1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold: Expectations of interest rate cuts are rising [2]. - Silver: Reached a new high [2]. - Copper: Macro - level disturbances limit price increases [2]. - Zinc: Trading in a range [2]. - Lead: Reduced overseas inventories support prices [2]. - Tin: Pulled back from a high [2]. - Aluminum: Tend to fluctuate upward [2]. - Alumina: Trading at the bottom [2]. - Cast aluminum alloy: Follow the trend of electrolytic aluminum [2]. - Nickel: High inventory accumulation competes with risks in Indonesia, trading at a low level [2]. - Stainless steel: Lacks upward momentum, but the downside is also limited [2]. 3. Summary by Relevant Catalogs Gold and Silver - **Price and Trading Volume**: Shanghai Gold 2512 closed at 961.22 with a daily increase of 1.63%, and its night - session closing price was 956.96 with a 0.11% increase. Shanghai Silver 2512 closed at 12588 with a 4.34% daily increase, and its night - session closing price was 12405.00 with a 0.40% increase. Trading volumes and positions of both gold and silver contracts showed certain changes compared with the previous day [4]. - **Inventory and ETF**: Gold and silver ETF positions and inventory levels also changed. For example, the SPDR Gold ETF position increased by 2 to 1,048.93, and the SLV Silver ETF position (the day before yesterday) increased by 85 to 15,173.28 [4]. - **News**: Multiple Fed officials made hawkish remarks, and the market predicts that the probability of an interest rate cut in December is less than 50%. The US House of Representatives passed a temporary appropriation bill, ending the government shutdown [4][7]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 87,550 with a 0.82% daily increase, and its night - session closing price was 87400 with a - 0.17% change. The London Copper 3M electronic - trading closing price was 10,859 with a - 0.35% change [8]. - **Inventory and Spread**: Copper inventories in Shanghai and London decreased, and various spreads also showed different changes [8]. - **News**: China's new social financing in October was 810 billion yuan, and new RMB loans were 220 billion yuan, with the M2 - M1 gap widening. The US House of Representatives passed a temporary appropriation bill, and the US government shutdown ended. The US officially included copper in the new key mineral list [8][10]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 22740 with a 0.26% daily increase, and the London Zinc 3M electronic - trading closing price was 3072 with a 0.10% increase. Trading volumes and positions of both Shanghai and London zinc contracts changed [11]. - **News**: Multiple Fed officials made hawkish remarks [11]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 17670 with a 0.06% daily increase, and the London Lead 3M electronic - trading closing price was 2092 with a 1.21% increase. Trading volumes and positions of both Shanghai and London lead contracts changed [14]. - **Inventory and Spread**: Shanghai lead inventories increased, while London lead inventories decreased. Various spreads also showed different changes [14]. - **News**: China's new social financing in October was 810 billion yuan, and new RMB loans were 220 billion yuan, with the M2 - M1 gap widening. The US House of Representatives passed a temporary appropriation bill, and the US government shutdown ended [14]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 298,140 with a 1.95% daily increase, and the London Tin 3M electronic - trading closing price was 37,065 with a - 0.91% change. Trading volumes and positions of both Shanghai and London tin contracts changed [18]. - **Inventory and Spread**: Shanghai tin inventories increased, and London tin inventories remained unchanged. Various spreads also showed different changes [18]. - **News**: Multiple Fed officials made hawkish remarks, and China's new social financing in October was 810 billion yuan, etc [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 22050, with certain changes compared with previous trading days. Alumina and cast aluminum alloy also had corresponding price and trading - volume data changes [22]. - **Inventory and Spread**: LME aluminum inventories and various spreads showed different trends [22]. - **News**: China's new social financing in October was 810 billion yuan, and the US government shutdown ended [24]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 118,930, and the closing price of the stainless - steel main contract was 12,475. Trading volumes and positions of both nickel and stainless - steel contracts changed [25]. - **News**: An Indonesian mining company's mining area was taken over, and the Indonesian government suspended the issuance of new smelting licenses [25][28].

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The iron ore market currently shows a situation of increasing supply and demand, with a relatively healthy fundamental situation, which provides support for iron ore prices. After the Sino - US Geneva talks, the tariff policy has been eased, and with the revision of downstream demand expectations, the iron ore price is expected to rebound in the near future [10][11]. 3. Summary by Relevant Catalogs 3.1 Market Review - On May 12, the main 2509 contract of iron ore futures fluctuated upwards, rising 3.16% to close at 718.5 yuan/ton. The prices of other steel futures also showed varying degrees of increase, such as RB2510 rising 1.52%, HC2510 rising 1.51%, and SS2507 rising 1.29% [5][7]. - In terms of positions, the long - short position changes of different contracts varied. For the I2509 contract, the top 20 long positions increased by 18,164 hands, and the top 20 short positions increased by 5,325 hands, with a long - short difference of 12,839 hands and a deviation of 2.84% [8]. 3.2 Spot Market and Technical Analysis - In the spot market on May 12, the main iron ore outer - disk quotes increased by $2.5 per ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port were raised by 15 yuan/ton compared with the previous trading day. Technically, the daily KDJ and MACD indicators of the iron ore 2509 contract showed golden crosses [9]. 3.3 Market Outlook - **Supply**: Last week, the shipments from Brazil decreased, while those from Australia increased slightly. The total shipments from 19 ports decreased month - on - month, and the arrivals at 45 ports also decreased slightly. However, the overall level was still moderately high. The shipments in the past four weeks increased by 1.68% compared with the previous four weeks, and it is expected that the arrivals will remain at a moderately high level in the near future, with a loose iron ore supply [10][11]. - **Demand**: Last week, the daily average pig iron output increased again, reaching a new high of 2.4564 million tons since late October 2023. Steel mills maintained strong production, providing strong support for the actual demand for iron ore [11]. - **Inventory**: The available days of steel mill inventory remained at 22 days, and the port inventory decreased slightly. As the arrivals remain at a high level, it is expected that the inventory will increase in the near future, but the increase space is limited [11]. 3.4 Industry News - On May 12, Rio Tinto signed a final joint - venture agreement with Japan's Sumitomo Metal Mining for the Winu copper - gold project in Western Australia. Sumitomo will pay up to $430.4 million to acquire a 30% stake in the project [12]. - According to data from the China Association of Automobile Manufacturers, in April, the export of traditional fuel vehicles was 317,000 units, a month - on - month decrease of 9.3% and a year - on - year decrease of 18.7%. The export of new energy vehicles was 200,000 units, a month - on - month increase of 27% and a year - on - year increase of 76%. From January to April, the export of traditional fuel vehicles was 1.295 million units, a year - on - year decrease of 7.9%, and the export of new energy vehicles was 642,000 units, a year - on - year increase of 52.6% [12]. - The Sino - US Geneva economic and trade talks jointly stated that both sides will take measures to adjust tariffs. The US will modify the ad - valorem tariffs on Chinese goods, and China will make corresponding adjustments to the tariffs on US goods. Both sides will also cancel some additional tariffs and take measures to suspend or cancel non - tariff counter - measures. They will establish a mechanism to continue consultations on economic and trade relations [12][13]. 3.5 Data Overview - The report presents multiple data charts related to the iron ore and steel industry, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade and low - grade ores and PB powder, shipments from Brazil and Australia, arrivals at 45 ports, domestic mine capacity utilization, port iron ore trading volume, steel mill inventory available days, port inventory and dredging volume, and various production and consumption data of steel products [20][22][24].