宏观情绪波动，贵金属表现相对强劲

Group 1: Copper Market - Copper prices increased, with Shanghai copper closing at 85,910 yuan/ton. Domestic output remains relatively low for the year, while the influence of overseas mines on copper prices has weakened. The widening price gap between domestic and international markets has led to increased export expectations and a decline in import expectations [1][3] - Demand for copper is showing weakness, with some downstream companies expressing concerns about October consumption due to high prices. Market volatility has raised concerns about order execution, increasing operational risks [3] Group 2: Aluminum Market - Aluminum prices rose, with Shanghai aluminum closing at 20,980 yuan/ton. Supply has slightly decreased due to capacity transfer from Shandong to Yunnan and maintenance in some electrolytic aluminum enterprises in Shanxi. Overall, theoretical operating capacity in the electrolytic aluminum industry has slightly reduced [3] - The price of domestic alumina continues to decline, with an average price of 2,979.29 yuan/ton, down 35.46 yuan/ton from the previous week. The theoretical cost of electrolytic aluminum is expected to decrease [3] Group 3: Precious Metals - Gold and silver prices increased, with domestic gold averaging 871.03 yuan/gram, up 3.99% from the previous week, and silver averaging 10,856 yuan/kilogram, up 6.72%. The rise is driven by strong safe-haven demand amid U.S. government shutdown concerns and declining bond yields [4] - COMEX silver inventory decreased by 1.04% to 52,612.43 million ounces, while Shanghai Futures Exchange silver delivery inventory fell by 1.95% to 1,169.06 tons [4] Group 4: Antimony Market - The antimony market continues to operate weakly, with prices for various grades of antimony ingots decreasing by 1,000 yuan/ton. The supply side faces challenges due to declining mining grades and restrictions on mining volumes [5] - Demand remains cautious, with no significant replenishment observed post-holiday, leading to a focus on just-in-time purchasing [5] Group 5: Rare Earth Market - The Ministry of Commerce and the General Administration of Customs announced four export control policies for the rare earth industry, aiming to strengthen the entire industry chain. This is expected to enhance China's competitive advantage in the rare earth sector [2][6] - Prices for light rare earths decreased by 0.6%, while medium and heavy rare earths saw slight increases. The integration of separation plants is ongoing, with processing fees rising above 20,000 yuan [6]