Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector saw a weekly increase of 5.78%, ranking second among all primary industries, with precious metals leading at 8.04% [14][1] - The report highlights the impact of U.S. interest rate cut expectations on industrial metal prices, leading to a broad price increase across the sector [29][28] - The ongoing purchase of gold by the People's Bank of China for nine consecutive months is noted as a significant factor supporting gold prices [49][52] Summary by Sections Market Review - The Shanghai Composite Index rose by 2.11%, with the non-ferrous metals sector outperforming by 3.67 percentage points [14] - All sub-sectors within non-ferrous metals experienced gains, with precious metals, new materials, industrial metals, small metals, and energy metals increasing by 8.04%, 6.84%, 5.79%, 5.35%, and 3.94% respectively [14] Industrial Metals - Copper: Prices are under short-term pressure due to increased inventories domestically and internationally, with LME copper at $9,768/ton and SHFE copper at ¥78,490/ton [33][2] - Aluminum: Prices are influenced by macroeconomic sentiment, with LME aluminum at $2,615/ton and SHFE aluminum at ¥20,680/ton, expected to fluctuate within a narrow range [37][3] - Zinc: Prices increased with LME zinc at $2,834/ton and SHFE zinc at ¥22,515/ton, despite mixed inventory changes [43][4] - Tin: Prices rose to $33,605/ton for LME tin and ¥267,780/ton for SHFE tin, supported by tight supply conditions [47][5] Precious Metals - Gold: The report notes a closing price of $3,458.20/oz for COMEX gold and ¥787.80/g for SHFE gold, with a bullish outlook due to ongoing central bank purchases and expectations of interest rate cuts [49][52]
中国央行连续9个月购金,Stephen-Miran获联储理事提名,降息预期升温助推金价上行
Soochow Securities·2025-08-11 07:35