宏观波动加剧，坚定看好金属行情

Group 1: Market Overview - COMEX gold price increased by 2.26% to $4620.5 per ounce, influenced by geopolitical risks, resulting in a strong market fluctuation [4] - LME copper price rose by 1.41% to $13148.5 per ton, while Shanghai copper decreased by 0.63% to ¥100,800 per ton [2] - LME aluminum price increased by 0.71% to $3171.5 per ton, while Shanghai aluminum fell by 1.66% to ¥23,900 per ton [3] Group 2: Supply and Demand Dynamics - Copper inventory in major regions increased by 17.2% week-on-week, with a year-on-year increase of 212,800 tons [2] - Domestic aluminum oxide production capacity reached 110.32 million tons per year, with an operating rate of 80.82% [3] - Rare earth exports in November increased by 12% month-on-month and 28% year-on-year, reaching a historical high for the same period [5] Group 3: Price Movements - The price of praseodymium and neodymium oxide rose by 8.01% this week [5] - Tungsten concentrate price increased by 6.33% due to tight supply conditions [5] - Lithium carbonate price rose by 20.1% to ¥158,300 per ton, while lithium hydroxide price increased by 21.2% to ¥153,700 per ton [5] Group 4: Industry Insights - The copper wire and cable industry is expected to see a decrease in operating rates due to weak downstream consumption [2] - High aluminum prices are suppressing downstream consumption and industry operating rates [3] - The demand for enameled wire is supported by the peak season effect in the home appliance industry [2]