金属与材料行业研究周报：有色板块价格强势，看好政策落地稀土行情

Investment Rating - Industry rating is maintained at "Outperform" [1] Core Views - The report highlights a strong performance in the metals and materials sector, particularly in basic and precious metals, driven by various macroeconomic factors and market dynamics [4][12][21] Summary by Sections Basic and Precious Metals - Copper prices have surpassed 80,000 CNY/ton, with a stable upward trend despite cautious downstream purchasing behavior [12][13] - Aluminum prices have increased due to reduced social inventory and heightened market tensions from overseas conflicts, with current prices at 20,935 CNY/ton [18] - Gold and silver prices have risen, with gold averaging 679.66 CNY/gram and silver at 8,044 CNY/kg, driven by expectations of interest rate cuts by the Federal Reserve [21][22] Minor Metals - Cobalt prices are on the rise due to supply constraints from the Democratic Republic of Congo, with electrolytic cobalt prices reaching 250,000-280,000 CNY/ton [34][35] - Tin prices have increased, with the London tin price at 33,280 USD/ton, reflecting positive market sentiment and economic recovery expectations [38][39] Rare Earths - Rare earth prices are steadily increasing, with light rare earth oxide prices at 445,000 CNY/ton, supported by policy confidence and tight supply [7] Market Trends - The report anticipates continued volatility in copper prices, with expected trading ranges of 78,800-81,400 CNY/ton domestically and 9,670-9,980 USD/ton internationally [13] - The aluminum market is expected to see fluctuations within the range of 20,400-21,300 CNY/ton [20] - Cobalt prices are projected to remain strong, with expectations of continued upward movement in the near term [35]