有色金属行业报告：钨价持续上涨，供紧需强趋势明显

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights that tungsten prices continue to rise due to a tightening supply-demand dynamic, with a significant reduction in mining quotas leading to a supply contraction of 4,000 tons, a decrease of 6.45% compared to the previous year [7] - Copper prices are expected to fluctuate around $9,300, influenced by trade pricing reversals and macroeconomic factors, with a notable increase in copper inventory at COMEX [6] - Aluminum prices have shown a downward trend due to weak expectations, although domestic demand remains strong with rapid inventory depletion [6] - Rare earth prices have surged due to tight supply and increased overseas prices, with domestic procurement activity remaining moderate [7] Summary by Sections Industry Overview - The closing index for the industry is at 4695.15, with a weekly high of 5020.22 and a low of 3700.9 [2] Price Movements - Basic metals: LME copper decreased by 0.89%, aluminum by 0.39%, zinc increased by 1.14%, lead by 3.55%, and tin decreased by 0.65% [19] - Precious metals: COMEX gold decreased by 3.27%, silver by 1.66%, while NYMEX palladium increased by 0.25% and platinum decreased by 0.85% [19] Inventory Changes - Global visible inventory changes: copper decreased by 3,989 tons, aluminum by 12,070 tons, zinc by 2,949 tons, lead by 9,115 tons, tin by 54 tons, and nickel by 3,111 tons [26]