临近春节假期致需求走弱，铜铝价格以稳为主 | 投研报告

Core Viewpoint - Precious metals prices have declined further, but the Federal Reserve is expected to support prices through interest rate cuts within the year [1][3]. Precious Metals - Gold price is at $4948.00 per ounce, down $33.85 from January 30, a decrease of -0.68% [1]. - Silver price is at $74.94 per ounce, down $28.25 from January 30, a decrease of -27.38% [1]. - The Federal Reserve officials have expressed views on the need for multiple rate cuts this year, with potential inflation not being a concern [2]. Copper and Aluminum - Copper price on LME is $12,900 per ton, down $540 from January 30, a decrease of -4.02% [4]. - SHFE copper price is ¥99,810 per ton, down ¥3,360 from January 30, a decrease of -3.26% [4]. - Domestic copper inventory is increasing, with SHFE inventory at 248,911 tons, up 15,907 tons from January 30 [4]. - Aluminum price is at ¥23,110 per ton, down ¥1,530 from January 30 [5]. - LME aluminum inventory is 490,975 tons, down 4,750 tons from January 30 [5]. Tin - Domestic refined tin price is ¥356,660 per ton, down ¥66,970 from January 30, a decrease of -15.81% [7]. - Domestic inventory is at 8,750 tons, down 1,718 tons from January 30 [7]. - Downstream purchasing willingness has increased despite price declines, indicating a potential for recovery in demand [7]. Antimony - Domestic antimony ingot price is ¥160,000 per ton, unchanged from January 30 [8]. - Demand feedback is average, with prices expected to remain stable [8]. Industry Ratings and Investment Strategy - Gold industry maintains a "recommended" investment rating due to the Fed's rate cut cycle [9]. - Copper industry also maintains a "recommended" investment rating due to tight copper supply [10]. - Aluminum industry maintains a "recommended" investment rating with rigid supply [11]. - Tin industry maintains a "recommended" investment rating due to tight supply conditions [11]. - Antimony industry maintains a "recommended" investment rating following a price rebound after a decline [11]. Recommended Stocks - Gold industry recommendations include Zhongjin Gold, Shandong Gold, Chifeng Jilong Gold, Shandong Gold International [12]. - Copper industry recommendations include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, Western Mining, Cangge Mining, and Minmetals Resources [12]. - Aluminum industry recommendations include Shenhuo Co., Yunnan Aluminum, Tianshan Aluminum, and China Hongqiao [12]. - Tin industry recommendations include Tin Industry Co. and Huaxi Nonferrous [12].