Tianfeng Securities·2025-10-19 13:45Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - Precious metals are experiencing strong demand due to geopolitical risks and expectations of interest rate cuts, leading to significant price increases for gold and silver [2][27][30] - Base metals, particularly copper, are facing price volatility with limited fundamental support, as domestic consumption remains weak and supply disruptions are easing [1][13][14] - The tungsten industry is seeing price fluctuations with a divergence in the supply chain, while the molybdenum market is experiencing price increases due to higher output from mines [3][71] Summary by Sections Base Metals & Precious Metals - Copper prices have retreated from highs, with domestic inventories increasing due to limited downstream demand and ongoing maintenance at smelters [1][13] - Aluminum prices have risen slightly, supported by stable supply and improved demand, with a decrease in social inventories [1][21][22][23] - Gold and silver prices have surged, driven by heightened geopolitical tensions and expectations of a 25 basis point rate cut by the Federal Reserve [2][27][29] Minor Metals - The tungsten market is experiencing mixed price movements, with some products increasing while others remain stable or decline due to weak downstream demand [3][66][67] - Molybdenum prices are on the rise, supported by increased output from mines and stable demand from steel manufacturers [71][73] Rare Earths - Recent export control policies are expected to strengthen China's position in the rare earth industry, with price fluctuations observed in various rare earth products [4]