Shang Hai Zheng Quan Bao·2025-10-13 18:05Group 1: Overall Industry Outlook - The non-ferrous metal market remains strong, with significant price increases and robust performance in various sectors such as rare earths, precious metals, and cobalt [1] - The China Securities Index for non-ferrous metals has risen by 85% since the beginning of the year, with individual stocks like Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt seeing increases of 114%, 169%, and 145% respectively [1] Group 2: Precious Metals - On October 13, both gold and silver prices reached historical highs, with gold hitting $4085.04 per ounce and silver reaching $51.714 per ounce [2] - Companies in the precious metals sector are optimistic about future price trends, citing factors such as the interest rate cycle and geopolitical uncertainties as supportive for gold prices [2] - Silver is expected to follow gold's upward trend, although it typically exhibits greater price volatility [2] Group 3: Industrial Metals - The copper sector showed resilience with a rebound in A-shares, while aluminum prices are expected to strengthen due to seasonal supply increases [3][4] - The relationship between copper prices and U.S. Federal Reserve interest rates is highlighted, with historical data indicating that low interest rates often correlate with rising copper prices [3] - The International Copper Study Group predicts a shift from surplus to shortage in the copper market by 2026, indicating potential price increases [3] Group 4: Cobalt and Other Metals - Cobalt prices have surged due to supply constraints from the Democratic Republic of Congo, with prices rising by 133% since the announcement of export bans [6] - Demand for cobalt remains strong, particularly in high-end electric vehicles that utilize ternary batteries [6] - Other minor metals like antimony and bismuth are experiencing price corrections, with antimony facing supply and demand challenges [6][7]