Investment Rating - The report does not explicitly state the investment rating for the non-ferrous metals industry [1]. Core Views - Precious metals are expected to continue rising, with gold showing potential for further increases due to confirmed downward inflation trends and resilient U.S. economic data. The CPI for September was reported at 2.4%, above the expected 2.3% [4]. - Copper prices are experiencing a rebound rather than a reversal, with a 0.46% increase this week. However, the outlook remains cautious as the primary variables affecting copper prices are U.S. economic inflation expectations [4]. - Antimony prices are stabilizing at high levels due to tight supply, with domestic policies restricting exports and overseas supply shortages [4]. - Aluminum prices are expected to rise due to macroeconomic policies and cost support, with prices remaining above 20,000 yuan/ton [4]. - Lithium carbonate prices are on a downward trend, with limited rebound potential unless there are signals of concentrated supply cuts [5]. Summary by Sections 1. Market Performance - The closing index for the non-ferrous metals industry is at 4463.82, with a 52-week high of 4979.91 and a low of 3437.51 [1]. 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]. - Base 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%, cobalt decreased by 3.49%, and lithium carbonate fell by 1.03% [15]. 3. Inventory - Global visible inventory changes: copper increased by 2713 tons, aluminum decreased by 13885 tons, zinc decreased by 1946 tons, lead increased by 3340 tons, tin decreased by 106 tons, and nickel increased by 1277 tons [23].
有色金属行业报告（2024.10.08-2024.10.11）：黄金有望继续新高，氧化铝价格拐点延后
China Post Securities·2024-10-14 06:03