有色金属行业报告（2026.2.24-2026.2.27）：金三银四有望带动工业金属上涨

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Views - The precious metals market is influenced by geopolitical risks, particularly regarding Iran, leading to price increases; gold rose by 2.63% and silver by 8.40% this week [5] - Copper prices are expected to rise as downstream purchasing sentiment improves, with copper increasing by 2.37% this week; the market is currently experiencing a supply-demand mismatch [6] - Aluminum prices are also expected to rise, with a 0.85% increase this week, as supply and demand dynamics improve post-holiday [6] - Lithium prices are volatile due to Zimbabwe's export ban on lithium ore, which could significantly impact domestic supply if the ban lasts over two months [7] - Tungsten prices are expected to maintain a strong trend due to rising prices both domestically and internationally, with a notable increase of 13.56% overseas [8] Summary by Sections Industry Overview - The closing index for the industry is at 10528.63, with a 52-week high of 11180.33 and a low of 4295.55 [2] Price Movements - Basic metals: LME copper increased by 0.77%, aluminum by 1.00%, zinc decreased by 2.35%, lead increased by 0.03%, and tin surged by 15.41% [20] - Precious metals: COMEX gold rose by 2.63%, silver by 8.40%, NYMEX palladium by 1.02%, and platinum by 9.07% [20] - New energy metals: LME nickel decreased by 1.23%, cobalt remained stable, and lithium carbonate increased by 13.16% [20] Inventory Levels - Global visible inventory changes: copper increased by 24006 tons, aluminum by 699 tons, zinc by 5541 tons, lead decreased by 1785 tons, tin decreased by 468 tons, and nickel increased by 1855 tons [33]