有色金属行业周报：避险情绪驱动金价大幅反弹

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector, with specific companies such as Jincheng Mining, Luoyang Molybdenum, and China Aluminum receiving "Buy" ratings [1]. Core Views - The report highlights that geopolitical risks are driving gold prices upward, with gold reaching $2,700 per ounce. The future price movements will depend on inflation, geopolitical risks, and central bank gold purchases [4]. - Lithium carbonate prices have shown slight increases, with production expected to rise by 0.87% week-on-week. Despite short-term price fluctuations, the report suggests that lithium stocks like Yongxing Materials and Zhongkuang Resources are worth monitoring due to their low valuations [3][4]. - The aluminum market is under pressure from a strong dollar, leading to price declines. However, high alumina costs and inventory reductions provide some support for aluminum prices [5]. Summary by Sections 1. Market Performance Review - The non-ferrous metals sector declined by 0.31%, outperforming the Shanghai Composite Index by 1.60 percentage points [21]. 2. Industrial Metals Fundamentals Tracking 2.1 Aluminum: Strong Dollar Pressures Aluminum Prices - Aluminum prices have decreased due to a strong dollar, with the average price of A00 aluminum ingots falling [5][29]. - The alumina price index has increased week-on-week, indicating rising costs in the supply chain [29]. 2.2 Copper: Fluctuating Prices - Copper prices have been volatile, with domestic supply remaining tight and demand recovering. The report suggests limited downside for copper prices due to supply-demand dynamics [5][27]. 3. Precious Metals Fundamentals Tracking 3.1 Gold: Price Rebound - Gold prices have rebounded due to increased geopolitical tensions, with a focus on the potential for continued liquidity support from central banks [4][5]. 4. Energy Metals and Rare Earths Fundamentals Tracking 4.1 Lithium: Slight Price Increase - The average price of lithium carbonate has risen slightly, with production expected to increase. The report suggests that lithium stocks are currently undervalued [3][4]. 5. Industry Dynamics - The report emphasizes the importance of monitoring geopolitical developments and macroeconomic indicators, as they significantly impact commodity prices and investment opportunities in the non-ferrous metals sector [4][5].