有色金属行业周报：供需紧张氧化铝持续上涨，美国大选临近金价高位震荡

Investment Rating - The industry is rated as "Outperform" with a target price maintained [5]. Core Insights - The report highlights a tightening supply-demand situation in the aluminum market, leading to continued price increases. Additionally, the upcoming U.S. elections are causing fluctuations in gold prices [1][13]. - The recent reduction in the Loan Prime Rate (LPR) in China is the largest this year, indicating a more optimistic economic outlook, which is beneficial for industrial metals [1][19]. Summary by Sections Industrial Metals - The 1-year LPR is set at 3.10% and the 5-year LPR at 3.60%, both down by 25 basis points, marking the largest cut this year. The National People's Congress will review mineral resource and energy laws in early November [1][19]. - The U.S. Federal Reserve's Beige Book indicates stable economic activity across regions, with a slight optimism about long-term prospects. Initial jobless claims in the U.S. were 227,000, lower than expected [1][19]. - Suggested stocks to watch include Luoyang Molybdenum, Jincheng Mining, and Jiangxi Copper among others [1]. Copper - LME copper closed at $9,564 per ton, down 0.61% from last week, while SHFE copper was at 76,390 CNY per ton, down 0.77%. The import price for copper concentrate increased slightly [2][40]. - The new standards for recycled copper imports are expected to boost domestic recycling operations [2][40]. - Social copper inventory as of October 24 was 219,600 tons, a decrease of 0.96 tons [2][40]. Aluminum - LME aluminum closed at $2,670 per ton, up 2.16%, and SHFE aluminum at 20,760 CNY per ton, up 0.58%. The domestic aluminum ore supply is affected by seasonal weather conditions [2][43]. - The operating rate for alumina production is at 84.40%, slightly down, with limited new capacity expected in the short term [2][43]. - Domestic electrolytic aluminum inventory was 630,000 tons, down 1.8 tons [2][43]. Zinc - LME zinc closed at $3,100 per ton, up 0.34%, while SHFE zinc was at 25,030 CNY per ton, down 0.06%. Domestic zinc supply is tightening due to production cuts [6]. - The operating rates for galvanizing and die-casting zinc are under pressure due to environmental restrictions [6]. Lithium - Battery-grade lithium carbonate and hydroxide prices are at 73,300 CNY/ton and 67,195 CNY/ton, respectively, with slight declines observed [9]. - Supply remains strong, but demand from downstream manufacturers is weak, leading to price pressures [9]. Rare Earths - Supply disruptions in Myanmar due to regional conflicts are tightening the supply of rare earths, causing price fluctuations [12]. Precious Metals - Gold prices are experiencing high volatility as the U.S. elections approach, with COMEX gold closing at $2,760.8 per ounce, up 0.89% [13].