有色金属行业周报：避险属性带来支撑，看好黄金长牛走势

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, particularly highlighting the long-term bullish trend for gold [1][3]. Core Viewpoints - The report emphasizes the safe-haven attributes of gold, supporting its price stability amidst geopolitical tensions and high U.S. fiscal deficits [1][35]. - It forecasts a long-term upward trend in the prices of base metals, driven by strong economic resilience in the U.S. and ongoing domestic policy support [1][15]. Summary by Sections Non-Ferrous Metals Market Review - The SW non-ferrous metals industry index increased by 2.37% this week, closing at 4654 points, while the Shanghai Composite Index rose by 1.17% [8][9]. - Year-to-date, the SW non-ferrous metals industry index has gained 11.22%, compared to 15.31% for the Shanghai Composite Index [8][9]. Base Metals - Copper prices on the LME decreased by 0.64% to $9,564 per ton, while domestic copper prices rose by 0.18% to 76,613 CNY per ton [14][15]. - The average price of copper concentrate (TC) increased by $0.38 to $10.86 per ton, indicating a recovery in domestic smelting resources [15]. - The report notes a 13% decline in copper production from global mining leader Anglo American in Q3, yet they maintained their annual production guidance [15]. Precious Metals - Gold prices on Comex rose by 0.61% to $3,002 per ounce, with domestic gold prices increasing by 1.68% to 623 CNY per gram [33][35]. - The report highlights ongoing geopolitical tensions in the Middle East as a factor supporting gold prices [35]. Energy Metals - Battery-grade lithium carbonate prices fell by 0.54% to 73,300 CNY per ton, while battery-grade lithium hydroxide prices decreased by 1.05% to 67,319 CNY per ton [37][38]. - The report indicates that the energy metals sector is currently at a cyclical low, with weak price performance due to oversupply and declining demand as the downstream market enters a slow season [38].