有色金属行业周报：降息预期再起，金属价格看涨

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating a "Buy" rating for specific companies within the sector [1][3]. Core Insights - The report highlights a resurgence in interest rate cut expectations, which is anticipated to drive metal prices upward [1][3]. - The performance of the non-ferrous metals sector is noted, with the SW Non-Ferrous Metals Index increasing by 1.39% during the week [20][22]. - The report emphasizes the potential for basic metal prices to rebound due to ongoing policy support and a decrease in long-term contract prices for copper concentrate [1][32]. Summary by Sections Non-Ferrous Metals Market Review - The SW Non-Ferrous Metals Index ranked 26th among A-share sectors, with sub-sectors showing varied weekly performance: Metal New Materials +4%, Industrial Metals +2%, Small Metals +1%, Precious Metals +1%, and Energy Metals -1% [20][22]. - The overall market performance for the week included a 1.44% increase in the CSI 300 Index and a 2.33% increase in the Shanghai Composite Index [20][22]. Basic Metals - LME copper price rose by 0.86% to $9,093 per ton, while domestic copper spot price increased by 0.66% to ¥74,522 per ton [29][32]. - The average price for copper concentrate was reported at $10.45 per ton, reflecting a weekly increase of $0.37 [32]. - LME aluminum price increased by 0.33% to $2,608 per ton, with domestic aluminum spot price rising by 1.03% to ¥20,583 per ton [37]. Precious Metals - Comex gold price decreased by 0.64% to $2,888 per ounce, while domestic gold spot price increased by 0.48% to ¥616 per gram [63][66]. - Comex silver price rose by 2.12% to $34.32 per ounce, with domestic silver spot price increasing by 2.97% to ¥7,812 per kilogram [63][66]. - The report notes a significant increase in China's gold reserves, marking the first increase since April 2024 [66]. Energy Metals - The report indicates signs of a bottoming out in the energy metals sector, with stable demand providing price support [1][4]. - Prices for battery-grade lithium carbonate decreased by 1.66% to ¥76,900 per ton, while battery-grade lithium hydroxide increased by 0.55% to ¥69,038 per ton [1][4].