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[Caixin Futures: Precious Metals Supported by Easing Geopolitical Tensions and Interest Rate Cut Expectations] ⑴ Shanghai Copper: Geopolitically, US President Trump told the media on March 31, when signing an executive order at the White House, that the US might end its military action against Iran within two to three weeks, and the market began trading in the possibility of an end to the war. Yesterday, Federal Reserve Chairman Powell stated that the Federal Open Market Committee (FOMC) could observe the impact of the US-Iran conflict on the economy and inflation, and that policymakers typically "temporarily ignore" the impact of shocks such as rising oil prices. The renewed expectation of an interest rate cut may support Shanghai copper prices. ⑵ Shanghai Aluminum: Geopolitically, US President Trump told the media on March 31, when signing an executive order at the White House, that the US might end its military action against Iran within two to three weeks, and the market began trading in the possibility of an end to the war. Previously, the market traded on reduced supply due to geopolitical conflict, which supported the price of Shanghai aluminum. With the war over, supply is not expected to worsen further, hence the slight decline in Shanghai aluminum prices. Considering that the market has begun trading in expectations of a Fed interest rate cut, the price level may still be supported. (3) Shanghai Zinc: Geopolitically, US President Trump told the media on March 31, when signing an executive order at the White House, that the US might end its military action against Iran within two to three weeks, and the market began trading in the possibility of an end to the war. Fundamentally, smelter maintenance increased in April, and inventories continued to decline, improving zinc fundamentals and supporting Shanghai zinc prices. (4) Precious Metals: Geopolitically, US President Trump told the media on March 31, when signing an executive order at the White House, that the US might end its military action against Iran within two to three weeks, and the market began trading in the possibility of an end to the war. Federal Reserve Chairman Powell stated that the FOMC could observe the impact of the US-Iran conflict on the economy and inflation, and that policymakers typically "temporarily ignore" the impact of shocks such as rising oil prices. Renewed expectations of interest rate cuts may raise the center of gravity for precious metal prices, with short-term prices expected to fluctuate with a slightly upward bias. (5) Lithium Carbonate: The ongoing public opinion and psychological game between the US and Iran continues to escalate, and the uncertainty of geopolitical risk spillover is causing overall volatility in global financial and commodity markets. Lithium carbonate futures encountered resistance at the 5-day moving average of 163,000 yuan, and subsequently rebounded after touching the 60-day moving average of 154,000 yuan in the late session, with reduced volume and open interest. Spot prices fell by 2,000 yuan. SMM data shows that the spot price of battery-grade lithium carbonate is 161,050 yuan/ton, and the LC05 futures closed at 158,620 yuan, a discount of approximately 2,430 yuan compared to the spot price. Australian spodumene fell by $75 to $2,205.