降息预期兑现，有色阶段性回调

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report indicates that the expectation of interest rate cuts has been realized, leading to a phase of price adjustments in both base and precious metals [1][2][18] - Copper prices have seen a downward shift, with the Shanghai copper closing at 80,080 CNY/ton, while aluminum prices have also experienced a phase adjustment, closing at 20,760 CNY/ton [1][18] - Precious metals, particularly gold and silver, have seen price increases following the Federal Reserve's interest rate cut, with gold averaging 829.33 CNY/gram and silver at 9,964 CNY/kilogram [2][22] Summary by Sections Basic and Precious Metals - Copper: Prices have decreased, with cautious purchasing from downstream enterprises. The market is expected to stabilize with potential increases in demand as the National Day holiday approaches [1][13] - Aluminum: Following the interest rate cut, aluminum prices have adjusted. The supply remains stable, but demand from the automotive sector has shown weakness [1][18] - Precious Metals: Gold and silver prices have risen due to the Federal Reserve's rate cut, with market concerns about the U.S. economic outlook supporting these increases [2][22] Minor Metals - Antimony: Prices have decreased, with a cautious market outlook and weak supply-demand dynamics [3][32] - Lithium: Prices have slightly increased, but the market remains cautious with ample supply [32][33] - Cobalt: Prices have shown a slight upward trend, but demand remains subdued due to high costs [37][38] - Tin: Prices have weakened, with market sentiment cooling despite some support from raw material prices [45][46] - Tungsten: Prices have decreased, driven by weak demand and cautious trading behavior [51][52] - Molybdenum: Prices have declined, with market confidence shaken and a cautious outlook prevailing [57][58] Rare Earths - Prices for rare earths have shown slight increases, with ongoing improvements in the fundamental market conditions [4][32]