贵金属有色金属产业日报-20251029

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The precious metals market is in a phase of correction due to reduced short - term safe - haven premiums for gold and strong market wait - and - see sentiment, but there is still medium - term buying support [3]. - The copper market is expected to maintain high - level oscillatory consolidation in the short term, as the conversion of market attention into actual transactions and macro - level support are needed for price increases [15]. - The aluminum market has seen strong price performance due to the resonance of macro and fundamental factors. Future price trends depend on the Fed's interest rate decision and potential capital movements [36]. - The zinc market shows a pattern of strong supply and weak demand in China compared to overseas. Low inventory supports prices, and short - term attention should be paid to the opening of the export window and macro - level upward drivers [59]. - The nickel industry has different trends for different products. Nickel ore prices may continue to be strong, nickel iron prices have declined, and stainless steel may experience wide - range oscillations [74]. - The tin market is expected to remain strong in the short term as supply is weaker than demand and supply - side disruptions are difficult to resolve quickly [89]. - The lithium carbonate market is expected to see increased demand, which may support prices. If the supply of lithium concentrate cannot be replenished, prices may rise [102]. - The industrial silicon market may see a slight increase in price as production cuts are expected during the dry season, but price increases are limited by inventory. The polysilicon market has a weak fundamental outlook [113]. 3. Summary by Related Catalogs Precious Metals - Price and Market Conditions: The short - term safe - haven premium of gold is weakened, and the precious metals market is in a correction phase. The实物贴水 has expanded to 6.18 yuan/gram, but there is still medium - term buying support [3]. - Data Charts: Include SHFE and COMEX gold and silver prices, price ratios, and inventory data [4][11][14]. Copper - Market Outlook: The spot price and premium are weak, and the market needs to convert attention into actual transactions and have macro - level support for price increases. It will maintain high - level oscillatory consolidation in the short term [15]. - Data: The latest prices of Shanghai and London copper futures and spot, price changes, and inventory data are provided [16][22][32]. Aluminum - Market Analysis: Macro policies are the core factors affecting the price of Shanghai aluminum. The domestic fundamentals are stable, and overseas supply disruptions have driven up prices. Alumina is in an oversupply situation, and cast aluminum alloy has strong support [36]. - Data: Include the latest prices of aluminum and alumina futures and spot, price differences, and inventory data [37][46][53]. Zinc - Market Situation: The supply - demand situation has not changed significantly. The domestic supply is stable, and overseas production has been cut. The price difference has widened, and low inventory supports prices. Short - term attention should be paid to the export window and macro - level drivers [59]. - Data: Provide the latest prices of zinc futures and spot, price changes, and inventory data [60][67][71]. Nickel - Industry Trends: Nickel ore prices may continue to be strong due to new regulations and high downstream demand. Nickel iron prices have declined, and stainless steel may experience wide - range oscillations [74]. - Data: Include the latest prices of nickel and stainless steel futures, trading volume, open interest, and inventory data [75]. Tin - Market Forecast: The supply of tin is weaker than demand, and short - term supply - side disruptions are difficult to resolve. The Shanghai tin market is expected to remain strong, with support around 276,000 yuan [89]. - Data: Provide the latest prices of tin futures and spot, price changes, and inventory data [90][92][97]. Lithium Carbonate - Market Outlook: Market demand is good, and inventory is decreasing. If the supply of lithium concentrate cannot be replenished, prices may rise [102]. - Data: Include the latest prices of lithium carbonate futures and spot, price differences, and inventory data [103][107][111]. Silicon Industry - Market Analysis: Industrial silicon prices may rise slightly during the dry season, but are limited by inventory. The polysilicon market has a weak fundamental outlook [113]. - Data: Provide the latest prices of industrial silicon and polysilicon, price differences, and inventory data [114][123][142].