有色金属行业报告：黄金有望继续新高，氧化铝价格拐点延后

Investment Rating - The report does not explicitly state the investment rating for the non-ferrous metals industry [1]. Core Views - The report highlights that the inflation downtrend has been confirmed, with gold expected to continue its upward trend. The recent U.S. CPI data for September showed a year-on-year increase of 2.4%, above the expected 2.3% and previous 2.5%, indicating resilience in the U.S. economy [4][15]. - The report suggests that while copper prices have rebounded by 0.46% this week, this is seen as a short-term rebound rather than a reversal, with expectations that copper will struggle to outperform precious metals in the near term [4][5]. - Antimony prices are stabilizing at high levels due to tight supply, with domestic policies restricting certain exports and overseas supply becoming increasingly scarce [4]. - Aluminum prices are expected to rise due to macroeconomic policies and cost support, with electrolytic aluminum prices remaining stable above 20,000 yuan/ton [4]. - Lithium carbonate prices have recently declined, and while there may be a seasonal rebound, the overall market sentiment remains cautious [5]. Summary by Sections 1. Market Performance - The non-ferrous metals sector has shown varied performance, with significant movements in precious metals and basic metals prices [10][15]. 2. Prices - Precious metals: COMEX gold increased by 1.27%, silver by 2.74%, while palladium rose by 5.08% and platinum fell by 1.52% [15]. - Basic metals: LME copper rose by 0.46%, aluminum by 2.65%, zinc by 2.58%, while lead fell by 0.28% and tin rose by 1.35% [15]. - New energy metals: LME nickel increased by 1.32%, while cobalt and lithium carbonate prices fell by 3.49% and 1.03%, respectively [15]. 3. Inventory - Global visible inventory changes: copper saw an increase of 2,713 tons, aluminum decreased by 13,885 tons, zinc decreased by 1,946 tons, lead increased by 3,340 tons, tin decreased by 106 tons, and nickel increased by 1,277 tons [23].