Report Industry Investment Ratings - Gold: Neutral [2] - Silver: Neutral [2] - Copper: Neutral [2] - Zinc: Bearish [2] - Lead: Bullish [2] - Tin: Neutral [2] - Aluminum: Neutral [2] - Alumina: Bearish [2] - Cast Aluminum Alloy: Neutral [2] - Nickel: Neutral [2] - Stainless Steel: Neutral [2] Core Views of the Report - Gold: The FOMC meeting outcomes were in line with expectations [2]. - Silver: Expected to experience oscillatory adjustments [2]. - Copper: Decrease in warrant inventories supports prices [2]. - Zinc: Likely to perform weakly [2]. - Lead: With marginal improvement in consumption, prices are expected to oscillate strongly [2]. - Tin: Expected to oscillate within a range [2]. - Aluminum: Expected to oscillate within a range [2]. - Alumina: Likely to perform weakly [2]. - Cast Aluminum Alloy: Expected to follow the trend of electrolytic aluminum [2]. - Nickel: With smelting inventory accumulation and ore - end expectations in play, nickel prices are expected to oscillate at a low level [2]. - Stainless Steel: With short - term supply - demand and cost factors in conflict, steel prices are expected to oscillate [2]. Summary According to Relevant Catalogs Precious Metals - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2510 was 827.50 with a daily increase of 0.41%, and the night - session closing price was 838.26 with a night - session increase of 1.02%. For silver, the closing price of Shanghai Silver 2510 was 9940 with a daily increase of 1.33%, and the night - session closing price was 10204.00 with a night - session increase of 2.68% [5]. - **Inventory**: Shanghai gold inventory increased by 999 kg to 57429 kg, while Shanghai silver inventory decreased by 44080 kg to 1159443 kg [5]. - **Macro and Industry News**: The leaders of China and the US had a phone call, and Trump planned to meet with Chinese leaders during the APEC meeting and visit China early next year [6]. - **Trend Intensity**: Gold trend intensity was 0, and silver trend intensity was 1 [9]. Copper - **Price and Trading Volume**: The closing price of the Shanghai copper main contract was 79850 with a daily increase of 0.34%, and the night - session closing price was 80080 with a night - session increase of 0.29% [11]. - **Inventory**: Shanghai copper inventory decreased by 631 tons to 31838 tons, and LME copper inventory decreased by 1225 tons to 147650 tons [11]. - **Macro and Industry News**: Panama planned to negotiate with First Quantum Minerals on the resumption of the CP copper mine, and China's copper production in September was expected to decline [11][13]. - **Trend Intensity**: Copper trend intensity was 0 [13]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai zinc main contract was 22040 with a decrease of 0.02%, and the LME zinc 3M electronic - disk closing price was 2898.5 with a decrease of 0.50% [14]. - **Inventory**: Shanghai zinc inventory decreased by 1710 tons to 52531 tons, and LME zinc inventory decreased by 1000 tons to 47825 tons [14]. - **News**: Shanghai optimized and adjusted the property tax policy, exempting the first - home from property tax [15]. - **Trend Intensity**: Zinc trend intensity was - 1 [16]. Lead - **Price and Trading Volume**: The closing price of the Shanghai lead main contract was 17180 with an increase of 0.20%, and the LME lead 3M electronic - disk closing price was 2003 with a decrease of 0.05% [17]. - **Inventory**: Shanghai lead inventory decreased by 2086 tons to 47289 tons, and LME lead inventory decreased by 2375 tons to 220300 tons [17]. - **News**: Fed Kashkari thought two more interest rate cuts this year were appropriate [17]. - **Trend Intensity**: Lead trend intensity was 0 [17]. Tin - **Price and Trading Volume**: The closing price of the Shanghai tin main contract was 268770 with a decrease of 0.12%, and the LME tin 3M electronic - disk closing price was 34220 with an increase of 1.39% [20]. - **Inventory**: Shanghai tin inventory decreased by 356 tons to 6558 tons, and LME tin inventory decreased by 140 tons to 2505 tons [20]. - **Macro and Industry News**: Similar to the gold and silver section, including the China - US leaders' phone call and other events [21]. - **Trend Intensity**: Tin trend intensity was 0 [22]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai aluminum main contract was 20795, and the closing price of the Shanghai alumina main contract was 2953 [23]. - **Inventory**: Domestic aluminum ingot social inventory remained at 63.60 million tons, and Australian alumina FOB price decreased by 5 dollars/ton to 320 dollars/ton [23]. - **Comprehensive News**: New Fed governor Milan planned to continue interest rate cuts in the next few months [25]. - **Trend Intensity**: Aluminum trend intensity was 0, alumina trend intensity was - 1, and cast aluminum alloy trend intensity was 0 [25]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai nickel main contract was 121500, and the closing price of the stainless - steel main contract was 12860 [26]. - **Industry News**: An Indonesian nickel - iron smelting industrial park suspended all EF production lines due to long - term losses, and Indonesia planned to shorten the mining quota period [26][27]. - **Trend Intensity**: Nickel trend intensity was 0, and stainless - steel trend intensity was 0 [31].

Report Industry Investment Rating No relevant information provided. Core Views - Gold: FOMC's decline releases hawkish expectations [2] - Silver: Declines from a high level [2] - Copper: The implementation of US copper import tariffs puts pressure on prices [2] - Zinc: Narrow - range fluctuations [2] - Lead: Inventory increase puts pressure on prices [2] - Tin: Range - bound fluctuations [2] - Aluminum: Slight fluctuations; Alumina: Prices weaken; Cast aluminum alloy: Follows electrolytic aluminum [2] - Nickel: Macroeconomic expectations determine the direction, and fundamentals limit the elasticity [2] - Stainless steel: Macroeconomic sentiment dominates the margin, and the real - world situation still needs to be repaired [2] Summary by Related Catalogs Gold and Silver - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2510 was 773.78 with a daily increase of 0.30%, and the night - closing price was 770.68 with a decline of - 0.32%. For silver, the closing price of Shanghai Silver 2510 was 9192 with a decline of - 0.03%, and the night - closing price was 9090.00 with a decline of - 1.32%. The trading volume and positions of some contracts also changed [5]. - **Macroeconomic and Industry News**: The Fed has kept rates unchanged for five consecutive meetings, with two voting members supporting rate cuts. China plans to hold the 20th Fourth Plenary Session of the Central Committee. Trump imposes a 50% tariff on imported semi - finished copper [5][10]. - **Trend Intensity**: Gold trend intensity is - 1, and silver trend intensity is - 1, indicating a bearish outlook [9]. Copper - **Price and Trading Volume**: The closing price of Shanghai Copper's main contract was 78,930 with a daily increase of 0.11%, and the night - closing price was 78700 with a decline of - 0.29%. The trading volume and positions of relevant contracts changed, and there were also changes in spot prices and spreads [11]. - **Macroeconomic and Industry News**: Trump imposes a 50% tariff on imported semi - finished copper, excluding cathode copper and refined copper. Freeport - McMoRan has not seen the details of the US copper import tariff plan [10][13]. - **Trend Intensity**: Copper trend intensity is 0, indicating a neutral outlook [13]. Zinc - **Price and Trading Volume**: The closing price of Shanghai Zinc's main contract was 22670 with a daily increase of 0.07%, and the closing price of LME Zinc 3M was 2814.5 with a daily increase of 0.32%. There were changes in trading volume, positions, and various spreads [14]. - **Macroeconomic and Industry News**: Trump will impose a 25% tariff on India, and the US Q2 GDP growth is better than expected [15]. - **Trend Intensity**: Zinc trend intensity is - 1, indicating a bearish outlook [16]. Lead - **Price and Trading Volume**: The closing price of Shanghai Lead's main contract was 16890 with a decline of - 0.06%, and the closing price of LME Lead 3M was 2020 with a daily increase of 0.12%. There were changes in trading volume, positions, and inventory [17]. - **Macroeconomic and Industry News**: The Fed maintains the interest rate, and Trump has trade - related actions [18]. - **Trend Intensity**: Lead trend intensity is 0, indicating a neutral outlook [18]. Tin - **Price and Trading Volume**: The closing price of Shanghai Tin's main contract was 267,870 with a daily increase of 0.45%, and the closing price of LME Tin 3M was 33,410 with a decline of - 0.62%. There were changes in trading volume, positions, and inventory [21]. - **Macroeconomic and Industry News**: There are various macro - economic events such as Fed's interest - rate decision and Trump's tariff policies [22]. - **Trend Intensity**: Tin trend intensity is - 1, indicating a bearish outlook [24]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: For aluminum, the closing price of Shanghai Aluminum's main contract was 20625, and there were changes in trading volume, positions, and various spreads. For alumina, the closing price of the main contract was 3326, and for cast aluminum alloy, the closing price of the main contract was 20070 [26]. - **Macroeconomic and Industry News**: There are macro - economic events such as the Politburo meeting and Fed's interest - rate decision [28]. - **Trend Intensity**: Aluminum trend intensity is 0, alumina trend intensity is - 1, and cast aluminum alloy trend intensity is 0 [28]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of Shanghai Nickel's main contract was 121,720, and the closing price of stainless steel's main contract was 12,920. There were changes in trading volume, positions, and various spreads in the industrial chain [29]. - **Macroeconomic and Industry News**: There are industry - related events such as the potential halt of nickel exports from Ontario to the US and production - related issues in Indonesian nickel - iron smelters [29][30][31] - **Trend Intensity**: Nickel trend intensity is 0, and stainless steel trend intensity is 0, indicating a neutral outlook [33]