锑价下跌半年后反弹，看好锑板块

Core Viewpoint - The report indicates that there is significant divergence regarding the Federal Reserve's potential interest rate cuts in December, which is expected to support precious metal prices, particularly gold [2][4]. Precious Metals - Gold price reached $4,072.85 per ounce, with a slight increase of $1.75 per ounce or 0.04% compared to November 14 [2]. - Silver price was $48.91 per ounce, showing a decrease of $3.11 per ounce or -5.97% compared to November 14 [2]. - The market anticipates a 71.0% probability of a 25 basis point rate cut by the Federal Reserve in December [4]. Copper and Aluminum - Copper price on LME closed at $10,700 per ton, down by $150 per ton or -1.38% from November 14 [5]. - SHFE copper price was 85,650 CNY per ton, decreasing by 1,170 CNY per ton or -1.35% from November 14 [5]. - Domestic aluminum price was 21,360 CNY per ton, down by 530 CNY from November 14 [7]. - The report suggests that copper prices may remain volatile due to uncertainty surrounding the Federal Reserve's interest rate decisions [6]. Tin and Antimony - Domestic refined tin price was 291,420 CNY per ton, down by 1,620 CNY or -0.55% from November 14 [9]. - Antimony ingot price remained stable at 171,000 CNY per ton, with low inventory levels among traders supporting price rebound expectations [10]. Investment Ratings - The gold industry is rated as "recommended" due to the ongoing interest rate cut cycle by the Federal Reserve [11]. - The copper industry is also rated "recommended" despite short-term uncertainties regarding interest rate cuts, as copper supply remains tight [12]. - The aluminum industry maintains a "recommended" rating due to rigid supply conditions [13]. - Tin and antimony industries are rated "recommended" based on supply constraints and recent price rebounds [13]. Stock Recommendations - Recommended stocks in the gold sector include Zhongjin Gold, Shandong Gold, and China National Gold [14]. - In the copper sector, recommended stocks include Zijin Mining and Western Mining [14]. - For aluminum, recommended stocks are Shenhuo Co., Yunnan Aluminum, and China Hongqiao [14]. - Tin and antimony recommendations include Xiyang Co. and Hunan Gold [14].