Freeport-McMoRan(US:FCX) Zhong Guo Neng Yuan Wang·2025-10-01 14:50Core Viewpoint - The non-ferrous metals industry index decreased by 0.63% over the past two weeks, underperforming the CSI 300 index and ranking 12th among 31 Shenwan first-level industries [1][2] Industry Summary - The non-ferrous metals industry index fell by 0.63% from September 15 to September 26, 2025, lagging behind the CSI 300 index [1][2] - Energy metals (up 4.49%) and industrial metals (up 1.05%) experienced gains, while metal new materials (down 4.08%), precious metals (down 0.95%), and minor metals (down 8.51%) saw declines [1][2] Metal Prices - COMEX gold closed at $3,789.80 per ounce, up 2.96% over the past two weeks [3] - COMEX silver closed at $46.37 per ounce, up 8.63% [3] - LME copper settled at $10,125.50 per ton, up 1.21% [3] - LME aluminum fell to $2,643 per ton, down 2.38% [3] - Black tungsten concentrate (≥65%) price dropped to 271,000 CNY per ton, down 4.91% [3] - LME tin price decreased to $34,415 per ton, down 1.54% [3] - Antimony ingot (99.65%) price was 172,500 CNY per ton, down 5.48% [3] - Gallium (≥99.99%) average price was 1,665 CNY per kilogram, up 3.74% [3] - Domestic germanium ingot (50Ω·cm) average price was 14,250 CNY per kilogram, down 1.04% [3] - China rare earth price index was 217.18, down 1.67% [3] - Light rare earths: praseodymium-neodymium oxide closed at 562,500 CNY per ton, down 1.75% [3] - Heavy rare earths: dysprosium oxide closed at 1,610 CNY per kilogram, down 0.92% [3] - Cobalt prices: electrolytic cobalt averaged 310,000 CNY per ton, up 13.55% [3] - Lithium carbonate (99.5% battery grade, domestic) averaged 73,600 CNY per ton, up 1.59% [3] - Lithium iron phosphate (mid-range power type) averaged 34,300 CNY per ton, stable [3] - Cobalt acid lithium (60%, 4.4V/domestic) averaged 253,000 CNY per ton, up 13.96% [3] Important News - The Grasberg mine, one of the largest copper mines globally, has suspended operations due to a fatal landslide incident, significantly impacting copper production [4][5] - The incident has resulted in the death of two workers, with five others still missing, affecting Freeport's third-quarter sales estimates with a projected decline of approximately 4% in copper sales and 6% in gold sales [5] Investment Suggestions - Following the Federal Reserve's interest rate cut in September, attention should be paid to geopolitical and export policy changes in major resource countries, as well as the recovery of domestic downstream demand, with a focus on investment opportunities in the "resources + growth" dual track [6]