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有色金属行业周报：美国CPI符合预期，美联储进一步降息预期强化支撑金价
Huaxin Securities·2024-12-15 15:01

Investment Rating - The report maintains a "Recommended" investment rating for the gold industry, copper industry, aluminum industry, tin industry, and antimony industry [12]. Core Views - The report highlights that the U.S. Federal Reserve is in a rate-cutting cycle, which supports an upward trend in gold prices [12]. - For copper, while short-term prices are expected to fluctuate, the long-term supply-demand gap remains a concern [12]. - The aluminum market is characterized by tight supply and demand, suggesting a potential upward price trend [12]. - Tin prices are supported by tight raw material supplies, while antimony prices may experience slight declines due to weak short-term demand [12]. Summary by Sections 1. Market Performance - The non-ferrous metals sector (Shenwan) experienced a weekly decline of 0.49%, ranking lower among all Shenwan first-level industries [28]. - Silver, aluminum, and copper were the top-performing sub-sectors, with increases of 5.47%, 0.81%, and 0.70%, respectively [28]. 2. Macroeconomic and Industry News - In November, China's CPI was 0.2%, and PPI was -2.5% [36]. - The U.S. November core CPI was 3.3%, aligning with expectations, while the overall CPI was 2.7% [36]. 3. Precious Metals Market Key Data - The London gold price was $2659.05 per ounce, up $21.75 from December 6, reflecting a 0.82% increase [56]. - SPDR gold ETF holdings decreased by 260,000 ounces to 27.78 million ounces [56]. 4. Industrial Metals Data - LME copper closed at $9098 per ton, with a slight decrease of $49 from December 6 [5]. - Domestic aluminum prices were reported at 20,290 RMB per ton, down 50 RMB from December 6 [8]. 5. Industry Ratings and Investment Strategies - The report maintains a "Recommended" rating for gold, copper, aluminum, tin, and antimony industries, indicating a positive outlook for these sectors [12]. 6. Key Recommended Stocks - Recommended stocks include Zhongjin Gold, Shandong Gold, and Zijin Mining, among others, indicating strong potential in the gold sector [13].