Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The gold market is affected by multiple factors. The decline in risk - aversion sentiment and the expectation of improved Sino - US trade relations put pressure on gold prices, while the Fed's interest - rate cut expectation provides support. The uneven global economic recovery and the uncertainty of major central banks' monetary policies are the core factors causing gold market fluctuations [3]. - For copper, last week, macro - level positive expectations prevailed, but the weak downstream demand in the industrial chain restricted the price breakthrough. This week, the market will be in a game between the Fed's interest - rate decision and the industry's acceptance of high copper prices, with potential increased volatility [16]. - Regarding aluminum, macro - policies are the core factors affecting the price of Shanghai aluminum. The favorable macro - environment and overseas supply disruptions have led to the rise of aluminum prices. Alumina is in an oversupply situation, while cast aluminum alloy has strong support [34]. - For zinc, the supply - demand situation has not changed significantly recently. The price difference between domestic and overseas markets has widened. The domestic market is in a situation of strong supply and weak demand, and low inventory provides support for prices [57]. - In the nickel industry, the new regulations for Indonesia's nickel ore quota application in 2026 are stricter. The new energy sector is in the peak season, while nickel - iron prices lack upward momentum. Stainless steel may fluctuate widely [72]. - For tin, the supply is weaker than the demand. Short - term supply - side disturbances are difficult to resolve, and Shanghai tin is expected to remain strong [89]. - For lithium carbonate, considering both supply and demand factors, it may show a short - term oscillatory and strengthening trend [103]. - In the silicon industry chain, industrial silicon is in a situation of strong supply and weak demand. The polysilicon industry chain has weak fundamentals, and the polysilicon futures have high volatility [115]. Summaries by Related Catalogs Precious Metals - Price Influencing Factors: The decline in risk - aversion sentiment and the expectation of improved Sino - US trade relations put pressure on gold prices, while the Fed's interest - rate cut expectation provides support. The uneven global economic recovery and the uncertainty of major central banks' monetary policies are the core factors causing gold market fluctuations [3]. Copper - Price Fluctuation and Market Situation: Last week, macro - level positive expectations prevailed, but the weak downstream demand in the industrial chain restricted the price breakthrough. This week, the market will be in a game between the Fed's interest - rate decision and the industry's acceptance of high copper prices, with potential increased volatility [16]. - Futures and Spot Data: The latest prices of Shanghai copper futures (main contract, continuous one, continuous three) and London copper 3M are provided, along with their daily changes and percentage changes. Spot copper prices from different sources also show daily and percentage changes [17][20]. Aluminum - Price Influencing Factors: Macro - policies are the core factors affecting the price of Shanghai aluminum. The favorable macro - environment and overseas supply disruptions have led to the rise of aluminum prices. Alumina is in an oversupply situation, while cast aluminum alloy has strong support [34]. - Futures and Spot Data: The latest prices of Shanghai aluminum, London aluminum, alumina, and aluminum alloy futures, as well as their daily changes and percentage changes, are presented. Spot aluminum prices from different regions and related basis data are also provided [35][45]. Zinc - Supply - Demand and Price Situation: The supply - demand situation has not changed significantly recently. The price difference between domestic and overseas markets has widened. The domestic market is in a situation of strong supply and weak demand, and low inventory provides support for prices. Short - term attention should be paid to the opening of the export window and the possibility of macro - level upward drivers [57]. - Futures and Spot Data: The latest prices of Shanghai zinc and London zinc futures, along with their daily changes and percentage changes, are given. Spot zinc prices and related premium data are also provided [58][65]. Nickel - Industry Situation: The new regulations for Indonesia's nickel ore quota application in 2026 are stricter. The new energy sector is in the peak season, while nickel - iron prices lack upward momentum. Stainless steel may fluctuate widely. Macro - level factors such as Sino - US tariffs and interest - rate cut expectations also have an impact [72]. - Futures and Related Data: The latest prices of Shanghai nickel and London nickel 3M futures, along with their changes, are provided. Data on trading volume, open interest, and warehouse receipts are also included [73]. Tin - Supply - Demand and Price Outlook: The supply is weaker than the demand. Short - term supply - side disturbances are difficult to resolve, and Shanghai tin is expected to remain strong, with a predicted support level around 276,000 yuan [89]. - Futures and Spot Data: The latest prices of Shanghai tin and London tin 3M futures, along with their daily changes and percentage changes, are presented. Spot tin prices and related data are also provided [89][92]. Lithium Carbonate - Supply - Demand and Price Trend: Considering both supply and demand factors, it may show a short - term oscillatory and strengthening trend. The supply may increase with the release of lithium ore production capacity, while the demand from downstream lithium - battery material enterprises is expected to grow [103]. - Futures and Spot Data: The latest prices of lithium carbonate futures contracts, along with their daily and weekly changes, are given. Spot lithium prices from different sources and related price differences are also provided [104][108]. Silicon Industry Chain - Supply - Demand and Market Situation: Industrial silicon is in a situation of strong supply and weak demand. The polysilicon industry chain has weak fundamentals, and the polysilicon futures have high volatility. Attention should be paid to industry policies [115]. - Futures and Spot Data: The latest prices of industrial silicon futures contracts, along with their daily changes and percentage changes, are presented. Spot industrial silicon prices from different regions and related basis data are also provided [116].
贵金属有色金属产业日报-20251027
Dong Ya Qi Huo·2025-10-27 10:28