有色金属行业周报：特朗普确认对加墨征收关税后暂缓执行，通胀预期驱动金属价格进入上涨通道

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Viewpoints - The report highlights that the non-ferrous metals sector is expected to benefit from a favorable economic environment, with a focus on both precious and industrial metals. The anticipated economic recovery and policy support are likely to drive demand and prices upward [7][8]. Summary by Sections Market Performance - The non-ferrous metals sector has shown a significant performance compared to the CSI 300 index, with fluctuations noted in the market [3]. Precious Metals - Gold prices have increased, with the Shanghai Gold Exchange's Au9999 closing at 679 CNY per gram, reflecting a weekly change of 1.3% and an annual change of 34.5% [14]. - COMEX gold futures closed at 2918 USD per ounce, with a weekly increase of 1.8% [14]. - Silver prices also rose, with COMEX silver at 32.9 USD per ounce, showing a weekly change of 3.8% [16]. Industrial Metals - The report indicates a rise in industrial metal prices, with SHFE copper prices increasing by 1.9% to 78320 CNY per ton, and LME copper prices rising by 3.2% to 9664 USD per ton [35]. - Aluminum prices have also seen an increase, with SHFE aluminum at 20835 CNY per ton, reflecting a weekly change of 0.9% [50]. - Nickel prices rose by 2.3%, with SHFE nickel at 129550 CNY per ton [37]. Rare Earths and Tungsten - Prices for praseodymium and neodymium oxides have decreased, while tungsten concentrate prices have also seen a decline [8]. Energy Metals - Lithium carbonate prices have stabilized, while cobalt prices have increased, indicating a mixed outlook for energy metals [6]. Investment Recommendations - The report suggests focusing on companies such as Zhongjin Lingnan, Ganfeng Lithium, and Tianqi Lithium for potential investment opportunities in the non-ferrous metals sector [6][7].