SINOLINK SECURITIES·2025-10-19 08:33Group 1: Copper - LME copper price increased by 2.41% to $10,624.00 per ton, while Shanghai copper decreased by 1.77% to 84,400 yuan per ton [1][12] - Domestic copper inventory increased by 0.55 thousand tons to 17.75 thousand tons due to weak downstream consumption and replenishment of imported sources [1][12] - The operating rate of domestic major refined copper rod enterprises rose to 62.5%, up 19.06% week-on-week, but down 16.39% year-on-year, indicating a recovery post-holiday but still below pre-holiday levels [1][12] Group 2: Aluminum - LME aluminum price rose by 1.82% to $2,796.00 per ton, while Shanghai aluminum decreased by 0.33% to 20,900 yuan per ton [2][13] - Domestic electrolytic aluminum ingot inventory decreased by 2.3 thousand tons, indicating a slight recovery in demand [2][13] - The operating rate of domestic aluminum processing enterprises remained stable at 62.5%, with a year-on-year decline of 1.4% [2][13] Group 3: Gold - COMEX gold price increased by 7.65% to $4,344.30 per ounce, influenced by U.S. government shutdown and geopolitical risks [3][14] - SPDR gold holdings increased by 17.46 tons to 1,034.62 tons, reflecting increased demand amid market uncertainties [3][14] - The U.S. government shutdown has led to delays in key economic data releases, impacting the economy and the dollar's position [3][14] Group 4: Rare Earths - The price of praseodymium and neodymium oxide decreased by 9.01% to 507,100 yuan per ton, with expectations of price recovery due to overseas replenishment [4][32] - The strategic importance of rare earths has increased due to regulatory changes, with a positive outlook for major companies in the sector [4][32] - The implementation of new regulations is expected to gradually show positive effects on supply and pricing [4][32] Group 5: Antimony - Antimony price decreased by 4.08%, but demand is expected to recover due to the stabilization of photovoltaic glass production [4][33] - The implementation of stricter standards for flame-retardant cables may provide a demand boost for antimony [4][33] - Global antimony prices are expected to trend upward due to resource scarcity and reduced supply from major mines [4][33] Group 6: Lithium - The average price of lithium carbonate decreased by 0.63% to 73,100 yuan per ton, while lithium hydroxide decreased by 0.43% to 78,200 yuan per ton [5][60] - Total lithium carbonate production increased to 21,100 tons, reflecting a slight recovery in supply [5][60] - Strong demand from the energy storage sector is expected to support lithium prices despite recent supply increases [5][60] Group 7: Cobalt - Cobalt price increased by 9% to 381,000 yuan per ton, driven by tight supply conditions [5][61] - The market is characterized by a "price without market" phenomenon, with strong upward pressure on prices due to raw material shortages [5][61] - Future price increases are anticipated as supply constraints from Congo continue to affect the market [5][61] Group 8: Nickel - LME nickel price increased by 0.1% to $15,200 per ton, while Shanghai nickel price decreased by 0.6% to 121,200 yuan per ton [5][62] - Concerns over the stability of nickel ore supply due to regulatory changes in Indonesia are providing short-term support for prices [5][62] - The market is expected to remain volatile due to the interplay between supply disruptions and weak fundamentals [5][62]