基本金属震荡上行，小金属分化关注权益机会

Investment Rating - Industry Rating: Outperform the market (maintained rating) [1] Core Viewpoints - The basic metals sector is experiencing a continued destocking support, with copper and aluminum prices fluctuating at high levels. Copper prices are expected to remain stable with slight fluctuations, while aluminum prices have shown a slight increase due to low social inventory and positive economic data [4][12][16] - Precious metals are supported by strong safe-haven buying, with gold and silver prices showing upward trends. The market is reacting to reduced trade uncertainties, although concerns about U.S. fiscal deficits and geopolitical tensions continue to support gold prices [5][24] - The small metals sector is witnessing price increases for tungsten products, driven by tight resources and market dynamics. However, demand from downstream sectors remains cautious, affecting overall market activity [6][55] Summary by Sections 1. Basic and Precious Metals - Copper: Prices are fluctuating within a narrow range, with social inventory decreasing. The market is seeing a slight recovery in demand as prices adjust [12][13] - Aluminum: External and domestic aluminum prices have decreased, but spot prices have slightly increased due to low inventory levels and positive consumer data [16][20] - Precious Metals: Gold and silver prices have increased, supported by safe-haven demand amid trade uncertainties and economic concerns [24][25] 2. Small Metals - Tungsten: Prices for tungsten products are rising, with black tungsten concentrate averaging 169,500 CNY/ton, and ammonium paratungstate reaching 248,000 CNY/ton [6][55] - Lithium: The lithium market remains weak, with prices stable but demand sluggish [36][37] - Cobalt: Cobalt prices are stable, but market activity is low due to weak demand and high prices [39][40] - Tin: Tin prices are under pressure due to expectations of increased supply from resumed mining operations [48][49] - Molybdenum: The molybdenum market is strong, with prices increasing due to tight supply and active demand [60][61]