美元弱势叠加降息交易预期再起，有色偏强运行

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Views - The report indicates that the basic metals, particularly copper and aluminum, are experiencing price fluctuations influenced by macroeconomic factors and geopolitical tensions. Copper prices have shown an upward trend, while aluminum prices have seen mixed movements due to supply and demand dynamics [1][19][23] - Precious metals, specifically gold and silver, have faced downward pressure due to reduced safe-haven demand and hawkish monetary policy expectations. The report maintains a positive outlook on gold in the medium term amid a weakening dollar [2][23] - The small metals sector, particularly tin, has shown signs of recovery, supported by geopolitical factors and a declining dollar index, which has bolstered the performance of non-ferrous metals [3][49] Summary by Sections Basic Metals & Precious Metals - Copper: Prices have risen, with the Shanghai copper closing at 79,920 CNY/ton. The market is influenced by geopolitical stability and reduced inventory levels, although domestic demand remains weak [1][11] - Aluminum: Prices have fluctuated, with the Shanghai aluminum closing at 20,580 CNY/ton. Supply pressures are increasing due to production resumption, while demand from the real estate sector is subdued [1][19] - Precious Metals: Gold and silver prices have declined, with gold averaging 774.48 CNY/gram and silver at 8,713 CNY/kg. The decline is attributed to reduced geopolitical tensions and a shift in market focus towards industrial metals [2][23] Small Metals - Tin: Prices have rebounded, with London tin closing at 33,140 USD/ton, up 450 USD/ton from the previous week. The recovery is supported by easing geopolitical tensions and a declining dollar index [3][49] - Rare Earths: Prices are on the rise, with light rare earth oxide prices increasing by 0.1% to 444,100 CNY/ton. The sector is expected to see significant improvement in the third quarter [3][49] Other Metals - Lead: Prices have shown a slight increase, supported by marginal improvements in supply and demand dynamics [25] - Zinc: Prices have rebounded slightly, with the market showing signs of recovery amid geopolitical stability [31] - Cobalt: Prices have increased due to supply constraints and policy delays in the Democratic Republic of Congo, with electrolytic cobalt prices ranging from 244,000 to 265,000 CNY/ton [41][42]