Group 1: Oil Market - International oil prices fell over 2% on the 19th, with the New York Mercantile Exchange's December light crude oil futures closing at $59.44 per barrel, a decline of 2.14% [1] - The increase in U.S. gasoline inventories by 2.327 million barrels, contrary to market expectations of a decrease, suggests weak demand in the U.S. oil consumption sector [1] - January delivery Brent crude oil futures closed at $63.51 per barrel, down 2.13% [1] Group 2: Gold Market - International gold prices rose on the 19th, driven by a sell-off in global risk assets, with prices briefly surpassing $4,100 per ounce [2] - The New York Mercantile Exchange's December gold futures closed at $4,082.8 per ounce, reflecting a gain of 0.40% [2] - As of November 20th, international gold prices continued to rise, currently quoted at $4,103.07 per ounce [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - Copper prices are under pressure due to the increase in both domestic and foreign inventories [1]. 3. Summary by Relevant Catalogs 3.1 Copper Fundamental Data - **Futures Prices**: The closing price of the Shanghai Copper main contract was 85,660 with a daily decline of 0.91%, and the night - session closing price was 85,900 with a night - session increase of 0.28%. The LME Copper 3M electronic disk closed at 10,698 with a decline of 0.64% [1]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper index was 208,908, a decrease of 43,900 from the previous day, and the open interest was 521,539, a decrease of 20,218. The trading volume of the LME Copper 3M electronic disk was 24,521, an increase of 8,122, and the open interest was 320,000, an increase of 4,891 [1]. - **Futures Inventories**: The Shanghai Copper inventory was 60,874, an increase of 3,909, and the LME Copper inventory was 140,500, an increase of 4,450. The LME Copper cancellation warrant ratio was 6.35%, a decrease of 0.61% [1]. - **Spreads**: The LME Copper basis was - 32.62, a decrease of 36.50 from the previous day. The Shanghai 1 bright copper price was 78,200, a decrease of 200. The spot - to - near - month futures spread was 70, a decrease of 35 [1]. 3.2 Macro and Industry News - **Macro News**: Before the release of NVIDIA's earnings report and the non - farm payroll report this week, investors chose to stay on the sidelines. Amazon's issuance of huge bonds and "New Bond King" Gundlach's warning on the private credit market led to the continued selling of risk assets such as technology stocks and cryptocurrencies. There may be at least 3 dissenting votes at the Fed's December meeting [1]. - **Industry News**: Peru's copper production in September increased by 3.7% year - on - year to 240,995 tons, and the production in the first 9 months of 2025 was about 2.048 million tons, a year - on - year increase of 2.7%. Marimaca Copper's copper oxide project in Chile's Antofagasta Region obtained environmental approval. China's copper product output in October 2025 was 2.004 million tons, a month - on - month decline of more than 10% [1][3]. 3.3 Trend Intensity - The copper trend intensity is 0, indicating a neutral outlook [3].

Group 1 - The cryptocurrency market experienced significant volatility on July 2, with Bitcoin dropping over 1.5%, Ethereum falling more than 3%, and Cardano decreasing by over 5% [1] - The total number of liquidated positions in the cryptocurrency market exceeded 100,000 in the past 24 hours, with 70% of these being long positions [1] - The stock market also faced selling pressure, with the Nikkei 225 index dropping over 1% and the Korean Composite Index falling nearly 2% during intraday trading, although both indices saw a reduction in their losses by the close [1] Group 2 - U.S. stock index futures, including the Nasdaq 100, initially rose but later turned to decline [1] - The market reaction was influenced by the U.S. Senate's passage of Trump's "Big and Beautiful" tax and spending bill on July 1, raising concerns about the U.S. fiscal deficit and prompting investors to sell risk assets [1]

Core Viewpoint - The extension of tariffs on EU goods by the Trump administration may lead to increased risk of broader sell-offs in risk assets [1] Group 1: Tariff Situation - Trump announced the postponement of a 50% tariff on EU goods until July 9, which improved market risk sentiment and reduced demand for safe-haven assets [1] - The EU is the largest trading partner of the US, and escalating tensions could easily trigger a wider sell-off in risk assets [1]