有色金属行业跟踪周报：市场维持“沃什交易”背景下的低风偏环境，跨资产抛售使得贵金属延续高波态势

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector experienced a decline of 8.51% in the week from February 2 to February 6, ranking last among all primary industries. Precious metals saw a significant drop of 17.38%, while industrial metals fell by 9.49% [1][14] - The market is currently in a low-risk environment characterized by "Wash Trading," leading to continued high volatility in precious metals. The report remains optimistic about gold's upward momentum in the context of expansive monetary policies, while silver's performance will depend on changes in physical asset holdings [1][4] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.27%, with the non-ferrous metals sector declining by 8.51%, underperforming the index by 7.24 percentage points [14] - All sub-sectors within non-ferrous metals experienced declines, with precious metals down 17.38%, industrial metals down 9.49%, and energy metals down 3.59% [14] Industrial Metals - Copper: Prices for copper decreased, with LME copper at $13,060 per ton (down 0.08%) and SHFE copper at ¥100,100 per ton (down 3.45%). Increased inventories in Shanghai, New York, and London are pressuring prices [2][31][32] - Aluminum: LME aluminum prices fell to $3,110 per ton (down 0.81%), and SHFE aluminum prices dropped to ¥23,315 per ton (down 5.07%). The upcoming Chinese New Year is expected to further increase inventory levels [3][36][39] - Zinc: LME zinc prices rose slightly to $3,383 per ton (up 0.39%), while SHFE zinc prices fell to ¥24,450 per ton (down 5.36%). Inventory levels showed mixed trends [40] - Tin: LME tin prices fell to $47,155 per ton (down 6.81%), and SHFE tin prices dropped to ¥357,000 per ton (down 12.71%). Increased supply from traders has led to a more relaxed market [46] Precious Metals - Gold: COMEX gold closed at $4,988.60 per ounce (up 1.65%), while SHFE gold closed at ¥1,090.12 per gram (down 6.14%). Despite weak labor market data in the U.S., the market remains in a low-risk environment, supporting gold's potential for further gains [4][50][51] - Silver: The report emphasizes the need to monitor changes in silver holdings to assess the impact of physical asset shortages on the futures market [4][51]