **News**: The US PPI data and South Korea's possible strategic concession in tariff negotiations with the US were reported [24]. Nickel and Stainless Steel - **Fundamentals**: For nickel, the closing price of the沪镍主力 was 120,550, and relevant trading volume, positions, and price data of related products in the industrial chain changed. For stainless steel, the closing price of the主力 was 12,670, and relevant data also changed [25]. - **News**: News such as Canada's possible suspension of nickel exports to the US, the production status of nickel - related projects in Indonesia, and the production and environmental issues of nickel - related factories in Indonesia were reported [25][26][27].