有色金属行业周报：鹰派降息落地，金属价格弱势震荡

Investment Rating - The report maintains a "Buy" rating for Zijin Mining, Luoyang Molybdenum, Yun Aluminum, Chihong Zn & Ge, and Tin Industry [1][1][1]. Core Viewpoints - The report indicates a bearish trend in the base metals market, with seasonal demand weakening and a focus on domestic policy support to validate internal demand [1][1]. - The Federal Reserve's recent interest rate cut is expected to influence metal prices, with a cautious outlook on the short-term performance of base metals [1][1][1]. - Precious metals are under pressure due to reduced interest rate expectations for 2025, despite a long-term bullish outlook for gold prices driven by geopolitical factors [1][1][1]. Summary by Sections 1. Market Review - The SW Nonferrous Metals Index decreased by 3.09% this week, closing at 4455 points, ranking 21st among A-share industries [20][22]. - Year-to-date, the SW Nonferrous Metals Index has increased by 9.86%, compared to 14.63% for the CSI 300 Index [20][22]. 2. Base Metals - LME copper price fell by 1.24% to $8,944 per ton, while domestic copper price decreased by 1.15% to ¥73,833 per ton [35][59]. - LME aluminum price dropped by 2.79% to $2,542 per ton, with domestic aluminum price at ¥19,830 per ton [35][62]. - LME zinc price decreased by 3.79% to $2,973 per ton, with domestic zinc price at ¥25,508 per ton [35][64]. 3. Precious Metals - Comex gold price fell by 2.13% to $2,844 per ounce, while the spot price of gold in China decreased by 2.05% to ¥612 per gram [99][99]. - Comex silver price dropped by 5.09% to $31.82 per ounce, with the spot price of silver at ¥7,492 per kilogram [99][99]. 4. Energy Metals - Battery-grade lithium carbonate price decreased by 1.11% to ¥75,550 per ton, while battery-grade lithium hydroxide price increased by 0.34% to ¥69,481 per ton [81][81]. - The report notes signs of a bottoming out in the industry despite an increase in lithium production [81][81].