有色金属行业跟踪周报：美国通胀率走高压制估值，国内弱现实强预期背景下，工业金属价格震荡偏弱-20250720

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a weekly increase of 1.82%, ranking above average among all primary industries [14] - Industrial metal prices are under pressure due to rising U.S. inflation and a strong dollar, while domestic "anti-involution" sentiment creates a mixed outlook [27][28] - Gold prices are expected to remain stable in the short term due to the strong dollar and interest rate expectations [48] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.69%, with the non-ferrous metals sector outperforming by 1.13 percentage points [14] - Among sub-sectors, small metals increased by 4.45%, energy metals by 3.31%, precious metals by 1.61%, industrial metals by 1.00%, and new metal materials by 0.19% [14] Industrial Metals - Copper: LME copper price reached $9,795/ton, up 1.36% week-on-week, while SHFE copper price was 78,410 CNY/ton, down 0.03% [32] - Aluminum: LME aluminum price was $2,638/ton, up 1.38%, and SHFE aluminum price was 20,510 CNY/ton, down 0.89% [37] - Zinc: LME zinc price was $2,824/ton, up 3.14%, while SHFE zinc price was 22,295 CNY/ton, down 0.38% [41] - Tin: LME tin price was $33,355/ton, down 0.63%, and SHFE tin price was 264,540 CNY/ton, up 0.23% [43] Precious Metals - Gold: COMEX gold closed at $3,355.50/oz, down 0.44%, while SHFE gold closed at 777.02 CNY/g, up 0.45% [47]