八月非农低于预期，贵金属强势突破

Investment Rating - Industry rating: Outperform the market (maintained rating) [6] Core Views - The macroeconomic environment is favorable for precious metals, with expectations of interest rate cuts boosting gold and silver prices [2][22] - Copper prices are experiencing fluctuations due to macro events, with a potential for maintaining high levels in the short term, although upward pressure remains significant [1][13] - Aluminum prices are under pressure from increasing social inventory, despite some positive demand signals from the aluminum rod and plate sectors [1][18] Summary by Sections Base Metals & Precious Metals - Copper: The price has shown a tendency to rise and then fall, with current trading at 79,440 CNY/ton. Market sentiment is cautious due to high prices and limited demand from downstream sectors [1][13] - Aluminum: Prices are fluctuating, with current trading at 20,665 CNY/ton. Supply has slightly increased, but market sentiment remains weak due to rising social inventory [1][18] - Precious Metals: Gold and silver prices have risen, with gold averaging 798.83 CNY/gram and silver at 9,688 CNY/kg, driven by expectations of U.S. interest rate cuts [2][22] Minor Metals - Tungsten: Prices have increased, with black tungsten concentrate averaging 289,000 CNY/ton, reflecting tight supply conditions [3][54] - Rare Earths: Prices are fluctuating, with light rare earth oxide decreasing by 2.9% to 580,000 CNY/ton, while heavy rare earths show slight increases [4] Market Trends - The overall sentiment in the metals market is cautious, with participants adopting a wait-and-see approach amid fluctuating prices and macroeconomic uncertainties [3][37] - The demand for minor metals remains subdued, with cautious purchasing behavior observed across various sectors [3][37]