Zijin Mining(SH:601899) Soochow Securities·2025-06-09 15:13Investment Rating - The report maintains a rating of "Overweight" for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector experienced a weekly increase of 3.74%, ranking it second among all primary industries. The industrial metals segment saw a rise due to optimistic macroeconomic sentiments following the U.S. non-farm payroll data [1][15]. - The report highlights that while industrial metals are showing strength, there are underlying concerns regarding demand, particularly for copper and aluminum, which are facing seasonal slowdowns [2][37]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.13%, with 25 out of 31 sectors increasing. The non-ferrous metals sector outperformed the index by 2.61 percentage points [15]. - The small metals and new materials sectors saw increases of 5.07% and 5.15%, respectively, while industrial metals rose by 3.24% [15]. Industrial Metals - Copper: Prices for copper increased, with LME copper at $9,671 per ton (up 1.83%) and SHFE copper at ¥78,930 per ton (up 1.71%). However, downstream demand is weakening, leading to inventory accumulation [2][32]. - Aluminum: LME aluminum prices reached ¥2,452 per ton (up 0.12%), while SHFE aluminum remained stable at ¥20,070 per ton. Demand is declining, limiting upward price movement [3][37]. - Zinc: Zinc prices increased, with LME zinc at $2,663 per ton (up 1.25%) and SHFE zinc at ¥22,385 per ton (up 0.72%). Inventory levels showed mixed trends [42]. - Tin: Tin prices rose significantly, with LME tin at $32,255 per ton (up 6.70%) and SHFE tin at ¥263,600 per ton (up 5.31%) due to supply disruptions [45]. Precious Metals - Gold: COMEX gold closed at $3,331.10 per ounce (up 0.54%), while SHFE gold was at ¥783.24 per gram (up 2.48%). The market is reacting to mixed economic signals, with recent non-farm payroll data providing temporary relief from recession fears [4][48].