中美关税缓和，利好金属需求阶段释放

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Shandong Gold, and Chifeng Jilong Gold [7]. Core Views - The easing of US-China tariffs is expected to positively impact metal demand, with a focus on the economic fundamentals following the tariff negotiations [1][2]. - Gold prices have fluctuated due to lower-than-expected US inflation and dovish comments from Federal Reserve Chairman Jerome Powell, indicating a potential for future price recovery depending on tariff negotiations [1][36]. - The copper market is cautious due to high tariff levels, but inventory reductions provide some support for prices [2]. - Aluminum prices are supported by low inventory levels and positive macro sentiment following substantial progress in US-China tariff talks [2]. Summary by Sections Precious Metals - Gold prices have been affected by a 2.3% year-on-year increase in the US CPI for April, which was lower than expected, leading to a decrease in gold prices [1]. - Powell's comments suggest a higher tolerance for inflation, which may lead to fluctuations in gold prices based on tariff negotiations [1][36]. Industrial Metals - Copper prices are under pressure due to ongoing tariff concerns, but a reduction in global copper inventory to 572,000 tons provides some support [2]. - Aluminum prices are buoyed by low inventory levels, with domestic social inventory dropping below 600,000 tons [2]. Energy Metals - Lithium prices have stabilized, with carbon lithium futures rising by 1.3% to 65,000 yuan/ton, while supply pressures are expected to persist [3]. - The lithium market is experiencing a supply-demand imbalance, with a 9% decrease in carbon lithium production this week [3]. Key Companies to Watch - Recommended companies include Zijin Mining, Shandong Gold, Chifeng Jilong Gold, and others in the non-ferrous metals sector [1][2][3].