有色行业周报：美国大选落地，美联储降息符合预期，金属价格震荡

Investment Rating - The report maintains an "Overweight" rating for precious metals [4][14]. Core Views - The short-term outlook remains one of volatility and correction, with the recent U.S. election results removing uncertainty that had previously affected market dynamics. The expectation is that Trump's election will strengthen the dollar and potentially lead to inflation, which may reduce the urgency of Federal Reserve rate cuts. The non-commercial long positions in COMEX gold have decreased from 63.30% to 60.40%, marking a continuous decline over five weeks [4][11][14]. - In the medium to long term, concerns about the U.S. government deficit and debt levels persist. The impact of Trump's administration on the U.S. economy and international relations remains uncertain. However, the ongoing purchases of gold by central banks highlight its advantages as a reserve and safe-haven asset, suggesting that gold will continue to hold strong investment value [4][14][22]. Summary by Sections 1. Core Views and Investment Recommendations - The report suggests maintaining a cautious stance in the short term, with the market having priced in most positive factors. The long-term outlook for gold remains strong due to ongoing central bank purchases and the global trend of rate cuts following the Federal Reserve's actions [4][11][14]. 2. Weekly Sector Performance Review - As of November 8, 2024, the non-ferrous metals index increased by 3.47% week-on-week, ranking 27th among 31 sectors. Year-to-date, the index has risen by 16.96% [15]. 3. Price and Inventory Performance 3.1 Precious Metals - As of November 8, 2024, COMEX gold closed at $2691.7 per ounce, down 1.97% from the previous week. COMEX silver closed at $31.425 per ounce, down 3.53%. The gold-silver ratio reached 85.65, up 1.61% [21][25]. 3.2 Industrial Metals - Copper prices for LME and SHFE were reported at $9433 per ton and ¥77100 per ton, respectively, with week-on-week changes of -1.11% and +0.76%. LME and SHFE copper inventories increased by 1025 tons and decreased by 13559 tons, respectively [12][26]. - Aluminum prices for LME and SHFE were reported at $2627 per ton and ¥21690 per ton, with week-on-week changes of +0.92% and +4.30%. LME and SHFE aluminum inventories decreased by 4300 tons and 5527 tons, respectively [12][27]. 3.3 Energy Metals - As of November 8, 2024, lithium carbonate prices increased by 2.03% to ¥75400 per ton, while hydroxide lithium prices decreased by 0.15% to ¥66900 per ton. Nickel prices rose by 1.18% to $16310 per ton [31]. 4. Important News of the Week (November 4-10, 2024) - The report highlights the ongoing geopolitical tensions affecting supply chains, particularly in the rare earth sector, with disruptions from Myanmar impacting prices and availability [13][14]. 5. Important Company Announcements (November 4-10, 2024) - Specific company announcements were not detailed in the provided content, but the report emphasizes the performance of key players in the precious and industrial metals sectors [4][14].