通胀趋势上行而劳动力趋弱，联储降息节奏不改，黄金持续受益

Core Viewpoint - The non-ferrous metal sector experienced a weekly increase of 3.76% from September 8 to September 12, ranking among the top in all primary industries, driven by improved demand and liquidity conditions [1][2]. Summary by Category Overall Market Performance - The non-ferrous metal sector's performance included a 5.13% increase in precious metals, a 1.35% rise in energy metals, a 4.10% increase in industrial metals, a 4.39% rise in minor metals, and a 2.45% increase in new metal materials [1][2]. Industrial Metals - Copper prices rose due to expectations of interest rate cuts, with LME copper closing at $10,068 per ton (up 1.72%) and SHFE copper at ¥81,060 per ton (up 1.15%) as of September 12 [3]. - Supply constraints are anticipated as domestic copper smelting plants undergo large-scale maintenance, and Japanese smelters may reduce output due to tight copper concentrate supplies [3]. - Demand for copper is showing slight improvement, particularly in photovoltaic component production and electric vehicle sales, although construction and home appliance sectors remain weak [3]. Aluminum - Aluminum prices increased with LME aluminum at $2,701 per ton (up 3.78%) and SHFE aluminum at ¥21,120 per ton (up 2.05%) as of September 12 [4][5]. - The operating rates of downstream aluminum processing enterprises have improved, and social inventory of electrolytic aluminum decreased by 0.27% to 629,800 tons [5]. Precious Metals - Gold prices benefited from rising inflation trends and a weakening labor market, with COMEX gold closing at $3,680.70 per ounce (up 1.12%) and SHFE gold at ¥834.22 per gram (up 2.28%) as of September 12 [6]. - The U.S. PPI for August recorded a year-on-year increase of 2.6%, while CPI showed a monthly increase of 0.4%, indicating ongoing inflationary pressures [6].