美PPI升温金价冲高回落，贸易商低价抛售锂价重心下移

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [5]. Core Views - The report highlights that gold prices experienced fluctuations due to U.S. inflation data meeting expectations, which has led to market speculation about a potential 25 basis point rate cut by the Federal Reserve in December. The overall economic environment remains supportive for gold as an inflation hedge [1]. - In the industrial metals segment, copper prices are expected to show resilience due to macroeconomic expectations and demand dynamics, despite a tightening supply situation [1]. - The lithium market is currently under pressure from low-priced sales by traders, with expectations of weaker price movements due to seasonal shifts and increased supply from Chile [1]. Summary by Sections 1. Weekly Data Tracking - The non-ferrous metals sector saw a general decline, with the Shenwan Non-ferrous Metals Index dropping by 0.8%. Precious metals increased by 0.9%, while energy metals fell by 3.3% [21][22]. 2. Gold - Gold prices fluctuated, with COMEX gold at $2,666 per ounce, reflecting a weekly increase of 0.4% and a yearly increase of 28.7% [31]. 3. Industrial Metals - Copper: Current price is 74,790 CNY per ton, with a slight weekly increase of 0.1%. The market anticipates a positive response to macroeconomic conditions and demand, despite a decrease in production capacity due to seasonal factors [33]. - Aluminum: The price is 20,350 CNY per ton, with a weekly increase of 0.2%. Supply constraints are expected to support prices despite a seasonal demand slowdown [33]. 4. Energy Metals - Lithium: The price of battery-grade lithium carbonate is 76,000 CNY per ton, reflecting a weekly decrease of 0.7%. The market is facing downward pressure due to low-priced sales and seasonal demand shifts [36]. - Silicon Metal: The average cost is 12,250.6 CNY per ton, with a slight weekly decrease. Supply reductions are expected to support prices, but overall demand remains cautious [1]. 5. Key Stocks - The report recommends stocks such as Shandong Gold (Buy), Chifeng Jilong Gold (Buy), and Zijin Mining (Buy), highlighting their potential for growth based on current market conditions [5].