有色金属行业报告（2025.04.28-2025.05.05）：关税预期缓解，黄金或迎底部做多时机

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Views - The report highlights that the precious metals market is experiencing fluctuations, with gold and silver showing volatility after the April non-farm payroll data exceeded expectations. The easing of tariff expectations and the appreciation of the offshore RMB may exert pressure on gold prices [4] - Copper prices are expected to oscillate around $9,300 due to intertwined trade and macro pricing dynamics, with recent tariff expectations improving market sentiment [5] - Aluminum prices may continue to rise in the short term due to strong domestic demand, but potential weakness is anticipated starting in the second half of 2025 [5] - Antimony prices are expected to remain high due to supply constraints, while tin prices are under pressure from anticipated restarts in Myanmar and the Democratic Republic of the Congo [6] Summary by Sections Industry Overview - The closing index for the industry is at 4603.44, with a weekly high of 5020.22 and a low of 3700.9 [1] Price Movements - Basic metals saw slight declines: LME copper down 0.04%, aluminum down 0.14%, zinc down 1.15%, lead down 0.69%, and tin down 3.42%. Precious metals also experienced declines, with COMEX gold down 2.49% and silver down 2.54% [18] Inventory Changes - Global visible inventories showed a decrease: copper down 2489 tons, aluminum down 8027 tons, zinc down 4552 tons, lead down 4721 tons, tin down 267 tons, and nickel down 432 tons [24]