美国铜库存持续流入，非美地区低库存引发逼仓风险

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including 山金国际, 赤峰黄金, 洛阳钼业, 中国宏桥, and 中钨高新 [5][6]. Core Insights - The report highlights the continuous inflow of copper inventory in the US, while low inventory levels in non-US regions raise concerns about potential short squeezes [2]. - In precious metals, the report notes significant inflows into silver ETFs, with silver prices reaching new highs, supported by a favorable macroeconomic environment [1][33]. - The report emphasizes the mixed factors affecting lithium prices, with a downward trend observed, while cobalt prices remain high due to supply constraints from the Democratic Republic of Congo [3][24]. Summary by Sections Non-Ferrous Metals - Copper: US copper inventory continues to flow in, while low inventory in non-US regions raises short squeeze risks. Global copper inventory decreased by 13,000 tons, with a notable reduction in Chinese inventory by 35,000 tons [2]. - Aluminum: Positive macro sentiment drives short-term aluminum prices, with theoretical operating capacity in China's electrolytic aluminum industry increasing to 44.17 million tons [2]. - Nickel: Nickel prices remain low as consumption enters a seasonal downturn, with supply remaining ample and demand from stainless steel markets weak [2]. Precious Metals - Silver: The SLV silver ETF saw a net inflow of 837 tons as of December 5, supporting silver prices amid a favorable macroeconomic backdrop [1][33]. - Gold: Gold prices have shown resilience, with COMEX gold at $4,228 per ounce, reflecting a slight weekly decline but a significant annual increase of 60.2% [20]. Energy Metals - Lithium: Lithium prices are experiencing a downward trend, with industrial-grade lithium carbonate at 93,000 yuan per ton, reflecting a 0.5% weekly decline [24]. - Cobalt: Cobalt prices remain elevated at 398,000 yuan per ton, supported by tight supply conditions and increased purchasing interest from downstream sectors [3][24]. Market Trends - The non-ferrous metals sector has shown a general upward trend, with the overall sector index rising by 5.35% this week, driven by strong performances in industrial metals [17][19].