Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For gold, the short - term, medium - term, and intraday views are respectively "oscillation", "oscillation", and "oscillation with a slight upward bias", with a reference view of "wait - and - see". The core logic is the easing of Sino - US trade relations and the Fed's hawkish stance. For copper, the short - term, medium - term, and intraday views are "rise", "rise", and "oscillation with a slight upward bias" respectively, with a reference view of "long - term bullish". The core logic is macro - economic easing, mine - end production cuts, and a rapid increase in capital attention [1]. 3. Summary by Variety Gold (AU) - **View**: Intraday view is "oscillation with a slight upward bias", medium - term view is "oscillation", and the reference view is "wait - and - see" [1][3]. - **Logic**: Yesterday, the gold price weakened again. The main contract price of Shanghai gold futures dropped from around 920 yuan to below 910 yuan. The short - term strengthening of the US dollar index has significantly pressured the gold price. After the Fed's October interest - rate meeting, the market's expectation of interest - rate cuts decreased, leading to a continuous strengthening of the US dollar index. The New York gold price fell below $4000 again, and the technical support at $3900 can be continuously monitored [3]. Copper (CU) - **View**: Intraday view is "oscillation with a slight upward bias", medium - term view is "rise", and the reference view is "long - term bullish" [1][4]. - **Logic**: Yesterday, the domestic macro - economic situation weakened, and the copper price decreased significantly with a reduction in positions. Short - term bulls had a strong willingness to close their positions. Overseas, after the Fed's October interest - rate meeting, LME copper prices dropped significantly. The Fed's hawkish stance and the cooling of interest - rate cut expectations led to a rebound in the US dollar index, which is negative for the copper price. In addition, the copper price has risen significantly since late September and is facing pressure at historical highs in the short term, so bulls have a strong willingness to close their positions. Technically, continuous attention should be paid to the support at the 85,000 - yuan mark [4].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - For gold, the short - term and mid - term views are "oscillation", the intraday view is "oscillation with a slight upward bias", and the reference view is "wait - and - see". The core logic is the easing of Sino - US trade relations and the Fed's hawkish stance [1][3]. - For copper, the short - term and mid - term views are "rising", the intraday view is "oscillation with a slight downward bias", and the reference view is "bullish in the long - term". The core logic is macro - economic easing, mine production cuts, and a rapid increase in capital attention [1][4]. 3. Summary by Related Catalogs Gold - **Price Movement**: The gold price has rebounded recently, approaching the $4050 mark [3]. - **Market Expectation**: After the Fed's 25 - basis - point rate cut in October, the internal policy divergence and Powell's cautious attitude towards future rate cuts have led to a decline in the market's expected probability of a December rate cut. After the APEC Sino - US summit, tariff relaxation policies were introduced, and the market showed a rebound trend after the positive news was digested. Technically, short - term attention should be paid to the long - short game at the $4000 mark [3]. Copper - **Price Movement**: After the Fed's October interest - rate meeting, LME copper prices dropped significantly. Copper prices have increased significantly in the short - term and are facing historical high - level pressure, with strong willingness among long - position holders to close their positions. Since late October, as the gold price has weakened, the copper price has been strong, and the gold - copper ratio has dropped significantly [4]. - **Market Expectation**: The Fed's internal policy divergence and Powell's cautious attitude towards future rate cuts have cooled the rate - cut expectation, which is negative for copper prices. In the long run, since late September, the expectation of supply contraction has increased, and copper prices have risen significantly with increased positions. Attention should be paid to the long - short game at the $11,000 mark for LME copper [4].

Group 1: Report Industry Investment Ratings - No relevant content provided Group 2: Core Views of the Report - For gold, short - term is expected to decline, medium - term to oscillate, and the reference view is to wait and see due to the expected easing of Sino - US trade and Russia - Ukraine cease - fire, along with strong profit - taking intention of funds [1][3] - For copper, short - term and medium - term are expected to rise, and the reference view is to be strong in the long - run because of macro - economic easing, mine - end production cuts, and a rapid increase in capital attention [1][4] Group 3: Summary by Variety Gold - **Short - term**: Expected to decline, with the short - term strong pattern broken as the price fell below the 10 - day moving average [1][3] - **Medium - term**: Expected to oscillate [1][3] - **Core Logic**: The decline is due to the expected easing of Sino - US trade and Russia - Ukraine cease - fire, and strong profit - taking intention after a large increase since September. The price has fallen below $4000 and $3900. Attention should be paid to the APEC meeting and the Fed's interest - rate meeting at the end of the month [3] Copper - **Short - term and Medium - term**: Expected to rise [1][4] - **Core Logic**: The price dropped yesterday following the weakening of the macro - environment and the sharp decline of gold price, but rebounded quickly at night. The gold - copper ratio has dropped significantly. Attention should be paid to the long - short game at the $11000 level of LME copper [4]

Report Summary 1. Report Industry Investment Ratings There is no information about the report industry investment ratings in the provided content. 2. Core Views - Gold: In the short - term, it is expected to decline; in the medium - term, it will fluctuate; and the intraday view is also a decline. The recommended strategy is to wait and see. The core logic is the expectation of Sino - US trade relaxation and the end of the Russia - Ukraine conflict, along with strong profit - taking intention of funds due to large price increases since September [1][3]. - Copper: In the short - term, it is expected to rise; in the medium - term, it will also rise; and the intraday view is a rise. The recommended strategy is to be bullish in the long - run. The core logic is the macro - economic loosening, mine - end production cuts, and a rapid increase in capital attention [1][4]. 3. Summary by Related Catalogs Gold - Price Performance: Last week, the gold price first dropped by over 7% from the high and then rebounded. On Monday this week, the New York gold price once fell below $4000. The short - term strong pattern has been broken as it fell below the 10 - day moving average [3]. - Driving Factors: The decline is due to the expectation of Sino - US trade relaxation and the end of the Russia - Ukraine conflict, and strong profit - taking intention of funds after large price increases since September. Attention should be paid to the APEC meeting and the Fed's interest - rate meeting at the end of the month [3]. Copper - Price Performance: After the Fourth Plenary Session last week, the macro - environment improved. Copper prices increased with rising positions on Thursday and Friday. After the Sino - US trade consultation over the weekend, copper prices continued to rise with increasing positions. Since September 24th, copper prices have shown an upward trend after the news of mine - end contraction, and capital attention has increased rapidly [4]. - Driving Factors: The macro - environment at home and abroad has continued to improve, and the industrial supply has shrunk. Although the high inventory of overseas COMEX exerts pressure on copper prices, the overall macro - economic loosening, improved risk appetite, and supply contraction provide upward momentum for copper prices. Attention should be paid to the long - short game at the $11,000 mark of LME copper [4].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For copper, the resonance of macro and industrial positives drives the copper price to rise with increasing positions. Since the news of mine - end contraction on September 24th, the copper price has been on an upward trend. Macro - easing and supply contraction provide upward momentum, while high overseas COMEX inventories exert pressure. Attention should be paid to the long - short game at the $11,000 mark for LME copper [4]. - For aluminum, the improvement in the macro environment and the strengthening of industrial support lead to the increase of aluminum price with increasing positions. Recently, the inventories of electrolytic aluminum and downstream aluminum rods have been decreasing, and the industry also supports the futures price. Attention can be paid to the support of the 5 - day moving average [5]. Group 3: Summary by Directory 1. Macro Factors - Local time from October 25th to 26th, China and the US held economic and trade consultations in Kuala Lumpur, reaching a preliminary consensus on multiple important economic and trade issues. The macro - market has warmed up, which is beneficial to the non - ferrous sector [9][11]. 2. Copper 2.1 Quantity and Price Trends - The copper price shows an upward trend with increasing positions. The report presents various data such as the price trends of Shanghai and LME copper, the Shanghai - LME ratio, and the long - short positions of COMEX non - commercial traders [13][14][20]. 2.2 Copper Mine Inventory Depletion - The report shows the trends of copper concentrate port inventory and TC processing fees, indicating the situation of copper mine inventory depletion [25][26]. 2.3 Electrolytic Copper Inventory - Data on domestic electrolytic copper social inventory and overseas futures inventory (COMEX + LME) are presented, reflecting the inventory situation of electrolytic copper [27][28]. 2.4 Downstream Initial Segment - The monthly capacity utilization rate of copper downstream is shown, including sectors like refined copper rods, copper tubes, copper bars, and copper strips [30][32]. 3. Aluminum 3.1 Quantity and Price Trends - The aluminum price rises with increasing positions. The report shows the price trends of domestic and LME aluminum, the Shanghai - LME ratio, and the premium and discount situations [30][31][34]. 3.2 Upstream Industrial Chain - The inventory of bauxite ports and the price of alumina are presented, reflecting the situation of the upstream industrial chain [37][38][44]. 3.3 Electrolytic Aluminum Inventory Depletion - Data on overseas electrolytic aluminum inventory (LME + COMEX) and domestic electrolytic aluminum social inventory are shown, indicating the inventory depletion situation of electrolytic aluminum [42][43]. 3.4 Downstream Initial Segment - The capacity utilization rate of aluminum rods, the processing fees of 6063 aluminum rods, and the inventory of 6063 aluminum rods are presented, reflecting the situation of the downstream initial segment [45][49][51]. 4. Conclusion - Similar to the core views, for copper, macro - easing and supply contraction drive the price up, while high overseas inventories exert pressure. For aluminum, the macro environment warms up, and the industry provides support, with the price rising with increasing positions [52].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the reports. 2. Report's Core Views - **Gold**: The short - term view is a decline, the medium - term view is a sideways movement, and the reference view is to hold off on trading. The core logic is the expectation of a cease - fire in the Russia - Ukraine conflict and the easing of Sino - US trade relations, along with strong profit - taking intentions from long - position holders due to the large cumulative gains since September [1][3]. - **Copper**: The short - term and medium - term views are upward, and the reference view is to be bullish in the long - run. The core logic is that copper prices are currently running strongly. Macro - economic easing and supply contraction provide upward momentum, while short - term industrial demand decline and high COMEX inventories may suppress prices [1][4]. 3. Summary by Relevant Catalogs Gold - **Price Movement**: The gold market has experienced a volatile "roller - coaster" market, with an intraday amplitude of over 3%. Yesterday, the price of New York gold fell below the $4200 mark, with an intraday decline of over 5% [3]. - **Driving Factors**: Short - term price drops are due to the expectation of a cease - fire in the Russia - Ukraine conflict, Sino - US trade easing, and strong profit - taking intentions from long - position holders after large cumulative gains since September. Regulatory agencies have issued risk warnings, and the short - term strong pattern has been broken as the price falls below the 10 - day moving average [3]. Copper - **Price Movement**: Copper prices have been running strongly recently. Last night, they were affected by the sharp decline in gold prices but showed resilience [4]. - **Driving Factors**: Market risk appetite has recovered, which is beneficial for copper prices. Macro - economic easing and supply contraction provide upward momentum, while short - term industrial demand decline and high COMEX inventories may suppress prices, and attention should be paid to the pressure at previous high levels [4].

Report Industry Investment Rating No relevant content provided. Core Views - Copper: The copper price increased with rising positions due to renewed disturbances at the mine end, but investors should be wary of overseas fluctuations. The Grasberg mine accident will lead to a 35% decline in copper and gold production in 2026, and it may not return to pre - accident production levels until 2027. Short - term copper prices have strong upward momentum, but downstream industries' low acceptance of high prices and the end of pre - holiday stockpiling in China may suppress the price. With the upcoming National Day and Mid - Autumn Festival holiday in China, attention should be paid to overseas risks [3]. - Aluminum: With a macro - level easing environment and a supply - demand balance improvement in the industry, the aluminum price may oscillate and stabilize. The domestic electrolytic aluminum production capacity utilization rate remains above 95%. Although the demand in some sectors is weak, the demand for industrial profiles in photovoltaic and automotive industries is relatively resilient. Low inventory levels support the aluminum price, and it is expected to maintain a relatively strong trend, with attention on the pressure at the 21,000 - yuan mark [4]. Summary by Directory 1. Macro Factors - The US dollar index rebounded last week, putting pressure on the copper price. The Grasberg mine accident has led to the suspension of production at the world's second - largest copper mine. Freeport expects the mine to resume pre - accident production levels earliest in 2027, with a 35% decline in copper and gold production in 2026. In 2024, its output was 816,000 tons, accounting for 3.5% of the global output [8]. 2. Copper 2.1 Quantity and Price Trends - Last week, the copper price first rose and then fell. The main contract price of Shanghai copper once reached the 83,000 - yuan mark. Short - term London copper broke through the annual high, and Shanghai copper approached the annual high, with rapidly increasing capital attention and strong upward momentum [3]. 2.2 Copper Ore Processing Fees Rebounded Slightly at a Low Level - The copper ore processing fees showed a slight upward trend at a low level, and relevant data on copper concentrate port inventory and TC processing fees were presented in the report [23]. 2.3 Electrolytic Copper De - stocking Slowed Down - The de - stocking of electrolytic copper slowed down, and the report showed data on domestic electrolytic copper social inventory and overseas futures inventory [26]. 2.4 Downstream Initial - stage Industries - The report presented data on the monthly capacity utilization rate of copper downstream industries, including data on refined copper rods, copper tubes, copper rods, and copper strips [29]. 3. Aluminum 3.1 Quantity and Price Trends - Last week, the aluminum price oscillated. Driven by the copper price during the week, it once rebounded but showed weakness. The report presented data on aluminum price trends, Shanghai - London ratio, London aluminum premium/discount, and Shanghai aluminum spot premium/discount [4][30]. 3.2 Upstream Industrial Chain - The report showed data on bauxite port inventory and alumina price, reflecting the situation of the aluminum upstream industrial chain [38]. 3.3 Electrolytic Aluminum Stockpiling Slowed Down - The stockpiling of electrolytic aluminum slowed down, and the report presented data on overseas electrolytic aluminum inventory (LME + COMEX) and domestic electrolytic aluminum social inventory [42]. 3.4 Downstream Initial - stage Industries - The report presented data on aluminum rod capacity utilization, 6063 aluminum rod processing fees (average price), and 6063 aluminum rod inventory, reflecting the situation of the aluminum downstream initial - stage industries [45]. 4. Conclusion - Copper: The Grasberg mine accident affects production, and short - term copper prices have upward momentum but are also subject to downward pressure from downstream acceptance and pre - holiday factors. Attention should be paid to overseas risks during the holiday. - Aluminum: With macro - level easing and improved supply - demand balance in the industry, the aluminum price is expected to maintain a relatively strong trend, with attention on the pressure at the 21,000 - yuan mark [52][53].