非农数据大幅低于预期，贵金属上行动力再次增强

Group 1: Copper Market - LME copper closing price is $9592/ton, down $247/ton from July 25, a decrease of -2.51% [1][4] - SHFE copper closing price is 78390 CNY/ton, down 780 CNY/ton from July 25, a decrease of -0.99% [1][4] - LME copper inventory is 141750 tons, up 13275 tons from July 25, but down 103400 tons year-on-year [1][4] - COMEX copper inventory is 259681 tons, up 11822 tons from July 25, and up 244655 tons year-on-year [1][4] - SHFE copper inventory is 72543 tons, down 880 tons from July 25 [1][4] Group 2: Aluminum Market - Domestic electrolytic aluminum price is 20490 CNY/ton, down 310 CNY from July 25 [5][6] - LME aluminum inventory is 462800 tons, up 11975 tons from July 25, and down 466525 tons year-on-year [5][6] - Domestic SHFE inventory is 117527 tons, up 1737 tons from July 25, and down 156666 tons year-on-year [5][6] Group 3: Precious Metals - London gold price is $3346.85/oz, up $3.35/oz from July 25, an increase of 0.10% [2] - London silver price is $36.49/oz, down $2.25/oz from July 25, a decrease of -5.80% [2] - Non-farm payroll data for July shows an increase of 73000 jobs, significantly below the expected 104000 [3][2] Group 4: Tin and Antimony - Domestic refined tin price is 264070 CNY/ton, down 7290 CNY from July 25, a decrease of -2.69% [8] - Domestic antimony ingot price is 184500 CNY/ton, unchanged from July 25 [9] - Domestic tin market shows tight supply with reduced output from major production areas [8][9] Group 5: Investment Recommendations - Gold industry maintains a "recommended" investment rating due to ongoing Fed rate cuts [10] - Copper industry maintains a "recommended" investment rating despite short-term demand weakness [11] - Aluminum industry maintains a "recommended" investment rating with expectations of tight supply in the long term [12]