有色金属脉动跟踪：再通胀预期升温，金属价格普遍走强

Investment Rating - The report rates the non-ferrous metals industry as "Positive" [2] Core Insights - The report highlights a rebound in gold prices due to rising inflation expectations and geopolitical factors [12] - Copper prices have shown a rebound influenced by fluctuating expectations regarding Trump's tariffs [13] - Aluminum prices are expected to rise in the long term due to a shift in profits towards electrolytic aluminum as alumina prices correct [14] - Lead and zinc prices are experiencing fluctuations with ongoing contradictions in the ingot market and low processing fees [15] - Tin prices are stabilizing after slight inventory accumulation domestically and internationally [17] - Nickel prices are showing strong fluctuations due to policy news from Indonesia [19] Summary by Sections Major Metal Updates - Gold: Inflation expectations are rising, leading to a rebound in gold prices [12] - Copper: Fluctuating tariff expectations from Trump have led to a rebound in copper prices, supported by a positive macroeconomic outlook in China [13] - Aluminum: Alumina prices have corrected, and profits are shifting towards electrolytic aluminum, with long-term price expectations rising above 20,000 yuan/ton [14] - Lead and Zinc: Prices are fluctuating with a persistent contradiction in the ingot market and low processing fees [15] - Tin: Domestic and international inventory accumulation has led to a stabilization in tin prices [17] - Nickel: Prices are experiencing strong fluctuations due to news from Indonesia regarding mining policies [19] Strategic Minor Metals - Tungsten: Prices are slightly rising amid a tight supply-demand situation [21] - Antimony: Prices are rising overseas while remaining stable domestically [22] - Molybdenum: Prices are stable with steady demand from the steel sector [24] - Rare Earths: The industry outlook is positive due to multiple factors supporting the value recovery of the rare earth supply chain [25] - Titanium: Prices are stable with slight adjustments following the increase in sponge titanium prices [28]