有色金属行业报告（2026.3.9-2026.3.13）：地缘冲突持续，关注电解铝供给扰动

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights that geopolitical conflicts are causing supply chain risks in the aluminum sector, particularly affecting electrolytic aluminum production [5] - Precious metals are currently experiencing a downturn due to a strong US dollar, but their investment value is expected to resurface as liquidity concerns ease [6] - Copper prices are under pressure due to recession expectations linked to rising oil prices, despite a recovery in downstream demand [6] - Aluminum is on an upward trend, driven by supply disruptions and increasing demand as industries resume operations post-holiday [7] - Lithium prices are supported by long-term energy security considerations, with strong demand growth expected in the energy storage sector [7] - Tungsten prices have surged due to tight supply, and the market is closely monitoring the impact of geopolitical tensions [8] Summary by Sections Industry Overview - The closing index for the industry is at 9585.63, with a 52-week high of 11180.33 and a low of 4295.55 [2] Price Movements - LME copper decreased by 1.45%, while aluminum increased by 1.58% this week [20] - Precious metals saw COMEX gold drop by 2.44% and silver by 7.67% [20] Inventory Levels - Global visible copper inventories increased by 8758 tons, aluminum by 16815 tons, zinc by 12844 tons, and lead by 10918 tons [32][34]