有色金属行业报告：临近美国大选，稀土等优势战略小金属重要性凸显

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes the importance of strategic metals like rare earths, especially with the upcoming U.S. elections, which could impact market dynamics [2] - Gold prices remain high, with expectations that they will continue to perform well due to inflation metrics and geopolitical factors [2] - The report highlights the impact of Myanmar's internal conflict on rare earth exports, leading to improved supply-demand expectations [2] - Environmental regulations are affecting aluminum demand, while alumina prices are rising, increasing production costs [2] - Copper prices are expected to face challenges in outperforming precious metals in the near term due to macroeconomic conditions [2] - Lithium prices are stable, with limited upward potential despite a strong demand season [2] - Antimony exports are recovering, which may narrow the price gap between domestic and international markets [3] Summary by Sections Industry Overview - The closing index for the industry is at 4730.3, with a 52-week high of 4979.91 and a low of 3437.51 [1] Price Movements - This week, LME copper prices fell by 0.26%, aluminum prices decreased by 2.51%, while tin prices increased by 1.27% [13] - Gold prices on COMEX dropped by 0.54%, and silver prices fell by 3.85% [13] Inventory Trends - Global visible copper inventory decreased by 8,218 tons, and aluminum inventory decreased by 27,324 tons, while zinc and lead inventories increased [26]