金属、非金属与采矿行业：经济金融共振推升铜铝，小金属多点开花

Investment Rating - The report maintains a "Positive" investment rating for the metals and mining industry [9]. Core Viewpoints - The report highlights that the weakening of the US dollar and marginal improvements in domestic and international economic expectations have boosted industrial metal commodities. This week, industrial metals have shown upward trends, with LME copper rising by 2.57% and aluminum by 3.26% [2][6]. - Economic and financial resonance is emphasized, with continued recommendations for copper and aluminum due to favorable macroeconomic conditions and potential for quarterly rebounds in these commodities [6]. Summary by Sections Industrial Metals - The report notes that the weakening dollar and improved economic expectations have led to an increase in industrial metal prices. Specifically, LME copper and aluminum prices have risen significantly, with copper up 2.57% and aluminum up 3.26% [6]. - The report indicates that both domestic and international economic indicators, such as the US manufacturing PMI and China's Caixin manufacturing PMI, are in expansion territory, contributing to positive market sentiment [6]. - Inventory levels for copper and aluminum have decreased, with copper inventory down 0.69% week-on-week and aluminum down 1.04% [6]. Energy Metals & Minor Metals - The report expresses a bullish outlook for energy metals, particularly cobalt, due to a temporary export ban from the Democratic Republic of Congo, which is expected to raise prices [7]. - Nickel prices are anticipated to rebound as macroeconomic conditions improve, with Indonesia's strict control over nickel mining approvals contributing to cost support [7]. - The report also highlights the potential for a recovery in rare earth prices, driven by policy changes and increasing demand from sectors like robotics [7]. Precious Metals - The report suggests that the short-term pressures on gold prices are easing, with a focus on inflation-driven demand in the upcoming months. It anticipates a recovery in gold stock valuations as inflation concerns resurface [8]. - The report recommends monitoring specific gold stocks for potential valuation recovery, particularly in the context of a favorable economic environment [8]. Market Performance - The report notes that the metals and mining sector has outperformed the broader market, with a 6.06% increase compared to a 1.56% rise in the Shanghai Composite Index [13][15]. - Specific sub-sectors within metals, such as basic non-ferrous metals and energy metals, have shown strong performance, with increases of 7.76% and 5.79% respectively [15]. Price Movements - Recent price movements indicate a general upward trend in both domestic and international metal prices, with significant increases in copper, aluminum, and other base metals [21][23]. - The report provides detailed price changes for various metals, highlighting the resilience of the market despite external pressures [22][24].