有色金属行业跟踪周报：强非农衍生美国再通胀叙事逻辑，有色金属价格普遍走强

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Viewpoints - The non-ferrous metals sector experienced a general price increase driven by strong macroeconomic data from the U.S., particularly robust non-farm payroll figures, which have led to expectations of re-inflation [1][27]. - Industrial metals prices have shown a broad increase, influenced by macroeconomic sentiment, while precious metals, particularly gold, have maintained an upward trend despite pessimistic interest rate expectations [1][51]. Summary by Sections Weekly Market Review - The non-ferrous metals sector rose by 2% from January 6 to January 10, outperforming the Shanghai Composite Index by 3.34 percentage points [16]. - Among sub-sectors, the metal new materials segment increased by 4.15%, while the industrial metals segment rose by 2.26% [16]. Industrial Metals - Copper: As of January 10, LME copper was priced at $9,074 per ton, up 2.02% week-on-week, while SHFE copper was at ¥75,270 per ton, down 3.22% [2]. The market is in a demand lull, with downstream processing plants reducing orders [2]. - Aluminum: LME aluminum closed at $2,569 per ton, a 2.99% increase, and SHFE aluminum at ¥20,145 per ton, up 1.54% [3]. Seasonal demand weakness and reduced cost support may limit price increases [3]. - Zinc: LME zinc was priced at $2,863 per ton, down 1%, and SHFE zinc at ¥24,145 per ton, down 2.11% [41]. Zinc inventories decreased significantly [41]. - Tin: LME tin closed at $29,980 per ton, up 3.34%, and SHFE tin at ¥252,280 per ton, also up 3.32% [43]. Supply is expected to decrease slightly due to seasonal shutdowns [46]. Precious Metals - Gold: As of January 10, COMEX gold was priced at $2,717.40 per ounce, up 2.44%, and SHFE gold at ¥635.46 per gram, up 1.19% [51]. Strong economic data has reinforced the trend of a strong dollar and U.S. Treasury yields, supporting gold prices [51].