有色：基本金属行业周报：多空博弈持续，基本金属保持震荡

Investment Rating - The industry rating is "Recommended" [6] Core Views - Geopolitical risks combined with secondary inflation risks have led to fluctuations in gold prices, with COMEX gold down 1.63% to $2,673.9 per ounce and SHFE gold down 1.45% to ¥618.80 per gram [3][49] - Silver prices have also decreased, but the metal's dual role in industrial and safe-haven demand suggests potential for future performance [5][52] - The overall market for base metals remains volatile, with copper prices rising 0.47% to $9,015.0 per ton and zinc prices increasing 4.59% to $3,018.5 per ton on the LME [11][59] Summary by Sections Precious Metals - Geopolitical tensions and inflation expectations are driving gold prices higher, with the market anticipating a continued upward trend in the long term [4][50] - SPDR gold ETF holdings increased by 18,469.09 ounces, while SLV silver ETF holdings decreased by 2,916,569.60 ounces [3][38] - Silver has seen structural supply shortages for four consecutive years, with industrial demand accounting for over 50% of global silver consumption [5][52] Base Metals - Copper production in Chile increased by 6.7% year-on-year to 492,804 tons in October, indicating a recovery in output [54] - The LME market saw copper prices rise 0.47% to $9,015.0 per ton, while aluminum prices fell 1.18% to $2,599.0 per ton [11][59] - Domestic demand for metals is recovering, with copper imports in China rising to 506,000 tons in October, a 2.4% year-on-year increase [22][54] Minor Metals - Magnesium prices have decreased by 0.55% to ¥18,080 per ton, reflecting weak market conditions [19] - Molybdenum and vanadium prices are under pressure due to ongoing price suppression from steel mills [20] - The overall market sentiment for minor metals remains cautious, with demand expected to face downward pressure [20]