有色金属行业大宗金属周报：“特朗普交易”叠加地缘事件升温，金价续创新高

Investment Rating - The investment rating for the precious metals sector is "Positive" (maintained) [1]. Core Views - The report highlights that gold prices continue to reach historical highs due to the "Trump trade" and escalating geopolitical events, with London spot gold rising by 2.40% and Shanghai gold increasing by 3.63% [1]. - The report emphasizes the importance of monitoring the upcoming U.S. elections and the Federal Open Market Committee (FOMC) meeting in November, as volatility is expected to increase significantly during this period [1]. - In the copper sector, domestic inventory accumulation is leading to price fluctuations, with London copper down by 1.31% and Shanghai copper down by 0.31% [1][24]. - The aluminum sector is facing tight supply of bauxite, resulting in a significant increase in alumina prices by 8.43% [2][29]. Summary by Sections Precious Metals - Gold prices have reached new highs, with London gold surpassing $2720 per ounce, driven by expectations of increased fiscal deficits under a potential Trump presidency and heightened geopolitical tensions [1]. - Silver prices also saw increases, with London spot silver up by 2.98% and Shanghai silver up by 2.73% [14]. Copper Sector - London copper prices decreased by 1.31% to $9603 per ton, while Shanghai copper prices fell by 0.31% to ¥76980 per ton [23]. - Domestic copper inventory continues to accumulate, with Shanghai copper inventory increasing by 7.63% [24]. - The copper smelting profit margin is reported at -1066 yuan per ton, indicating a narrowing loss [24]. Aluminum Sector - London aluminum prices fell by 2.49% to $2587 per ton, while Shanghai aluminum prices decreased by 0.65% to ¥20600 per ton [23][29]. - The alumina price surged by 8.43%, impacting the profit margins of aluminum companies, which dropped by 32.80% to ¥1936 per ton [2][29]. Small Metals - Small metal prices showed mixed results, with germanium ingots and molybdenum concentrates rising by 2.17% and 0.81%, respectively, while indium and magnesium ingots saw declines of 0.71% and 1.63% [2]. Market Performance - The report notes that the non-ferrous metal sector outperformed the Shanghai Composite Index, with a weekly increase of 1.85% [8]. - The sector's PE_TTM valuation stands at 19.96, slightly down by 0.27 from the previous week [12]. Key Companies to Watch - The report suggests focusing on companies such as Zijin Mining, China Gold, and Chalco in the precious metals sector, and companies like Jiangxi Copper and Yunnan Tin in the copper sector [1][2].