有色金属行业周报：海外通胀韧性较强，金价维持高位震荡

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating a "Buy" rating due to strong overseas inflation resilience and stable domestic demand [1][2]. Core Insights - The report highlights that the non-ferrous metals sector has experienced a decline, with the SW non-ferrous metals index dropping by 6.24% during the week [7]. - It notes that basic metals are expected to see a long-term price increase due to sustained monetary and fiscal policies in China, despite short-term fluctuations [16]. - The report emphasizes the potential for gold prices to maintain a bullish trend in the long run, influenced by geopolitical factors and the weakening of the US dollar [36]. Summary by Sections Non-Ferrous Metals Market Review - The SW non-ferrous metals index reported a decline of 6.24%, while the Shanghai Composite Index fell by 3.56% [7][8]. - Year-to-date, the SW non-ferrous metals index has increased by 6.67%, compared to 13.29% for the Shanghai Composite Index [7]. Basic Metals - Copper prices on the LME decreased by 1.59% to $9,803 per ton, while domestic copper prices fell by 1.30% to ¥77,440 per ton [14][16]. - The average price of copper concentrate (TC) rose by $1.66 to $8.13 per ton [16]. - The report indicates that the operating rate of Chinese copper cable enterprises was 80.72% in September, with a slight expected decrease in October [16]. Aluminum - LME aluminum prices fell by 1.01% to $2,638 per ton, while domestic aluminum prices increased by 1.94% to ¥20,720 per ton [19]. - The report notes a slight increase in domestic aluminum production capacity due to new projects coming online [19]. Zinc - LME zinc prices decreased by 0.52% to $3,156 per ton, with domestic zinc prices dropping by 0.67% to ¥25,470 per ton [22]. Lead - LME lead prices fell by 2.57% to $2,100 per ton, while domestic lead prices decreased by 1.68% to ¥16,431 per ton [27]. Tin - LME tin prices dropped by 1.62% to $33,350 per ton, while domestic tin prices slightly increased by 0.05% to ¥268,013 per ton [31]. Nickel - LME nickel prices rose by 0.31% to $17,905 per ton, while domestic nickel prices fell by 0.54% to ¥134,767 per ton [32]. Precious Metals - Comex gold prices decreased by 0.71% to $2,884 per ounce, while domestic gold prices fell by 0.47% to ¥595 per gram [36]. - The report anticipates a long-term bullish trend for gold prices due to geopolitical tensions and a weakening US dollar [36]. Energy Metals - Battery-grade lithium carbonate prices fell by 1.03% to ¥76,500 per ton, while battery-grade lithium hydroxide prices decreased by 0.24% to ¥68,456 per ton [39]. - The report indicates that the energy metals sector is currently experiencing a cyclical downturn, with companies showing a strong willingness to maintain prices despite weak market conditions [39].