中美制造业数据均不及预期，工业金属价格震荡偏弱

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a slight decline of 0.04% during the week of November 3 to November 7, ranking low among all primary industries. The industrial metals prices are under pressure due to disappointing manufacturing PMI data from both China and the U.S., alongside a strengthening dollar [1][14] - The macroeconomic environment remains supportive for precious metals, with a continued bullish outlook despite recent price corrections [4][45] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.08%, while the non-ferrous metals sector fell by 0.04%, underperforming the index by 1.12 percentage points [14] - Among the sub-sectors, energy metals increased by 1.43%, industrial metals by 0.42%, while precious metals declined by 2.53% [14] Industrial Metals - Copper: As of November 7, LME copper closed at $10,695 per ton, down 1.80% week-on-week. Domestic copper prices also fell, indicating a cooling macro sentiment. However, there are signs of demand stabilization as the current price level is more acceptable to downstream users [2][31] - Aluminum: LME aluminum closed at $2,862 per ton, down 0.90%, while domestic prices increased by 1.53%. The market anticipates upward pressure on aluminum prices due to rising energy costs [3][37] - Zinc: LME zinc prices rose by 0.54% to $3,067 per ton, with inventories decreasing week-on-week, indicating a tightening supply [39] - Tin: LME tin prices fell by 1.00% to $35,820 per ton, with supply constraints providing some price support despite a cooling macro environment [41] Precious Metals - Gold: COMEX gold closed at $4,007.80 per ounce, down 0.14%. The ongoing U.S. government shutdown has led to a decline in interest rate expectations, impacting gold prices. However, the overall macro framework remains bullish for precious metals [4][45] - Silver: The report notes a significant drop in volatility for precious metals, with silver prices showing signs of tightness in the physical market [46]