有色金属行业跟踪周报：中国央行时隔6个月再度买入黄金，看好黄金后续震荡上行走势

Industry Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Views - The non-ferrous metals sector rose 1 39% this week, underperforming the broader market [1] - Industrial metals gained 2 10%, while precious metals increased 0 68% [1] - Copper prices are expected to rise slightly due to increased Fed rate cut expectations [2] - Aluminum prices are projected to remain volatile amid weak seasonal demand [3] - Gold is anticipated to enter a new upward trend after China's central bank resumed gold purchases [4] Weekly Market Performance - The SSE Composite Index rose 2 33%, while the non-ferrous metals sector gained 1 39%, ranking 26th among 31 industries [58] - Industrial metals increased 2 10%, small metals rose 0 74%, and metal new materials surged 3 94% [58] - Energy metals declined 1 10%, while precious metals edged up 0 68% [58] Industrial Metals Analysis Copper - LME copper rose 0 86% to $9,093/ton, while SHFE copper increased 1 22% to 74,730 yuan/ton [2] - Rio Tinto expects copper production to reach 780,000-850,000 tons in FY2025 [2] - LME copper inventories fell 0 44% to 269,800 tons, while SHFE inventories dropped 18 70% to 97,800 tons [77] Aluminum - LME aluminum edged up 0 33% to $2,608/ton, while SHFE aluminum dipped 0 39% to 20,310 yuan/ton [3] - Aluminum operating capacity increased by 46,000 tons to 43 705 million tons [3] - LME aluminum inventories decreased 1 63% to 684,600 tons, while SHFE inventories fell 3 23% to 224,400 tons [75] Zinc - LME zinc declined 1 17% to $3,072/ton, while SHFE zinc rose 1 17% to 25,495 yuan/ton [89] - LME zinc inventories increased 0 72% to 278,900 tons, while SHFE inventories dropped 38 49% to 53,000 tons [89] Tin - LME tin rose 0 14% to $29,080/ton, while SHFE tin increased 1 88% to 243,920 yuan/ton [95] - LME tin inventories fell 2 18% to 4,700 tons, while SHFE inventories dropped 11 12% to 6,900 tons [95] Precious Metals Analysis - COMEX gold fell 0 71% to $2,654 90/oz, while SHFE gold declined 0 46% to 615 94 yuan/gram [100] - China's central bank purchased 160,000 ounces of gold in November, resuming purchases after six months [101] - The gold market is expected to enter a new upward trend following China's gold purchases [101] Rare Earth Metals Analysis - Rare earth prices weakened due to stable supply and insufficient demand [121] - Praseodymium-neodymium oxide fell 0 25% to 402,000 yuan/ton [122] - Dysprosium oxide dropped 5 36% to 1,590 yuan/kg, while terbium oxide declined 0 87% to 5,710 yuan/kg [122] Company News - Minera Exar SA, a subsidiary of Ganfeng Lithium, issued $50 million in bonds in Argentina [161] - Zijin Mining completed the acquisition of Peru's La Arena gold mine and Phase II project [162] - China Gold International plans to sell up to 22 75 million shares, representing 0 47% of total shares [162]