有色金属行业跟踪周报：美元指数携美债收益率录得大幅上行，黄金价格冲高回落重回整理区间

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals industry [1] Core Views - The non-ferrous metals sector experienced a decline of 0.84% during the week of December 9 to December 13, ranking in the middle among all primary industries. Precious metals increased by 0.89%, while industrial metals and energy metals saw declines of 0.16% and 3.26%, respectively [1][63] - The industrial metals market is under pressure due to a rising US dollar index and increased US Treasury yields, leading to a downward trend in prices as the market awaits the Federal Reserve's interest rate decision [1][4] - Precious metals, particularly gold, are expected to enter a phase of consolidation after recent fluctuations, with potential for upward movement in the future [4] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index fell by 0.36%, with the non-ferrous metals sector declining by 0.84%, underperforming the index by 0.48 percentage points [63] - Among the sub-sectors, precious metals rose by 0.89%, while industrial metals, small metals, new materials, and energy metals declined [63] 2. Industrial Metals Copper - Copper prices showed a divergence between domestic and international markets, with Shanghai copper outperforming London copper. As of December 13, London copper was priced at $9,057 per ton, down 0.4%, while Shanghai copper was at ¥74,790 per ton, up 0.08% [2][84] - Supply issues persist, with a stable average import copper concentrate treatment charge of $10.5 per ton, and a long-term agreement price significantly lower than market expectations [2][84] - Demand is mixed, with strong support from the home appliance sector despite a decline in electronic orders [2][84] Aluminum - The aluminum sector is experiencing increased production cuts due to cost pressures, which is expected to support aluminum prices. As of December 13, LME aluminum was priced at $2,615 per ton, up 0.29%, and Shanghai aluminum at ¥20,350 per ton, up 0.2% [3][90] - The operational capacity of the electrolytic aluminum industry decreased to 43.584 million tons, down 121,000 tons from the previous week [3][90] Zinc - Zinc prices increased, with London zinc at $3,090 per ton, up 0.57%, and Shanghai zinc at ¥25,850 per ton, up 1.39%. Zinc inventories decreased significantly [94] Tin - Tin prices showed mixed results, with London tin at $29,025 per ton, down 0.19%, and Shanghai tin at ¥248,900 per ton, up 2.04%. Inventory levels for tin also decreased [98] 3. Precious Metals - Gold prices fluctuated, with COMEX gold closing at $2,665.90 per ounce, up 0.41%, and SHFE gold at ¥625.60 per gram, up 1.57%. The market anticipates a consolidation phase for gold prices [4][14]