降息交易并非终点，金铜继续走强

Investment Rating - The industry investment rating is "Outperform" [1] Core Views - Gold prices remain strong despite a slight cooling in interest rate cut expectations, driven by strong buying interest and a resilient economic backdrop [2][11] - Copper supply disruptions are expected to tighten supply and demand balance in Q4 and next year, reinforcing a bullish outlook for copper mining assets [3][12] Summary by Sections Weekly Research Insights - Gold: Despite a slight cooling in interest rate cut expectations, gold prices continue to rise, reflecting strong buying interest and a resilient economic backdrop. The Federal Reserve's mixed signals on interest rates contribute to market dynamics [11] - Copper: Significant supply disruptions, particularly from the Grasberg mine, are expected to impact future copper supply, leading to a bullish outlook for copper prices and mining stocks [12] Market Performance - The non-ferrous metals index increased by 3.24%, outperforming the broader market by 3.03%, ranking second among 30 sub-industries. Copper led the performance with an 8.26% increase [13] Metal Prices and Inventory - Precious Metals: Gold prices rose by 2.8% to $3,809 per ounce, while silver prices increased by 8.6% to $46.66 per ounce [45] - Base Metals: SHFE copper rose by 3.38% to 82,540 CNY/ton, while LME copper increased by 1.93% to $10,182/ton [30][33]