有色、能源金属行业周报：锡供给端对锡价仍有支撑，需持续跟踪佤邦政策变动

Investment Rating - The industry rating is "Recommended" [2] Core Viewpoints - The supply side of tin continues to support tin prices, and monitoring of the Wa State policy changes is necessary [8][35] - Domestic lithium salt prices have increased week-on-week, but the market may face continued pressure [21][20] - Nickel prices remained stable, with short-term demand growth points difficult to find [26] - Cobalt prices showed mixed trends, with domestic demand recovery during the peak season not evident [28] - Rare earth prices are running strong, with prices of praseodymium and neodymium oxides increasing [30] Summary by Relevant Sections Tin Industry - As of October 11, the LME tin spot settlement price was 32,560 CNY/ton, down 2.30% from September 30, while the LME tin inventory decreased by 3.33% to 4,505 tons [35] - Domestic tin concentrate prices have risen due to a continuous decline in imports from Myanmar, leading to a tight supply situation [35] - The processing fee for 40% Yunnan tin concentrate remains at 15,500 CNY/ton, with no adjustments made recently [35] Lithium Industry - As of October 10, the average market price for industrial-grade lithium carbonate was 74,000 CNY/ton, up 2.1% week-on-week [21] - The total inventory of lithium carbonate decreased to 120,600 tons, with upstream smelting plants reducing inventory [21] - The supply of lithium carbonate is expected to improve, but market inventory remains high, putting pressure on prices [21][20] Nickel Industry - The LME nickel spot price was reported at 17,150 USD/ton, up 0.85% from September 30, with total inventory increasing by 1.04% [26] - Domestic demand is currently unable to resolve the supply-demand imbalance, with limited growth points in the short term [26] Cobalt Industry - As of October 11, the price of electrolytic cobalt was 177,000 CNY/ton, up 2.31% from September 30 [28] - Domestic production of cobalt sulfate is expected to be 1,020 tons, with a decrease in operating rates [28] - Overall demand remains weak, with limited procurement activity from downstream manufacturers [28] Rare Earth Industry - As of October 11, the average price of praseodymium oxide was 436,700 CNY/ton, up 0.92% from September 30 [30] - Supply remains stable, with no significant production cuts observed [30] - Market sentiment is generally positive, with expectations for price support in the fourth quarter [30]