Xin Hua Cai Jing·2025-10-30 02:04Group 1 - The report from CITIC Securities highlights rising concerns over high asset risks as commodity prices, such as copper, reach historical highs, while attention shifts to underperforming assets like crude oil, coal, and electrolytic aluminum [1] - It is expected that the copper-aluminum ratio returning to anticipated levels will support aluminum prices at high levels, with seasonal demand and policy disruptions influencing the market [1] - The report forecasts that by Q4 2025, thermal coal prices may continue to recover, while coking coal prices are expected to decline due to weakening demand [1] Group 2 - In terms of copper and cobalt, supply disruptions in September have pushed copper prices to historical highs, while reduced export quotas for cobalt from the Democratic Republic of Congo have driven cobalt prices upward [1] - The supply-side disruptions are anticipated to remain a key factor influencing commodity prices through Q4 2025, with expectations for continued price increases for copper and cobalt [1] - The demand for lithium is expected to rise significantly due to a surge in energy storage battery shipments, transitioning the industry from oversupply to a phase of temporary shortage, with prices likely to continue rising into Q4 2025 [1] Group 3 - Silicon products, which saw significant price increases in Q3 due to expectations of anti-involution policies, are also projected to experience slight price increases in Q4 [1]