有色金属行业报告（2025.10.27-2025.10.31）：下游需求向好，碳酸锂价格有望继续上涨

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights that downstream demand is improving, and lithium carbonate prices are expected to continue rising [4] - Precious metals are recommended to be held firmly, awaiting the next major upward trend, with gold prices showing signs of rebound around $3950 per ounce [4] - Copper prices are experiencing fluctuations, but supply disruptions are anticipated to elevate the price center, suggesting that adjustments present buying opportunities [4] - Aluminum prices are expected to remain stable due to supply constraints, despite a transition from peak to off-peak demand [4] - Tungsten prices are on the rise, with export demand likely to recover, supported by strong pricing sentiment from suppliers [5] - Lithium carbonate prices have seen a slight increase, driven by robust demand from the electric vehicle and energy storage markets, with production levels remaining high [5] Summary by Sections Industry Overview - The closing index for the industry is at 7595.37, with a weekly high of 7807.9 and a low of 4280.14 [1] Price Movements - LME copper decreased by 0.51%, while aluminum increased by 0.35% [17] - Precious metals saw COMEX gold drop by 2.75% and silver by 0.33% [17] - Lithium carbonate prices rose by 6.83% [17] Inventory Changes - Global visible copper inventories increased by 10,613 tons, while aluminum inventories rose by 82,623 tons [33][35]