金属与材料行业研究周报：电解铝淡季表现强韧，看好向旺季转换

Investment Rating - Industry rating: Outperform the market (maintained rating) [1] Core Viewpoints - The report indicates a resilient performance in the aluminum market during the off-season, with expectations for a strong transition into the peak season [4][6] - Basic metals such as copper are experiencing a downward price trend, with market concerns surrounding U.S. tariffs and macroeconomic conditions impacting demand [4][11] - Precious metals are facing price declines due to weakened risk aversion, although uncertainties from tariff policies continue to provide some support [20][21] Summary by Sections Basic Metals & Precious Metals - Copper: The price has decreased, with a closing price of 76,840 CNY/ton. Market supply pressures persist, and inventory levels are increasing [4][11] - Aluminum: The price of aluminum has seen a slight decline, with the Shanghai aluminum closing at 20,640 CNY/ton. Supply continues to increase while demand remains weak [15][16] - Precious Metals: Gold and silver prices have decreased, with gold averaging 681.22 CNY/gram and silver at 7,993 CNY/kilogram. The market is influenced by geopolitical tensions and U.S. monetary policy [20][21] Minor Metals - Tin: The price of tin has decreased, with LME tin closing at 32,320 USD/ton. Market sentiment is weak due to rising supply expectations from Myanmar [38][39] - Rare Earths: Prices are on the rise, with neodymium oxide at 444,100 CNY/ton. The market is benefiting from improved fundamentals and strong demand from magnet manufacturers [6][31] Market Trends - The report highlights a cautious market outlook with mixed sentiments across various metals, driven by macroeconomic uncertainties and trade tensions [4][11][20]