4月2日临近，LME金价有望站上3100美元/盎司，关注黄金白银股

Investment Rating - Industry Rating: Recommended [4] Core Views - As April 2 approaches, LME gold prices are expected to rise above $3,100 per ounce, with a focus on gold and silver stocks [1][44] - The increase in gold prices is driven by rising demand for safe-haven assets amid economic uncertainty and trade tensions [16][48] - The report highlights the potential impact of Trump's tariff policies on global trade and commodity prices, particularly in the context of copper and other base metals [3][49] Summary by Sections Precious Metals - COMEX gold rose 2.97% to $3,118.00 per ounce, while COMEX silver increased 3.85% to $34.82 per ounce [22][23] - SPDR gold ETF holdings increased by 46,110.33 ounces, and SLV silver ETF holdings rose by 7,098,120.40 ounces [23] - The gold-silver ratio fell by 0.85% to 89.55, indicating a shift in market dynamics [23] Base Metals - LME copper fell 0.58% to $9,794.50 per ton, while aluminum decreased 2.93% to $2,547.50 per ton [54] - Domestic copper rod enterprises' operating rates dropped to 64.06%, indicating weaker demand [79] - Codelco, the largest copper producer, is shifting more sales to the U.S. market, anticipating strong long-term demand [49] Small Metals - Magnesium prices remain stable at 17,620 yuan per ton, supported by stable demand and reduced supply [13] - Molybdenum and vanadium prices have seen increases due to rising demand from steel manufacturers [14][15] Investment Recommendations - The report suggests investing in gold resource stocks such as Shandong Gold and Zhongjin Gold, which are expected to benefit from rising gold prices [16][47] - For silver, companies like Shengda Resources and Xingye Silver Tin are highlighted as potential beneficiaries [16][48] - In the copper sector, companies like Zijin Mining and Luoyang Molybdenum are recommended due to anticipated price rebounds [16][81]