宁德锂矿停产靴子落地，碳酸锂或迎价值重估

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Views - The recent suspension of lithium mining by Ningde Times is expected to lead to a tightening supply of lithium carbonate, potentially resulting in a revaluation of its value [1] - Copper prices have stabilized due to improved macroeconomic sentiment, with a closing price of 78,940 CNY/ton [2] - Aluminum prices have shown slight upward movement, closing at 20,665 CNY/ton, supported by favorable policies and expectations of interest rate cuts [3] - Precious metals are experiencing increased demand for safe-haven assets, with gold prices rising to an average of 777.05 CNY/gram, while silver prices have slightly decreased [4] - Antimony ingot prices have been adjusted downward due to weak downstream demand, with market prices for various grades ranging from 178,500 to 187,500 CNY/ton [5] - Rare earth prices have slightly declined, but the fundamentals are expected to improve in the coming quarters [6] Summary by Sections Base Metals & Precious Metals - Copper: Prices have rebounded slightly, with domestic supply at a high output level, but demand remains weak [15][21] - Aluminum: Prices have fluctuated, with increased production and stable demand, but social inventory continues to rise [21][22] - Precious Metals: Gold prices have increased due to global economic uncertainty, while silver prices have shown mixed performance [27][28] Minor Metals - Lithium: Prices for lithium carbonate have remained stable amid market uncertainties, with industrial-grade prices around 67,000-69,000 CNY/ton [41] - Cobalt: Prices have shown slight increases, but the market remains cautious due to weak supply and demand dynamics [45][46] - Tin: Prices have rebounded slightly, with market conditions improving due to increased investor sentiment [54] Tungsten - Tungsten prices have increased across the board, with various products showing price adjustments due to supply constraints [60][61] Molybdenum - Molybdenum prices have seen slight declines, with market conditions remaining stagnant and cautious [67][68]