China Securities Co., Ltd. research report pointed out that although the newly added non-farm employment figures for June released by the United States on Friday were slightly better than expected, the total number of newly added non-farm employment figures for April and May was revised down by 0.111 million. At the same time, the unemployment rate was 4.1%, higher than the previous value and the expected value, and the continued cooling of the US labor market performance pushed up investors' expectations of interest rate cuts in September. The interest rate observation tool shows that the probability of interest rate cuts in September exceeded 80%, and the expected revision of the number of interest rate cuts within the year to 2 times made the yield of U.S. bonds decline, which is conducive to pushing up the prices of metals. From the perspective of nominal interest rates and real interest rates at high levels, the occurrence of interest rate cuts has a strong driving force for the price of metals.