美联储降息叠加国内需求旺季将临，看好贵金属加铜铝

Economic Data Summary - The core Personal Consumption Expenditures (PCE) price index for the US in Q2 was revised to 2.5%, matching expectations and previous values [1][2] - The annualized quarter-on-quarter revision of the actual GDP for Q2 was 3.3%, exceeding the expected 3.1% [1][2] - The July core PCE year-on-year growth was 2.9%, in line with expectations, while the overall PCE index also matched expectations at 2.6% [1][2] Precious Metals Outlook - The London gold price increased to $3429.15 per ounce, up $90.85 from August 21, reflecting a 2.72% rise [2] - The London silver price rose to $38.80 per ounce, up $1.24 from August 21, with a 3.29% increase [2] - The outlook for gold prices remains positive due to the moderate PCE data and dovish comments from Federal Reserve officials, alongside expectations for a rate cut in September [3] Copper and Aluminum Market Insights - The LME copper closing price was $9875 per ton, up $150 from August 22, a 1.54% increase [5] - Domestic aluminum prices were reported at 20720 yuan per ton, slightly down by 30 yuan [7] - Anticipation of a demand peak in September is expected to strengthen copper and aluminum prices [4][7] Tin and Antimony Market Analysis - Domestic refined tin prices rose to 273580 yuan per ton, an increase of 7640 yuan, or 2.87% [8] - The supply of refined tin is tightening, with operational rates in key provinces remaining low [9] - Antimony prices decreased to 178500 yuan per ton, reflecting a 1.08% drop due to weak demand [10] Investment Recommendations - The gold sector is recommended for investment due to the ongoing rate cut cycle by the Federal Reserve [11] - The copper sector is also recommended, supported by a shortage of scrap copper and an approaching demand peak [12] - The aluminum sector is recommended, with expectations of tight supply in the medium to long term [13] - Tin and antimony sectors are recommended based on supply constraints and long-term demand support [13] Stock Recommendations - Recommended stocks in the gold sector include Zhongjin Gold, Shandong Gold, and China National Gold [14] - In the copper sector, recommended stocks include Zijin Mining and Western Mining [14] - For aluminum, recommended stocks are Shenhuo Co. and Yunnan Aluminum [14] - In the tin sector, recommended stocks include Tin Industry Co. and Huaxi Nonferrous [14]