有色金属行业跟踪周报：美元高位盘整后突破再破阶段新高，工业金属价格冲高回落维持弱势整理

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [1] Core Views - The non-ferrous metals sector experienced a slight decline of 0.31% during the week of November 18-22, 2024, outperforming the overall market index [1][59] - Precious metals, particularly gold, are expected to maintain an upward trend due to increased demand for safe-haven assets amid escalating geopolitical tensions [4][70] - Industrial metals are anticipated to remain under pressure due to a strong US dollar and macroeconomic factors, with short-term weakness expected [2][70] Summary by Sections Weekly Market Review - The Shanghai Composite Index fell by 1.91%, while the non-ferrous metals sector ranked fifth among 31 sectors, outperforming the index by 1.60 percentage points [59] - Within the non-ferrous metals sector, precious metals rose by 4.21%, new metal materials by 3.47%, energy metals by 1.09%, and small metals by 0.63%, while industrial metals fell by 2.33% [59] Industrial Metals Overview - Copper prices showed mixed results, with LME copper at $8,973 per ton (up 0.02%) and SHFE copper at ¥73,760 per ton (down 0.14%) as of November 22 [2][79] - Aluminum prices decreased, with LME aluminum at $2,630 per ton (down 1%) and SHFE aluminum at ¥20,420 per ton (down 1.73%) [3][86] - Zinc prices increased, with LME zinc at $2,972 per ton (up 0.63%) and SHFE zinc at ¥25,170 per ton (up 2.15%) [90] Precious Metals Overview - Gold prices rebounded significantly, with COMEX gold closing at $2,718.20 per ounce (up 5.87%) and SHFE gold at ¥627.88 per gram (up 5.83%) [4][70] - The report highlights that the ongoing Russia-Ukraine conflict has intensified demand for gold as a safe-haven asset [4][70] Supply and Demand Dynamics - The report notes that approximately 60% of domestic electrolytic aluminum capacity is currently operating at a loss due to rising alumina prices, which have increased production costs [3][86] - Strong demand from the downstream sector, particularly in cable manufacturing and home appliance production, is expected to support copper prices despite overall market weakness [2][79]