有色金属行业报告：关税预期扰动不改黄金上行趋势

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the gold price trend remains upward despite fluctuations caused by tariff expectations, with a strong focus on inflation resilience and long-term interest rates [5] - Copper prices are expected to continue fluctuating around a cost level of $9,350 due to tariff uncertainties and macroeconomic factors [6] - Aluminum prices are projected to rise, supported by strong domestic demand and inventory depletion [6] - Molybdenum prices are increasing due to tight supply and stable demand from the steel sector [7] - Rare earth prices are under short-term pressure but are expected to recover as export controls ease and mining quotas are issued [7] Summary by Sections Industry Overview - The closing index for the industry is at 4,668.39, with a weekly high of 5,020.22 and a low of 3,700.9 [2] Price Movements - Basic metals saw price declines: Copper down 1.03%, Aluminum down 1.39%, Zinc down 2.93%, Lead down 1.23%, and Tin down 6.73% - Precious metals experienced mixed results: Gold up 0.41%, Silver down 0.93%, Platinum down 9.60% [21] Inventory Changes - Global visible inventories showed a decrease: Copper down 11,442 tons, Aluminum down 12,499 tons, Zinc down 12,099 tons, Lead down 4,080 tons, Tin down 106 tons, and Nickel down 681 tons [26]