有色金属周报：美联储官员再度释放降息信号，贵金属表现出色-20250901

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report maintains a positive outlook on precious metals due to dovish signals from the Federal Reserve, with a high probability (86.9%) of a 25 basis point rate cut in September [4][39] - Industrial metal prices showed mixed performance, with copper, aluminum, lead, zinc, tin, and nickel prices changing by 1.1%, 0.7%, 0.8%, -0.4%, 4.6%, and 1.6% respectively [4] - The report highlights a significant infrastructure project in Tibet, with a total investment of approximately 1.2 trillion yuan, expected to boost overall demand and support metal prices [4] - The report notes a decline in prices for praseodymium-neodymium oxides while tungsten prices are on the rise, indicating a potential increase in demand for tungsten in manufacturing [4] - Lithium prices have decreased, while cobalt and nickel prices have generally increased, suggesting a need to monitor future demand for energy metals [4] Summary by Sections 1. Precious Metals - The report indicates a 1.22% increase in Shanghai gold prices during the week of August 25-29, driven by expectations of a Federal Reserve rate cut [4] - The long-term outlook for gold remains positive, with expectations of sustained upward pressure on prices due to the weakening global status of the US dollar [4] 2. Industrial Metals - The report provides a detailed overview of price changes for various industrial metals, with copper at 79,410 yuan/ton (up 1.1%), aluminum at 20,740 yuan/ton (up 0.7%), and tin at 278,650 yuan/ton (up 4.6%) [26] - The report emphasizes the potential for price increases in industrial metals due to infrastructure projects [4] 3. Minor Metals - The report notes a decrease in praseodymium-neodymium oxide prices, while tungsten prices have increased significantly, indicating a potential growth in demand for tungsten products [4][30] 4. Energy Metals - Lithium prices have decreased to 7,005 yuan/ton, while cobalt prices have shown significant increases, with cobalt metal at 260,000 yuan/ton (up 49.4%) [33] - The report suggests monitoring future demand for energy metals as the market evolves [4]