Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous metals sector [3]. Core Views - The gold price is under pressure due to the strong US dollar and the recent Federal Reserve rate cut, with short-term fluctuations expected [1][15]. - The copper market is experiencing volatility driven by domestic policy expectations and inventory depletion, with a long-term bullish outlook due to supply constraints [2][23]. - The aluminum sector is seeing a tight supply situation, with alumina prices rising significantly, indicating potential profitability for companies in this space [3][25]. Summary by Sections 1. Industry Overview - The US presidential election resulted in Trump's victory, and the Federal Reserve cut interest rates by 25 basis points, impacting market dynamics [8]. - Domestic policies in China are expected to influence the non-ferrous metals market, with significant debt relief measures announced [8]. 2. Precious Metals - Gold prices fell by 1.94% in London and 2.26% on the Shanghai Futures Exchange, while silver prices also declined [15]. - The report suggests a long-term upward trend for gold prices due to expansive monetary and fiscal policies in the US [1]. 3. Industrial Metals - Copper prices decreased by 1.07% in London but increased by 0.76% in Shanghai, with significant inventory changes noted [23]. - Aluminum prices showed a mixed trend, with a notable increase in alumina prices by 5.71%, indicating a potential rise in aluminum company margins [25]. 4. Minor Metals - The report highlights price fluctuations in minor metals, with manganese and tungsten showing increases while others like magnesium and indium saw declines [4][38]. - Companies involved in minor metals are recommended for investment based on their performance and market conditions [4].
有色金属 大宗金属周报（2024/11/04/-2024/11/08）：金价承压回调，氧化铝持续大涨
Hua Yuan Zheng Quan·2024-11-10 06:59