有色金属行业：铜、铝供应约束较强，有望支撑价格表现

Investment Rating - The industry investment rating is "Outperform the Market" [1][67]. Core Insights - The report highlights strong supply constraints for copper and aluminum, which are expected to support price performance [1]. - Gold and silver prices are anticipated to fluctuate upwards as the Federal Reserve's meeting approaches, with market expectations for a rate cut in September [2]. - Industrial metals are favored due to favorable macro policies, despite recent price declines [2]. - Energy metals face challenges with Core Lithium suspending operations at the Finniss lithium project, indicating ongoing supply adjustments [2]. - Rare earth and minor metals, particularly antimony, have seen price increases, suggesting potential investment opportunities [2]. Summary by Sections 1. Industry Index Performance - The Shenwan Nonferrous Index decreased by 2.93% from July 12 to July 19 [6][39]. 2. Major Subsector Tracking 2.1 Energy Metals - Battery-grade lithium carbonate prices fell by 4.5% during the same period [6][39]. 2.2 Industrial Metals - LME copper prices dropped by 5.9% [6][39]. 2.3 Precious Metals - London spot gold prices decreased by 0.14% [6][39]. 2.4 Rare Earths and Minor Metals - Antimony prices increased by 2.1% [6][39]. 3. Important Events - Key companies such as Xingye Silver and Northern Copper are expected to report significant profit increases for the first half of 2024, with growth rates of 533.68% to 582.72% and 41% to 51% respectively [59].