Group 1 - The core outcome of the recent US-Russia summit was the lack of any concrete agreements, with "no results" being the most notable takeaway from the discussions [1][6] - The summit marked the first face-to-face meeting between the leaders in four years, with significant historical implications as it was Putin's first visit to the US in nearly a decade [3][6] - Despite optimistic statements from Trump regarding the meeting's success, underlying unresolved issues suggest that the dialogue may not lead to substantial progress, potentially exacerbating existing tensions [3][8] Group 2 - The ongoing Russia-Ukraine conflict has severely impacted not only US-Russia relations but also economic interactions between the EU and Russia, making it nearly impossible to resolve complex international disputes through a brief meeting [6][8] - The fundamental problem lies in the inability of both sides to meet each other's core demands in the short term, complicating the negotiation process [8] - The abrupt cancellation of a planned lunch following the summit indicates limited room for compromise and leaves the future of the Russia-Ukraine conflict uncertain [8] Group 3 - Recent fluctuations in US economic data, including a drop in July CPI and a rise in PPI, have influenced market expectations regarding potential interest rate cuts by the Federal Reserve [9] - The upcoming speech by Fed Chair Powell at the Jackson Hole global central bank meeting is anticipated to provide further insights into the Fed's policy direction, particularly concerning interest rates [9][10] - Despite current market volatility, the long-term outlook for gold remains optimistic due to ongoing uncertainties in the global economy and the potential for increased demand for gold as a safe-haven asset [9][10]

Core Viewpoint - Recent fluctuations in gold prices have led to mixed sentiments among investors, with some still optimistic about future price increases despite current declines [1][2]. Group 1: Market Analysis - The Shanghai Gold Exchange reported a closing price of 779.79 yuan per gram, reflecting a decrease of 0.17% [1]. - Analysts from various institutions maintain a bullish outlook on gold, with the Gold Research Institute of Jinfafu stating that as long as prices do not fall below $3,200 per ounce, the overall trend remains upward [1]. - Factors influencing recent gold price volatility include macroeconomic conditions, geopolitical tensions, and changes in U.S.-China trade relations [2]. Group 2: Influencing Factors - The chief investment strategist at Standard Chartered, Wang Xinjie, noted that the easing of risk sentiment and adjustments in short-term gold positions have contributed to recent price fluctuations [2]. - Geopolitical issues, particularly the intensification of the Russia-Ukraine conflict and ongoing Middle Eastern tensions, have increased demand for safe-haven assets like gold [2]. - The recent constructive dialogue between U.S. and Chinese leaders has led to a decrease in risk aversion, impacting gold prices [2]. Group 3: Future Projections - Wang Xinjie has adjusted the three-month gold price forecast to $3,100 per ounce while maintaining a 12-month forecast of $3,500 per ounce [3]. - Key factors supporting gold's price increase include geopolitical risks, central bank gold reserves, and the currency aspect of gold as a hedge against the depreciating dollar due to rising U.S. debt levels [3]. Group 4: Investment Strategies - Analysts suggest that the recent price corrections present buying opportunities for investors, emphasizing the importance of strategic positioning in gold investments [4]. - It is recommended that investors avoid over-concentration in gold investments, as it is a non-yielding asset, and to adopt a strategy of buying on dips rather than chasing high prices [4].

Core Viewpoint - The article discusses the potential upward movement of copper futures prices due to increased demand for safe-haven assets and the weakening of the US dollar, raising questions about the sustainability of these trends in driving metal market prices higher [1] Group 1: Market Trends - There is a significant increase in demand for safe-haven assets, which is expected to support the upward trend in copper futures prices [1] - The weakening of the US dollar is also highlighted as a factor that could contribute to rising metal prices, including copper [1] Group 2: Future Outlook - The article raises the question of whether the current trends in safe-haven demand and dollar weakness can be sustained, which will be crucial for the future performance of the metal market [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - International precious metal futures generally rose, with COMEX gold futures up 3.09% at $3343.50 per ounce and COMEX silver futures up 1.29% at $32.68 per ounce. International oil prices weakened, and Chicago Board of Trade (CBOT) agricultural futures contracts declined across the board. London base metals mostly rose [2][3]. - Multiple institutions lowered their price forecasts for Brent crude oil in 2025 and 2026, citing OPEC+ production increases and concerns about demand [9][12]. - The yields of US Treasury bonds increased collectively, while the yields of European bonds generally decreased. The US dollar index declined, and most non - US currencies rose [33][37]. 3. Summary by Directory Overnight Night - Market Trends - Precious metals: COMEX gold futures rose 3.09% to $3343.50 per ounce, and COMEX silver futures rose 1.29% to $32.68 per ounce. The US tax policy proposal and central bank gold reserve expansion supported the market, while the oversupply in the photovoltaic industry pressured silver demand [2]. - Oil: US crude oil futures fell 1.82% to $57.23 per barrel, and Brent crude futures fell 1.55% to $60.34 per barrel. OPEC+ production increases and demand concerns suppressed oil prices [2]. - Agricultural products: CBOT agricultural futures contracts all declined, with soybean futures down 1.13% at 1046 cents per bushel, corn futures down 3.14% at 454.25 cents per bushel, and wheat futures down 2.21% at 531 cents per bushel [2]. - Base metals: LME tin rose 3.12% to $30880.00 per ton, nickel rose 1.31% to $15430.00 per ton, copper rose 1.20% to $9356.00 per ton, aluminum rose 1.06% to $2434.00 per ton, zinc rose 1.04% to $2615.00 per ton, and lead fell 1.30% to $1931.50 per ton [3]. Important Information Macroeconomic Information - Israel's security cabinet approved an expanded offensive in Gaza, and the Yemeni Houthi rebels attacked Israel's Ben - Gurion International Airport with a hypersonic ballistic missile [6]. - As of May 5, 2025, the Shanghai Export Containerized Freight Index (European route) was 1379.07 points, down 3.5% from the previous period. The total number of global operating container ships increased to 7302, with a total operating capacity of 32215743 TEU and a total deadweight tonnage of 382174350 tons [7]. Energy and Chemical Futures - The six - month spread of Brent crude oil turned positive for the first time since December 2023, indicating an expected supply surplus. Multiple institutions, including ING, Barclays, and Goldman Sachs, lowered their price forecasts for Brent crude oil in 2025 and 2026. UBS Group expected seasonal growth in global oil demand and a rebound in Brent crude prices to $68 per barrel in the coming months [9][12]. Metal Futures - India's primary aluminum production increased from 416,000 tons in the 2023 - 24 fiscal year to 420,000 tons in the 2024 - 25 fiscal year, and refined copper production increased by 12.6% from 509,000 tons to 573,000 tons. The French bank economist warned of the negative impact of US tariff policies [14]. Black - Series Futures - From April 28 to May 4, 2025, the total iron ore arrivals at 47 ports in China decreased by 45,200 tons, and at 45 ports decreased by 63,100 tons. The total iron ore shipments from Australia and Brazil decreased by 218,000 tons. The property market in the first quarter of 2025 stabilized, with the transaction area of new and second - hand houses increasing by 17% year - on - year [16][19]. Agricultural Futures - Malaysia's palm oil inventory, production, and exports in April 2025 were expected to increase. India's cotton arrivals on May 3, 2025, were estimated at 5627 tons. Shandong issued a strong convective weather warning. Indonesia's biodiesel consumption increased, and its palm oil blending ratio rose to 40%. Brazil's soybean harvest rate reached 97.7% as of May 3, 2025. The US soybean planting rate was 30% as of May 4, 2025, and the export inspection volume decreased [21][26]. Financial Markets Commodities - Similar to the overnight market trends, precious metals rose, oil prices fell, agricultural products declined, and base metals mostly rose. Multiple institutions lowered their price forecasts for Brent crude oil, and Goldman Sachs was bullish on gold prices [28][29]. Bonds - US Treasury yields rose collectively, while European bond yields generally fell [33]. Foreign Exchange - The offshore RMB against the US dollar rose nearly 900 points in two trading days, driven by factors such as strong May Day travel data, positive signals from Sino - US trade consultations, and the decline of the US dollar index. The US dollar index fell 0.25% to 99.79, and most non - US currencies rose [34][37]. Upcoming Economic Data and Events - A series of economic data will be released on May 6, 2025, including Australia's private building permits, China's Caixin services PMI, and the eurozone's PPI. There are also events such as the expiration of 1087 billion yuan of 7 - day reverse repurchases and speeches by European Central Bank officials [41][43].

Group 1 - The current spot gold price is hovering around $3,310 per ounce, with a slight decline of 0.15% reported at $3,312.35 per ounce [1] - The easing of trade tensions, particularly between the U.S. and its partner countries, is diminishing gold's appeal as a safe-haven asset [1] - U.S. Treasury Secretary Mnuchin indicated that several major trade partners have proposed "very good" suggestions to avoid tariffs imposed by the U.S. [1] Group 2 - UBS analyst Giovanni Staunovo noted that the market perceives a reduction in trade tensions and concerns regarding the independence of the Federal Reserve, leading to decreased demand for safe-haven assets [1] - The expectation remains that gold prices may retest the $3,500 per ounce mark later this year, as the Federal Reserve is anticipated to lower interest rates [1] - Proposed strategies include reducing tariffs on foreign-made auto parts used in U.S. manufacturing, which could alleviate pressure on the U.S. automotive industry [2]