有色行业周报：全球降息潮来临叠加局部冲突升级，金价再创新高

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [4][11]. Core Views - The global interest rate cut cycle has begun, with expectations for the Federal Reserve to lower rates by 25 basis points in November and December. Amid escalating conflicts in the Middle East and the Korean Peninsula, gold prices have reached new historical highs, surpassing $2,700 per ounce. The demand for gold as a safe-haven asset remains strong, and it is expected that gold prices will maintain high levels in the long term [4][11][21]. Summary by Sections 1. Core Views and Investment Recommendations - The report highlights the ongoing global interest rate cuts and the expected rate reductions by various central banks, including the Federal Reserve, which is anticipated to lower rates by 25 basis points in both November and December. The geopolitical tensions have reinforced gold's status as a safe-haven asset, leading to a new record high in gold prices [4][11]. 2. Weekly Sector Performance Review - As of October 18, 2024, the non-ferrous metals index has seen a week-on-week increase of 1.85%, ranking 15th among 31 sectors. Year-to-date, the index has risen by 8.64% [15]. 3. Price and Inventory Performance 3.1 Precious Metals - As of October 18, 2024, COMEX gold closed at $2,736.4 per ounce, up 2.33% from the previous week. COMEX silver closed at $33.925 per ounce, up 6.90%. The gold-silver ratio is at 80.66, down 4.28% [20][24]. 3.2 Industrial Metals - The report notes fluctuations in industrial metal prices, with LME copper, aluminum, lead, zinc, tin, and nickel prices showing varying changes. For instance, LME copper decreased by 1.81% to $9,625.5 per ton, while SHFE copper decreased by 0.31% to ¥76,980 per ton. Inventory changes indicate a decrease in LME copper stocks by 13,350 tons and an increase in SHFE stocks by 11,940 tons [25][27]. 3.3 Energy Metals - Lithium carbonate prices have slightly decreased by 3.66%, while cobalt prices have increased by 0.85%. The prices for nickel sulfate and other related materials have shown minor fluctuations [29][30]. 4. Important News of the Week - The report emphasizes the ongoing geopolitical tensions and their impact on market dynamics, particularly in the context of precious metals and their safe-haven appeal [4][11]. 5. Important Company Announcements - The report lists several companies as potential investment targets, including those in the precious metals sector such as Zhongjin Gold and Shandong Gold, as well as industrial metal companies like Zijin Mining and China Aluminum [11][14].