有色金属脉动跟踪：大选交易金铜震荡，四重因素看好稀土产业链价值回归

Investment Rating - The report rates the non-ferrous metals industry as "Positive" [1]. Core Views - The report highlights the impact of the U.S. presidential election on gold prices, with increased volatility expected [7]. - Copper is entering a traditional off-season, awaiting economic resonance between China and the U.S. [8]. - The aluminum sector is expected to maintain high profitability, with potential differentiation in green electricity aluminum [9]. - Lead and zinc prices are experiencing fluctuations, with attention on smelting production cuts [10]. - Tin prices are stabilizing amid uncertain recovery from Myanmar's production [11]. - Tungsten market remains stable with subdued trading activity [14]. - The rare earth market is seeing price increases, particularly for key varieties [19]. Summary by Sections Section 1: View Updates - Precious Metals: Increased volatility in gold prices due to U.S. election trading [7]. - Industrial Metals: - Copper: Weak demand and maintenance at smelting plants; price stability expected [8]. - Aluminum: High profitability anticipated, with a price range of 19,000 to 21,000 CNY/ton [9]. - Lead and Zinc: Price fluctuations with a focus on smelting production cuts [10]. - Tin: Price stabilization amid uncertain production recovery from Myanmar [11]. - Nickel: Prices nearing cost support levels [13]. - Strategic Minor Metals: - Tungsten: Stable market with weak trading performance [14]. - Antimony: External strength but internal weakness; focus on export progress [15]. - Platinum: Stable prices with increased steel bidding volumes [16]. - Rare Earths: Price increases expected for key varieties [19]. - Titanium: Demand recovery with prices at low levels [20]. Section 2: Macroeconomic Trends and Industry Dynamics - Global PMI is declining, with U.S. manufacturing PMI at 46.5, a 15-month low [22]. - China's manufacturing PMI rebounded to 50.1, indicating recovery [22]. - Fixed asset investment in China remains low, with real estate still weak [22]. Section 3: Metal Prices and Sector Performance - Precious Metals: COMEX gold down 0.26% to $2735.20/oz, with a year-on-year increase of 38.16% [30]. - Industrial Metals: LME copper down 0.26% to $9539/ton, with a year-on-year increase of 17.65% [34]. - Rare Metals: Lithium carbonate up 0.93% to 73,920 CNY/ton, with a year-on-year decrease of 54.90% [38]. - Sector Performance: The non-ferrous sector index increased by 2.18% [41].