有色行业周报：电解铝价格继续强势，金价震荡上行

Investment Rating - The report rates the non-ferrous metal industry as "Positive" [1] Core Insights - Electrolytic aluminum prices remain strong, while copper prices have slightly declined. Copper on the SHFE fell by 0.77% to 76,390 CNY/ton, and on the LME, it decreased by 0.64% to 9,563.5 USD/ton. Total inventories across major exchanges decreased by 5,545 tons to 525,500 tons, with LME copper inventory down by 7,425 tons to 276,800 tons [1] - Aluminum prices have increased, with SHFE aluminum rising by 0.58% to 20,760 CNY/ton and LME aluminum up by 2.16% to 2,670 USD/ton. Total inventories across exchanges decreased by 18,073 tons to 1,066,500 tons, with LME aluminum inventory down by 11,650 tons to 748,700 tons [1] - Lithium carbonate prices have slightly decreased, with battery-grade lithium carbonate down by 0.54% to 73,300 CNY/ton, and battery-grade lithium hydroxide down by 0.66% to 74,800 CNY/ton. Inventory for lithium carbonate decreased by 335 tons to 24,620 tons [2] - Magnesium prices continue to decline, with the average price for 99.90% magnesium ingots at 17,542 CNY/ton, down 100 CNY/ton or 0.57% from the previous week [3] - Gold prices are on an upward trend, with London spot gold rising by 0.7% to 2,731.45 USD/oz, influenced by uncertainties surrounding the U.S. elections and escalating geopolitical conflicts [4] Summary by Sections Section 1: Non-Ferrous Metal Market Overview - The overall market for non-ferrous metals saw a 2.6% increase, outperforming the broader market by 1.43% [9] - Nickel, cobalt, tin, and lithium saw significant weekly increases, with nickel up by 8.58% and lithium by 8.52% [9] Section 2: Industry News and Announcements - Andar Technology's fourth-generation lithium iron phosphate product is expected to begin mass shipments in Q1 2025, which could become a new growth point for the company [13] - The release of national standards for carbon emissions accounting in phosphate and phosphate salt enterprises supports the green development of the industry [13] - China's zinc production saw a slight increase in September due to the resumption of operations at several smelting plants [13] Section 3: Non-Ferrous Metal Database - LME copper prices fell by 0.64% to 9,563.5 USD/ton, while LME aluminum prices rose by 2.16% to 2,670 USD/ton [25] - SHFE aluminum prices increased by 0.58% to 20,760 CNY/ton, with copper prices down by 0.77% to 76,390 CNY/ton [26]