有色金属行业大宗金属周报：“特朗普交易”逆转，金价高位调整

Investment Rating - Investment rating for the precious metals sector is "Positive" (maintained) [2] Core Views - The "Trump trade" has reversed, leading to a high-level adjustment in gold prices amid ongoing uncertainty surrounding the elections. The volatility of various asset prices is expected to increase significantly [1][2] - Short-term focus remains on the upcoming U.S. elections, while long-term outlook suggests a bullish trend for gold due to accommodative monetary and fiscal policies in the U.S., alongside geopolitical tensions [1][2] Summary by Sections 1. Industry Overview - The report highlights macroeconomic indicators from the U.S., including a lower-than-expected JOLTs job openings number of 7.443 million and a significant drop in October non-farm payrolls to 12,000, against an expectation of 113,000 [8][9] 2. Precious Metals - Gold prices have shown an increase, with London spot gold rising by 0.47% and Shanghai gold up by 0.80%. However, silver prices have decreased, with London spot silver down by 1.06% and Shanghai silver down by 2.16% [18][19] - The report suggests monitoring companies such as Zijin Mining, Zhongjin Gold, and Shandong Gold for potential investment opportunities [1][2] 3. Industrial Metals - Copper prices have seen a slight increase, with London copper up by 0.40% and Shanghai copper up by 0.17%. However, copper inventories have decreased, with London copper stocks down by 1.95% and Shanghai copper stocks down by 6.04% [24][25] - The report indicates that the supply-side issues for copper remain unresolved, suggesting a potential for long-term price increases [2][25] 4. Aluminum - Aluminum prices have fluctuated, with London aluminum up by 0.46% and Shanghai aluminum down by 0.26%. The report notes a significant drop in aluminum enterprise profits, down 27.79% to 1,329 yuan/ton [3][27] - The report emphasizes the need to monitor the supply dynamics of bauxite and alumina, as well as the impact of new production capacities [3][27] 5. Minor Metals - Minor metal prices have shown mixed trends, with manganese ore up by 10.26% while molybdenum and magnesium ingots have decreased by 0.53% and 0.57%, respectively [4] - The report suggests focusing on companies involved in antimony, tungsten, and indium for investment opportunities [4]