有色金属行业报告（2026.3.16-2026.3.21）：流动性及衰退预期过度扰动，关注贵金属、铝中长期布局机会

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes that the long-term logic for precious metals is strengthening despite short-term volatility, driven by ongoing geopolitical conflicts and inflationary pressures [5] - Copper prices are under pressure due to recession expectations, although there is a rise in downstream purchasing interest as prices decline [6] - Aluminum has long-term upward potential despite recent price declines, with supply disruptions expected from geopolitical tensions [7] - Tungsten prices are stabilizing at high levels, with supply shortages dominating the market [8] - Lithium prices are adjusting, but there is a rebound in purchasing interest from downstream sectors [9] Summary by Sections Industry Overview - The closing index for the industry is at 8452.57, with a 52-week high of 11180.33 and a low of 4295.55 [2] Price Movements - LME copper decreased by 8.39%, aluminum by 5.90%, zinc by 6.80%, lead by 1.87%, and tin by 10.40% this week [21] - COMEX gold fell by 10.36% and silver by 16.28% [21] Inventory Changes - Global visible copper inventory decreased by 5454 tons, while aluminum inventory increased by 2679 tons [32][34]