Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1] Core Views - The non-ferrous metals sector recorded a week-on-week increase of 5.35%, ranking first among all primary industries, driven by expectations of interest rate cuts and urgent metal warehouse conditions [1][14] - Industrial metals saw significant price increases, particularly copper, which reached a historical high due to supply concerns and rising demand expectations [2][29] - Precious metals strengthened overall, supported by declining interest rate expectations and silver market dynamics [4][42] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.37%, while the non-ferrous metals sector increased by 5.35%, outperforming the index by 4.98 percentage points [14] - Among the sub-sectors, industrial metals surged by 9.14%, while energy metals declined by 0.53% [14] Industrial Metals - **Copper**: LME copper price reached $11,665 per ton, up 4.38% week-on-week; SHFE copper price was 92,780 CNY per ton, up 6.12% [2][29] - **Aluminum**: LME aluminum price was $2,901 per ton, up 1.24%; SHFE aluminum price was 22,345 CNY per ton, up 3.40% [3][34] - **Zinc**: LME zinc price rose to $3,099 per ton, up 1.56%; SHFE zinc price was 23,305 CNY per ton, up 3.92% [37] - **Tin**: LME tin price reached $40,175 per ton, up 2.23%; SHFE tin price was 317,500 CNY per ton, up 4.08% [40] Precious Metals - **Gold**: COMEX gold closed at $4,227.70 per ounce, down 0.67%; SHFE gold closed at 961.04 CNY per gram, up 0.75% [4][42] - **Silver**: The silver market experienced significant price increases due to delivery volume expansion and rapid inventory declines [43]