GOLDEN SUN SECURITIES·2025-06-08 10:55Investment 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 [3][4]. Core Views - The combination of "tariff easing + employment slowdown" provides a premise for the Federal Reserve to lower interest rates, potentially leading to a rebound in metal prices. Optimistic expectations regarding tariff policies have heightened market sentiment, although gold has seen a decline due to reduced safe-haven demand [1][36]. - Industrial metals, particularly copper, are in a state of fluctuation due to macroeconomic uncertainties and rising inventories, while aluminum prices are supported by decreasing social inventories despite tariff policy fluctuations [1]. - Energy metals, such as lithium, are experiencing a weak supply-demand balance, with lithium prices showing signs of fluctuation. The demand for electric vehicles continues to grow, but the market remains cautious [1]. Summary by Sections Non-Ferrous Metals - The non-ferrous metals sector has seen a general increase in prices, with specific attention to gold and silver, which are influenced by macroeconomic factors and market sentiment [12][18]. - Copper prices are currently in a consolidation phase due to fluctuating macroeconomic conditions and rising inventories, with global copper stocks reported at 537,000 tons, an increase of 12,300 tons week-on-week [1][23]. - Aluminum prices are supported by a decrease in social inventories, with theoretical operating capacity in China's electrolytic aluminum industry reaching 43.87 million tons, a slight increase from the previous week [1][23]. Precious Metals - Gold prices are expected to rebound following a period of adjustment, driven by the anticipation of interest rate cuts by the Federal Reserve. The recent employment data has raised concerns about economic growth, but the overall employment market is still showing signs of slowdown [1][36]. - Silver remains strong due to industrial demand, while gold has faced downward pressure from reduced safe-haven buying [1][36]. Energy Metals - Lithium prices are currently fluctuating, with industrial-grade lithium carbonate priced at 59,000 yuan/ton, down 0.8% week-on-week. The supply side is seeing slight increases, but demand remains cautious due to market conditions [1][27]. - The demand for electric vehicles continues to rise, with cumulative sales of passenger and electric vehicles reaching 880.2 million and 438 million units respectively, showing year-on-year growth of 9% and 34% [1][27]. Company Announcements - Companies such as Chifeng Jilong Gold and Zhongse Co. have made significant announcements regarding resource verification and project investments, indicating ongoing developments in the sector [34].