有色金属行业跟踪周报：能源价格上行催生输入性通胀担忧，贵金属价格回调

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 5.47% in the week from March 2 to March 6, ranking low among all primary industries. Precious metals fell by 1.12%, industrial metals by 4.83%, new materials by 6.25%, minor metals by 6.88%, and energy metals by 9.22% [1][13] - The geopolitical situation in the Middle East is expected to persist, leading to concerns about input inflation due to rising energy prices, which has resulted in a significant pullback in industrial metal prices. In the precious metals sector, the ongoing geopolitical risks and high energy prices have pressured prices down, although there is potential for gold prices to rise in the medium term due to a declining U.S. labor market [1][4] Summary by Sections Market Review - The Shanghai Composite Index fell by 0.93%, with the non-ferrous metals sector declining by 5.47%, underperforming the index by 4.54 percentage points. Among the sub-sectors, energy metals saw the largest drop at 9.22% [13][1] Industrial Metals - Copper: As of March 6, LME copper was priced at $12,869 per ton, down 3.21% week-on-week, while SHFE copper was at ¥101,050 per ton, down 2.76%. Supply issues due to geopolitical tensions and high energy prices are expected to suppress future demand [2][29] - Aluminum: LME aluminum closed at $3,431 per ton, up 9.22% week-on-week, and SHFE aluminum at ¥24,715 per ton, up 3.69%. The risk of production disruptions in the Middle East and Europe is increasing, which may support higher prices in the short term [3][34] - Zinc: LME zinc was priced at $3,323 per ton, up 0.45%, while SHFE zinc was at ¥24,260 per ton, down 1.82%. Inventory levels showed mixed trends [37] - Tin: LME tin fell to $50,050 per ton, down 13.78%, and SHFE tin to ¥393,660 per ton, down 13.15%. Supply recovery in Myanmar is expected to pressure prices further [38] Precious Metals - As of March 6, COMEX gold was priced at $5,181.30 per ounce, down 2.17%, and SHFE gold at ¥1,140.80 per gram, down 0.62%. The ongoing geopolitical tensions and rising energy prices have led to concerns about inflation impacting future U.S. monetary policy, which has pressured precious metal prices [4][42]