市场降息预期强烈，金银价格再次走高

Investment Rating - The industry rating is maintained as "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, influenced by the US dollar index [1][14] - Tin prices are supported by macroeconomic news, showing a strong performance [1][36] Summary by Sections Base Metals - Copper: Prices have slightly increased, with social inventory continuing to decline. The market is focusing on long-term transactions, but demand is weakening as year-end approaches [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, with expectations for continued fluctuations 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: Prices have risen, with gold averaging 619.86 CNY/g and silver at 7847 CNY/kg, supported by strong expectations for interest rate cuts [1][14] - Tin: The price of tin has increased significantly, with a rise of 945 USD/ton, supported by positive macroeconomic indicators [1][36] Minor Metals - Lithium: Prices remain stable, with industrial-grade lithium carbonate averaging 73,000 CNY/ton [1][27] - Cobalt: Prices for cobalt remain stable, but supply is abundant, leading to pressure on transaction prices [1][30] - Tungsten: Prices have slightly decreased, with a cautious market atmosphere prevailing [1][39]