有色、基本金属行业周报：国内宏观利好情绪持续催化，继续关注工业金属机会

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The report highlights a sustained positive sentiment in the domestic macroeconomic environment, suggesting continued attention to opportunities in industrial metals [1][27]. - Precious metals saw a slight increase in prices, with COMEX gold rising by 0.67% to $2,674.2 per ounce and COMEX silver increasing by 0.99% to $31.74 per ounce [2][32]. - The U.S. CPI for September was reported at 2.4%, slightly above expectations, indicating a potential for a small interest rate cut by the Federal Reserve in November [3][28]. Summary by Sections Precious Metals - U.S. CPI increased to 2.4% in September, higher than the expected 2.3%, while the core CPI rose to 3.3%, also above expectations [3][45]. - SPDR Gold ETF holdings increased by 194,031.85 ounces, while SLV Silver ETF holdings rose by 865,728 ounces [2][32]. - The gold-silver ratio decreased by 0.31% to 84.27 [2][32]. Base Metals - In the LME market, copper prices fell by 0.63% to $9,803.0 per ton, while aluminum rose by 1.27% to $2,638.0 per ton [7]. - Domestic policies are expected to support the base metals market, with a focus on stimulating consumption and investment [8][16]. - Chile's copper production increased by 6.9% year-on-year in August, indicating a positive supply outlook [47]. Aluminum - The average price of alumina rose by 3.83% to 4,261 yuan per ton, providing strong cost support for aluminum prices [10]. - Domestic aluminum production capacity remains stable, with overall operations above 95% [9]. - The demand for aluminum is expected to improve due to seasonal factors and government stimulus policies [10]. Lead and Zinc - Lead prices are experiencing fluctuations due to a strong supply but weak demand, with inventories increasing by 9.29% [11]. - Zinc prices are supported by improved consumer sentiment and ongoing supply constraints, with LME inventories decreasing by 3.75% [12]. Other Metals - Magnesium prices increased by 0.67% to 19,660 yuan per ton, supported by rising production costs [13]. - Molybdenum and vanadium prices are stable, with a cautious outlook for future market risks [14][15].