有色金属行业：供应持续收缩，锂价维持强势

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Energy metals are experiencing strong downstream demand, with lithium prices remaining robust. Lithium production is expected to increase by 5%-7% month-on-month in October, while hydroxide lithium production is projected to remain stable in November [1] - Industrial metals are positively impacted by the Federal Reserve's interest rate cuts, which are expected to support prices. Copper, aluminum, zinc, and tin prices have shown slight fluctuations, with copper prices at $9,433 per ton as of November 8 [1] - The outcome of the U.S. presidential election may favor gold and silver in the medium to long term, as tax reduction policies could increase fiscal pressure, benefiting these assets [1] Summary by Sections 1. Industry Overview - The Shenyin Wanguo Nonferrous Index rose by 3.47% from November 1 to November 8, with the magnetic materials sector leading the gains [7] 2. Subsector Tracking 2.1 Industrial Metals - LME copper prices decreased by 1.1% during the period, with a slight increase in copper inventory by 0.4% [8][12] 2.2 Energy Metals - Battery-grade lithium prices increased by 1.4%, while industrial-grade lithium prices rose by 0.9% [17] 2.3 Precious Metals - London spot gold prices fell by 1.9%, with COMEX gold prices also showing a decline [25] 2.4 Rare Earths and Minor Metals - Prices for praseodymium-neodymium oxide remained stable during the reporting period [25] 3. Significant Events - Zijin Mining's acquisition of the La Arena gold mine and its second phase project in Peru is highlighted as a key event in the industry [25]