有色金属行业报告（2025.11.3-2025.11.7）：海外电力紧缺，铝价有望长期高位运行

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report indicates that the precious metals market is experiencing fluctuations, with a recommendation to hold positions and wait for the next upward wave. Gold is suggested to be bought around $3950 per ounce, as the market may face a 2-3 month adjustment period due to previous rapid price increases [3] - For copper, supply disruptions are expected to elevate price levels, with a recommendation to buy on dips as the market adjusts. The report notes a 1.80% decline in LME copper prices this week, but anticipates a tightening supply-demand situation in 2026 [4] - The aluminum sector is transitioning from peak to off-peak demand, with a reported 61.6% operating rate among domestic processing enterprises. Despite a slight decrease in demand, long-term price stability is expected due to overseas electricity supply risks [4] - Tungsten prices have seen a slight increase due to ongoing supply constraints, with a stable production forecast from key provinces [5] - Lithium prices are expected to rise due to optimistic demand forecasts driven by AI and energy storage needs, with significant growth anticipated in the coming months [5] Summary by Sections Industry Overview - The closing index for the industry is at 7592.23, with a weekly high of 7807.9 and a low of 4280.14 [1] Price Movements - Basic metals saw LME copper down by 1.80%, aluminum down by 0.90%, zinc up by 0.54%, and lead up by 0.99%. Precious metals experienced a slight decline, with COMEX gold down by 0.14% and silver down by 0.05% [18] Inventory Changes - Global visible copper inventories increased by 18,668 tons, while aluminum inventories decreased by 9,448 tons. Zinc inventories rose by 1,094 tons, and lead inventories decreased by 16,342 tons [31][33]