金属与材料行业研究周报：市场降息预期强烈，金银价格再次走高

Investment Rating - The industry rating is maintained at "Outperform" [1] Core Views - The market has strong expectations for interest rate cuts, leading to a rise in gold and silver prices [1] - Copper prices have shown a slight upward trend but are expected to face limited impact from upcoming interest rate decisions [1][10] - Aluminum prices are experiencing fluctuations, with a mixed supply situation across regions [1][12] - Precious metals are expected to see price fluctuations, with gold prices potentially pressured by the US dollar index [1][14] Summary by Sections Base Metals - Copper: Prices have slightly increased, with social inventory continuing to decline. The market is focusing on long-term transactions for electrolytic copper, with limited supply growth expected [1][10] - Aluminum: External aluminum prices have risen, while domestic prices show divergence. The supply situation is mixed, with production cuts in some regions and increases in others [1][12] - Lead: Lead prices have risen, and a continued fluctuation is expected in the coming week [1][18] - Zinc: Zinc prices are experiencing strong fluctuations, with expectations for continued high-level oscillations [1][24] Precious Metals - Gold and Silver: As of December 12, the average price of gold is 619.86 CNY per gram, up 0.88% from the previous week, while silver is at 7847 CNY per kilogram, up 2.23% [1][14] - The market anticipates a 100% probability of a rate cut by the Federal Reserve in December, supporting short-term price increases for gold and silver [1][14] Minor Metals - Tin: Tin prices have shown a strong upward trend, with the London tin price closing at 30,045 USD per ton, an increase of 3.25% [1][36] - Cobalt: Cobalt prices remain stable, but supply surplus is putting pressure on transaction prices [1][30] - Tungsten: Tungsten prices have slightly decreased, with a cautious market atmosphere prevailing [1][39] Rare Earths - The rare earth market is experiencing stable prices, with light rare earth oxide prices at 410,000 CNY per ton and heavy rare earth oxide prices at 1,630,000 CNY per ton [1]